Short-Intermediate Bond Fund

Performance

Short-Intermediate Bond Fund

Total Returns in Percent

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.

	One Month* (%)	Three Months* (%)	Year-to- Date*(%)	One Year (%)	Three Years (%)	Five Years (%)	Ten Years (%)	Inception to Date (%)	Returns as of:	Current Expense Ratio** (%)	Gross Expense Ratio*** (%)	Net Expense Ratio*** (%)
Institutional Class Share Without Sales Charge (Inception: 1/1/1991)	0.44	0.94	2.11	2.11	4.07	4.00	3.90	5.17	12/31/2011	0.83	1.08	0.86
Institutional Plus Class Share Without Sales Charge (Inception: 10/14/2011)	0.56	N/A	N/A	N/A	N/A	N/A	N/A	0.97	12/31/2011	N/A	0.83	0.61

*Aggregate returns.

**The current expense ratio reflects the annualized expense ratio for April 1, 2011 to September 30, 2011.

***The gross and net expense ratios are as reflected in the current prospectus.

For more information, view the Fund's quarterly fact sheets

Taxable Bond

Tributary Short-Intermediate Fund Fact Sheet: DOWNLOAD

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Before investing, please read the Fund's prospectus and shareholder reports to learn about its investment strategy and potential risks. Mutual Fund investing involves risk including loss of principal. An investor should also consider the Fund's investment objective, charges, expenses, and risk carefully before investing. This and other information about the Fund is contained in the fund's prospectus, which can be obtained by calling 1-800-662-4203. Please read the prospectus carefully before investing.

Distributed by Northern Lights Distributors, LLC, member FINRA.
Northern Lights and the Funds' Adviser, Tributary Capital Management, are not affiliated.

1129-NLD-8/4/2010