Mid Cap Growth Fund

The Armada Mid Cap Growth Fund is for investors who wish to pursue higher returns than those earned by larger companies, but cannot tolerate the fluctuation of small company stocks. The fund invests in mid-size U.S. companies that have leadership positions in industries with strong growth potential, and products or services that will enable them to maintain or improve their positions.  		xml version="1.0"?>
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PRICE  ( as of 7/21): $5.49
as of 6/30/2003     Average Annual Total Returns and Ratings
Mid Cap Growth Fund 1,2 Current
Quarter End		 YTD 1 Year 3 Year 5 Year 10 Year/
Since Inception
A Shares 10.18% 7.81% -8.00% -21.78% -4.66% 4.92%
B Shares 11.62% 8.72% -8.22% -21.53% -4.43% N/A
C Shares 15.37% 12.51% -4.51% -20.65% -4.11% 4.78%
H Shares 14.22% 11.42% -5.31% -21.17% -4.50% 4.57%
I Shares 16.67% 14.12% -2.38% -20.07% -3.34% 5.70%
Russell Mid Cap Growth Index* 18.76% 18.74% 7.35% -18.49% -0.64% N/A
Mid Cap Growth Fund Quarterly Fund Fact Sheet - A, B, H Shares,  C Shares,   I Shares 


Investment Objective

The Armada Mid Cap Growth Fund is for investors who wish to pursue higher returns than those earned by larger companies, but cannot tolerate the fluctuation of small company stocks. The fund invests in mid-size U.S. companies that have leadership positions in industries with strong growth potential, and products or services that will enable them to maintain or improve their positions.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

Class A Shares
Cusip Number 04208N739
NASDAQ Symbol AMGFX
Inception Date 10/31/1988
Dividends Frequency Quarterly

as of 7/21/2003
Net Asset Value as of 7/21/2003 $5.49
Net Asset Value past 12 months
High: $5.79
Low: $4.27
Public Offering Price $5.81

as of 6/30/2003
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0000
$0.0000
Total Net Assets (millions) $95.57

Top Ten Holdings+

as of 6/30/2003  (% of total net assets)
Holdings are Subject to Change.

ARMADA MONEY MARKET FUND 2.73%
TJX COMPANIES INCORPORATED 1.94%
FIRST HEALTH GROUP CORPORATION 1.93%
FISERV INCORPORATED 1.58%
INTUIT INCORPORATED 1.39%
OMNICARE INCORPORATED 1.39%
CAREMARK RX INC 1.36%
STRYKER CORPORATION 1.36%
STAPLES, INC. 1.33%
FREEPORT MCMORAN COPPER & GOLD 1.28%

Investment Strategy

Earnings growth drives stock prices over time

The Armada Mid Cap Growth Fund’s management team looks for reasonably valued companies with above average and sustainable earnings growth. Our management team combines top-down analysis with a bottom-up approach to stock selection focusing on earnings growth greater than the Fund’s stock universe, placement in the top three deciles of the Fund’s growth model, strong management and a catalyst for future growth.

Growth of a $10,000 Investment


Provides a graphical-view of this fund’s growth of $10,000 without sales charges from the fund's inception. The graph illustrates two values: growth of principal only and growth of principal including reinvestment of dividends and capital gains.


Economic Sector Weightings+


TECHNOLOGY 25.34%  
HEALTHCARE 19.00%  
CONSUMER CYCLICALS 12.84%  
COMMERCIAL SERVICES 8.01%  
ENERGY 7.64%  
FINANCIALS 6.43%  
CONSUMER SERVICES 5.87%  
NO T07 DATA - PSR-SPECIAL-CLASSIFICATION 3.71%  
CONSUMER NON-CYCLICAL 3.14%  
FINANCIAL SERVICES 1.92%  


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.

Growth Equity Investment Management Team
Crit Thomas, CFA  Director of Growth Equity Investment
William Batcheller  Senior Portfolio Manager
Mirsat Nikovic  Senior Equity Analyst
Chris Staneluis  Portfolio Manager
Jon Scharlau, CFA  Senior Portfolio Manager


Armada Fund Family
Small Cap Growth Fund Mid Cap Growth Fund Large Cap Ultra Fund International Equity Fund Small Cap Value Fund Small/Mid Cap Value Fund Equity Growth Fund Tax Managed Equity Fund Equity Index Fund Core Equity Fund Large Cap Value Fund Aggressive Asset Allocation Fund Balanced Asset Allocation Fund Conservative Asset Allocation Fund GNMA Fund U.S. Government Income Fund Bond Fund Total Return Advantage Fund Limited Maturity Bond Fund Intermediate Bond Fund Ohio Municipal Money Market Fund Pennsylvania Tax Exempt Money Market Fund Tax Exempt Money Market Fund Money Market Fund Government Money Market Fund Treasury Plus Money Market Fund Treasury Money Market Fund National Tax Exempt Bond Fund Pennsylvania Municipal Bond Fund Ohio Tax Exempt Bond Fund Michigan Municipal Bond Fund

*The Russell Mid Cap Growth Index is an unmanaged index, which reflects a medium-sized universe of growth oriented securities and is not available for direct investment. Unlike a mutual fund, the performance of the index assumes no taxes, transaction costs, management fees or other expenses.

+The composition of the portfolio is as of 6/30/2003 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 securities issued by mid cap companies. Economic sector weightings may not total 100%.

1Performance information before June 10, 2000 represents performance of the Parkstone Mid Capitalization Fund, which was reorganized into the Armada Mid Cap Growth Fund on that date.

2The fund is subject to the risk that growth oriented mid cap common stocks may underperform other segments of the equity markets or the equity markets as a whole.

Total returns reflect reinvestment of dividends, capital gains and applicable sales charges as noted below. Returns also reflect a deduction of all operating expenses and fees for each share class provided, and voluntary fee waivers, where applicable. Without such fee waivers, performance of the Funds would have been lower. For more complete information on Fund fees and expenses, please read the prospectus.

The inception dates for Class A Shares, Class B Shares, Class C Shares and Class H Shares for the Armada Mid Cap Growth Fund are 10/31/88, 2/04/94, 6/15/00 and, 2/01/02, respectively. All performance shown for each class of shares prior to each respective inception date is based on the performance of Class I Shares, adjusted to reflect each share class’ fees, expenses, and maximum sales charges as specified below.

The maximum sales charge for Class A Shares is 5.50%. With respect to Class B Shares, the maximum contingent deferred sales charge is 5.00%. Class H Shares have a 1.00% front-end sales charge, in addition to a 1.00% maximum contingent deferred sales charge. 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. There are no sales charges for Class I Shares.

Past performance is not indicative of future results. The performance of each class will differ due to differences in sales charge structures and class expenses. Returns and share prices will fluctuate and on redemption, shares may be worth more or less than their original costs.

Shares of Armada Funds are not insured by the FDIC, are not deposits or obligations of, or guaranteed by the bank and involve investment risks, including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. National City Investment Management Company (IMC) serves as investment adviser to Armada Funds, for which it receives an investment advisory fee. 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.

This must be accompanied or preceded by a current Armada prospectus. For more complete information, including the charges and expenses of each fund please read the prospectus carefully before you invest or send money.

·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.



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