* Mid cap growth funds are subject to risk that growth-oriented, mid cap common stocks may underperform other segments of the equity markets or the equity markets as a whole.

** Investments in small capitalization companies present a greater risk of loss than investments in large companies.

*** 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.

Guarantees by the U.S. government, its agencies, or instrumentalities relate only to the payment of principal and interest of the portfolio’s securities and not the shares of the Fund. 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. For some investors, income may be subject to state and local taxes, and certain investors may be subject to the federal alternative minimum tax (AMT). Capital gains are subject to federal, state and local taxes. All funds except the Armada Intermediate Tax Exempt Bond Fund, are non-diversified, which means that they may invest in securities of relatively few issuers. As a result, the funds may be more susceptible than a diversified fund to a single adverse economic or political and regulatory occurrence affecting one or more issuers. The ability of municipal issuers to repay principal and interest payments on securities of the Fund, which may adversely impact the Fund’s shares.

An investment in the money market 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 dividend yield paid by the Armada Money Market Funds may vary with changes in short-term interest rates. The value of debt securities within each Fund’s portfolio may be affected by the ability of the issuer to make principal and interest payments. 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. 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).