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Pennsylvania Intermediate Municipal Bond Fund

The Armada Intermediate Pennsylvania Municipal Bond Fund is for Pennsylvania residents who would like to generate income that is free from both federal and Pennsylvania personal income taxes3. The Fund invests primarily in investment grade bonds issued by the Commonwealth of Pennsylvania.  For historical H Share performance, click here.
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PRICE  ( as of 11/12): $10.63
Pennsylvania Intermediate Municipal Bond Fund
Average Annual Total Returns
  as of 9/30/2004
  Inception
Date		 SEC
30-Day
Yield		 1-Day
Yield		 Current
Quarter End		 YTD 1YR 3YR 5YR 10YR Since
Inception
A Shares 09/11/96 2.39% 2.91% -0.26% -1.62% -0.97% 3.01% 4.51% 4.69% 4.59%
C Shares 02/24/00 1.77% 2.21% 1.51% -0.13% 0.35% 3.28% 3.50% 3.74% 3.64%
I Shares 08/10/94 2.71% 3.16% 2.86% 1.58% 2.31% 4.30% 5.33% 5.15% 5.04%
Lehman 7-Year Municipal Bond Index* N/A N/A 3.37% 2.30% 3.32% 5.65% 6.41% 6.29% N/A

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 and C shares are 9/11/96 and 2/24/00 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 classs fees, expenses and maximum sales charges.

The maximum sales charge for class A shares is 3.00%. 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 the U.S. government, its 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 Funds 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 Funds 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 Funds shares.

  Pennsylvania Intermediate Municipal Bond Fund Quarterly Fund Fact Sheet - A, C Shares,  I Shares 

Investment Objective

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

Risk & Reward
Asset Class Comparison


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Fund Statistics

Class A Shares
Cusip Number 042086694
NASDAQ Symbol APMRX
Inception Date 9/11/1996
Dividends Frequency Monthly

as of 11/12/2004
Net Asset Value as of 11/12/2004 $10.63
Net Asset Value past 12 months
High: $10.96
Low: $10.38
Public Offering Price $10.96

as of 9/30/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0506
$0.2530
Total Net Assets (millions) $58.49

as of 9/30/2004
SEC 30 Day Yield 2.39%
Current Income Distribution Yield 2.88%
Avg. Weight Mat. 5.02 Years
Duration 4.18

Sector Diversification+


GENERAL OBLIGATIONS 46.94%  
AGENCY 44.21%  
UTILITY 3.40%  
CASH & CASH EQUIVALENTS 3.23%  
HOSPITAL 2.22%  


Investment Strategy

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

Armada Pennsylvania Intermediate Municipal Bond Fund will invest at least 80% of its assets in debt securities issued by the Commonwealth of Pennsylvania, its political subdivisions, agencies, and instrumentalities. In general, the Fund's assets will be invested in investment grade securities, or 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 Funds growth of $10,000 with an adjustment for sales charges and expenses, where applicable from the Funds inception. The graph illustrates growth of principal including reinvestment of dividends and capital gains.


Investment Quality▲


Aaa76.0%
Aa20.0%
A2.0%
Baa1.0%
NR (not rated)1.0%

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.

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 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

*The Lehman 7-Year Municipal Bond Index, an unmanaged index, is not available for direct investment. Unlike a mutual fund, the performance of an 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 and sector diversification are as of 10/31/2004 and are for illustration purposes only. The composition of the portfolio and sector diversification are not a permanent reflection of the Fund.

† 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.
 

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.


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