Portfolio Managers

Chief Investment Officer

Stephen R. Frantz

President, Chief Investment Officer

Stephen has oversight duties for Tributary Capital Management, and as Chairman of the Risk Committee is responsible for the development and implementation of strategy and policy. A 26 year career industry veteran, his resume includes Smith Barney Harris and Upham in Omaha, Nebraska, Lazard London International in London, England, Thomson Horstmann and Bryant in Saddle Brook, New Jersey, Waddell and Reed Asset Management Company in Overland Park, Kansas, and PIMCO Advisers, LLP in Newport Beach, California. Steve joined Tributary Capital Management's predecessor First Investment Group in May 1999. He received his Bachelors in Business Administration from the University of Nebraska at Omaha in 1983, where he now serves as an adjunct professor. His graduate students have twice won the prestigious Dayton University's International Award for risk-adjusted performance.

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