Donor Advised Funds

• Investment Options
• Forms & Documents
• National Philanthropic Trust

Please be mindful that securities markets are subject to volatility and possibly significant performance fluctuations. All investments are subject to market risk, including the possible loss of principal.*

*Primary risks of each fund

Value Trust Fund, Institutional Class

Market Risk - The risk that prices of securities will go down because of the interplay of market forces, may affect a single issuer, industry or sector of the economy, or may affect the market as a whole.

Value-Style Risk - The value approach to investing involves the risk that those stocks deemed to be undervalued by the portfolio manager may remain undervalued.

Special Investment Trust, Institutional Class

Market Risk - The risk that prices of securities will go down because of the interplay of market forces, may affect a single issuer, industry or sector of the economy, or may affect the market as a whole.

Small and Mid-Sized Companies Securities Risk - Smaller companies may involve higher risk than a fund that invests in larger, more established companies.

Royce Associates, LLC Pennsylvania Mutual Fund, Investment Class

Pennsylvania Mutual Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies (see "Primary Risks for Fund Investors" in the prospectus).

International Equity Fund, Institutional Class

Investing internationally involves additional risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity.

The securities markets are subject to volatility and significant performance fluctuations. Results can vary due to length of management period, asset amount and execution costs.

Western Asset Management, Inc., Western Asset Core Plus Bond Portfolio, Institutional Class

Among the principle risks of investing the the Portfolio are market risk, interest rate risk, credit risk, call risk, special risks of high yield securities, special risks of mortgage-backed and asset-backed securities, risks relating to the inflation-indexed securities, liquidity risk, non-U.S. securities risk, currency risk, borrowing risk, derivatives risk and hedging risk. Please see the "Principal Risks" section of this fund's prospectus for a discussion of these and other risks.

Citi™ Institutional Liquid Reserves

Investing in a mutual fund involves risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this Fund. Please remember that an investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Please note that there are many other factors that could adversely affect your investment, and that could prevent the Fund from achieving its goal; these other factors are not described here. More information about risks appears in the Fund's Statement of Additional Information. Before investing, you should carefully consider the risks that you will assume.

Please refer to the DAF Program Brochure for the Program Policies and Guidelines of the investment options.