ARMADA FUNDS
497, 1996-12-30
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<PAGE>   1
 
                                  ARMADA FUNDS
 
                       Supplement dated December 30, 1996
                  (replacing Supplement dated October 1, 1996)
                   to the prospectus dated September 30, 1996
 
Investors who purchase Retail shares of the Armada Mid Cap Regional Fund during
the period from November 1, 1996 through March 31, 1997 will not be assessed
sales charges for such purchases.


ARM-SUP


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