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.
Under normal market conditions, the Fund invests primarily, but not less than 80% of its assets in municipal securities that generate income exempt from Nebraska state income tax and federal income tax, including the alternative minimum tax.
The Tributary Nebraska Tax-Free Fund seeks a high a level of current income exempt from both federal and Nebraska income tax as is consistent with the preservation of capital. 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.
| 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 Plus: FONPX | 1.33 | 0.98 | 1.07 | 3.03 | 2.24 | 0.24 | 1.62 | 2.61 | 12/31/2007 | 0.75 | 0.45 | |
| Fund Facts | ||||||
|---|---|---|---|---|---|---|
| Class | Morningstar Category | Ticker | Cusip | Inception | Dividend Frequency | Minimum Investment |
| Institutional Plus | Muni Single State Interm | FONPX | 89609H886 | 12/31/2007 | Monthly | $5,000,000 |
| Expenses | ||||||
|---|---|---|---|---|---|---|
| Class | Net Management Fee | Other Expenses | Distribution (12b-1) Fees | Sales Charge | Shareholder Servicing Fee | Total Net Expense |
| Institutional Plus | 0.10% | 0.35% | None | None | None | 0.45% |
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 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.
Performance information for the Nebraska Tax-Free Fund from December 31, 2007, to January 3, 2016, reflects the performance of the Fund’s predecessor common trust fund. The common trust fund had investment objectives, policies, restrictions and guidelines that were equivalent in all material respects to those of the Fund, and was managed by First National Bank of Omaha. The Fund commenced business on January 4, 2016. The performance of the Predecessor Fund was calculated net of the Predecessor Fund’s fees and expenses. The performance of the Predecessor Fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations of the Fund. If the performance of the Predecessor Fund had been restated to reflect the applicable fees and expenses of the Fund, the performance may have been higher or lower than the performance displayed above. The predecessor common trust fund was not registered under the Investment Company Act of 1940 and therefore was not subject to certain investment restrictions that are imposed by that Act. If the common trust fund had been registered, its performance might have been adversely affected. 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.
Municipal securities can be significantly affected by adverse tax, legislative, or political changes, changes in the financial condition of the obligors of municipal securities, general economic downturns and the reallocation of governmental cost burdens among federal, state and local governments. Certain types of municipal securities that the Fund may hold may be less “liquid,” or more difficult to purchase or sell, in a short period of time than other investments. The Fund may experience losses if required to sell such less liquid investments within an unreasonable period of time or at unfavorable prices. There is no guarantee that the Municipal Bond Portfolio’s income will be exempt from federal or state income taxes.
Tributary Capital Management does not provide tax advice. Please consult your tax advisor before making any decisions or taking any action related to the mutual funds discussed herein.
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.