ARMADA FUNDS, 497, 1998-10-22

ARMADA FUNDS
497, 1998-10-22

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<PAGE>   1
 
                                  ARMADA FUNDS
 
                               MONEY MARKET FUND
                          GOVERNMENT MONEY MARKET FUND
                          TAX EXEMPT MONEY MARKET FUND
                   PENNSYLVANIA TAX EXEMPT MONEY MARKET FUND
                        OHIO MUNICIPAL MONEY MARKET FUND
 
                       SUPPLEMENT DATED OCTOBER 19, 1998
                   TO THE STATEMENT OF ADDITIONAL INFORMATION
                            DATED SEPTEMBER 15, 1998
 
The paragraph on page nine just before the heading "Special Risk Considerations
Regarding Investment in Pennsylvania Municipal Securities" is amended by adding
the word "bank" before the word "borrowings" in the first line, and by removing
the parenthetical "(including reverse repurchase agreements)" in the second
line.
 
                                                                          AF-906