Ohio Intermediate Tax Exempt Bond Fund Average Annual Total Returns

Total returns reflect reinvestment of dividends, capital gains and deduction of applicable sales charges, operating expenses and fees. Returns also reflect a voluntary fee waiver of .15%. Without such a fee waiver, performance of the Fund would have been lower. Inception dates for Class A, B and C shares are 4/15/91, 12/04/01 and 6/23/00 respectively. All performance shown for each share class prior to each respective inception date is based on the performance of Class I shares, adjusted to reflect each share class�s fees, expenses and maximum sales charges.

The maximum sales charge for class A shares is 3.00%. Class B shares have a maximum contingent deferred sales charge of 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.

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.

Guarantees by municipal issuers, their agencies, or instrumentalities relate only to the payment of principal an interest of the portfolio securities and not the shares of the Fund. An investment in the Fund is subject to interest rate risk, which is the possibility that a Fund�s yield will decline due to falling interest rates. For some investors, income may be subject to the federal alternative minimum tax (AMT). Capital gains are subject to federal, state and local taxes. The Fund�s focus on investments in securities located in a single state makes the fund susceptible to economic, political and regulatory events that affect that state. 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. Economic 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.