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                                  ARMADA FUNDS
                                 (the "Trust")
 
                      Supplement dated May 1, 1999 to the
            Armada Equity Series Prospectus dated September 18, 1998
 
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE RETAINED AND READ IN CONJUNCTION WITH THE
PROSPECTUS.
 
Effective May 1, 1999, the Equity Value Team of National City Investment
Management Company will make investment decisions for the Armada Small Cap Value
Fund. No single person is responsible for making investment decisions on behalf
of the Equity Value Team.
 
              PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
 
AF-B-809-01000 (5/99)



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