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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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| MARKET WATCH† | | 4:50 pm ET, 7/8(15:38 to NY open) | | |  | S&PFutures | 1110.70 | - | % | | |  | S&P 500 | 1109.11 | -9.22 | -0.82% | | | | DJIA | 10171.56 | -68.73 | -0.67% | | | | NASDAQ | 1935.32 | -30.76 | -1.56% | | | | 10-yr Note | 4.47 | -0.00 | -0.04% | | |
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Ticker Lookup >>
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Investment Strategy
Strives to achieve superior returns through active sector and security selection and disciplined risk managementArmada 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.
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Growth of a $10,000 Investment
Provides a graphical view of this Fund’s growth of $10,000 with an adjustment for sales charges and expenses,
where applicable from the Fund’s inception. The graph illustrates two values: growth of principal only and
growth of principal including reinvestment of dividends and capital gains.
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Economic Sector Weightings+
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| 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% |
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Index Comparison
Compare this fund’s 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.
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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.
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*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 5/31/2004 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.
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