Tributary Nebraska Tax-Free Instl Plus
FONPX
NASDAQ9.32
USD
- -
- -
CIK
0000932381
ISIN
US89609H8869
CUSIP
89609H886
Return %
Stock
S&P500
1Y
2.53
19.01
3Y
2.76
65.48
5Y
-5.76
72.20
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- OMAHA NE 68197 Boston MA United States of America 02210
- IPO Date
- Dec 31, 2015
- CIK
- 0000932381
- Website
- fidelity.com
- Similar Companies
- Business
- Tributary Nebraska Tax-Free Fund - Institutional Plus Class (FONPX) is a municipal bond mutual fund that seeks a high level of current income exempt from both federal and Nebraska state income taxes, including the alternative minimum tax, while preserving capital. Under normal market conditions, the Fund invests at least 80% of its assets in municipal securities exempt from these taxes, with no more than 10% in securities subject to alternative minimum tax; it maintains a portfolio primarily in investment-grade bonds such as general obligation bonds, revenue bonds, and lease revenue bonds issued by Nebraska governmental entities, including top holdings like Douglas County Hospital Authority, Omaha Public Power District, and various school districts. The Fund, with total net assets of approximately $54 million as of September 30, 2024, pays monthly dividends, features a net expense ratio of 0.45%, and requires a $5 million minimum initial investment for its Institutional Plus Class shares. The Fund forms part of the Tributary Funds family, advised by Tributary Capital Management, LLC, an SEC-registered investment adviser headquartered in Omaha, Nebraska, with over 20 years of history in managing equity, fixed income, and balanced mutual funds totaling around $3 billion in assets under management. Fixed income strategies, including FONPX, are subadvised by First National Advisers, LLC, a subsidiary of First National Bank of Omaha; portfolio managers Ronald Horner, who leads the fixed income team with 29 years of experience, and Travis Nordstrom, CFA, with extensive tenure since 1999, oversee day-to-day management. Launched on December 31, 2007 (with predecessor common trust fund performance dating back to inception), the Fund targets individual and institutional investors seeking tax-exempt income focused on Nebraska municipal securities, operating exclusively within U.S. markets with a low portfolio turnover rate of 9%. In recent developments, effective August 29, 2024, the Fund updated its primary benchmark from the Bloomberg Barclays 1-15 Year Municipal Blend Index to the Bloomberg Barclays Municipal Bond Index to align with regulatory requirements, while retaining the prior index as a secondary benchmark reflecting its market sectors. The contractual expense limitation of 0.45% for Institutional Plus Class shares, exclusive of certain costs, remains in effect through at least August 1, 2025, supporting stable operations amid ongoing fee waivers. No major acquisitions, partnerships, funding rounds, or structural reorganizations have been reported for Tributary Capital Management or the Fund in the last 1-2 years, with assets under management showing modest growth through client service and investment team hires as of late 2023.