FONPX Fees and Costs — Tributary Nebraska Tax-Free Fund, Institutional Plus
Data updated: 2026-08-14
The net expense ratio is 0.45%: a 0.40% management fee plus 0.39% other expenses, less a 0.34% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 16%.
FONPX Fees and Expenses
Annual operating expenses and sales charges of FONPX. Prospectus, as of August 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.39% |
| Gross expense ratio | 0.79% |
| Fee waiver | −0.34% |
| Net expense ratio | 0.45% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
FONPX Costs Over Time
On $10,000 invested in FONPX, assuming 5% a year before costs, total costs come to $285 over 5 years, cutting the return by 0.47% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.45%) | $47 | $148 | $259 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $47 | $156 | $285 |
| Value after costs | $10,453 | $11,421 | $12,478 |
| Impact on return, per year | 0.47% | 0.47% | 0.47% |
FONPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $14.5M
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
FONPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| D.A. DAVIDSON & CO. | $3.5M | 26.57% |
| TRADEWEB DIRECT, LLC | $2.3M | 17.39% |
| WELLS FARGO BROKERAGE SERVICES, LLC | $1.6M | 11.79% |
| PERSHING LLC | $1.3M | 10.11% |
| BANC OF AMERICA SECURITIES | $1.3M | 9.82% |
| MORGAN STANLEY & CO. LLC | $977K | 7.42% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $689K | 5.24% |
| MARKETAXESS | $560K | 4.26% |
| RBC CAPITAL MARKETS, LLC | $560K | 4.26% |
| GOLDMAN SACHS & CO | $414K | 3.15% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.