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How do distributions affect a fund’s Net Asset Value (NAV)? As a fund’s profits accumulate during the year, its NAV and share price will rise. When gains are paid out to shareholders, a Fund’s NAV will be reduced by the amount of the distribution. Example A shareholder owns 100 shares valued at $10/share on the record date. The account is worth $1,000. The Fund distributes capital gains equal to $2 per share or $200. As a result, the Fund’s NAV will fall to $8 per share on the ex-dividend date. The shareholder now owns 100 shares valued at $8 per share to total $800. When the $800 account value is added to the $200 in dividends the total account value is $1,000. If you reinvest the distribution, as many shareholders do, the number of shares in your account will increase and the total value of your account will remain constant. Capital gains are automatically reinvested unless you have specified otherwise. If you have questions about your individual situation, contact your plan administrator or a personal adviser, such as an accountant, attorney or other tax professional.

NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE

You should consider the investment objectives, risks, charges and expenses of the Armada Funds carefully before investing. A prospectus may be downloaded and viewed with this and other information about the Funds or may be obtained by contacting an investment professional or by calling 1-800-622-FUND (3863.) Please read it carefully before you invest or send money.

National City Investment Management Company (IMC) serves as investment adviser to Armada Funds for which it receives an investment advisory fee. Shares of Armada Funds are distributed by Professional Funds Distributor, LLC (PFD), 760 Moore Road, King of Prussia, PA 19406. PFD is not affiliated with IMC and is not a bank.