Armada Funds - Tour - Site Map : 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 12/31/2004			as of 12/31/2004
Fund	Inception Date	Current Month End	YTD	1YR	3YR	5YR	10YR	Since Inception
Bond Fund ^{1, 2}
Seeks to provide current income and preserve capital by investing in a portfolio of investment grade fixed income securities.
AIGRX	10/31/88	-3.45%	-1.01%	-1.01%	4.07%	5.34%	6.02%	6.53%
Lehman U.S. Aggregate Bond Index ^•		0.92%	4.34%	4.34%	6.19%	7.71%	7.72%	N/A
Overall Morningstar Rating: out of 738 funds in the Intermediate-Term Bond Funds Based on Risk Adjusted Returns
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 Bond A was rated against the following numbers of U.S.-domiciled Intermediate-Term Bond funds over the following time periods: 738 funds in the last three years, 554 funds in the last five years, and 275 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. 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.
Intermediate Bond Fund ^{2, 5}
Seeks to provide current income and preserve capital by investing in a portfolio of high-quality intermediate term bonds.
AFIRX	04/15/91	-3.81%	-2.02%	-2.02%	3.67%	5.01%	5.63%	6.05%
Lehman Intermediate U.S. Government/Credit Bond Index ^•		0.68%	3.04%	3.04%	5.69%	7.21%	7.16%	N/A
Overall Morningstar Rating: out of 738 funds in the Intermediate-Term Bond Funds Category Based on Risk Adjusted Returns
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 Intermediate Bond A was rated against the following numbers of U.S.-domiciled Intermediate-Term Bond funds over the following time periods: 738 funds in the last three years, 554 funds in the last five years, and 275 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, 1 star and 1 star for the three-, five- and ten-year periods, respectively. 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.
Ultra Short Bond Fund ²
Seeks to provide current income and preserve capital by investing in a portfolio of short-term, investment grade bonds.
ASDAX	01/06/03	-0.82%	-0.30%	-0.30%	N/A	N/A	N/A	0.82%
Merrill Lynch 1 Year Treasury ^•		0.16%	0.82%	0.82%	1.84%	3.99%	4.91%	N/A
Merrill Lynch 1-3 Year U.S. Corporate/Government Index ^•		0.24%	1.21%	1.21%	3.33%	5.32%	5.95%	N/A
Overall Morningstar Rating: N/A out of funds in the

Limited Maturity Bond Fund ²
Seeks to provide current income and preserve capital by investing in a portfolio of short-term, investment grade bonds.
AINRX	09/09/94	-1.76%	-1.21%	-1.21%	1.98%	3.83%	4.78%	4.76%
Merrill Lynch 1-3 Year U.S. Corporate/Government Index ^•		0.24%	1.21%	1.21%	3.33%	5.32%	5.95%	N/A
Overall Morningstar Rating: out of 226 funds in the Short-Term Bond Funds Category Based on Risk Adjusted Returns
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 Limited Maturity Bond A was rated against the following numbers of U.S.-domiciled Short-Term Bond funds over the following time periods: 226 funds in the last three years, 185 funds in the last five years, and 101 funds in the last ten years. With respect to these Short-Term Bond funds, Armada Limited Maturity Bond A received a Morningstar Rating of 2 stars, 2 stars and 2 stars for the three- five-and ten-year periods, respectively. 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.
Total Return Advantage Fund ^{2, 6}
Seeks to provide current income and preserve capital by investing in a portfolio of investment grade fixed income securities.
ATRRX	09/06/94	-3.42%	-1.00%	-1.00%	4.77%	6.69%	6.75%	6.47%
Lehman U.S. Government/Credit Index ^•		1.06%	4.19%	4.19%	6.59%	8.00%	7.80%	N/A
Overall Morningstar Rating: out of 738 funds in the Intermediate-Term Bond Funds Category Based on Risk Adjusted Returns
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 Total Return Advantage A was rated against the following numbers of U.S.-domiciled Intermediate-Term Bond funds over the following time periods: 738 funds in the last three years, 554 funds in the last five years, and 275 funds in the last ten years. With respect to these Intermediate-Term Bond funds, Armada Total Return Advantage A received a Morningstar Rating of 3 stars, 3 stars and 3 stars for the three- five- and ten-year periods, respectively. 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.
Government Mortgage Fund ^{2, 3, 4}
Seeks to provide current income and preserve capital by investing in U.S. Government Securities.
ARSAX	11/12/92	-4.02%	-0.70%	-0.70%	2.96%	5.20%	5.92%	5.45%
Lehman Fixed Rate Mortgage-Backed Securities Index ^•		0.70%	4.70%	4.70%	5.48%	7.14%	7.56%	N/A
Overall Morningstar Rating: out of 145 funds in the Short Government Funds Category Based on Risk Adjusted Returns
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 Government Mortgage A was rated against the following numbers of U.S.-domiciled Short Government funds over the following time periods: 145 funds in the last three years, 131 funds in the last five years and 86 funds in the last ten years. With respect to these Short Government funds, Armada Government Mortgage A received a Morningstar Rating of 3 stars, 3 stars and 3 stars for the three-, five- and ten-year periods, respectively. 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.

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.

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.

You should consider the investment objectives, risks, charges, and expenses of the Armada Funds carefully before investing. A prospectus with this and other information about the Funds may be obtained by calling 1-800-622-FUND (3863). It should be read carefully before investing.

The maximum sales charges for Class A Shares is 4.50% for the Total Return Advantage, Government Mortgage, Bond, and Intermediate Bond Funds; 2.00% for the Limited Maturity Bond Fund; and 1.00% for the Ultra Short Bond Fund. With respect to Class B Shares, the maximum contingent deferred sales charge is 5.00%. 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.

Certain fees were waived; if the fee waivers were not in effect, the yield would have been: 1.97%, 1.31% and 1.31% for classes A, B and C of the Limited Maturity Bond Fund; 2.59%, 2.02% and 2.02% for classes A, B and C of the Intermediate Bond Fund; 3.22%, 2.67% and 2.67% for classes A, B and C of the Total Return Advantage Fund; 1.10% for class A of the Ultra Short Bond Fund; and 1.80%, 1.20% and 1.21% for classes A, B and C of the Government Mortgage Fund. Total returns also reflect a reinvestment of distributions and changes in net asset value.

^• 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.

¹ Total returns for the Armada Bond Fund prior to June 9, 2000 include performance of the Parkstone Bond Fund, which was reorganized into the Armada Bond Fund on that date.

² An investment in the Fund is subject to interest rate risk, which is the possibility that the Fund’s yield will decline due to falling interest rates.

³ Guarantees by the U.S. government, its agencies or instrumentalities relate only to timely payment of principal and interest on the securities in the fund’s portfolio and not to shares of the fund.

⁴ Total returns for the Government Mortgage Fund prior to June 10, 2000 includes performance of the corresponding Parkstone Continuing Funds for the period prior to its reorganization into Armada.

⁵ International investments are subject to special risks not ordinarily associated with domestic investments, including currency fluctuations, economic and political change, and differing accounting standards that may adversely affect portfolio securities.

⁶ High yielding, non-investment grade bonds present a greater risk of loss to principal and interest than investment grade securities.

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.