Growth Opportunities Fund

Fund Strategy

The investment objective of the Tributary Growth Opportunities Fund is long-term capital appreciation.

Under normal market conditions, the Fund invests primarily in common stocks of companies the adviser believes have the potential to grow earnings more rapidly than their competitors. The Fund may also invest up to 35% of its assets in preferred stocks and warrants. Holdings in the Fund are typically diversified across the major sectors. The Fund may invest in securities issued by companies with large, medium or small capitalizations.

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	320269772	FOGRX	11/30/1992
Institutional Plus	89609H605	FOGPX	10/14/2011

Socially Responsible

Tributary Capital Management, advisor to the Tributary Growth Opportunities Fund, applies what are commonly referred to as Socially Responsible Investing screens to the security selection and on-going monitoring of these funds. The advisor 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 Growth Opportunity 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 on-going monitoring of companies in the Growth Opportunities Fund for the purpose of excluding companies from this fund that are subject to global security risk and meet the fund's exclusion criteria.