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. For historical H Share performance, click here.

   Independent Ranking Overview Sheets - Compare Armada Funds to their respective benchmarks, Morningstar and Lipper peer group rankings.   A Shares

TAX FREE BOND Retail Shares Class A

	as of 10/31/2004			as of 9/30/2004			A Class Shares B Class Shares C Class Shares I Class Shares
Fund	Inception Date	Current Month End	YTD	1YR	3YR	5YR	10YR	Since Inception
Michigan Intermediate Municipal Bond Fund 2, 3, 4, 5
Seeks to provide current income exempt from federal and Michigan personal income tax.
AMMAX	07/02/90	-2.57%	-1.41%	-1.37%	2.91%	4.52%	4.76%	5.23%
Lehman 7-Year Municipal Bond Index •		0.72%	3.03%	3.32%	5.65%	6.41%	6.29%	N/A
Overall Morningstar Rating:    out of 225 funds in the Municipal Single State Intermediate Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Michigan Intermediate Municipal Bond A was rated against the following numbers of U.S.-domiciled Municipal Single State Intermediate funds over the following time periods: 225 funds in the last three years, 200 funds in the last five years, and 121 funds in the last ten years. With respect to these Municipal Single State Intermediate funds, Armada MI Intermediate Municipal Bond A received a Morningstar Rating of 2 stars, 2 stars and 1 star for the three-, five- and ten-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Intermediate Tax Exempt Bond Fund 1, 2, 3
Seeks to provide current income exempt from federal income tax, in keeping with conservation of capital.
ANTEX	06/22/98	-2.52%	-0.90%	-0.71%	3.13%	4.71%	N/A	4.20%
Lehman 7-Year Municipal Bond Index •		0.72%	3.03%	3.32%	5.65%	6.41%	6.29%	N/A
Overall Morningstar Rating:    out of 191 funds in the Municipal National Intermediate Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Intermediate Tax-Exempt Bond A was rated against the following numbers of U.S.-domiciled Municipal National Intermediate funds over the following time periods: 191 funds in the last three years and 147 funds in the last five years. With respect to these Municipal National Intermediate funds, Armada Intermediate Tax-Exempt Bond A received a Morningstar Rating of 2 stars and 2 stars for the three- and five-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Ohio Intermediate Tax Exempt Bond Fund 2, 3, 4, 5
Seeks to provide current income exempt from federal and Ohio personal income tax.
AOHRX	04/15/91	-2.54%	-0.98%	-0.94%	3.12%	4.57%	5.00%	5.16%
Lehman 7-Year Municipal Bond Index •		0.72%	3.03%	3.32%	5.65%	6.41%	6.29%	N/A
Overall Morningstar Rating:    out of 53 funds in the Municipal Ohio Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Ohio Intermediate Tax-Exempt Bond A was rated against the following numbers of U.S.-domiciled Municipal Ohio funds over the following time periods: 53 funds in the last three years, 49 funds in the last five years, and 36 funds in the last ten years. With respect to these Municipal Ohio funds, Armada Ohio Intermediate Tax-Exempt Bond A received a Morningstar Rating of 2 stars, 2 stars and 2 stars for the three-, five- and ten-year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.
Pennsylvania Intermediate Municipal Bond Fund 2, 3, 4, 5
Seeks to provide current income exempt from federal and Pennsylvania personal income tax.
APMRX	09/11/96	-2.57%	-1.19%	-0.97%	3.01%	4.51%	4.69%	4.59%
Lehman 7-Year Municipal Bond Index •		0.72%	3.03%	3.32%	5.65%	6.41%	6.29%	N/A
Overall Morningstar Rating:    out of 76 funds in the Municipal Pennsylvania Funds Category Based on Risk Adjusted Returns
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Armada Pennsylvania Intermediate Municipal Bond A was rated against the following numbers of U.S.-domiciled Municipal Pennsylvania funds over the following time periods: 76 funds in the last three years and 71 funds in the last five years. With respect to these Municipal Pennsylvania funds, Armada Pennsylvania Intermediate Municipal Bond A received a Morningstar Rating of 2 stars and 1 star for the three- and five- year periods, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar Risk-Adjusted Return measure) that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Ratings are for the share class indicated; other classes may vary.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at www.armadafunds.com.

You should consider the investment objectives, risks, charges, and expenses of the Armada Funds carefully before investing. A prospectus with this and other information about the Funds may be obtained by calling 1-800-622-FUND (3863). It should be read carefully before investing.

The maximum sales charges for Class A Shares is 3.00% for the Ohio Intermediate Tax Exempt Bond, Pennsylvania Intermediate Municipal Bond, Michigan Intermediate Municipal Bond, and Intermediate Tax Exempt Bond Funds. With respect to Class B Shares, the maximum contingent deferred sales charge is 5.00%. Class C Shares do not have a front end sales charge, but do have a 1.00% charge on redemptions of shares that are held for less than 18 months.

Certain fees were waived; if the fee waivers were not in effect, the yield would have been: 2.98%, 2.38%, and 2.38% for classes A, B and C of the Michigan Municipal Bond; 2.69%, 2.08% and 2.08% for classes A, B and C of the Intermediate Tax Exempt Bond Fund; 2.84%, 2.24% and 2.24% for classes A, B and C of the Ohio Intermediate Tax Exempt Bond Fund; and 2.76% and 2.15% for classes A and C of the Pennsylvania Intermediate Municipal Bond Fund. Total returns also reflect a reinvestment of distributions and changes in net asset value.

^• The index provided is an unmanaged index for which direct investment is not possible. Unlike a mutual fund, the performance of the index assumes no taxes, transaction costs, management fees or other expenses.

¹ The performance of the Armada Intermediate Tax Exempt Bond Fund for periods prior to its inception date of April 9, 1998 is that of predecessor common trust funds. The common trust funds were unregistered under the 1940 Act and therefore not subject to certain investment restrictions that may have adversely affected performance. The past performance of such common trust funds is separate and distinct from the performance of the Funds, and does not represent the past performance of the Fund.

² For some investors, income may be subject to state and or local taxes, and certain investors may be subject to the federal alternative minimum tax (AMT).

³ An investment in the Fund is subject to interest rate risk, which is the possibility that the Fund’s yield will decline due to falling interest rates.

⁴ The Fund’s focus on investments in securities of issuers located in a single state makes the Fund susceptible to economic, political, and regulatory events that affect that state.

⁵ This Fund is non-diversified, which means that it may invest in securities of relatively few issuers. As a result, the Fund may be more susceptible than a diversified fund to a single adverse economic or political and regulatory occurrence affecting one or more issuers.

NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE

You should consider the investment objectives, risks, charges and expenses of the Armada Funds carefully before investing. A prospectus may be downloaded and viewed with this and other information about the Funds or may be obtained by contacting an investment professional or by calling 1-800-622-FUND (3863.) Please read it carefully before you invest or send money.

National City Investment Management Company (IMC) serves as investment adviser to Armada Funds for which it receives an investment advisory fee. Shares of Armada Funds are distributed by Professional Funds Distributor, LLC (PFD), 760 Moore Road, King of Prussia, PA 19406. PFD is not affiliated with IMC and is not a bank.