Armada Money Market Fund Rated 'AAm' by S&P.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's June 30, 2000--Standard & Poor's assigns an `AAm' rating to Armada An earlier brand name for laptop computers from Compaq. The line was noted for its quality and innovative features. Money Market Fund. The rating is based on Standard & Poor's analysis of the fund's credit quality, investment policies, market-price exposure, and conservative management. The rating signifies that safety of invested principal is very good and there is a strong capacity to maintain a $1 per share net asset value at all times. This is achieved through conservative investment practices and strict internal controls. Standard & Poor's reviews the fund's portfolio reports on an ongoing basis. Armada Money Market Fund is an open-end management investment company with an investment objective that seeks to provide as high a level of current income as is consistent with liquidity and stability of principal. The fund attempts to accomplish its objective by investing in a variety of high-quality money market securities. The fund commenced operations on September 3, 1986 and currently has $4.7 billion in assets. The fund's shareholder base is both retail and institutional with four share classes currently offered. National City Investment Management Company (IMC (Internet Mail Consortium, Santa Cruz, CA, www.imc.org) An industry trade association founded in 1996 by Paul Hoffman and Dave Crocker that promotes Internet e-mail standards and features. ) serves as investment adviser to the Armada group of funds group of funds See family of funds. . IMC is a registered investment adviser and an indirect wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of National City Corporation. IMC manages over $25.7 billion as of March 31, 2000 on behalf of both taxable and tax-exempt clients, including corporate, foundation, endowment, Taft-Hartley, and public entities. As advisers, they are responsible for managing the investments of the fund, making decisions and placing orders for all purchases and sales of portfolio securities. SEI Investments Distribution Co. acts as the fund's distributor while National City Bank serves as the fund's custodian. The fund invests in a variety of high quality money market securities, including commercial paper, certificates of deposit, corporate and agency floating rate notes, and repurchase agreements Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. . The fund also invests a small portion of fund assets Fund assets The total value of a portfolio's securities, cash, and other holdings, minus any outstanding debts. in similarly invested 'AAAm' or 'AAm' rated money market funds. The fund keeps its weighted average maturity at 70 days or less, which helps to ensure liquidity and principal preservation in case of large redemptions. Portfolio securities are marked to market on a weekly basis. Copyright 2000, Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. |
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