Portfolio Managers

Balanced Fund

Kurt Spieler, CFA

Managing Director,
Investments

Kurt serves as the Managing Director of Investments for FNFA. His responsibilities include the development and implementation of investment strategies for high net worth and institutional clients. Kurt joined FNFA's predecessor First National Bank in March of 2005. He has 22 years of investment experience in fixed income, international and U.S. equities. Previously, he was Head of International Equities for Principal Global Investors and President of his own asset management firm. Kurt earned his Bachelor of Business Administration degree from Iowa State University and Masters of Business Administration from Drake University. He achieved the designation of Chartered Financial Analyst in 1994 and is a member of the CFA Society of Colorado.

John Harris, CFA

Senior Portfolio Manager

John serves as Senior Portfolio Manager for FNFA. His responsibilities include the management of portfolios for clients invested in fixed income and equity securities. John joined Tributary Capital Management in June of 2007. He has 16 years of investment management experience including analytical roles for Principal Global Investors and American Equity Investment Life Insurance Company. John earned his Bachelor of Arts degree in Economics and History as well as his Masters of Business Administration from the University of Wisconsin. He has achieved the designation of Chartered Financial Analyst and is a member of the CFA Society of Colorado.

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