Our team believes that the mid cap growth space provides an above average opportunity for skilled active managers. We approach our investment methodology on a sector by sector basis to ensure a well-diversified portfolio, with the aim of identifying companies that are in the very early phases of profit expansion.


Under normal market conditions, the Fund invests primarily in common stocks of companies the adviser believes have the potential to grow earnings more rapidly than their competitors. The Fund may also invest up to 35% of its assets in preferred stocks and warrants. Holdings in the Fund are typically diversified across the major sectors. The Fund may invest in securities issued by companies with large, medium or small capitalizations, with particular focus on mid cap.


The objective of the Tributary Growth Opportunities Fund is long-term capital appreciation by finding:

  • consistent growing companies at reasonable valuations;
  • companies encountering a phase of interrupted growth, when valuations can be particularly compelling; and
  • undiscovered growth companies that have perhaps gone under the radar, yet have high impact catalysts in place for above average growth.

Fund Literature

Monthly Performance as of: 11/30/2021
  Return (%) Expense (%)
YTD 1 Month 3 Month 1 Year 3 Year 5 Year 10 Year Since Inception Inception Date Gross Net
Institutional: FOGRX 7.42 -5.12 -3.77 13.80 19.44 17.14 14.28 10.51 11/30/1992 1.34 1.05
Institutional Plus: FOGPX 7.63 -5.07 -3.69 14.04 19.66 17.37 14.51 10.59 10/14/2011 0.97 0.89
Fund Facts
Class Morningstar Category Ticker Cusip Inception Dividend Frequency Minimum Investment
Institutional Mid-Cap Growth FOGRX 89609H845 11/30/1992 Annually $1,000
Institutional Plus Mid-Cap Growth FOGPX 89609H605 10/14/2011 Annually $5,000,000
Class Net Management Fee Other Expenses Distribution (12b-1) Fees Sales Charge Shareholder Servicing Fee Total Net Expense
Institutional 0.46% 0.43% None None 0.16% 1.05%
Institutional Plus 0.68% 0.22% None None None 0.90%

Portfolio Managers

Kurt Spieler, CFA

Kurt serves as Head of First National Fund Adviser’s predecessor and is Portfolio Manager for the Balanced and Growth Opportunities Funds. He joined First National Fund Adviser’s predecessor in 2005 and has 30 years of experience including the portfolio management of mutual funds in emerging markets, core international and U.S. moderate allocation. Previously, he was head of international equities for Principal Global Investors, as well as president of his own asset management firm. He received his Bachelors in Business Administration from Iowa State University and his M.B.A from Drake University. Kurt is a member of the CFA Institute and the CFA Society of Colorado.

Charles Lauber, CFA

Chuck serves as a Portfolio Manager for the Balanced and Growth Opportunities Funds. Chuck has over 23 years of investment management experience serving the majority of that time as a Small and Mid-Cap Equity Analyst and Co-Portfolio Manager at Security Benefit Group in Topeka, Kansas and as an Asset Allocation Portfolio Manager at Koesten Hirschmann & Crabtree in Overland Park, Kansas. He joined Tributary Capital Management in August 2006. Chuck earned his Bachelor of Science in Business Administration from East Texas State University in 1987 and his Masters of Business Administration in 1993 from the McCombs School of Business at the University of Texas. He earned his Chartered Financial Analyst (CFA) designation in 1997 and is a member of the CFA Institute and of the DFW Society of Financial Analysts.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. Returns greater than one year are annualized. Investment performance reflects contractual fee waivers. Without these fee waivers, the performance would have been lower.   The performance information shown above for the Institutional Plus Class reflects the Fund’s Institutional Class returns for the periods prior to the inception date of the Institutional Plus Class as noted above. Unlike Institutional Plus Class shares, Institutional Class shares impose a non-12b-1 shareholder services fee of 0.25%, which is reflected in the return information. Accordingly, had the Institutional Plus Class been in operation prior to the inception date noted above, the performance for that period would have been different as a result of lower annual operating expenses.   The gross and net expense ratios are as reflected in the current prospectus.   Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high grade fixed income securities. The net asset value per share will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments.