Total Return Advantage Fund

The Armada Total Return Advantage Fund is for investors who prefer not to tolerate the fluctuation of principal that accompanies stock investing, and are looking for alternative ways to build wealth. The Fund’s management team strives to build wealth over the long term by investing in a diversified bond portfolio. As a result, the Fund should experience less fluctuation in principal than an equity alternative.  		xml version="1.0"?>
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PRICE  (A Shares as of 12/17): $10.59


as of 9/30/2002     Average Annual Total Returns and Ratings
Total Return Advantage Fund SEC
30-Day
Yield		 1-Day
Yield		 Current
Quarter End		 YTD 1YR 3YR 5YR 10YR/
Since Inception
A Shares 3.62% 4.40% 0.74% 4.05% 3.59% 7.47% 6.05% 7.01%
B Shares 3.09% 3.62% 0.54% 3.67% 3.01% 7.53% 6.46% 7.45%
C Shares 3.08% 4.26% 4.55% 7.68% 7.01% 8.66% 6.76% 7.44%
I Shares 4.04% 4.58% 5.71% 9.36% 8.95% 9.44% 7.32% 7.97%
Lehman U.S. Government/Credit Index N/A N/A 5.69% 9.14% 9.20% 9.67% 7.92% N/A
Total Return Advantage Fund Quarterly Fund Fact Sheet - A, B Shares,  C Shares,  I Shares 

Investment Objective

The Armada Total Return Advantage Fund seeks to provide current income as well as preservation of capital by investing primarily in a portfolio of investment grade fixed income securities.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

  All data is as of quarter end,
  unless otherwise indicated.
Class A Shares
Cusip Number 042086769
NASDAQ Symbol ATRRX
Net Asset Value as of 12/17/2002 $10.59
Net Asset Value past 12 months
High: $10.74
Low: $10.02
Public Offering Price $11.06
Inception Date 7/7/1994
Dividends Frequency Monthly
Dividends Paid ($ per share)
Past Quarter
Past 12 Months
 
N/A
N/A
SEC 30 Day Yield 6.86%
Avg. Weight Mat. 7.85 Years
Duration 5.32
Total Net Assets (millions) $243.21

Sector Diversification


Corporate Bonds 40.00%  
U.S. Treasury Instruments 18.10%  
FNMA 12.30%  
Asset Backed Securities 10.40%  
Corporate CMO 5.60%  
U.S. Agency Bonds 4.20%  
FHLMC 3.20%  
Commercial Paper 2.40%  
Private Placement 2.00%  
STIFs/Money Markets 1.70%  


Investment Strategy

Superior returns through active sector and security selection, and disciplined risk management

The Total Return Advantage Fund may include U.S. government bonds, corporate bonds, mortgage-backed securities, or asset-backed securities. At least 80% of the fund’s assets will be invested in investment grade fixed income securities and securities that have been determined by the advisor to be of equivalent caliber. Up to 15% of the Fund may be invested in lower-rated bonds. The dollar-weighted average maturity of the Fund is expected to remain within four to twelve years. The Fund’s duration (its sensitivity to interest rate changes) should remain within 20% of its benchmark index, the U.S. Government/Credit Index. +

Growth of a $10,000 Investment


Provides a graphical-view of this fund’s growth of $10,000 without sales charges over a multi-year period. The graph illustrates two values: growth of principal only and growth of principal including reinvestment of dividends and capital gains.


Investment Quality


Agency24.0%
Treasury25.0%
AAA18.0%
AA9.0%
A15.0%
BBB7.0%
BB2.0%

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.

Taxable Fixed Income Management Team
Andrew Harding  Director of Taxable Fixed Income Investment
Cynthia Cole  Senior Portfolio Manager
Joseph Robison  Director and Chief Credit Officer
Matthew Downing  Fixed Income Analyst
Melvin Fernandes  Fixed Income Analyst
Daniel Raynor  Debt Securities Analyst


Armada Fund Family
Small Cap Growth Fund Mid Cap Growth Fund Large Cap Ultra Fund International Equity Fund Small Cap Value Fund Small/Mid Cap Value Fund Equity Growth Fund Tax Managed Equity Fund Equity Index Fund Core Equity Fund Large Cap Value Fund Aggressive Asset Allocation Fund Balanced Asset Allocation Fund Conservative Asset Allocation Fund GNMA Fund U.S. Government Income Fund Bond Fund Total Return Advantage Fund Limited Maturity Bond Fund Intermediate Bond Fund Ohio Municipal Money Market Fund Pennsylvania Tax Exempt Money Market Fund Tax Exempt Money Market Fund Money Market Fund Government Money Market Fund Treasury Plus Money Market Fund Treasury Money Market Fund National Tax Exempt Bond Fund Pennsylvania Municipal Bond Fund Ohio Tax Exempt Bond Fund Michigan Municipal Bond Fund

Returns for the period Oct 3, 2000 to Sep 29, 1999 reflect the performance of the Fund’s Class B Shares, returns for the period Sep 29, 1999 to Sep 6, 1994 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Sep 6, 1994 reflect the performance of the Fund’s Class I Shares.
For Class B shares, the annualized return since the actual inception date of Sep 29, 1999 was 7.95% without sales charge and 7.14% with sales charge. For Class A shares, the annualized return since the actual inception date of Sep 6, 1994 was 7.36% without sales charge and 6.72% with sales charge.
The Class A shares have a maximum sales charge of 4.75%. The Class B shares have a maximum contingent deferred sales charge of 5.00%.
For Class C shares, returns for the period Oct 3, 2000 to Sep 29, 1999 reflect the performance of the Fund’s Class B Shares, returns for the period Sep 29, 1999 to Sep 6, 1994 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Sep 6, 1994 reflect the performance of the Fund’s Class I Shares.
For Class C shares, the annualized return since the actual inception date of Oct 3, 2000 was 8.62% without sales charge and 8.62% with sales charge.
The Index is not connected with the Armada Total Return Advantage Fund. It is not possible to invest in this or any other index.

The sample portfolio illustrated is as of 6/30/02 and is an example only. It is not a permanent reflection of the Fund. Per the prospectus, the Fund will normally invest at least 80% of the value of its total assets in investment-grade fixed income securities.
The sample portfolio illustrated is as of 6/30/02 and is an example only. It is not a permanent reflection of the Fund.

Mutual funds involve risks including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. Past performance is not indicative of future performance, and the principal value and investment return will fluctuate, so that you may have a gain or loss when you sell your shares. 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 SEI Investments Distribution Co. (SIDC), Oaks, PA 19456. SIDC is not affiliated with IMC and is not a bank. This must be accompanied or preceded by a current Armada prospectus. Read it carefully before you invest or send money.

Total returns shown reflect reinvestment of dividends and capital gains.
During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.

During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.


Armada Funds Products