Investor Education

Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Offer

The price at which a person is ready to sell. (See "Bid" and "Ask").

Open Account

A mutual fund account where under a shareholder, by virtue of his initial investment in the fund, automatically has reinvestment privileges, if desired, and the right to make additional purchases without a formal accumulation plan.

Open-End Management Company

The technical term for a mutual fund. (See "Management Company.")

Over-The-Counter (OTC)

A market for securities made up of securities broker/dealers who may or may not be members of securities exchanges. Over the counter is trading conducted anywhere other than on an exchange.

Over-The-Counter Security

A security that trades in the over-the-counter market rather than being listed on a stock exchange. Many of the world's largest and most prestigious corporations have elected to have their common stock trade in this market although, historically, OTC was reserved for the smaller, unseasoned issues that didn't qualify for listing. All new issues are initially offered OTC. This is also the market place for government and municipal bonds.

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