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GNMA Fund - Historical

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.

The Armada GNMA Fund offers investors a higher level of income than is generally available from short- and intermediate term government bonds. The fund invests in Government National Mortgage Association (GNMA) mortgage-backed securities.  For historical H Share performance, click here.
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GNMA Historical Data1,2
Average Annual Total Returns
  as of 9/30/2003
  Inception
Date		 SEC
30-Day
Yield		 1-Day
Yield		 Current
Quarter End		 YTD 1YR 3YR 5YR 10YR Since
Inception
A Shares 09/11/96 2.07% 4.02% -4.57% -3.51% -2.46% 4.58% 4.38% N/A 6.11%
B Shares 08/11/99 1.51% 3.34% -4.94% -4.27% -3.26% 4.31% 4.27% N/A 5.91%
C Shares 01/27/00 1.53% 3.34% -1.06% -0.34% 0.67% 5.56% 4.64% N/A 5.93%
I Shares 08/10/94 2.44% 4.28% 0.27% 1.36% 2.62% 6.56% 5.62% N/A 6.92%
Lehman GNMA Index* N/A N/A 0.42% 1.81% 3.25% 7.46% 6.47% 6.91% N/A
GNMA Fund - Historical Quarterly Fund Fact Sheet - A, B, C Shares,  I Shares 

Investment Objective

Armada GNMA Fund seeks to provide current income as well as preservation of capital by investing primarily in mortgage-backed securities guaranteed by GNMA.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics
as of 11/21/2003

Class A Shares
Cusip Number 042086652
NASDAQ Symbol AGNRX
Inception Date 9/11/1996
Dividends Frequency Monthly

as of 11/21/2003
Net Asset Value as of 11/21/2003 $10.29
Net Asset Value past 12 months
High: $10.29
Low: $10.29
Public Offering Price $10.80

as of 9/30/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0000
$0.0000
Total Net Assets (millions) $150.89

as of 9/30/2003
SEC 30 Day Yield 2.07%
Current Income Distribution Yield 3.77%
Avg. Weight Mat. 4.93 Years
Duration 3.83

Sector Diversification+


GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 60.07%  
FEDERAL HOME LOAN MORTGAGE CORPORATION 14.00%  
FEDERAL HOME LOAN BANK 13.85%  
FEDERAL NATIONAL MORTGAGE ASSOCIATION 11.87%  
COLLATERALIZED MORTGAGE OBLIGATIONS 0.21%  


Investment Strategy

Strives to achieve superior returns through active sector and security selection and disciplined risk management

Armada GNMA Fund invests at least 80% of its assets in mortgage pass-through securities guaranteed by GNMA and obligations of the U.S. Treasury. The Fund's managers assess current and projected market conditions by examining factors such as yield to maturity, maturity, quality, and the outlook for issuers and market sectors. The portfolio will generally include only investment grade bonds that are backed by the full faith and credit of the U.S. government. The dollar-weighted average maturity of the Fund will normally be three to ten years.

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▲


Agency91.0%
Treasury8.0%
AAA1.0%

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.

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
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 Lehman GNMA Index is an unmanaged index not available for direct investment. Unlike a mutual fund, the performance of the index assumes no taxes, transaction costs, management fees or other expenses.

Quality ratings such as AAA refer to credit risk of the portfolio securities and not the shares of the Fund.

+Composition of the portfolio is as of 10/31/2004 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 mortgage backed securities guaranteed by GNMA.

1The 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.

2An 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.

Total returns reflect reinvestment of dividends and capital gains and any applicable sales charges as noted below. Returns also reflect fund fees and expenses.

The inception dates for Class A Shares, Class B Shares and Class C Shares for the Armada GNMA Fund are 9/11/96, 8/11/99 and 1/27/00, respectively. All performance shown for each class of shares prior to such inception dates is based on the performance of Class I shares, adjusted to reflect each share class's maximum sales charges as specified below.

The maximum sales charge for Class A Shares is 4.75%. 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 the redemption of shares that are held for less than 18 months.

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. Returns and share prices will fluctuate and on redemption, shares may be worth more or less than their original costs.

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. 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.

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.

† 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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