NOTICE: 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).
The Armada Tax Managed Equity Fund invests in large, established companies that are global leaders in their industries or emerging leaders in industries with attractive growth prospects. The management team employs a variety of tools and techniques to limit portfolio turnover and capital gains distributions.
For historical H Share performance, click here.
Performance of the Fund for the period prior to its inception on 4/09/98 is that of a predecessor common trust fund. The common trust was not registered under the 1940 Act and therefore not subject to investment restrictions that may have adversely affected performance. Performance of the common trust is separate and distinct from the Fund, and does not represent past performance of the Fund. Total returns reflect reinvestment of dividends, capital gains and deduction of applicable sales charges, operating expenses and fees. Returns also reflect a voluntary fee waiver of 0.25%. Without such a fee waiver, performance of the Fund would have been lower. Inception dates for Class A, B and C shares are 5/11/98, 5/04/98 and 1/10/00 respectively. All performance shown for each share class prior to each respective inception date is based on the performance of Class I shares, adjusted to reflect each share class’s fees, expenses and maximum sales charges. The pre-tax and after-tax returns have been provided for the post registration period of the Tax Managed Equity Fund. In accordance with an SEC mandate, after-tax returns have been presented in two ways: Pre-liquidation, which are returns after taxes on distributions, and Post-liquidation, which are returns after taxes on distributions and sale of fund shares. 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, for 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'’ tax situation. Please consult your tax advisor for more information.
The maximum sales charge for class A shares is 5.50%. Class B shares have a maximum contingent deferred sales charge of 5.00%. Class C shares do not have a front-end sales charge, but do have a 1.00% charge on the redemption of shares that are held for less than 18 months. Class R shares do not have a front-end sales charge, but do have a 0.75% charge on the redemption of shares that are held less than 18 months.
Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at www.armadafunds.com.
Tax Managed Equity Fund - Historical Quarterly Fund Fact Sheet -
A, B, C Shares, I Shares
PRE-TAX RETURNS FROM ORIGINAL INCEPTION DATE
The fund began operations as a common trust fund on June 30, 1984 and was converted to a registered mutual fund on April 9, 1998. The table below shows pre-tax returns for the fund calculated from the inception date of the predecessor common trust fund. Returns prior to April 9, 1998 represent those from the predecessor common trust fund.
AFTER-TAX RETURNS
After-tax returns are calculated using the historical highest individual federal income tax rate in effect at the time of each distribution, but do not reflect state and local taxes. If you own shares in a tax-deferred investment, such as an IRA or qualified retirement plan, this information is irrelevant because these accounts are not subject to current taxation.
Investment Objective
The Armada Tax Managed Equity Fund's investment objective is to provide capital appreciation while maximizing after tax returns.
as of 11/30/2004 (% of total net assets) Holdings are Subject to Change.
ARMADA MONEY MARKET FUND
100.00%
Investment Strategy
Earnings growth drives stock prices over time
Armada Tax Managed Equity Fund's managers believe that superior returns can be achieved by investing in companies, comparable to those in the Standard & Poor's 500 Composite Index (S&P 500 Index)*, that have above average earnings, predictability and stability. The managers work to minimize taxable gains by: keeping a low portfolio turnover, investing in companies that pay little or no dividend, selling depreciated securities to offset gains, and selling shares with a higher cost basis first. A proprietary quantitative model is used to evaluate all stocks before they are bought or sold.
Growth of a $10,000 Investment
Provides a graphical view of this Fund’s growth of $10,000 with an adjustment for sales charges and expenses,
where applicable from the Fund’s inception. The graph illustrates growth of principal including reinvestment of dividends and capital gains.
Economic Sector Weightings+
REGISTERED INVESTMENT COMPANY
100.00%
Index Comparison
Compare this fund’s performance, over various time periods, to the index of your choice. Just select the time period and index from the drop-down menus. Please keep in mind, the indexes shown are benchmarks for performance and direct investment is not possible.
Management Team
At Armada, specialization is the key to our investment management philosophy. Our portfolio managers and research analysts work in independent teams. Each team focuses on a single sector or investment style. Their dedication and clear focus are reflected in the unwavering style purity of our funds.
*The S&P 500 Composite Index, a widely-used, unmanaged index of 500 common stocks, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.
+The composition of the portfolio is as of 11/30/2004 and is for illustration purposes only. The composition of the portfolio is not a permanent reflection of the Fund. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets in large cap companies. Economic sector weightings may not total 100%.
† All market data and information is provided by Standard & Poor's and is for
informational purposes only. Armada does not guarantee that the information
supplied is accurate, complete or timely, or make any warranties regarding the
results obtained by its use.
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.
