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Four
Star Morningstar Rating
ARMADA
INTERNATIONAL
EQUITY FUND
CLASS A
(8/1/1997
inception date)
The
Armada International Equity Fund Class A received four stars out of 1175
International Equity Funds for the three year period ending 9/30/2000
Recognized
by Morningstar For Solid Long Term Performance
*Morningstar
proprietary ratings reflect risk-adjusted performance through 9/30/2000.
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 International Equity Fund Class A received four stars
out of 1175 International Equity Funds for the three year period
ending 9/30/2000. Ratings are for the share class indicated. Other
classes may vary.
The inception date for the Armada International Equity Fund Class
A was 8/1/1997.
Past performance is no guarantee of future results. 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. Mutual funds involve risk including possible loss of principal.
Performance figures quoted herein may be lower due to recent market
volatility.
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 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.
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Not FDIC Insured No Bank
Guarantee May Lose Value
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