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Small Cap Core Fund

The Small Cap Core Fund is for aggressive investors who are willing to accept greater risk in the pursuit of higher investment returns. The management team manages the fund using a "true core" approach. They seek out attractive companies across the entire small cap landscape ­ including both value-oriented and growth-oriented U.S. small cap stocks.  For historical H Share performance, click here.
MARKET WATCH†
4:50 pm ET, 11/12(63:37 to NY
S&P 5001184.17+10.690.91%
DJIA10539.01+69.170.66%
NASDAQ2085.34+24.071.17%
10-yr Note4.20-0.05-1.27%
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PRICE  ( as of 11/12): $10.54
Small Cap Core Fund
Average Annual Total Returns
     as of 9/30/2004
  Inception
Date		 Current
Quarter End		 YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
A Shares 04/02/04 -7.78% N/A N/A N/A N/A N/A -9.26%
B Shares 04/02/04 -7.42% N/A N/A N/A N/A N/A -8.99%
C Shares 04/02/04 -3.52% N/A N/A N/A N/A N/A -5.16%
I Shares 04/02/04 -2.34% N/A N/A N/A N/A N/A -3.90%
Russell 2000 Index* -2.86% 3.71% 18.77% 13.71% 7.41% 9.87% N/A

Total returns reflect reinvestment of dividends, capital gains and deduction of applicable sales charges, operating expenses and fees. The inception date for Class A, B and C shares is 4/2/04. All performance shown for each share class is adjusted to reflect each share class’s fees, expenses and maximum sales charges.

The maximum sales charge for class A shares is 5.50%. Class B shares have a maximum contingent deferred sales charge of 5.00%. Class C shares do not have a front-end sales charge, but do have a 1.00% charge on the redemption of shares that are held for less than 18 months. Class R shares do not have a front-end sales charge, but do have a 0.75% charge on the redemption of shares that are held less than 18 months.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at www.armadafunds.com.

Investments in small capitalization companies present greater risk of loss than investments in large companies.

Small Cap Core Fund Quarterly Fund Fact Sheet - A, B, C Shares,  I Shares 


Investment Objective

The Small Cap Core Fund is for aggressive investors who are willing to accept greater risk in the pursuit of higher investment returns. The management team manages the fund using a "true core" approach. They seek out attractive companies across the entire small cap landscape ­ including both value-oriented and growth-oriented U.S. small cap stocks.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

Class A Shares
Cusip Number 04208P569
NASDAQ Symbol ACRAX
Inception Date 4/2/2004
Dividends Frequency Annually

as of 11/12/2004
Net Asset Value as of 11/12/2004 $10.54
Net Asset Value past 12 months
High: $10.54
Low: $8.72
Public Offering Price $11.15

as of 9/30/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0000
$0.0000
Total Net Assets (millions) $71.01

Top 10 Equity Holdings+

as of 10/31/2004  (% of total net assets)
Holdings are Subject to Change.

TRIMBLE NAVIGATION LTD 3.00%
AMERUS GROUP CO 2.76%
CERNER 2.71%
ANSYS 2.68%
PHARMACEUTICAL PRODUCT DEVELOP 2.68%
PRECISION DRILLING 2.67%
REINSURANCE GROUP 2.45%
GRIFFON 2.41%
UNIVERSAL FOREST PRODUCTS 2.15%
HOVNANIAN ENTERPRISES 2.15%

Investment Strategy

The Armada small cap core team focuses on companies with market capitalizations from $100 million to $3 billion at the time of purchase. Using a bottom-up process, the portfolio management team identifies those companies that are improving their cash flow rate of return ­ while still having an attractive stock price. Additionally, the team screens companies for strong management in their ability to create value for shareholders, financial stability and a leadership position in a growing industry. The benchmark for the Armada Small Cap Core Fund is the Russell 2000 Index.*

Economic Sector Weightings+


TECHNOLOGY 19.09%  
FINANCIAL SERVICES 18.39%  
CONSUMER CYCLICALS 13.02%  
CASH & CASH EQUIVALENTS 8.64%  
COMMERCIAL SERVICES 7.66%  
HEALTHCARE 6.93%  
ENERGY 6.46%  
BASIC MATERIALS 6.18%  
CONSUMER NON-CYCLICAL 3.92%  
OTHER 3.47%  
INDUSTRIALS 3.41%  
CONSUMER SERVICES 2.83%  


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. Please keep in mind, the indexes shown are benchmarks for performance and direct investment is not possible.

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.

Gordon A. Johnson  President and Chief Investment Officer
James E. Mineman  Director of Equity Research
Peter A. Roy  Vice President, Portfolio Manager
Lisa A. Teter  Vice President, Portfolio Manager
Charles D. Shepherd, CFA  Product Specialist


Armada Fund Family
Treasury Money Market Fund Treasury Plus Money Market Fund Tax Exempt Money Market Fund PA Tax Exempt Money Market Fund OH Municipal Money Market Fund Government Money Market Fund Money Market Fund Mid Cap Growth Fund Small Cap Growth Fund Small Cap Core Fund Large Cap Growth Fund Small Cap Value Fund S&P 500 Index Fund Large Cap Core Equity Fund Mid Cap Value Fund International Equity Fund Large Cap Value Fund Aggressive Allocation Fund Balanced Allocation Fund Conservative Allocation Fund Total Return Advantage Fund Bond Fund Government Mortgage Fund Intermediate Bond Fund Ultra Short Bond Fund Limited Maturity Bond Fund Intermediate Tax Exempt Bond Fund PA Intermediate Municipal Bond Fund OH Intermediate Tax Exempt Bond Fund MI Intermediate Municipal Bond Fund

*The Russell 2000 Index, an unmanaged index of companies widely representative of small capitalization companies based on market capitalization is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

+The composition of the portfolio is as of 10/31/2004 and is for illustration purposes only. The composition of the portfolio is not a permanent reflection of the Fund. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets in securities issued by mid cap companies. Economic sector weightings may not total 100%.

† All market data and information is provided by Standard & Poor's and is for informational purposes only. Armada does not guarantee that the information supplied is accurate, complete or timely, or make any warranties regarding the results obtained by its use.
 

NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE

You should consider the investment objectives, risks, charges and expenses of the Armada Funds carefully before investing. A prospectus may be downloaded and viewed with this and other information about the Funds or may be obtained by contacting an investment professional or by calling 1-800-622-FUND (3863.) Please read it carefully before you invest or send money.

National City Investment Management Company (IMC) serves as investment adviser to Armada Funds for which it receives an investment advisory fee. Shares of Armada Funds are distributed by Professional Funds Distributor, LLC (PFD), 760 Moore Road, King of Prussia, PA 19406. PFD is not affiliated with IMC and is not a bank.


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