International Equity Fund

Fund Strategy

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

This Fund seeks to provide long-term capital appreciation by investing primarily in common stocks and other equity securities of non-U.S. and non-Canadian issuers with market capitalizations of over $300 million. In constructing the Fund's portfolio and selecting individual securities, the Fund's investment sub-adviser will select securities based on its broad strategic regional and sector views. These views are formed based on a fundamental analysis of the regions and sectors together with the sub-adviser's company level research and meetings with the companies' management. As a result of this approach, the investment sub-adviser will invest in value or growth stocks at different points in the economic cycle.

Risk / Return Considerations

It's important that prospective investors realize the potential volatility of international investments. They must also understand the potential impact of foreign political and economic events as well as the effect of fluctuation in foreign currency values.

Investor Profile

The Fund may be appropriate for investors saving for retirement seeking maximized returns over the long-term, rather than those planning to use the money during the next several years.

Fund Facts

Class	Cusip	Ticker	Inception Date
Institutional	320269731	FFITX	5/30/02

The Fund may invest in small, less well-known companies, which may be subject to more erratic market movements than large-cap stocks; foreign securities, which are subject to currency fluctuations and political uncertainty; and derivative securities, which may carry market, credit, and liquidity risks. These risks may result in greater share price volatility.

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