Armada Funds - Funds - Armada Fund Family Money Market

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

MONEY MARKET Retail Shares Class A

	as of 10/31/2004			as of 9/30/2004
Fund	Inception Date	Current Month End	YTD	1YR	3YR	5YR	10YR	Since Inception
Government Money Market Fund ²
Seeks to provide income, consistent with stability of principal, by investing in repurchase agreements and obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities.
ARGXX	04/01/91	0.09%	0.47%	0.48%	0.86%	2.56%	3.80%	4.58%
iMoneyNet, Inc. U.S. Government & Agencies Average ^•		0.09%	0.45%	0.45%	0.81%	2.50%	3.69%	N/A
Money Market Fund ²
Seeks as high a level of current income as is consistent with stability of principal.
ARRXX	04/01/91	0.09%	0.49%	0.51%	0.89%	2.61%	3.87%	4.58%
iMoneyNet, Inc. First Tier Average ^•		0.08%	0.45%	0.47%	0.81%	2.51%	3.74%	N/A
Ohio Municipal Money Market Fund ^{2, 3}
Seeks to provide current income exempt from federal and Ohio personal income tax by investing in short-term, tax-exempt debt obligations.
AOMXX	11/04/98	0.09%	0.48%	0.52%	0.75%	1.75%	N/A	1.92%
iMoneyNet, Inc. State-Specific SB & GP Average (T-F) ^•		0.08%	0.40%	0.42%	0.63%	1.55%	2.24%	N/A
Pennsylvania Tax Exempt Money Market Fund ^{1, 2, 3}
Seeks to provide current income exempt from federal and Pennsylvania personal income tax by investing in short-term, tax-exempt debt obligations.
APRXX	09/11/96	0.08%	0.44%	0.49%	0.74%	1.73%	2.41%	2.41%
iMoneyNet, Inc. State-Specific SB & GP Average (T-F) ^•		0.08%	0.40%	0.42%	0.63%	1.55%	2.24%	N/A
Tax Exempt Money Market Fund ^{1, 2}
Seeks to provide federally tax-exempt interest income by investing in short-term, federally tax-exempt debt obligations.
AERXX	04/01/91	0.09%	0.47%	0.51%	0.73%	1.73%	2.43%	2.99%
iMoneyNet, Inc. Stock Broker & General Purpose Average (T-F) ^•		0.08%	0.41%	0.43%	0.65%	1.59%	2.28%	N/A
Treasury Money Market Fund ²
Seeks to provide income, consistent with stability of principal, by investing in bills, notes and obligations of the U.S. Treasury.
ATRXX	12/22/94	0.08%	0.36%	0.36%	0.75%	2.31%	3.51%	3.52%
iMoneyNet, Inc. 100% U.S. Treasury Average ^•		0.07%	0.40%	0.41%	0.83%	2.41%	3.56%	N/A
Treasury Plus Money Market Fund ²
Seeks to provide income, consistent with stability of principal, by investing in obligations guaranteed by the U.S. Treasury, such as Treasury bills, notes and repurchase agreements.
ATUXX	12/01/93	0.08%	0.41%	0.42%	0.74%	2.37%	3.60%	3.57%
iMoneyNet, Inc. U.S. Treasury & Repo Average ^•		0.08%	0.40%	0.40%	0.75%	2.39%	3.60%	N/A

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.

Armada Money Market Fund yields quoted are 7-day current yields. The 7-day yield more closely reflects current earnings of the fund than the total returns. An investment in money market mutual funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.

The following funds waived investment advisory fees in the amounts specified: .05% for the Treasury Money Market and Treasury Plus Money Market Funds; .10% for the Money Market and Government Money Market Funds; .20% for the Ohio Municipal Money Market and Tax Exempt Money Market Funds and; .25% for the Pennsylvania Tax Exempt Money Market 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 For some investors, income may be subject to state and or local taxes, and certain investors may be subject to the federal alternative minimum tax (AMT).

² 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.

³ The Fund’s focus on investments in securities of issuers located in a single state makes the Fund susceptible to economic, political, and regulatory events that affect that state.

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.