<PAGE> 1
FILED PURSUANT TO RULE 497(E)
1933 ACT FILE NO. 33-488
1940 ACT FILE NO. 811-4416
ARMADA FUNDS
A, B, AND C SHARES (RETAIL)
Supplement Dated March 28, 2000 to
the A, B and C Shares Prospectus Dated December 10, 1999
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THIS PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.
FINANCIAL HIGHLIGHTS
The tables set forth below present unaudited financial information for the
various share classes of certain of the Armada Funds for the six-month period
ended November 30, 1999.
ARM-C-004-02-R
1
<PAGE> 2
ARMADA MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------------
CLASS A CLASS B
---------- -------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period........................ $ 1.00 $ 1.00
---------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.02 0.02
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.02) (0.02)
---------- -------
Net asset value, end of period............................ $ 1.00 $ 1.00
========== =======
TOTAL RETURN................................................ 2.39%(1) 2.03%(1)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $1,598,198 $ 230
Ratio of expenses to average net assets................... 0.55%(2) 1.30%(2)
Ratio of net investment income to average net assets...... 4.76%(2) 4.01%(2)
</TABLE>
- ---------------
(1) Returns are for the period indicated and have not been annualized.
(2) Annualized.
2
<PAGE> 3
ARMADA GOVERNMENT MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS A
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 1.00
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.02
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.02)
--------
Net asset value, end of period............................ $ 1.00
========
TOTAL RETURN................................................ 2.35%(1)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $582,728
Ratio of expenses to average net assets................... 0.54%(2)
Ratio of net investment income to average net assets...... 4.66%(2)
</TABLE>
- ---------------
(1) Returns are for the period indicated and have not been annualized.
(2) Annualized.
3
<PAGE> 4
ARMADA TAX EXEMPT MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS A
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 1.00
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.01
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.01)
--------
Net asset value, end of period............................ $ 1.00
========
TOTAL RETURN................................................ 1.41%(1)
Ratios/Supplemental Data Net assets, end of period (in
000's).................................................... $185,441
Ratio of expenses to average net assets................... 0.47%(2)
Ratio of net investment income to average net assets...... 2.83%(2)
</TABLE>
- ---------------
(1) Returns are for the period indicated and have not been annualized.
(2) Annualized.
4
<PAGE> 5
ARMADA INTERMEDIATE BOND FUND
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED NOVEMBER 30, 1999
--------------------------
CLASS A CLASS B
---------- ----------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period........................ $ 10.41 $ 10.41
---------- ----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.29 0.26
Net gain/(loss) on securities (realized and unrealized)... (0.17) (0.18)
---------- ----------
Total from investment operations....................... 0.12 0.08
---------- ----------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.29) (0.25)
Distributions from net realized capital gains............. (0.00) (0.00)
Total distributions.................................... (0.29) (0.25)
---------- ----------
Net asset value, end of period............................ $ 10.24 $ 10.24
========== ==========
TOTAL RETURN................................................ 1.66%(1,3) 1.30%(1,3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 4,890 $ 620
Ratio of expenses to average net assets................... 0.83%(2) 1.58%(2)
Ratio of net investment income to average net assets...... 5.60%(2) 4.85%(2)
Portfolio turnover rate................................... 82% 82%
</TABLE>
- ---------------
(1) Total return excludes sales charge.
(2) Annualized.
(3) Returns are for the period indicated and have not been annualized.
5
<PAGE> 6
ARMADA BOND FUND
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED NOVEMBER 30, 1999
------------------------------
CLASS A CLASS B
------------- -----------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period...................... $ 9.98 $ 9.97
------------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income................................... 0.29 0.25
Net gain/(loss) on securities (realized and
unrealized).......................................... (0.28) (0.27)
------------- -----------
Total from investment operations..................... 0.01 (0.02)
------------- -----------
LESS DISTRIBUTIONS
Dividends from net investment income.................... (0.28) (0.25)
Dividends from net realized capital gains............... (0.00) (0.00)
Total Distributions.................................. (0.28) (0.25)
------------- -----------
Net asset value, end of period.......................... $ 9.71 $ 9.70
============= ===========
TOTAL RETURN.............................................. 0.74%(2,3) 0.49%(2,3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's).................... $ 3,384 $ 667
Ratio of expenses to average net assets................. 0.99%(1) 1.70%(1)
Ratio of net investment income to average net assets.... 5.79%(1) 5.08%(1)
Portfolio turnover rate................................. 62% 62%
</TABLE>
- ---------------
(1) Annualized.
(2) Returns are for the period indicated and have not been annualized.
(3) Total return excludes sales charge.
6
<PAGE> 7
ARMADA INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED NOVEMBER 30, 1999
----------------------------
CLASS A CLASS B
----------- -----------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period........................ $ 10.87 $ 10.83
----------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss).............................. (0.02) (0.06)
Net gain on securities (realized and unrealized).......... 3.62 3.61
----------- -----------
Total from Investment Operations....................... 3.60 3.55
----------- -----------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.00) (0.00)
----------- -----------
Total Distributions.................................... (0.00) (0.00)
----------- -----------
Net asset value, end of period............................ $ 14.47 $ 14.38
=========== ===========
TOTAL RETURN................................................ 33.12%(1,2) 32.78%(1,2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 2,139 $ 104
Ratio of expenses to average net assets................... 1.65%(3) 2.41%(3)
Ratio of net investment income /(loss) to average net
assets................................................. (0.27)%(3) (1.04)%(3)
Portfolio turnover rate................................... 67% 67%
</TABLE>
- ---------------
(1) Total return excludes sales charge.
(2) Returns are for the period indicated and have not been annualized.
(3) Annualized.
7
<PAGE> 8
ARMADA SMALL CAP GROWTH FUND
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED NOVEMBER 30, 1999
--------------------------
CLASS A CLASS B
---------- ----------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period........................ $ 10.11 $ 10.01
---------- ----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss).............................. (0.00) (0.05)
Net gain/(loss) on securities (realized and unrealized)... 3.06 3.04
---------- ----------
Total from Investment Operations....................... 3.06 2.99
---------- ----------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.00) (0.00)
---------- ----------
Distributions from net realized capital gains............. (0.00) (0.00)
---------- ----------
Total Distributions.................................... (0.00) (0.00)
---------- ----------
Net asset value, end of period............................ $ 13.17 $ 13.00
========== ==========
TOTAL RETURN................................................ 30.65%(1,2) 30.26%(1,2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 1,841 $ 201
Ratio of expenses to average net assets................... 1.46%(3) 2.17%(3)
Ratio of net investment income/(loss) to average net
assets................................................. (0.50)%(3) (1.21)%(3)
Portfolio turnover rate................................... 87% 87%
</TABLE>
- ---------------
(1) Total return excludes sales charge.
(2) Returns are for the period indicated and have not been annualized.
(3) Annualized.
8
<PAGE> 9
ARMADA ENHANCED INCOME FUND
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED NOVEMBER 30, 1999
-------------------------
CLASS A CLASS B(4)
--------- ----------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period........................ $ 9.99 $ 9.92
--------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.27 0.14
Net gain/(loss) on securities (realized and unrealized)... (0.08) (0.01)
--------- ---------
Total from Investment Operations....................... 0.19 0.13
--------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.27) (0.14)
Distributions of net realized capital gains............... (0.00) (0.00)
--------- ---------
Total Distributions.................................... (0.27) (0.14)
--------- ---------
Net asset value, end of period............................ $ 9.91 $ 9.91
========= =========
TOTAL RETURN................................................ 2.27%(2,3) 1.47%(2,3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 526 $ 139
Ratio of expenses to average net assets................... 0.58%(1) 1.33%(1)
Ratio of net investment income to average net assets...... 5.51%(1) 4.76%(1)
Portfolio turnover rate................................... 52% 52%
</TABLE>
- ---------------
(1) Annualized.
(2) Returns are for the period indicated and have not been annualized.
(3) Total returns exclude sales charges.
(4) Class B commenced operations on August 11, 1999.
9
<PAGE> 10
ARMADA EQUITY INCOME FUND
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED NOVEMBER 30, 1999
----------------------------
CLASS A CLASS B
----------- -----------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period........................ $ 18.79 $ 18.69
----------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.14 0.09
Net gain/(loss) on securities (realized and unrealized)... (1.49) (1.45)
Total from Investment Operations....................... (1.35) (1.36)
----------- -----------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.17) (0.12)
Distributions from net realized capital gains............. (0.00) (0.00)
----------- -----------
Total Distributions.................................... (0.17) (0.12)
----------- -----------
Net asset value, end of period............................ $ 17.27 $ 17.21
=========== ===========
TOTAL RETURN................................................ (7.45)%(2,3) (7.62)%(2,3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 11,865 $ 1,228
Ratio of expenses to average net assets................... 1.22%(1) 1.93%(1)
Ratio of net investment income to average net assets...... 1.59%(1) 0.89%(1)
Portfolio turnover rate................................... 17% 17%
</TABLE>
- ---------------
(1) Annualized.
(2) Total return excludes sales charge.
(3) Returns are for the period indicated and have not been annualized.
10
<PAGE> 11
ARMADA BALANCED ALLOCATION FUND
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED NOVEMBER 30, 1999
------------------------
CLASS A CLASS B
--------- ---------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period........................ $ 10.31 $ 10.33
--------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.10 0.07
Net gain/(loss) on securities (realized and unrealized)... 0.79 0.79
Total from Investment Operations....................... 0.89 0.86
--------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.11) (0.07)
Distributions from net realized capital gains............. (0.00) (0.00)
--------- ---------
Total Distributions.................................... (0.11) (0.07)
--------- ---------
Net asset value, end of period............................ $ 11.09 $ 11.12
========= =========
TOTAL RETURN................................................ 9.09%(2,3) 8.77%(2,3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 3,879 $ 485
Ratio of expenses to average net assets................... 1.15%(1) 1.86%(1)
Ratio of net investment income to average net assets...... 1.91%(1) 1.20%(1)
Portfolio turnover rate................................... 87% 87%
</TABLE>
- ---------------
(1) Annualized.
(2) Total return excludes sales charge.
(3) Returns are for the period indicated and have not been annualized.
11
<PAGE> 12
ARMADA NATIONAL TAX EXEMPT BOND FUND
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED NOVEMBER 30, 1999
----------------------------
CLASS A CLASS B
----------- -----------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period........................ $ 9.97 $ 9.96
----------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.19 0.16
Net gain/(loss) on securities (realized and unrealized)... (0.29) (0.29)
Total from Investment Operations....................... (0.10) (0.13)
----------- -----------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.20) (0.17)
Distributions from net realized capital gains............. (0.00) (0.00)
----------- -----------
Total Distributions.................................... (0.20) (0.17)
----------- -----------
Net asset value, end of period............................ $ 9.67 $ 9.66
=========== ===========
TOTAL RETURN................................................ (0.77)%(2,3) (1.13)%(2,3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 4,278 $ 305
Ratio of expenses to average net assets................... 0.42%(1) 1.14%(1)
Ratio of net investment income to average net assets...... 3.86%(1) 3.15%(1)
Portfolio turnover rate................................... 11% 11%
</TABLE>
- ---------------
(1) Annualized.
(2) Total return excludes sales charge.
(3) Returns are for the period indicated and have not been annualized.
12
<PAGE> 13
FILED PURSUANT TO RULE 497(E)
1933 ACT FILE NO. 33-488
1940 ACT FILE NO. 811-4416
ARMADA FUNDS
I SHARES (INSTITUTIONAL)
Supplement Dated March 28, 2000 to
the I Shares Prospectus Dated September 28, 1999
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THIS PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.
FINANCIAL HIGHLIGHTS
The tables set forth below present unaudited financial information for the
various share classes of certain of the Armada Funds for the six-month period
ended November 30, 1999.
ARM-A-003-01-R
1
<PAGE> 14
ARMADA MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 1.00
----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.02
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.02)
----------
Net asset value, end of period............................ $ 1.00
==========
TOTAL RETURN................................................ 2.47%(1)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $2,220,015
Ratio of expenses to average net assets................... 0.40%(2)
Ratio of net investment income to average net assets...... 4.91%(2)
</TABLE>
- ---------------
(1) Returns are for the period indicated and have not been annualized.
(2) Annualized.
2
<PAGE> 15
ARMADA GOVERNMENT MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 1.00
----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.02
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.02)
----------
Net asset value, end of period............................ $ 1.00
==========
TOTAL RETURN................................................ 2.42%(1)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $1,079,858
Ratio of expenses to average net assets................... 0.39%(2)
Ratio of net investment income to average net assets...... 4.81%(2)
</TABLE>
- ---------------
(1) Returns are for the period indicated and have not been annualized.
(2) Annualized.
3
<PAGE> 16
ARMADA TAX EXEMPT MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS 1
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 1.00
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.02
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.02)
--------
Net asset value, end of period............................ $ 1.00
========
TOTAL RETURN................................................ 1.49%(1)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $349,641
Ratio of expenses to average net assets................... 0.33%(2)
Ratio of net investment income to average net assets...... 2.98%(2)
</TABLE>
- ---------------
(1) Returns are for the period indicated and have not been annualized.
(2) Annualized.
4
<PAGE> 17
ARMADA INTERMEDIATE BOND FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 10.39
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.30
Net gain/(loss) on securities (realized and unrealized)... (0.17)
--------
Total from investment operations....................... 0.13
--------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.30)
Distributions from net realized capital gains............. (0.00)
Total distributions.................................... (0.30)
--------
Net asset value, end of period............................ $ 10.22
========
TOTAL RETURN................................................ 1.78%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $299,921
Ratio of expenses to average net assets................... 0.58%(2)
Ratio of net investment income to average net assets...... 5.85%(2)
Portfolio turnover rate................................... 82%
</TABLE>
- ---------------
(1) Total return excludes sales charge.
(2) Annualized.
(3) Returns are for the period indicated and have not been annualized.
5
<PAGE> 18
ARMADA BOND FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 9.96
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.30
Net gain/(loss) on securities (realized and unrealized)... (0.27)
--------
Total from investment operations....................... 0.03
--------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.30)
Dividends from net realized capital gains................. (0.00)
Total Distributions.................................... (0.30)
--------
Net asset value, end of period............................ $ 9.69
========
TOTAL RETURN................................................ 0.86%(2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $695,625
Ratio of expenses to average net assets................... 0.74%(1)
Ratio of net investment income to average net assets...... 6.04%(1)
Portfolio turnover rate................................... 62%
</TABLE>
- ---------------
(1) Annualized.
(2) Returns are for the period indicated and have not been annualized.
(3) Total return excludes sales charge.
6
<PAGE> 19
ARMADA INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 10.91
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss).............................. (0.00)
Net gain on securities (realized and unrealized).......... 3.64
--------
Total from Investment Operations....................... 3.64
--------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.00)
--------
Total Distributions.................................... (0.00)
--------
Net asset value, end of period............................ $ 14.55
========
TOTAL RETURN................................................ 33.36%(2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $312,437
Ratio of expenses to average net assets................... 1.41%(3)
Ratio of net investment income /(loss) to average net
assets................................................. (0.00)%(3)
Portfolio turnover rate................................... 67%
</TABLE>
- ---------------
(1) Total return excludes sales charge.
(2) Returns are for the period indicated and have not been annualized.
(3) Annualized.
7
<PAGE> 20
ARMADA SMALL CAP GROWTH FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 10.14
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss).............................. 0.01
Net gain/(loss) on securities (realized and unrealized)... 3.09
--------
Total from Investment Operations....................... 3.10
--------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.00)
--------
Distributions from net realized capital gains............. (0.00)
--------
Total Distributions.................................... (0.00)
--------
Net asset value, end of period............................ $ 13.24
========
TOTAL RETURN................................................ 30.96%(2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $115,852
Ratio of expenses to average net assets................... 1.21%(3)
Ratio of net investment income /(loss) to average net
assets................................................. (0.25)%(3)
Portfolio turnover rate................................... 87%
</TABLE>
- ---------------
(1) Total return excludes sales charge.
(2) Returns are for the period indicated and have not been annualized.
(3) Annualized.
8
<PAGE> 21
ARMADA ENHANCED INCOME FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 9.96
-------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.28
Net gain/(loss) on securities (realized and unrealized)... (0.08)
-------
Total from Investment Operations....................... 0.20
-------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.28)
Distributions of net realized capital gains............... (0.00)
-------
Total Distributions.................................... (0.28)
-------
Net asset value, end of period............................ $ 9.88
=======
TOTAL RETURN................................................ 2.29%(2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $80,751
Ratio of expenses to average net assets................... 0.48%(1)
Ratio of net investment income to average net assets...... 5.61%(1)
Portfolio turnover rate................................... 52%
</TABLE>
- ---------------
(1) Annualized.
(2) Returns are for the period indicated and have not been annualized.
(3) Total returns exclude sales charges.
(4) Class B commenced operations on August 11, 1999.
9
<PAGE> 22
ARMADA EQUITY INCOME FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 18.80
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.17
Net gain/(loss) on securities (realized and unrealized)... (1.47)
Total from Investment Operations....................... (1.30)
--------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.20)
Distributions from net realized capital gains............. (0.00)
--------
Total Distributions.................................... (0.20)
--------
Net asset value, end of period............................ $ 17.30
========
TOTAL RETURN................................................ (7.26)%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $504,489
Ratio of expenses to average net assets................... 0.97%(1)
Ratio of net investment income to average net assets...... 1.84%(1)
Portfolio turnover rate................................... 17%
</TABLE>
- ---------------
(1) Annualized.
(2) Total return excludes sales charge.
(3) Returns are for the period indicated and have not been annualized.
10
<PAGE> 23
ARMADA BALANCED ALLOCATION FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 10.31
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.12
Net gain/(loss) on securities (realized and unrealized)... 0.79
Total from Investment Operations....................... 0.91
--------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.12)
Distributions from net realized capital gains............. (0.00)
--------
Total Distributions.................................... (0.12)
--------
Net asset value, end of period............................ $ 11.10
========
TOTAL RETURN................................................ 9.29%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 75,370
Ratio of expenses to average net assets................... 0.90%(1)
Ratio of net investment income to average net assets...... 2.16%(1)
Portfolio turnover rate................................... 87%
</TABLE>
- ---------------
(1) Annualized.
(2) Total return excludes sales charge.
(3) Returns are for the period indicated and have not been annualized.
11
<PAGE> 24
ARMADA NATIONAL TAX EXEMPT BOND FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED
NOVEMBER 30, 1999
-----------------
CLASS I
-----------------
(UNAUDITED)
<S> <C>
Net asset value, beginning of period........................ $ 9.96
--------
INCOME FROM INVESTMENT OPERATIONS
Net investment income..................................... 0.19
Net gain/(loss) on securities (realized and unrealized)... (0.28)
Total from Investment Operations....................... (0.09)
--------
LESS DISTRIBUTIONS
Dividends from net investment income...................... (0.21)
Distributions from net realized capital gains............. (0.00)
--------
Total Distributions.................................... (0.21)
--------
Net asset value, end of period............................ $ 9.66
========
TOTAL RETURN................................................ (0.73)%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's)...................... $ 91,747
Ratio of expenses to average net assets................... 0.34%(1)
Ratio of net investment income to average net assets...... 3.93%(1)
Portfolio turnover rate................................... 11%
</TABLE>
- ---------------
(1) Annualized.
(2) Total return excludes sales charge.
(3) Returns are for the period indicated and have not been annualized.
12
