Fund Focus

This Fund Focus section highlights select Armada Funds and provides you with Overview Sheets, Q&As, and Article Reprints specific to these funds.

Currently we are focusing on the following Armada Funds:

• Large Cap Growth Fund
• Small Cap Core Fund
• Small Cap Value Fund
• Tax Exempt Bond Funds
• Mid Cap Value Fund
• Large Cap Core Equity Fund
• Total Return Advantage Fund
• Ultra Short Bond Fund

Fund Focus	Investor Version Fund Focus Sheets	Q&A	Fund Snapshot Page Links	Fund Quarterly Fact Sheets
Armada Large Cap Growth Fund			Click Here	A,B,C Shares I Shares R Shares
Armada Small Cap Core Fund			Click Here	A,B,C Shares I Shares
Armada Small Cap Value Fund			Click Here	A,B,C Shares I Shares
Michigan Intermediate Municipal Bond Fund			Click Here	A,B,C Shares I Shares
Intermediate Tax Exempt Bond Fund			Click Here	A,B,C Shares I Shares
Ohio Intermediate Tax Exempt Bond Fund			Click Here	A,B,C Shares I Shares
Pennsylvania Intermediate Municipal Bond Fund			Click Here	A,C Shares I Shares
Armada Mid Cap Value Fund			Click Here	A,B,C Shares I Shares R Shares
Armada Large Cap Core Equity Fund			Click Here	A,B,C Shares I Shares R Shares
Armada Total Return Advantage Fund			Click Here	A,B,C Shares I Shares R Shares
Armada Ultra Short Bond Fund			Click Here	A Shares I Shares

	Reprints
Armada Funds Overview	Reprinted from Buyside Magazine, May, 2004 Don Ross: "Pure Discipline, Sticking to Style Keeps This Fund Group Going Strong"
Armada Small Cap Core Fund	Reprinted from The Wall Street Transcript, July, 2004 Gordon Johnson: "Small Cap Core Investing" Reprinted from DailyRecord.com, May 25, 2004 Warren Boroson: "Fund manager judges companies by cash flow, not earnings" Reprinted from CBS.MarketWatch.com, May 23, 2004 Greg Morcroft: "Core and Explore, Armada's Johnson taps Trimble, Helen of Troy, PDS" Reprinted from CBS.MarketWatch.com, Thursday, February 12, 2004 Greg Morcroft: "Heavy Metals Armada fund manager mines commodity-related stocks."
Armada Large Cap Core Equity Fund	Reprinted from The Wall Street Transcript, March, 2004 Don Ross: "Large Cap Core Equity Investment"

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

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.