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The Armada Intermediate Bond Fund will pursue high-quality sources of current income and appreciation that may be realized through the active management of a fixed income fund. With concern for quality being of utmost importance, the Fund's primary investments will be high and medium grade fixed income securities. At the time of purchase, all securities must be of investment-grade quality, as assigned by the major rating services. Unrated securities may also be included if the manager believes them to be of comparable quality. Factors such as yield, maturity, preservation of capital and the potential for realizing appreciation are closely examined. The average maturity is usually less than ten years.
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