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Four Star Morningstar Rating™
Ratings
for the Armada Ohio Tax Exempt Bond Fund Class A were out of 1719 Municipal
Bond Funds ending 10/31/2000
ARMADA
OHIO TAX EXEMPT
BOND FUND
CLASS A
(4/5/1991
inception date)
Recognized
by Morningstar For Solid Long Term Performance
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YTD
(10/31/2000)
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Annualized
Total Return
1 Year
(9/30/2000)
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Annualized
Total Return
5 Year
(9/30/2000)
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Annualized
Since
Inception
(9/30/2000)
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Overall
Morningstar
Rating*
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5.93%
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1.66%
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3.91%
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5.09%
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**Morningstar
proprietary ratings reflect risk-adjusted performance through 10/31/2000.
The ratings are subject to change every month. Ratings are calculated
from the funds three, five and ten year average annual returns
if applicable (with fee adjustments) in excess of the 90-day Treasury
bill returns and a risk factor that reflects fund performance below
90-day Treasury bill returns. The top 10% of the funds in a rating
category receive five stars, the next 22.5% receive four stars,
the next 35% receive three stars, the next 22.5% receive two stars
and the last 10% receive one star.
The Armada Ohio Tax Exempt Bond Fund Class A earned four stars out
of 1719 and 1473 Municipal Bond Funds for the three and five year
periods respectively ending 10/31/2000.
Ratings are for the share class indicated. Other classes may vary.
Past performance is no guarantee of future results. Mutual funds
involve risk including possible loss of principal. Performance figures
quoted herein may be lower due to recent market volatility.
Investment return and principal value of an investment will fluctuate
so that an investors shares on redemption may be worth more or
less than their original cost.
For more complete information about Armada Funds, including charges
and expenses, obtain a prospectus from SEI Investments Distribution
Co. by calling 1-800-622-FUND (3863). Read the prospectus carefully
before investing or sending money.
National City Investment Management Company serves as investment
adviser for Armada Funds, for which it receives an investment advisory
fee. Armada Funds are distributed by SEI Investments Distribution
Co., Oaks, PA 19456. SEI Investments Distribution Co. is not affiliated
with National City Investment Management Company and is not a bank.
YTD Performance is at Net Asset Value and does not reflect a sales
charge. A maximum front-end sales charge of 3.00% may be imposed
on the Armada Ohio Tax Exempt Bond Fund, Class A. If maximum sales
charges were included, actual performance would be lower.
Annualized total returns include a maximum front-end sales charge
of 3.00%
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Not FDIC Insured No Bank
Guarantee May Lose Value
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