<PAGE> 1
File Pursuant To Rule 497(E)
Registration No.
THE ARMADA ADVANTAGE FUND
SUPPLEMENT DATED JUNE 13, 2000
TO THE PROSPECTUS DATED MAY 1, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
- The section entitled, "Fees and Expenses," page 14, is amended to show
that the Adviser is waiving a portion of their fees for the Armada
International Equity Fund and the Armada Mid Cap Growth Fund for the
purpose of lowering total operating expenses:
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
This table describes the highest fees and expenses that you may pay indirectly
if you hold shares of one of the Funds.
<TABLE>
<CAPTION>
ARMADA ADVANTAGE ARMADA ADVANTAGE
INTERNATIONAL EQUITY FUND MID CAP GROWTH FUND
------------------------- -------------------
<S> <C> <C>
Investment Advisory Fees........................... 1.15% 1.00%
Other Expenses..................................... 0.86% 0.59%
------ ------
Total Annual Fund Operating Expenses..... 2.01%(4) 1.59%(4)
</TABLE>
---------------
(4) Effective June 21, 2000, the Adviser plans to waive a portion of its fees.
The Adviser may discontinue all or part of their waivers' at any time. With
these fee waivers, the actual total operating expenses for the Armada
Advantage International Equity Fund and the Armada Advantage Mid Cap Growth
Fund are 1.44% and 1.09%, respectively.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
ARM-F-010-01000
