<PAGE> 1
ARMADA FUNDS
Supplement dated July 2, 1999, to the Armada Money Market Series
Statement of Additional Information dated September 15, 1998
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED
IN THE STATEMENT OF ADDITIONAL INFORMATION. IT SHOULD BE RETAINED AND READ IN
CONJUNCTION WITH SUCH STATEMENT OF ADDITIONAL INFORMATION.
Before the "Shareholder and Trustee Liability" sub-section on page 25, the
following sub-section, "Trustee Deferred Compensation Plan", is inserted.
TRUSTEE DEFERRED COMPENSATION PLAN
The Trustees may elect to defer payment of 25% to 100% of the fees they
receive in accordance with a Trustee Deferred Compensation Plan (the "Plan").
Under the Plan, a Trustee may elect to have his or her deferred fees invested by
the Plan administrator in 91-day U.S. Treasury Bills, initially, or upon
implementation of the "shares option", and treated as if they had been invested
by the Trust in the shares of one or more portfolios of the Trust or Parkstone
Group of Funds. The amount paid to the Trustee under the Plan will be determined
based on the performance of such investments.
Distributions are generally of equal installments over a period of 2 to 15
years. The Plan will remain unfunded for federal income tax purposes under the
Internal Revenue Code of 1986, as amended (the "Code"). Deferral of Trustee fees
in accordance with the Plan will have a negligible impact on portfolio assets
and liabilities and will not obligate the Trust to retain any Trustee or pay any
particular level of compensation to a Trustee. The Trust may invest in
underlying securities without shareholder approval.
<PAGE> 2
ARMADA FUNDS
Supplement dated July 2, 1999, to the Armada Equity Series
Statement of Additional Information dated September 18, 1998
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION. IT SHOULD BE RETAINED AND READ IN
CONJUNCTION WITH SUCH STATEMENT OF ADDITIONAL INFORMATION.
After the Compensation Table on page 22, the following sub-section,
"Trustee Deferred Compensation Plan", is inserted.
TRUSTEE DEFERRED COMPENSATION PLAN
The Trustees may elect to defer payment of 25% to 100% of the fees they
receive in accordance with a Trustee Deferred Compensation Plan (the "Plan").
Under the Plan, a Trustee may elect to have his or her deferred fees invested by
the Plan administrator in 91-day U.S. Treasury Bills, initially, or upon
implementation of the "shares option", and treated as if they had been invested
by the Trust in the shares of one or more portfolios of the Trust or Parkstone
Group of Funds. The amount paid to the Trustee under the Plan will be determined
based on the performance of such investments.
Distributions are generally of equal installments over a period of 2 to 15
years. The Plan will remain unfunded for federal income tax purposes under the
Internal Revenue Code of 1986, as amended (the "Code"). Deferral of Trustee fees
in accordance with the Plan will have a negligible impact on portfolio assets
and liabilities and will not obligate the Trust to retain any Trustee or pay any
particular level of compensation to a Trustee. The Trust may invest in
underlying securities without shareholder approval.
<PAGE> 3
ARMADA FUNDS
Supplement dated July 2, 1999, to the Armada Tax Exempt Series
Statement of Additional Information dated September 18, 1998
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION. IT SHOULD BE RETAINED AND READ IN
CONJUNCTION WITH SUCH STATEMENT OF ADDITIONAL INFORMATION.
After the Compensation Table on page 28, the following sub-section,
"Trustee Deferred Compensation Plan", is inserted.
TRUSTEE DEFERRED COMPENSATION PLAN
The Trustees may elect to defer payment of 25% to 100% of the fees they
receive in accordance with a Trustee Deferred Compensation Plan (the "Plan").
Under the Plan, a Trustee may elect to have his or her deferred fees invested by
the Plan administrator in 91-day U.S. Treasury Bills, initially, or upon
implementation of the "shares option", and treated as if they had been invested
by the Trust in the shares of one or more portfolios of the Trust or Parkstone
Group of Funds. The amount paid to the Trustee under the Plan will be determined
based on the performance of such investments.
Distributions are generally of equal installments over a period of 2 to 15
years. The Plan will remain unfunded for federal income tax purposes under the
Internal Revenue Code of 1986, as amended (the "Code"). Deferral of Trustee fees
in accordance with the Plan will have a negligible impact on portfolio assets
and liabilities and will not obligate the Trust to retain any Trustee or pay any
particular level of compensation to a Trustee. The Trust may invest in
underlying securities without shareholder approval.
<PAGE> 4
ARMADA FUNDS
Supplement dated July 2, 1999, to the Armada Income Series
Statement of Additional Information dated September 18, 1998
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION. IT SHOULD BE RETAINED AND READ IN
CONJUNCTION WITH SUCH STATEMENT OF ADDITIONAL INFORMATION.
After the Compensation Table on page 20, the following sub-section,
"Trustee Deferred Compensation Plan", is inserted.
TRUSTEE DEFERRED COMPENSATION PLAN
The Trustees may elect to defer payment of 25% to 100% of the fees they
receive in accordance with a Trustee Deferred Compensation Plan (the "Plan").
Under the Plan, a Trustee may elect to have his or her deferred fees invested by
the Plan administrator in 91-day U.S. Treasury Bills, initially, or upon
implementation of the "shares option", and treated as if they had been invested
by the Trust in the shares of one or more portfolios of the Trust or Parkstone
Group of Funds. The amount paid to the Trustee under the Plan will be determined
based on the performance of such investments.
Distributions are generally of equal installments over a period of 2 to 15
years. The Plan will remain unfunded for federal income tax purposes under the
Internal Revenue Code of 1986, as amended (the "Code"). Deferral of Trustee fees
in accordance with the Plan will have a negligible impact on portfolio assets
and liabilities and will not obligate the Trust to retain any Trustee or pay any
particular level of compensation to a Trustee. The Trust may invest in
underlying securities without shareholder approval.
<PAGE> 5
ARMADA FUNDS
Supplement dated July 2, 1999, to the Armada Balanced Allocation Fund
Statement of Additional Information dated September 18, 1998
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION. IT SHOULD BE RETAINED AND READ IN
CONJUNCTION WITH SUCH STATEMENT OF ADDITIONAL INFORMATION.
Before the "Shareholder and Trustee Liability" sub-section on page 22, the
following sub-section, "Trustee Deferred Compensation Plan", is inserted.
TRUSTEE DEFERRED COMPENSATION PLAN
The Trustees may elect to defer payment of 25% to 100% of the fees they
receive in accordance with a Trustee Deferred Compensation Plan (the "Plan").
Under the Plan, a Trustee may elect to have his or her deferred fees invested by
the Plan administrator in 91-day U.S. Treasury Bills, initially, or upon
implementation of the "shares option", and treated as if they had been invested
by the Trust in the shares of one or more portfolios of the Trust or Parkstone
Group of Funds. The amount paid to the Trustee under the Plan will be determined
based on the performance of such investments.
Distributions are generally of equal installments over a period of 2 to 15
years. The Plan will remain unfunded for federal income tax purposes under the
Internal Revenue Code of 1986, as amended (the "Code"). Deferral of Trustee fees
in accordance with the Plan will have a negligible impact on portfolio assets
and liabilities and will not obligate the Trust to retain any Trustee or pay any
particular level of compensation to a Trustee. The Trust may invest in
underlying securities without shareholder approval.
