Mid Cap Value Fund The Armada Mid Cap Value Fund is for investors who seek greater total return than that provided by a typical mid cap value fund and less volatility than that of a typical small-cap value fund.  For historical H Share performance, click here.

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Mid Cap Value Fund Average Annual Total Returns

	as of 9/30/2004						QUARTERLY MONTHLY
	Inception Date	Current Quarter End	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
A Shares	07/01/02	-5.45%	1.66%	14.23%	N/A	N/A	N/A	10.25%
B Shares	06/02/03	-5.00%	2.06%	15.21%	N/A	N/A	N/A	10.37%
C Shares	06/02/03	-1.00%	6.04%	19.17%	N/A	N/A	N/A	12.05%
I Shares	07/01/02	0.23%	7.83%	21.32%	N/A	N/A	N/A	13.60%
R Shares	08/01/03	-0.67%	6.63%	19.87%	N/A	N/A	N/A	12.35%
Russell Mid Cap Value Index*		1.73%	9.03%	25.62%	15.07%	11.47%	13.88%	N/A

Total returns reflect reinvestment of dividends, capital gains and deduction of applicable sales charges, operating expenses and fees. Returns also reflect a voluntary fee waiver of 0.25%. Without such a fee waiver, performance of the Fund would have been lower. Inception dates for Class A, B, C and R shares are 7/01/02, 6/02/03, 6/02/03 and 8/1/03 respectively. All performance shown for each share class prior to each respective inception date is based on the performance of Class I shares, adjusted to reflect each share class’s fees, expenses and maximum sales charges.

The maximum sales charge for class A shares is 5.50%. Class B shares have a maximum contingent deferred sales charge of 5.00%. Class C shares do not have a front-end sales charge, but do have a 1.00% charge on the redemption of shares that are held for less than 18 months. Class R shares do not have a front-end sales charge, but do have a 0.75% charge on the redemption of shares that are held less than 18 months.

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.

Investments in mid-sized companies present greater risk of loss than investments in large companies.

Mid Cap Value Fund Quarterly Fund Fact Sheet - A, B, C Shares,  I Shares,  R Shares

Investment Objective The Armada Mid Cap Value Fund is for investors who seek greater total return than that provided by a typical mid cap value fund and less volatility than that of a typical small-cap value fund. Risk & Reward Asset Class Comparison Compare this Fund to other Armada Funds Fund Statistics Choose Share ClassA Class SharesB Class SharesC Class SharesI Class SharesR Class Shares Class A Shares Cusip Number 04208N580 NASDAQ Symbol ARVAX Inception Date 7/1/2002 Dividends Frequency Annually as of 11/12/2004 Net Asset Value as of 11/12/2004 $13.83 Net Asset Value past 12 months High: $13.83 Low: $11.46 Public Offering Price $14.63 as of 9/30/2004 Dividends Paid ($ per share) Past Quarter: Current Year:   $0.0000 $0.0000 Total Net Assets (millions) $60.36 Top 10 Equity Holdings+ as of 10/31/2004  (% of total net assets) Holdings are Subject to Change. EVEREST RE HOLDINGS 2.74% UNION PACIFIC CORP 2.69% USX-MARATHON 2.60% CONSTELLATION ENERGY GROUP 2.21% CANADIAN NATURAL RESOURCES 2.16% P G & E CORP 2.14% NRG ENERGY 1.99% TEXAS UTILITIES CO 1.95% XCEL ENERGY 1.85% DEVELOPERS DIVRS (REIT) 1.84%

Investment Strategy buy camel number 9 Consider value stocks as part of an investment strategy Armada Mid Cap Value Fund's management team takes a Good Value. Good NewsTM approach to stock selection. The managers use a risk-adjusted valuation framework (dividend discount model) to measure the intrinsic value of statistically inexpensive stocks and determine whether the company is truly a "good value." Then they measure "good news" by assessing catalysts that will change investor sentiment regarding the company. This is important because the chief pitfall of value investing is buying too early and having to wait too long for the market to realize a stock's inherent value. This two-step analysis enables the team to distinguish between attractive stocks that are likely to languish and those on the brink of appreciation. The benchmark for the Armada Mid Cap Value Fund is the Russell Midcap Value Index.* Growth of a $10,000 Investment Provides a graphical view of this Fund’s growth of $10,000 with an adjustment for sales charges and expenses, where applicable from the Fund’s inception. The graph illustrates growth of principal including reinvestment of dividends and capital gains. Economic Sector Weightings+ FINANCIAL SERVICES 28.35%   ENERGY 14.75%   CONSUMER CYCLICALS 9.01%   HEALTHCARE 8.47%   UTILITIES 7.91%   OTHER 5.56%   BASIC MATERIALS 5.24%   TRANSPORTATION 4.98%   TECHNOLOGY 4.75%   CONSUMER SERVICES 4.67%   CONSUMER NON-CYCLICAL 3.48%   CASH & CASH EQUIVALENTS 2.83%   Index Comparison Compare this fund’s performance, over various time periods, to the index of your choice. Just select the time period and index from the drop-down menus. Please keep in mind, the indexes shown are benchmarks for performance and direct investment is not possible. Management Team At Armada, specialization is the key to our investment management philosophy. Our portfolio managers and research analysts work in independent teams. Each team focuses on a single sector or investment style. Their dedication and clear focus are reflected in the unwavering style purity of our funds. Michael Santelli, CFA, CPA  Senior Director for Value Equity Investment Alex L. Vallecillo, CFA  Senior Portfolio Manager Charles D. Shepherd, CFA  Product Specialist

Armada Fund Family

*The Russell Midcap Value Index, an unmanaged index is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. +The composition of the portfolio is as of 10/31/2004 and is for illustration purposes only. The composition of the portfolio is not a permanent reflection of the Fund. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets in securities issued by small cap and mid cap companies. Economic sector weightings may not total 100%. † All market data and information is provided by Standard & Poor's and is for informational purposes only. Armada does not guarantee that the information supplied is accurate, complete or timely, or make any warranties regarding the results obtained by its use.

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.