Your Answer

What is the difference between a long-term gain and a short-term gain? Long-term gains are gains on securities that are held by the fund for more than 12 months. Long-term capital gains are taxed at 20% for shareholders whose federal tax bracket is 28% or higher, and 10% for those in the 15% tax bracket. Short-term gains are gains on securities that are held for one year or less. Short-term gains are taxed as ordinary income at the taxpayer’s appropriate tax rate. Shareholders should consult a tax advisor to determine the tax implications for their situation. 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.