Equity Index Fund

The Armada Equity Index Fund is for investors who would like their portfolios to replicate the performance of Standard & Poor’s 500 (S&P 500) Index * as closely as possible. The Fund invests in substantially all of the stocks that comprise the S&P 500 Index, in approximately the same percentages.  		xml version="1.0"?>
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PRICE  (A Shares as of 2/21): $7.29


as of 12/31/2002     Average Annual Total Returns and Ratings
Equity Index Fund Current
Quarter End		 YTD 1 Year 3 Year 5 Year 10 Year/
Since Inception
A Shares 4.24% -25.45% -25.45% -16.09% N/A -5.92%
B Shares 3.04% -27.20% -27.20% -16.85% N/A -6.06%
C Shares 7.15% -24.04% -24.04% -15.68% N/A -5.61%
H Shares 6.13% -24.85% -24.85% -15.98% N/A -5.83%
I Shares 8.35% -22.33% -22.33% -14.78% N/A -4.85%
S&P 500 Composite Index 8.44% -22.10% -22.10% -14.55% -0.58% N/A
Equity Index Fund Quarterly Fund Fact Sheet - A, B, H Shares,  C Shares,   I Shares 


Investment Objective

The Armada Equity Index Fund is for investors who would like their portfolios to replicate the performance of Standard & Poor’s 500 (S&P 500) Index * as closely as possible. The Fund invests in substantially all of the stocks that comprise the S&P 500 Index, in approximately the same percentages.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

Class A Shares
Cusip Number 042086637
NASDAQ Symbol AEXAX
Inception Date 7/10/1998
Dividends Frequency Quarterly

as of 2/21/2003
Net Asset Value as of 2/21/2003 $7.29
Net Asset Value past 12 months
High: $10.07
Low: $6.67
Public Offering Price $7.57

as of 12/31/2002
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
 N/A
 N/A
Total Net Assets (millions) $258.41

Top Ten Holdings

as of 1/31/2003  (% of total net assets)
Holdings are Subject to Change.

MICROSOFT CORP 3.05%
GENL ELECTRIC 2.77%
EXXON MOBIL CORP 2.76%
WAL-MART STORES 2.54%
PFIZER INC 2.25%
CITIGROUP 2.12%
JOHNSON & JOHNS 1.92%
AMERICAN INTERNATIONAL G 1.70%
IBM CORPORATION 1.59%
MERCK & CO 1.50%

Investment Strategy

Reap the benefits of lower turnover

The Armada Equity Index Fund’s management team strives to replicate the performance of the S&P 500 Index by investing in all 500 of the stocks included in the index, in approximately the same percentages. The management team may use a statistical sampling technique by selecting approximately 90% of the stocks listed in the Index. While the Fund will only sell stocks when the Index alters its composition, it may, temporarily, hold a security that has been removed from the S&P 500 Index pending rebalancing of the fund’s portfolio. This measure allows the managers to reduce transaction costs and minimize shareholder’s current capital gains liability.

Growth of a $10,000 Investment


Provides a graphical-view of this fund’s growth of $10,000 without sales charges over a multi-year period. The graph illustrates two values: growth of principal only and growth of principal including reinvestment of dividends and capital gains.


Economic Sector Weightings


Chemicals and Allied Products 12.40%  
Depository Institutions 9.90%  
Business Services 8.00%  
Industrial Machinery and Equipment 7.60%  
Electronic and Other Electric Equipment 7.50%  
Insurance Carriers 5.20%  
Communications 5.10%  
Food and Kindred Products 4.10%  
Petroleum and Coal Products 4.10%  
General Merchandise Stores 3.60%  


Index Comparison

Compare this fund’s performance, over various time periods, to the index of your choice. Just select the time period and index from the drop-down menus.

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.

Equity Index Investment Management Team
Daniel Bandi, CFA  Managing Director of Equity Investment
Mark Koenig  Director of Quantitative Analysis
Michael Wayton  Quantitative Research Analyst
Rita Ontko  Quantitative Research Analyst


Armada Fund Family
Small Cap Growth Fund Mid Cap Growth Fund Large Cap Ultra Fund International Equity Fund Small Cap Value Fund Small/Mid Cap Value Fund Equity Growth Fund Tax Managed Equity Fund Equity Index Fund Core Equity Fund Large Cap Value Fund Aggressive Asset Allocation Fund Balanced Asset Allocation Fund Conservative Asset Allocation Fund GNMA Fund U.S. Government Income Fund Bond Fund Total Return Advantage Fund Limited Maturity Bond Fund Intermediate Bond Fund Ohio Municipal Money Market Fund Pennsylvania Tax Exempt Money Market Fund Tax Exempt Money Market Fund Money Market Fund Government Money Market Fund Treasury Plus Money Market Fund Treasury Money Market Fund National Tax Exempt Bond Fund Pennsylvania Municipal Bond Fund Ohio Tax Exempt Bond Fund Michigan Municipal Bond Fund

Returns for the period Feb 25, 2002 to Jan 17, 2000 reflect the performance of the Fund’s Class C Shares, returns for the period Jan 17, 2000 to Jan 4, 2000 reflect the performance of the Fund’s Class B Shares, returns for the period Jan 4, 2000 to Oct 15, 1998 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Oct 15, 1998 reflect the performance of the Fund’s Class I Shares.
For Class H shares, the annualized return since the actual inception date of Feb 25, 2002 was N/A without sales charge and N/A with sales charge. For Class B shares, the annualized return since the actual inception date of Jan 4, 2000 was -14.78% without sales charge and -15.61% with sales charge. For Class A shares, the annualized return since the actual inception date of Oct 15, 1998 was -3.86% without sales charge and -4.71% with sales charge. The Class A shares have a maximum sales charge of 3.75%. The Class B shares have a maximum contingent deferred sales charge of 5.00%. The Class H shares have a 1.00% front end sales charge, in addition to a 1.00% maximum contingent deferred sales charge on shares held less than 18 months.
For Class C shares, returns for the period Jan 17, 2000 to Jan 4, 2000 reflect the performance of the Fund’s Class B Shares, returns for the period Jan 4, 2000 to Oct 15, 1998 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Oct 15, 1998 reflect the performance of the Fund’s Class I Shares.
For Class C shares, the annualized return since the actual inception date of Jan 17, 2000 was -16.22% without sales charge and -16.22% with sales charge.
The Class C shares do not have a front end sales charge, but do have a 1.00% charge on redemptions of shares that are held for less than 18 months.
"S&P 500 ® Index" is trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by National City Investment Management Company. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing Economic sector weightings may or may not total 100%.

Mutual funds involve risks including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. Past performance is not indicative of future performance, and the principal value and investment return will fluctuate, so that you may have a gain or loss when you sell your shares. National City Investment Management Company (IMC) serves as investment adviser to Armada Funds, for which it receives an investment advisory fee. Armada Funds are distributed by SEI Investments Distribution Co. (SIDC), Oaks, PA 19456. SIDC is not affiliated with IMC and is not a bank. This must be accompanied or preceded by a current Armada prospectus. Read it carefully before you invest or send money.

Total returns shown reflect reinvestment of dividends and capital gains.
During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.

During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.


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