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Pennsylvania Municipal Bond Fund
The Armada Pennsylvania Municipal Bond Fund is for Pennsylvania residents who would like to generate income that is free from both federal and Pennsylvania personal income taxes. The Fund invests primarily in investment grade bonds issued by the Commonwealth of Pennsylvania.
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xml version="1.0"?>MARKET WATCH
(03:40 to NY close)
| | S&P 500 | 892.21 | -10.78 | -1.19% | | DJIA | 8459.42 | -75.97 | -0.89% | | NASDAQ | 1363.54 | -28.51 | -2.05% | | 10-yr Note | 4.06 | -0.05 | -1.34% |
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Ticker Lookup |
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Investment Strategy
It’s not what you make, it’s what you keep that mattersThe Armada Pennsylvania Municipal Bond Fund will invest at least 80% of its assets in general obligation, agency, pre-funded and escrowed, utility or hospital debt securities issued by the Commonwealth of Pennsylvania, its political subdivisions, agencies, and instrumentalities. In general, the Fund’s assets will be invested in investment grade securities, or unrated securities that have been determined by the advisor to be of equivalent caliber. The managers strive to avoid taxable capital gains distributions, realizing gains or losses only when it is beneficial to the overall goals of maintaining portfolio credit quality and maximizing after-tax returns. The dollar-weighted average maturity of the fund is expected to remain within three to ten years. The Fund’s duration (its sensitivity to interest rate changes) is expected to remain within 20% of its benchmark index, the Lehman 7-Year Municipal Bond Index. *
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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.
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Investment Quality
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| Aaa | 79.7% | | Aa | 16.7% | | A | 1.9% | | Baa | 0.6% | | NR (not rated) | 1.1% |
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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.
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| Taxable Equivalent Yield* |
3.83% |
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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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Returns for the period Feb 24, 2000 to Sep 11, 1996 reflect the performance of the Fund’s Class B Shares, returns for the period Sep 11, 1996 to Sep 11, 1996 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Sep 11, 1996 reflect the performance of the Fund’s Class I Shares.
For Class A shares, the annualized return since the actual inception date of Sep 11, 1996 was 5.32% without sales charge and 4.81% with sales charge.
The Class A shares have a maximum sales charge of 3.00%.
For Class C shares, returns for the period Feb 24, 2000 to Sep 11, 1996 reflect the performance of the Fund’s Class B Shares, returns for the period Sep 11, 1996 to Sep 11, 1996 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Sep 11, 1996 reflect the performance of the Fund’s Class I Shares.
For Class C shares, the annualized return since the actual inception date of Feb 24, 2000 was 4.39% without sales charge and 4.39% with sales charge.
The Class C shares do not have a front end sales charge, but do have a 1.00% charge on redemptions of shares that are held for less than 18 months.
The Index is not connected with the Armada Pennsylvania Municipal Bond Fund. It is not possible to invest in this or any other index.
The sample portfolio illustrated is as of 11/30/2002 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 debt securities issued by Pennsylvania.
Includes state tax rate of 2.8%, and federal tax rate of 39.6%.
The sample portfolio illustrated is as of 11/30/2002 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.
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