Investment objective & strategy
As of July 24, 2025 · prospectusObjective. The Tributary Short-Intermediate Bond Fund (the Fund) seeks to maximize total return in a manner consistent with the generation of current income, preservation of capital, and reduced price volatility.
Strategy. Under normal market conditions, the Fund intends to invest primarily all, but must invest at least 80%, of its net assets, plus any borrowing for investment purposes, in fixed income securities. The fixed income securities in which the Fund may invest include corporate bonds, foreign or Yankee bonds, municipal bonds, obligations issued or guaranteed by the U.S. government (or it agencies or instrumentalities), convertible securities, certain restricted securities, and in fixed income securities with variable or floating interest rates. The Fund may also enter into repurchase agreements. The Fund invests primarily in debt securities rated 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, … Under normal market conditions, the Fund intends to invest primarily all, but must invest at least 80%, of its net assets, plus any borrowing for investment purposes, in fixed income securities. The fixed income securities in which the Fund may invest include corporate bonds, foreign or Yankee bonds, municipal bonds, obligations issued or guaranteed by the U.S. government (or it agencies or instrumentalities), convertible securities, certain restricted securities, and in fixed income securities with variable or floating interest rates. The Fund may also enter into repurchase agreements. The Fund invests primarily in debt securities rated 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 may invest up to 20% of its assets in bonds and other fixed income securities rated below such ratings (junk or high yield bonds), but no lower than a B rating by an NRSRO at the time of purchase. The Fund seeks to maintain a dollar-weighted average portfolio maturity of one to five years. The dollar-weighted average portfolio maturity is measured from the portion of the Funds assets that are invested in fixed income securities. The Fund does not place specific limits on duration. Under normal market conditions, the Fund will invest no more than 75% of its assets in asset-backed securities and/or mortgage-backed securities. The Fund may also invest in derivatives and other hedging instruments, including futures contracts, options on futures contracts, call and put options on futures contracts, and swap agreements.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $19.96M | 9.15% |
| US TREASURY N/B | — | $12.22M | 5.60% |
| US TREASURY N/B | — | $12.21M | 5.60% |
| US TREASURY N/B | — | $6.45M | 2.96% |
| Salesforce Inc | — | $2.47M | 1.13% |
| MARS INC | — | $2.29M | 1.05% |
| CITIGROUP INC | — | $2.28M | 1.04% |
| US BANCORP | — | $2.28M | 1.04% |
| EXELON CO | — | $2.27M | 1.04% |
| JPMORGAN CHASE | — | $2.27M | 1.04% |
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. |
|---|---|---|
| TRIBUTARY BALANCED FUND · FOBAX, FOBPX | 11% | 0.74% |
| iShares iBonds Dec 2029 Term Treasury ETF · IBTJ | 8% | 0.07% |
| TRIBUTARY INCOME FUND · FOINX, FOIPX | 7% | 0.48% |
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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