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Michigan Intermediate Municipal Bond Fund

The Armada Michigan Intermediate Municipal Bond Fund is for investors who live in the state of Michigan and would like to generate income that is free from both federal and state taxes3. The Fund invests primarily in investment grade bonds issued by the state of Michigan. For historical H Share performance, click here. 		xml version="1.0"?>
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PRICE  ( as of 5/14): $10.83
Michigan Intermediate Municipal Bond Fund1,2,3,4,5,6,7
Average Annual Total Returns
  as of 3/31/2004    as of 3/31/2004
  Inception
Date		 SEC
30-Day
Yield		 1-Day
Yield		 Current
Quarter End		 YTD 1YR 3YR 5YR 10YR Since
Inception
A Shares 07/02/90 2.55% 4.03% -2.09% -2.09% 0.68% 3.91% 4.09% 4.84% 5.41%
B Shares 02/04/94 1.93% 3.33% -4.22% -4.22% -1.91% 3.00% 3.59% 4.40% 4.82%
C Shares 08/06/01 1.93% 3.33% -0.31% -0.31% 2.07% 4.19% 3.95% 4.41% 4.83%
I Shares 07/02/90 2.88% 4.28% 1.02% 1.02% 4.07% 5.20% 4.95% 5.41% 5.83%
Lehman 7-Year Municipal Bond Index* N/A N/A 1.31% 1.31% 5.60% 6.52% 6.01% 6.40% N/A
  Michigan Intermediate Municipal Bond Fund Quarterly Fund Fact Sheet - A, B, C Shares,  I Shares 

Investment Objective

The Armada Michigan Intermediate Municipal Bond Fund is for investors who live in the state of Michigan and would like to generate income that is free from both federal and state taxes3. The Fund invests primarily in investment grade bonds issued by the state of Michigan.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

Class A Shares
Cusip Number 04208N838
NASDAQ Symbol AMMAX
Inception Date 7/2/1990
Dividends Frequency Monthly

as of 5/14/2004
Net Asset Value as of 5/14/2004 $10.83
Net Asset Value past 12 months
High: $11.53
Low: $10.83
Public Offering Price $11.16

as of 3/31/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.1173
$0.1173
Total Net Assets (millions) $147.27

as of 3/31/2004
SEC 30 Day Yield 2.55%
Current Income Distribution Yield 4.06%
Avg. Weight Mat. 5.05 Years
Duration 4.18

Sector Diversification+


GENERAL OBLIGATIONS 63.34%  
AGENCY 18.69%  
PREREFUNDED & ESCROWED TO MATURITY 8.40%  
HOSPITAL 6.72%  
CASH & CASH EQUIVALENTS 2.85%  


Investment Strategy

It's not what you might make, it's what you keep that matters

Armada Michigan Intermediate Municipal Bond Fund will invest at least 80% of its assets in debt securities issued by the state of Michigan, its political subdivisions, agencies, or instrumentalities. In general, the Fund's assets will be invested in investment grade securities, and unrated securities that have been determined by the advisor to be of equivalent caliber. The managers strive to avoid taxable capital gains distributions, realizing gains or losses only when it is beneficial to the overall goals of maintaining portfolio credit quality and maximizing after-tax returns. The dollar-weighted average maturity of the Fund is expected to remain within three to ten years. The Fund's duration (its sensitivity to interest rate changes) is expected to remain within 20% of its benchmark index, the Lehman 7-Year Municipal Bond Index.*

Growth of a $10,000 Investment


Provides a graphical view of this Fund’s growth of $10,000 with an adjustment for sales charges and expenses, where applicable from the Fund’s inception. The graph illustrates two values: growth of principal only and growth of principal including reinvestment of dividends and capital gains.


Investment Quality▲


Aaa79.0%
Aa16.0%
A1.0%
Baa4.0%

Management Team

At Armada, specialization is the key to our investment management philosophy. Our portfolio managers and research analysts work in independent teams. Each team focuses on a single sector or investment style. Their dedication and clear focus are reflected in the unwavering style purity of our funds.

Municipal Fixed Income Investment Management Team
Christian Swantek  Director of Tax-Exempt Fixed Income Investment
Stephen Carpenter  Senior Portfolio Manager


Armada Fund Family
Treasury Money Market Fund Treasury Plus Money Market Fund Tax Exempt Money Market Fund PA Tax Exempt Money Market Fund OH Municipal Money Market Fund Government Money Market Fund Money Market Fund Mid Cap Growth Fund Small Cap Growth Fund Small Cap Core Fund Large Cap Growth Fund Small Cap Value Fund Tax Managed Equity Fund S&P 500 Index Fund Large Cap Core Equity Fund Mid Cap Value Fund International Equity Fund Large Cap Value Fund Aggressive Allocation Fund Balanced Allocation Fund Conservative Allocation Fund Total Return Advantage Fund Bond Fund Government Mortgage Fund Intermediate Bond Fund Ultra Short Bond Fund Limited Maturity Bond Fund Intermediate Tax Exempt Bond Fund PA Intermediate Municipal Bond Fund OH Intermediate Tax Exempt Bond Fund MI Intermediate Municipal Bond Fund

Total returns reflect reinvestment of dividends, capital gains and applicable sales charges as noted below. Returns also reflect a deduction of all operating expenses, fees, and a voluntary fee waiver in the amount of .15%. Without such fee waiver, performance of the Funds would have been lower. For more complete information on Fund fees and expenses, please read the prospectus.

The inception dates for Class A Shares, Class B Shares and Class C Shares for the Armada Michigan Intermediate Municipal Bond Fund are 7/02/90, 2/04/94 and, 8/06/01, respectively. All performance shown for each class of shares prior to each respective inception date is based on the performance of Class I Shares, adjusted to reflect each share class' fees, expenses, and maximum sales charges as specified below.

The maximum sales charge for Class A Shares is 3.00%. 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 the redemption of shares that are held for less than 18 months. There are no sales charges for Class I Shares.

Certain fees were waived; if the fee waivers were not in effect, the yield would have been: 2.40%, 1.78%, 1.78%, and 2.73% for classes A, B, C, and I of the Michigan Intermediate Municipal Bond Fund.

*The Lehman 7-Year Municipal Bond Index is a broad based total return index of investment grade, fixed rate bonds with maturities of 7-8 years, and is not available for direct investment. Unlike a mutual fund, the performance of the index assumes no taxes, transaction costs, management fees or other expenses.

▲Quality ratings such as AAA, AA, A, BBB, and BB refer to credit risk of the portfolio securities and not the shares of the Fund.

+Composition of the portfolio is as of 4/30/2004 and is for illustration purposes only. The composition of the portfolio is not a permanent reflection of the Fund.

1Guarantees by the U.S. Government, its agencies, or instrumentalities relate only to the payment of principal and interest of the portfolio securities and not the shares of the Fund.

2An 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.

3For 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). Capital gains are subject to federal, state, and local taxes.

4The 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.

5This 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.

6Economic or political changes may impact the ability of municipal issuers to repay principal and interest payments on securities of the fund, which may adversely impact the fund's shares.

7Performance information prior to June 10, 2000 includes the performance of the Parkstone Michigan Intermediate Municipal Bond Fund, which was reorganized into the Armada Michigan Intermediate Municipal Bond Fund on that date.

Past performance is not indicative of future results. The performance of each class will differ due to differences in sales charge structures and class expenses. Returns and share prices will fluctuate and on redemption, shares may be worth more or less than their original costs.

Shares of Armada Funds are not insured by the FDIC, are not deposits or obligations of, or guaranteed by the bank and involve investment risks, including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. National City Investment Management Company (IMC) serves as investment adviser to Armada Funds, for which it receives an investment advisory fee. 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.

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.

† All market data and information is provided by Standard & Poor's and is for informational purposes only. Armada does not guarantee that the information supplied is accurate, complete or timely, or make any warranties regarding the results obtained by its use.


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