Firm Description Tributary Capital Management, LLC (“Tributary”), originally formed on January 1, 2005, is an SEC- registered investment advisor headquartered in Omaha, Nebraska. Tributary and First Investment Group (formerly a department of First National Bank of Omaha “FNBO”) merged in May 2010. The event constituted a change in ownership only, as the investment strategies and personnel remained the same for each of the prior firms. Firm equity assets, including model portfolios, wrap accounts, separately managed accounts and mutual funds (excluding sub-advised funds) were $2,693.5 million as of December 31, 2023. (Tributary’s regulatory assets under management as defined in ADV Part I were $2,134.7 million as of December 31, 2023.) Principal Owners We are a wholly owned subsidiary of FNBO, a wholly owned subsidiary of First National of Nebraska, Inc. Types of Advisory Services We provide investment management services to institutional and individual investors. We construct our investment portfolios based on our clients’ investment objectives and specified restrictions or guidelines. Our separately managed account portfolios include small, small/mid, large, all cap and equity income. We also offer individually managed accounts that are specialized and do not follow a standardized investment strategy model. They are customized to each investor’s specific situation and managed according to instructions provided by the client. We serve as the registered investment advisor for the Tributary Funds, Inc., (the “Tributary Funds”) a registered

open-end investment company that offers six investment portfolios:
• Tributary Small Company Fund
• Tributary Small/Mid Cap Fund
• Tributary Balanced Fund
• Tributary Short-Intermediate Bond Fund
• Tributary Income Fund
• Tributary Nebraska Tax-Free Fund We have retained First National Advisers, LLC (“FNA”), an affiliate registered with the SEC, to serve as the sub-advisor to the Tributary Balanced, Short-Intermediate Bond, Income and Nebraska Tax-Free Funds. Tributary participates as a portfolio manager in several “wrap fee” programs in which program clients pay a fee(s) for advisory, brokerage and custodial services to the wrap sponsor. Tributary exercises investment discretion over the program client’s portfolio and transactions are executed without a commission. In these programs, a third party offers a Tributary managed strategy to its clients. Tributary receives an investment advisory fee from the third-party wrap fee program sponsor for this service. We provide clients access to our strategies by signing an investment management agreement. The agreement may be terminated by the client by providing prior written notice of termination. Tributary may terminate the agreement by providing the client with sixty (60) days prior written notice of termination. Tributary also provides investment advisory services via model delivery to third-party investment managers and Turnkey Asset Management Programs (TAMPs). In these relationships, Tributary provides purchase and sale recommendations in the form of a model portfolio but is not responsible for creating or executing any trades.