# EDGAR Filing Document

**Accession Number:** 0000932381
**File Stem:** 0000932381-25-000098
**Filing Date:** 2025-11
**Character Count:** 233177
**Document Hash:** 511e7d1c46334a0927b3ce87adc07be6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932381-25-000098.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000932381-25-000098

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**EFFECTIVENESS DATE**: 20251124

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08846
- **FILM NUMBER:** 251512701

**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

### Short-Intermediate Bond Fund (Series ID: S000022134)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000063508 | Institutional      | FOSIX           |
| C000091254 | Institutional Plus | FOSPX           |

### Income Fund (Series ID: S000022135)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000063509 | Institutional      | FOINX           |
| C000091255 | Institutional Plus | FOIPX           |

### Balanced Fund (Series ID: S000022136)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000063510 | Institutional      | FOBAX           |
| C000091256 | Institutional Plus | FOBPX           |

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

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

### Tributary Nebraska Tax-Free Fund (Series ID: S000052300)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000164428 | Institutional Plus Class | FONPX           |

### Tributary Small/Mid Cap Fund (Series ID: S000059580)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000195178 | Institutional Class      | FSMCX           |
| C000195179 | Institutional Plus Class | FSMBX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act file number 811-08846

Tributary Funds, Inc.

Tributary Capital Management, LLC

1620 Dodge Street

Omaha, Nebraska 68197

Karen Shaw

Apex Fund Services

190 Middle Street

Portland, ME 04101

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

Date of fiscal year end: March 31

Date of reporting period: April 1, 2025 – September 30, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Balanced Fund
FOBAX

: Institutional Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Balanced Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.92% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Class** | 8.85% | 9.20% | 8.97% |
| **Russell 3000 Index** | 17.41% | 15.74% | 14.71% |
| **Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index** | 4.01% | 0.81% | 2.10% |
| **Composite Index (60% Russell 3000<sup>®</sup> Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)** | 12.09% | 9.81% | 9.80% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Effective August 29, 2024, the Fund changed its primary benchmark index from the Composite Index (60% Russell 3000<sup>®</sup> Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) to the Russell 3000<sup>®</sup> Index due to regulatory requirements. The Fund retained the Composite Index (60% Russell 3000<sup>®</sup> Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) as a secondary benchmark index because the Composite Index (60% Russell 3000<sup>®</sup> Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) more closely reflects the market sectors in which the Fund invests.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $83927790 |
| # of Portfolio Holdings | 209 |
| Portfolio Turnover Rate | 12% |
| Investment Advisory Fees (Net of fees waived) | $156175 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i53fb6752fd5f929b359e7e11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 21.7% |
| Government Securities | 13.6% |
| Financials | 12.3% |
| Consumer Discretionary | 7.8% |
| Industrials | 7.0% |
| Communication Services | 6.9% |
| Asset Backed Securities | 6.5% |
| Health Care | 5.3% |
| Consumer Staples | 3.9% |
| Short-Term Investments | 3.4% |
| Non-Agency Commercial Mortgage Backed Securities | 2.7% |
| Energy | 2.2% |
| Utilities | 2.1% |
| Materials | 1.3% |
| Real Estate | 1.3% |
| Non-Agency Residential Mortgage Backed Securities | 1.0% |
| U.S. Government Mortgage Backed Securities | 1.0% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.07% |
| Apple, Inc. | 4.32% |
| Microsoft Corp. | 4.18% |
| U.S. Treasury Note/Bond | 3.94% |
| U.S. Treasury Note/Bond | 3.78% |
| Alphabet, Inc., Class C | 2.98% |
| Amazon.com, Inc. | 2.44% |
| U.S. Treasury Note/Bond | 2.10% |
| Meta Platforms, Inc., Class A | 2.00% |
| U.S. Treasury Note/Bond | 1.94% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FOBAX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Balanced Fund
FOBPX

: Institutional Plus Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Balanced Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus | $40 | 0.75% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Plus Class** | 9.03% | 9.40% | 9.17% |
| **Russell 3000 Index** | 17.41% | 15.74% | 14.71% |
| **Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index** | 4.01% | 0.81% | 2.10% |
| **Composite Index (60% Russell 3000<sup>®</sup> Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)** | 12.09% | 9.81% | 9.80% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Effective August 29, 2024, the Fund changed its primary benchmark index from the Composite Index (60% Russell 3000<sup>®</sup> Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) to the Russell 3000<sup>®</sup> Index due to regulatory requirements. The Fund retained the Composite Index (60% Russell 3000<sup>®</sup> Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) as a secondary benchmark index because the Composite Index (60% Russell 3000<sup>®</sup> Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) more closely reflects the market sectors in which the Fund invests.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $83927790 |
| # of Portfolio Holdings | 209 |
| Portfolio Turnover Rate | 12% |
| Investment Advisory Fees (Net of fees waived) | $156175 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i6dce7197c43f0927098c32c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 21.7% |
| Government Securities | 13.6% |
| Financials | 12.3% |
| Consumer Discretionary | 7.8% |
| Industrials | 7.0% |
| Communication Services | 6.9% |
| Asset Backed Securities | 6.5% |
| Health Care | 5.3% |
| Consumer Staples | 3.9% |
| Short-Term Investments | 3.4% |
| Non-Agency Commercial Mortgage Backed Securities | 2.7% |
| Energy | 2.2% |
| Utilities | 2.1% |
| Materials | 1.3% |
| Real Estate | 1.3% |
| Non-Agency Residential Mortgage Backed Securities | 1.0% |
| U.S. Government Mortgage Backed Securities | 1.0% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.07% |
| Apple, Inc. | 4.32% |
| Microsoft Corp. | 4.18% |
| U.S. Treasury Note/Bond | 3.94% |
| U.S. Treasury Note/Bond | 3.78% |
| Alphabet, Inc., Class C | 2.98% |
| Amazon.com, Inc. | 2.44% |
| U.S. Treasury Note/Bond | 2.10% |
| Meta Platforms, Inc., Class A | 2.00% |
| U.S. Treasury Note/Bond | 1.94% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FOBPX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Income Fund
FOINX

: Institutional Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $31 | 0.61% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Class** | 2.85% | -0.29% | 1.85% |
| **Bloomberg Barclays U.S. Aggregate Bond Index** | 2.88% | -0.45% | 1.84% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $170441989 |
| # of Portfolio Holdings | 203 |
| Portfolio Turnover Rate | 8% |
| Investment Advisory Fees (Net of fees waived) | $186734 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i3f25d04f50fc228c465443f8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Mortgage Backed Securities | 33.3% |
| Corporate Bonds | 26.0% |
| U.S. Treasury Securities | 24.6% |
| Non-Agency Residential Mortgage Backed Securities | 6.5% |
| Asset Backed Securities | 6.0% |
| Non-Agency Commercial Mortgage Backed Securities | 2.5% |
| Municipals | 0.7% |
| Short-Term Investments | 0.4% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury Note/Bond | 7.33% |
| U.S. Treasury Bond | 5.07% |
| U.S. Treasury Note/Bond | 4.15% |
| U.S. Treasury Note/Bond | 3.22% |
| U.S. Treasury Note/Bond | 2.06% |
| Federal Home Loan Mortgage Corp. | 1.42% |
| Federal National Mortgage Association | 1.35% |
| Federal National Mortgage Association | 1.34% |
| U.S. Treasury Note/Bond | 1.05% |
| Federal National Mortgage Association | 1.04% |

---

Holdings are shown excluding cash equivalents

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FOINX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Income Fund
FOIPX

: Institutional Plus Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus | $25 | 0.48% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Plus Class** | 2.88% | -0.18% | 2.00% |
| **Bloomberg Barclays U.S. Aggregate Bond Index** | 2.88% | -0.45% | 1.84% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $170441989 |
| # of Portfolio Holdings | 203 |
| Portfolio Turnover Rate | 8% |
| Investment Advisory Fees (Net of fees waived) | $186734 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i955c4de4b311d0f7b3e3234b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Mortgage Backed Securities | 33.3% |
| Corporate Bonds | 26.0% |
| U.S. Treasury Securities | 24.6% |
| Non-Agency Residential Mortgage Backed Securities | 6.5% |
| Asset Backed Securities | 6.0% |
| Non-Agency Commercial Mortgage Backed Securities | 2.5% |
| Municipals | 0.7% |
| Short-Term Investments | 0.4% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury Note/Bond | 7.33% |
| U.S. Treasury Bond | 5.07% |
| U.S. Treasury Note/Bond | 4.15% |
| U.S. Treasury Note/Bond | 3.22% |
| U.S. Treasury Note/Bond | 2.06% |
| Federal Home Loan Mortgage Corp. | 1.42% |
| Federal National Mortgage Association | 1.35% |
| Federal National Mortgage Association | 1.34% |
| U.S. Treasury Note/Bond | 1.05% |
| Federal National Mortgage Association | 1.04% |

---

Holdings are shown excluding cash equivalents

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FOIPX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Nebraska Tax-Free Fund
FONPX

: Institutional Plus Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Nebraska Tax-Free Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus | $23 | 0.45% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Plus Class** | 2.45% | 0.56% | 1.72% |
| **Bloomberg Barclays Municipal Bond Index** | 1.39% | 0.86% | 2.34% |
| **Bloomberg Barclays 1-15 Year Municipal Blend Index (1-17)** | 2.61% | 1.15% | 2.24% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-15 Year Municipal Blend Index to the Bloomberg Barclays Municipal Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-15 Year Municipal Blend Index as a secondary benchmark index because the Bloomberg Barclays 1-15 Year Municipal Blend Index more closely reflects the market sectors in which the Fund invests.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $51763946 |
| # of Portfolio Holdings | 175 |
| Portfolio Turnover Rate | 10% |
| Investment Advisory Fees (Net of fees waived) | $15179 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](ibebea920f86bf8539332c0e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 96.1% |
| U.S. Government Mortgage Backed Securities | 3.1% |
| Short-Term Investments | 0.8% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| Omaha Public Power District | 2.78% |
| Douglas County Hospital Authority No. 2 | 2.23% |
| Loup River Public Power District | 1.91% |
| Omaha School District | 1.52% |
| Gretna Public Schools | 1.38% |
| Douglas County School District No. 59 | 1.34% |
| Omaha School District | 1.32% |
| Omaha School District | 1.19% |
| Douglas County Sanitary & Improvement District No. 464 | 1.12% |
| City of Omaha NE Riverfront Redevelopment Special Tax Revenue | 1.09% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FONPX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Short-Intermediate Bond Fund
FOSIX

: Institutional Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Short-Intermediate Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $33 | 0.64% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Class** | 4.46% | 1.96% | 2.17% |
| **Bloomberg Barclays U.S. Aggregate Bond Index** | 2.88% | -0.45% | 1.84% |
| **Bloomberg Barclays 1-3 Year US Government/Credit Index** | 4.12% | 1.78% | 1.94% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-3 Year US Government/Credit Index to the Bloomberg Barclays U.S. Aggregate Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-3 Year US Government/Credit Index as a secondary benchmark index because the Bloomberg Barclays 1-3 Year US Government/Credit Index more closely reflects the market sectors in which the Fund invests.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $228938076 |
| # of Portfolio Holdings | 219 |
| Portfolio Turnover Rate | 22% |
| Investment Advisory Fees (Net of fees waived) | $225343 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i0cbd4898a5cfe2adac42ffa2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 30.2% |
| Asset Backed Securities | 26.0% |
| U.S. Treasury Securities | 24.3% |
| Non-Agency Commercial Mortgage Backed Securities | 10.9% |
| Non-Agency Residential Mortgage Backed Securities | 5.7% |
| U.S. Government Mortgage Backed Securities | 1.1% |
| Municipals | 0.9% |
| Short-Term Investments | 0.8% |
| Preferred Stocks | 0.1% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury Note | 8.60% |
| U.S. Treasury Note/Bond | 7.19% |
| U.S. Treasury Note | 5.27% |
| U.S. Treasury Note/Bond | 2.67% |
| Mars, Inc. | 1.01% |
| U.S. Bancorp | 1.01% |
| Citigroup, Inc. | 1.01% |
| Exelon Corp. | 1.00% |
| JPMorgan Chase & Co. | 1.00% |
| Bank of America Corp. | 1.00% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FOSIX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Short-Intermediate Bond Fund
FOSPX

: Institutional Plus Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Short-Intermediate Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus | $23 | 0.45% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Plus Class** | 4.68% | 2.14% | 2.39% |
| **Bloomberg Barclays U.S. Aggregate Bond Index** | 2.88% | -0.45% | 1.84% |
| **Bloomberg Barclays 1-3 Year US Government/Credit Index** | 4.12% | 1.78% | 1.94% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-3 Year US Government/Credit Index to the Bloomberg Barclays U.S. Aggregate Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-3 Year US Government/Credit Index as a secondary benchmark index because the Bloomberg Barclays 1-3 Year US Government/Credit Index more closely reflects the market sectors in which the Fund invests.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $228938076 |
| # of Portfolio Holdings | 219 |
| Portfolio Turnover Rate | 22% |
| Investment Advisory Fees (Net of fees waived) | $225343 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](ib1a51a42777b4f2e1c34410a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 30.2% |
| Asset Backed Securities | 26.0% |
| U.S. Treasury Securities | 24.3% |
| Non-Agency Commercial Mortgage Backed Securities | 10.9% |
| Non-Agency Residential Mortgage Backed Securities | 5.7% |
| U.S. Government Mortgage Backed Securities | 1.1% |
| Municipals | 0.9% |
| Short-Term Investments | 0.8% |
| Preferred Stocks | 0.1% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury Note | 8.60% |
| U.S. Treasury Note/Bond | 7.19% |
| U.S. Treasury Note | 5.27% |
| U.S. Treasury Note/Bond | 2.67% |
| Mars, Inc. | 1.01% |
| U.S. Bancorp | 1.01% |
| Citigroup, Inc. | 1.01% |
| Exelon Corp. | 1.00% |
| JPMorgan Chase & Co. | 1.00% |
| Bank of America Corp. | 1.00% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FOSPX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Small Company Fund
FOSCX

: Institutional Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Small Company Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $61 | 1.18% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Class** | -4.69% | 13.22% | 8.49% |
| **Russell 2000<sup>®</sup> Index** | 10.76% | 11.56% | 9.77% |
| **Russell 2000<sup>®</sup> Value Index** | 7.88% | 14.59% | 9.23% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $620376652 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 12% |
| Investment Advisory Fees (Net of fees waived) | $2324923 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i5a68be2d3a899596bf175516.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.8% |
| Financials | 18.8% |
| Information Technology | 18.3% |
| Consumer Discretionary | 11.9% |
| Health Care | 11.1% |
| Real Estate | 5.8% |
| Utilities | 3.9% |
| Materials | 3.6% |
| Energy | 3.1% |
| Consumer Staples | 2.1% |
| Short-Term Investments | 1.6% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| Enpro, Inc. | 3.43% |
| ESCO Technologies, Inc. | 3.22% |
| Advanced Energy Industries, Inc. | 2.87% |
| Moelis & Co., Class A | 2.66% |
| Integer Holdings Corp. | 2.44% |
| Atlantic Union Bankshares Corp. | 2.35% |
| Addus HomeCare Corp. | 2.29% |
| Seacoast Banking Corp. of Florida | 2.17% |
| IDACORP, Inc. | 2.12% |
| Selective Insurance Group, Inc. | 2.10% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FOSCX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Small Company Fund
FOSBX

: Institutional Plus Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Small Company Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus | $50 | 0.96% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Institutional Plus Class** | -4.46% | 13.47% | 8.73% |
| **Russell 2000<sup>®</sup> Index** | 10.76% | 11.56% | 9.77% |
| **Russell 2000<sup>®</sup> Value Index** | 7.88% | 14.59% | 9.23% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $620376652 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 12% |
| Investment Advisory Fees (Net of fees waived) | $2324923 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i142e44e573b5b2ce67a259ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.8% |
| Financials | 18.8% |
| Information Technology | 18.3% |
| Consumer Discretionary | 11.9% |
| Health Care | 11.1% |
| Real Estate | 5.8% |
| Utilities | 3.9% |
| Materials | 3.6% |
| Energy | 3.1% |
| Consumer Staples | 2.1% |
| Short-Term Investments | 1.6% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| Enpro, Inc. | 3.43% |
| ESCO Technologies, Inc. | 3.22% |
| Advanced Energy Industries, Inc. | 2.87% |
| Moelis & Co., Class A | 2.66% |
| Integer Holdings Corp. | 2.44% |
| Atlantic Union Bankshares Corp. | 2.35% |
| Addus HomeCare Corp. | 2.29% |
| Seacoast Banking Corp. of Florida | 2.17% |
| IDACORP, Inc. | 2.12% |
| Selective Insurance Group, Inc. | 2.10% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FOSBX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Small/Mid Cap Fund
FSMCX

: Institutional Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Small/Mid Cap Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $47 | 0.92% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Since Inception 08/2/19** |
| **Institutional Class** | -5.40% | 11.96% | 9.41% |
| **Russell 2500 Index** | 10.16% | 12.09% | 10.13% |
| **Russell 2500 Value Index** | 9.00% | 14.96% | 9.95% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $30096058 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 16% |
| Investment Advisory Fees (Net of fees waived) | $86463 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](ifc6e854a8a19fe6bab7504fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.9% |
| Financials | 17.4% |
| Information Technology | 14.6% |
| Consumer Discretionary | 12.9% |
| Health Care | 8.7% |
| Real Estate | 6.4% |
| Consumer Staples | 4.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Communication Services | 1.5% |
| Short-Term Investments | 1.3% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| Burlington Stores, Inc. | 2.77% |
| Casey's General Stores, Inc. | 2.76% |
| IDACORP, Inc. | 2.72% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.63% |
| Stifel Financial Corp. | 2.57% |
| CACI International, Inc., Class A | 2.54% |
| Markel Group, Inc. | 2.50% |
| PTC, Inc. | 2.48% |
| Littelfuse, Inc. | 2.36% |
| ExlService Holdings, Inc. | 2.33% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FSMCX-25

Semi-Annual Shareholder Report - September 30, 2025

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

#### Tributary Small/Mid Cap Fund
FSMBX

: Institutional Plus Class

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Tributary Small/Mid Cap Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus | $46 | 0.90% |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Since Inception 08/1/19** |
| **Institutional Plus Class** | -5.33% | 12.05% | 9.54% |
| **Russell 2500 Index** | 10.16% | 12.09% | 9.95% |
| **Russell 2500 Value Index** | 9.00% | 14.96% | 9.80% |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $30096058 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 16% |
| Investment Advisory Fees (Net of fees waived) | $86463 |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](ibf31e57a3a5dd6bc1cc9f1ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.9% |
| Financials | 17.4% |
| Information Technology | 14.6% |
| Consumer Discretionary | 12.9% |
| Health Care | 8.7% |
| Real Estate | 6.4% |
| Consumer Staples | 4.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Communication Services | 1.5% |
| Short-Term Investments | 1.3% |

---

# **Top Ten Holdings** 

# (% of net assets)

---

| | |
|:---|:---|
| Burlington Stores, Inc. | 2.77% |
| Casey's General Stores, Inc. | 2.76% |
| IDACORP, Inc. | 2.72% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.63% |
| Stifel Financial Corp. | 2.57% |
| CACI International, Inc., Class A | 2.54% |
| Markel Group, Inc. | 2.50% |
| PTC, Inc. | 2.48% |
| Littelfuse, Inc. | 2.36% |
| ExlService Holdings, Inc. | 2.33% |

---

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

* prospectus

* financial information

* holdings

* proxy information

![Image](ia6913d8da05f2fbbbaf854a9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.tributaryfunds.com/resources](iccfda89043f37ede0bd50b4b.jpg)

Semi-Annual Shareholder Report - September 30, 2025

TFS-FSMBX-25

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Tributary

Funds®

Semi-Annual

Financials

and

Other

Information

September

30,

2025

#### Tributary

#### Short-Intermediate

#### Bond

#### Fund
Institutional

Class:

FOSIX

Institutional

Plus

Class:

FOSPX

#### Tributary

#### Income

#### Fund
Institutional

Class:

FOINX

Institutional

Plus

Class:

FOIPX

#### Tributary

#### Nebraska

#### Tax-Free

#### Fund
Institutional

Plus

Class:

FONPX

#### Tributary

#### Balanced

#### Fund
Institutional

Class:

FOBAX

Institutional

Plus

Class:

FOBPX

#### Tributary

#### Small/Mid

#### Cap

#### Fund
Institutional

Class:

FSMCX

Institutional

Plus

Class:

FSMBX

#### Tributary

#### Small

#### Company

#### Fund
Institutional

Class:

FOSCX

Institutional

Plus

Class:

FOSBX

*Investors* 

*should* 

*carefully* 

*consider* 

*the* 

*investment* 

*objectives,* 

*risks,* 

*charges* 

*and* 

*expenses* 

*of* 

*the* 

*Tributary* 

*Funds.* 

*Mutual* 

*funds* 

*involve* 

*risk* 

*including* 

*loss* 

*of* 

*principal.* 

*This* 

*and* 

*other* 

*important* 

*information* 

*about* 

*the* 

*Tributary* 

*Funds* 

*is* 

*contained* 

*in* 

*the* 

*prospectus,* 

*which* 

*can* 

*be* 

*obtained* 

*by* 

*calling* 

*1-800-662-4203* 

*or* 

*by* 

*visiting* 

*www.tributaryfunds.com.* 

*The* 

*prospectus* 

*should* 

*be* 

*read* 

*carefully* 

*before* 

*investing.* 

*The* 

*Tributary* 

*Funds* 

*are* 

*distributed* 

*by* 

*Northern* 

*Lights* 

*Distributors,* 

*LLC* 

*member* 

*FINRA.* 

*Northern* 

*Lights* 

*Distributors,* 

*LLC* 

*(the* 

*"Distributor")* 

*and* 

*the* 

*Tributary* 

*Funds'* 

*investment* 

*adviser* 

*are* 

*not* 

*afﬁliated.*

Notice

to

Investors

Shares

of

Tributary

Funds:

Are

Not

FDIC

Insured

May

Lose

Value

Have

No

Bank

Guarantee

#### Semi-Annual

#### Report

#### 2025

#### Table

#### of

#### Contents
Schedules

of

Portfolio

Investments

Statements

of

Assets

and

Liabilities

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Additional

Fund

Information

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### SHORT-INTERMEDIATE

#### BOND

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### Non-U.S.

#### Government

#### Agency

#### Asset

#### Backed

#### Securities

#### -

#### 42.7%

#### Asset

#### Backed

#### Securities

#### -

#### 26.0%
$

1,331,987

AFG

ABS

I,

LLC,

9.40%,

09/16/30(a)

$

1,403,374

106,773

AFG

ABS

I,

LLC,

6.30%,

09/16/30(a)

106,908

670,000

American

Heritage

Auto

Receivables

Trust,

5.07%,

06/17/30(a)

681,072

232,468

Auxilior

Term

Funding,

LLC,

5.84%,

03/15/27(a)

233,517

500,896

Auxilior

Term

Funding,

LLC,

6.18%,

12/15/28(a)

504,550

1,200,000

Avant

Loans

Funding

Trust,

5.12%,

05/15/34(a)

1,206,183

392,448

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28(a)

393,406

1,675,135

Bankers

Healthcare

Group

Securitization

Trust

2023-B,

6.92%,

12/17/36(a)

1,754,132

84,077

Bankers

Healthcare

Group

Securitization

Trust

2024-1CON,

6.49%,

04/17/35(a)

86,386

327,469

Bankers

Healthcare

Group

Securitization

Trust

2024-1CON,

5.81%,

04/17/35(a)

336,159

1,585,000

BofA

Auto

Trust,

5.31%,

06/17/30(a)

1,618,700

250,000

Capital

One

Prime

Auto

Receivables

Trust,

4.66%,

01/15/30

253,596

1,218,086

Capteris

Equipment

Finance,

LLC,

5.58%,

07/20/32(a)

1,237,953

520,000

Carvana

Auto

Receivables

Trust,

4.67%,

12/10/30(a)

520,986

500,000

Carvana

Auto

Receivables

Trust,

5.74%,

11/13/29(a)

515,596

504,409

CCG

Receivables

Trust,

4.99%,

03/15/32(a)

508,992

2,054,694

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60(a)

1,764,865

300,000

Cherry

Securitization

Trust,

5.70%,

04/15/32(a)

302,854

220,937

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41(a)

211,617

204,224

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46(a)

198,405

62,167

CoreVest

American

Finance,

Ltd.,

1.17%,

12/15/52(a)

61,913

70,735

CP

EF

Asset

Securitization

II,

LLC,

7.48%,

03/15/32(a)

71,376

1,000,000

Crossroads

Asset

Trust,

4.91%,

02/20/32(a)

1,006,240

1,290,000

Dext

ABS,

LLC,

4.77%,

08/15/35(a)

1,302,723

1,708,578

DLLAD,

LLC,

4.79%,

01/20/28(a)

1,716,725

1,335,000

DLLAD,

LLC,

5.30%,

07/20/29(a)

1,363,235

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

479,006

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45(a)

$

439,118

505,675

First

Help

Financial

LLC,

4.94%,

11/15/30(a)

504,972

732,811

First

Help

Financial,

LLC,

5.69%,

02/15/30(a)

739,132

858,757

Foundation

Finance

Trust,

4.60%,

03/15/50(a)

860,204

1,420,000

GreatAmerica

Leasing

Receivables

Funding,

LLC,

4.98%,

01/18/28(a)

1,435,302

1,500,000

GreenSky

Home

Improvement

Issuer

Trust,

5.02%,

06/25/60(a)

1,520,390

507,315

GreenSky

Home

Improvement

Trust,

5.67%,

06/25/59(a)

518,746

435,000

GreenSky

Home

Improvement

Trust,

5.55%,

06/25/59(a)

446,039

1,240,000

GreenState

Auto

Receivables

Trust,

5.19%,

01/16/29(a)

1,250,990

1,000,000

HPEFS

Equipment

Trust,

5.35%,

10/20/31(a)

1,011,932

1,000,000

Huntington

Auto

Trust,

5.23%,

01/16/29(a)

1,011,059

688,015

Huntington

Bank

Auto

Credit-Linked

Notes,

5.44%,

10/20/32(a)

694,696

961,937

Huntington

Bank

Auto

Credit-Linked

Notes,

4.96%,

03/21/33(a)

967,759

898,146

Iowa

Student

Loan

Liquidity

Corp.,

4.94%,

08/25/70(b)

891,934

143,784

LAD

Auto

Receivables

Trust,

6.12%,

09/15/27(a)

143,936

1,220,000

M&T

Equipment

Notes,

4.94%,

08/18/31(a)

1,243,066

1,250,000

M&T

Equipment

Notes,

4.91%,

03/16/32(a)

1,273,812

670,000

MMAF

Equipment

Finance,

LLC,

4.95%,

07/14/31(a)

680,577

755,149

Navient

Student

Loan

Trust,

0.97%,

12/16/69(a)

680,665

328,597

NMEF

Funding,

LLC,

6.57%,

06/17/30(a)

330,799

566,908

NMEF

Funding,

LLC,

5.15%,

12/15/31(a)

571,281

91,537

NMEF

Funding,

LLC,

6.07%,

06/15/29(a)

91,657

686,480

North

Texas

Higher

Education

Authority,

Inc.,

4.84%,

09/25/61(b)

683,269

1,065,950

Oak

Street

Investment

Grade

Net

Lease

Fund,

1.48%,

01/20/51(a)

1,032,848

1,601,852

OCCU

Auto

Receivables

Trust,

6.23%,

06/15/28(a)

1,613,800

480,778

Octane

Receivables

Trust,

5.80%,

07/20/32(a)

485,102

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### SHORT-INTERMEDIATE

#### BOND

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

1,000,000

PEAC

Solutions

Receivables,

LLC,

4.65%,

10/20/31(a)

$

1,006,136

1,070,000

PEAC

Solutions

Receivables,

LLC,

5.04%,

07/20/32(a)

1,089,215

1,135,000

Post

Road

Equipment

Finance,

LLC,

4.90%,

05/15/31(a)

1,143,887

1,500,000

Purchasing

Power

Funding,

LLC,

5.89%,

08/15/28(a)

1,506,944

382,918

SLM

Student

Loan

Trust,

5.60%,

10/25/25(b)

380,959

328,810

SLM

Student

Loan

Trust,

6.25%,

04/15/29(b)

329,556

165,587

SLM

Student

Loan

Trust,

6.30%,

07/25/28(b)

166,261

1,320,000

SoFi

Consumer

Loan

Program

Trust,

5.12%,

02/27/34(a)

1,334,940

1,385,000

SoFi

Consumer

Loan

Program

Trust,

4.67%,

08/15/34(a)

1,389,762

400,838

Sofi

Professional

Loan

Program

Trust,

1.03%,

08/17/43(a)

354,084

133,918

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48(a)

132,982

540,819

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47(a)

474,431

205,432

Sofi

Professional

Loan

Program,

LLC,

3.09%,

08/17/48(a)

201,808

1,150,000

Space

Coast

Credit

Union,

4.78%,

12/15/31(a)

1,158,250

221,021

Tricon

American

Homes

Trust,

2.75%,

03/17/38(a)

219,255

1,700,000

Truist

Bank

Auto

Credit-Linked

Notes,

4.73%,

09/26/33(a)

1,701,255

961,646

UPX

HIL

2025-1

Issuer

Trust,

5.16%,

01/25/47(a)

965,744

830,000

Vantage

Data

Centers,

LLC,

5.13%,

08/15/55(a)

834,204

832,447

Verdant

Receivables,

LLC,

5.68%,

12/12/31(a)

848,157

1,700,000

Verdant

Receivables,

LLC,

4.96%,

05/12/33(a)

1,728,888

712,367

Wingspire

Equipment

Finance,

LLC,

4.99%,

09/20/32(a)

716,474

1,375,000

Wingspire

Equipment

Finance,

LLC,

4.57%,

09/20/33(a)

1,373,315

59,541,055

#### Non-Agency

#### Commercial

#### Mortgage

#### Backed

#### Securities

#### -

#### 11.0%
655,043

BANK

2019-BNK16,

3.93%,

02/15/52

649,702

423,010

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

414,089

875,000

BSTN

Commercial

Mortgage

Trust,

0.00%,

04/13/41(a)(c)

875,000

910,698

BX

Trust,

5.21%,

09/15/36(a)(b)

907,853

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

670,939

BX

Trust,

5.11%,

11/15/38(a)(b)

$

670,519

54,591

BX

Trust,

4.96%,

01/15/34(a)(b)

54,574

1,100,000

BXHPP

Trust,

4.91%,

08/15/36(a)(b)

1,067,000

1,500,000

BXMT,

Ltd.

CLO,

5.77%,

10/18/42(a)

(b) 1,505,526

753,608

Cantor

Commercial

Real

Estate

Lending,

3.62%,

05/15/52

734,931

291,984

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

290,287

1,000,000

FirstKey

Homes

Trust,

4.50%,

07/17/38(a)

997,150

1,947,534

FirstKey

Homes

Trust,

4.25%,

07/17/38(a)

1,941,199

1,800,000

Goldman

Sachs

Mortgage

Securities

Corp.

Trust,

5.22%,

10/15/36(a)(b)

1,792,125

239,531

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.11%,

08/10/44(a)(c)

1,120,000

IP

2025-IP

Mortgage

Trust,

5.42%,

06/10/42(a)(c)

1,139,844

13,446

JPMBB

Commercial

Mortgage

Securities

Trust,

3.32%,

03/17/49

13,420

1,770,220

KNDR

2021-KIND

A,

5.22%,

08/15/38(a)(b)

1,763,702

123,393

MHC

Commercial

Mortgage

Trust,

5.07%,

04/15/38(a)(b)

123,393

478,632

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(a)(c)

457,818

276,257

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41(a)(c)

259,300

921,924

Tricon

Residential

Trust,

3.86%,

04/17/39(a)

914,851

1,050,935

TRTX

Issuer,

Ltd.

CLO,

5.79%,

02/15/39(a)(b)

1,050,882

1,450,000

VASA

Trust,

5.17%,

07/15/39(a)(b)

1,417,485

718,177

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51(a)(c)

622,207

596,758

Velocity

Commercial

Capital

Loan

Trust,

6.58%,

04/25/54(a)(c)

608,681

1,445,000

Wells

Fargo

Commercial

Mortgage

Trust,

5.48%,

07/15/35(a)(c)

1,458,231

1,073,000

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

1,138,157

2,145,000

WSTN

Trust,

6.52%,

07/05/37(a)(c)

2,186,985

25,055,087

#### Non-Agency

#### Residential

#### Mortgage

#### Backed

#### Securities

#### -

#### 5.7%
610,667

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67(a)(c)

579,160

131,886

BRAVO

Residential

Funding

Trust,

2.50%,

05/26/59(a)(c)

129,679

338,338

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(a)(c)

318,685

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### SHORT-INTERMEDIATE

#### BOND

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

280,740

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53(a)

$

274,445

277,794

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(a)(c)

272,787

28,511

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(a)(c)

27,861

1,231,449

COOPR

Residential

Mortgage

Trust,

5.65%,

05/25/60(a)(d)

1,245,872

1,145

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

01/07/26

1,088

92,533

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28(a)(c)

89,662

56,754

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC,

5.40%,

02/25/33(b)

63,581

89,982

CSMLT

Trust,

2.96%,

10/25/30(a)(c)

86,670

808,491

Ellington

Financial

Mortgage

Trust,

5.73%,

01/25/60(a)(d)

818,218

337,335

JPMorgan

Mortgage

Trust,

3.00%,

06/25/29(a)(c)

332,482

136,061

MFRA

Trust,

2.79%,

08/25/49(a)(c)

131,455

112,017

MFRA

Trust,

0.85%,

01/25/56(a)(c)

108,864

346,824

MFRA

Trust,

3.91%,

04/25/66(a)(d)

344,675

201,723

New

Residential

Mortgage

Loan

Trust,

4.50%,

05/25/58(a)(c)

197,320

18,546

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54(a)(c)

17,905

30,359

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52(a)(c)

29,309

49,111

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(a)(c)

47,794

246,344

Oceanview

Mortgage

Loan

Trust,

1.73%,

05/28/50(a)(c)

233,627

1,380,485

Provident

Funding

Mortgage

Trust,

6.00%,

08/25/55(a)(c)

1,397,878

2,000,000

RCKT

Trust,

4.99%,

07/25/34(a)

2,008,586

11,499

Residential

Accredit

Loans,

Inc.

Trust

REMIC,

6.93%,

01/07/26(b)

7,305

5,085

Residential

Asset

Securitization

Trust

REMIC,

3.75%,

01/07/26

5,388

650,000

Towd

Point

Mortgage

Trust,

3.75%,

10/25/56(a)(c)

640,517

406,765

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57(a)(c)

398,460

72,601

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58(a)(c)

71,859

257,049

Towd

Point

Mortgage

Trust,

2.25%,

02/25/60(a)(c)

251,970

635,833

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61(a)(c)

599,272

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

1,168,364

Woodward

Capital

Management,

6.14%,

04/25/44(a)(c)

$

1,182,431

1,138,022

Woodward

Capital

Management,

5.65%,

01/25/45(a)(d)

1,151,321

13,066,126

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$97,978,168)

97,662,268

#### Corporate

#### Bonds

#### -

#### 30.2%

#### Communication

#### Services

#### -

#### 0.7%
950,000

AT&T,

Inc.,

4.35%,

03/01/29

954,219

738,000

Verizon

Communications,

Inc.,

1.68%,

10/30/30

648,941

1,603,160

#### Consumer

#### Discretionary

#### -

#### 3.3%
2,200,000

American

Honda

Finance

Corp.,

4.25%,

09/01/28

2,205,564

500,000

Carnival

Corp.,

4.00%,

08/01/28(a)

492,853

1,000,000

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

999,145

900,000

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

913,313

1,211,000

Levi

Strauss

&

Co.,

3.50%,

03/01/31(a)

1,124,335

300,000

Newell

Brands,

Inc.,

6.38%,

05/15/30

297,238

800,000

Tapestry,

Inc.,

5.10%,

03/11/30

818,197

435,000

Warnermedia

Holdings,

Inc.,

4.05%,

03/15/29

419,775

275,000

Whirlpool

Corp.,

6.13%,

06/15/30

277,154

7,547,574

#### Consumer

#### Staples

#### -

#### 2.3%
350,000

Agilent

Technologies,

Inc.,

2.75%,

09/15/29

331,065

440,000

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28(a)

453,824

2,270,000

Mars,

Inc.,

4.80%,

03/01/30(a)

2,312,624

10,000

Mars,

Inc.,

0.88%,

07/16/26(a)

9,755

1,433,000

The

Campbell's

Co.,

5.20%,

03/19/27

1,455,136

200,000

Turning

Point

Brands,

Inc.,

7.63%,

03/15/32(a)

211,640

680,000

United

Rentals

North

America,

Inc.,

4.88%,

01/15/28

677,924

5,451,968

#### Energy

#### -

#### 2.7%
450,000

ConocoPhillips

Co.,

4.70%,

01/15/30

458,743

700,000

Energy

Transfer

LP,

5.63%,

05/01/27(a)

700,311

2,155,000

Energy

Transfer

LP,

4.95%,

05/15/28

2,190,563

2,145,000

Occidental

Petroleum

Corp.,

5.00%,

08/01/27

2,167,458

300,000

PBF

Holding

Co.,

LLC/PBF

Finance

Corp.,

9.88%,

03/15/30(a)

314,419

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### SHORT-INTERMEDIATE

#### BOND

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

350,000

Viper

Energy

Partners,

LLC,

4.90%,

08/01/30

$

352,610

6,184,104

#### Financials

#### -

#### 11.6%
2,300,000

Bank

of

America

Corp.,

3.71%,

04/24/28(c)

2,285,164

225,000

CBRE

Services,

Inc.,

4.80%,

06/15/30

228,573

1,345,000

CBRE

Services,

Inc.,

5.50%,

04/01/29

1,395,838

2,245,000

Citigroup,

Inc.,

5.17%,

02/13/30(c)

2,302,956

550,000

Enact

Holdings,

Inc.,

6.25%,

05/28/29

575,098

980,000

Goldman

Sachs

Group,

Inc.,

3.62%,

03/15/28(c)

972,650

2,225,000

JPMorgan

Chase

&

Co.,

5.14%,

01/24/31(c)

2,297,826

1,760,000

KeyCorp,

MTN,

2.25%,

04/06/27

1,709,825

2,205,000

Morgan

Stanley,

5.45%,

07/20/29(c)

2,278,448

690,000

NNN

REIT,

Inc.,

4.60%,

02/15/31

692,575

1,047,000

NNN

REIT,

Inc.,

3.60%,

12/15/26

1,040,394

1,900,000

Regions

Financial

Corp.,

5.72%,

06/06/30(c)

1,980,233

550,000

Stellantis

Financial

Services

US

Corp.,

4.95%,

09/15/28(a)

549,855

1,350,000

The

Goldman

Sachs

Group,

Inc.,

5.21%,

01/28/31(c)

1,393,582

2,240,000

Truist

Financial

Corp.,

MTN,

4.87%,

01/26/29(c)

2,273,701

2,215,000

U.S.

Bancorp,

5.78%,

06/12/29(c)

2,305,207

125,000

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33(a)

127,831

2,245,000

Wells

Fargo

&

Co.,

4.81%,

07/25/28(c)

2,271,499

26,681,255

#### Industrials

#### -

#### 2.4%
1,125,000

Clean

Harbors,

Inc.,

4.88%,

07/15/27(a)

1,124,056

300,000

Graphic

Packaging

International,

LLC,

3.50%,

03/15/28(a)

289,400

725,000

Huntington

Ingalls

Industries,

Inc.,

5.35%,

01/15/30

747,143

1,050,000

Molex

Electronic

Technologies,

LLC,

4.75%,

04/30/28(a)

1,060,285

1,415,000

RTX

Corp.,

3.50%,

03/15/27

1,403,592

775,000

The

Boeing

Co.,

6.30%,

05/01/29

822,466

5,446,942

#### Information

#### Technology

#### -

#### 2.6%
1,350,000

Dell

International,

LLC/EMC

Corp.,

4.75%,

04/01/28

1,369,794

1,740,000

Hewlett

Packard

Enterprise

Co.,

4.40%,

09/25/27

1,747,736

200,000

NCR

Atleos

Corp.,

9.50%,

04/01/29(a)

216,504

1,100,000

Oracle

Corp.,

4.45%,

09/26/30

1,099,460

1,270,000

Paychex,

Inc.,

5.10%,

04/15/30

1,306,872

5,740,366

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### Materials

#### -

#### 1.9%
$

1,990,000

Albemarle

Corp.,

4.65%,

06/01/27

$

1,992,046

1,885,000

The

Mosaic

Co.,

5.38%,

11/15/28

1,942,736

400,000

Tronox,

Inc.,

9.13%,

09/30/30(a)

391,889

4,326,671

#### Utilities

#### -

#### 2.7%
661,000

Duke

Energy

Corp.,

4.85%,

01/05/27

667,419

1,325,000

Duke

Energy

Corp.,

3.15%,

08/15/27

1,303,959

2,230,000

Exelon

Corp.,

5.13%,

03/15/31

2,299,220

650,000

FirstEnergy

Corp.,

3.90%,

07/15/27

646,014

1,250,000

Florida

Power

&

Light

Co.,

4.40%,

05/15/28

1,264,088

6,180,700

Total

Corporate

Bonds

(Cost

$67,901,597)

69,162,740

#### Government

#### &

#### Agency

#### Obligations

#### -

#### 26.3%

#### GOVERNMENT

#### SECURITIES

#### -

#### 25.2%

#### Municipals

#### -

#### 0.9%
325,000

City

of

Blair

NE

Water

System

Revenue,

Nebraska

RB,

6.10%,

05/15/27

325,178

1,425,000

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.62%,

12/15/26

1,385,828

235,000

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.80%,

12/15/27

223,934

170,000

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

1.10%,

12/01/26

164,753

2,099,693

#### U.S.

#### Treasury

#### Securities

#### -

#### 24.3%
12,290,000

U.S.

Treasury

Note,

2.25%,

02/15/27

12,055,242

19,425,000

U.S.

Treasury

Note,

4.13%,

07/31/28

19,682,988

16,800,000

U.S.

Treasury

Note/Bond,

2.75%,

02/15/28

16,467,281

6,000,000

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

6,114,141

1,150,000

U.S.

Treasury

Note/Bond,

4.13%,

11/30/29

1,168,508

55,488,160

#### U.S.

#### GOVERNMENT

#### MORTGAGE

#### BACKED

#### SECURITIES

#### -

#### 1.1%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.

#### -

#### 0.4%
206,510

Federal

Home

Loan

Mortgage

Corp.,

3.50%,

10/25/46

182,795

150,282

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54(d)

148,789

542,552

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

11/25/57(c)

514,632

236,878

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

38,345

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### SHORT-INTERMEDIATE

#### BOND

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

34,025

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

$

1,256

58,843

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

5,906

21,913

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

21,861

913,584

#### Federal

#### National

#### Mortgage

#### Association

#### -

#### 0.0%
15,836

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

15,711

133,144

Federal

National

Mortgage

Association

Interest

Only,

2.71%,

01/25/39(c)

4,940

20,651

#### Government

#### National

#### Mortgage

#### Association

#### -

#### 0.7%
1,145,513

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,144,015

117,654

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

117,593

84,078

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

83,920

266,248

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

268,529

1,614,057

Total

Government

&

Agency

Obligations

(Cost

$59,682,728)

60,136,145

#### Shares

#### Security

#### Description

#### Value

#### Preferred

#### Stocks

#### -

#### 0.1%

#### Financials

#### -

#### 0.1%

U.S.

Bancorp,

Series A

(callable

at

1,000

beginning

10/30/25),

14.31%(c)(e)

246,750

Total

Preferred

Stocks

(Cost

$307,815)

246,750

#### Short-Term

#### Investments

#### -

#### 0.8%

#### Investment

#### Company

#### -

#### 0.8%
1,880,515

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.00%(f)

1,880,515

Total

Short-Term

Investments

(Cost

$1,880,515)

1,880,515

#### Investments,

#### at

#### value

#### -

#### 100.1%

#### (Cost

#### $227,750,823)

#### 229,088,418

#### Other

#### liabilities

#### in

#### excess

#### of

#### assets

#### -

#### (0.1)%

#### (150,342)

#### NET

#### ASSETS

#### -

#### 100.0%

#### $

#### 228,938,076
(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

September

30,

2025,

the

aggregate

value

of

these

liquid

securities

were

$101,018,326

or

44.1%

of

net

assets.

(b) Floating

rate

security.

Rate

presented

is

as

of

September

30,

2025. (c) Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

September

30,

2025. (d) Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

September

30,

2025. (e) Perpetual

maturity

security.

(f) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. ABS

Asset

Backed

Security

CLO

Collateralized

Loan

Obligation

GO

General

Obligation

LLC

Limited

Liability

Company

LP

Limited

Partnership

MTN

Medium

Term

Note

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### INCOME

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### Non-U.S.

#### Government

#### Agency

#### Asset

#### Backed

#### Securities

#### -

#### 15.0%

#### Asset

#### Backed

#### Securities

#### -

#### 6.0%
$

960,000

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46(a)

$

937,034

544,577

Capital

Automotive,

1.44%,

08/15/51(a)

526,632

848,970

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61(a)

706,784

257,193

Commonbond

Student

Loan

Trust,

1.17%,

09/25/51(a)

223,003

108,552

CoreVest

American

Finance,

Ltd.,

1.17%,

12/15/52(a)

108,109

68,979

CoreVest

American

Finance,

Ltd.,

1.36%,

08/15/53(a)

67,885

318,701

EDvestinU

Private

Education

Loan

Issue

No.

3,

LLC,

1.80%,

11/25/45(a)

298,152

915,000

FRTKL

2021-SFR1,

1.57%,

09/17/38(a)

890,075

801,233

Home

Partners

of

America

Trust,

2.20%,

01/17/41(a)

744,157

348,680

Navient

Student

Loan

Trust,

1.11%,

02/18/70(a)

310,959

176,418

Nelnet

Student

Loan

Trust,

1.63%,

04/20/62(a)

167,607

316,087

Nelnet

Student

Loan

Trust,

1.36%,

04/20/62(a)

298,367

808,135

Progress

Residential

Trust,

1.52%,

07/17/38(a)

795,649

600,000

Purchasing

Power

Funding,

LLC,

5.89%,

08/15/28(a)

602,778

435,000

Sabey

Data

Center

Issuer,

LLC,

1.88%,

06/20/46(a)

425,261

310,109

SLM

Student

Loan

Trust,

5.60%,

10/25/25(b)

308,523

444,774

SLM

Student

Loan

Trust,

6.25%,

04/15/29(b)

445,783

595,000

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46(a)

586,659

1,117,608

Tricon

American

Homes

Trust,

1.48%,

11/17/39(a)

1,056,665

620,000

Vantage

Data

Centers,

LLC,

5.13%,

08/15/55(a)

623,140

10,123,222

#### Non-Agency

#### Commercial

#### Mortgage

#### Backed

#### Securities

#### -

#### 2.5%
765,374

BX

Trust,

5.21%,

09/15/36(a)(b)

762,982

390,000

Goldman

Sachs

Mortgage

Securities

Trust,

5.15%,

11/15/36(a)(b)

389,757

362,812

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.11%,

08/10/44(a)(c)

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

1,065,000

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39(a)

$

1,012,474

505,223

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(a)(c)

483,253

213,113

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41(a)(c)

200,032

607,971

Tricon

Residential

Trust,

3.86%,

04/17/39(a)

603,307

331,532

Velocity

Commercial

Capital

Loan

Trust,

6.58%,

04/25/54(a)(c)

338,156

480,000

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

509,148

4,299,375

#### Non-Agency

#### Residential

#### Mortgage

#### Backed

#### Securities

#### -

#### 6.5%
940,901

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(a)(c)

886,247

194,452

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53(a)

190,092

227,732

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(a)(c)

223,628

196,797

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(a)(c)

192,307

64,192

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

66,031

765,000

COOPR

Residential

Mortgage

Trust,

4.84%,

09/25/60(a)(d)

763,843

10,234

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

10,273

1,145

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

01/07/26

1,088

605,693

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47(a)(c)

557,420

677,674

Credit

Suisse

Mortgage

Trust,

2.50%,

11/25/56(a)(c)

614,662

56,754

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC,

5.40%,

02/25/33(b)

63,581

86,521

CSMLT

Trust,

2.96%,

10/25/30(a)(c)

83,336

564,611

Flagstar

Mortgage

Trust,

2.50%,

07/25/51(a)(c)

507,397

788,724

Hundred

Acre

Wood

Trust,

2.50%,

07/25/51(a)(c)

713,095

698,397

Mello

Mortgage

Capital

Acceptance,

2.50%,

08/25/51(a)(c)

624,161

368,167

MFRA

Trust,

3.91%,

04/25/66(a)(d)

365,886

227,748

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57(a)(c)

222,694

175,661

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59(a)(c)

165,558

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### INCOME

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

130,042

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54(a)(c)

$

125,547

77,276

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52(a)(c)

74,606

227,268

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(a)(c)

221,173

544,682

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52(a)(c)

496,263

1,193,226

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51(a)(c)

1,067,444

785,787

PSMC

Trust,

2.50%,

08/25/51(a)(c)

709,207

13,500

Residential

Accredit

Loans,

Inc.

Trust

REMIC,

6.93%,

01/07/26(b)

8,577

689,940

Sequoia

Mortgage

Trust,

2.50%,

06/25/51(a)(c)

612,199

109,240

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30(a)(c)

106,891

796,788

Towd

Point

Mortgage

Trust,

4.77%,

06/25/65(a)(c)

801,490

694,447

Woodward

Capital

Management,

2.50%,

01/25/52(a)(c)

617,988

11,092,684

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$26,977,005)

25,515,281

#### Corporate

#### Bonds

#### -

#### 25.9%

#### Communication

#### Services

#### -

#### 1.6%
345,000

Alphabet,

Inc.,

2.25%,

08/15/60

186,325

1,165,000

AT&T,

Inc.,

4.30%,

12/15/42

1,006,661

915,000

Meta

Platforms,

Inc.,

3.85%,

08/15/32

890,420

905,000

Verizon

Communications,

Inc.,

3.55%,

03/22/51

663,546

2,746,952

#### Consumer

#### Discretionary

#### -

#### 2.8%
985,000

Dollar

General

Corp.,

3.50%,

04/03/30

946,034

550,000

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

558,135

600,000

Levi

Strauss

&

Co.,

3.50%,

03/01/31(a)

557,061

1,495,000

McDonald's

Corp.,

3.63%,

09/01/49

1,119,916

525,000

Tapestry,

Inc.,

5.10%,

03/11/30

536,942

1,192,000

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

1,041,013

4,759,101

#### Consumer

#### Staples

#### -

#### 1.9%
530,000

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28(a)

546,652

685,000

Mars,

Inc.,

5.20%,

03/01/35(a)

700,164

865,000

The

Campbell's

Co.,

2.38%,

04/24/30

790,340

625,000

The

Campbell's

Co.,

4.75%,

03/23/35

606,112

565,000

The

Kroger

Co.,

5.00%,

09/15/34

569,797

3,213,065

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### Energy

#### -

#### 1.0%
$

1,165,000

Energy

Transfer

LP,

5.55%,

05/15/34

$

1,195,291

595,000

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

534,966

1,730,257

#### Financials

#### -

#### 8.7%
1,345,000

Bank

of

America

Corp.,

2.69%,

04/22/32(c)

1,225,268

1,310,000

CBRE

Services,

Inc.,

2.50%,

04/01/31

1,184,348

1,195,000

Citigroup,

Inc.,

4.91%,

05/24/33(c)

1,209,441

1,244,000

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

1,126,824

1,165,000

JPMorgan

Chase

&

Co.,

5.34%,

01/23/35(c)

1,210,873

905,000

KeyCorp,

MTN,

2.25%,

04/06/27

879,200

1,185,000

Morgan

Stanley,

4.89%,

07/20/33(c)

1,203,242

400,000

Regions

Financial

Corp.,

5.50%,

09/06/35(c)

411,228

930,000

Regions

Financial

Corp.,

1.80%,

08/12/28

871,660

947,000

The

Chubb

Corp.,

6.80%,

11/15/31

1,063,521

1,345,000

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33(c)

1,233,875

1,210,000

Truist

Financial

Corp.,

MTN,

5.12%,

01/26/34(c)

1,229,360

985,000

U.S.

Bancorp,

4.84%,

02/01/34(c)

989,313

1,315,000

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31(c)

1,222,069

15,060,222

#### Industrials

#### -

#### 4.3%
1,289,000

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

1,169,389

1,220,000

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

1,099,028

225,000

Emerson

Electric

Co.,

5.00%,

03/15/35

230,671

1,177,000

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

1,158,189

430,000

Molex

Electronic

Technologies,

LLC,

5.25%,

04/30/32(a)

437,578

1,252,000

RTX

Corp.,

4.88%,

10/15/40

1,205,997

280,000

The

Boeing

Co.,

6.53%,

05/01/34

309,530

815,000

TTX

Co.,

4.60%,

02/01/49(a)

723,592

935,000

Waste

Management,

Inc.,

1.50%,

03/15/31

810,194

7,144,168

#### Information

#### Technology

#### -

#### 1.9%
625,000

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/34

620,140

400,000

Oracle

Corp.,

4.45%,

09/26/30

399,804

740,000

Oracle

Corp.,

2.30%,

03/25/28

707,502

475,000

Paychex,

Inc.,

5.60%,

04/15/35

497,269

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### INCOME

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

1,125,000

QUALCOMM,

Inc.,

4.30%,

05/20/47

$

963,789

3,188,504

#### Materials

#### -

#### 1.0%
550,000

Albemarle

Corp.,

5.05%,

06/01/32

542,997

376,000

Albemarle

Corp.,

5.45%,

12/01/44

339,231

819,000

The

Mosaic

Co.,

5.45%,

11/15/33

845,196

1,727,424

#### Real

#### Estate

#### -

#### 0.7%
1,125,000

NNN

REIT,

Inc.,

4.30%,

10/15/28

1,127,605

#### Utilities

#### -

#### 2.0%
1,160,000

Duke

Energy

Corp.,

5.75%,

09/15/33

1,232,107

420,000

Exelon

Corp.,

6.50%,

03/15/55(c)

438,983

425,000

Exelon

Corp.,

5.13%,

03/15/31

438,192

670,000

NiSource,

Inc.,

5.35%,

04/01/34

689,810

588,586

Texas

Electric

Market

Stabilization

Funding

N,

LLC,

4.27%,

08/01/34(a)

587,179

3,386,271

Total

Corporate

Bonds

(Cost

$45,341,545)

44,083,569

#### Government

#### &

#### Agency

#### Obligations

#### -

#### 58.4%

#### GOVERNMENT

#### SECURITIES

#### -

#### 25.2%

#### Municipals

#### -

#### 0.7%
230,000

Empire

State

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

237,853

340,000

New

York

City

Municipal

Water

Finance

Authority,

New

York

RB,

5.72%,

06/15/42

346,136

225,000

State

of

Connecticut,

Connecticut

GO,

5.63%,

12/01/29

230,674

410,000

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

447,171

1,261,834

#### U.S.

#### Treasury

#### Securities

#### -

#### 24.5%
200,000

U.S.

Treasury

Bond,

4.38%,

08/15/43

193,016

9,910,000

U.S.

Treasury

Bond,

3.63%,

08/15/43

8,646,475

1,195,000

U.S.

Treasury

Bond,

3.63%,

05/15/53

986,995

7,755,000

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

7,071,893

14,090,000

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

12,500,472

3,540,000

U.S.

Treasury

Note/Bond,

3.88%,

08/15/33

3,510,684

1,550,000

U.S.

Treasury

Note/Bond,

4.25%,

11/15/34

1,567,498

9,190,000

U.S.

Treasury

Note/Bond,

2.00%,

02/15/50

5,495,692

1,750,000

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

1,783,291

41,756,016

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### U.S.

#### GOVERNMENT

#### MORTGAGE

#### BACKED

#### SECURITIES

#### -

#### 33.2%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.

#### -

#### 13.2%
$

740,000

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32(c)

$

698,670

529,514

Federal

Home

Loan

Mortgage

Corp.,

5.50%,

04/25/36

544,786

310,360

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

305,952

535,844

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

08/25/56(d)

502,858

246,615

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

11/25/57(c)

233,924

556,941

Federal

Home

Loan

Mortgage

Corp.,

2.50%,

11/25/59

514,397

949

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

947

812,228

Federal

Home

Loan

Mortgage

Corp.

#RA6436,

2.50%,

12/01/51

695,070

979,697

Federal

Home

Loan

Mortgage

Corp.

#RA7549,

4.00%,

06/01/52

925,927

1,420,466

Federal

Home

Loan

Mortgage

Corp.

#RA7779,

4.50%,

08/01/52

1,389,110

1,238,505

Federal

Home

Loan

Mortgage

Corp.

#RA8528,

5.00%,

02/01/53

1,240,921

1,267,702

Federal

Home

Loan

Mortgage

Corp.

#RA9070,

6.00%,

05/01/53

1,311,980

1,463,289

Federal

Home

Loan

Mortgage

Corp.

#SD1046,

4.00%,

07/01/52

1,393,448

1,866,497

Federal

Home

Loan

Mortgage

Corp.

#SD1087,

3.50%,

06/01/52

1,716,033

2,537,171

Federal

Home

Loan

Mortgage

Corp.

#SD1663,

4.00%,

10/01/52

2,411,811

1,677,870

Federal

Home

Loan

Mortgage

Corp.

#SD1740,

4.50%,

10/01/52

1,640,643

832,605

Federal

Home

Loan

Mortgage

Corp.

#SD6968,

5.50%,

11/01/54

848,783

64,021

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

64,314

69,913

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

70,284

778,984

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

716,066

187,884

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

188,280

266,311

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

257,194

529,582

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

512,231

583,083

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

94,387

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### INCOME

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

102,891

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

$

102,468

960,000

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

934,426

462,563

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

446,960

579,015

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

07/25/30

534,540

358,834

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

09/25/30

331,016

1,510,000

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,404,540

500,000

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

464,285

22,496,251

#### Federal

#### National

#### Mortgage

#### Association

#### -

#### 16.8%
1,406,277

Federal

National

Mortgage

Association,

5.00%,

07/25/36

1,423,736

53,797

Federal

National

Mortgage

Association

#725705,

5.00%,

08/01/34

54,496

48,019

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

48,120

42,602

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

42,849

288,146

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

264,873

90,174

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

90,586

17,171

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

18,094

206,538

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

201,346

68,314

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

66,441

156,202

Federal

National

Mortgage

Association

#AL9970,

2.88%,

02/01/27(c)

153,972

1,110,601

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

1,037,272

1,139,576

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,053,021

244,891

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

237,922

309,673

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

307,926

259,105

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

249,479

316,644

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

283,013

305,613

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

285,761

954,718

Federal

National

Mortgage

Association

#CB2094,

3.00%,

11/01/51

846,087

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

1,190,786

Federal

National

Mortgage

Association

#CB3233,

3.00%,

04/01/52

$

1,059,011

1,821,198

Federal

National

Mortgage

Association

#CB4393,

4.50%,

08/01/52

1,774,013

416,466

Federal

National

Mortgage

Association

#CB4561,

5.00%,

09/01/52

417,287

1,563,389

Federal

National

Mortgage

Association

#CB7422,

5.50%,

11/01/53

1,591,334

2,300,770

Federal

National

Mortgage

Association

#CB9308,

5.00%,

10/01/54

2,303,346

1,810,118

Federal

National

Mortgage

Association

#FM2725,

3.00%,

02/01/50

1,593,767

2,582,690

Federal

National

Mortgage

Association

#FS0331,

3.00%,

01/01/52

2,289,761

1,839,509

Federal

National

Mortgage

Association

#FS1555,

3.50%,

04/01/52

1,691,430

1,565,265

Federal

National

Mortgage

Association

#FS2060,

4.00%,

06/01/52

1,490,558

903,899

Federal

National

Mortgage

Association

#FS3363,

3.00%,

06/01/52

801,266

1,870,272

Federal

National

Mortgage

Association

#FS3498,

3.50%,

07/01/52

1,716,342

1,031,267

Federal

National

Mortgage

Association

#FS4081,

5.00%,

01/01/53

1,034,430

1,415,099

Federal

National

Mortgage

Association

#FS5179,

5.00%,

06/01/53

1,418,520

206,798

Federal

National

Mortgage

Association

Interest

Only,

2.71%,

01/25/39(c)

7,673

618,456

Federal

National

Mortgage

Association

REMIC,

2.50%,

01/25/51

560,207

433,411

Federal

National

Mortgage

Association

REMIC,

4.14%,

04/25/29(c)

429,019

101,212

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

99,902

955,000

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

932,708

707,669

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

705,506

28,581,074

#### Government

#### National

#### Mortgage

#### Association

#### -

#### 3.2%
762,727

Government

National

Mortgage

Association,

5.50%,

05/16/40

785,749

871,644

Government

National

Mortgage

Association,

4.75%,

05/16/42

872,400

317,577

Government

National

Mortgage

Association,

2.85%,

04/16/50

306,454

850,690

Government

National

Mortgage

Association,

4.75%,

10/16/55

840,563

840,517

Government

National

Mortgage

Association,

4.75%,

03/16/65(c)

831,873

354,894

Government

National

Mortgage

Association,

3.50%,

01/20/69(c)

344,198

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### INCOME

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

724,009

Government

National

Mortgage

Association

#786915,

5.50%,

09/20/53

$

736,983

311,488

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

286,114

525,021

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

529,520

5,533,854

Total

Government

&

Agency

Obligations

(Cost

$104,280,824)

99,629,029

#### Shares

#### Security

#### Description

#### Value

#### Short-Term

#### Investments

#### -

#### 0.4%

#### Investment

#### Company

#### -

#### 0.4%
725,521

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.00%(e)

725,521

Total

Short-Term

Investments

(Cost

$725,521)

725,521

#### Investments,

#### at

#### value

#### -

#### 99.7%

#### (Cost

#### $177,324,895)

#### 169,953,400

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### -

#### 0.3%

#### 488,589

#### NET

#### ASSETS

#### -

#### 100.0%

#### $

#### 170,441,989
(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

September

30,

2025,

the

aggregate

value

of

these

liquid

securities

were

$27,654,503

or

16.2%

of

net

assets.

(b) Floating

rate

security.

Rate

presented

is

as

of

September

30,

2025. (c) Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

September

30,

2025. (d) Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

September

30,

2025. (e) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. GO

General

Obligation

LLC

Limited

Liability

Company

LP

Limited

Partnership

MTN

Medium

Term

Note

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### NEBRASKA

#### TAX-FREE

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### Government

#### &

#### Agency

#### Obligations

#### -

#### 97.9%

#### GOVERNMENT

#### SECURITIES

#### -

#### 94.8%

#### Municipals

#### -

#### 94.8%

#### Alaska

#### -

#### 0.2%
$

100,000

Alaska

Municipal

Bond

Bank

Authority,

Alaska

RB,

5.00%,

12/01/35

$

110,866

#### Colorado

#### -

#### 1.6%
200,000

City

of

Wheat

Ridge

CO

Sales

&

Use

Tax

Revenue,

Colorado

RB,

5.00%,

12/01/42

212,328

150,000

County

of

El

Paso

CO,

Colorado

COP,

5.00%,

12/01/37

165,872

395,000

Denver

City

&

County

School

District

No.

1,

Colorado

GO,

5.50%,

12/01/46

436,500

814,700

#### Illinois

#### -

#### 0.9%
250,000

La

Salle

&

Bureau

Counties

Township

High

School

District

No.

LaSalle-

Peru,

Illinois

GO,

5.00%,

12/01/29

268,174

200,000

Park

Ridge

Park

District,

Illinois

GO,

5.00%,

12/01/35

220,154

488,328

#### Iowa

#### -

#### 0.9%
220,000

City

of

Bettendorf

IA,

Iowa

GO,

4.00%,

06/01/35

228,600

225,000

Woodbine

Community

School

District

Infrastructure

Sales

Service

&

Use

Tax,

Iowa

RB,

5.00%,

06/01/32

251,853

480,453

#### Massachusetts

#### -

#### 0.4%
200,000

Commonwealth

of

Massachusetts,

Massachusetts

GO,

5.00%,

04/01/50

209,705

#### Michigan

#### -

#### 0.4%
205,000

Michigan

State

University,

Michigan

RB,

5.25%,

08/15/54

216,527

#### Missouri

#### -

#### 0.5%
225,000

City

of

Kansas

City

MO,

Missouri

RB,

5.00%,

04/01/43

237,870

#### Nebraska

#### -

#### 83.1%
250,000

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

256,318

300,000

Adams

County

School

District

No.

18,

Nebraska

GO,

2.00%,

12/15/27

295,004

300,000

Buffalo

County

School

District

No.

7,

Nebraska

GO,

2.00%,

12/15/25

299,196

200,000

Burt

County

Public

Power

District,

Nebraska

RB,

4.75%,

07/01/34

206,243

260,000

Burton

County

School

District

No.

20,

Nebraska

GO,

5.00%,

12/15/30

270,883

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

400,000

Butler

Public

Power

District,

Nebraska

RB,

0.75%,

08/15/27

$

378,472

350,000

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

09/01/32

378,742

285,000

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

09/01/33

310,136

305,000

City

of

Ashland

NE,

Nebraska

GO,

3.85%,

04/01/34

306,180

200,000

City

of

Aurora

NE,

Nebraska

GO,

5.00%,

12/15/28

202,145

300,000

City

of

Beatrice

NE,

Nebraska

RB,

4.40%,

03/15/29

302,209

350,000

City

of

Bellevue

NE,

Nebraska

GO,

2.00%,

09/15/30

331,358

140,000

City

of

Bellevue

NE,

Nebraska

RB,

5.00%,

09/15/34

149,636

55,000

City

of

Chadron

NE,

Nebraska

GO,

0.60%,

12/15/26

53,027

120,000

City

of

Chadron

NE,

Nebraska

GO,

0.70%,

12/15/27

112,927

325,000

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

4.00%,

06/15/32

339,125

130,000

City

of

Crete

NE,

Nebraska

GO,

3.70%,

05/01/26

130,018

200,000

City

of

David

City

NE,

Nebraska

GO,

4.05%,

12/15/27

200,022

130,000

City

of

David

City

NE

Electric

Utility

Revenue,

Nebraska

RB,

4.40%,

12/15/29

131,227

345,000

City

of

Falls

City

NE,

Nebraska

GO,

4.25%,

11/15/30

352,950

250,000

City

of

Falls

City

NE,

Nebraska

GO,

3.65%,

11/15/32

250,075

345,000

City

of

Fremont

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

3.00%,

10/15/25

344,996

50,000

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/32

52,156

430,000

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/34

442,637

70,000

City

of

Kearney

NE,

Nebraska

GO,

2.75%,

06/15/27

69,462

220,000

City

of

Kearney

NE

Combined

Utilities

Revenue,

Nebraska

RB,

5.00%,

06/15/32

235,042

400,000

City

of

Kearney

NE

Combined

Utilities

Revenue,

Nebraska

RB,

1.25%,

12/15/27

377,686

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### NEBRASKA

#### TAX-FREE

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

375,000

City

of

La

Vista

NE,

Nebraska

COP,

3.00%,

12/15/25

$

375,036

200,000

City

of

Lincoln

NE

Sanitary

Sewer

Revenue,

Nebraska

RB,

5.00%,

06/15/36

220,578

145,000

City

of

McCook

NE,

Nebraska

GO,

5.00%,

09/15/31

153,145

150,000

City

of

Nebraska

City

NE,

Nebraska

GO,

3.80%,

01/15/33

149,800

205,000

City

of

North

Platte

NE,

Nebraska

GO,

4.00%,

12/15/33

210,243

360,000

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

360,002

100,000

City

of

North

Platte

NE,

Nebraska

RB,

5.00%,

12/15/34

106,901

45,000

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/32

48,223

400,000

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/34

390,183

200,000

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/37

221,072

300,000

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/45

316,761

500,000

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

558,717

500,000

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

04/15/37

566,328

250,000

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

04/15/43

267,154

250,000

City

of

Papillion

NE,

Nebraska

RB,

3.75%,

09/15/29

252,869

200,000

City

of

Wayne

NE,

Nebraska

GO,

5.00%,

12/15/35

212,622

200,000

City

of

West

Point

NE,

Nebraska

GO,

3.25%,

11/01/28

197,038

200,000

Colfax

County

School

District

No.

58,

Nebraska

GO,

5.00%,

12/15/35

213,318

45,000

County

of

Brown

NE,

Nebraska

GO,

3.70%,

01/15/26

45,036

375,000

County

of

Butler

NE,

Nebraska

GO,

2.10%,

01/15/26

373,140

275,000

County

of

Cedar

NE,

Nebraska

GO,

3.80%,

09/15/28

277,639

300,000

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/34

303,548

435,000

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/36

443,735

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

125,000

County

of

Jefferson

NE,

Nebraska

GO,

2.00%,

12/01/25

$

124,712

325,000

County

of

Saline

NE,

Nebraska

RB,

3.00%,

02/15/30

323,679

200,000

County

of

Washington

NE,

Nebraska

GO,

1.40%,

06/15/27

191,854

265,000

Cuming

County

Public

Power

District,

Nebraska

RB,

1.50%,

12/15/25

263,713

250,000

Cuming

County

School

District

No.

20,

Nebraska

GO,

5.25%,

12/15/35

270,537

250,000

Custer

County

School

District

No.

25,

Nebraska

GO,

5.00%,

12/15/33

265,603

300,000

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/36

326,690

1,150,000

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,153,251

300,000

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

11/15/34

323,558

200,000

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

186,313

580,000

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

579,983

260,000

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

254,840

100,000

Douglas

County

Sanitary

&

Improvement

District

No.

490,

Nebraska

GO,

2.70%,

08/15/28

95,771

280,000

Douglas

County

Sanitary

&

Improvement

District

No.

491,

Nebraska

GO,

1.90%,

09/15/28

260,425

100,000

Douglas

County

Sanitary

&

Improvement

District

No.

583,

Nebraska

GO,

5.10%,

08/15/36

101,236

250,000

Douglas

County

School

District

No.

10,

Nebraska

GO,

4.00%,

12/15/32

261,865

250,000

Douglas

County

School

District

No.

10,

Nebraska

GO,

5.00%,

12/15/37

277,925

265,000

Douglas

County

School

District

No.

10,

Nebraska

GO,

5.00%,

06/15/42

280,791

200,000

Douglas

County

School

District

No.

17,

Nebraska

GO,

5.00%,

12/15/37

224,174

200,000

Douglas

County

School

District

No.

17,

Nebraska

GO,

4.00%,

12/15/41

200,061

250,000

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/34

253,039

750,000

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

696,213

350,000

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

350,366

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### NEBRASKA

#### TAX-FREE

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

150,000

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/28

$

150,033

155,000

Fillmore

County

School

District

No.

25,

Nebraska

GO,

5.00%,

06/15/35

166,895

530,000

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

549,914

400,000

Gretna

Public

Schools,

Nebraska

GO,

3.00%,

12/15/32

393,674

455,000

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

489,969

700,000

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

716,090

200,000

Hall

County

School

District

No.

2,

Nebraska

GO,

5.00%,

12/15/39

219,870

160,000

KBR

Rural

Public

Power

District/NE,

Nebraska

RB,

3.20%,

12/15/28

156,527

150,000

Lancaster

County

School

District

No.

1,

Nebraska

GO,

4.00%,

01/15/31

152,949

100,000

Lancaster

County

School

District

No.

1,

Nebraska

GO,

3.00%,

01/15/37

93,553

370,000

Lancaster

County

School

District

No.

14,

Nebraska

GO,

2.00%,

12/15/34

315,165

320,000

Lancaster

County

School

District

No.

14,

Nebraska

GO,

2.00%,

12/15/28

310,960

200,000

Lincoln

Airport

Authority,

Nebraska

RB,

5.00%,

07/01/31

218,106

1,000,000

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

987,852

115,000

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/35

118,571

130,000

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

5.00%,

12/01/40

141,646

325,000

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

325,405

315,000

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

5.00%,

12/01/37

347,232

300,000

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

3.30%,

12/01/29

300,120

350,000

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/32

394,793

500,000

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

2.00%,

12/15/27

487,762

150,000

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

03/01/34

151,678

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

100,000

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

09/01/34

$

100,662

195,000

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.00%,

03/01/52

191,676

125,000

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

138,578

200,000

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/36

200,699

475,000

Northeast

Community

College

Area,

Nebraska

GO,

1.10%,

07/15/27

453,308

390,000

Omaha

Airport

Authority,

Nebraska

RB,

5.25%,

12/15/40

419,685

325,000

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

3.00%,

04/15/31

326,946

400,000

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

414,873

400,000

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

417,913

185,000

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

5.00%,

04/15/44

193,830

350,000

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

5.00%,

04/15/50

362,747

350,000

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/36

385,525

395,000

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/42

430,332

105,000

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/43

112,502

115,000

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/44

121,005

200,000

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/46

185,478

1,370,000

Omaha

Public

Power

District,

Nebraska

RB,

5.25%,

02/01/53

1,437,770

250,000

Omaha

Public

Power

District,

Nebraska

RB,

5.50%,

02/01/54

267,387

400,000

Omaha

Public

Power

District,

Nebraska

RB,

5.25%,

02/01/55

427,082

750,000

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

786,142

500,000

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

517,330

180,000

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

178,779

620,000

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

613,990

325,000

Omaha

School

District,

Nebraska

GO,

2.00%,

12/15/34

282,398

700,000

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

681,226

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### NEBRASKA

#### TAX-FREE

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

525,000

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/41

$

440,266

250,000

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/31

270,415

200,000

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/37

221,446

200,000

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/41

217,300

300,000

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/43

319,933

300,000

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/44

318,198

350,000

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

350,086

100,000

Public

Power

Generation

Agency,

Nebraska

RB,

3.25%,

01/01/36

94,449

130,000

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

129,937

105,000

Sarpy

County

Sanitary

&

Improvement

District

No.

23,

Nebraska

GO,

2.30%,

08/15/34

82,907

100,000

Sarpy

County

Sanitary

&

Improvement

District

No.

245,

Nebraska

GO,

3.45%,

11/15/28

98,649

100,000

Sarpy

County

Sanitary

&

Improvement

District

No.

291,

Nebraska

GO,

4.25%,

09/15/38

90,171

300,000

Sarpy

County

School

District

No.

1,

Nebraska

GO,

3.85%,

12/15/28

302,549

275,000

Scotts

Bluff

County

School

District

No.

16,

Nebraska

GO,

5.00%,

12/01/29

293,270

300,000

Southeast

Community

College

Area,

Nebraska

RB,

4.00%,

03/15/31

305,609

300,000

Southern

Public

Power

District,

Nebraska

RB,

2.00%,

12/15/26

296,312

300,000

The

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

306,504

105,000

Village

of

Ansley

NE,

Nebraska

GO,

3.40%,

03/15/28

105,222

435,000

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

07/01/35

403,276

200,000

Village

of

Callaway

NE,

Nebraska

GO,

3.75%,

02/15/31

199,000

185,000

Village

of

Ceresco

NE,

Nebraska

GO,

3.60%,

12/15/32

184,324

250,000

Westside

Community

Schools,

Nebraska

GO,

5.00%,

12/01/37

270,200

450,000

York

County

School

District

No.

12,

Nebraska

GO,

2.00%,

12/15/25

448,795

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

100,000

York

County

School

District

No.

96,

Nebraska

GO,

5.00%,

12/15/28

$

106,909

42,999,913

#### New

#### York

#### -

#### 1.5%
325,000

New

York

City

Transitional

Finance

Authority,

New

York

RB,

5.00%,

05/01/42

348,269

200,000

New

York

City

Transitional

Finance

Authority,

New

York

RB,

5.00%,

05/01/42

214,979

175,000

New

York

City

Transitional

Finance

Authority,

New

York

RB,

5.50%,

05/01/50

190,990

754,238

#### North

#### Dakota

#### -

#### 0.9%
500,000

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

488,436

#### South

#### Dakota

#### -

#### 0.5%
220,000

County

of

Lincoln

SD,

South

Dakota

GO,

5.00%,

12/01/43

231,354

#### Texas

#### -

#### 2.4%
300,000

Alamo

Community

College

District,

Texas

GO,

5.25%,

08/15/50

316,933

100,000

City

of

Waco

TX,

Texas

GO,

5.25%,

02/01/50

106,086

300,000

Conroe

Independent

School

District,

Texas

GO,

5.00%,

02/15/44

318,702

150,000

County

of

Travis

TX,

Texas

GO,

3.00%,

03/01/30

150,858

150,000

Lubbock

Independent

School

District,

Texas

GO,

5.25%,

02/15/55

159,209

200,000

Spring

Independent

School

District,

Texas

GO,

5.25%,

08/15/55

212,638

1,264,426

#### Wisconsin

#### -

#### 1.5%
400,000

City

of

Neenah

WI,

Wisconsin

GO,

4.00%,

03/01/32

416,234

350,000

County

of

Dane

WI,

Wisconsin

GO,

3.00%,

06/01/31

350,823

767,057

49,063,873

#### U.S.

#### GOVERNMENT

#### MORTGAGE

#### BACKED

#### SECURITIES

#### -

#### 3.1%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.

#### -

#### 3.1%
198,001

Federal

Home

Loan

Mortgage

Corp.,

4.69%,

10/25/40(a)

203,200

193,844

Federal

Home

Loan

Mortgage

Corp.,

4.30%,

05/25/41(a)

189,226

286,994

Federal

Home

Loan

Mortgage

Corp.,

2.34%,

07/25/41(b)

239,076

248,766

Federal

Home

Loan

Mortgage

Corp.

FHLMC,

4.76%,

08/25/41

255,561

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### NEBRASKA

#### TAX-FREE

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

199,742

Federal

Home

Loan

Mortgage

Corp.,

4.78%,

07/25/42

$

205,698

528,312

Federal

Home

Loan

Mortgage

Corp.

#WE5001,

2.65%,

04/01/29

511,711

1,604,472

Total

Government

&

Agency

Obligations

(Cost

$51,622,237)

50,668,345

#### Shares

#### Security

#### Description

#### Value

#### Short-Term

#### Investments

#### -

#### 0.8%

#### Investment

#### Company

#### -

#### 0.8%
400,165

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.00%(c)

400,165

Total

Short-Term

Investments

(Cost

$400,165)

400,165

#### Investments,

#### at

#### value

#### -

#### 98.7%

#### (Cost

#### $52,022,402)

#### 51,068,510

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### -

#### 1.3%

#### 695,436

#### NET

#### ASSETS

#### -

#### 100.0%

#### $

#### 51,763,946
(a) Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

September

30,

2025. (b) 144a

Security,

which

is

exempt

from

registration

under

the

Securities

Act

of

1933. The

Sub-Adviser

has

deemed

this

security

to

be

liquid

based

on

procedures

approved

by

Tributary

Funds'

Board

of

Directors.

As

of

September

30,

2025,

the

aggregate

value

of

these

liquid

securities

were

$239,076

or

0.5%

of

net

assets.

(c) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. COP

Certificate

of

Participation

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

RB

Revenue

Bond

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### BALANCED

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Shares

#### Security

#### Description

#### Value

#### Common

#### Stocks

#### -

#### 60.6%

#### Communication

#### Services

#### -

#### 6.1%
10,270

Alphabet,

Inc.,

Class C

$

2,501,259

7,670

Corning,

Inc.

629,170

2,290

Meta

Platforms,

Inc.,

Class A

1,681,730

1,395

T-Mobile

US,

Inc.

333,935

5,146,094

#### Consumer

#### Discretionary

#### -

#### 6.4%
9,330

Amazon.com,

Inc.(a)

2,048,588

Booking

Holdings,

Inc.

442,740

3,230

O'Reilly

Automotive,

Inc.(a)

348,226

920

Pool

Corp.

285,265

1,265

Royal

Caribbean

Cruises,

Ltd.

409,329

2,690

SharkNinja,

Inc.(a)

277,474

1,525

Tesla,

Inc.(a)

678,198

1,795

Texas

Roadhouse,

Inc.

298,239

1,475

The

Home

Depot,

Inc.

597,655

5,385,714

#### Consumer

#### Staples

#### -

#### 2.8%
3,280

Church

&

Dwight

Co.,

Inc.

287,426

670

Costco

Wholesale

Corp.

620,172

2,650

Dollar

General

Corp.

273,878

1,045

Lamb

Weston

Holdings,

Inc.

60,694

7,270

The

Coca-Cola

Co.

482,146

5,900

Walmart,

Inc.

608,054

2,332,370

#### Energy

#### -

#### 1.9%
2,000

Diamondback

Energy,

Inc.

286,200

2,840

EOG

Resources,

Inc.

318,421

6,025

Exxon

Mobil

Corp.

679,318

2,245

Phillips

305,365

1,589,304

#### Financials

#### -

#### 8.2%
3,795

Brown

&

Brown,

Inc.

355,933

1,785

Chubb,

Ltd.

503,816

1,790

CME

Group,

Inc.

483,640

6,485

Equitable

Holdings,

Inc.

329,308

5,885

First

American

Financial

Corp.

378,053

2,840

Fiserv,

Inc.(a)

366,161

3,770

JPMorgan

Chase

&

Co.

1,189,171

1,505

Mastercard,

Inc.,

Class A

856,059

855

Moody's

Corp.

407,391

4,050

Morgan

Stanley

643,788

4,125

Synchrony

Financial

293,081

4,150

The

Bank

of

New

York

Mellon

Corp.

452,184

7,690

Wells

Fargo

&

Co.

644,576

6,903,161

#### Health

#### Care

#### -

#### 5.2%
4,305

Abbott

Laboratories

576,612

2,960

AbbVie,

Inc.

685,358

1,690

Amgen,

Inc.

476,918

5,120

Edwards

Lifesciences

Corp.(a)

398,182

#### Shares

#### Security

#### Description

#### Value
1,065

Eli

Lilly

&

Co.

$

812,595

Humana,

Inc.

110,572

870

Lantheus

Holdings,

Inc.(a)

44,622

Thermo

Fisher

Scientific,

Inc.

145,506

1,370

UFP

Technologies,

Inc.(a)

273,452

1,085

United

Therapeutics

Corp.(a)

454,843

2,430

Zoetis,

Inc.

355,558

4,334,218

#### Industrials

#### -

#### 5.5%
2,695

AMETEK,

Inc.

506,660

2,460

Cintas

Corp.

504,940

15,700

CSX

Corp.

557,507

4,960

Ingersoll

Rand,

Inc.

409,795

3,315

MasTec,

Inc.(a)

705,465

1,640

Paycom

Software,

Inc.

341,350

4,467

RTX

Corp.

747,463

4,705

The

Timken

Co.

353,722

2,415

Waste

Management,

Inc.

533,304

4,660,206

#### Information

#### Technology

#### -

#### 20.3%
5,055

Amphenol

Corp.,

Class A

625,556

14,230

Apple,

Inc.

3,623,385

3,820

Arista

Networks,

Inc.(a)

556,612

4,770

Broadcom,

Inc.

1,573,671

Fair

Isaac

Corp.(a)

362,160

2,120

Manhattan

Associates,

Inc.(a)

434,557

6,685

Microchip

Technology,

Inc.

429,311

6,780

Microsoft

Corp.

3,511,701

Monolithic

Power

Systems,

Inc.

372,859

10,748

Napco

Security

Technologies,

Inc.

461,627

22,810

NVIDIA

Corp.

4,255,890

2,820

Oracle

Corp.

793,097

17,000,426

#### Materials

#### -

#### 1.3%
1,750

Balchem

Corp.

262,605

985

Linde

PLC

467,875

25,651

PureCycle

Technologies,

Inc.(a)

337,311

1,067,791

#### Real

#### Estate

#### -

#### 1.3%
2,085

American

Tower

Corp.

REIT

400,987

8,620

First

Industrial

Realty

Trust,

Inc.

REIT

443,671

2,270

Sun

Communities,

Inc.

REIT

292,830

1,137,488

#### Utilities

#### -

#### 1.6%
1,740

Atmos

Energy

Corp.

297,105

7,060

NextEra

Energy,

Inc.

532,960

5,025

The

Southern

Co.

476,219

1,306,284

Total

Common

Stocks

(Cost

$22,304,612)

50,863,056

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### BALANCED

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### Non-U.S.

#### Government

#### Agency

#### Asset

#### Backed

#### Securities

#### -

#### 10.2%

#### Asset

#### Backed

#### Securities

#### -

#### 6.5%
$

155,000

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46(b)

$

151,292

85,000

American

Heritage

Auto

Receivables

Trust,

5.07%,

06/17/30(b)

86,405

44,772

Auxilior

Term

Funding,

LLC,

5.84%,

03/15/27(b)

44,974

300,000

Avant

Loans

Funding

Trust,

5.12%,

05/15/34(b)

301,546

41,623

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28(b)

41,725

175,000

BofA

Auto

Trust,

5.31%,

06/17/30(b)

178,721

21,322

CCG

Receivables

Trust,

5.82%,

09/16/30(b)

21,434

67,756

CCG

Receivables

Trust,

4.99%,

03/15/32(b)

68,372

51,445

CCG

Receivables

Trust,

6.28%,

04/14/32(b)

52,079

3,332

CCG

Receivables

Trust,

3.91%,

07/16/29(b)

3,331

232,776

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60(b)

199,941

112,571

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61(b)

93,717

280,000

Chase

Auto

Owner

Trust,

5.59%,

06/25/29(b)

287,991

157,377

Citizens

Auto

Receivables

Trust,

5.84%,

01/18/28(b)

158,464

18,566

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46(b)

18,037

31,934

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45(b)

29,275

200,000

FCCU

Auto

Receivables

Trust,

5.18%,

05/15/31(b)

203,163

68,956

First

Help

Financial

LLC,

4.94%,

11/15/30(b)

68,860

117,869

Foundation

Finance

Trust,

4.60%,

03/15/50(b)

118,067

190,000

FRTKL

2021-SFR1,

1.57%,

09/17/38(b)

184,824

200,000

GreatAmerica

Leasing

Receivables

Funding,

LLC,

4.98%,

01/18/28(b)

202,155

45,095

GreenSky

Home

Improvement

Trust,

5.67%,

06/25/59(b)

46,111

100,000

GreenSky

Home

Improvement

Trust,

5.55%,

06/25/59(b)

102,538

170,000

GreenState

Auto

Receivables

Trust,

5.19%,

01/16/29(b)

171,507

129,336

Huntington

Bank

Auto

Credit-Linked

Notes,

4.96%,

03/21/33(b)

130,119

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

100,000

Kubota

Credit

Owner

Trust,

5.19%,

05/15/30(b)

$

102,777

25,374

LAD

Auto

Receivables

Trust,

6.12%,

09/15/27(b)

25,400

105,000

M&T

Equipment

Notes,

4.94%,

08/18/31(b)

106,985

74,936

NMEF

Funding,

LLC,

5.15%,

12/15/31(b)

75,514

3,449

NMEF

Funding,

LLC,

6.07%,

06/15/29(b)

3,454

59,101

North

Texas

Higher

Education

Authority,

Inc.,

4.84%,

09/25/61(c)

58,824

62,829

Octane

Receivables

Trust,

5.80%,

07/20/32(b)

63,394

140,000

PEAC

Solutions

Receivables,

LLC,

5.04%,

07/20/32(b)

142,514

150,000

Post

Road

Equipment

Finance,

LLC,

4.90%,

05/15/31(b)

151,174

119,135

Progress

Residential

Trust,

1.52%,

07/17/38(b)

117,295

200,000

Purchasing

Power

Funding,

LLC,

5.89%,

08/15/28(b)

200,926

49,909

SLM

Student

Loan

Trust,

6.25%,

04/15/29(c)

50,022

200,000

SoFi

Consumer

Loan

Program

Trust,

5.12%,

02/27/34(b)

202,264

135,000

SoFi

Consumer

Loan

Program

Trust,

4.67%,

08/15/34(b)

135,464

123,549

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47(b)

108,383

100,000

Space

Coast

Credit

Union,

4.78%,

12/15/31(b)

100,717

280,000

Space

Coast

Credit

Union

Auto

Receivables

Trust,

5.11%,

06/15/29(b)

282,260

70,000

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46(b)

69,019

110,187

Tricon

American

Homes

Trust,

1.48%,

11/17/39(b)

104,178

210,000

Truist

Bank

Auto

Credit-Linked

Notes,

4.73%,

09/26/33(b)

210,155

110,000

Vantage

Data

Centers,

LLC,

5.13%,

08/15/55(b)

110,557

95,258

Wingspire

Equipment

Finance,

LLC,

4.99%,

09/20/32(b)

95,808

5,481,732

#### Non-Agency

#### Commercial

#### Mortgage

#### Backed

#### Securities

#### -

#### 2.7%
43,680

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

42,759

38,105

BX

Commercial

Mortgage

Trust,

5.16%,

02/15/39(b)(c)

38,069

155,013

BX

Trust,

5.21%,

09/15/36(b)(c)

154,528

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### BALANCED

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

71,091

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

$

70,906

175,000

Goldman

Sachs

Mortgage

Securities

Trust,

5.15%,

11/15/36(b)(c)

174,891

163,406

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

156,647

200,000

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39(b)

190,136

150,000

IP

2025-IP

Mortgage

Trust,

5.42%,

06/10/42(b)(d)

152,658

143,799

KNDR

2021-KIND

A,

5.22%,

08/15/38(b)(c)

143,270

51,617

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(b)(d)

49,373

129,568

Tricon

Residential

Trust,

3.86%,

04/17/39(b)

128,574

81,468

TRTX

Issuer,

Ltd.

CLO,

5.79%,

02/15/39(b)(c)

81,464

125,468

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

122,569

75,333

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51(b)(d)

65,266

275,000

Wells

Fargo

Commercial

Mortgage

Trust,

5.48%,

07/15/35(b)(d)

277,518

145,000

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

153,805

220,000

WSTN

Trust,

6.52%,

07/05/37(b)(d)

224,306

2,226,739

#### Non-Agency

#### Residential

#### Mortgage

#### Backed

#### Securities

#### -

#### 1.0%
81,422

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67(b)(d)

77,221

128,891

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(b)(d)

121,404

121,361

Chase

Mortgage

Finance

Corp.,

3.50%,

06/25/62(b)(d)

112,372

24,540

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(b)(d)

24,098

8,866

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(b)(d)

8,664

79,379

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47(b)(d)

73,052

109,626

Ellington

Financial

Mortgage

Trust,

5.73%,

01/25/60(b)(e)

110,945

17,241

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(b)(d)

16,779

134,252

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52(b)(d)

122,318

84,931

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61(b)(d)

80,047

#### Principal

#### Amount

#### Security

#### Description

#### Value
$

108,177

Woodward

Capital

Management,

5.65%,

01/25/45(b)(e)

$

109,441

856,341

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$8,658,603)

8,564,812

#### Corporate

#### Bonds

#### -

#### 11.1%

#### Communication

#### Services

#### -

#### 0.8%
303,000

AT&T,

Inc.,

4.30%,

02/15/30

303,660

319,000

Verizon

Communications,

Inc.,

4.78%,

02/15/35

313,804

617,464

#### Consumer

#### Discretionary

#### -

#### 1.4%
285,000

American

Honda

Finance

Corp.,

4.25%,

09/01/28

285,721

200,000

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

202,958

330,000

McDonald's

Corp.,

2.13%,

03/01/30

302,632

50,000

Starbucks

Corp.,

2.00%,

03/12/27

48,554

335,000

The

Walt

Disney

Co.,

2.65%,

01/13/31

311,679

1,151,544

#### Consumer

#### Staples

#### -

#### 1.1%
310,000

Dollar

General

Corp.,

3.50%,

04/03/30

297,737

300,000

Mars,

Inc.,

4.80%,

03/01/30(b)

305,633

115,000

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27(b)

112,996

250,000

The

Campbell's

Co.,

2.38%,

04/24/30

228,422

944,788

#### Energy

#### -

#### 0.3%
245,000

Energy

Transfer

LP,

4.95%,

05/15/28

249,043

#### Financials

#### -

#### 4.1%
345,000

Bank

of

America

Corp.,

2.69%,

04/22/32(d)

314,288

326,000

CBRE

Services,

Inc.,

2.50%,

04/01/31

294,731

300,000

Citigroup,

Inc.,

4.91%,

05/24/33(d)

303,625

250,000

Enact

Holdings,

Inc.,

6.25%,

05/28/29

261,408

350,000

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

317,032

340,000

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30(d)

321,096

150,000

KeyCorp,

MTN,

2.25%,

04/06/27

145,724

285,000

Morgan

Stanley,

4.89%,

07/20/33(d)

289,387

155,000

NNN

REIT,

Inc.,

4.60%,

02/15/31

155,578

225,000

Regions

Financial

Corp.,

1.80%,

08/12/28

210,885

330,000

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33(d)

302,735

210,000

U.S.

Bancorp,

4.84%,

02/01/34(d)

210,919

345,000

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31(d)

320,619

3,448,027

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### BALANCED

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### Health

#### Care

#### -

#### 0.1%
$

125,000

Baylor

Scott

&

White

Holdings,

1.78%,

11/15/30

$

110,822

#### Industrials

#### -

#### 1.4%
310,000

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

281,234

230,000

BMW

Finance

NV,

2.85%,

08/14/29(b)

218,232

260,000

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

255,845

175,000

Union

Pacific

Corp.,

3.95%,

09/10/28

175,172

285,000

Waste

Management,

Inc.,

1.50%,

03/15/31

246,958

1,177,441

#### Information

#### Technology

#### -

#### 1.4%
170,000

Applied

Materials,

Inc.,

1.75%,

06/01/30

152,829

305,000

eBay,

Inc.,

3.60%,

06/05/27

302,751

225,000

Oracle

Corp.,

2.30%,

03/25/28

215,119

175,000

Paychex,

Inc.,

5.10%,

04/15/30

180,081

328,000

QUALCOMM,

Inc.,

2.15%,

05/20/30

301,219

55,000

TSMC

Global,

Ltd.,

1.38%,

09/28/30(b)

48,184

1,200,183

#### Utilities

#### -

#### 0.5%
85,000

Duke

Energy

Corp.,

5.75%,

09/15/33

90,284

300,000

Exelon

Corp.,

5.13%,

03/15/31

309,312

399,596

Total

Corporate

Bonds

(Cost

$9,430,839)

9,298,908

#### Government

#### &

#### Agency

#### Obligations

#### -

#### 14.6%

#### GOVERNMENT

#### SECURITIES

#### -

#### 13.6%

#### Municipals

#### -

#### 0.1%
50,000

La

Vista

Economic

Development

Fund,

Nebraska

RB,

1.64%,

10/15/28

46,579

#### Treasury

#### Inflation

#### Index

#### Securities

#### -

#### 0.3%
289,313

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28(f)

289,933

#### U.S.

#### Treasury

#### Securities

#### -

#### 13.2%
155,000

U.S.

Treasury

Note,

2.25%,

02/15/27

152,039

3,475,000

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

3,168,901

3,725,000

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

3,304,774

1,780,000

U.S.

Treasury

Note/Bond,

3.88%,

08/15/33

1,765,259

1,025,000

U.S.

Treasury

Note/Bond,

4.25%,

11/15/34

1,036,571

1,595,000

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

1,625,343

11,052,887

#### Principal

#### Amount

#### Security

#### Description

#### Value

#### U.S.

#### GOVERNMENT

#### MORTGAGE

#### BACKED

#### SECURITIES

#### -

#### 1.0%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.

#### -

#### 0.4%
$

92,846

Federal

Home

Loan

Mortgage

Corp.,

5.50%,

04/25/36

$

95,524

27,770

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54(e)

27,494

2,373

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

2,367

240,000

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

223,238

348,623

#### Federal

#### National

#### Mortgage

#### Association

#### -

#### 0.5%
131,493

Federal

National

Mortgage

Association,

6.81%,

07/25/32(d)

137,711

250,589

Federal

National

Mortgage

Association,

5.00%,

07/25/36

253,700

2,486

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

2,470

65,012

Federal

National

Mortgage

Association

REMIC,

4.14%,

04/25/29(d)

64,353

458,234

#### Government

#### National

#### Mortgage

#### Association

#### -

#### 0.1%
60,059

Government

National

Mortgage

Association,

3.50%,

01/20/69(d)

58,249

Total

Government

&

Agency

Obligations

(Cost

$12,207,738)

12,254,505

#### Shares

#### Security

#### Description

#### Value

#### Short-Term

#### Investments

#### -

#### 3.3%

#### Investment

#### Company

#### -

#### 3.3%
2,812,555

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.00%(g)

2,812,555

Total

Short-Term

Investments

(Cost

$2,812,555)

2,812,555

#### Investments,

#### at

#### value

#### -

#### 99.8%

#### (Cost

#### $55,414,347)

#### 83,793,836

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### -

#### 0.2%

#### 133,954

#### NET

#### ASSETS

#### -

#### 100.0%

#### $

#### 83,927,790
(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

September

30,

2025,

the

aggregate

value

of

these

liquid

securities

were

$8,594,325

or

10.3%

of

net

assets.

(c) Floating

rate

security.

Rate

presented

is

as

of

September

30,

2025. (d) Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

September

30,

2025. (e) Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

September

30,

2025. (f) U.S.

Treasury

inflation

indexed

security,

par

amount

is

adjusted

for

inflation.

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### BALANCED

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

(g) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. CLO

Collateralized

Loan

Obligation

LLC

Limited

Liability

Company

LP

Limited

Partnership

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### SMALL/MID

#### CAP

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

#### Shares

#### Security

#### Description

#### Value

#### Common

#### Stocks

#### -

#### 98.7%

#### Communication

#### Services

#### -

#### 1.5%
2,230

Nexstar

Media

Group,

Inc.,

Class A

$

440,960

#### Consumer

#### Discretionary

#### -

#### 12.9%
3,280

Burlington

Stores,

Inc.(a)

834,760

816

Domino's

Pizza,

Inc.

352,275

2,974

Dorman

Products,

Inc.(a)

463,587

6,166

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

791,714

1,166

TopBuild

Corp.(a)

455,743

9,927

Tractor

Supply

Co.

564,549

5,321

Wyndham

Hotels

&

Resorts,

Inc.

425,148

3,887,776

#### Consumer

#### Staples

#### -

#### 4.3%
1,472

Casey's

General

Stores,

Inc.

832,151

2,609

The

Marzetti

Co.

450,809

1,282,960

#### Energy

#### -

#### 4.0%
12,857

Northern

Oil

&

Gas,

Inc.

318,853

43,790

Permian

Resources

Corp.

560,512

12,813

SM

Energy

Co.

319,941

1,199,306

#### Financials

#### -

#### 17.4%
15,656

Atlantic

Union

Bankshares

Corp.

552,500

3,236

Brown

&

Brown,

Inc.

303,504

4,271

Cullen/Frost

Bankers,

Inc.

541,435

Markel

Group,

Inc.(a)

753,076

8,877

Moelis

&

Co.,

Class A

633,108

6,691

Selective

Insurance

Group,

Inc.

542,439

6,895

SouthState

Bank

Corp.

681,709

6,822

Stifel

Financial

Corp.

774,092

3,790

UMB

Financial

Corp.

448,547

5,230,410

#### Health

#### Care

#### -

#### 8.7%
11,982

AMN

Healthcare

Services,

Inc.(a)

231,971

15,044

Enovis

Corp.(a)

456,435

3,411

ICON

PLC(a)

596,925

4,942

Integer

Holdings

Corp.(a)

510,657

1,749

Molina

Healthcare,

Inc.(a)

334,689

5,568

Revvity,

Inc.

488,035

2,618,712

#### Industrials

#### -

#### 21.9%
2,259

Broadridge

Financial

Solutions,

Inc.

538,026

1,531

CACI

International,

Inc.,

Class A(a)

763,632

1,720

Carlisle

Cos.,

Inc.

565,811

4,402

EnerSys

497,250

2,857

Enpro,

Inc.

645,682

15,918

ExlService

Holdings,

Inc.(a)

700,870

7,857

Fortune

Brands

Innovations,

Inc.

419,485

3,965

Franklin

Electric

Co.,

Inc.

377,468

5,889

ICF

International,

Inc.

546,499

2,114

Lincoln

Electric

Holdings,

Inc.

498,545

11,560

Robert

Half,

Inc.

392,809

#### Shares

#### Security

#### Description

#### Value
19,023

Tetra

Tech,

Inc.

$

634,988

6,581,065

#### Information

#### Technology

#### -

#### 14.6%
4,621

Ambarella,

Inc.(a)

381,325

5,860

Blackbaud,

Inc.(a)

376,857

8,630

Diodes,

Inc.(a)

459,202

2,741

Littelfuse,

Inc.

709,946

1,778

Manhattan

Associates,

Inc.(a)

364,454

4,140

Onto

Innovation,

Inc.(a)

534,971

9,883

Power

Integrations,

Inc.

397,395

3,673

PTC,

Inc.(a)

745,693

3,309

Qualys,

Inc.(a)

437,880

4,407,723

#### Materials

#### -

#### 4.3%
2,332

Balchem

Corp.

349,940

1,327

Reliance,

Inc.

372,661

4,796

RPM

International,

Inc.

565,353

1,287,954

#### Real

#### Estate

#### -

#### 6.4%
6,181

Agree

Realty

Corp.

REIT

439,098

2,216

EastGroup

Properties,

Inc.

REIT

375,080

1,720

Jones

Lang

LaSalle,

Inc.(a)

513,042

5,000

Lamar

Advertising

Co.,

Class A

REIT

612,100

1,939,320

#### Utilities

#### -

#### 2.7%
6,195

IDACORP,

Inc.

818,669

Total

Common

Stocks

(Cost

$26,621,530)

29,694,855

#### Shares

#### Security

#### Description

#### Value

#### Short-Term

#### Investments

#### -

#### 1.2%

#### Investment

#### Company

#### -

#### 1.2%
380,441

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.00%(b)

380,441

Total

Short-Term

Investments

(Cost

$380,441)

380,441

#### Investments,

#### at

#### value

#### -

#### 99.9%

#### (Cost

#### $27,001,971)

#### 30,075,296

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### -

#### 0.1%

#### 20,762

#### NET

#### ASSETS

#### -

#### 100.0%

#### $

#### 30,096,058

#### SCHEDULES

#### OF

#### PORTFOLIO

#### INVESTMENTS

#### September

#### 30,

#### 2025
(Unaudited)

#### SMALL

#### COMPANY

#### FUND

#### Semi-Annual

#### Report

#### 2025
See

accompanying

Notes

to

Financial

Statements.

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. REIT

Real

Estate

Investment

Trust

#### Shares

#### Security

#### Description

#### Value

#### Common

#### Stocks

#### -

#### 98.2%

#### Consumer

#### Discretionary

#### -

#### 11.8%
138,677

Acushnet

Holdings

Corp.

$

10,884,758

78,426

Boot

Barn

Holdings,

Inc.(a)

12,996,756

67,892

Dorman

Products,

Inc.(a)

10,583,005

117,262

LGI

Homes,

Inc.(a)

6,063,618

117,899

Monarch

Casino

&

Resort,

Inc.

12,478,430

68,702

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

8,821,337

112,516

Patrick

Industries,

Inc.

11,637,530

73,465,434

#### Consumer

#### Staples

#### -

#### 2.1%
69,223

Interparfums,

Inc.

6,810,159

511,995

Utz

Brands,

Inc.

6,220,739

13,030,898

#### Energy

#### -

#### 3.1%
409,723

Northern

Oil

&

Gas,

Inc.

10,161,130

369,150

SM

Energy

Co.

9,217,676

19,378,806

#### Financials

#### -

#### 18.8%
412,502

Atlantic

Union

Bankshares

Corp.

14,557,196

167,096

Cass

Information

Systems,

Inc.

6,571,886

150,774

Mercantile

Bank

Corp.

6,784,830

231,515

Moelis

&

Co.,

Class A

16,511,650

239,618

Origin

Bancorp,

Inc.

8,271,613

442,078

Seacoast

Banking

Corp.

of

Florida

13,452,434

160,556

Selective

Insurance

Group,

Inc.

13,016,275

172,479

Stewart

Information

Services

Corp.

12,646,160

247,258

The

Baldwin

Insurance

Group,

Inc.,

Class A(a)

6,975,148

80,220

UMB

Financial

Corp.

9,494,037

98,625

Walker

&

Dunlop,

Inc.

8,247,022

116,528,251

#### Health

#### Care

#### -

#### 11.1%
120,677

Addus

HomeCare

Corp.(a)

14,238,679

239,676

AMN

Healthcare

Services,

Inc.(a)

4,640,127

305,426

Concentra

Group

Holdings

Parent,

Inc.

6,392,566

126,176

CONMED

Corp.

5,934,057

335,002

Enovis

Corp.(a)

10,163,961

146,433

Integer

Holdings

Corp.(a)

15,130,922

115,063

Prestige

Consumer

Healthcare,

Inc.(a)

7,179,931

344,320

Simulations

Plus,

Inc.(a)

5,188,903

68,869,146

#### Industrials

#### -

#### 19.8%
61,814

Alamo

Group,

Inc.

11,800,292

34,727

CSW

Industrials,

Inc.

8,429,979

74,548

EnerSys

8,420,942

93,995

Enpro,

Inc.

21,242,870

94,574

ESCO

Technologies,

Inc.

19,965,517

254,088

ExlService

Holdings,

Inc.(a)

11,187,495

90,580

Franklin

Electric

Co.,

Inc.

8,623,216

134,626

ICF

International,

Inc.

12,493,293

251,252

Kforce,

Inc.

7,532,535

#### Shares

#### Security

#### Description

#### Value
185,270

Korn

Ferry

$

12,965,195

122,661,334

#### Information

#### Technology

#### -

#### 18.2%
104,471

Advanced

Energy

Industries,

Inc.

17,774,696

123,629

Ambarella,

Inc.(a)

10,201,865

266,821

Benchmark

Electronics,

Inc.

10,285,950

146,607

Blackbaud,

Inc.(a)

9,428,296

461,120

Cohu,

Inc.(a)

9,374,570

160,382

CTS

Corp.

6,405,657

187,180

Diodes,

Inc.(a)

9,959,848

89,654

ePlus,

Inc.

6,366,330

34,901

Littelfuse,

Inc.

9,039,708

320,995

LiveRamp

Holdings,

Inc.(a)

8,711,804

173,578

Power

Integrations,

Inc.

6,979,571

668,962

Viavi

Solutions,

Inc.(a)

8,489,128

113,017,423

#### Materials

#### -

#### 3.6%
68,528

Balchem

Corp.

10,283,312

151,700

Kaiser

Aluminum

Corp.

11,705,172

21,988,484

#### Real

#### Estate

#### -

#### 5.8%
229,663

CareTrust

REIT,

Inc.

7,964,713

406,077

Marcus

&

Millichap,

Inc.

11,918,360

472,927

NETSTREIT

Corp.

REIT

8,541,061

816,032

Sunstone

Hotel

Investors,

Inc.

REIT

7,646,220

36,070,354

#### Utilities

#### -

#### 3.9%
82,072

Chesapeake

Utilities

Corp.

11,054,278

99,436

IDACORP,

Inc.

13,140,467

24,194,745

Total

Common

Stocks

(Cost

$445,755,869)

609,204,875

#### Shares

#### Security

#### Description

#### Value

#### Short-Term

#### Investments

#### -

#### 1.6%

#### Investment

#### Company

#### -

#### 1.6%
10,084,215

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.00%(b)

10,084,215

Total

Short-Term

Investments

(Cost

$10,084,215)

10,084,215

#### Investments,

#### at

#### value

#### -

#### 99.8%

#### (Cost

#### $455,840,084)

#### 619,289,090

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### -

#### 0.2%

#### 1,087,562

#### NET

#### ASSETS

#### -

#### 100.0%

#### $

#### 620,376,652

#### Semi-Annual

#### Report

#### 2025

#### STATEMENTS

#### OF

#### ASSETS

#### AND

#### LIABILITIES

#### September

#### 30,

#### 2025
(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

#### SHORT-INTERMEDIATE

#### BOND

#### FUND

#### Assets:
Investments,

at

cost

$

227,750,823

Unrealized

appreciation

(depreciation)

of

investments

1,337,595

Total

investments,

at

value

229,088,418

Receivable

for

capital

shares

issued

153,570

Interest

and

dividends

receivable

1,278,792

Prepaid

expenses

28,311

Total

Assets

230,549,091

#### Liabilities:
Distributions

payable

391,417

Payable

for

investments

purchased

876,968

Payable

for

capital

shares

redeemed

237,616

Accrued

expenses

and

other

payables:

Investment

advisory

fees

35,954

Administration

fees

payable

to

non-related

parties

9,234

Administration

fees

payable

to

related

parties

13,203

Shareholder

service

fees

818

Other

fees

45,805

Total

Liabilities

1,611,015

Net

Assets

$

228,938,076

#### Composition

#### of

#### Net

#### Assets:
Paid-In

Capital

$

235,666,625

Distributable

earnings

(6,728,549)

Net

Assets

$

228,938,076

#### Institutional

#### Class:
Net

assets

4,394,850

Shares

of

beneficial

interest

(See

note

5)

480,755

Net

asset

value,

offering

and

redemption

price

per

share

$

9.14 #### Institutional

#### Plus

#### Class:
Net

assets

224,543,226

Shares

of

beneficial

interest

(See

note

5)

24,486,505

Net

asset

value,

offering

and

redemption

price

per

share

$

9.17 #### Semi-Annual

#### Report

#### 2025

#### STATEMENTS

#### OF

#### ASSETS

#### AND

#### LIABILITIES

#### September

#### 30,

#### 2025
(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

#### INCOME

#### FUND

#### NEBRASKA

#### TAX-FREE

#### FUND

#### BALANCED

#### FUND

#### SMALL/MID

#### CAP

#### FUND

#### SMALL

#### COMPANY

#### FUND
$

177,324,895

$

52,022,402

$

55,414,347

$

27,001,971

$

455,840,084

(7,371,495)

(953,892)

28,379,489

3,073,325

163,449,006

169,953,400

51,068,510

83,793,836

30,075,296

619,289,090

145,597

514,450

9,366

38,761

1,214,349

931,602

520,762

183,279

17,999

752,509

22,841

6,681

13,534

8,888

86,938

171,053,440

52,110,403

84,000,015

30,140,944

621,342,886

266,472

62,813

–

–

–

99,156

213,840

–

–

–

162,699

34,982

–

10,983

436,901

28,755

2,267

24,752

11,831

384,541

6,883

2,070

3,358

1,214

25,380

9,844

2,960

4,815

1,771

36,454

647

–

4,325

7,879

36,995

27,525

34,975

19,071

75,079

611,451

346,457

72,225

44,886

966,234

$

170,441,989

$

51,763,946

$

83,927,790

$

30,096,058

$

620,376,652

$

187,325,317

$

53,854,616

$

49,603,515

$

29,266,433

$

413,440,113

(16,883,328)

(2,090,670)

34,324,275

829,625

206,936,539

$

170,441,989

$

51,763,946

$

83,927,790

$

30,096,058

$

620,376,652

2,052,271

–

27,994,448

440,165

37,415,346

218,646

–

1,297,686

26,704

1,260,904

$

9.39 $

–

$

21.57 $

16.48 $

29.67 168,389,718

51,763,946

55,933,342

29,655,893

582,961,306

17,946,980

5,593,915

2,643,377

1,799,527

19,486,336

$

9.38 $

9.25 $

21.16 $

16.48 $

29.92 #### Semi-Annual

#### Report

#### 2025

#### Statements

#### of

#### Operations

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025
(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

#### SHORT-INTERMEDIATE

#### BOND

#### FUND

#### Investment

#### Income:
Interest

$

5,325,610

Dividend

46,066

Total

Income

5,371,676

#### Expenses:
Investment

advisory

fees

(Note

3)

570,544

Administration

fees

137,793

Shareholder

service

fees

-

Institutional

Class

4,278

Custodian

fees

10,097

Chief

compliance

officer

fees

10,675

Director

fees

12,899

Registration

and

filing

fees

3,275

Transfer

agent

fees

31,719

Other

Fees

81,350

Total

expenses

before

waivers

862,630

Expenses

waived

by

adviser

(Note

3)

(345,884)

Total

Expenses

516,746

Net

Investment

Income

(Loss)

4,854,930

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### On

#### Investments:
Net

realized

gain

(loss)

on

investments

transactions

181,207

Change

in

unrealized

appreciation

(depreciation)

on

investments

1,293,841

Net

realized

and

unrealized

gain

on

investments

1,475,048

Net

increase

in

net

assets

from

operations

$

6,329,978

#### Semi-Annual

#### Report

#### 2025

#### Statements

#### of

#### Operations

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025
(Unaudited)

See

accompanying

Notes

to

Financial

Statements.

#### INCOME

#### FUND

#### NEBRASKA

#### TAX-FREE

#### FUND

#### BALANCED

#### FUND

#### SMALL/MID

#### CAP

#### FUND

#### SMALL

#### COMPANY

#### FUND
$

3,492,577

$

746,753

$

615,860

$

–

$

–

41,648

17,734

344,504

271,122

5,866,665

3,534,225

764,487

960,364

271,122

5,866,665

510,295

101,802

303,676

152,955

2,670,025

102,701

30,733

48,879

21,712

379,185

1,293

–

21,844

43,507

8,379

2,507

3,824

2,350

23,959

7,956

2,381

3,769

1,678

28,912

9,613

2,877

4,582

2,035

35,526

4,108

748

4,086

3,427

15,503

27,423

10,635

24,622

17,070

105,495

65,521

48,930

59,555

27,017

93,895

737,289

200,613

474,837

228,283

3,396,007

(324,070)

(86,775)

(147,743)

(66,600)

(346,982)

413,219

113,838

327,094

161,683

3,049,025

3,121,006

650,649

633,270

109,439

2,817,640

(297,319)

(86,029)

3,348,109

(2,127,406)

14,413,294

2,649,192

1,196,724

5,054,447

4,073,511

21,078,142

2,351,873

1,110,695

8,402,556

1,946,105

35,491,436

$

5,472,879

$

1,761,344

$

9,035,826

$

2,055,544

$

38,309,076

#### Semi-Annual

#### Report

#### 2025

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

See

accompanying

Notes

to

Financial

Statements.

#### SHORT-INTERMEDIATE

#### BOND

#### FUND

#### INCOME

#### FUND

#### For

#### the

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025

#### For

#### the

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### For

#### the

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025

#### For

#### the

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### Operations:
Net

investment

income

$

4,854,930

$

8,965,901

$

3,121,006

$

5,976,797

Net

realized

gain

(loss)

on

investment

transactions

181,207

(555,266)

(297,319)

(1,104,954)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

1,293,841

4,456,950

2,649,192

3,682,813

Net

increase

(decrease)

in

net

assets

from

operations

6,329,978

12,867,585

5,472,879

8,554,656

#### Distributions

#### to

#### Shareholders:
Institutional

Class

(81,168)

(185,449)

(31,944)

(64,532)

Institutional

Plus

Class

(4,361,609)

(8,826,270)

(2,759,367)

(5,581,167)

Change

in

net

assets

from

distributions

to

shareholders

(4,442,777)

(9,011,719)

(2,791,311)

(5,645,699)

#### Capital

#### Transactions:
Proceeds

from

shares

issued

Institutional

Class

6,319

117,639

7,435

121,931

Institutional

Plus

Class

10,626,779

32,721,721

4,434,842

23,023,731

Proceeds

from

dividends

reinvested

Institutional

Class

68,496

151,166

31,926

63,985

Institutional

Plus

Class

2,000,872

3,799,784

1,130,328

2,129,531

Cost

of

shares

redeemed

Institutional

Class

(88,477)

(1,233,701)

(35,251)

(414,432)

Institutional

Plus

Class

(12,745,432)

(29,777,860)

(9,600,819)

(26,374,358)

Change

in

net

assets

from

capital

transactions

(131,443)

5,778,749

(4,031,539)

(1,449,612)

Change

in

net

assets

1,755,758

9,634,615

(1,349,971)

1,459,345

#### Net

#### Assets:
Beginning

of

Period

227,182,318

217,547,703

171,791,960

170,332,615

End

of

Period

$

228,938,076

$

227,182,318

$

170,441,989

$

171,791,960

#### Share

#### Transactions

#### Institutional

#### Class:
Shares

issued

694

13,061

808

13,335

Shares

reinvested

7,523

16,778

3,443

6,994

Shares

redeemed

(9,733)

(136,577)

(3,788)

(45,616)

Change

in

shares

(1,516)

(106,738)

(25,287)

#### Share

#### Transactions

#### Institutional

#### Plus

#### Class:
Shares

issued

1,164,900

3,620,664

480,006

2,522,562

Shares

reinvested

219,026

420,305

122,000

232,609

Shares

redeemed

(1,397,717)

(3,299,039)

(1,039,204)

(2,886,011)

Change

in

shares

(13,791)

741,930

(437,198)

(130,840)

#### Semi-Annual

#### Report

#### 2025

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

See

accompanying

Notes

to

Financial

Statements.

#### NEBRASKA

#### TAX-FREE

#### FUND

#### BALANCED

#### FUND

#### SMALL/MID

#### CAP

#### FUND

#### SMALL

#### COMPANY

#### FUND

#### For

#### the

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025

#### For

#### the

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### For

#### the

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025

#### For

#### the

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### For

#### the

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025

#### For

#### the

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### For

#### the

#### Six

#### Months

#### Ended

#### September

#### 30,

#### 2025

#### For

#### the

#### Year

#### Ended

#### March

#### 31,

#### 2025
$

650,649

$

1,220,296

$

633,270

$

1,196,755

$

109,439

$

100,212

$

2,817,640

$

2,886,189

(86,029)

(213,221)

3,348,109

4,885,559

(2,127,406)

285,185

14,413,294

45,178,740

1,196,724

(293,846)

5,054,447

(2,032,570)

4,073,511

(4,503,243)

21,078,142

(67,827,996)

1,761,344

713,229

9,035,826

4,049,744

2,055,544

(4,117,846)

38,309,076

(19,763,067)

–

–

(179,469)

(1,396,625)

–

–

–

(2,792,847)

(646,136)

(1,203,214)

(432,655)

(2,854,033)

–

(51,220)

–

(47,888,708)

(646,136)

(1,203,214)

(612,124)

(4,250,658)

–

(51,220)

–

(50,681,555)

–

–

95,533

612,375

2,151

6,444

942,843

5,152,924

3,877,119

9,220,816

1,425,431

5,802,850

5,994,991

31,414,536

52,319,409

148,242,126

–

–

167,880

1,289,899

–

–

2,420,384

263,452

486,655

377,335

2,495,079

–

9,200

–

25,784,299

–

–

(1,462,984)

(7,982,258)

(7,935)

(56,785)

(5,448,685)

(17,770,888)

(4,067,551)

(13,855,148)

(3,672,517)

(6,667,975)

(15,851,087)

(3,154,276)

(122,114,438)

(192,996,008)

73,020

(4,147,677)

(3,069,322)

(4,450,030)

(9,861,879)

28,219,119

(74,300,871)

(29,167,163)

1,188,228

(4,637,662)

5,354,380

(4,650,944)

(7,806,335)

24,050,053

(35,991,795)

(99,611,785)

50,575,718

55,213,380

78,573,410

83,224,354

37,902,393

13,852,340

656,368,447

755,980,232

$

51,763,946

$

50,575,718

$

83,927,790

$

78,573,410

$

30,096,058

$

37,902,393

$

620,376,652

$

656,368,447

–

–

4,676

30,500

33,084

164,275

–

–

8,092

63,113

–

–

–

75,074

–

–

(71,949)

(394,061)

(528) (3,464)

(190,767)

(571,689)

–

–

(59,181)

(300,448)

(391) (3,075)

(157,683)

(332,340)

427,065

1,011,304

73,601

292,130

390,522

1,761,239

1,853,614

4,725,483

28,955

53,470

18,535

124,418

–

512

–

794,585

(448,100)

(1,520,070)

(183,538)

(335,180)

(974,162)

(187,938)

(4,376,041)

(6,222,988)

7,920

(455,296)

(91,402)

81,368

(583,640)

1,573,813

(2,522,427)

(702,920)

#### Financial

#### Highlights

#### For

#### a

#### Share

#### Outstanding

#### Semi-Annual

#### Report

#### 2025

See

accompanying

Notes

to

Financial

Statements.

#### Investment

#### Activities

#### Ratios/Supplemental

#### Data

#### Distributions

#### to

#### Shareholders

#### from:
Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a) Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

Total

from

Investment

Operations

Net

Investment

Income

Net

Realized

Gains

on

Investments

Net

Asset

Value,

End

of

Period

Total

Return

(b) Net

Assets,

End

of

Period

(000's)

Expense

to

Average

Net

Assets

(c) Net

Investment

Income

(Loss)

to

Average

Net

Assets

(c) Expense

to

Average

Net

Assets

(c)(d) Portfolio

Turnover

(b) #### SHORT-INTERMEDIATE

#### BOND

#### FUND
Institutional

Class

09/30/25

$

9.07 $

0.19 $

0.05 $

0.24 $

(0.17)

$

—

$

9.14 2.65 %

$

4,395

0.64 %

4.06 %

1.48 %

%

03/31/25

8.91 0.35 0.16 0.51 (0.31)

(0.04)

9.07 5.81 4,372

0.66 3.86 1.44 42

03/31/24

8.77 0.29 0.09 0.38 (0.24)

(0.00)

(e) 8.91 4.45 5,247

0.64 3.26 1.33 48

03/31/23

9.00 0.18 (0.20)

(0.02)

(0.19)

(0.02)

8.77 (0.13)

5,843

0.65 2.00 1.28 35

03/31/22

9.42 0.10 (0.36)

(0.26)

(0.15)

(0.01)

9.00 (2.80)

7,873

0.65 1.07 1.09 40

03/31/21

9.30 0.14 0.18 0.32 (0.18)

(0.02)

9.42 3.44 10,518

0.68 1.43 1.21 50

Institutional

Plus

Class

09/30/25

9.09 0.19 0.07 0.26 (0.18)

—

9.17 2.86 224,543

0.45 4.26 0.74 22

03/31/25

8.94 0.37 0.15 0.52 (0.33)

(0.04)

9.09 5.91 222,810

0.45 4.07 0.74 42

03/31/24

8.80 0.30 0.10 0.40 (0.26)

(0.00)

(e) 8.94 4.64 212,301

0.46 3.45 0.73 48

03/31/23

9.03 0.19 (0.19)

0.00 (0.21)

(0.02)

8.80 0.05 246,064

0.48 2.17 0.74 35

03/31/22

9.45 0.12 (0.36)

(0.24)

(0.17)

(0.01)

9.03 (2.64)

213,443

0.49 1.23 0.72 40

03/31/21

9.33 0.15 0.19 0.34 (0.20)

(0.02)

9.45 3.63 226,818

0.49 1.61 0.73 50

#### INCOME

#### FUND
Institutional

Class

09/30/25

9.24 0.16 0.14 0.30 (0.15)

—

9.39 3.23 2,052

0.61 3.54 2.12 8

03/31/25

9.08 0.31 0.14 0.45 (0.28)

(0.01)

9.24 5.06 2,016

0.61 3.39 2.16 16

03/31/24

9.17 0.29 (0.10)

0.19 (0.27)

(0.01)

9.08 2.10 2,211

0.64 3.20 1.95 33

03/31/23

9.91 0.25 (0.73)

(0.48)

(0.25)

(0.01)

9.17 —

2,564

0.63 2.67 1.79 27

03/31/22

10.56 0.18 (0.58)

(0.40)

(0.24)

(0.01)

9.91 (3.92)

3,025

0.66 1.75 1.56 28

03/31/21

10.67 0.19 (0.04)

0.15 (0.25)

(0.01)

10.56 1.34 4,959

0.72 1.70 1.52 34

Institutional

Plus

Class

09/30/25

9.23 0.17 0.13 0.30 (0.15)

—

9.38 3.30 168,390

0.48 3.67 0.85 8

03/31/25

9.08 0.32 0.13 0.45 (0.29)

(0.01)

9.23 5.08 169,776

0.49 3.51 0.84 16

03/31/24

9.17 0.30 (0.10)

0.20 (0.28)

(0.01)

9.08 2.25 168,121

0.49 3.35 0.84 33

03/31/23

9.91 0.26 (0.73)

(0.47)

(0.26)

(0.01)

9.17 —

204,008

0.51 2.79 0.85 27

03/31/22

10.56 0.20 (0.59)

(0.39)

(0.25)

(0.01)

9.91 (3.80)

173,910

0.53 1.88 0.83 28

03/31/21

10.67 0.20 (0.03)

0.17 (0.27)

(0.01)

10.56 1.52 198,448

0.55 1.88 0.82 34

#### NEBRASKA

#### TAX-FREE

#### FUND
Institutional

Plus

Class

09/30/25

9.05 0.12 0.20 0.32 (0.12)

—

9.25 3.51 51,764

0.45 2.56 0.79 10

03/31/25

9.14 0.21 (0.09)

0.12 (0.21)

—

9.05 1.28 50,576

0.45 2.29 0.78 18

03/31/24

9.20 0.19 (0.06)

0.13 (0.19)

—

9.14 1.44 55,213

0.45 2.08 0.75 17

03/31/23

9.29 0.17 (0.09)

0.08 (0.17)

—

9.20 0.91 57,118

0.44 1.87 0.74 19

03/31/22

9.86 0.15 (0.56)

(0.41)

(0.15)

(0.01)

9.29 (4.17)

63,631

0.45 1.57 0.68 11

03/31/21

9.73 0.16 0.14 0.30 (0.16)

(0.01)

9.86 3.08 72,255

0.45 1.63 0.67 15

#### BALANCED

#### FUND
Institutional

Class

09/30/25

19.45 0.15 2.11 2.26 (0.14)

—

21.57 11.63 27,994

0.92 1.46 1.34 12

03/31/25

19.51 0.27 0.68 0.95 (0.26)

(0.75)

19.45 4.65 26,385

0.93 1.32 1.32 22

03/31/24

17.48 0.24 2.86 3.10 (0.23)

(0.84)

19.51 18.18 32,335

0.95 1.32 1.31 19

03/31/23

19.37 0.18 (1.13)

(0.95)

(0.16)

(0.78)

17.48 (4.63)

30,017

0.96 1.00 1.31 22

03/31/22

19.66 0.10 1.28 1.38 (0.10)

(1.57)

19.37 6.65 34,743

1.00 0.48 1.28 23

03/31/21

15.83 0.13 4.80 4.93 (0.13)

(0.97)

19.66 31.47 36,650

1.02 0.71 1.30 21

#### Financial

#### Highlights

#### For

#### a

#### Share

#### Outstanding

#### Semi-Annual

#### Report

#### 2025

See

accompanying

Notes

to

Financial

Statements.

#### Investment

#### Activities

#### Ratios/Supplemental

#### Data

#### Distributions

#### to

#### Shareholders

#### from:
Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a) Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

Total

from

Investment

Operations

Net

Investment

Income

Net

Realized

Gains

on

Investments

Net

Asset

Value,

End

of

Period

Total

Return

(b) Net

Assets,

End

of

Period

(000's)

Expense

to

Average

Net

Assets

(c) Net

Investment

Income

(Loss)

to

Average

Net

Assets

(c) Expense

to

Average

Net

Assets

(c)(d) Portfolio

Turnover

(b) Institutional

Plus

Class

09/30/25

$

19.08 $

0.16 $

2.08 $

2.24 $

(0.16)

$

—

$

21.16 11.78 %

$

55,933

0.75 %

1.62 %

1.09 %

%

03/31/25

19.18 0.30 0.66 0.96 (0.31)

(0.75)

19.08 4.78 52,189

0.76 1.49 1.08 22

03/31/24

17.21 0.27 2.82 3.09 (0.28)

(0.84)

19.18 18.41 50,890

0.77 1.49 1.07 19

03/31/23

19.10 0.20 (1.10)

(0.90)

(0.21)

(0.78)

17.21 (4.46)

42,137

0.79 1.17 1.08 22

03/31/22

19.43 0.14 1.25 1.39 (0.15)

(1.57)

19.10 6.79 45,049

0.81 0.67 1.03 23

03/31/21

15.66 0.16 4.76 4.92 (0.18)

(0.97)

19.43 31.76 42,063

0.84 0.89 1.05 21

#### SMALL/MID

#### CAP

#### FUND
Institutional

Class

09/30/25

15.73 0.05 0.70 0.75 —

—

16.48 4.77 440

0.92 0.59 5.69 16

03/31/25

16.49 0.07 (0.83)

(0.76)

—

—

15.73 —

0.92 0.40 5.50 25

03/31/24

13.69 0.03 2.77 2.80 —

—

16.49 20.45 498

0.93 0.22 5.71 23

03/31/23

14.89 0.04 (1.00)

(0.96)

—

(0.24)

13.69 (6.45)

0.92 0.28 5.92 24

03/31/22

13.83 0.01 1.60 1.61 —

(0.55)

14.89 11.58 296

0.95 0.04 33.98 22

03/31/21

8.01 0.00 5.82 5.82 —

—

13.83 72.66 36

1.19 (0.01)

77.98 28

Institutional

Plus

Class

09/30/25

15.73 0.05 0.70 0.75 —

—

16.48 4.77 29,656

0.90 0.61 1.22 16

03/31/25

16.50 0.07 (0.82)

(0.75)

(0.02)

—

15.73 —

37,476

0.90 0.42 1.34 25

03/31/24

13.73 0.04 2.77 2.81 (0.04)

—

16.50 20.51 13,355

0.90 0.26 1.62 23

03/31/23

14.95 0.04 (1.01)

(0.97)

(0.01)

(0.24)

13.73 (6.49)

14,009

0.91 0.30 1.76 24

03/31/22

13.86 0.01 1.63 1.64 —

(0.55)

14.95 11.77 7,494

0.95 0.04 2.12 22

03/31/21

8.02 0.03 5.84 5.87 (0.03)

—

13.86 73.22 3,726

0.95 0.24 3.02 28

#### SMALL

#### COMPANY

#### FUND
Institutional

Class

09/30/25

27.83 0.10 1.74 1.84 —

—

29.67 6.61 37,415

1.18 0.68 1.39 12

03/31/25

30.70 0.05 (0.89)

(0.84)

—

(2.03)

27.83 (3.64)

39,484

1.18 0.17 1.37 29

03/31/24

27.16 0.07 4.31 4.38 (0.06)

(0.78)

30.70 16.26 53,758

1.17 0.24 1.34 27

03/31/23

31.88 0.09 (1.27)

(1.18)

(0.00)

(e) (3.54)

27.16 (3.25)

51,987

1.17 0.32 1.35 37

03/31/22

33.85 0.04 3.14 3.18 —

(5.15)

31.88 9.16 57,610

1.18 0.11 1.33 41

03/31/21

20.27 0.07 13.52 13.59 (0.01)

—

33.85 67.03 69,896

1.17 0.28 1.34 64

Institutional

Plus

Class

09/30/25

28.03 0.13 1.76 1.89 —

—

29.92 6.74 582,961

0.96 0.91 1.06 12

03/31/25

30.92 0.12 (0.89)

(0.77)

(0.09)

(2.03)

28.03 (3.43)

616,885

0.95 0.40 1.05 29

03/31/24

27.37 0.13 4.34 4.47 (0.14)

(0.78)

30.92 16.50 702,223

0.95 0.46 1.06 27

03/31/23

32.12 0.16 (1.28)

(1.12)

(0.09)

(3.54)

27.37 (3.02)

633,937

0.96 0.54 1.06 37

03/31/22

34.03 0.12 3.16 3.28 (0.04)

(5.15)

32.12 9.41 686,847

0.96 0.33 1.05 41

03/31/21

20.40 0.13 13.60 13.73 (0.10)

—

34.03 67.37 721,075

0.96 0.49 1.05 64

(a) Per

share

data

calculated

using

average

share

method.

(b) Ratios

excluding

contractual

and

voluntary

waivers.

(c) Amount

represents

less

than

$0.005.

#### Notes

#### to

#### Financial

#### Statements

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

1. #### Organization
Tributary

Funds,

Inc.

(the

"Company")

was

organized

in

October

1994

as

a

Nebraska

corporation

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company

issuing

its

shares

in

series.

The

Company

consists

of

six

series,

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund,

Balanced

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

(collectively,

the

"Funds"

and

individually,

a

"Fund").

The

Short-Intermediate

Bond

Fund,

Income

Fund,

Balanced

Fund,

Nebraska

Tax-Free

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

are

all

diversified

series.

Each

series

represents

a

distinct

portfolio

with

its

own

investment

objectives

and

policies.

Refer

to

the

prospectus

for

each

Fund's

investment

objective.

All

Funds

offer

Institutional

Plus

Class

shares

without

a

sales

charge

and

the

Short-Intermediate

Bond

Fund,

Income

Fund,

Balanced

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

also

offer

Institutional

Class

shares.

The

two

classes

differ

principally

in

applicable

minimum

investment

and

shareholder

servicing

fees.

Shareholders

bear

the

common

expenses

of

each

Fund

and

earn

income

and

realized

gains/losses

from

each

Fund

pro

rata

based

on

the

average

daily

net

assets

of

each

class,

without

discrimination

between

share

classes.

Each

share

class

also

has

different

voting

rights

on

matters

affecting

a

single

class.

No

class

has

preferential

dividend

rights.

Each

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

each

Fund

is

used

by

the

Adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statements

of

Operations

and

the

Financial

Highlights

for

each

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Funds.

Each

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Funds

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

its

role,

the

Adviser

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

2. #### Significant

#### Accounting

#### Policies
The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946,

*Financial* 

*Services-Investment* 

*Companies*

.

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Company

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP").

The

preparation

of

financial

statements

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

financial

statements

and

the

reported

amounts

of

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

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

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

#### Notes

#### to

#### Financial

#### Statements

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

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

–

includes

valuations

based

on

quoted

prices

of

identical

securities

in

active

markets

including

valuations

for

securities

listed

on

a

securities

exchange

or

investments

in

mutual

funds.

Level

–

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

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

–

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

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

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

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.

#### Notes

#### to

#### Financial

#### Statements

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

The

following

is

a

summary

of

the

inputs

used

to

value

each

Fund's

investments

as

of

September

30,

2025,

by

category:

#### LEVEL

#### 1

#### –

#### Quoted

#### Prices

#### LEVEL

#### 2

#### -

#### Significant

#### Observable

#### Inputs

#### LEVEL

#### 3

#### -

#### Significant

#### Unobservable

#### Inputs

#### Total

#### Short-Intermediate

#### Bond

#### Fund
Asset

Backed

Securities

$

–

$

59,541,055

$

–

$

59,541,055

Non-Agency

Commercial

Mortgage

Backed

Securities

–

25,055,087

–

25,055,087

Non-Agency

Residential

Mortgage

Backed

Securities

–

13,066,126

–

13,066,126

Corporate

Bonds

–

69,162,740

–

69,162,740

Government

&

Agency

Obligations

–

60,136,145

–

60,136,145

Preferred

Stocks

246,750

–

–

246,750

Short-Term

Investments

1,880,515

–

–

1,880,515

Total

$

2,127,265

$

226,961,153

$

–

$

229,088,418

#### LEVEL

#### 1

#### –

#### Quoted

#### Prices

#### LEVEL

#### 2

#### -

#### Significant

#### Observable

#### Inputs

#### LEVEL

#### 3

#### -

#### Significant

#### Unobservable

#### Inputs

#### Total

#### Income

#### Fund
Asset

Backed

Securities

$

–

$

10,123,222

$

–

$

10,123,222

Non-Agency

Commercial

Mortgage

Backed

Securities

–

4,299,375

–

4,299,375

Non-Agency

Residential

Mortgage

Backed

Securities

–

11,092,684

–

11,092,684

Corporate

Bonds

–

44,083,569

–

44,083,569

Government

&

Agency

Obligations

–

99,629,029

–

99,629,029

Short-Term

Investments

725,521

–

–

725,521

Total

$

725,521

$

169,227,879

$

–

$

169,953,400

#### LEVEL

#### 1

#### –

#### Quoted

#### Prices

#### LEVEL

#### 2

#### -

#### Significant

#### Observable

#### Inputs

#### LEVEL

#### 3

#### -

#### Significant

#### Unobservable

#### Inputs

#### Total

#### Nebraska

#### Tax-Free

#### Fund
Government

&

Agency

Obligations

$

–

$

50,668,345

$

–

$

50,668,345

Short-Term

Investments

400,165

–

–

400,165

Total

$

400,165

$

50,668,345

$

–

$

51,068,510

#### LEVEL

#### 1

#### –

#### Quoted

#### Prices

#### LEVEL

#### 2

#### -

#### Significant

#### Observable

#### Inputs

#### LEVEL

#### 3

#### -

#### Significant

#### Unobservable

#### Inputs

#### Total

#### Balanced

#### Fund
Common

Stocks\*

$

50,863,056

$

–

$

–

$

50,863,056

Asset

Backed

Securities

–

5,481,732

–

5,481,732

Non-Agency

Commercial

Mortgage

Backed

Securities

–

2,226,739

–

2,226,739

Non-Agency

Residential

Mortgage

Backed

Securities

–

856,341

–

856,341

Corporate

Bonds

–

9,298,908

–

9,298,908

Government

&

Agency

Obligations

–

12,254,505

–

12,254,505

Short-Term

Investments

2,812,555

–

–

2,812,555

Total

$

53,675,611

$

30,118,225

$

–

$

83,793,836

#### Notes

#### to

#### Financial

#### Statements

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

\*

See

Schedules

of

Portfolio

Investments

for

further

industry

classification.

#### Guarantees

#### and

#### Indemnifications
In

the

normal

course

of

business,

the

Company

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications

for

certain

liabilities.

Each

Fund's

maximum

exposure

under

these

arrangements

is

unknown.

However,

since

their

commencement

of

operations,

the

Funds

have

not

had

claims

or

losses

pursuant

to

these

contracts

and

expect

the

risk

of

loss

to

be

remote.

Under

the

Company's

organizational

documents,

its

officers

and

directors

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

certain

of

the

Company's

contracts

with

service

providers

contain

general

indemnification

clauses.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

#### Security

#### Transactions,

#### Investment

#### Income

#### and

#### Foreign

#### Taxes
Securities

transactions

are

accounted

for

no

later

than

one

business

day

following

trade

date.

For

financial

reporting

purposes,

however,

on

the

last

business

day

of

the

reporting

period,

security

transactions

are

accounted

for

on

trade

date.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premium,

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

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.

#### Allocation

#### of

#### Expenses
Expenses

directly

attributable

to

a

Fund

are

charged

directly

to

that

Fund,

while

expenses

which

are

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

another

appropriate

basis.

Expenses

directly

attributable

to

a

class

are

charged

directly

to

that

class,

while

expenses

attributable

to

both

classes

are

allocated

to

each

class

based

upon

the

ratio

of

net

assets

for

each

class

as

a

percentage

of

total

net

assets.

#### Distributions

#### to

#### Shareholders
Dividends

from

net

investment

income

are

declared

daily

and

paid

monthly

for

the

Short-Intermediate

Bond,

Income,

and

Nebraska

Tax-Free

Funds.

The

Balanced

Fund

declares

and

pays

dividends

from

net

investment

income,

if

any,

quarterly.

The

Small/Mid

Cap

Fund

and

Small

#### LEVEL

#### 1

#### –

#### Quoted

#### Prices

#### LEVEL

#### 2

#### -

#### Significant

#### Observable

#### Inputs

#### LEVEL

#### 3

#### -

#### Significant

#### Unobservable

#### Inputs

#### Total

#### Small/Mid

#### Cap

#### Fund
Common

Stocks\*

$

29,694,855

$

–

$

–

$

29,694,855

Short-Term

Investments

380,441

–

–

380,441

Total

$

30,075,296

$

–

$

–

$

30,075,296

#### LEVEL

#### 1

#### –

#### Quoted

#### Prices

#### LEVEL

#### 2

#### -

#### Significant

#### Observable

#### Inputs

#### LEVEL

#### 3

#### -

#### Significant

#### Unobservable

#### Inputs

#### Total

#### Small

#### Company

#### Fund
Common

Stocks\*

$

609,204,875

$

–

$

–

$

609,204,875

Short-Term

Investments

10,084,215

–

–

10,084,215

Total

$

619,289,090

$

–

$

–

$

619,289,090

#### Notes

#### to

#### Financial

#### Statements

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

Company

Fund

declare

and

pay

dividends

from

net

investment

income,

if

any,

annually.

Distributions

of

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually

for

all

the

Funds

only

to

the

extent

they

exceed

available

capital

loss

carryovers.

The

amount

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations

which

may

differ

from

GAAP

and

are

recorded

on

the

ex-dividend

date.

3. #### Related

#### Party

#### Transactions

#### and

#### Fees

#### and

#### Agreements
Tributary

Capital

Management,

LLC

("Tributary"

or

"Adviser"),

a

wholly-owned

subsidiary

of

First

National

Bank

of

Omaha

("FNBO"),

which

is

a

subsidiary

of

First

National

Bank

of

Nebraska,

Inc.,

serves

as

the

investment

adviser

to

the

Funds.

Each

Fund

pays

a

monthly

fee

at

an

annual

rate

of

the

following

percentages

of

each

Fund's

average

daily

net

assets:

0.50%

for

the

Short-Intermediate

Bond

Fund,

0.60%

for

the

Income

Fund,

0.40%

for

the

Nebraska

Tax-Free

Fund,

0.75%

for

the

Balanced

Fund,

and

0.85%

for

each

of

the

Small/Mid

Cap

Fund

and

Small

Company

Fund.

First

National

Advisers,

LLC

("FNA"

or

"Sub-Adviser"),

a

wholly-owned

subsidiary

of

FNBO,

serves

as

the

investment

sub-

adviser

for

the

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund

and

Balanced

Fund.

Sub-advisory

fees

paid

to

FNA

are

paid

by

Tributary.

For

the

services

provided

and

expenses

assumed

under

the

FNA

Sub-Advisory

Agreement,

Tributary

pays

FNA

a

fee

equal

to

0.25%

of

the

average

daily

net

assets

of

the

Short-Intermediate

Bond

Fund,

0.30%

of

the

average

daily

net

assets

of

the

Income

Fund,

0.20%

of

the

average

daily

net

assets

of

the

Nebraska

Tax-Free

Fund,

and

0.375%

of

the

average

daily

net

assets

of

the

Balanced

Fund.

Tributary

has

contractually

agreed

to

waive

advisory

fees

payable

to

the

Adviser

and/or

reimburse

other

expenses

of

each

Fund

to

the

extent

necessary

to

limit

the

total

operating

expenses

of

each

Fund,

exclusive

of

shareholder

servicing

fees

(Institutional

Class

only),

brokerage

costs,

interest,

taxes

and

dividend

and

extraordinary

expenses,

to

an

annual

rate

of

the

percentage

of

each

Fund's

average

daily

net

assets

as

follows.

Each

Fund

has

agreed

to

reimburse

the

Adviser

in

an

amount

equal

to

the

full

amount

of

fees

that,

but

for

waivers

and/or

reimbursements,

would

have

been

payable

by

the

Fund

to

the

Adviser,

or

were

reimbursed

by

the

Adviser

in

excess

of

its

investment

advisory

fee.

Such

reimbursement

by

a

Fund

would

be

made

monthly,

but

only

so

long

as

the

net

annual

operating

expenses

of

the

Fund,

after

taking

into

account

any

reimbursement

are

equal

to

or

less

than

the

Fund's

then-current

expense

limitation

and

the

expense

limitation

in

effect

at

the

time

of

the

waiver

or

reimbursement.

These

fee

waivers

will

continue

through

August

1,

2026,

unless

the

Board

approves

a

change

in

or

elimination

of

the

waiver.

The

amounts

waived

for

each

Fund

are

recorded

as

expenses

waived

in

each

Fund's

Statement

of

Operations.

Other

Fund

service

providers

have

also

contractually

agreed

to

waive

a

portion

of

their

fees.

For

the

six

months

ended

September

30,

2025,

fees

waived

were

as

follows:

Tributary

may

recover

fees

waived

or

expenses

reimbursed,

if

such

payment

is

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement.

At

September

30,

2025,

the

amount

of

potentially

recoverable

expenses

are

as

follows:

Short-Intermediate

Bond

Fund

–

$1,911,902;

Income

Fund

–

$1,897,017;

Nebraska

Tax-Free

Fund

–

$514,349;

Balanced

Fund

–

$795,299;

Small/Mid

Cap

Fund

–

$353,078;

Small

Company

Fund

–

$2,209,979.

#### Expense

#### Caps
Short-Intermediate

Bond

Fund

0.45 %

Income

Fund

0.48 Nebraska

Tax-Free

Fund

0.45 Balanced

Fund

0.74 Small/Mid

Cap

Fund

0.90 Small

Company

Fund

0.96 #### Investment

#### Adviser

#### Fees

#### Waived

#### Other

#### Waivers

#### Total

#### Fees

#### Waived

#### and

#### Expenses

#### Reimbursed
Short-Intermediate

Bond

Fund

$

345,201

$

683

$

345,884

Income

Fund

323,561

509

324,070

Nebraska

Tax-Free

Fund

86,623

86,775

Balanced

Fund

147,501

147,743

Small/Mid

Cap

Fund

66,492

66,600

Small

Company

Fund

345,102

1,880

346,982

#### Notes

#### to

#### Financial

#### Statements

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

U.S.

Bank,

N.A.

serves

as

the

custodian

for

each

of

the

Funds.

SS&C

GIDS,

Inc.

serves

as

transfer

agent

for

the

Funds,

whose

functions

include

disbursing

dividends

and

other

distributions.

Tributary

and

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

("Co-Administrators")

serve

as

Co-Administrators

of

the

Funds.

Certain

directors

and

officers

of

the

Funds

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

the

Funds.

As

compensation

for

its

administrative

services,

each

Co-Administrator

is

entitled

to

a

fee,

calculated

daily

and

paid

monthly

based

on

each

Fund's

average

daily

net

assets.

Tributary

receives

0.07%

of

each

Fund's

average

daily

net

assets.

Foreside

Fund

Officer

Services,

LLC

provides

the

Funds'

Anti-Money

Laundering

Compliance

Officer

and

Chief

Compliance

Officer

services.

The

Company

has

adopted

a

Distribution

and

Service

Plan

("Plan")

under

Rule

12b-1

of

the

1940

Act

pursuant

to

which

each

Fund

is

authorized

to

make

payments

to

banks,

the

Distributor,

broker-dealers,

and

other

institutions

for

providing

distribution

or

shareholder

service

assistance.

The

Plan

authorizes

each

Fund

to

make

payments

with

respect

to

certain

classes

of

shares

in

an

amount

not

in

excess,

on

an

annual

basis,

of

up

to

0.25%

of

the

average

daily

net

assets

of

that

Fund.

The

Company

has

no

class

of

shares

outstanding

to

which

the

Plan

is

applicable.

The

Company

has

adopted

an

Administrative

Services

Plan,

which

allows

the

Funds'

Institutional

Class

shares

to

charge

a

shareholder

services

fee,

pursuant

to

which

each

Fund

is

authorized

to

pay

compensation

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

to

banks

and

other

financial

institutions,

that

may

include

the

advisers,

their

correspondent

and

affiliated

banks,

including

FNBO

(each

a

"Service

Organization").

Under

the

Administrative

Services

Plan,

the

Funds

may

enter

into

a

Servicing

Agreement

with

a

Service

Organization

whereby

such

Service

Organization

agrees

to

provide

certain

record

keeping

and/or

administrative

support

services

for

their

customers

or

account

holders

who

are

the

beneficial

or

record

owner

of

the

shares

of

a

Fund.

One

of

the

Servicing

Agreements

the

Funds

maintain

is

with

FNBO.

For

the

six

months

ended

September

30,

2025,

the

Funds

did

not

pay

FNBO

any

fees.

The

amounts

accrued

for

shareholder

service

fees

are

included

under

Shareholder

service

fees

–

Institutional

Class

within

the

Statements

of

Operations.

4. #### Investment

#### Transactions
The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

U.S.

Government

securities

and

short-term

investments

(maturing

less

than

one

year

from

acquisition),

for

the

six

months

ended

September

30,

2025,

were

as

follows:

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

long-term

U.S.

Government

securities

for

the

six

months

ended

September

30,

2025,

were

as

follows:

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Adviser

and

any

applicable

sub-adviser.

Any

such

purchase

or

sale

transaction

must

be

effected

without

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

a

"readily

available

market

quotation:,

which

is

defined

as

a

quoted

price

(unadjusted)

in

active

markets

for

identical

investments

that

the

fund

can

access

at

the

measurement

date

(provided

that

a

quotation

will

not

be

readily

available

if

it

is

not

reliable).

For

the

six

months

ended

September

30,

2025,

the

Funds

did

not

engage

in

securities

transactions

with

affiliates.

#### Purchases

#### Sales
Short-Intermediate

Bond

Fund

$

38,893,402

$

39,791,484

Income

Fund

6,884,009

8,875,669

Nebraska

Tax-Free

Fund

5,568,132

5,112,956

Balanced

Fund

7,259,096

10,519,454

Small/Mid

Cap

Fund

5,674,535

15,412,138

Small

Company

Fund

75,971,801

142,650,447

#### Purchases

#### Sales
Short-Intermediate

Bond

Fund

$

10,634,707

$

10,438,856

Income

Fund

7,341,844

6,197,481

Nebraska

Tax-Free

Fund

–

5,037

Balanced

Fund

2,050,064

1,915,823

#### Notes

#### to

#### Financial

#### Statements

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

5. #### Capital

#### Share

#### Transactions
The

Company

is

authorized

to

issue

a

total

of

1,000,000,000

shares

of

common

stock,

999,999,990

of

which

may

be

issued

in

series

with

a

par

value

of

$0.00001

per

share.

The

Board

is

empowered

to

allocate

such

shares

among

different

series

of

the

Company's

shares

without

shareholder

approval.

6. #### Federal

#### Income

#### Taxes
The

following

information

is

presented

on

an

income

tax

basis.

It

is

each

Fund's

policy

to

continue

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

all

of

its

net

taxable

income,

including

any

net

realized

gains

on

investments,

to

its

shareholders

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

and

excise

taxes.

Therefore,

no

provision

is

made

for

federal

income

or

excise

taxes.

Differences

between

amounts

reported

for

financial

statements

and

federal

income

tax

purposes

are

due

to

timing

and

character

difference

in

recognizing

gains

and

losses

on

investment

transactions.

To

the

extent

the

differences

between

the

amounts

recognized

for

financial

statements

and

federal

income

tax

purposes

are

permanent

in

nature,

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

federal

income

tax

treatment;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

in

the

current

year

are

due

to

differences

in

distributions

for

book

and

tax

purposes.

These

reclassifications

have

no

impact

on

net

assets.

As

of

September

30,

2025,

the

cost

of

investments

and

the

components

of

net

unrealized

appreciation/(depreciation)

were

as

follows:

At

March

31,

2025,

the

components

of

distributable

taxable

earnings

for

U.S.

federal

income

tax

purposes

were

as

follows:

#### Net

#### Increase
(Decrease)

#### Distributable

#### Earnings

#### Paid-in-Capital
Short-Intermediate

Bond

Fund

$

–

$

–

Income

Fund

–

–

Nebraska

Tax-Free

Fund

–

–

Balanced

Fund

(211,151)

211,151

Small/Mid

Cap

Fund

–

–

Small

Company

Fund

(4,714,000)

4,714,000

#### Tax

#### Cost

#### of

#### Investments

#### Gross

#### Unrealized

#### Appreciation

#### Gross

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

Short-Intermediate

Bond

Fund

$

227,750,823

$

2,921,261

$

(1,583,666)

$

1,337,595

Income

Fund

177,324,895

1,820,145

(9,191,640)

(7,371,495)

Nebraska

Tax-Free

Fund

52,022,402

224,898

(1,178,789)

(953,891)

Balanced

Fund

55,414,347

29,292,858

(913,369)

28,379,489

Small/Mid

Cap

Fund

27,001,971

4,769,596

(1,696,271)

3,073,325

Small

Company

Fund

455,840,084

193,058,648

(29,609,642)

163,449,006

#### Undistributed

#### Net

#### Investment

#### Income\*

#### Undistributed

#### Tax

#### Exempt

#### Income

#### Undistributed

#### Net

#### Long-Term

#### Capital

#### Gains

#### Other

#### Temporary

#### Differences

#### Unrealized

#### Gain

#### (Loss)\*\*

#### Capital

#### Loss

#### Carry

#### Forward\*\*\*
Short-Intermediate

Bond

Fund

$

803,785

$

–

$

–

$

(409,404)

$

998,952

$

(10,009,083)

Income

Fund

788,173

–

–

(274,766)

(10,799,147)

(9,279,156)

Nebraska

Tax-Free

Fund

1,174

62,229

–

(62,629)

(2,159,013)

(1,047,639)

Balanced

Fund

35,257

–

2,589,897

–

23,306,852

(31,433)

Small/Mid

Cap

Fund

52,284

–

–

–

(1,171,725)

(106,478)

Small

Company

Fund

1,383,629

–

33,359,913

–

137,344,583

(3,460,662)

\*

Undistributed

net

investment

income

includes

any

undistributed

net

short-term

capital

gains,

if

any.

\*\*

Unrealized

gains

(loss)

are

adjusted

for

open

wash

sale

loss

deferrals,

bond

income

accruals,

return

of

capital

paid

by

REIT

securities

and

equity

return

of

capital

securities.

\*\*\*

Capital

loss

carryforward

includes

deferred

post

October

loss

and

late

year

ordinary

losses.

#### Notes

#### to

#### Financial

#### Statements

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

\*

Net

ordinary

income

consists

of

net

taxable

income

derived

from

dividends,

interest,

and

net

short-term

capital

gains,

if

any.

\*\*

The

Funds

designated

as

long-term

dividend,

pursuant

to

the

Internal

Revenue

code

section

852(b)(3),

the

amount

necessary

to

reduce

earnings

and

profits

of

the

Funds

related

to

net

capital

gains

to

zero

for

the

fiscal

year

ended

March

31,

2024

and

March

31,

2025. \*\*\*

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

Funds'

fiscal

years

ended

March

31,

2025

and

March

31,

2024,

were

as

follows:

At

March

31,

2025,

the

following

Funds

had

net

capital

loss

carryforwards

available

for

U.S.

federal

income

tax

purposes

to

offset

future

net

realized

capital

gains.

Details

of

the

capital

loss

carryforwards

are

listed

in

the

table

below.

Under

current

tax

law,

certain

capital

losses

realized

after

October

31,

and

certain

ordinary

losses

realized

after

December

but

before

the

end

of

the

fiscal

year

("Post-October

losses"

and

"Late

Year

Losses",

respectively)

may

be

deferred

and

treated

as

occurring

on

the

first

business

day

of

the

following

fiscal

year.

For

the

year

ended

March

31,

2025,

the

Funds

deferred

losses

to

April

1,

2025

as

follows:

The

Funds

comply

with

FASB

ASC

Topic

740,

"Income

Taxes".

FASB

ASC

Topic

740

provides

guidance

for

how

uncertain

tax

positions

should

be

recognized,

measured,

presented

and

disclosed

in

the

financial

statements.

FASB

ASC

Topic

740

requires

the

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

each

Fund's

tax

return

to

determine

whether

it

is

more-likely-than-not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

Funds

with

tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

would

be

required

to

record

a

tax

expense

in

the

current

year.

Management

completed

an

evaluation

of

the

Funds'

tax

positions

and

based

on

that

evaluation,

determined

that

no

tax

liability

resulted

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

and

therefore

no

provision

for

federal

income

tax

was

required

in

the

Funds'

financial

statements

for

the

year

ended

March

31,

2025. The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations,

as

incurred.

The

federal

returns

are

subject

to

examination

by

the

Internal

Revenue

Service

for

a

period

of

three

years

from

date

of

filing,

while

the

state

returns

may

remain

open

for

an

additional

year

depending

upon

jurisdiction.

7. #### Subsequent

#### Events
Management

has

evaluated

subsequent

events

for

the

Funds

through

the

date

the

financial

statements

are

issued,

and

has

concluded

that

there

were

no

other

events

that

require

adjustments

to

the

financial

statements

or

disclosure

in

the

notes.

#### Net

#### Ordinary

#### Income\*

#### Tax

#### Exempt

#### Income

#### Net

#### Long

#### Term

#### Capital

#### Gains\*\*

#### Total

#### Distributions

#### Paid\*\*\*

#### 2025

#### 2024

#### 2025

#### 2024

#### 2025

#### 2024

#### 2025

#### 2024
Short-Intermediate

Bond

Fund

$

8,968,955

$

6,232,146

$

–

$

–

$

–

$

–

$

8,968,955

$

6,232,146

Income

Fund

5,667,412

5,426,497

–

–

–

–

5,667,412

5,426,497

Nebraska

Tax-Free

Fund

29,779

67,506

1,173,257

1,105,312

–

–

1,203,036

1,172,818

Balanced

Fund

1,443,672

1,101,784

–

–

2,806,986

3,489,469

4,250,658

4,591,253

Small/Mid

Cap

Fund

51,220

35,171

–

–

–

–

51,220

35,171

Small

Company

Fund

5,853,114

5,541,785

–

–

44,828,441

16,908,575

50,681,555

22,450,360

#### No

#### Expiration

#### Short

#### Term

#### Long

#### Term

#### Total
Short-Intermediate

Bond

Fund

$

988,934

$

9,020,149

$

10,009,083

Income

Fund

1,620,998

7,658,158

9,279,156

Nebraska

Tax-Free

Fund

165,191

882,448

1,047,639

Small/Mid

Cap

Fund

106,478

–

106,478

#### Late

#### Year

#### Losses/Post-October

#### Losses
Balanced

Fund

$

31,433

Small

Company

Fund

3,460,662

#### Additional

#### Fund

#### Information

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### (Item

#### 8

#### of

#### Form

#### N-CSR)
N/A

#### Proxy

#### Disclosure

#### (Item

#### 9

#### of

#### Form

#### N-CSR)
N/A

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### (Item

#### 10

#### of

#### Form

#### N-CSR)
Please

see

financial

statements

in

Item

7. #### Statement

#### Regarding

#### the

#### Basis

#### for

#### the

#### Board's

#### Approval

#### of

#### Investment

#### Advisory

#### Contract

#### (Item

#### 11

#### of

#### Form

#### N-CSR)
On

June

10,

2025,

the

Board

of

Directors

(the

"Board")

of

Tributary

Funds,

Inc.

(the

"Funds"),

including

all

of

the

Directors

who

are

not

parties

to

any

of

the

investment

advisory

or

sub-advisory

agreement

for

the

Company

of

"interested

persons,"

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

of

any

part

to

such

agreements

(the

"Independent

Directors")

voted

to

continue

(i) the

Investment

Advisory

Agreement

dated

May

3,

2010,

as

amended,

("Investment

Advisory

Agreement"),

between

the

Funds

and

Tributary

Capital

Management,

LLC

("Tributary"),

the

investment

adviser

to

the

Fund,

and

(ii) the

Investment

Sub-Advisory

Agreement

dated

November

17,

2011,

as

amended,

("Investment

Sub-Advisory

Agreement"),

between

Tributary

and

First

National

Advisers

("FNA")

with

respect

to

the

Tributary

Balanced

Fund,

Tributary

Income

Fund,

Tributary

Short-Intermediate

Bond

Fund

and

the

Tributary

Nebraska

Tax-Free

Fund

(collectively,

the

"FNA

Funds").

#### Tributary

#### Capital

#### Management,

#### LLC
In

deliberations,

the

Board

did

not

identify

any

single

piece

of

information

that

was

controlling

or

determinative

for

its

decision,

respecting

the

Investment

Advisory

Agreement

with

Tributary.

However,

the

following

at

the

Board's

conclusions

respecting

the

material

factors

the

Board

considered

when

approving

the

continuance

of

the

Investment

Advisory

Agreement.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Services

#### to

#### be

#### Provided.
The

Board

received

and

considered

information

pertaining

to

the

nature,

extent,

and

quality

of

services

to

be

provided

to

the

Funds

by

Tributary

under

the

Investment

Advisory

Agreement.

The

Board

reviewed

biographical

information

for

each

portfolio

manager

to

be

employed

by

Tributary

who

would

be

providing

services

under

the

Investment

Advisory

Agreement

and

noted

the

breadth

and

depth

of

their

experience,

as

well

as

the

methods

of

determining

compensation

for

the

Funds'

portfolio

managers.

The

Board

carefully

evaluated

the

nature,

extent,

and

quality

of

Tributary's

advisory

services.

The

Board

also

considered

the

adequacy

of

Tributary's

resources

and

noted

Tributary's

representation

that

the

firm

is

financially

stable,

has

the

operational

capacity

and

the

necessary

staffing

and

experience

to

continue

providing

quality

investment

advisory

services

to

the

Fund.

The

Board

also

evaluated

Tributary's

organizational

structure

and

resources,

noting

that

Tributary

was

a

wholly

owned

subsidiary

of

First

National

Bank

of

Omaha.

The

Board

requested

and

evaluated

Tributary's

current

Form

ADV.

Based

on

Tributary's

income

statement

and

statement

of

financial

condition

for

the

twelve-months

ended

December

31,

2024,

the

Board

concluded

that

Tributary

would

be

sufficiently

capitalized

to

satisfy

its

obligations

to

the

Funds.

The

Board

also

noted

the

historic

financial

stability

of

FNBO

and

its

parent

company

as

it

relates

to

the

operation

of

Tributary.

After

reviewing

the

foregoing

information

and

further

information

in

Tributary's

responses,

including

Tributary's

overall

business

and

clients,

descriptions

of

Tributary's

trading

and

brokerage

practices,

Tributary's

coordination

of

certain

intermediary

agreements

and

certain

revenue

sharing

arrangements,

and

its

cyber

security

and

disaster

recovery

plans,

the

Board

concluded

that,

in

light

of

all

the

facts

and

circumstances,

the

nature,

extent,

and

quality

of

the

services

to

be

provided

by

Tributary

were

satisfactory

and

adequate

for

the

Funds.

#### Investment

#### Performance.
The

Board

recognized

that

the

investment

objective

and

principal

investment

strategies

of

the

Funds

are

expected

to

continue

substantially

unchanged

under

Tributary's

Investment

Advisory

Agreement.

It

was

noted

that

the

portfolio

management

team

at

Tributary

currently

managing

the

Funds

would

continue

to

manage

the

Funds.

The

Board

reviewed

the

Lipper

and

Morningstar

"peer

groups"

as

an

appropriate

benchmark

for

evaluating

the

performance

to

be

achieved

by

Tributary

for

the

Funds,

and

also

considered

the

performance

of

the

Small

Company

Fund

and

Small/Mid-Cap

Fund

as

compared

to

their

respective

broad-

based

securities

market

indices.

The

Board

observed

that

the

Small

Company

Fund

underperformed

each

of

its

Lipper

peer

group

average

and

its

Morningstar

peer

group

average

for

the

one-

and

five-year

periods

ended

March

31,

2025,

and

outperformed

each

its

Lipper

peer

group

average

and

its

Morningstar

peer

group

average

for

the

three-

year

period

ended

March

31,

2025. The

Board

also

observed

that

the

Small

Company

Fund

outperformed

the

Russell

2000®

Index

for

the

one-,

three-,

and

five-year

periods

ended

March

31,

2025. The

Board

also

observed

that

the

Small

Company

Fund

underperformed

the

Russell

2000®

Value

Index

over

the

one-

and

five-year

periods

ended

March

31,

2025

and

outperformed

the

Russell

2000®

Value

Index

over

the

three-year

period

ended

March

31,

2025. The

Board

considered

Tributary's

explanation

regarding

the

Small

Company

Fund's

relative

performance,

including

the

factors

contributing

to

and

detracting

from

performance

relative

to

the

peers

and

indices.

The

Board

also

considered

the

Small

Company

Fund's

performance

as

compared

to

certain

accounts

managed

by

Tributary

with

comparable

investment

strategies.

#### Additional

#### Fund

#### Information

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

The

Board

observed

that

for

the

one-year

period

ended

March

31,

2025,

the

Small/Mid-Cap

Fund

outperformed

its

Lipper

group

average

and

underperformed

its

Morningstar

peer

group

average.

The

Board

also

observed

that

the

Small/Mid-Cap

Fund

outperformed

each

of

its

Morningstar

peer

group

average

and

Lipper

peer

group

average

for

the

three-

and

five-year

period

ended

March

31,

2025. The

Board

also

observed

that

the

Small/Mid-Cap

Fund

underperformed

both

the

Russell

2500®

Index

and

Russell

2500®

Value

Index

for

the

one-year

period

ended

March

31,

2025

and

outperformed

both

the

Russell

2500®

Index

and

Russell

2500®

Value

Index

for

the

three-year

period

ended

March

31,

2025. With

respect

to

the

five-year

period

ended

March

31,

2025,

the

Board

observed

that

the

Small/Mid-Cap

Fund

outperformed

the

Russell

2500®

Index

and

underperformed

the

Russell

2500®

Value

Index.

The

Board

considered

Tributary's

explanation

regarding

the

Small/Mid-Cap

Fund's

relative

performance,

including

the

factors

contributing

to

and

detracting

from

performance

relative

to

the

peers

and

indices.

The

Board

also

considered

the

Small/Mid-Cap

Fund's

performance

as

compared

to

certain

accounts

managed

by

Tributary

with

comparable

investment

strategies.

The

Board

noted

that

the

performance

data

for

the

Balanced

Fund,

Income

Fund,

Short-Intermediate

Bond

Fund

and

Nebraska

Tax-Free

Fund,

which

Tributary

advises,

will

be

next

discussed

during

the

review

of

FNA,

the

sub-adviser

to

those

Funds.

After

reviewing

and

further

discussing

the

performance

of

the

Funds,

Tributary's

portfolio

managers'

experience

managing

the

Funds,

and

Tributary's

historical

investment

performance,

and

other

relevant

factors,

the

Board

concluded

that

the

shareholders

of

the

Funds

could

benefit

from

Tributary's

continued

management

of

the

Funds

and

that

the

performance

of

the

Funds

was

reasonable

in

light

of

all

the

facts

and

circumstances.

#### Cost

#### of

#### Services

#### Provided

#### and

#### Profitability.
The

Board

reviewed

Tributary's

current

advisory

fee

in

relation

to

the

nature,

extent,

and

quality

of

services

to

be

provided

by

Tributary

and

FNA.

The

Board

noted

that

the

Funds'

advisory

fees

and

expense

ratios

were

within

the

range

of

advisory

fees

and

expense

ratios

of

funds

in

their

respective

Lipper

peer

groups.

The

Board

noted

that

the

advisory

fees

charged

by

Tributary

to

each

of

the

Funds

would

remain

the

same,

although

Tributary

proposed

a

reduction

in

the

expense

caps

of

the

Tributary

Balanced

Fund

and

Tributary

Income

Fund

effective

August

1,

2025. With

respect

to

the

Small

Company

Fund,

the

Board

observed

that

the

total

expense

ratio

was

higher

than

the

median

of

its

Lipper

peer

group

and

noted

that

the

Fund's

slightly

higher

net

advisory

fee

was

offset

by

the

Fund's

lower

than

average

non-management

expenses.

The

Board

noted

that

the

Small

Company

Fund's

expense

cap

was

most

recently

lowered

on

August

1,

2020

and

considered

the

Adviser's

representation

that

overall

expenses

for

the

Small

Company

Fund's

shareholders

were

believed

to

be

competitive

and

being

noted

in

Morningstar

as

Average

for

the

overall

fee

level.

The

Board

also

considered

advisory

fees

paid

to

Tributary

for

management

of

certain

accounts

with

investment

policies

similar

to

that

of

the

Small

Company

Fund,

which

advisory

fees

were

lower

than

the

advisory

fees

paid

by

the

Fund.

However,

the

Board

noted

certain

distinguishing

factors

in

the

compensation

arrangements,

including

that

Tributary

subsidizes

certain

intermediary

expenses

on

behalf

of

the

Fund,

which

payments

are

not

made

with

respect

to

such

other

accounts.

With

respect

to

the

Small/Mid-Cap

Fund,

the

Board

observed

that

the

net

advisory

fee

and

total

expense

ratio

were

both

lower

than

the

median

of

its

Lipper

peer

group.

The

Board

noted

the

Adviser's

representation

that

there

were

limitations

inherent

in

a

direct

comparison

of

the

Small/Mid-Cap

Fund

to

its

Lipper

and

Morningstar

peer

groups

due,

at

least

in

part,

to

the

relatively

small

size

of

the

Small/Mid-Cap

Fund

and

differences

in

the

capitalization

of

the

constituents

of

the

Small/Mid-Cap

Fund's

portfolio

as

compared

to

the

peers

in

the

Morningstar

Small

Cap

Core

Funds

peer

group

and

Lipper

peers.

The

Board

also

reviewed

the

Expense

Waiver

Agreement

currently

in

place

and

noted

that

the

Small/Mid

Cap

Fund's

expense

cap

was

recently

lowered

on

August

1,

2022

and

considered

the

Adviser's

representation

that

overall

expenses

for

the

Small/Mid

Cap

Fund's

shareholders

remained

competitive.

With

respect

to

the

Balanced

Fund,

the

Board

observed

that

the

advisory

fee

and

total

expense

ratio

with

respect

to

its

Institutional

Plus

Class

were

each

lower

than

its

Lipper

peer

group

averages

and

noted

Tributary's

proposal

to

further

reduce

the

contractual

expense

cap

in

place

for

the

Fund

due

to

an

overall

Morningstar

feel

level

of

Above

Average.

With

respect

to

the

Income

Fund,

the

Board

observed

that

the

advisory

fee

and

total

expense

ratio

with

respect

to

its

Institutional

Plus

Class

were

each

lower

than

its

Lipper

peer

group

averages

and

noted

Tributary's

proposal

to

further

reduce

the

contractual

expense

cap

in

place

for

the

Fund.

With

respect

to

the

Short-Intermediate

Bond

Fund,

the

Board

observed

that

the

advisory

fee

and

total

expense

ratio

with

respect

to

its

Institutional

Plus

Class

were

each

in

line

with

its

Lipper

peer

group

averages

and

noted

that

the

expense

cap

was

most

recently

reduced

on

August

1,

2023. With

respect

to

the

Nebraska

Tax-Free

Fund,

the

Board

observed

that

each

of

the

advisory

fee

and

total

expense

ratio

with

respect

to

its

Institutional

Plus

Class

was

lower

than

its

Lipper

peer

group

averages.

The

Board

considered

Tributary's

profitability

with

respect

to

advisory

services

provided

to

the

Funds.

Based

on

the

foregoing,

among

other

relevant

considerations,

the

Board

concluded

that

the

fees

to

be

paid

to

Tributary,

the

costs

of

the

services

to

be

provided,

and

the

profits

that

may

be

realized

by

Tributary,

in

light

of

all

the

facts

and

circumstances,

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

the

services

provided

by

Tributary

and

that

they

reflected

charges

within

a

range

of

what

could

have

been

negotiated

at

arm's

length.

#### Economies

#### of

#### Scale.

#### Additional

#### Fund

#### Information

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

The

Board

considered

whether

the

Funds

could

benefit

from

any

economies

of

scale.

In

this

regard,

the

Board

considered

the

Funds'

fee

structures,

asset

sizes,

net

expense

ratios,

and

the

fees

of

comparable

advisers,

recognizing

that

an

analysis

of

economies

of

scale

is

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund's

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

Noting

the

relatively

stable

asset

levels

in

the

Funds,

the

Board

did

not

consider

breakpoints

in

advisory

fees

as

appropriate

at

this

time,

noting

that

economies

of

scale

could

be

achieved

through

breakpoints

at

higher

Fund

asset

levels.

The

Board

discussed

with

Tributary

appropriate

assets

levels

at

which

any

breakpoints

in

advisory

fees

may

be

considered.

Currently,

fee

waivers

are

in

place

with

both

Tributary

and

FNA

in

order

to

maintain

expenses

at

competitive

levels.

#### Other

#### Considerations.
The

Board

also

identified

and

considered

benefits

that

could

be

anticipated

to

accrue

to

Tributary

because

of

its

relationship

with

the

Funds,

including

accessibility

of

the

Funds'

investment

strategy

through

other

accounts

managed

by

Tributary,

as

well

as

certain

soft-dollar

and

research

benefits.

Tributary

also

serves

as

co-administrator

to

the

Funds

under

a

Co-Administration

Agreement,

pursuant

to

which

Tributary

receives

a

monthly

fee

from

the

Funds.

#### Legal

#### Considerations.
The

Board

noted

that

it

was

not

aware

of

any

pending

or

anticipated

legal

proceedings

or

investigations

involving

Tributary.

Based

on

the

Board's

deliberations

and

its

evaluation

of

the

information

described

above,

the

Board

unanimously,

including

all

of

its

Independent

Directors,

concluded

(a) that

the

terms

of

the

Investment

Advisory

Agreement

are

fair

and

reasonable;

and

(b) that

fees

under

the

Investment

Advisory

Agreement

are

reasonable

in

light

of

the

services

that

Tributary

will

provide

to

the

Funds.

#### First

#### National

#### Advisers,

#### LLC
In

deliberations,

the

Board

did

not

identify

any

single

piece

of

information

that

was

controlling

or

determinative

for

its

decision,

respecting

the

Investment

Sub-Advisory

Agreement

with

FNA.

However,

the

following

at

the

Board's

conclusions

respecting

the

material

factors

the

Board

considered

when

approving

the

continuance

of

the

Investment

Sub-Advisory

Agreement.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Services

#### to

#### be

#### Provided.
The

Board

received

and

considered

information

pertaining

to

the

nature,

extent,

and

quality

of

services

provided

to

the

FNA

Funds

under

FNA's

Investment

Sub-Advisory

Agreement.

The

Board

reviewed

biographical

information

for

each

portfolio

manager

employed

by

FNA

who

provided

services

under

the

Investment

Sub-Advisory

Agreement

and

noted

the

breadth

and

depth

of

their

experience,

as

well

as

the

methods

of

determining

compensation

for

the

Funds'

portfolio

managers.

The

Board

carefully

evaluated

the

nature,

extent

and

quality

of

FNA's

advisory

services,

including

its

services

as

sub-adviser

to

Tributary

on

behalf

of

the

FNA

Funds.

The

Board

also

evaluated

FNA's

organizational

structure

and

resources,

which

the

Board

noted

were

consistent

with

those

of

Tributary.

The

Board

requested

and

evaluated

FNA's

current

Form

ADV.

The

Board

concluded,

based

on

the

materials

reviewed,

that

FNA

would

be

sufficiently

capitalized

to

satisfy

its

obligations

to

the

FNA

Funds.

The

Board

also

noted

the

historical

financial

stability

of

FNBO,

FNA's

parent

company,

as

it

relates

to

the

operations

of

FNA.

After

reviewing

the

foregoing

information

and

further

information

in

FNA's

responses,

including

descriptions

of

FNA's

overall

business

and

clients,

its

trading

and

brokerage

practices,

and

its

cyber

security

and

disaster

recovery

plans,

the

Board

concluded

that,

in

light

of

all

the

facts

and

circumstances,

the

nature,

extent,

and

quality

of

the

services

to

be

provided

by

FNA

were

satisfactory

and

adequate

for

the

FNA

Funds.

#### Investment

#### Performance.
The

Board

recognized

that

the

investment

objective

and

principal

investment

strategies

of

the

FNA

Funds

are

expected

to

continue

unchanged

under

FNA's

Investment

Sub-Advisory

Agreement.

It

was

noted

that

the

portfolio

management

teams

at

FNA

currently

managing

the

FNA

Funds

would

continue

to

manage

the

FNA

Funds

as

well

as

the

addition

of

a

portfolio

manager

to

the

Balanced

Fund.

The

Board

reviewed

the

Lipper

and

Morningstar

"peer

groups"

as

an

appropriate

benchmark

for

evaluating

the

performance

to

be

achieved

by

FNA

for

the

FNA

Funds.

The

Board

noted

that

each

of

the

FNA

Funds'

performance

for

the

Institutional

Plus

Class

outperformed

some

comparable

funds

and

underperformed

others

within

the

Lipper

peer

group.

The

Board

also

considered

the

performance

of

the

Short-Intermediate

Bond

Fund

and

Income

Fund

as

compared

to

certain

accounts

managed

by

FNA

with

comparable

investment

strategies.

With

respect

to

the

Balanced

Fund,

the

Board

observed

that

for

the

Balanced

Fund

underperformed

each

of

its

Lipper

group

average

and

Morningstar

peer

group

average

for

the

one-year

period

ended

March

31,

2025

and

outperformed

each

of

its

Lipper

group

average

and

Morningstar

peer

group

average

for

the

three-year

period

ended

March

31,

2025. With

respect

to

the

five-year

period

ended

March

31,

2025,

the

Board

observed

that

the

Balance

Fund

outperformed

its

Morningstar

peer

group

average

and

underperformed

its

Lipper

group

average.

The

Board

further

observed

that

the

Balanced

Fund's

Institutional

Plus

Shares

underperformed

each

of

the

Russell

3000

Index

and

its

composite

index,

60%

of

which

is

comprised

of

the

Russell

3000

Index

and

40%

of

which

is

comprised

of

the

Barclays

U.S.

Intermediate

Government/Credit

Index,

for

the

one-,

three-,

and

five-year

periods

ended

March

31,

2025. With

respect

to

the

Income

Fund,

the

Board

observed

that

the

Fund

outperformed

each

of

its

Lipper

peer

group

average

and

Morningstar

peer

group

average

during

the

one-

and

three-year

periods

ended

March

31,

2025

and

underperformed

each

of

its

Lipper

peer

group

average

and

Morningstar

peer

group

average

for

the

five-year

period

ended

March

31,

2025. The

Board

further

observed

that

the

Income

Fund

outperformed

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

during

the

one-,

three-,

and

five-year

periods

ended

March

31,

2025. #### Additional

#### Fund

#### Information

#### September

#### 30,

#### 2025
(Unaudited)

#### Semi-Annual

#### Report

#### 2025

With

respect

to

the

Short-Intermediate

Bond

Fund,

the

Board

observed

that

the

Fund's

Institutional

Plus

Shares

underperformed

its

Morningstar

peer

group

average

for

the

one-,

three-,

and

five-year

periods

ended

March

31,

2025. The

Board

also

observed

that

the

Short-Intermediate

Bond

Fund

underperformed

its

Lipper

peer

group

for

the

one-

and

five-year

periods

ended

March

31,

2025

and

outperformed

its

Lipper

peer

group

for

the

three-year

period

ended

March

31,

2025. The

Board

further

observed

that

the

Short-Intermediate

Bond

Fund

outperformed

each

of

the

Barclays

U.S.

Aggregate

Bond

Index

and

the

Barclays

U.S.

Government/Credit

1-3

Year

Index

during

the

one-,

three-,

and

five-year

periods

ended

March

31,

2025. With

respect

to

the

Nebraska

Tax-Free

Fund,

the

Board

observed

that

the

Fund

outperformed

its

Morningstar

peer

group

average

during

the

one-,

three-,

and

five-year

periods

ended

March

31,

2025. The

Board

also

observed

that

the

Nebraska

Tax-Free

Fund

outperformed

its

Lipper

peer

group

average

during

the

one-

and

three-year

periods

ended

March

31,

2025

and

underperformed

its

Lipper

peer

group

average

for

the

five-year

period

ended

March

31,

2025. The

Board

further

observed

that

the

Nebraska

underperformed

the

Bloomberg

Barclays

1-15

Year

Municipal

Index

for

the

one-,

three-,

and

five-year

periods

ended

March

31,

2025,

outperformed

the

Bloomberg

Barclays

Municipal

Bond

Index

for

the

one-year

period

ended

March

31,

2025,

and

underperformed

the

Bloomberg

Barclays

Municipal

Bond

Index

for

the

three-

and

five-year

periods

ended

March

31,

2025. After

reviewing

and

further

discussing

the

performance

of

the

FNA

Funds,

FNA's

portfolio

managers'

experience

managing

the

FNA

Funds,

FNA's

historical

investment

performance,

and

other

relevant

factors,

the

Board

concluded

that

the

shareholders

of

the

FNA

Funds

could

benefit

from

FNA's

continued

management

of

the

FNA

Funds

and

that

the

performance

of

the

FNA

Funds

was

reasonable

in

light

of

all

the

facts

and

circumstances.

#### Cost

#### of

#### Services

#### Provided

#### and

#### Profitability.
The

Board

reviewed

the

rate

of

FNA's

sub-advisory

fees

in

relation

to

the

nature,

extent,

and

quality

of

services

to

be

provided

by

FNA.

The

Board

noted

the

FNA

Fund's

advisory

fees

and

expense

ratios

were

within

the

range

of

advisory

fees

and

expense

ratios

of

funds

in

their

respective

Lipper

peer

group.

The

Board

noted

that

the

fees

charged

by

FNA

would

remain

the

same

and

that

Tributary

–

not

the

FNA

Funds

–

would

pay

the

sub-advisory

fees

to

FNA.

The

Board

considered

that

the

Expense

Waiver

Agreement

allows

for

overall

expenses

for

Fund

shareholders

to

remain

competitive

and

noted

that

the

expense

cap

for

the

Tributary

Income

Fund

was

being

lowered,

effective

August

1,

2025. The

Board

also

considered

FNA's

profitability

with

respect

to

subadvisory

services

provided

to

the

Funds

and

noted

that

the

full

year

financials

provided

for

2024

show

a

more

complete

look

at

FNA

with

the

transition

to

offer

wealth

management

services.

Based

on

the

foregoing,

the

Board

concluded

that

the

fees

to

be

paid

to

Tributary

and

FNA,

the

costs

of

the

services

to

be

provided,

and

the

profits

that

may

be

realized

by

Tributary

and

FNA,

in

light

of

all

the

facts

and

circumstances,

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

the

services

provided

by

Tributary

and

FNA

and

that

they

reflected

charges

within

a

range

of

what

could

have

been

negotiated

at

arm's

length.

#### Economies

#### of

#### Scale.
The

Board

did

not

consider

breakpoints

in

sub-advisory

fees

appropriate

at

this

time,

noting

that

the

sub-advisory

fees

were

paid

directly

by

Tributary

and

not

the

FNA

Funds

such

that

any

breakpoints

in

the

sub-advisory

fee

would

inure

to

the

benefit

of

Tributary.

The

Board

further

noted

that

currently,

fee

waivers

are

in

place

with

both

Tributary

and

FNA

in

order

to

maintain

expenses

at

competitive

levels.

#### Other

#### Considerations.
The

Board

also

identified

and

considered

benefits

that

could

be

anticipated

to

accrue

to

FNA

because

of

its

relationship

with

the

FNA

Funds,

including

soft

dollar

and

research

benefits.

#### Legal

#### Considerations.
The

Board

noted

that

it

was

not

aware

of

any

pending

or

anticipated

legal

proceedings

or

investigations

involving

FNA.

Based

on

the

Board's

deliberations

and

its

evaluation

of

the

information

described

above,

the

Board

unanimously,

including

all

of

its

Independent

Directors,

concluded

(a) that

the

terms

of

FNA's

Investment

Sub-Advisory

Agreement

are

fair

and

reasonable;

and

(b) that

FNA's

fees

under

the

Investment

Sub-Advisory

Agreement

are

reasonable

in

light

of

the

services

that

FNA

provided

to

the

FNA

Funds.

TF-SAR-0925

#### Investment

#### Adviser
Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

3399

Omaha,

NE

68197

#### Investment

#### Sub-Adviser
(Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund

and

Balanced

Fund

only)

First

National

Advisers,

LLC

14010

FNB

Parkway

Omaha,

NE

68154

#### Custodian
U.S.

Bank,

N.A.

1155

N. Rivercenter

Dr.

MK-WI-S302

Milwaukee,

WI

53212

#### Co-Administrators
Apex

Fund

Services

Middle

Street

Portland,

ME

04101

Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

3399

Omaha,

NE

68197

#### Distributor
Northern

Lights

Distributors,

LLC

4221

North

203rd

Street,

Suite

Elkhorn,

NE

68022

#### Legal

#### Counsel
Husch

Blackwell

LLP

14606

Branch

Street,

Suite

Omaha,

NE

68154

#### Compliance

#### Services
Foreside

Fund

Officer

Services,

LLC

Middle

Street

Portland,

ME

04101

This

report

has

been

prepared

for

the

general

information

of

Tributary

Funds'

shareholders.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Tributary

Funds'

prospectus.

The

prospectus

contains

more

complete

information

about

Tributary

Funds'

investment

objectives,

management

fees

and

expenses,

risks

and

operating

policies.

Please

read

the

prospectus

carefully

before

investing

or

sending

money.

#### For

#### more

#### information
call

1-800-662-4203

or

write

to:

Tributary

Funds

Service

Center

P.O.

Box

219022

Kansas

City,

MO

64121-9022

or

go

to:

www.tributaryfunds.com

or

email:

ClientServices@tributarycapital.com

.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Included as part of financial statements filed under Item 7(a).

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Included as part of additional fund information filed under Item 7(a).

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There are no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

ITEM 16. CONTROLS AND PROCEDURES

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).](cert302.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).](section906.htm)

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

Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Tributary Funds, Inc.</u>

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| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw<br> Treasurer |
| Date: | November 20, 2025 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Stephen C. Wade |
|  | Stephen C. Wade<br> President |
| Date: | November 20, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw<br> Treasurer |
| Date: | November 20, 2025 |

---

## Ex-99.Cert

**Exhibit 1A**

**Tributary Funds**

I, Stephen C. Wade, certify that:

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

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

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

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

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

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

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

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

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

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

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | November 20, 2025 | /s/ Stephen C. Wade |
|  |  | Stephen C. Wade |
|  |  | President |

---

**Exhibit 1A**

**Tributary Funds**

I, Karen Shaw, certify that:

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

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

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

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

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

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

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

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

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

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

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | November 20, 2025 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Treasurer |

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## Exhibit 99.906

Exhibit 2

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

## In connection with the attached Report of the Tributary Funds, Inc. (the "Registrant") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), the undersigned officer of the Trust does hereby certify that, to the best of such officer's knowledge:
1. &nbsp;&nbsp;&nbsp;&nbsp; The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

* The information contained
 in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Trust as of, and for, the
 periods presented in the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Dated: | November 20, 2025 |
|  | /s/ Stephen C. Wade |
|  | Stephen C. Wade |
|  | President |

---

---

| | |
|:---|:---|
| Dated: | November 20, 2025 |
|  | /s/ Karen Shaw |
|  | Karen Shaw |
|  | Treasurer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.