Intermediate Bond Fund

The Armada Intermediate Bond Fund is for investors who wish to generate current income or add diversity to a portfolio of longer duration bonds. This Fund invests in a diversified portfolio of intermediate term bonds.  		xml version="1.0"?>
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PRICE  (A Shares as of 12/17): $10.74


as of 9/30/2002     Average Annual Total Returns and Ratings
Intermediate Bond Fund SEC
30-Day
Yield		 1-Day
Yield		 Current
Quarter End		 YTD 1YR 3YR 5YR 10YR/
Since Inception
A Shares 4.13% 4.11% -0.25% 3.32% 2.69% 5.84% 5.21% 5.19%
B Shares 3.45% 3.44% -0.49% 2.83% 2.00% 5.59% 5.21% 5.40%
C Shares 3.42% 3.41% 3.51% 6.83% 6.10% 6.84% 5.58% 5.42%
H Shares 3.42% 3.41% 2.43% 5.81% 5.00% 6.50% 5.36% 5.32%
I Shares 4.38% 4.36% 4.77% 8.62% 8.13% 7.80% 6.57% 6.06%
Lehman Intermediate Government/Credit Index N/A N/A 4.53% 7.99% 8.09% 9.04% 7.57% N/A
Intermediate Bond Fund Quarterly Fund Fact Sheet - A, B, H Shares,  C Shares,  I Shares 

Investment Objective

The Armada Intermediate Bond Fund seeks to provide current income and preservation of capital by investing primarily in a portfolio of investment grade fixed-income securities.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

  All data is as of quarter end,
  unless otherwise indicated.
Class A Shares
Cusip Number 042086785
NASDAQ Symbol AFIRX
Net Asset Value as of 12/17/2002 $10.74
Net Asset Value past 12 months
High: $10.85
Low: $10.22
Public Offering Price $11.21
Inception Date 12/20/1989
Dividends Frequency Monthly
Dividends Paid ($ per share)
Past Quarter
Past 12 Months
 
N/A
N/A
SEC 30 Day Yield 4.10%
Avg. Weight Mat. 4.31 Years
Duration 3.62
Total Net Assets (millions) $395.26

Sector Diversification


Corporate Bonds 41.20%  
U.S. Treasury Instruments 21.70%  
Asset Backed Securities 9.90%  
Corporate CMO 9.20%  
FHLMC 6.20%  
FNMA 4.10%  
Private Placement 3.90%  
Commercial Paper 1.30%  
STIFs/Money Markets 1.30%  
GNMA 0.70%  


Investment Strategy

Superior returns through active sector and security selection, and disciplined risk management

The Armada Intermediate Bond Fund’s management team invests in both U.S. and international government bonds, in addition to corporate, mortgage-backed, and asset-backed fixed income securities. In general, the Fund will invest in investment grade securities and those that have been determined by the advisor to be of equivalent caliber. The dollar-weighted average maturity of the fund is expected to remain between three and ten years. The Fund’s duration (its sensitivity to interest rate changes) is expected to remain within 20% of its benchmark index, the Lehman Intermediate U.S. Government/Credit Index. *

Growth of a $10,000 Investment


Provides a graphical-view of this fund’s growth of $10,000 without sales charges over a multi-year period. The graph illustrates two values: growth of principal only and growth of principal including reinvestment of dividends and capital gains.


Investment Quality


Agency23.0%
Treasury28.0%
AAA26.0%
AA6.0%
A9.0%
BBB8.0%

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.

Taxable Fixed Income Management Team
Andrew Harding  Director of Taxable Fixed Income Investment
Cynthia Cole  Senior Portfolio Manager
Joseph Robison  Director and Chief Credit Officer
Matthew Downing  Fixed Income Analyst
Melvin Fernandes  Fixed Income Analyst
Daniel Raynor  Debt Securities Analyst


Armada Fund Family
Small Cap Growth Fund Mid Cap Growth Fund Large Cap Ultra Fund International Equity Fund Small Cap Value Fund Small/Mid Cap Value Fund Equity Growth Fund Tax Managed Equity Fund Equity Index Fund Core Equity Fund Large Cap Value Fund Aggressive Asset Allocation Fund Balanced Asset Allocation Fund Conservative Asset Allocation Fund GNMA Fund U.S. Government Income Fund Bond Fund Total Return Advantage Fund Limited Maturity Bond Fund Intermediate Bond Fund Ohio Municipal Money Market Fund Pennsylvania Tax Exempt Money Market Fund Tax Exempt Money Market Fund Money Market Fund Government Money Market Fund Treasury Plus Money Market Fund Treasury Money Market Fund National Tax Exempt Bond Fund Pennsylvania Municipal Bond Fund Ohio Tax Exempt Bond Fund Michigan Municipal Bond Fund

Returns for the period May 30, 2000 to Jan 6, 1998 reflect the performance of the Fund’s Class B Shares, returns for the period Jan 6, 1998 to Apr 15, 1991 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Apr 15, 1991 reflect the performance of the Fund’s Class I Shares.
For Class H shares, the annualized return since the actual inception date of Apr 18, 2002 was N/A without sales charge and N/A with sales charge. For Class B shares, the annualized return since the actual inception date of Jan 6, 1998 was 4.87% without sales charge and 4.53% with sales charge. For Class A shares, the annualized return since the actual inception date of Apr 15, 1991 was 6.53% without sales charge and 6.08% with sales charge.
The Class A shares have a maximum sales charge of 4.75%. The Class B shares have a maximum contingent deferred sales charge of 5.00%. The Class H shares have a 1.00% front end sales charge, in addition to a 1.00% maximum contingent deferred sales charge on shares held less than 18 months.
For Class C shares, returns for the period May 30, 2000 to Jan 6, 1998 reflect the performance of the Fund’s Class B Shares, returns for the period Jan 6, 1998 to Apr 15, 1991 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Apr 15, 1991 reflect the performance of the Fund’s Class I Shares.
For Class C shares, the annualized return since the actual inception date of May 30, 2000 was 7.91% without sales charge and 7.91% with sales charge.
The 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.
The Index is not connected with the Armada Intermediate Bond Fund. It is not possible to invest in this or any other index.

The sample portfolio illustrated is as of 6/30/02 and is an example only. It is not a permanent reflection of the Fund. Per the prospectus, the Fund will normally invest at least 80% of the value of its total assets in investment-grade fixed income securities.
The sample portfolio illustrated is as of 6/30/02 and is an example only. It is not a permanent reflection of the Fund.

Mutual funds involve risks including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. Past performance is not indicative of future performance, and the principal value and investment return will fluctuate, so that you may have a gain or loss when you sell your shares. 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 SEI Investments Distribution Co. (SIDC), Oaks, PA 19456. SIDC is not affiliated with IMC and is not a bank. This must be accompanied or preceded by a current Armada prospectus. Read it carefully before you invest or send money.

Total returns shown reflect reinvestment of dividends and capital gains.
During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.

During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.


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