Philosophy

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 inevitably exhibits.

Strategy

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.

Objective

The Tributary Income Fund seeks the generation of current income in a manner consistent with preserving capital and maximizing total return. We believe our focus on avoiding a permanent loss of capital leads to a greater consistency of performance and stronger returns over a long-term horizon.

Fund Literature



Monthly Performance as of: 06/30/2025
  Return (%) Expense (%)
YTD 1 Month 3 Month 1 Year 3 Year 5 Year 10 Year Since Inception Inception Date Gross Net
Institutional: FOINX 4.03 1.57 1.22 6.10 2.76 -0.52 1.77 5.02 11/30/1962 1.96 0.63
Institutional Plus: FOIPX 3.98 1.47 1.25 6.12 2.86 -0.40 1.91 5.06 10/28/2011 0.84 0.49
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 -0.72% 1.22% None None 0.14% 0.64%
Institutional Plus 0.25% 0.24% None None None 0.49%

Portfolio Managers

Ronald Horner

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 Adviser’s predecessor 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 Nordstrom, CFA®

Travis joined First National Adviser’s predecessor in 1999 and is Portfolio Manager for the Income, Nebraska Tax-Free and Short-Intermediate Bond Funds. Prior to joining First National Adviser’s predecessor, 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. This fee waiver will continue for at least one year from the date of the Prospectus through August 1, 2025, unless the Board of Directors approves a change in or elimination of the waiver.

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. The Institutional Class may incur an additional shareholder servicing fee of up to 0.25%. 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.

Important Risks:

Fixed income investments are affected by a number of risks, including fluctuation in interest rates, credit risk, and prepayment risk. In general, as prevailing interest rates rise, fixed income prices will fall.

There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses.

Diversification does not ensure a profit or guarantee against loss.

Definitions:

Dollar-weighted average portfolio maturity – calculates the average age of the assets in a portfolio, weighted by their market value.