Core Equity Fund

Fund Strategy

The investment objective of the Tributary Core Equity Fund is long-term capital appreciation.

The Fund normally invests primarily in common stocks and securities that are convertible into the common stocks of large capitalization companies. The Fund's investment adviser uses a value-oriented investment approach, looking for companies whose stock is trading below what the adviser considers its intrinsic value.

Risk / Return Considerations

Equity securities are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments.

Investor Profile

This Fund is designed for those who are comfortable with the stock market and who are prepared to accept the principal risk involved.

Fund Facts

Class	Cusip	Ticker	Inception Date
Institutional	320269780	FOEQX	1/31/75
Institutional Plus	89609H407	FOEPX	8/1/10*
*Fund has not yet commenced operations

The Fund may invest in mid-capitalization, less well-known companies, which may be subject to more risk than large-cap stocks.

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