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

ASSET ALLOCATION Retail Shares Class A

	as of 10/31/2004			as of 9/30/2004			A Class Shares B Class Shares C Class Shares I Class Shares
Fund	Inception Date	Current Month End	YTD	1YR	3YR	5YR	10YR	Since Inception
Aggressive Allocation Fund 1, 2, 3
In general, 60% to 90% of the Fund's assets will be invested in stock funds, 10 to 40% in fixed income funds, and up to 20% in cash alternatives.
ARAAX	03/06/01	-3.23%	-3.88%	3.39%	1.41%	N/A	N/A	-2.81%
75/25 Hybrid of S&P 500 and Lehman U.S. Aggregate •		1.36%	3.35%	11.32%	4.51%	0.89%	10.23%	N/A
Overall Morningstar Rating:    out of 1175 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 Aggressive Allocation I was rated against the following numbers of U.S.-domiciled Large Blend funds over the following time periods: 1175 funds in the last three years. With respect to these Large Blend funds, Armada Balanced Allocation I received a Morningstar Rating of 3 stars for the three-year period. 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.
Balanced Allocation Fund 1, 2, 4
Armada Balanced Allocation Fund seeks to provide capital appreciation with current income as a secondary objective.
ABLLX	07/31/98	-3.27%	-3.07%	3.64%	2.65%	1.88%	N/A	2.25%
60/40 Hybrid of S&P 500 and Lehman U.S. Aggregate •		1.25%	3.52%	9.79%	4.78%	2.21%	9.71%	N/A
Overall Morningstar Rating:    out of 657 funds in the Moderate Allocation 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 Balanced Allocation A was rated against the following numbers of U.S.-domiciled Moderate Allocation funds over the following time periods: 657 funds in the last three years and 503 funds in the last five years. With respect to these Moderate Allocation funds, Armada Balanced Allocation 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.
Conservative Allocation Fund 1, 2, 3
In general, 20% to 50% of the Fund’s assets will be invested in stock funds, 50 to 80% in fixed income funds, and up to 20% in cash alternatives.
AOAAX	03/06/01	-3.69%	-3.24%	0.08%	2.28%	N/A	N/A	0.77%
65/35 Hybrid of Lehman U.S. Government Credit Index and S&P 500 •		1.10%	3.84%	7.02%	5.53%	4.57%	8.92%	N/A
Overall Morningstar Rating:    out of 657 funds in the Moderate Allocation 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 Conservative Allocation A was rated against the following numbers of U.S.-domiciled Moderate Allocation funds over the following time period: 657 funds in the last three years. With respect to these Moderate Allocation funds, Armada Conservative Allocation A received a Morningstar Rating of 2 stars for the three-year period. 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.

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 4.75% for the Aggressive Allocation, Balanced Allocation, and Conservative Allocation Funds. 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 Aggressive Allocation and Conservative Allocation Funds. 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 Investments in smaller/mid-sized companies present greater risk of loss than investments in large companies.

² Because the Armada Aggressive Allocation and Conservative Allocation Funds invest in other Armada mutual funds, your investment in these Funds is directly subject to the operating expenses of those underlying mutual funds. Accordingly, the total operating expenses for the Funds without fee waivers ranges from 1.52% to 2.35%. Such expenses with waivers range from 1.27% to 2.10% for Class I Shares of the underlying Armada mutual fund, which is the only class of shares in which the Funds invest.

³ An investment in the Fund is subject to interest rate risk, which is the possibility that the Fund’s yield will decline due to falling interest rates.

⁴ 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.

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.