H Shares Historical Performance

Closing of Class H shares effective March 3, 2004.

The following are the key operational dates for the shut down of the Funds’ Class H shares and subsequent movement of assets to corresponding funds in Class C shares scheduled for March 3, 2004. These changes will affect only NSCC trades for Class H shares.

2-23-2004 Trades for all Class H shares will be on a T+1 settlement.
2-27-2004 Cut-off day for new purchases into Class H shares.
3-02-2004 Cut-off day for redemptions out of Class H shares.
3-03-2004 Armada Class H shares will be exchanged into Class C shares as of close of business.

Any questions should be directed to Boston Financial, NSCC Hotline at 617-483-7911.

FIXED INCOME Retail Shares Class H Historical

	as of 2/29/2004			as of 12/31/2003
Fund	Inception Date	Current Month End	YTD	1YR	3YR	5YR	10YR	Since Inception
Bond Fund
AIGHX	04/30/02	-1.04%	-0.49%	1.09%	5.80%	4.19%	4.95%	6.18%
Intermediate Bond Fund
AFIHX	04/18/02	-1.25%	-0.68%	1.10%	5.92%	4.46%	4.55%	5.88%
Limited Maturity Bond Fund
AINHX	02/05/02	-1.54%	-1.39%	-0.61%	4.16%	3.52%	N/A	4.17%
Total Return Advantage Fund
ARTHX	12/30/02	-1.14%	-0.31%	2.01%	6.40%	5.20%	N/A	6.49%
Government Mortgage Fund
AUSHX	02/05/02	-1.40%	-0.84%	-0.75%	4.65%	4.66%	5.08%	5.17%

ASSET ALLOCATION Retail Shares Class H Historical

	as of 2/29/2004			as of 12/31/2003
Fund	Inception Date	Current Month End	YTD	1YR	3YR	5YR	10YR	Since Inception
Aggressive Allocation Fund
ARAHX	02/20/02	-1.42%	-0.45%	20.42%	N/A	N/A	N/A	-2.56%
Balanced Allocation Fund
ABAHX	02/05/02	-1.30%	-0.68%	18.99%	-1.82%	1.69%	N/A	2.50%
Conservative Allocation Fund
AOAHX	02/06/02	-1.38%	-0.60%	10.76%	N/A	N/A	N/A	1.55%

The following funds waived investment advisory fees in the amounts specified: .25% for the Tax Managed Equity Fund; .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.

All Class H Shares have a 1.00% front end sales charge and a maximum deferred sales charge of 1.00%. The 1.00% deferred sales charge is charged only with respect to Class H Shares which are redeemed prior to eighteen months from the date of purchase.

Past performance is not indicative of future results. The performance of each class will differ due to differences in sales charge structures and class expenses.

Shares of Armada Funds are not insured by the FDIC, are not deposits or obligations of, or guaranteed by the bank and involve investment risks, including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility.

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. 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.

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.