We believe in order to achieve long-term success in the fixed-income market, we must avoid permanent loss of capital and consistently exploit the inefficiencies and opportunities that the bond market inevitable exhibits.
The Fund intends to invest primarily all, but must invest at least 80%, of its total assets in fixed income securities and expects to maintain a dollar-weighted average portfolio maturity of four years or more under normal market conditions.
The objective of the Tributary Income Fund is to maximize total returns in a manner consistent with the generation of current income and the preservation of capital. We believe our focus on avoiding a permanent loss of capital leads to a greater consistency of performance and superior returns over a long-term horizon.
| Monthly Performance as of: 09/30/2019 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Return (%) | Expense (%) | |||||||||||
| YTD | 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | Inception Date | Gross | Net | ||
| Institutional: FOINX | 8.41 | -0.72 | 2.20 | 9.97 | 3.06 | 3.41 | 4.10 | 5.49 | 11/30/1962 | 1.48 | 0.73 | |
| Institutional Plus: FOIPX | 8.67 | -0.71 | 2.25 | 10.16 | 3.24 | 3.58 | 4.25 | 5.52 | 10/28/2011 | 0.82 | 0.55 | |
| Fund Facts | ||||||
|---|---|---|---|---|---|---|
| Class | Morningstar Category | Ticker | Cusip | Inception | Dividend Frequency | Minimum Investment |
| Institutional | Intermediate Term Bond | FOINX | 89609H852 | 11/30/1962 | Monthly | $1,000 |
| Institutional Plus | Intermediate Term Bond | FOIPX | 89609H209 | 10/28/2011 | Monthly | $5,000,000 |
| Expenses | ||||||
|---|---|---|---|---|---|---|
| Class | Net Management Fee | Other Expenses | Distribution (12b-1) Fees | Sales Charge | Shareholder Servicing Fee | Total Net Expense |
| Institutional | -0.10% | 0.70% | None | None | 0.18% | 0.78% |
| Institutional Plus | 0.38% | 0.22% | None | None | None | 0.60% |
Ron leads the Fixed Income Team and serves as Portfolio Manager on the Balanced, Income, Nebraska Tax-Free and Short-Intermediate Bond Funds. Ron joined First National in March 2006. Ron's 29 year career in investment management includes 18 years with Commercial Federal Bank in Omaha, Nebraska serving as an Investment Portfolio Manager and Secondary Mortgage Marketing Manager. He received his Bachelors in Business Administration from Creighton University in 1981 and Masters in Business Administration from the University of Nebraska at Omaha in 1985.
Travis joined First National in 1999 and is Portfolio Manager for the Income, Nebraska Tax-Free and Short-Intermediate Bond Funds. Prior to joining First National, he worked at Commerzbank AG in Frankfurt, Germany, where he also studied financial economics on a Fulbright Scholarship. Travis received his B.S. in Economics from Nebraska Wesleyan University and M.S. in Economics from the University of Nebraska at Omaha. Travis has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and past president of the CFA Society of Nebraska.
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. Bond Funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.
1083-NLD-3/12/2018