Tax Exempt Money Market Fund Average Annual Total Returns

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 .20%. Without such a fee waiver, performance of the Fund would have been lower. The inception date for Class A shares is 4/01/91. 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 7-day current yield is based on net income during the 7-day period ended 6/30/04. The 7-day effective yield is based on compounding the 7-day net income. Tax equivalent yields are based on assumed federal income tax rates of 35%. The 7-day yields more closely reflect the current earnings of the Fund than the total return information.

There is no sales charge for class A and I shares.

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.

The dividend yield paid by the Fund may vary with changes in short-term interest rates. The value of debt securities with the Fund’s portfolio may be affected by the ability of the issuer to make principal and interest payments. 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). An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.