Armada Funds - Funds - Armada Fund Family Fixed Income

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

FIXED INCOME Retail Shares Class A

	as of 5/31/2004				as of 3/31/2004
Fund	Inception Date	Overall Morningstar Rating	Current Month End	YTD	1YR	3YR	5YR	10YR	Since Inception
Bond Fund
Seeks to provide current income and preserve capital by investing in a portfolio of investment grade fixed income securities.
AIGRX	10/31/88		-5.08%	-5.37%	0.23%	5.02%	4.82%	5.77%	6.77%
Lehman U.S. Aggregate Bond Index ^•			-0.40%	-0.41%	5.40%	7.44%	7.29%	7.54%	N/A
Intermediate Bond Fund
Seeks to provide current income and preserve capital by investing in a portfolio of high-quality intermediate term bonds.
AFIRX	04/15/91		-5.07%	-5.04%	0.10%	5.00%	5.03%	5.44%	6.35%
Lehman Intermediate U.S. Government/Credit Index ^•			-0.45%	-0.41%	5.30%	7.36%	7.22%	7.11%	N/A
Ultra Short Bond Fund
Seeks to provide current income and preserve capital by investing in a portfolio of short-term, investment grade bonds.
ASDAX	01/06/03	N/A	-1.07%	-0.86%	0.32%	N/A	N/A	N/A	1.12%
Merrill Lynch 1 Year Treasury ^•			-0.01%	0.18%	N/A	N/A	N/A	N/A	N/A
Merrill Lynch 1-3 Year U.S. Corporate/Government Index ^•			-0.16%	-0.02%	3.00%	5.20%	5.82%	6.06%	N/A
Limited Maturity Bond Fund
Seeks to provide current income and preserve capital by investing in a portfolio of short-term, investment grade bonds.
AINRX	09/09/94		-2.16%	-2.15%	0.18%	3.82%	4.34%	N/A	5.17%
Merrill Lynch 1-3 Year U.S. Corporate/Government Index ^•			-0.16%	-0.02%	3.00%	5.20%	5.82%	6.06%	N/A
Total Return Advantage Fund
Seeks to provide current income and preserve capital by investing in a portfolio of investment grade fixed income securities.
ATRRX	09/06/94		-5.26%	-5.38%	1.24%	5.91%	6.10%	N/A	6.89%
Lehman U.S. Government/Credit Index ^•			-0.51%	-0.60%	6.15%	8.00%	7.56%	7.65%	N/A
Government Mortgage Fund
Seeks to provide current income and preserve capital by investing in U.S. Government Securities.
ARSAX	11/12/92		-4.74%	-4.67%	-1.62%	3.79%	4.82%	5.75%	5.63%
Lehman Fixed Rate Mortgage-Backed Securities Index ^•			-0.22%	-0.11%	4.08%	6.37%	6.75%	7.35%	N/A

NOTICE: On November 18, 2003 the shareholders of the Armada GNMA Fund voted to combine the Armada GNMA Fund with the Armada U.S. Government Income Fund by means of Reorganization. The Reorganization took place on November 21, 2003. To view GNMA Fund Historical data, click here.

The U.S. Government Income Fund waived investment advisory fees in the amount of .15%. Without such a fee waiver, the performance of the fund would have been lower. Total returns also reflect a reinvestment of distributions and changes in net asset value.

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. Past performance is no guarantee of future results. Mutual funds involve risk, including possible loss of principal.

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 Balanced Allocation A was rated against the following numbers of U.S.-domiciled Moderate Allocation funds over the following time periods: 632 funds in the last three years and 493 funds in the last five years. With respect to these Moderate Allocation funds, Armada Balanced Allocation A received a Morningstar Rating of 2 stars and 3 stars for the three- and five-year periods, respectively. Armada Bond A was rated against the following numbers of U.S.-domiciled Intermediate-Term Bond funds over the following time periods: 676 funds in the last three years, 524 funds in the last five years, and 236 funds in the last ten years. With respect to these Intermediate-Term Bond funds, Armada Bond A received a Morningstar Rating of 2 stars, 1 star and 2 stars for the three-, five- and ten-year periods, respectively. Armada Large Cap Core Equity A was rated against the following numbers of U.S.-domiciled Large Blend funds over the following time periods: 1154 funds in the last three years and 853 funds in the last five years. With respect to these Large Blend funds, Armada Large Cap Core Equity A received a Morningstar Rating of 2 stars and 3 stars for the three- and five-year periods, respectively. Armada Large Cap Growth A was rated against the following numbers of U.S.-domiciled Large Growth funds over the following time periods: 998 funds in the last three years, 655 funds in the last five years, and 232 funds in the last ten years. With respect to these Large Growth funds, Armada Large Cap Growth A received a Morningstar Rating of 2 stars, 3 stars and 3 stars for the three-, five- and ten-year periods, respectively. Armada S&P 500 Index A was rated against the following numbers of U.S.-domiciled Large Blend funds over the following time periods: 1154 funds in the last three years and 853 funds in the last five years. With respect to these Large Blend funds, Armada S&P 500 Index A received a Morningstar Rating of 3 stars and 2 stars for the three- and five-year periods, respectively. Armada Intermediate Bond A was rated against the following numbers of U.S.-domiciled Intermediate-Term Bond funds over the following time periods: 676 funds in the last three years, 524 funds in the last five years, and 236 funds in the last ten years. With respect to these Intermediate-Term Bond funds, Armada Intermediate Bond A received a Morningstar Rating of 2 stars, 2 stars and 1 stars for the three-, five- and ten-year periods, respectively. Armada International Equity A was rated against the following numbers of U.S.-domiciled Foreign Large Blend funds over the following time periods: 377 funds in the last three years and 282 funds in the last five years. With respect to these Foreign Stock funds, Armada International Equity A received a Morningstar Rating of 1 star and 2 stars for the three- and five-year periods, respectively. Armada Large Cap Value A was rated against the following numbers of U.S.-domiciled Large Value funds over the following time periods: 716 funds in the last three years and 530 funds in the last five years. With respect to these Large Value funds, Armada Large Cap Value A received a Morningstar Rating of 3 stars and 3 stars for the three- and five-year periods, respectively. Armada Limited Maturity Bond A was rated against the following numbers of U.S.-domiciled Short-Term Bond funds over the following time periods: 204 funds in the last three years and 161 funds in the last five years. With respect to these Short-Term Bond funds, Armada Limited Maturity Bond A received a Morningstar Rating of 2 stars and 2 star for the three- and five-year periods, respectively. 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: 221 funds in the last three years, 194 funds in the last five years, and 109 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. Armada Mid Cap Growth A was rated against the following numbers of U.S.-domiciled Mid-Cap Growth funds over the following time periods: 607 funds in the last three years, 402 funds in the last five years, and 139 funds in the last ten years. With respect to these Mid-Cap Growth funds, Armada Mid Cap Growth A received a Morningstar Rating of 2 stars, 2 stars and 2 stars for the three-, five- and ten-year periods, respectively. 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: 179 funds in the last three years and 145 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. 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 35 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, 3 stars and 2 stars for the three-, five- and ten-year periods, respectively. Armada Pennsylvania Intermediate Municipal Bond A was rated against the following numbers of U.S.-domiciled Municipal Pennsylvania funds over the following time periods: 77 funds in the last three years and 72 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 star and 2 stars for the three- and five- year periods, respectively. Armada Small Cap Growth A was rated against the following numbers of U.S.-domiciled Small Growth funds over the following time periods: 538 funds in the last three years and 374 funds in the last five years. With respect to these Small Growth funds, Armada Small Cap Growth A received a Morningstar Rating of 1 stars and 2 stars for the three- and five-year periods, respectively. Armada Small Cap Value A was rated against the following numbers of U.S.-domiciled Small Value funds over the following time periods: 193 funds in the last three years and 144 funds in the last five years. With respect to these Small Value funds, Armada Small Cap Value A received a Morningstar Rating of 3 stars and 4 stars for the three- and five-year periods, respectively. Armada Tax Managed Equity A was rated against the following numbers of U.S.-domiciled Large Blend funds over the following time periods: 1154 funds in the last three years and 853 in the last five years. With respect to these Large Blend funds, Armada Tax Managed Equity A received a Morningstar Rating of 2 stars and 3 stars for the three- and five- year periods, respectively. Armada Total Return Advantage A was rated against the following numbers of U.S.-domiciled Long-Term Bond funds over the following time periods: 67 funds in the last three years and 46 funds in the last five years. With respect to these Long-Term Bond funds, Armada Total Return Advantage A received a Morningstar Rating of 2 stars and 2 stars for the three- and five- year periods, respectively. Armada Government Mortgage A was rated against the following numbers of U.S.-domiciled Short Government funds over the following time periods: 144 funds in the last three years, 132 funds in the last five years and 79 funds in the last ten years. With respect to these Intermediate Government funds, Armada Government Mortgage A received a Morningstar Rating of 2 stars, 3 stars and 3 stars for the three-, five- and ten-year periods, respectively.

^• 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.

All of the equity funds for Class A Shares have a maximum front-end sales charge of 5.50% except for the S&P 500 Index Fund which has a 2.50% front-end sales charge. There is a 4.75% front-end sales charge for Class A Shares for the following funds: Aggressive Allocation Fund, Balanced Allocation Fund and Conservative Allocation Fund. There is a 4.50% front-end sales charge for Class A Shares for Bond Fund, Intermediate Bond Fund, Total Return Advantage Fund and Government Mortgage Fund. There is a 3.00% front-end sales charge for Class A Shares for Michigan Intermediate Municipal Bond Fund, Intermediate Tax Exempt Bond Fund, Ohio Intermediate Tax Exempt Bond Fund and Pennsylvania Intermediate Municipal Bond Fund. There is a 2.00% front-end sales charge for the Limited Maturity Bond Fund and a 1.00% front-end sales charge for Ultra Short Bond Fund.

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.

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.

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. 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.