Armada Fund Family

As you look for funds that are suited to your investment goals, time frames and risk tolerance, remember that a dedicated team of specialists manages every Armada Fund. Our investment professionals work together, always cognizant of the fund’s investment objective and philosophy, as they seek to provide consistent, competitive returns while efficiently managing risk.

Select the asset class on the tabs below, and the share type from the drop down menu, to review your fund’s performance. If you would like more information about share classes, click here. For historical H Share performance, click here.

   Independent Ranking Overview Sheets - Compare Armada Funds to their respective benchmarks, Morningstar and Lipper peer group rankings.   A Shares

EQUITY Retail Shares Class A

	as of 11/30/2004			as of 9/30/2004			A Class Shares B Class Shares C Class Shares I Class Shares R Class Shares
Fund	Inception Date	Current Month End	YTD	1YR	3YR	5YR	10YR	Since Inception
Large Cap Core Equity Fund
Blends value and growth styles in a diversified portfolio of large, well-known companies.
ACQAX	08/01/97	-1.64%	-2.17%	4.71%	1.89%	-1.88%	N/A	3.90%
S&P 500 Composite Index •		4.05%	7.23%	13.87%	4.05%	-1.31%	11.08%	N/A
Overall Morningstar Rating:    out of 1190 funds in the Large Blend Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Large Cap Core Equity A was rated against the following numbers of U.S.-domiciled Large Blend funds over the following time periods: 1190 funds in the last three years and 884 funds in the last five years. With respect to these Large Blend funds, Armada Large Cap Core Equity A received a Morningstar Rating of 2 stars and 3 stars for the three- and five-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Large Cap Growth Fund
Employs a growth management style with a diversified portfolio of large, well-known companies.
AEQRX	04/15/91	-2.59%	-6.58%	-2.77%	-4.94%	-6.54%	6.95%	7.67%
Russell 1000 Growth Index •		3.44%	2.29%	7.51%	1.61%	-6.78%	8.71%	N/A
Overall Morningstar Rating:    out of 1019 funds in the Large Growth Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Large Cap Growth A was rated against the following numbers of U.S.-domiciled Large Growth funds over the following time periods: 1019 funds in the last three years, 708 funds in the last five years, and 253 funds in the last ten years. With respect to these Large Growth funds, Armada Large Cap Growth A received a Morningstar Rating of 1 star, 3 stars and 3 stars for the three-, five- and ten-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
S&P 500 Index Fund
Approximates the average aggregate price and dividend performance of the securities in the S&P 500 Index.
AEXAX	10/15/98	1.51%	4.00%	10.37%	2.52%	-2.39%	N/A	-0.08%
S&P 500 Composite Index •		4.05%	7.23%	13.87%	4.05%	-1.31%	11.08%	N/A
Overall Morningstar Rating:    out of 76 funds in the Municipal Pennsylvania Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Pennsylvania Intermediate Municipal Bond A was rated against the following numbers of U.S.-domiciled Municipal Pennsylvania funds over the following time periods: 76 funds in the last three years and 71 funds in the last five years. With respect to these Municipal Pennsylvania funds, Armada Pennsylvania Intermediate Municipal Bond A received a Morningstar Rating of 1 star and 1 star for the three- and five- year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
International Equity Fund 1
A broadly diversified portfolio of developed countries in Europe, Australia, and Far East.
AMIEX	08/01/97	0.63%	5.75%	11.71%	4.67%	-2.75%	N/A	0.86%
Morgan Stanley MSCI EAFE Index •		6.83%	15.19%	22.08%	9.12%	-0.85%	4.02%	N/A
Overall Morningstar Rating:    out of 391 funds in the Foreign Large Blend Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada International Equity A was rated against the following numbers of U.S.-domiciled Foreign Large Blend funds over the following time periods: 391 funds in the last three years and 284 funds in the last five years. With respect to these Foreign Large Blend funds, Armada International Equity A received a Morningstar Rating of 2 stars and 2 stars for the three- and five-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Large Cap Value Fund
Employs a value management style with a diversified portfolio of large, well-known companies.
AEIRX	08/22/94	-1.67%	3.75%	11.97%	4.37%	2.21%	8.90%	8.88%
Russell 1000 Value Index •		5.06%	12.72%	20.52%	7.57%	4.31%	12.53%	N/A
Overall Morningstar Rating:    out of 770 funds in the Large Value Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Large Cap Value A was rated against the following numbers of U.S.-domiciled Large Value funds over the following time periods: 770 funds in the last three years, 552 funds in the last five years and 233 funds in the last ten years. With respect to these Large Value funds, Armada Large Cap Value A received a Morningstar Rating of 3 stars, 3 stars, and 2 stars for the three-, five-, and ten-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Mid Cap Growth Fund 2, 3
A diversified portfolio of mid company stocks with market capitalizations between $1 billion and $15 billion.
AMGFX	10/31/88	0.46%	-4.53%	-2.29%	-0.50%	-4.25%	5.04%	7.98%
Russell Mid Cap Growth Index •		5.16%	10.20%	13.68%	10.09%	0.63%	9.64%	N/A
Overall Morningstar Rating:    out of 637 funds in the Mid-Cap Growth Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Mid Cap Growth A was rated against the following numbers of U.S.-domiciled Mid-Cap Growth funds over the following time periods: 637 funds in the last three years, 424 funds in the last five years, and 159 funds in the last ten years. With respect to these Mid-Cap Growth funds, Armada Mid Cap Growth A received a Morningstar Rating of 2 star, 2 stars and 2 stars for the three-, five- and ten-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Small Cap Core Fund 2
Targets stocks with capitalizations of $100 million to $3 billion at the time of purchase.
ACRAX	04/02/04	1.92%	N/A	N/A	N/A	N/A	N/A	-9.26%
Russell 2000 Index •		8.67%	14.93%	18.77%	13.71%	7.41%	9.87%	N/A
Overall Morningstar Rating:  N/A  out of funds in the
Small Cap Growth Fund 2
A diversified portfolio of small company stocks with market capitalizations between $100 million and $3 billion.
ASMGX	08/01/97	2.67%	-8.70%	-6.36%	-4.73%	-5.36%	N/A	-1.92%
Russell 2000 Growth Index •		8.45%	10.34%	11.92%	9.09%	-0.68%	5.55%	N/A
Overall Morningstar Rating:    out of 556 funds in the Small Growth Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Small Cap Growth A was rated against the following numbers of U.S.-domiciled Small Growth funds over the following time periods: 556 funds in the last three years and 391 funds in the last five years. With respect to these Small Growth funds, Armada Small Cap Growth A received a Morningstar Rating of 1 star and 2 stars for the three- and five-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Small Cap Value Fund 2
A diversified, value-oriented portfolio of small company stocks with capitalizations between $100 million and $3 billion.
AMRRX	08/15/94	3.09%	11.36%	13.67%	13.79%	15.42%	13.80%	14.35%
Russell 2000 Value Index •		8.87%	19.40%	25.66%	17.69%	14.71%	13.41%	N/A
Overall Morningstar Rating:    out of 195 funds in the Small Value Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Small Cap Value A was rated against the following numbers of U.S.-domiciled Small Value funds over the following time periods: 195 funds in the last three years, 149 funds in the last five years, and 39 funds in the last ten years. With respect to these Small Value funds, Armada Small Cap Value A received a Morningstar Rating of 2 stars, 3 stars and 3 stars for the three-, five-, and ten-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Mid Cap Value Fund 2
A diversified, value-oriented portfolio of small and mid sized company stocks with capitalizations between $1 billion and $15 billion.
ARVAX	07/01/02	0.00%	10.30%	14.23%	N/A	N/A	N/A	10.25%
Russell Mid Cap Value Index •		6.76%	19.09%	25.62%	15.07%	11.47%	13.88%	N/A
Overall Morningstar Rating:  N/A  out of funds in the

NOTICE: Effective August 31, 2004, the Board of Trustees has closed and liquidated the Armada Tax Managed Equity Fund. To view Tax Managed Equity Fund Historical data, click here.

NOTICE: On April 20, 2004 the shareholders of the Armada Large Cap Ultra Fund voted to combine the Armada Large Cap Ultra Fund with the Armada Large Cap Growth Fund by means of Reorganization. The Reorganization took place on April 23, 2004. To view Large Cap Ultra Fund Historical data, click here.

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.

You should consider the investment objectives, risks, charges, and expenses of the Armada Funds carefully before investing. A prospectus with this and other information about the Funds may be obtained by calling 1-800-622-FUND (3863). It should be read carefully before investing.

The maximum sales charges for Class A Shares is 5.50% for the International Equity, Large Cap Core Equity, Large Cap Growth, Large Cap Value, Mid Cap Growth, Small Cap Core, Small Cap Growth, Tax Managed Equity, Small Cap Value and Mid Cap Value Funds; and 2.50% for the S&P 500 Index Fund. With respect to Class B Shares, the maximum contingent deferred sales charge is 5.00%. Class C Shares do not have a front end sales charge, but do have a 1.00% charge on redemptions of shares that are held for less than 18 months.

The following funds waived investment advisory fees in the amounts specified: .25% for the Tax Managed Equity Fund; and .25% for the Mid Cap Value Fund and the Mid Cap Growth Fund. Without such fee waivers, the performance of each fund would have been lower. Total returns also reflect a reinvestment of distributions and changes in net asset value.

^• The index provided is an unmanaged index for which direct investment is not possible. Unlike a mutual fund, the performance of the index assumes no taxes, transaction costs, management fees or other expenses.

¹ International investments are subject to special risks not ordinarily associated with domestic investments, including currency fluctuations, economic and political change, and differing accounting standards that may adversely affect portfolio securities.

² Investments in smaller/mid-sized companies present greater risk of loss than investments in large companies.

³ Total returns for the Armada Mid Cap Growth Fund prior to June 10, 2000 includes performance of the corresponding Parkstone Continuing Funds for the period prior to its reorganization into Armada.

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.