Armada Funds - Funds - GNMA Fund* Historical Data

GNMA Fund* Historical Data

As of 11/21/2003

	Price/ Share	$ Change	% Change	YTD Return	Average Weighted Maturity (Years)	30-Day SEC Yield	1-Day Yield	Current Income Distribution Yield
A Shares	$10.29	$.01	.10%	-3.30%	3.93	2.08%	4.52%	4.17%
B Shares	$10.29	$.01	.10%	-4.04%	3.93	1.50%	3.82%	3.52%
C Shares	$10.30	$.01	.10%	-0.12%	3.93	1.49%	3.82%	3.52%
H Shares	$10.31	$.00	.00%	-1.25%	3.93	1.47%	3.81%	3.52%
I Shares	$10.27	$.00	.00%	1.61%	3.93	2.44%	4.76%	4.40%

	as of 11/21/2003		as of 9/30/2003
	Current Month End	YTD	1YR	3YR	5YR	10YR/ Since Inception
A Shares	-4.03%	-3.30%	-2.46%	4.58%	4.38%	6.11%
B Shares	-4.29%	-4.04%	-3.26%	4.31%	4.27%	5.91%
C Shares	-0.29%	-0.12%	0.67%	5.56%	4.64%	5.93%
H Shares	-1.26%	-1.25%	-0.37%	5.24%	4.42%	5.81%
I Shares	0.76%	1.61%	2.62%	6.56%	5.62%	6.92%

*On November 18, 2003 the shareholders of the Armada GNMA Fund voted to combine the Armada GNMA Fund with the Armada U.S. Government Income Fund by means of Reorganization. The Reorganization took place on November 21, 2003.

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.