# EDGAR Filing Document

**Accession Number:** 0001441888
**File Stem:** 0001441888-23-000001
**Filing Date:** 2023-1
**Character Count:** 18977
**Document Hash:** 216042c17e37da919856975e4726977a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001441888-23-000001.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001441888-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tributary Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001441888
- **IRS NUMBER:** 201736988
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13245
- **FILM NUMBER:** 23562504

**BUSINESS ADDRESS:**
- **STREET 1:** 1620 DODGE STREET
- **STREET 2:** MS 1089
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68197
- **BUSINESS PHONE:** 402-602-7200

**MAIL ADDRESS:**
- **STREET 1:** 1620 DODGE STREET
- **STREET 2:** MS 1089
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68197

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Tributary Capital Management LLC<br>**Address:** 1620 DODGE STREET<br>MS 1089<br>OMAHA, NE 68197

**Form 13F File Number:** 028-13245

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Elizabeth Nelson<br>**Title:** Compliance Specialist<br>**Phone:** 402-602-3571

**Signature, Place, and Date of Signing:**

Elizabeth Nelson  Omaha, NE  01-27-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 162

**Form 13F Information Table Value Total:** $1003541

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                    | Form 13F File Number   |
|:---|:---|:---|
|  | First National Advisers |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABORATORIES COM | COM | 002824100 |  | 848 | 7728 | SH |  | SOLE |  | 7728 | 0 | 0 |
| ACTIVISION BLIZZARD INC COM | COM | 00507V109 |  | 534 | 6975 | SH |  | SOLE |  | 6975 | 0 | 0 |
| ADDUS HOMECARE CORP COM | COM | 006739106 |  | 11166 | 112232 | SH |  | SOLE |  | 112232 | 0 | 0 |
| ADOBE SYSTEMS INC  (DE) | COM | 00724F101 |  | 483 | 1435 | SH |  | SOLE |  | 1435 | 0 | 0 |
| ADVANCED ENERGY INDS INC COM | COM | 007973100 |  | 14707 | 171455 | SH |  | SOLE |  | 171455 | 0 | 0 |
| AGREE REALTY CORP | COM | 008492100 |  | 18018 | 254027 | SH |  | SOLE |  | 254027 | 0 | 0 |
| ALPHABET INC CAP STK CL C | COM | 02079K107 |  | 1145 | 12900 | SH |  | SOLE |  | 12900 | 0 | 0 |
| AMAZON.COM INC COM | COM | 023135106 |  | 986 | 11740 | SH |  | SOLE |  | 11740 | 0 | 0 |
| AMBARELLA INC | COM | G037AX101 |  | 13553 | 164822 | SH |  | SOLE |  | 164822 | 0 | 0 |
| AMERICAN TOWER CORP CL A | COM | 03027X100 |  | 485 | 2290 | SH |  | SOLE |  | 2290 | 0 | 0 |
| AMERICAN WOODMARK CORP | COM | 030506109 |  | 9406 | 192510 | SH |  | SOLE |  | 192510 | 0 | 0 |
| AMERICAN WTR WKS CO INC | COM | 030420103 |  | 401 | 2631 | SH |  | SOLE |  | 2631 | 0 | 0 |
| AMETEK INC NEW COM | COM | 031100100 |  | 671 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| AMN HEALTHCARE SERVICES INC | COM | 001744101 |  | 12929 | 125744 | SH |  | SOLE |  | 125744 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 2606 | 20057 | SH |  | SOLE |  | 20057 | 0 | 0 |
| ATLANTIC UNION BANKSHARES CO | COM | 04911A107 |  | 21044 | 598875 | SH |  | SOLE |  | 598875 | 0 | 0 |
| ATMOS ENERGY CORP COM | COM | 049560105 |  | 517 | 4615 | SH |  | SOLE |  | 4615 | 0 | 0 |
| AVANOS MED INC | COM | 05350V106 |  | 14945 | 552276 | SH |  | SOLE |  | 552276 | 0 | 0 |
| BALCHEM CORP | COM | 057665200 |  | 15106 | 123707 | SH |  | SOLE |  | 123707 | 0 | 0 |
| BARNES GROUP INC | COM | 067806109 |  | 16154 | 395435 | SH |  | SOLE |  | 395435 | 0 | 0 |
| BENCHMARK ELECTRS INC | COM | 08160H101 |  | 15143 | 567366 | SH |  | SOLE |  | 567366 | 0 | 0 |
| BERRY PLASTICS GROUP INC COM | COM | 08579W103 |  | 296 | 4890 | SH |  | SOLE |  | 4890 | 0 | 0 |
| BLACK KNIGHT INC | COM | 09215C105 |  | 599 | 9699 | SH |  | SOLE |  | 9699 | 0 | 0 |
| BLACKBAUD INC COM | COM | 09227Q100 |  | 20312 | 345091 | SH |  | SOLE |  | 345091 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 459 | 228 | SH |  | SOLE |  | 228 | 0 | 0 |
| BOOT BARN HOLDINGS INC | COM | 099406100 |  | 13495 | 215851 | SH |  | SOLE |  | 215851 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS INC | COM | 11133T103 |  | 437 | 3259 | SH |  | SOLE |  | 3259 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 925 | 16241 | SH |  | SOLE |  | 16241 | 0 | 0 |
| BRP GROUP INC A | COM | 05589G102 |  | 8827 | 351109 | SH |  | SOLE |  | 351109 | 0 | 0 |
| BURLINGTON STORES INC | COM | 122017106 |  | 1162 | 5730 | SH |  | SOLE |  | 5730 | 0 | 0 |
| CACI INTL INC | COM | 127190304 |  | 624 | 2077 | SH |  | SOLE |  | 2077 | 0 | 0 |
| CAMBIUM NETWORKS CORP | COM | G17766109 |  | 14654 | 676231 | SH |  | SOLE |  | 676231 | 0 | 0 |
| CARLISLE COS INC | COM | 142339100 |  | 690 | 2926 | SH |  | SOLE |  | 2926 | 0 | 0 |
| CASEY'S GENERAL STORES INC | COM | 147528103 |  | 592 | 2639 | SH |  | SOLE |  | 2639 | 0 | 0 |
| CASS INFORMATION SYSTEMS INC | COM | 14808P109 |  | 11901 | 259737 | SH |  | SOLE |  | 259737 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 356 | 1995 | SH |  | SOLE |  | 1995 | 0 | 0 |
| CHESAPEAKE UTILITIES CORP | COM | 165303108 |  | 10199 | 86299 | SH |  | SOLE |  | 86299 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 726 | 3290 | SH |  | SOLE |  | 3290 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 504 | 6250 | SH |  | SOLE |  | 6250 | 0 | 0 |
| CINTAS CORP COM | COM | 172908105 |  | 452 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| CME GROUP INC COM | COM | 12572Q105 |  | 513 | 3050 | SH |  | SOLE |  | 3050 | 0 | 0 |
| CNX RES CORP COM | COM | 12653C108 |  | 16710 | 992264 | SH |  | SOLE |  | 992264 | 0 | 0 |
| COCA-COLA CONSOLIDATED INC | COM | 191098102 |  | 17635 | 34419 | SH |  | SOLE |  | 34419 | 0 | 0 |
| COMCAST CORP CL A | COM | 20030N101 |  | 579 | 16564 | SH |  | SOLE |  | 16564 | 0 | 0 |
| COMFORT SYSTEMS USA INC | COM | 199908104 |  | 22289 | 193679 | SH |  | SOLE |  | 193679 | 0 | 0 |
| CONSTELLATION BRANDS INC CL A | COM | 21036P108 |  | 521 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| COSTCO WHSL CORP NEW COM | COM | 22160K105 |  | 632 | 1385 | SH |  | SOLE |  | 1385 | 0 | 0 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 11969 | 103242 | SH |  | SOLE |  | 103242 | 0 | 0 |
| CSX CORP COM | COM | 126408103 |  | 539 | 17400 | SH |  | SOLE |  | 17400 | 0 | 0 |
| CTS CORP | COM | 126501105 |  | 12356 | 313449 | SH |  | SOLE |  | 313449 | 0 | 0 |
| CULLEN FROST BANKERS INC | COM | 229899109 |  | 583 | 4363 | SH |  | SOLE |  | 4363 | 0 | 0 |
| DIODES INC | COM | 254543101 |  | 17002 | 223303 | SH |  | SOLE |  | 223303 | 0 | 0 |
| DORMAN PRODUCTS INC | COM | 258278100 |  | 16494 | 203956 | SH |  | SOLE |  | 203956 | 0 | 0 |
| EASTERLY GOVT PROPERTIES INC | COM | 27616P103 |  | 11993 | 840461 | SH |  | SOLE |  | 840461 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP COM | COM | 28176E108 |  | 355 | 4760 | SH |  | SOLE |  | 4760 | 0 | 0 |
| ENERSYS | COM | 29275Y102 |  | 16528 | 223839 | SH |  | SOLE |  | 223839 | 0 | 0 |
| ENPRO INDUSTRIES INC | COM | 29355X107 |  | 19941 | 183466 | SH |  | SOLE |  | 183466 | 0 | 0 |
| EOG RESOURCES INC | COM | 26875P101 |  | 335 | 2590 | SH |  | SOLE |  | 2590 | 0 | 0 |
| EXLSERVICE HOLDINGS INC | COM | 302081104 |  | 15077 | 88989 | SH |  | SOLE |  | 88989 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 896 | 8123 | SH |  | SOLE |  | 8123 | 0 | 0 |
| FIRST AMERN FINL CORP COM | COM | 31847R102 |  | 304 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| FIRST HORIZON SHS | COM | dca517101 |  | 0 | 540100 | SH |  | SOLE |  | 540100 | 0 | 0 |
| FIRST INDUSTRIAL REALTY TRUST | COM | 32054K103 |  | 559 | 11590 | SH |  | SOLE |  | 11590 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 493 | 4875 | SH |  | SOLE |  | 4875 | 0 | 0 |
| FLEETCOR TECHNOLOGIES INC COM | COM | 339041105 |  | 410 | 2230 | SH |  | SOLE |  | 2230 | 0 | 0 |
| FMC CORP | COM | 302491303 |  | 333 | 2665 | SH |  | SOLE |  | 2665 | 0 | 0 |
| FORTUNE BRANDS INNOVATIONS INC | COM | 34964C106 |  | 461 | 8071 | SH |  | SOLE |  | 8071 | 0 | 0 |
| FORWARD AIR CORP | COM | 349853101 |  | 19822 | 188982 | SH |  | SOLE |  | 188982 | 0 | 0 |
| FRANKLIN ELEC INC | COM | 353514102 |  | 19854 | 248957 | SH |  | SOLE |  | 248957 | 0 | 0 |
| GENTEX CORP COM | COM | 371901109 |  | 315 | 11550 | SH |  | SOLE |  | 11550 | 0 | 0 |
| GRAY TELEVISION INC | COM | 389375106 |  | 12591 | 1125192 | SH |  | SOLE |  | 1125192 | 0 | 0 |
| HARMONY BIOSCIENCES HOLDINGS | COM | 413197104 |  | 7076 | 128425 | SH |  | SOLE |  | 128425 | 0 | 0 |
| HOME DEPOT INC COM | COM | 437076102 |  | 576 | 1825 | SH |  | SOLE |  | 1825 | 0 | 0 |
| HORIZON THERAPEUTICS PUB LTD | COM | G46188101 |  | 993 | 8725 | SH |  | SOLE |  | 8725 | 0 | 0 |
| HUMANA INC COM | COM | 444859102 |  | 694 | 1355 | SH |  | SOLE |  | 1355 | 0 | 0 |
| ICF INTERNATIONAL INC | COM | 44925C103 |  | 16364 | 165208 | SH |  | SOLE |  | 165208 | 0 | 0 |
| ICON PLC SHS | COM | G4705A100 |  | 478 | 2461 | SH |  | SOLE |  | 2461 | 0 | 0 |
| IDACORP INC | COM | 451107106 |  | 19064 | 176765 | SH |  | SOLE |  | 176765 | 0 | 0 |
| INTEGER HOLDINGS CORP | COM | 45826H109 |  | 18767 | 274132 | SH |  | SOLE |  | 274132 | 0 | 0 |
| INTEGRA LIFESCIENCES HOLDINGS | COM | 457985208 |  | 16122 | 287536 | SH |  | SOLE |  | 287536 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 |  | 485 | 3046 | SH |  | SOLE |  | 3046 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 716 | 5342 | SH |  | SOLE |  | 5342 | 0 | 0 |
| KAISER ALUMINUM CORP | COM | 483007704 |  | 14261 | 187746 | SH |  | SOLE |  | 187746 | 0 | 0 |
| KFORCE INC | COM | 493732101 |  | 15173 | 276732 | SH |  | SOLE |  | 276732 | 0 | 0 |
| KORN FERRY COMMON STOCK | COM | 500643200 |  | 13900 | 274586 | SH |  | SOLE |  | 274586 | 0 | 0 |
| LA Z BOY INC | COM | 505336107 |  | 8822 | 386577 | SH |  | SOLE |  | 386577 | 0 | 0 |
| LAMAR ADVERTISING CO | COM | 512816109 |  | 516 | 5466 | SH |  | SOLE |  | 5466 | 0 | 0 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 534 | 5980 | SH |  | SOLE |  | 5980 | 0 | 0 |
| LANTHEUS HOLDINGS INC | COM | 516544103 |  | 219 | 4300 | SH |  | SOLE |  | 4300 | 0 | 0 |
| LGI HOMES INC | COM | 50187T106 |  | 9508 | 102677 | SH |  | SOLE |  | 102677 | 0 | 0 |
| LHC GROUP INC | COM | 50187A107 |  | 412 | 2549 | SH |  | SOLE |  | 2549 | 0 | 0 |
| LILLY ELI  CO COM | COM | 532457108 |  | 1147 | 3135 | SH |  | SOLE |  | 3135 | 0 | 0 |
| LINDE PLC | COM | G5494J103 |  | 551 | 1690 | SH |  | SOLE |  | 1690 | 0 | 0 |
| LITTELFUSE INC | COM | 537008104 |  | 797 | 3618 | SH |  | SOLE |  | 3618 | 0 | 0 |
| MARATHON OIL CORP COM | COM | 565849106 |  | 540 | 19936 | SH |  | SOLE |  | 19936 | 0 | 0 |
| MARCUS  MILLICHAP INC | COM | 566324109 |  | 14812 | 429970 | SH |  | SOLE |  | 429970 | 0 | 0 |
| MARKEL CORP | COM | 570535104 |  | 771 | 585 | SH |  | SOLE |  | 585 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 380 | 4450 | SH |  | SOLE |  | 4450 | 0 | 0 |
| MASTERCARD INC CL A | COM | 57636Q104 |  | 817 | 2350 | SH |  | SOLE |  | 2350 | 0 | 0 |
| MEDPACE HOLDINGS INC | COM | 58506Q109 |  | 17395 | 81893 | SH |  | SOLE |  | 81893 | 0 | 0 |
| MERCANTILE BANK CORP | COM | 587376104 |  | 10336 | 308711 | SH |  | SOLE |  | 308711 | 0 | 0 |
| META PLATFORM INC | COM | 30303M102 |  | 281 | 2335 | SH |  | SOLE |  | 2335 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC COM | COM | 595017104 |  | 419 | 5971 | SH |  | SOLE |  | 5971 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 2428 | 10126 | SH |  | SOLE |  | 10126 | 0 | 0 |
| MKS INSTRUMENTS INC COM | COM | 55306N104 |  | 652 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| MOELIS  CO | COM | 60786M105 |  | 16454 | 428827 | SH |  | SOLE |  | 428827 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 660 | 1998 | SH |  | SOLE |  | 1998 | 0 | 0 |
| MONARCH CASINO  RESORT INC | COM | 609027107 |  | 20313 | 264189 | SH |  | SOLE |  | 264189 | 0 | 0 |
| MOODYS CORP COM | COM | 615369105 |  | 332 | 1190 | SH |  | SOLE |  | 1190 | 0 | 0 |
| MORGAN STANLEY COM NEW | COM | 617446448 |  | 357 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| MOVADO GROUP INC | COM | 624580106 |  | 14345 | 444816 | SH |  | SOLE |  | 444816 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COM | 65336K103 |  | 647 | 3694 | SH |  | SOLE |  | 3694 | 0 | 0 |
| NEXTERA ENERGY INC COM | COM | 65339F101 |  | 627 | 7504 | SH |  | SOLE |  | 7504 | 0 | 0 |
| NIKE INC CL B | COM | 654106103 |  | 422 | 3605 | SH |  | SOLE |  | 3605 | 0 | 0 |
| NORTHERN OIL  GAS INC COMMON | COM | 665531307 |  | 12495 | 405409 | SH |  | SOLE |  | 405409 | 0 | 0 |
| NVIDIA CORP COM | COM | 67066G104 |  | 655 | 4480 | SH |  | SOLE |  | 4480 | 0 | 0 |
| O'REILLY AUTOMOTIVE INC NEW CO | COM | 67103H107 |  | 684 | 810 | SH |  | SOLE |  | 810 | 0 | 0 |
| OLLIE'S BARGAIN OUTLET HLDGS | COM | 681116109 |  | 13238 | 282625 | SH |  | SOLE |  | 282625 | 0 | 0 |
| OMNICELL INC | COM | 68213N109 |  | 13967 | 277006 | SH |  | SOLE |  | 277006 | 0 | 0 |
| ONTO INNOVATION INC | COM | 683344105 |  | 16015 | 235200 | SH |  | SOLE |  | 235200 | 0 | 0 |
| ORIGIN BANCORP INC | COM | 68621T102 |  | 8781 | 239260 | SH |  | SOLE |  | 239260 | 0 | 0 |
| OSHKOSH CORP COM | COM | 688239201 |  | 507 | 5747 | SH |  | SOLE |  | 5747 | 0 | 0 |
| PACIRA BIOSCIENCES INC | COM | 695127100 |  | 6697 | 173444 | SH |  | SOLE |  | 173444 | 0 | 0 |
| PATRICK INDS INC | COM | 703343103 |  | 12205 | 201398 | SH |  | SOLE |  | 201398 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 313 | 1010 | SH |  | SOLE |  | 1010 | 0 | 0 |
| PERFICIENT INC | COM | 71375U101 |  | 286 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| PERKINELMER INC | COM | 714046109 |  | 1085 | 7736 | SH |  | SOLE |  | 7736 | 0 | 0 |
| PERMIAN RESOURCES CORP | COM | 71424F105 |  | 15403 | 1638603 | SH |  | SOLE |  | 1638603 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 364 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| PNC FINL SVCS GROUP INC COM | COM | 693475105 |  | 325 | 2060 | SH |  | SOLE |  | 2060 | 0 | 0 |
| POOL CORP | COM | 73278L105 |  | 272 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| POWER INTEGRATIONS INC | COM | 739276103 |  | 10962 | 152847 | SH |  | SOLE |  | 152847 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 786 | 6550 | SH |  | SOLE |  | 6550 | 0 | 0 |
| PURECYCLE TECH INC | COM | 74623V103 |  | 130 | 19231 | SH |  | SOLE |  | 19231 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 436 | 3969 | SH |  | SOLE |  | 3969 | 0 | 0 |
| QUALYS INC | COM | 74758T303 |  | 550 | 4897 | SH |  | SOLE |  | 4897 | 0 | 0 |
| QUANTA SVCS INC COM | COM | 74762E102 |  | 670 | 4699 | SH |  | SOLE |  | 4699 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 803 | 7953 | SH |  | SOLE |  | 7953 | 0 | 0 |
| ROBERT HALF INTERNATIONAL INC | COM | 770323103 |  | 483 | 6538 | SH |  | SOLE |  | 6538 | 0 | 0 |
| ROYAL CARIBBEAN CRUISES LTD | COM | V7780T103 |  | 205 | 4150 | SH |  | SOLE |  | 4150 | 0 | 0 |
| RPM INTL INC COM | COM | 749685103 |  | 793 | 8138 | SH |  | SOLE |  | 8138 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM | 811707801 |  | 10982 | 352090 | SH |  | SOLE |  | 352090 | 0 | 0 |
| SELECTIVE INS GROUP INC | COM | 816300107 |  | 28829 | 325343 | SH |  | SOLE |  | 325343 | 0 | 0 |
| SM ENERGY CO | COM | 78454L100 |  | 454 | 13039 | SH |  | SOLE |  | 13039 | 0 | 0 |
| SOUTHSTATE CORP | COM | 840441109 |  | 17747 | 232412 | SH |  | SOLE |  | 232412 | 0 | 0 |
| SPS COMMERCE INC | COM | 78463M107 |  | 10396 | 80948 | SH |  | SOLE |  | 80948 | 0 | 0 |
| STEWART INFORMATION SERVICES C | COM | 860372101 |  | 12021 | 281320 | SH |  | SOLE |  | 281320 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 |  | 8930 | 152989 | SH |  | SOLE |  | 152989 | 0 | 0 |
| SUN CMNTYS INC COM | COM | 866674104 |  | 593 | 4145 | SH |  | SOLE |  | 4145 | 0 | 0 |
| SUNSTONE HOTEL INVS INC NEW CO | COM | 867892101 |  | 11084 | 1147422 | SH |  | SOLE |  | 1147422 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC C | COM | 868459108 |  | 12207 | 342226 | SH |  | SOLE |  | 342226 | 0 | 0 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 586 | 4036 | SH |  | SOLE |  | 4036 | 0 | 0 |
| THERMO FISHER CORP COM | COM | 883556102 |  | 801 | 1455 | SH |  | SOLE |  | 1455 | 0 | 0 |
| TIMKEN CO COM | COM | 887389104 |  | 325 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| TRACTOR SUPPLY CO COM | COM | 892356106 |  | 930 | 4136 | SH |  | SOLE |  | 4136 | 0 | 0 |
| UMB FINANCIAL CORP | COM | 902788108 |  | 8950 | 107155 | SH |  | SOLE |  | 107155 | 0 | 0 |
| UNITED BANKSHARES INC WEST VA | COM | 909907107 |  | 10340 | 255364 | SH |  | SOLE |  | 255364 | 0 | 0 |
| VERIZON COMMUNICATIONS INC COM | COM | 92343V104 |  | 546 | 13859 | SH |  | SOLE |  | 13859 | 0 | 0 |
| WAL MART STORES INC COM | COM | 931142103 |  | 858 | 6050 | SH |  | SOLE |  | 6050 | 0 | 0 |
| WASTE MANAGEMENT INC COM | COM | 94106L109 |  | 660 | 4205 | SH |  | SOLE |  | 4205 | 0 | 0 |
| WELLS FARGO  CO NEW COM | COM | 949746101 |  | 380 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| ZOETIS INC CL A | COM | 98978V103 |  | 503 | 3430 | SH |  | SOLE |  | 3430 | 0 | 0 |

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