# EDGAR Filing Document

**Accession Number:** 0000932381
**File Stem:** 0000932381-26-000098
**Filing Date:** 2026-5
**Character Count:** 24320
**Document Hash:** 13d3853dda1ba6f93478d4d3b1702331
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932381-26-000098.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000932381-26-000098

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**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:** 261024790

**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

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

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

## 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/MID CAP FUND

- **b. EDGAR series identifier (if any):** S000059580

- **c. LEI of Series:** 2549007N8QJ3A5WGXV37

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

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

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $29073038.92

**Total Liabilities:** $496564.88

**Net Assets:** $28576474.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195178 | 6.03%                | -0.53%               | -5.89%               |
| Class ID C000195179 | 6.00%                | -0.53%               | -5.93%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $41751.49                | $1693480.96                                |
| Month 2  | $-138924.52              | $-52128.40                                 |
| Month 3  | $-33550.54               | $-1806719.79                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                       | AAON, Inc.                                                       | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5632 | NS      | $466048.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc    | AMN Healthcare Services, Inc.                                    | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     11809 | NS      | $216577.06    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp              | Agree Realty Corp.                                               | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6091 | NS      | $459139.58    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup, Inc.                                                 | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      2838 | NS      | $357644.76    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp | Atlantic Union Bankshares Corp.                                  | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13907 | NS      | $497036.18    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp.                                                    | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      2299 | NS      | $389634.52    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                  | Blackbaud, Inc.                                                  | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |      5775 | NS      | $222972.75    | 0.78%             |  |  |  | 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        |    325648 | NS      | $325647.65    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions, Inc.                             | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      2730 | NS      | $443570.40    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc          | Burlington Stores, Inc.                                          | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      2778 | NS      | $903905.64    | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International, Inc.                                         | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      1350 | NS      | $734224.50    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos., Inc.                                              | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      1695 | NS      | $565485.90    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc     | Casey's General Stores, Inc.                                     | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       755 | NS      | $549534.30    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                    | Enovis Corp.                                                     | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     14826 | NS      | $337291.50    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren | Concentra Group Holdings Parent, Inc.                            | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17312 | NS      | $371342.40    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc       | Cullen/Frost Bankers, Inc.                                       | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      2672 | NS      | $366277.76    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes, Inc.                                                     | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      9812 | NS      | $669767.12    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza, Inc.                                             | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       919 | NS      | $329728.01    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc            | Dorman Products, Inc.                                            | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |      3735 | NS      | $389784.60    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace, Inc.                                                  | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     10272 | NS      | $379858.56    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc       | EastGroup Properties, Inc.                                       | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      2184 | NS      | $404236.56    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                        | EnerSys                                                          | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |      3232 | NS      | $561463.04    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                      | Enpro, Inc.                                                      | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |      2816 | NS      | $705830.40    | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc        | ExlService Holdings, Inc.                                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     17570 | NS      | $535006.50    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc       | Franklin Electric Co., Inc.                                      | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      3908 | NS      | $360200.36    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International, Inc.                                          | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |      5804 | NS      | $378943.16    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                    | IDACORP, Inc.                                                    | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      6106 | NS      | $872974.82    | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp          | Integer Holdings Corp.                                           | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      4597 | NS      | $404536.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc         | Jones Lang LaSalle, Inc.                                         | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      1595 | NS      | $485390.40    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co           | Lamar Advertising Co.                                            | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      4928 | NS      | $624180.48    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| The Marzetti Co.               | The Marzetti Co.                                                 | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      2572 | NS      | $355784.76    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc  | Lincoln Electric Holdings, Inc.                                  | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      2083 | NS      | $518833.64    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse, Inc.                                                 | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      2543 | NS      | $862967.05    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates, Inc.                                       | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      2830 | NS      | $376729.60    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group, Inc.                                               | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       345 | NS      | $660354.15    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                    | Moelis & Co.                                                     | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     10832 | NS      | $617424.00    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group, Inc.                                        | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      1853 | NS      | $335077.99    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas, Inc.                                         | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     16277 | NS      | $475776.71    | 1.66%             |  |  |  | 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        |      6724 | NS      | $618876.96    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc            | Onto Innovation, Inc.                                            | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |      3606 | NS      | $739482.42    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                        | PTC, Inc.                                                        | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      3965 | NS      | $564972.85    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                    | Revvity, Inc.                                                    | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |      5488 | NS      | $480803.68    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp.                                          | CUSIP: 71424F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32578 | NS      | $694562.96    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations, Inc.                                         | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      9741 | NS      | $498739.20    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                     | Qualys, Inc.                                                     | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      3750 | NS      | $329437.50    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc          | RPM International, Inc.                                          | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      4727 | NS      | $469863.80    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance, Inc.                                                   | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1307 | NS      | $397223.44    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                | Robert Half, Inc.                                                | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     12973 | NS      | $329514.20    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc    | Ryan Specialty Holdings, Inc.                                    | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10746 | NS      | $362570.04    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori | Seacoast Banking Corp. of Florida                                | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     11292 | NS      | $342034.68    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc  | Selective Insurance Group, Inc.                                  | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      6594 | NS      | $497121.66    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORP           | SouthState Bank Corp.                                            | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      6795 | NS      | $628673.40    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp          | Stifel Financial Corp.                                           | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      9051 | NS      | $669049.92    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                 | Tetra Tech, Inc.                                                 | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     18748 | NS      | $564689.76    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                  | TopBuild Corp.                                                   | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |       963 | NS      | $338301.90    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co.                                               | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      9784 | NS      | $443215.20    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp.                                              | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      2916 | NS      | $328895.64    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts, Inc.                                   | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      5244 | NS      | $425970.12    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                                         | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      3362 | NS      | $372038.92    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer