Balanced Fund

Fund Strategy

The investment objective of the Tributary Balanced Fund is capital appreciation and current income.

The Fund uses a disciplined approach of allocating assets among the three major asset groups: common stocks, debt securities (bonds) and cash equivalents. Based on the adviser's assessment of market conditions, the Fund will invest 25% to 75% of its total assets in stocks and convertible securities, and at least 25% of its total assets in fixed income securities. The Fund may invest in securities issued by companies of large, medium, or small capitalizations.

Risk / Return Considerations

Stocks are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalents offer low risk and low return potential. This Fund generally would be considered to have more risk and return potential than the Tributary Income Fund and less risk and return potential than the Tributary Core Equity Fund.

Investor Profile

This Fund is designed for those who seek long-term capital appreciation and current income through a diversified mix of investments.

Fund Facts

Class	Cusip	Ticker	Inception Date
Institutional	320269814	FOBAX	8/6/96

Socially Responsible

Tributary Capital Management, advisors to the Tributary Balanced Funds, also apply what are commonly referred to as Socially Responsible Investing screens to the security selection and ongoing monitoring of these funds. The advisors believe that organizations that avoid global security risks and products that pose a clear danger to human health should benefit shareholders in terms of both risk and return in the long-term.

Specifically, the Balanced Fund will not invest in Companies that:

• Have an active business tie to Iran, Syria, Sudan or North Korea, all of which are U.S. State Department-designated terrorist sponsoring states, with the exception of companies whose activities in one or more of these countries are solely humanitarian. (Terror-Free Investing)
• Produce tobacco, tobacco products or other products that are found to pose a clear risk to human health.

Tributary Capital Management has an arrangement with a third party vendor to provide initial screening and ongoing monitoring of companies in Balanced Funds for the purpose of excluding companies from these funds that are subject to global security risk and meet the funds' exclusion criteria.

Interest rate risk: Changes in interest rates affect the value issued by or guaranteed by the U.S. government or other government agencies. Changes in interest rates also affect the value of the Fund’s futures contracts. When interest futures contracts, and the Fund’s shares will decline. A change in interest rates will also affect the amount of income the Fund generates.

You should consider your own investment goals, time horizon, and risk tolerance before investing in these Funds.