Pennsylvania Tax Exempt Money Market Fund

The Armada Pennsylvania Tax Exempt Money Market Fund is for Pennsylvania residents, who are looking for an alternative to traditional money market funds and income that is free of Pennsylvania personal income tax and federal tax. This Fund invests in short-term, tax-exempt debt obligations issued primarily by the Commonwealth of Pennsylvania.  		xml version="1.0"?>
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PRICE  (A Shares as of 12/17): $1.00


as of 9/30/2002     Average Annual Total Returns and Ratings
Pennsylvania Tax Exempt Money Market Fund 7-Day
Effective
Yield		 7-Day
Current
Yield		 30-Day
Current
Yield		 Current
Quarter
End		 YTD 1YR 3YR 5YR 10YR/
Since
Inception
A Shares 1.14% 1.13% 0.99% 0.23% 0.75% 1.11% 2.52% 2.68% 2.91%
I Shares 1.39% 1.38% 1.24% 0.94% 0.94% 1.36% 2.70% 2.85% 3.03%
iMoneyNet, Inc. State-Specific SB & GP Average (T-F) N/A 0.97% N/A 0.21% 0.67% 1.01% 2.32% 2.51% N/A
Pennsylvania Tax Exempt Money Market Fund Quarterly Fund Fact Sheet - A Shares,  I Shares 

Investment Objective

The Armada Pennsylvania Tax Exempt Money Market Fund strives to provide current income exempt from both regular federal and Pennsylvania personal income tax, consistent with liquidity and stability of principal.

Risk & Reward
Asset Class Comparison


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Fund Statistics

  All data is as of quarter end,
  unless otherwise indicated.
Class A Shares
Cusip Number 042086728
NASDAQ Symbol APRXX
Net Asset Value as of 12/17/2002 $1.00
Inception Date 8/8/1994
Dividends Frequency Daily
Dividends Paid ($ per share)
Past Quarter
Past 12 Months
 
N/A
N/A
Avg. Weight Mat. 41 days
Total Net Assets (millions) $225.69

Investment Strategy

Short-term Investing With Money Market Funds

The Armada Pennsylvania Tax Exempt Money Market Fund’s managers place a high emphasis on quality. At least 80% of the Fund’s assets will be invested in short-term debt obligations, issued by or on behalf of the Commonwealth of Pennsylvania, its political subdivisions, agencies, or instrumentalities, that belong in the top two rating categories. The Fund’s dollar weighted average maturity will not exceed 90 days, and no more than 10% of net assets may be invested in illiquid securities.

Portfolio Composition


Municipal Bonds 99.20%  
Unknown 0.60%  
STIFs/Money Markets 0.10%  


Taxable Equivalent Yield

After you deduct state and federal taxes, the yield from a taxable investment may not be all you expected it to be. In fact, with a taxable investment, you need to earn a significantly higher yield to provide the same amount of income you receive from a tax-free investment. The yields below reflect a 7% state tax rate and the highest federal tax rate.

Taxable Equivalent Yield* 1.93%  

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.

Tax Exempt Money Market Investment Management Team
Marilou Hitt  Director of Money Market Investment
Rebecca Berridge  Fixed Income Security Trader
Keith Erwin  Fixed Income Security Trader
Richard Stevenson  Fixed Income Security Trader


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

An investment in the money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Taxable Equivalent Yield for taxpayers in the highest tax bracket, calculated according to the SEC standardized formula, represents the investment yield which would have to be generated by a taxable investment in order to match the income generated by a tax-free investment. The Pennsylvania state tax rate is 2.8%. The Ohio state tax rate is 7.0%. The 7-day yield represents the income generated by an investment in the Fund, over a 7-day period, assuming a reinvestment in fund shares of all dividends during this period (i.e. Compounding). This income is then annualized. The advisor has waived fees during this period. Without such waivers the 7-day yield would have been lower.

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.


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