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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.  For historical H Share performance, click here. 		xml version="1.0"?>
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PRICE  ( as of 3/1): $6.73
Mid Cap Growth Fund
Average Annual Total Returns
     as of 12/31/2004
  Inception
Date		 Current
Quarter End		 YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
A Shares 10/31/88 8.06% -0.15% -0.15% -2.81% -7.37% 6.56% 8.75%
B Shares 02/04/94 9.08% -0.12% -0.12% -3.06% -7.22% 6.53% 8.40%
C Shares 06/15/00 13.08% 4.00% 4.00% -1.70% -6.82% 6.44% 8.30%
I Shares 10/31/88 14.45% 5.79% 5.79% -0.78% -6.11% 7.35% 9.26%
Russell Mid Cap Growth Index* 13.94% 15.48% 15.48% 6.16% -3.36% 11.23% N/A

Performance 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. 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 10/31/88, 2/04/94 and 6/15/00 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 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.

Investments in mid-sized companies present greater risk of loss than investments in large companies.

Mid Cap Growth Fund Quarterly Fund Fact Sheet - A, B, C Shares,  I Shares 


Investment Objective

Armada Mid Cap Growth Fund seeks capital appreciation by investing in a diversified portfolio of mid company stocks with market capitalizations between $1 billion and $15 billion.

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 Annually

as of 3/1/2005
Net Asset Value as of 3/1/2005 $6.73
Net Asset Value past 12 months
High: $6.88
Low: $5.37
Public Offering Price $7.12

as of 12/31/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0000
$0.0000
Total Net Assets (millions) $42.15

Top 10 Equity Holdings+

as of 1/31/2005  (% of total net assets)
Holdings are Subject to Change.

STATION CASINOS INC 2.05%
HERSHEY FOODS 2.01%
FORTUNE BRANDS 1.99%
ALTIRIS INC 1.89%
ALLERGAN INC 1.89%
YUM! BRANDS INC 1.88%
LAM RESEARCH CORP 1.85%
PATTERSON 1.83%
CNET NETWORKS 1.80%
MAVERICK TUBE CORP 1.75%

Investment Strategy

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. The benchmark for the Armada Mid Cap Growth Fund is the Russell Mid Cap Growth Index.*

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+


TECHNOLOGY 18.17%  
HEALTHCARE 17.75%  
CONSUMER CYCLICALS 11.61%  
COMMERCIAL SERVICES 10.44%  
CONSUMER SERVICES 9.92%  
FINANCIAL SERVICES 8.69%  
ENERGY 6.97%  
CONSUMER NON-CYCLICAL 4.13%  
INDUSTRIALS 3.86%  
FUTURES 3.33%  
BASIC MATERIALS 3.05%  
OTHER 2.08%  


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.

Jon Scharlau, CFA  Senior Portfolio Manager


Armada Fund Family
Treasury Money Market Fund Treasury Plus Money Market Fund Tax Exempt Money Market Fund PA Tax Exempt Money Market Fund OH Municipal Money Market Fund Government Money Market Fund Money Market Fund Mid Cap Growth Fund Small Cap Growth Fund Small Cap Core Fund Large Cap Growth Fund Small Cap Value Fund S&P 500 Index Fund Large Cap Core Equity Fund Mid Cap Value Fund International Equity Fund Large Cap Value Fund Aggressive Allocation Fund Balanced Allocation Fund Conservative Allocation Fund Total Return Advantage Fund Bond Fund Government Mortgage Fund Intermediate Bond Fund Ultra Short Bond Fund Limited Maturity Bond Fund Intermediate Tax Exempt Bond Fund PA Intermediate Municipal Bond Fund OH Intermediate Tax Exempt Bond Fund MI Intermediate Municipal Bond Fund

*The Russell Midcap Growth Index, an unmanaged index of medium-sized growth 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 1/31/2005 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%.

† 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.


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