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.
For historical H Share performance, click here.
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, B and C shares are 4/15/91, 1/06/98 and 5/30/00 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 4.50%. 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.
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. 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.
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.
as of 1/31/2005 (% of total net assets) Holdings are Subject to Change.
US TREASURY NOTES 3.5% 11/15/06
9.24%
US TREASURY N/B, 6.5%, 2/15/10
7.87%
US TREASURY NOTES 3.25% 8/15/08
7.13%
FNMA AGY NOTE 2.25% 5/15/06
5.83%
FNMA 5.25% 04/15/07
3.92%
FNMA TBA 5% 02/01/34
2.78%
US TREASURY NOTE 3.875% 5/15/9
2.72%
US TREASURY NOTE 4.75% 5/15/14
2.50%
FHLB 3.375% 09/14/07
2.11%
DAIMLER CHRYSLER 4.49% 10/6/08
2.10%
Investment Strategy
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 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.
Economic Sector Weightings+
U.S. TREASURY NOTES
31.78%
CORPORATE BONDS
29.84%
FEDERAL NATIONAL MORTGAGE ASSOCIATION
15.24%
ASSET-BACKED SECURITIES
11.25%
FEDERAL HOME LOAN BANK
7.49%
FEDERAL HOME LOAN MORTGAGE CORPORATION
1.48%
COLLATERALIZED MORTGAGE OBLIGATIONS
1.47%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
1.45%
Index Comparison
Compare this funds performance, over various time periods, to the index of your choice. Just select the time period and index from the drop-down menus. Please keep in mind, the indexes shown are benchmarks for performance and direct investment is not possible.
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 HardingSenior Director for Taxable Fixed Income Investment
*The Lehman Intermediate U.S. Government/Credit Bond Index, an unmanaged index representative of intermediate term bonds, 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.
+Composition of the portfolio is as of 1/31/2005 and is for illustration purposes only. The composition of the portfolio is not a permanent reflection of the Fund. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets in investment grade bonds.
† 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.
