TAX FREE BOND

Armada Fund Family

As you look for funds that are suited to your investment goals, time frames and risk tolerance, remember that a dedicated team of specialists manages every Armada Fund. Our investment professionals work together, always cognizant of the fund’s investment objective and philosophy, as they seek to provide consistent, competitive returns while efficiently managing risk.

Select the asset class on the tabs below, and the share type from the drop down menu, to review your fund’s performance. If you would like more information about share classes, click here.

TAX FREE BOND Retail Shares Class A

as of 11/30/2002
Fund/Ticker	Current Month End	YTD	1YR	3YR	5YR	10YR/ Since Inception	Overall Morningstar Rating	Fund Strategy
Michigan Municipal Bond Fund AMMAX	-5.22%	1.11%	0.20%	4.53%	3.68%	4.68%		Seeks to provide current income exempt from federal and Michigan personal income tax.
Lehman 7-Year Municipal Bond Index	-0.42%	7.88%	6.99%	7.23%	5.86%	N/A
National Tax-Exempt Bond Fund ANTEX	-5.12%	1.22%	0.32%	4.74%	4.12%	4.55%		Seeks to provide current income exempt from federal income tax, in keeping with conservation of capital.
Lehman 7-Year Municipal Bond Index	-0.42%	7.88%	6.99%	7.23%	5.86%	N/A
Ohio Tax Exempt Bond Fund AOHRX	-3.45%	3.39%	2.48%	5.29%	4.32%	5.10%		Seeks to provide current income exempt from federal and Ohio personal income tax.
Lehman 7-Year Municipal Bond Index	-0.42%	7.88%	6.99%	7.23%	5.86%	N/A
Pennsylvania Municipal Bond Fund APMRX	-3.34%	2.91%	2.13%	5.14%	4.32%	4.81%		Seeks to provide current income exempt from federal and Pennsylvania personal income tax.
Lehman 7-Year Municipal Bond Index	-0.42%	7.88%	6.99%	7.23%	5.86%	N/A

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