Large Cap Growth Fund

Fund Strategy

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

Under normal circumstances and market conditions, the Fund intends to invest at least 80% of its assets in the common stock of companies with market capitalizations of at least $5 billion. The Fund will generally hold a core position of between 20 and 50 holdings. Although the Fund retains the ability to invest in a relatively small number of stocks, the Fund's goal is to remain diversified.

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	320269723	FOLCX	7/2/07

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.