Armada's Bulletin Board

Effective August 31, 2004, the Board of Trustees has closed and liquidated the Armada Tax Managed Equity Fund.

Key Dates:
07-23-04	Last day for purchases or exchanges
08-16-04	Record date for final capital gain
08-17-04	Ex-date for capital gain
08-19-04	Payable date for capital gain
08-30-04	Last day for redemptions out of Fund
08-31-04	Last NAV calculation
09-14-04	Liquidation of all shareholder positions completed

Important notes:
	Ticker symbols and cusips are:
	A shares	AMTMX	042086322
	B shares	ATMBX	042086314
	C shares	ATMCX	042086165
	I shares	AETIX	042086330

Questions regarding the closing and liquidations may be directed to an Armada service representative at 1-800-622-FUND (3863).

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.