# EDGAR Filing Document

**Accession Number:** 0000932381
**File Stem:** 0000932381-25-000041
**Filing Date:** 2025-8
**Character Count:** 25323
**Document Hash:** e591d9e8a508346907ad6a9ac88e77bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932381-25-000041.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0000932381-25-000041

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08846
- **FILM NUMBER:** 251234813

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OMAHA

  - **State:** NE

  - **Foreign country:** US

  - **Zip / Postal Code:** 68197

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $633337651.24

**Total Liabilities:** $536905.92

**Net Assets:** $632800745.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000063513 | -4.82%               | 5.62%                | 3.61%                |
| Class ID C000091259 | -4.78%               | 5.58%                | 3.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3608781.60              | $-36453177.57                              |
| Month 2  | $1296181.05              | $31938051.47                               |
| Month 3  | $3025504.80              | $18710447.15                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMN Healthcare Services Inc    | AMN Healthcare Services, Inc.                                    | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |    250578 | NS      | $5179447.26   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp         | Acushnet Holdings Corp.                                          | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |    144986 | NS      | $10557880.52  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp            | Addus HomeCare Corp.                                             | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |    113459 | NS      | $13069342.21  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc | Advanced Energy Industries, Inc.                                 | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |    109223 | NS      | $14472047.50  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                | Alamo Group, Inc.                                                | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     64626 | NS      | $14113025.88  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp | Atlantic Union Bankshares Corp.                                  | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    431266 | NS      | $13490000.48  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc             | Avanos Medical, Inc.                                             | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |    496740 | NS      | $6080097.60   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/Th | The Baldwin Insurance Group, Inc.                                | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    258505 | NS      | $11066599.05  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp.                                                    | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     71646 | NS      | $11406043.20  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc      | Benchmark Electronics, Inc.                                      | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |    278958 | NS      | $10831939.14  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                  | Blackbaud, Inc.                                                  | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |    153276 | NS      | $9841851.96   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares | CUSIP: 09248U718<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   9318745 | NS      | $9318744.66   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings, Inc.                                         | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     81993 | NS      | $12462936.00  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials, Inc.                                            | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     36307 | NS      | $10413936.81  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp.                                                        | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |    167678 | NS      | $7144759.58   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc             | CareTrust REIT, Inc.                                             | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    294570 | NS      | $9013842.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc   | Cass Information Systems, Inc.                                   | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |    174697 | NS      | $7590584.65   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp      | Chesapeake Utilities Corp.                                       | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     85805 | NS      | $10315477.10  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                       | Cohu, Inc.                                                       | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |    402583 | NS      | $7745696.92   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                    | Enovis Corp.                                                     | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    350241 | NS      | $10983557.76  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes, Inc.                                                     | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |    195694 | NS      | $10350255.66  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc            | Dorman Products, Inc.                                            | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     70980 | NS      | $8707116.60   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                        | EnerSys                                                          | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     77939 | NS      | $6684828.03   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                      | Enpro, Inc.                                                      | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     98271 | NS      | $18823810.05  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc          | ESCO Technologies, Inc.                                          | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     98876 | NS      | $18971338.12  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc        | ExlService Holdings, Inc.                                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |    265646 | NS      | $11632638.34  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc       | Franklin Electric Co., Inc.                                      | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |     94701 | NS      | $8498467.74   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International, Inc.                                          | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |    118663 | NS      | $10051942.73  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                    | IDACORP, Inc.                                                    | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |    103959 | NS      | $12002066.55  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp          | Integer Holdings Corp.                                           | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |    153094 | NS      | $18825969.18  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc               | Interparfums, Inc.                                               | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58394 | NS      | $7667716.14   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp           | Kaiser Aluminum Corp.                                            | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158601 | NS      | $12672219.90  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                     | Kforce, Inc.                                                     | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |    262681 | NS      | $10804069.53  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                     | Korn Ferry                                                       | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |    193698 | NS      | $14203874.34  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                  | LGI Homes, Inc.                                                  | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |    122596 | NS      | $6316145.92   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Energy Inc               | Vital Energy, Inc.                                               | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |    253907 | NS      | $4085363.63   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse, Inc.                                                 | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     36488 | NS      | $8272924.24   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc          | LiveRamp Holdings, Inc.                                          | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |    276296 | NS      | $9128819.84   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc         | Marcus & Millichap, Inc.                                         | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    424549 | NS      | $13037899.79  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp           | Mercantile Bank Corp.                                            | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |    157633 | NS      | $7315747.53   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                    | Moelis & Co.                                                     | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |    242046 | NS      | $15084306.72  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort, Inc.                                    | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |    150553 | NS      | $13013801.32  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                 | NV5 Global, Inc.                                                 | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    423036 | NS      | $9767901.24   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                 | NETSTREIT Corp.                                                  | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |    494440 | NS      | $8370869.20   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas, Inc.                                         | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    329062 | NS      | $9328907.70   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding | Ollie's Bargain Outlet Holdings, Inc.                            | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     86047 | NS      | $11339273.66  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp Inc             | Origin Bancorp, Inc.                                             | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |    250518 | NS      | $8953513.32   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries, Inc.                                         | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |    149282 | NS      | $13774250.14  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations, Inc.                                         | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |    181474 | NS      | $10144396.60  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I | Prestige Consumer Healthcare, Inc.                               | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89981 | NS      | $7184982.85   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co.                                                    | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    308791 | NS      | $7630225.61   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori | Seacoast Banking Corp. of Florida                                | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    383643 | NS      | $10596219.66  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc  | Selective Insurance Group, Inc.                                  | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |    167859 | NS      | $14544982.35  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc           | Simulations Plus, Inc.                                           | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    221351 | NS      | $3862574.95   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C | Stewart Information Services Corp.                               | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    180324 | NS      | $11739092.40  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc   | Sunstone Hotel Investors, Inc.                                   | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |    853153 | NS      | $7405368.04   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals, Inc.                                   | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |    188494 | NS      | $5941330.88   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp.                                              | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |    104867 | NS      | $11027813.72  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                 | Utz Brands, Inc.                                                 | CUSIP: 918090101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    535285 | NS      | $6717826.75   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc            | Viavi Solutions, Inc.                                            | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    699393 | NS      | $7042887.51   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc            | Walker & Dunlop, Inc.                                            | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103112 | NS      | $7267333.76   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambarella Inc                  | Ambarella, Inc.                                                  | CUSIP: G037AX101<br>LEI: 254900XN7F4DG0CEKC02 | Long             | EC               | CORP              | KY        |    129253 | NS      | $8539099.45   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-18

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

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer