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4 - Star Overall Morningstar Rating™
Ratings for the Pennsylvania Municipal Bond Fund Class A
were out of 1700 Municipal Bond Funds ending 5/31/2001
ARMADA
PENNSYLVANIA MUNICIPAL BOND FUND
CLASS A
(9/11/1996
inception date)
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YTD
(5/31/2001)
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Annualized
Total Return
1 Year
(3/31/2001)
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Annualized
Total Return
3 Year
(3/31/2001)
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Annualized
Since
Inception
(3/31/2001)
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Overall
Morningstar
Rating*
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1.94%
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5.60%
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3.67%
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5.42%
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For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating metric each month by subtracting the return on a 90-day U. S. Treasury Bill from
the funds load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next
22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from
a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. The Armada Pennsylvania Municipal
Bond Fund, Class A was rated against the following numbers of U.S.-domiciled Municipal Bond funds over the following time periods: 1700 funds in the last three years. With
respect to these Municipal Bond funds, the Armada Pennsylvania Municipal Bond Fund, Class A received a Morningstar Rating of 4 stars for the three-year period.
Morningstar Category Ratings are as of 5/31/2001. These ratings are subject to change every month. The Category Rating is a quantitative measure of risk-adjusted returns.
This three-year rating shows how well a fund has balanced risk and return relative to other funds in the same Morningstar Category. The rating uses the same methodology
as the Morningstar Risk-Adjusted Rating. Unlike the Star Rating, however, the Category Rating does not reflect any front-end or deferred loads. Other expenses, such as 12b-1
fees, are included. As with the Star Rating, five is the best rating and one is the worst.
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 Pennsylvania
Municipal Bond Fund Class A. If maximum sales charges were included, actual performance would be lower.
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Not FDIC Insured No Bank
Guarantee May Lose Value
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