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Fund Strategy

The investment objective of the Tributary Small Company Fund is long-term capital appreciation.

Under normal market conditions, the Fund invests primarily in common stocks and securities that are convertible into the common stocks of small-capitalization companies. The Fund's Adviser has defined a "small" market capitalization as less than $4 billion. The Fund expects most of these companies will have a market cap of $100 million to $3 billion. 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

Stocks of small-capitalization companies are more volatile and carry more risk than other forms of equity investments. The net asset value per share of this Fund will generally fluctuate more than the stock market, as measured by the S&P 500 Index. 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 investors who are willing to assume the greater risks and volatility associated with investments in smaller companies in order to seek potentially greater returns.

Fund Facts

Class Cusip Ticker Inception
Institutional 320269764 FOSCX 6/10/1996
Institutional Plus 89609H704 FOSBX 12/17/2010

The Fund may invest in small, less well-known companies, which may be subject to more erratic market movements than large-cap stocks 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.