Investment objective & strategy
As of July 24, 2025 · prospectusObjective. The Tributary Nebraska Tax-Free Fund (the Fund) seeks as high a level of current income exempt from both federal and Nebraska income tax as is consistent with the preservation of capital.
Strategy. Under normal market conditions, the Fund invests not less than 80% of its assets, plus any borrowing for investment purposes, in municipal securities that generate income exempt from Nebraska state income tax and federal income tax, including the alternative minimum tax. The Fund will not invest more than 10% of its assets in the types of municipal securities that pay interest subject to alternative minimum tax. The Fund invests primarily in debt securities within the four highest credit categories (Aaa, Aa, A, Baa or equivalent) by at least one nationally recognized statistical rating organization (NRSRO), or if unrated, deemed to be of comparable quality by the Funds Sub-Adviser, First National Advisers, LLC. The Fund seeks to maintain a dollar-weighted average … Under normal market conditions, the Fund invests not less than 80% of its assets, plus any borrowing for investment purposes, in municipal securities that generate income exempt from Nebraska state income tax and federal income tax, including the alternative minimum tax. The Fund will not invest more than 10% of its assets in the types of municipal securities that pay interest subject to alternative minimum tax. The Fund invests primarily in debt securities within the four highest credit categories (Aaa, Aa, A, Baa or equivalent) by at least one nationally recognized statistical rating organization (NRSRO), or if unrated, deemed to be of comparable quality by the Funds Sub-Adviser, First National Advisers, LLC. The Fund seeks to maintain a dollar-weighted average portfolio maturity of between three and fifteen years. The dollar-weighted average portfolio maturity is measured from the portion of the Funds assets that are invested in fixed-income securities. The Funds Sub-Adviser uses a longerterm, value-oriented strategy and looks for municipal securities that offer attractive yields for the assumed level of credit risk. Municipal securities include debt obligations (such as bonds, notes, commercial paper and lease obligations) issued by the respective state and its political subdivisions, municipalities, agencies and authorities. These securities include revenue bonds, which may be repaid only from the revenue of a specific facility or source. The Fund may purchase municipal securities that represent lease obligations in an amount not to exceed 10% of its total assets. The Fund may also invest in high yield or junk bonds, which are those bonds with a credit rating of below Baa3 (or equivalent) by an NRSRO.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BLKR-LIQ T-INS | TSTXX | $1.57M | 2.93% |
| OMAHA PUB PWR DT -A | — | $1.43M | 2.66% |
| DOUGLAS COUNTY HOSPITAL AUTHORITY NO 2 | — | $1.15M | 2.15% |
| Loup River Public Power District | — | $992.15K | 1.85% |
| Omaha School District | — | $777.90K | 1.45% |
| Gretna Public Schools | — | $711.69K | 1.33% |
| Douglas County School District No. 59 | — | $692.93K | 1.29% |
| Omaha School District | — | $686.21K | 1.28% |
| Omaha School District | — | $609.47K | 1.14% |
| Douglas County School District 059, Nebraska, General Obligation Bonds, School Building Series 2026 | — | $587.43K | 1.10% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Nuveen Credit Strategies Income Fund | 3% | — |
| Nuveen Floating Rate Income Fund | 3% | — |
| 1WS Credit Income Fund | 3% | — |
Advisers
| Firm | Role |
|---|---|
| Tributary Capital Management, LLC | Adviser |
| First National Advisers, LLC | Sub-adviser |
Footnotes
- Expense ratio as of July 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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