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Ultra Short Bond Fund

The Armada Ultra Short Bond Fund is for investors who seek higher returns than those offered by money market funds and are willing to accept some principal fluctuation in pursuit of higher returns. The Ultra Short Bond Fund invests in a diversified portfolio of short-term, investment grade bonds.  For historical H Share performance, click here.
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PRICE  ( as of 11/12): $9.95
Ultra Short Bond Fund 1,2
Average Annual Total Returns
  as of 9/30/2004
  Inception
Date		 SEC
30-Day
Yield		 1-Day
Yield		 Current
Quarter End		 YTD 1YR 3YR 5YR 10YR Since
Inception
A Shares 01/06/03 1.75% 1.82% -0.55% -0.48% -0.31% N/A N/A N/A 0.83%
I Shares 12/02/02 2.02% 2.07% 0.51% 0.80% 1.03% N/A N/A N/A 1.69%
Merrill Lynch 1 Year Treasury* N/A N/A 0.49% 0.64% 0.89% 2.15% 4.09% 4.96% N/A
Merrill Lynch 1-3 Year U.S. Corporate/Government Index* N/A N/A 1.13% 1.11% 1.37% 3.56% 5.44% 5.94% N/A

Total returns reflect reinvestment of dividends, capital gains and deduction of applicable sales charges, operating expenses and fees. The inception date for Class A shares is 1/06/03. Performance shown for this inception date is based on the performance of Class I shares, adjusted to reflect Class A shares fees, expenses and maximum sales charges.

The maximum sales charge for class A shares is 1.00%.

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.

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

Ultra Short Bond Fund Quarterly Fund Fact Sheet - A Shares,  I Shares 

Investment Objective

Armada Ultra Short Bond Fund seeks to obtain high current income while preserving 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 04208P304
NASDAQ Symbol ASDAX
Inception Date 1/6/2003
Dividends Frequency Monthly

as of 11/12/2004
Net Asset Value as of 11/12/2004 $9.95
Net Asset Value past 12 months
High: $10.05
Low: $9.95
Public Offering Price $10.05

as of 9/30/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0296
$0.1198
Total Net Assets (millions) $169.31

as of 9/30/2004
SEC 30 Day Yield 1.75%
Current Income Distribution Yield 1.80%
Avg. Weight Mat. 0.96 Years
Duration 0.84

Sector Diversification+


FEDERAL NATIONAL MORTGAGE ASSOCIATION 26.35%  
ASSET-BACKED SECURITIES 20.69%  
CORPORATE BONDS 19.42%  
U.S. TREASURY NOTES 19.13%  
COLLATERALIZED MORTGAGE OBLIGATIONS 7.14%  
FEDERAL HOME LOAN MORTGAGE CORP. 5.20%  
CASH & CASH EQUIVALENTS 2.07%  


Investment Strategy

Potentially higher returns than typically produced through active sector and security selection, and disciplined risk management.
Armada Ultra Short Bond Fund invests in U.S. government, mortgage-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. 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, and the Merrill Lynch 1-Year Treasury 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.


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 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, and the Merrill Lynch 1-Year Treasury Index, a market capitalization weighted index including U.S. Treasury, are unmanaged indexes 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, BBB, and BB 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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