<PAGE> 1
ARMADA FUNDS
SUPPLEMENT DATED DECEMBER 1, 2000
TO THE STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 2, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION AND SHOULD BE READ IN CONJUNCTION WITH
THE STATEMENT OF ADDITIONAL INFORMATION.
- The Statement of Additional Information is amended by inserting the
following sentence after the first sentence under the heading "ARMADA
GOVERNMENT MONEY MARKET FUND" on page 16:
The Fund may not engage in reverse repurchase transactions or lend its
portfolio securities.
- The Statement of Additional Information is amended by inserting the
following sentence after the first sentence under the heading "ARMADA
TREASURY MONEY MARKET FUND" on page 18:
The Fund may not engage in reverse repurchase transactions or lend its
portfolio securities.
- The Statement of Additional Information is amended by deleting the two
paragraphs under the heading "ARMADA TREASURY PLUS MONEY MARKET FUND" on
page 18 and replacing them with the following:
The Fund seeks to achieve its investment objective by investing
exclusively in direct obligations of the U.S. Treasury, such as Treasury
bills and notes, repurchase agreements related to such securities, and
investment companies that invest exclusively in such obligations. The
Fund may not engage in reverse repurchase transactions or lend its
portfolio securities. The Fund is currently rated by S&P and Moody's.
- The Statement of Additional Information is amended by the deletion of
investment limitation numbered 3 on page 64 under the section entitled,
"INVESTMENT LIMITATIONS" and replaced with the following information:
3. Purchase securities on margin, make short sales of securities or
maintain a short position, except that, as consistent with a Fund's
investment objective and policies, (a) this investment limitation
shall not apply to a Fund's transactions in futures contracts and
related options, options on securities or indices of securities and
similar instruments, (b) a Fund may obtain short-term credit as may
be necessary for the clearance of purchases and sales of portfolio
securities, and (c) a Fund may make short sales against-the-box
(defined as the extent to which a Fund contemporaneously owns or has
the right to obtain at no added cost securities identical to those
sold short).
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
ARM-SU-005-0100
<PAGE> 2
ARMADA FUNDS
MONEY MARKET FUNDS
CLASS A, B AND C SHARES (RETAIL)
SUPPLEMENT DATED DECEMBER 1, 2000
TO THE PROSPECTUS DATED OCTOBER 2, 2000 REPLACING SUPPLEMENT DATED OCTOBER 5,
2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
Effective October 16, 2000, Shareholder Servicing Fees for the Government Money
Market Fund -- A Shares, Money Market Fund -- A and B Shares, Treasury Money
Market Fund -- A Shares and Treasury Plus Money Market Fund -- A Shares
increased from 0.15% to 0.25% of the net asset value of the respective Shares of
the Funds. The Prospectus is amended as follows to reflect these changes:
- Delete the fees and expenses tables on pages 16, 17 and 18 and replace
them with the following information:
<TABLE>
<CAPTION>
SHAREHOLDER FEES GOVERNMENT
(PAID DIRECTLY FROM YOUR INVESTMENT) MONEY MARKET FUND MONEY MARKET FUND
---------------------------------------------------------------------------------------------------------
CLASS A CLASS A CLASS B(7) CLASS C
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Maximum Sales Charge (Load) Imposed on Purchases (as
percentage of offering price) None None None None
---------------------------------------------------------------------------------------------------------
Maximum Deferred Sales Charge (Load) (as percentage
of net asset value) None None 5.00%(1) 1.00%(2)
---------------------------------------------------------------------------------------------------------
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends and other Distributions (as a percentage
of offering price) None None None None
---------------------------------------------------------------------------------------------------------
Redemption Fee (as a percentage of amount redeemed,
if applicable) None None None None
---------------------------------------------------------------------------------------------------------
Exchange Fee None None None None
---------------------------------------------------------------------------------------------------------
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Investment Advisory Fees 0.35% 0.35% 0.35% 0.35%
---------------------------------------------------------------------------------------------------------
Distribution and Service (12b-1) Fees 0.10% 0.10% 1.00%(3) 1.00%(3)
---------------------------------------------------------------------------------------------------------
Shareholder Servicing Fees 0.25%(3) 0.25%(3) -- --
---------------------------------------------------------------------------------------------------------
Other Expenses 0.10% 0.11% 0.11% 0.11%
---------------------------------------------------------------------------------------------------------
Total Annual Fund Operating Expenses 0.80%(4) 0.81%(5) 1.46%(5) 1.46%(5)
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
OHIO MUNICIPAL PENNSYLVANIA TAX
MONEY MARKET EXEMPT MONEY
SHAREHOLDER FEES FUND MARKET FUND
(PAID DIRECTLY FROM YOUR INVESTMENT) CLASS A CLASS A
------------------------------------------------------------------------------------------------
<S> <C> <C>
Maximum Sales Charge (Load) Imposed on Purchases (as
percentage of offering price) None None
------------------------------------------------------------------------------------------------
Maximum Deferred Sales Charge (Load) (as percentage of net
asset value) None None
------------------------------------------------------------------------------------------------
Maximum Sales Charge (Load) Imposed on Reinvested Dividends
and other Distributions (as a percentage of offering
price) None None
------------------------------------------------------------------------------------------------
Redemption Fee (as a percentage of amount redeemed, if
applicable) None None
------------------------------------------------------------------------------------------------
Exchange Fee None None
------------------------------------------------------------------------------------------------
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED
FROM FUND ASSETS)
Investment Advisory Fees 0.35% 0.40%
------------------------------------------------------------------------------------------------
Distribution and Service (12b-1) Fees 0.10% 0.10%
------------------------------------------------------------------------------------------------
Shareholder Servicing Fees(3) 0.25% 0.25%
------------------------------------------------------------------------------------------------
Other Expenses 0.06% 0.04%
------------------------------------------------------------------------------------------------
Total Annual Fund Operating Expenses 0.76%(4) 0.79%(4)
</TABLE>
<TABLE>
<CAPTION>
TAX EXEMPT TREASURY MONEY TREASURY
MONEY MARKET MARKET PLUS
SHAREHOLDER FEES FUND FUND MARKET FUND
(PAID DIRECTLY FROM YOUR INVESTMENT) CLASS A CLASS A CLASS A
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Maximum Sales Charge (Load) Imposed on Purchases (as
percentage of offering price) None None None
-----------------------------------------------------------------------------------------------------
Maximum Deferred Sales Charge (Load) (as percentage of
net asset value) None None None
-----------------------------------------------------------------------------------------------------
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends and other Distributions (as a percentage of
offering price) None None None
-----------------------------------------------------------------------------------------------------
Redemption Fee (as a percentage of amount redeemed, if
applicable) None None None
-----------------------------------------------------------------------------------------------------
Exchange Fee None None None
-----------------------------------------------------------------------------------------------------
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE
DEDUCTED FROM FUND ASSETS)
Investment Advisory Fees 0.35% 0.30% 0.30%
-----------------------------------------------------------------------------------------------------
Distribution and Service (12b-1) Fees 0.10% 0.10% 0.10%
-----------------------------------------------------------------------------------------------------
Shareholder Servicing Fees(3) 0.25% 0.25% 0.25%
-----------------------------------------------------------------------------------------------------
Other Expenses 0.03% 0.13% 0.16%
-----------------------------------------------------------------------------------------------------
Total Annual Fund Operating Expenses 0.73%(4) 0.78%(4) 0.81%(5)
</TABLE>
<PAGE> 4
- Delete footnotes 3, 4, 5 and 6 on page 19 referring to the fees and expenses
tables on pages 16, 17 and 18, in the section entitled "FUND FEES AND
EXPENSES" and replace them with the following information:
(3) The Trust enters into shareholder servicing agreements with certain
financial institutions under which they agree to provide shareholder
administrative services to their customers who beneficially own Class
A, Class B and Class C Shares. Shareholder servicing fees paid by
Class B and Class C Shares are included in "Distribution and Service
(12b-1) Fees" in the tables above and reflect payment of up to 0.25%
of the net asset value of Class B Shares and Class C Shares of the
Money Market Fund for such services. For further information
concerning these plans, see "Shareholder Services Plans" in the
Statement of Additional Information.
(4) Each of these Funds' total actual annual operating expenses for Class
A Shares for the most recent fiscal year were less than the amounts
shown above because the Adviser and Distributor each waived a portion
of the fees in order to keep total operating expenses for Class A
Shares at a specified level. With these fee waivers, each Fund's
actual total operating expenses for Class A Shares were:
<TABLE>
<S> <C>
Armada Government Money Market Fund 0.54%
Armada Ohio Municipal Money Market Fund 0.50%
Armada Pennsylvania Tax Exempt Money Market Fund 0.48%
Armada Tax Exempt Money Market Fund 0.47%
Armada Treasury Money Market Fund 0.57%
</TABLE>
The Adviser and Distributor each expects to continue to waive a portion of
their fees so that total operating expenses for Class A Shares for the
current fiscal year are expected to be as follows. These fee waivers remain
in place as of the date of this prospectus, but the Adviser and/or
Distributor may discontinue all or part of these waivers at any time.
<TABLE>
<S> <C>
Armada Government Money Market Fund 0.65%
Armada Ohio Municipal Money Market Fund 0.51%
Armada Pennsylvania Tax Exempt Money Market Fund 0.49%
Armada Tax Exempt Money Market Fund 0.48%
Armada Treasury Money Market Fund 0.68%
</TABLE>
(5) The Money Market Fund's total actual annual operating expenses for
Class A and Class B Shares for the most recent fiscal year were less
than the amounts shown above because the Adviser and Distributor each
waived a portion of the fees in order to keep total operating expenses
at a specified level. With these fee waivers, the Fund's actual total
operating expenses were, for Class A and Class B Shares, 0.55% and
1.26%, respectively. The Adviser and Distributor each expects to
continue these waivers so that total operating expenses for Class A,
Class B and Class C Shares for the current fiscal year are expected to
be 0.66%, 1.36% and 1.36% (estimated), respectively. These
<PAGE> 5
fee waivers remain in place as of the date of this prospectus, but the Adviser
and/or Distributor may discontinue all or part of these waivers at any time.
(6) The Distributor expects to waive fees for the Treasury Plus Money
Market Fund so that total operating expenses for Class A shares for
the current fiscal year will be 0.76%. These fee waivers remain in
place as of the date of this prospectus, but the Distributor may
discontinue all or part of these waivers at any time.
- Delete the Examples table on page 20 and replace it with the following
information:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GOVERNMENT MONEY MARKET FUND
Class A Shares $ 82 $255 $444 $ 990
-----------------------------------------------------------------------------------------------------
MONEY MARKET FUND
Class A Shares $ 83 $259 $450 $1,002
Class B Shares(1) $649 $862 $997 $1,568
Class B Shares(2) $149 $462 $797 $1,568
Class C Shares(1) $249 $462 $797 $1,746
Class C Shares(2) $149 $462 $797 $1,746
-----------------------------------------------------------------------------------------------------
OHIO MUNICIPAL MONEY MARKET FUND
Class A Shares $ 78 $243 $422 $ 942
-----------------------------------------------------------------------------------------------------
PENNSYLVANIA TAX EXEMPT MONEY MARKET FUND
Class A Shares $ 81 $252 $439 $ 978
-----------------------------------------------------------------------------------------------------
TAX EXEMPT MONEY MARKET FUND
Class A Shares $ 75 $233 $406 $ 906
-----------------------------------------------------------------------------------------------------
TREASURY MONEY MARKET FUND
Class A Shares $ 80 $249 $433 $ 966
-----------------------------------------------------------------------------------------------------
TREASURY PLUS MONEY MARKET FUND
Class A Shares $ 83 $259 $450 $1,002
-----------------------------------------------------------------------------------------------------
</TABLE>
(1) If you sell your shares at the end of the period.
(2) If you do not sell your shares at the end of the period.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
ARM-SU-004-0100
