Your Answer

What is a capital gain? Capital gains are profits from the sale of securities. A mutual fund investor may realize capital gains when a Fund sells securities or when you sell shares of a Fund or when both occur. When the Fund sells securities, the capital gains realized are passed through to shareholders as distributions. These amounts are reported to you and the IRS on Form 1099-DIV. When you sell or exchange mutual fund shares, you may realize a short- or long-term taxable capital gain or a capital loss. Current federal tax laws require that shares held for more than one year receive long-term capital gain or loss treatment, while shares held for less than one year receive short-term capital gain or loss treatment. Some states provide additional breaks on capital gains. Please consult your tax advisor for information regarding state-specific information. Redemptions of mutual fund shares are reported to you and the IRS on Form 1099-B. 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.