Search:




Pennsylvania Tax Exempt Money Market Fund

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.1 This Fund invests in short-term, tax-exempt debt obligations issued primarily by the Commonwealth of Pennsylvania.  For historical H Share performance, click here.
MARKET WATCH†
4:50 pm ET, 12/24(63:36 to NY
S&P 5001210.13+0.560.05%
DJIA10827.12+11.230.10%
NASDAQ2160.62-%
10-yr Note4.22-%
Ticker Lookup >>
Get Quote: 




PRICE  ( as of 12/23): $1.00
Pennsylvania Tax Exempt Money Market Fund
Average Annual Total Returns
  as of 9/30/2004
  Inception
Date		 7-Day
Effective
Yield		 7-Day
Current
Yield		 Current
Quarter
End		 YTD 1YR 3YR 5YR 10YR Since
Inception
A Shares 09/11/96 0.89% 0.88% 0.15% 0.36% 0.49% 0.74% 1.73% 2.41% 2.41%
I Shares 08/08/94 1.14% 1.13% 0.21% 0.55% 0.74% 0.99% 1.94% 2.58% 2.59%
iMoneyNet, Inc. State-Specific SB & GP Average (T-F)* N/A N/A 0.13% 0.32% 0.42% 0.63% 1.55% 2.24% N/A

Total returns reflect reinvestment of dividends, capital gains and deduction of applicable sales charges, operating expenses and fees. Returns also reflect a voluntary fee waiver of .25%. Without such a fee waiver, performance of the Fund would have been lower. The inception date for Class A shares is 9/11/96. All performance shown for each share class prior to each respective inception date is based on the performance of Class I shares, adjusted to reflect each share class’s fees, expenses and maximum sales charges. The 7-day current yield is based on net income during the 7-day period ended 6/30/04. The 7-day effective yield is based on compounding the 7-day net income. Tax equivalent yields are based on assumed federal income tax rates of 35% and state income tax rates of 2.8% for Pennsylvania. The 7-day yields more closely reflect the current earnings of the Fund than the total return information.

There is no sales charge for class A and I shares.

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.

The dividend yield paid by the Fund may vary with changes in short-term interest rates. The value of debt securities with the Fund’s portfolio may be affected by the ability of the issuer to make principal and interest payments. The Fund’s focus on investments in securities of issuers located in a single state makes the Fund susceptible to economic, political and regulatory events that affect that state. For some investors, income may be subject to state and/or local taxes, and certain investors may be subject to the federal alternative minimum tax (AMT). An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.

Pennsylvania Tax Exempt Money Market Fund Quarterly Fund Fact Sheet - A Shares,  I Shares 

Investment Objective

Armada Pennsylvania Tax Exempt Money Market Fund seeks to provide current income and liquidity while maintaining a stable $1.00 share price. In pursuit of this goal, the Fund's managers invest only in high-quality, short-term securities with remaining maturities of 397 days or less and maintain a dollar-weighted average maturity of 90 days or less.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

Class A Shares
Cusip Number 042086728
NASDAQ Symbol APRXX
Inception Date 9/11/1996
Dividends Frequency Daily

as of 12/23/2004
Net Asset Value as of 12/23/2004 $1.00

as of 9/30/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0012
$0.0038
Total Net Assets (millions) $155.84

as of 9/30/2004
Avg. Weight Mat. 17 days

Investment Strategy

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

Portfolio Composition+


REVENUE BONDS - EDUCATION 18.87%  
REVENUE BONDS - INDUSTRIAL DEVELOPMENT 18.75%  
REVENUE BONDS - HOSPITAL/NURSING HOMES 17.56%  
REVENUE BONDS - POLLUTION CONTROL 16.48%  
REVENUE BONDS - PUBLIC PURPOSE REVENUE 11.26%  
GENERAL OBLIGATIONS 6.54%  
REVENUE BONDS - OTHER 5.13%  
REVENUE BONDS - RETIREMENT COMM 3.72%  
ANTICIPATION NOTES 1.69%  


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 2.8% state tax rate and the highest federal tax rate.

Taxable Equivalent Yield 1.18%  

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
Rebecca Berridge  Money Market Portfolio Manager


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 iMoney Net Money Fund Report Averages are unmanaged composites of professionally managed money market investments with similar investment objectives that are not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

+Composition of the portfolio is as of 11/30/2004 and is for illustration purposes only. The composition of the portfolio is not a permanent reflection 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.


Armada Funds - Home Page - Armada Funds - Home Page List

armadafunds.com v 4_3