Small Cap Value Fund

The Armada Small Cap Value Fund is for aggressive investors who are willing to accept greater risk in the pursuit of higher investment returns. The Fund invests in small companies comparable to those found in the Russell 2000 Value Index.* The management team seeks companies that are undervalued relative to the market and poised to outperform. 		xml version="1.0"?>
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PRICE  (A Shares as of 11/1): $16.30


as of 9/30/2002     Average Annual Total Returns and Ratings
Small Cap Value Fund 7-Day
Effective
Yield		 7-Day
Current
Yield		 30-Day
Current
Yield		 Current
Quarter
End		 YTD 1YR 3YR 5YR 10YR/
Since
Inception
A Shares N/A N/A N/A -17.88% -12.98% 3.75% 12.99% 5.81% 13.21%
B Shares N/A N/A N/A -18.05% -13.44% 2.95% 12.22% 5.09% 12.74%
C Shares N/A N/A N/A -17.98% -13.36% 3.06% 12.24% 5.10% 12.75%
H Shares N/A N/A N/A -18.03% -13.36% 3.06% 12.24% 5.10% 12.75%
I Shares N/A N/A N/A -12.82% -12.82% 3.97% 13.28% 6.19% 13.60%

Investment Objective

The Armada Small Cap Value Fund seeks capital appreciation by investing in a diversified portfolio of value oriented, publicly traded, small companies with capitalizations between $100 million and $3 billion.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

  All data is as of quarter end,
  unless otherwise indicated.
Class A Shares
Cusip Number 042086835
NASDAQ Symbol AMRRX
Net Asset Value as of 11/1/2002 $16.30
Inception Date 7/26/1994
Dividends Frequency Annually
Dividends Paid ($ per share)
Past Quarter
Past 12 Months
 
N/A
N/A
Avg. Weight Mat. N/A days
Total Net Assets (millions) $739.49

Investment Strategy

Value stocks can deliver a superior total return over time

The Armada Small Cap Value Fund’s management team takes a “Good Value, Good News.” approach to stock selection. The managers use a risk-adjusted valuation framework (dividend discount model) to measure the intrinsic value of statistically inexpensive stocks and determine whether the company is truly a ‘good value.’ Then they measure “good news” by assessing catalysts that will change investor sentiment regarding the company. This is important because the chief pitfall of value investing is buying too early and having to wait too long for the market to realize a stock’s inherent value. The team’s two-step analysis enables them to distinguish between attractive stocks that are likely to languish and those on the brink of appreciation.

Portfolio Composition


STIFs/Money Markets 12.50%  
Holding and Other Investment Offices 8.40%  
Depository Institutions 7.70%  
Chemicals and Allied Products 6.80%  
Insurance Carriers 6.80%  
Industrial Machinery and Equipment 6.40%  
Business Services 4.80%  
Oil and Gas Extraction 4.40%  
Electric, Gas, and Sanitary Services 4.40%  
Electronic and Other Electric Equipment 4.20%  


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.

Value Equity Investment Management Team
Daniel Bandi, CFA  Managing Director of Equity Investment
Adam Friedman  Senior Portfolio Manager
Daniel DeMonica, CFA  Portfolio Manager
Joe Gilbert  Equity 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 5, 2002 to Jan 27, 2000 reflect the performance of the Fund’s Class C Shares, returns for the period Jan 27, 2000 to Jan 6, 1998 reflect the performance of the Fund’s Class B Shares, returns for the period Jan 6, 1998 to Aug 15, 1994 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Aug 15, 1994 reflect the performance of the Fund’s Class I Shares.
For Class H shares, the annualized return since the actual inception date of Feb 5, 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 6, 1998 was 5.75% without sales charge and 5.41% with sales charge. For Class A shares, the annualized return since the actual inception date of Aug 15, 1994 was 12.8% without sales charge and 12.03% with sales charge.
The Class A shares have a maximum sales charge of 5.50%. 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 27, 2000 to Jan 6, 1998 reflect the performance of the Fund’s Class B Shares, returns for the period Jan 6, 1998 to Aug 15, 1994 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Aug 15, 1994 reflect the performance of the Fund’s Class I Shares.
For Class C shares, the annualized return since the actual inception date of Jan 27, 2000 was 12.01% without sales charge and 12.01% 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.
In addition to the normal risks associated with equity investing, smaller companies typically exhibit higher volatility.
The Index is not connected with the Armada Small Cap Value Fund. It is not possible to invest in this or any other index.
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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