The performance of the Armada Tax Managed Equity for periods prior to its inception date of April 9, 1998 is that of predecessor common trust funds. The common trust funds were unregistered under the 1940 Act and therefore not subject to certain investment restrictions that may have adversely affected performance. The past performance of such common trust funds is separate and distinct from the performance of the Fund, and does not represent the past performance of the Fund.
The pre-tax returns for the Armada Tax Managed Equity Fund are calculated using the inception date of June 30, 1984 of the fund’s predecessor common trust fund. However, in accordance with an SEC mandate, the after-tax returns for this fund are based on actual inception dates. Consequently, the returns are based on different inception dates, creating a variance in their inception date return figures.
After-tax returns are calculated using the highest individual federal marginal income tax rates but do not reflect the impact of state, local or alternative minimum tax (AMT). Accordingly, some investors’ income may be subject to state and or local taxes, and certain investors may be subject to the federal alternative minimum tax (AMT). Actual after-tax returns will depend on an individual investor’s tax situation. Please consult your tax advisor for more information. The after-tax return calculations take into effect all applicable sales charges as described below.
Pre-liquidation are returns after taxes on distributions and post-liquidation are returns after taxes on distributions and sales of fund shares.
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* Effective August 31, 2004, the Board of Trustees has closed and liquidated the Armada Tax Managed Equity Fund. For further information, please contact your advisor or call 1-800-622-FUND (3863).
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.
