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Limited Maturity Bond Fund

The Armada Limited Maturity Bond Fund is for investors who seek higher returns than those offered by money market funds and are willing to tolerate greater price fluctuation in pursuit of higher returns. The Limited Maturity Bond Fund invests in a diversified portfolio of short-term, investment grade bonds.  For historical H Share performance, click here. 		xml version="1.0"?>
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PRICE  ( as of 3/11): $9.85
Limited Maturity Bond Fund 1,2
Average Annual Total Returns
  as of 12/31/2004
  Inception
Date		 SEC
30-Day
Yield		 1-Day
Yield		 Current
Quarter End		 YTD 1YR 3YR 5YR 10YR Since
Inception
A Shares 09/09/94 2.15% 2.73% -1.91% -1.21% -1.21% 1.98% 3.83% 4.78% 4.76%
B Shares 08/11/99 1.50% 2.03% -5.10% -4.78% -4.78% 0.65% 3.11% 4.14% 4.09%
C Shares 01/27/00 1.48% 2.03% -1.12% -0.84% -0.84% 1.94% 3.46% 4.14% 4.10%
I Shares 07/07/94 2.45% 2.98% 0.11% 0.99% 0.99% 2.91% 4.46% 5.14% 5.09%
R Shares 08/01/03 1.90% 2.43% -0.77% -0.29% -0.29% 2.34% 3.74% 4.32% 4.27%
Merrill Lynch 1-3 Year U.S. Corporate/Government Index* N/A N/A 0.10% 1.21% 1.21% 3.33% 5.32% 5.95% 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 .10%. Without such a fee waiver, performance of the Fund would have been lower. Inception dates for Class A, B, C and R shares are 9/09/94, 8/11/99, 1/27/00 and 8/1/03 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 2.00%. 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. Class R shares do not have a front-end sales charge, but do have a 0.75% charge on the redemption of shares that are held 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.

The value of debt securities may be affected by the ability of issuers to make principal and interest payments. Although U.S. government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. 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.

Limited Maturity Bond Fund Quarterly Fund Fact Sheet - A, B, C Shares,  I Shares,  R Shares

Investment Objective

Armada Limited Maturity Bond Fund seeks to provide current income and preserve capital by investing in a portfolio of investment grade fixed income securities.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

Class A Shares
Cusip Number 042086819
NASDAQ Symbol AINRX
Inception Date 9/9/1994
Dividends Frequency Monthly

as of 3/11/2005
Net Asset Value as of 3/11/2005 $9.85
Net Asset Value past 12 months
High: $10.15
Low: $9.85
Public Offering Price $10.05

as of 12/31/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.2384
$0.0000
Total Net Assets (millions) $266.72

as of 12/31/2004
SEC 30 Day Yield 2.15%
Current Income Distribution Yield 2.57%
Avg. Weight Mat. 1.83 Years
Duration 1.65

Sector Diversification+


CORPORATE BONDS 22.25%  
ASSET-BACKED SECURITIES 21.81%  
FEDERAL NATIONAL MORTGAGE ASSOCIATION 16.49%  
COLLATERALIZED MORTGAGE OBLIGATIONS 15.51%  
U.S. TREASURY NOTES 10.36%  
FEDERAL HOME LOAN MORTGAGE CORP. 7.61%  
FEDERAL HOME LOAN BANK 3.53%  
CASH & CASH EQUIVALENTS 1.40%  
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.04%  


Investment Strategy

Armada Limited Maturity Bond Fund invests in U.S. government, corporate, mortage-backed, and asset-backed fixed income securities. While the managers can select any investment grade opportunity, they tend to concentrate the fund in AAA rated asset-backed securities that offer potentially higher income and returns than equivalently rated U.S. Treasury securities. The dollar-weighted average maturity of the Fund is expected to remain between one and five years. The Fund's duration (its sensitivity to interest rate changes) is expected to remain within 20% of its benchmark index, the Merrill Lynch 1-3 Year U.S. Corporate/Government 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▲


Agency28.7%
Treasury22.9%
AAA26.4%
AA6.0%
A8.8%
BBB7.3%

Top 10 Holdings+

as of 2/28/2005  (% of total net assets)
Holdings are Subject to Change.

US TREASURY NOTES 08/15/07 7.63%
FHLB 3.5% 11/15/07 3.24%
FNMA 5.25% 04/15/07 3.08%
US TREASURY NOTE 2.625% 2.75%
FNR 2003-119 CL XB 2.19%
FHLMC 2.10%
HONDA AUTO REC TRUST 2.08%
CARAT 2.96%, 1/15/08 1.97%
FNMA 3% 07/25/22 1.96%
CITIBANK CREDIT CARD 2.55% 1.94%



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.

Andrew Harding  Senior Director for Taxable Fixed Income Investment
Cynthia Cole  Director of Corporate Bond Investment
Joseph Robison  Director & Chief Credit Officer
Timothy Compan, Jr., CFA   Senior Debt Securities Analyst
Akin V. Rojugbokan  Senior Credit Analyst
Brian Stine, CFA  Product Specialist
Matthew Downing  Fixed Income Analyst
Melvin Fernandes  Fixed Income Analyst
Mark Lozina, CFA  Fixed Income Analyst
Richard P. Mears  Fixed Income Analyst


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 Merrill Lynch 1-3 Year U.S. Corporate/Government Index, a market capitalization weighted index including U.S. Treasury and agency bonds and U.S. investment grade corporate bonds, is an unmanaged index and 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, and BBB refer to credit risk of the portfolio securities and not the shares 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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