CAPITAL ONE CAPITAL APPRECIATION FUND
                    [formerly Hibernia Capital Appreciation Fund]


RETAIL CLASS A A...
CAPITAL ONE CAPITAL APPRECIATION FUND                                                                                  OBJ...
CAPITAL ONE LOUISIANA MUNICIPAL
                 INCOME FUND
                [formerly Hibernia Louisiana Municipal Income...
CAPITAL ONE LOUISIANA MUNICIPAL                                                                      OBJECTIVE
           ...
CAPITAL ONE MID CAP EQUITY FUND
                      [formerly Hibernia Mid Cap Equity Fund]


RETAIL CLASS A AND B SHARE...
OBJECTIVE
        CAPITAL ONE MID CAP EQUITY FUND                                                                       To...
CAPITAL ONE TOTAL RETURN BOND FUND
                      [formerly Hibernia Total Return Bond Fund]


RETAIL SHARES       ...
CAPITAL ONE TOTAL RETURN BOND FUND                                                                       OBJECTIVE
       ...
CAPITAL ONE U.S. GOVERNMENT INCOME FUND
                    [formerly Hibernia U.S. Government Income Fund]


RETAIL SHARE...
CAPITAL ONE U.S. GOVERNMENT INCOME FUND                                                              OBJECTIVE
           ...
CAPITAL ONE MONEY MARKET FUNDS
                         [formerly Hibernia Money Market Funds]


RETAIL SHARES            ...
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Transcript of "CAPITAL ONE CAPITAL APPRECIATION FUND"

  1. 1. CAPITAL ONE CAPITAL APPRECIATION FUND [formerly Hibernia Capital Appreciation Fund] RETAIL CLASS A AND B SHARES 3RD QUARTER 2007 ABOUT THE INVESTMENT MANAGER SECTOR ALLOCATION as of 9/30/07 (subject to change) Financial 19.1% The Capital One Funds [formerly Technology 16.4% Hibernia Funds] are managed by Health 11.8% experienced investment professionals Industrial 12.3% at Capital One Asset Management, Discretionary 8.8% LLC [formerly Hibernia Bank], who Energy 11.3% have been helping people pursue their Staples 8.9% financial goals for more than 70 years. Utility 3.9% Today, Capital One Asset Management, Telecommunications 3.7% LLC investment decision making is at Materials 3.8% work for $3.5 billion in client assets. 0% 5% 10% 15% 20% Investors have entrusted approximately As part of Capital One Asset Management’s risk controlled process, the Fund targets $822 million to the Capital One Funds, sector neutrality in regards to the benchmark. which are managed through prudent, TOP TEN HOLDINGS as of 9/30/07 (subject to change) disciplined decision-making by local, COMPANY % of portfolio accessible portfolio managers. Exxon Mobil Corp. 3.2 PORTFOLIO MANAGER Apple Computer, Inc. 3.2 ConocoPhillips 3.0 MARTIN SIRERA McKesson Corp. 2.6 Equity Strategist Nokia Corp. 2.5 Coca-Cola Co. 2.4 Martin is Vice President and Portfolio Johnson & Johnson 2.4 McDermott International, Inc. 2.3 Manager with more than 13 years Chubb Corp. 2.2 investment experience. He manages Public Service Enterprise Group, Inc. 2.2 the Capital One Mid Cap Equity Fund, Capital One Capital Appreciation Fund, CAPITAL ONE MUTUAL FUND FAMILY as well as portfolios of high net worth [formerly Hibernia Funds] individuals and institutions. Martin is The Capital One Funds give you HIGHER • Capital One Mid Cap Equity Fund a CFA Charterholder and holds a B.S. a wide range of investment • Capital One Capital Appreciation Fund degree in Finance from the University choices—from conservative to • Capital One Total Return Bond Fund Potential Risk/Return of New Orleans. Martin has served aggressive. • Capital One Louisiana Municipal Income Fund as President of the Financial Analysts Special Features: • Capital One U.S. Government of New Orleans, is a member of the Systematic Investment Program† Income Fund Systematic Exchange Program • Capital One Cash Reserve Fund Association for Investment Management Systematic Withdrawal Program • Capital One U.S. Treasury and Research (AIMR), and has served as Available for IRAs Money Market Fund LOWER a grader for AIMR’s Chartered Financial Analyst Exams. He was previously † Systematic investing does not guarantee profit or protect against loss in down markets. employed as a portfolio manager at a The percentages are based on net assets at the close of business on September 30, 2007 and may not necessarily reflect adjustments that are routinely made when presenting net assets major southeastern financial institution for formal financial statement purposes. and at a major Louisiana bank. This material must be preceded or accompanied by a prospectus. An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Funds can be found in the Fund’s prospectus. To obtain more information, please call 1-800-999-0426. Please read the prospectus carefully before investing.
  2. 2. CAPITAL ONE CAPITAL APPRECIATION FUND OBJECTIVE Growth of capital and income [formerly Hibernia Capital Appreciation Fund] THIS FUND MAY BE RIGHT FOR YOU IF . . . RETAIL CLASS A AND B SHARES 3RD QUARTER 2007 • You have long-term financial goals • You want your money to grow over FUND PERFORMANCE RECORD as of 9/30/07 time Assumes a $10,000 investment in the Class A Shares at NAV* • You are comfortable with a moderately aggressive approach to $30,000 investing $25,000 PORTFOLIO FOCUS Stocks issued by high-quality U.S. $20,000 $18,087 companies across the business and industrial sectors that make up the $15,000 Standard & Poor’s 500.1 $10,000 STRATEGY The Fund’s management is based on $5,000 09/97 12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 09/07 our core belief that fundamentals drive stock prices over the long term, but Performance data quoted represents past performance which is no guarantee of future results. short-term divergences can lead to The above graph assumes an initial hypothetical investment of $10,000 from 9/30/97 to 9/30/07 opportunities. Our research focuses and includes changes in share price, reinvestment of dividends and capital gains. The calculation on quantifiable factors, such as value, does not assume the 4.5% maximum sales charge applicable to Class A Shares. Performance has growth, momentum and quality not been adjusted to reflect any applicable sales charges. If sales charges had been included, measures that that are indicative performance would have been lower. of future out-performance. The resulting portfolio with favorable characteristics is poised to out-perform PERFORMANCE as of 9/30/07 its benchmarks. AGGREGATE AVERAGE ANNUAL TOTAL RETURN 3-Month YTD 1-Year 3-Year 5-Year 10-Year DIVIDENDS/CAPITAL GAINS Class A (Inception 10/14/88) Dividends are declared and paid NAV* 1.70% 10.29% 17.32% 12.56% 13.96% 6.11% quarterly; capital gains, if any, are paid Load (4.5% Max) -2.88% 5.34% 12.07% 10.86% 12.91% 5.62% at least annually. Class B (Inception 12/2/96) MINIMUM INVESTMENT Without CDSC 1.58% 9.73% 16.48% 11.73% 13.11% 5.48% The minimum initial investment is just With Max CDSC** (5.5%) -3.92% 4.70% 11.83% 10.79% 12.86% 5.48% $1,000. Additional investments can be made in amounts of $100 or more. Gross Expense Ratio Class A 1.20% Class B 1.95% TWO PURCHASE OPTIONS Past performance does not guarantee future results. The performance data quoted Class A Shares represents past performance and current returns may be lower or higher. The investment • 4.5% up-front sales charge return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to Class B Shares the most recent month end, and after-tax returns call 1-800-999-0426. • No up-front sales charge; contingent *NAV (Net Asset Value) has not been adjusted to reflect any applicable sales charges. deferred sales charge of 5.5%, **CDSC (contingent deferred sales charge) maximum of 5.5% is reflected in the returns presented reduces on a sliding scale to zero if for periods of one year or less. you remain invested for more than six years. FUND INFORMATION ASSETS INVESTMENT CONCERNS Equity securities (stocks) are more Cusip Number: Class A 14041W101 Class A $177.1 million Class B 14041W200 Class B $4.6 million volatile and carry more risk than Ticker Symbol: Class A CWRSX other forms of investments, including Class B COCAX investments in high grade fixed income Newspaper Symbol: Class A CapAp securities. The net asset value per Class B CapApB share of this Fund will fluctuate as the value of the securities in the portfolio changes. 1 The S&P 500 Index is an unmanaged index of common stocks. Investments cannot be made in an index. Capital One Asset Management, LLC is the investment adviser and Capital One, N.A. is the custodian to the Capital One Funds and receives compensation for these services. Foreside Distrbution Services, L.P is the distributor of the Capital One Funds. . Investments: • Not FDIC Insured • No Bank Guarantee • May Lose Value G02564-02 (10/07)
  3. 3. CAPITAL ONE LOUISIANA MUNICIPAL INCOME FUND [formerly Hibernia Louisiana Municipal Income Fund] RETAIL CLASS A AND B SHARES 3RD QUARTER 2007 ABOUT THE INVESTMENT MANAGER PORTFOLIO QUALITY RATINGS§ as of 9/30/07 (subject to change) AA Bonds (2.2%) A (6.8%) The Capital One Funds [formerly Hibernia Funds] are managed by experienced investment professionals at Capital One Asset Management, LLC [formerly Hibernia Bank], who have been helping people pursue their financial goals for more than 70 years. Today, Capital One Asset Management, AAA Bonds (91.0%) LLC investment decision making is at work for $3.5 billion in client assets. PORTFOLIO COMPOSITION as of 9/30/07 (subject to change) Investors have entrusted approximately % of portfolio $822 million to the Capital One Funds, which are managed through prudent, Local Government - Revenue 42.6 disciplined decision-making by local, Public School - General Obligations 17.1 Industrial Revenue 10.7 accessible portfolio managers. Higher Education 8.1 Local Government - General Obligations 7.8 PORTFOLIO MANAGERS Housing Revenue 5.4 Craig Kercho, Vice President and Municipal Utility Revenue 5.0 Hospital Revenue 2.6 Portfolio Manager, has been actively Cash 0.7 involved in investment management and securities trading for more than 25 CAPITAL ONE MUTUAL FUND FAMILY years. Mr. Kercho is a CFA charter holder [formerly Hibernia Funds] and received his B.B.A. degree from The HIGHER The Capital One Funds give you University of Texas at Austin. a wide range of investment • Capital One Mid Cap Equity Fund Potential Risk/Return choices—from conservative to • Capital One Capital Appreciation Fund aggressive. • Capital One Total Return Bond Fund Paul Teten, Vice President and Chief • Capital One Louisiana Municipal Fixed Income Strategist, has more than Special Features: Income Fund Systematic Investment Program† • Capital One U.S. Government 25 years of investment management Systematic Exchange Program Income Fund experience. Mr. Teten is a CFA Systematic Withdrawal Program • Capital One Cash Reserve Fund Available for IRAs • Capital One U.S. Treasury charterholder and received his B.B.A. LOWER Money Market Fund and M.B.A. from The University of Texas § Portfolio quality ratings are based on Standard and Poor’s ratings. at Austin. † Systematic investing does not guarantee profit or protect against loss in down markets. The percentages are based on net assets at the close of business on September 30, 2007 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. This material must be preceded or accompanied by a prospectus. An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Funds can be found in the Fund’s prospectus. To obtain more information, please call 1-800-999-0426. Please read the prospectus carefully before investing.
  4. 4. CAPITAL ONE LOUISIANA MUNICIPAL OBJECTIVE Current income, generally exempt from INCOME FUND federal regular and Louisiana personal [formerly Hibernia Louisiana Municipal Income Fund] income taxes† THIS FUND MAY BE RETAIL CLASS A AND B SHARES 3RD QUARTER 2007 RIGHT FOR YOU IF . . . • You are a tax-sensitive Louisiana resident FUND PERFORMANCE RECORD as of 9/30/07 • You want a high-quality investment Assumes a $10,000 investment in the Class A Shares at NAV* PORTFOLIO FOCUS $20,000 Bonds issued by Louisiana municipalities. $17,000 STRATEGY $15,746 Quality is a major element of the Fund’s $14,000 strategy. The Fund’s management focuses on bonds rated in the highest category $11,000 (AAA by Standard & Poor’s Rating Group or Aaa by Moody’s Investors Service), $8,000 although the Fund may invest in bonds rated BBB/Baa.1 Further quality is provided $5,000 by municipal bonds insured to cover the 09/9712/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 09/07 timely payment of principal and interest, or Performance data quoted represents past performance which is no guarantee of future results. municipal bonds collateralized, or backed, The above graph assumes an initial hypothetical investment of $10,000 from 9/30/97 to 9/30/07 by U.S. Treasury or government obligations.2 and includes changes in share price, reinvestment of dividends and capital gains. The calculation does not assume the 3.0% maximum sales charge applicable to Class A Shares. Performance has DIVIDENDS/CAPITAL GAINS not been adjusted to reflect any applicable sales charges. If sales charges had been included, Dividends are declared and paid monthly; performance would have been lower. capital gains, if any, are paid at least annually. MINIMUM INVESTMENT PERFORMANCE as of 9/30/07 The minimum initial investment is just AGGREGATE AVERAGE ANNUAL TOTAL RETURN $1,000. Additional investments can be Since made in amounts of $100 or more. 3-Month YTD 1-Year 3-Year 5-Year 10-Year Inception TWO PURCHASE OPTIONS Class A (Inception 10/14/88) NAV* 2.12% 2.55% 3.20% 2.97% 3.26% 4.64% 5.99% Class A Shares Load (3.0% Max) -0.98% -0.51% 0.14% 1.94% 2.63% 4.33% 5.82% • 3.0% up-front sales charge Class B (Inception 11/14/01) Class B Shares Without CDSC 1.80% 1.82% 2.24% 2.10% 2.40% — ­ 3.01% • No up-front sales charge; contingent With Max CDSC** (5.5%) -3.70% -3.66% -3.21% 0.88% 2.06% — 2.87% deferred sales charge of 5.5%, reduces on a sliding scale to zero if you remain Gross Expense Ratio Class A 1.05% invested for more than six years. Class B 1.80% 30-Day SEC Yield3 Taxable Yield Equivalent4 INVESTMENT CONCERNS Class A Offer 3.63% Class A Offer 5.50% The geographical concentration of Class B NAV 2.89% Class B NAV 4.38% portfolio holdings in this Fund may involve increased risk. The Fund’s income may be Past performance does not guarantee future results. The performance data quoted subject to certain state and local taxes represents past performance and current returns may be lower or higher. The investment and, depending on your tax status, the return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to federal alternative minimum tax. Bonds the most recent month end, and after-tax returns call 1-800-999-0426. offer a relatively stable level of income, The Fund’s previous distributor has voluntarily agreed to limit the fees for the Class A and Class although bond prices will fluctuate B Shares for the fiscal year ended August 31, 2006. Had this waiver not been in effect, the providing the potential for principal performance would have been lower. The net expense ratio for Class A is 0.69% and Class B is gain or loss. Intermediate-term, higher- 1.54%. Voluntary fee waivers may be discontinued at any time. quality bonds generally offer less risk than *NAV (Net Asset Value) has not been adjusted to reflect any applicable sales charges. longer-term bonds and a lower rate of **CDSC (contingent deferred sales charge) of 5.5% is reflected in the returns presented for periods return. The Fund is subject to the risk that of one year or less. principal value reacts in opposition to the 3 The unsubsidized 30-Day SEC yield would have been 3.32% at Offer for Class A and 2.57% at NAV movement of interests rates and that a for Class B. rising interest rate environment increases 4 Based on 34% combined federal & Louisiana state tax bracket. the risk of loss of principal. 1 Ratings only pertain to the securities in the portfolio and FUND INFORMATION ASSETS do not protect against market risk of the Fund shares. Cusip Number: Class A 14041W507 Class A $47.4 million 2 Insurance and government guarantees pertain Class B 14041W606 Class B $1.9 million only to the timely payment of principal and Ticker Symbol: Class A CLMIX interest of the securities in the portfolio and do Class B CLAMX AVERAGE MATURITY not protect against market loss. No assurance is made as to any insurer’s ability to meet its Newspaper Symbol: Class A LA Mun 6.19 Years commitments. Please see the prospectus, which Class B LA MunB more fully describes the terms of insurance. Capital One Asset Management, LLC is the investment adviser and Capital One, N.A. is the custodian to the Capital One Funds and receives compensation for these services. Foreside Distrbution Services, L.P is the distributor of the Capital One Funds. . Investments: • Not FDIC Insured • No Bank Guarantee • May Lose Value G02564-04 (10/07)
  5. 5. CAPITAL ONE MID CAP EQUITY FUND [formerly Hibernia Mid Cap Equity Fund] RETAIL CLASS A AND B SHARES 3RD QUARTER 2007 ABOUT THE INVESTMENT MANAGER SECTOR ALLOCATION as of 9/30/07 (subject to change) Financial 13.5% The Capital One Funds [formerly Technology 14.7% Hibernia Funds] are managed by Health 12.6% experienced investment professionals Industrial 21.3% at Capital One Asset Management, Discretionary 11.9% LLC [formerly Hibernia Bank], who Energy 7.8% have been helping people pursue their Staples 3.2% financial goals for more than 70 years. Utility 7.8% Today, Capital One Asset Management, Telecommunications 0.6% LLC investment decision making is at Materials 6.6% work for $3.5 billion in client assets. 0% 5% 10% 15% 20% 25% Investors have entrusted approximately As part of Capital One Asset Management’s risk controlled process, the Fund targets $822 million to the Capital One Funds, sector neutrality in regards to the benchmark. which are managed through prudent, TOP TEN HOLDINGS as of 9/30/07 (subject to change) disciplined decision-making by local, COMPANY % of portfolio accessible portfolio managers. Cummins, Inc. 3.1 PORTFOLIO MANAGER SEI Investments Co. 2.4 Granite Construction, Inc. 2.0 MARTIN SIRERA Tesoro Corp. 2.0 Equity Strategist Celanese Corp. 1.9 Joy Global, Inc. 1.9 Martin is Vice President and Portfolio Semtech Corp. 1.9 Avnet, Inc. 1.9 Manager with a total of 13 years Tidewater, Inc. 1.9 investment experience. He manages Commscope, Inc. 1.8 the Capital One Mid Cap Equity Fund, Capital One Capital Appreciation Fund, CAPITAL ONE MUTUAL FUND FAMILY [formerly Hibernia Funds] as well as portfolios of high net worth individuals and institutions. Martin is The Capital One Funds give you HIGHER • Capital One Mid Cap Equity Fund a CFA Charterholder and holds a B.S. a wide range of investment • Capital One Capital Appreciation Fund choices—from conservative to • Capital One Total Return Bond Fund degree in Finance from the University Potential Risk/Return aggressive. • Capital One Louisiana Municipal of New Orleans. Martin has served Income Fund Special Features: • Capital One U.S. Government as President of the Financial Analysts Systematic Investment Program† Income Fund of New Orleans, is a member of the Systematic Exchange Program • Capital One Cash Reserve Fund Association for Investment Management Systematic Withdrawal Program • Capital One U.S. Treasury Available for IRAs Money Market Fund and Research (AIMR), and has served as LOWER a grader for AIMR’s Chartered Financial † Systematic investing does not guarantee profit or protect against loss in down markets. Analyst Exams. He was previously The percentages are based on net assets at the close of business on September 30, 2007 and employed as a portfolio manager at a may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. major southeastern financial institution This material must be preceded or accompanied by a prospectus. An investor should consider and at a major Louisiana bank. the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Funds can be found in the Fund’s prospectus. To obtain more information, please call 1-800-999-0426. Please read the prospectus carefully before investing.
  6. 6. OBJECTIVE CAPITAL ONE MID CAP EQUITY FUND Total return [formerly Hibernia Mid Cap Equity Fund] THIS FUND MAY BE RIGHT FOR YOU IF . . . • You have long-term financial goals RETAIL CLASS A AND B SHARES 3RD QUARTER 2007 • You want to diversify your stock FUND PERFORMANCE RECORD as of 9/30/07 holdings beyond large companies Assumes a $10,000 investment in the Class A Shares at NAV* • You’re comfortable with a relatively aggressive approach to investing $40,000 PORTFOLIO FOCUS $35,000 Stocks issued by mid-size companies with $30,000 $28,143 market capitalizations (total stock value) $25,000 of between $500 million and $10 billion. $20,000 STRATEGY $15,000 The Fund’s management is based on our $10,000 core belief that fundamentals drive stock $5,000 prices over the long term, but short-term 09/97 12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 09/07 divergences can lead to opportunities. Our research focuses on quantifiable Performance data quoted represents past performance which is no guarantee of future results. factors, such as value, growth, The above graph assumes an initial hypothetical investment of $10,000 from 9/30/97 to 9/30/07 momentum and quality measures and includes changes in share price, reinvestment of dividends and capital gains. The calculation that that are indicative of future out- does not assume the 4.5% maximum sales charge applicable to Class A Shares. Performance has not been adjusted to reflect any applicable sales charges. If sales charges had been included, performance. The resulting portfolio with performance would have been lower. favorable characteristics is poised to out- perform its benchmarks. PERFORMANCE as of 9/30/07 DIVIDENDS/CAPITAL GAINS AGGREGATE AVERAGE ANNUAL TOTAL RETURN Dividends are declared and paid quarterly; capital gains, if any, are paid at Since 3-Month YTD 1-Year 3-Year 5-Year 10-Year Inception least annually. Class A (Inception 5/1/86) MINIMUM INVESTMENT NAV* -3.02% 7.87% 15.32% 14.59% 16.36% 10.90% 12.53% The minimum initial investment is just Load (4.5% Max) -7.41% 2.99% 10.13% 12.84% 15.30% 10.39% 12.30% $1,000. Additional investments can be Class B (Inception 7/13/98) made in amounts of $100 or more. Without CDSC -3.23% 7.22% 14.40% 13.74% 15.51% — ­ 9.78% With Max CDSC** (5.5%) -8.55% 1.72% 8.90% 12.70% 15.28% — 9.78% TWO PURCHASE OPTIONS Class A Shares Gross Expense Ratio Class A 1.24% • 4.5% up-front sales charge Class B 1.99% Past performance does not guarantee future results. The performance data quoted Class B Shares represents past performance and current returns may be lower or higher. The investment • No up-front sales charge; contingent return and principal value will fluctuate so that an investor’s shares, when redeemed may deferred sales charge of 5.5%, reduces be worth more or less than the original cost. To obtain performance information current to the most recent month end, and after-tax returns call 1-800-999-0426. on a sliding scale to zero if you remain The Capital One Mid Cap Equity Fund is the successor to a collective trust fund. The performance invested for more than six years. quoted includes the performance of the collective trust fund for periods before the Fund’s registration statement became effective on June 8, 1998. Performance has been adjusted to reflect INVESTMENT CONCERNS the Funds’ estimated expenses. The collective trust fund was not registered under the Investment Mid capitalization funds typically carry Company Act of 1940 (“1940 Act”) and, therefore, was not subject to certain investment restrictions additional risks since smaller companies imposed by the 1940 Act. If the collective trust fund had been registered under the 1940 Act, the generally have a higher risk of failure. performance may have been adversely affected. Equity securities (stocks) are more volatile *NAV (Net Asset Value) has not been adjusted to reflect any applicable sales charges. and carry more risk than other forms of **CDSC (contingent deferred sales charge) of 5.5% is reflected in the returns presented for periods of one year or less. investments, including investments in high-grade fixed income securities. The FUND INFORMATION ASSETS net asset value per share of this Fund will Cusip Number: Class A 14041W705 Class A $160.9 million fluctuate as the value of the securities in Class B 14041W804 Class B $3.1 million the portfolio changes. Common stocks, Ticker Symbol: Class A CMCEX and funds investing in common stocks, Class B CMCPX generally provide greater return potential Newspaper Symbol: Class A MidCap when compared with other types of Class B MidCapB investments. Capital One Asset Management, LLC is the investment adviser and Capital One, N.A. is the custodian to the Capital One Funds and receives compensation for these services. Foreside Distrbution Services, L.P is the distributor of the Capital One Funds. . Investments: • Not FDIC Insured • No Bank Guarantee • May Lose Value G02564-01 (10/07)
  7. 7. CAPITAL ONE TOTAL RETURN BOND FUND [formerly Hibernia Total Return Bond Fund] RETAIL SHARES 3RD QUARTER 2007 ABOUT THE INVESTMENT MANAGER PORTFOLIO QUALITY RATINGS§ as of 9/30/07 (subject to change) BBB (1.1%) AA Bonds (7.1%) The Capital One Funds [formerly A Bonds (11.6%) Hibernia Funds] are managed by experienced investment professionals at Capital One Asset Management, U.S. Government Agencies LLC [formerly Hibernia Bank], who Including Mortgage AAA Bonds (16.3%) Obligations (63.9%) have been helping people pursue their financial goals for more than 70 years. Today, Capital One Asset Management, LLC investment decision making is at work for $3.5 billion in client assets. Investors have entrusted approximately PORTFOLIO COMPOSITION as of 9/30/07 (subject to change) $822 million to the Capital One Funds, % of portfolio which are managed through prudent, disciplined decision-making by local, Residential Mortgage-Backed Securities 39.0 accessible portfolio managers. Corporate Bonds 20.7 U.S. Government Agency Securities 15.6 Commercial Mortgage-Backed Securities 11.4 PORTFOLIO MANAGERS U.S. Treasury Securities 9.7 Craig Kercho, Vice President and Cash 3.6 Portfolio Manager, has been actively involved in investment management and securities trading for more than 25 CAPITAL ONE MUTUAL FUND FAMILY [formerly Hibernia Funds] years. Mr. Kercho is a CFA charter holder and received his B.B.A. degree from The The Capital One Funds give you HIGHER • Capital One Mid Cap Equity Fund University of Texas at Austin. a wide range of investment • Capital One Capital Appreciation Fund choices—from conservative to • Capital One Total Return Bond Fund Potential Risk/Return aggressive. • Capital One Louisiana Municipal Paul Teten, Vice President and Chief Income Fund Fixed Income Strategist, has more than Special Features: • Capital One U.S. Government 25 years of investment management Systematic Investment Program† Income Fund Systematic Exchange Program • Capital One Cash Reserve Fund experience. Mr. Teten is a CFA Systematic Withdrawal Program • Capital One U.S. Treasury charterholder and received his B.B.A. Available for IRAs Money Market Fund and M.B.A. from The University of Texas LOWER at Austin. § Portfolio quality ratings are based on Standard and Poor’s ratings. † Systematic investing does not guarantee profit or protect against loss in down markets. Dina Mabasa, Vice President and The percentages are based on net assets at the close of business on September 30, 2007 and Portfolio Manager, has been in the may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. investment management business This material must be preceded or accompanied by a prospectus. An investor should consider for more than 20 years. Ms. Mabasa the Fund’s investment objectives, risks, and charges and expenses carefully before investing received her B.B.A. from The University or sending money. This and other important information about the Funds can be found in the Fund’s prospectus. To obtain more information, please call 1-800-999-0426. Please read the of Houston. prospectus carefully before investing. Gilbert Braunig, Assistant Vice President and Fixed Income Analyst, is a CFA charterholder and received his B.S. degree in Business Administration from Babson College.
  8. 8. CAPITAL ONE TOTAL RETURN BOND FUND OBJECTIVE Maximize total return; total return [formerly Hibernia Total Return Bond Fund] consists of both income and capital appreciation RETAIL SHARES 3RD QUARTER 2007 THIS FUND MAY BE RIGHT FOR YOU IF . . . FUND PERFORMANCE RECORD as of 9/30/07 • You are a moderate-risk investor Assumes a $10,000 investment in the Fund’s Class A Shares who seeks income • You are comfortable with a more $20,000 aggressive approach to income • You prefer an investment focus on $17,000 bonds $15,718 $14,000 PORTFOLIO FOCUS Bonds issued by the U.S. government $11,000 and U.S. government agencies, and asset-backed securities and bonds $8,000 issued by U.S. corporations rated BBB/ $5,000 Baa or better by Standard & Poor’s 09/97 12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 09/07 Rating Group/Moody’s Investors Service.2 Performance data quoted represents past performance which is no guarantee of future results. The above graph assumes an initial hypothetical investment of $10,000 from 9/30/97 STRATEGY to 9/30/07 and includes changes in share price, reinvestment of dividends and capital gains. The Based on an outlook of the economy calculation does not assume the 3.0% maximum sales charge applicable to the Fund’s Shares. and interest rates, the portfolio Performance has not been adjusted to reflect any applicable sales charges. If sales charges had manager adjusts the portfolio’s mix been included, performance would have been lower. of U.S. government and corporate securities and its average maturity. PERFORMANCE as of 9/30/07 The portfolio reflects the mix of securities that the manager believes AGGREGATE AVERAGE ANNUAL TOTAL RETURN offers an excellent combination of 3-Month YTD 1-Year 3-Year 5-Year 10-Year quality, yield potential and value. Class A (Inception 11/2/92) NAV* 2.78% 3.13% 4.19% 2.84% 2.78% 4.63% DIVIDENDS/CAPITAL GAINS Load (3.0% Max) -0.35% 0.05% 1.08% 1.79% 2.15% 4.31% Dividends are declared and paid monthly; capital gains, if any, are Gross Expense Ratio 1.07% paid at least annually. 30-Day SEC Yield (Offer) 1 4.49% MINIMUM INVESTMENT Past performance does not guarantee future results. The performance data quoted The minimum initial investment is represents past performance and current returns may be lower or higher. The investment just $1,000. Additional investments return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to can be made in amounts of $100 or the most recent month end, and after-tax returns call 1-800-999-0426. more. The Fund’s previous distributor has voluntarily agreed to limit the fees for the Fund’s Shares for the fiscal year ended August 31, 2006. Had this waiver not been in effect, the performance would INVESTMENT CONCERNS have been lower. The net expense ratio is 0.80%. Voluntary fee waivers may be discontinued at Bonds offer a relatively stable level any time. of income, although bond prices will Performance quoted is pre-tax. For after-tax returns, please call 1-800-999-0426. fluctuate providing the potential for *NAV (Net Asset Value) has not been adjusted to reflect any applicable sales charges. principal gain or loss. Intermediate- 1 The unsubsidized 30-Day SEC yield would have been 4.08% at Offer. term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. The Fund FUND INFORMATION ASSETS is subject to the risk that principal value reacts in opposition to the Cusip Number: 14041W887 $34.9 million movement of interests rates and that Ticker Symbol: CTRBX AVERAGE MATURITY a rising interest rate environment increases the risk of loss of principal. Newspaper Symbol: TotalRet 6.40 Years 2 Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk. Capital One Asset Management, LLC is the investment adviser and Capital One, N.A. is the custodian to the Capital One Funds and receives compensation for these services. Foreside Distrbution Services, L.P is the distributor of the Capital One Funds. . Investments: • Not FDIC Insured • No Bank Guarantee • May Lose Value G02564-03 (10/07)
  9. 9. CAPITAL ONE U.S. GOVERNMENT INCOME FUND [formerly Hibernia U.S. Government Income Fund] RETAIL SHARES 3RD QUARTER 2007 ABOUT THE INVESTMENT MANAGER PORTFOLIO COMPOSITION as of 9/30/07 (subject to change) Corporate Bonds (2.6%) Cash Equivalents (0.9%) The Capital One Funds [formerly Hibernia Funds] are managed by experienced investment professionals U.S. Treasury Notes (22.0%) at Capital One Asset Management, LLC [formerly Hibernia Bank], who Mortgage Backed Securities (37.5%) have been helping people pursue their financial goals for more than 70 years. U.S. Government Today, Capital One Asset Management, Agencies (37.0%) LLC investment decision making is at work for $3.5 billion in client assets. Investors have entrusted approximately TOP FIVE HOLDINGS as of 9/30/07 (subject to change) $822 million to the Capital One Funds, STATED which are managed through prudent, SECURITY COUPON MATURITY % OF PORTFOLIO disciplined decision-making by local, accessible portfolio managers. U.S. T-Notes 4.75% 5/15/2014 5.7 FNMA Pass-Thru Int 15 Year 5.00% 9/1/2020 4.9 PORTFOLIO MANAGERS FNMA Pass-Thru 5.50% 4/1/2021 4.4 Dina Mabasa, Vice President and U.S. T-Notes 5.13% 5/15/2016 4.1 Portfolio Manager, has been in the U.S. T-Notes 6.50% 2/15/2010 3.3 investment management business for more than 20 years. Ms. Mabasa received her B.B.A. from The University CAPITAL ONE MUTUAL FUND FAMILY of Houston. [formerly Hibernia Funds] The Capital One Funds give you HIGHER • Capital One Mid Cap Equity Fund Paul Teten, Vice President and Chief a wide range of investment • Capital One Capital Appreciation Fund Fixed Income Strategist, has more than choices—from conservative to • Capital One Total Return Bond Fund Potential Risk/Return 25 years of investment management aggressive. • Capital One Louisiana Municipal Income Fund experience. Mr. Teten is a CFA Special Features: • Capital One U.S. Government charterholder and received his B.B.A. Systematic Investment Program† Income Fund and M.B.A. from The University of Texas Systematic Exchange Program • Capital One Cash Reserve Fund Systematic Withdrawal Program • Capital One U.S. Treasury at Austin. Available for IRAs Money Market Fund LOWER Craig Kercho, Vice President and † Systematic investing does not guarantee profit or protect against loss in down markets. Portfolio Manager, has been actively The percentages are based on net assets at the close of business on September 30, 2007 and involved in investment management may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. and securities trading for more than 25 This material must be preceded or accompanied by a prospectus. An investor should consider years. Mr. Kercho is a CFA charter holder the Fund’s investment objectives, risks, and charges and expenses carefully before investing and received his BBA degree from The or sending money. This and other important information about the Funds can be found in the Fund’s prospectus. To obtain more information, please call 1-800-999-0426. Please read the University of Texas at Austin. prospectus carefully before investing. U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio Gilbert Braunig, Assistant Vice and not the Fund’s shares. President and Fixed Income Analyst, is a CFA charterholder and received his B.S. degree in Business Administration from Babson College.
  10. 10. CAPITAL ONE U.S. GOVERNMENT INCOME FUND OBJECTIVE [formerly Hibernia U.S. Government Income Fund] Current income THIS FUND MAY BE RETAIL SHARES 3RD QUARTER 2007 RIGHT FOR YOU IF . . . • You are a moderately conservative FUND PERFORMANCE RECORD as of 9/30/07 investor Assumes a $10,000 investment in the Fund’s Class A Shares • You prefer an investment focus on $20,000 income-producing U.S. government securities $17,000 $16,317 PORTFOLIO FOCUS $14,000 Primarily bonds issued by the U.S. government or its agencies and $11,000 instrumentalities. The payment of principal and interest on these $8,000 securities is guaranteed by the U.S. government or issuing agency. $5,000 09/97 12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 09/07 STRATEGY Based on an outlook of the economy Performance data quoted represents past performance which is no guarantee of future results. The above graph assumes an initial hypothetical investment of $10,000 from 9/30/97 and interest rates, the portfolio to 9/30/07 and includes changes in share price, reinvestment of dividends and capital gains. The manager adjusts the portfolio’s mix calculation does not assume the 3.0% maximum sales charge applicable to the Fund’s Shares. of U.S. Government, Agency and Performance has not been adjusted to reflect any applicable sales charges. If sales charges had been included, performance would have been lower. Mortgage-backed securities and its average duration. The portfolio reflects the mix of securities that PERFORMANCE as of 9/30/07 the manager believes offers an AGGREGATE AVERAGE ANNUAL TOTAL RETURN excellent combination of quality, yield 3-Month YTD 1-Year 3-Year 5-Year 10-Year potential and value. Class A (Inception 10/14/88) NAV* 2.63% 3.86% 5.07% 3.30% 3.11% 5.02% DIVIDENDS/CAPITAL GAINS Load (3.0% Max) -0.44% 0.79% 1.97% 2.25% 2.48% 4.70% Dividends are declared and paid monthly; capital gains, if any, are Gross Expense Ratio 0.94% paid at least annually. 30-Day SEC Yield (Offer)1 4.41% Past performance does not guarantee future results. The performance data quoted MINIMUM INVESTMENT represents past performance and current returns may be lower or higher. The investment The minimum initial investment is return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to just $1,000. Additional investments the most recent month end, and after-tax returns call 1-800-999-0426. can be made in amounts of $100 or The Fund’s previous distributor has voluntarily agreed to limit the fees for the Fund’s Shares for more. the fiscal year ended August 31, 2006. Had this waiver not been in effect, the performance would have been lower. The net expense ratio is 0.60%. Voluntary fee waivers may be discontinued at INVESTMENT CONCERNS any time. Bonds offer a relatively stable level Performance quoted is pre-tax. For after-tax returns, please call 1-800-999-0426. of income, although bond prices will *NAV (Net Asset Value) has not been adjusted to reflect any applicable sales charges. fluctuate providing the potential for 1 The unsubsidized 30-Day SEC yield would have been 4.08% at Offer. principal gain or loss. Intermediate- term, higher-quality bonds generally FUND INFORMATION ASSETS offer less risk than longer-term bonds Cusip Number: 14041W879 $90.6 million and a lower rate of return. The Fund is subject to the risk that principal Ticker Symbol: CWRGX AVERAGE MATURITY value reacts in opposition to the movement of interests rates and that Newspaper Symbol: US Gv 10.00 Years a rising interest rate environment increases the risk of loss of principal. Capital One Asset Management, LLC is the investment adviser and Capital One, N.A. is the custodian to the Capital One Funds and receives compensation for these services. Foreside Distrbution Services, L.P is the distributor of the Capital One Funds. . Investments: • Not FDIC Insured • No Bank Guarantee • May Lose Value G02564-05 (10/07)
  11. 11. CAPITAL ONE MONEY MARKET FUNDS [formerly Hibernia Money Market Funds] RETAIL SHARES 3RD QUARTER 2007 CAPITAL ONE CASH RESERVE FUND PORTFOLIO COMPOSITION as of 9/30/07 (subject to change) ABOUT THE INVESTMENT MANAGER Cash Equivalents (3.2%) The Capital One Funds [formerly Hibernia Funds] are managed by experienced investment professionals at Capital One Asset Management, LLC [formerly Hibernia Bank], who have been helping people pursue their financial goals for more than 70 years. Commercial Today, Capital One Asset Management, Paper (96.8%) LLC investment decision making is at work for $3.5 billion in client assets. CAPITAL ONE U.S. TREASURY MONEY MARKET FUND Investors have entrusted approximately $822 million to the Capital One Funds, PORTFOLIO ALLOCATION as of 9/30/07 (subject to change) which are managed through prudent, disciplined decision-making by local, U.S. Treasury accessible portfolio managers. Bills (41.3%) PORTFOLIO MANAGERS Dina Mabasa, Vice President and Portfolio Manager, has been in the investment management business for more than 20 years. Ms. Mabasa Repurchase Agreements (55.3%) received her B.B.A. from The University Cash Equivalents (3.4%) of Houston. FUND INFORMATION Paul Teten, Vice President and Chief Fixed Income Strategist, has more than Newspaper 25 years of investment management Cusip Number Ticker Symbol Symbol Assets experience. Mr. Teten is a CFA Cash Reserve Fund—Class A 14041W309 CORXX CapOneCshA $203.0 million charterholder and received his B.B.A. and M.B.A. from The University of Texas U.S. Treasury at Austin. Money Market Fund 14041W861 CTRXX CapOneUSTr $97.7 million Craig Kercho, Vice President and Portfolio Manager, has been actively CAPITAL ONE MUTUAL FUND FAMILY [formerly Hibernia Funds] involved in investment management and securities trading for more than 25 The Capital One Funds give you HIGHER • Capital One Mid Cap Equity Fund years. Mr. Kercho is a CFA charter holder a wide range of investment • Capital One Capital Appreciation Fund and received his B.B.A. degree from The University of Texas at Austin. Potential Risk/Return choices—from conservative to • Capital One Total Return Bond Fund aggressive. • Capital One Louisiana Municipal Income Fund Gilbert Braunig, Assistant Vice Special Features: • Capital One U.S. Government President and Fixed Income Analyst, is Systematic Investment Program† Income Fund a CFA charterholder and received his B.S. Systematic Exchange Program • Capital One Cash Reserve Fund degree in Business Administration from Systematic Withdrawal Program • Capital One U.S. Treasury Babson College. Available for IRAs Money Market Fund LOWER INVESTMENT CONCERNS † Systematic investing does not guarantee profit or protect against loss in down markets. An investment in the Fund is not insured The percentages are based on net assets at the close of business on September 30, 2007 and or guaranteed by the FDIC or any other may not necessarily reflect adjustments that are routinely made when presenting net assets government agency. Although the Fund for formal financial statement purposes. seeks to preserve the value of your This material must be preceded or accompanied by a prospectus. An investor should consider investment at $1.00 per share, it is the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Funds can be found in the possible to lose money by investing in Fund’s prospectus. To obtain more information, please call 1-800-999-0426. Please read the the Fund. prospectus carefully before investing. Foreside Distrbution Services, L.P is the distributor of the Capital One Funds. . G02564-06 (10/07)

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