Armada's Bulletin Board

Armada’s Web site receives another award. Kasina, a financial consulting firm focusing on e-solutions has rated armadafunds.com as one of the Top 20 mutual fund Web sites. After evaluating over 200 mutual fund sites, Kasina recognized the top 20 sites that had current shareholder content, improved services and features along with easy-to-use navigation. Armada is proud of this ranking and will continually strive to improve armadafunds.com.

Dalbar also rates armadafunds.com as one of the top 25 financial professional Web sites for the past three quarters.

Below is the Kasina press release listing the results of their study.

Contact: Mike MacMillan MacMillan Communications (212) 473-4442 mike

KASINA ANNOUNCES “TOP 20 WEB SITES – MUTUAL FUNDS”

- Addition of new features has leveled off; top firms
now emphasize ease of use and building usage -

NEW YORK CITY, (January 15, 2004) - kasina, a strategic consulting firm for the financial services industry, today announced the release of findings from its 7th annual study on the leading retail mutual fund Web sites – “Top 20 Web Sites—Mutual Funds.”

Widely recognized as the industry's most authoritative study of the e-business initiatives of asset management companies, this year’s review included an evaluation of the 217 mutual fund company Web sites from U.S. asset management firms with over $1 billion in assets under management, based on five categories: branding, content, online services, usability, and Web technology. Along with naming the Top 20, kasina also identified the “Top 10 Web Sites – Small Fund Firms” (top sites from firms with $1 – 10 billion in U.S. mutual fund assets under management).

“Following several years of building out their Web sites, the industry leaders have for the moment slowed the introduction of new content, services, and features to their Web sites, choosing instead to concentrate on makings their sites easier to use and on increasing usage,” said Steven Miyao, chief executive officer at kasina. “The rest of the industry is busy working to catch up to the service level put in place by the leaders.”

For the top firms, the new challenge is finding ways to make it easier for clients to use the existing Web-based tools, the kasina study found. In some instances, this may require repackaging content and refining Web site navigation. “Many industry leaders have redesigned aspects of their Web sites, such as the homepage, while others, such as Strong, have added chat functionality and other service tools in an effort to facilitate the sales process,” said Miyao. “Going forward, we expect to see additional steps designed to increase cross- and up-selling activity.”

A free summary report of kasina’s study is available at www.kasina.com. A list of the firms recognized in kasina’s study follow.

The 2003 "Top 20 Web Sites - Mutual Funds" (alphabetically)
AIM Investments	www.aiminvestments.com
Alliance Capital	www.alliancecapital.com
American Century Investments	www.americancentury.com
Ariel Mutual Funds	www.arielmutualfunds.com
Armada Funds	www.armadafunds.com
Charles Schwab & Co.	www.schwab.com
Columbia Management Group	www.columbiafunds.com
E*TRADE Financial	www.etrade.com
Fidelity Investments	www.fidelity.com
Franklin Templeton Investments	www.franklintempleton.com
Mainstay Funds	www.mainstayfunds.com
MFS Investment Management	www.mfs.com
OppenheimerFunds	www.oppenheimerfunds.com
PBHG Funds	www.pbhgfunds.com
Putnam Investments	www.putnam.com
Strong Investments	www.strong.com
T. Rowe Price	www.troweprice.com
The Vanguard Group	www.vanguard.com
Wells Fargo Funds	www.wellsfargofunds.com
Westcore Funds	www.westcore.com

The 2003 "Top 10 Web Sites - Small Fund Firms" (alphabetically)
ABN AMRO Asset Management	www.abnamrofunds-usa.com
Ariel Mutual Funds	www.arielmutualfunds.com
Calvert	www.calvert.com
Founders Asset Management	www.founders.com
Gabelli Asset Management	www.gabelli.com
PBHG Funds	www.pbhgfunds.com
Royce Funds	www.roycefunds.com
RS Investments	www.rsinvestments.com
Sentinel Funds	www.sentinelfunds.com
Westcore Funds	www.westcore.com

About kasina
kasina is a management consulting firm that is focused on helping financial services companies create intelligent relationships with their investors and intermediaries. By combining knowledge of distribution trends, technological innovations, and marketing strategies, kasina aids leading asset management firms with front-office efforts and publishes a regular schedule of cutting-edge industry research. kasina’s client list includes 18 of the 20 largest asset managers in the United States and leading firms in Canada, France, Germany, and the United Kingdom. An overview of services offered by kasina is available at www.kasina.com.

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.