Investing for the long term?

Think Tributary Funds

The Tributary Funds are a family of mutual funds advised by Tributary Capital Management. Each Tributary Fund is managed with a unique strategy allowing you to customize a diversified portfolio.

Fund Overall Morningstar Rating™ As of Date Morningstar Category # of Funds in Category
Small Company Fund
12/31/2023 Small Blend Funds 593
Small/Mid Cap Fund
12/31/2023 Small Blend Funds 593
Balanced Fund
12/31/2023 Moderate Allocation Funds 700
Income Fund
12/31/2023 Intermediate Core Bond Funds 425
Nebraska Tax-Free Fund
12/31/2023 Muni Single State Interm Funds 126
Short-Intermediate Bond Fund
12/31/2023 Short-Term Bond Funds 535

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

As of December 31, 2023, the Small Company Fund received the following star ratings among Small Blend funds for the following time periods: 5 stars (out of 593) for the three-year, 4 stars (out of 557) for the five-year and 5 stars (out of 391) for the ten-year time periods. The Balanced Fund received the following star ratings among Moderate Allocation Funds for the following time periods: 4 stars (out of 700) for the three-year, 4 stars (out of 658) for the five-year and 4 stars (out of 493) for the ten-year periods. The Short/Intermediate Bond Fund received the following star ratings among Short-Term Bond funds for the following time periods: 3 stars (out of 535) for the three-year, 3 stars (out of 495) for the five-year and 3 stars (out of 357) for the ten-year time periods. The Income Fund received the following star ratings among Intermediate Core Bond funds for the following time periods: 4 stars (out of 425) for the three-year, 3 stars (out of 385) for the five-year and 4 stars (out of 277) for the ten-year periods. The Nebraska Tax-Free Fund received the following star rating among the Muni Single State Intermediate Funds: 3 stars (out of 126) for the three-year, 3 stars (out of 124) for the five-year, the Fund is not yet ranked for any other time periods. The Small/Mid Cap Fund received the following star rating among the Small Blend funds: 5 stars (out of 593) for the three-year period, the Fund is not yet ranked for any other time periods. Past performance is no guarantee of future results.

Morningstar Rating is for the institutional share class only; other classes may have different performance characteristics.

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About Tributary Funds

In our twenty year history, the Tributary Funds have grown and adapted to keep pace with the changing needs of our shareholders. We offer a range of mutual funds including domestic equity, fixed income and balanced to individuals and institutions.

We are deeply appreciative of the trust our clients place in the Tributary Funds and don't take this tremendous responsibility lightly. The Funds are advised by Tributary Capital Management, a firm deep in talent and tenure, with the investment team having an average of nearly twenty years of investment experience. The President has spent the last 17 years working with the Firm and its predecessor. He has over 20 years of industry experience, which provides the consistent and steady guidance necessary to stay true to our philosophy, even in times of market disruption.