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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. 		xml version="1.0"?>
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Performance information for the Armada Small Cap Core Fund
will be available after May 31st, 2004.




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 N/A

as of 5/14/2004
Net Asset Value as of 5/14/2004 $9.10
Net Asset Value past 12 months
High: $10.09
Low: $8.99
Public Offering Price $9.63

as of 3/31/2004
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0000
$0.0000
Total Net Assets (millions) $0.00

Top 10 Equity Holdings+

as of 4/30/2004  (% of total net assets)
Holdings are Subject to Change.

TRIMBLE NAVIGATION LTD. 3.21%
PRECISION DRILLING 2.98%
AFFILIATED MANAGERS GROUP 2.92%
KV PHARMACEUTICAL, CL A 2.86%
EATON VANCE 2.82%
HELEN OF TROY LTD. 2.78%
NEUROCRINE BIOSCIENCES INC 2.61%
ENERGEN 2.49%
SCOTTS 2.47%
VALSPAR 2.47%

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.

Economic Sector Weightings+


TECHNOLOGY 19.27%  
FINANCIAL SERVICES 16.69%  
HEALTHCARE 14.50%  
BASIC MATERIALS 11.92%  
CONSUMER CYCLICALS 8.89%  
CONSUMER NON-CYCLICAL 6.81%  
OTHER 6.06%  
ENERGY 5.25%  
COMMERCIAL SERVICES 4.55%  
CONSUMER SERVICES 4.20%  
CASH & CASH EQUIVALENTS 1.86%  


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.

Small Cap Core Equity Investment Management Team
Gordon A. Johnson  President and Chief Investment Officer
James E. Mineman  Director of Equity Research
Peter A. Roy  Assistance Vice President- Portfolio Manager
Lisa A. Teter  Vice President, Portfolio Manager


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 Tax Managed Equity 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

Investments in smaller/mid-sized companies present greater risk of loss than investment in large companies.

The inception dates for Class A Shares, Class B Shares, and Class C Shares for the Armada Small Cap Core Fund are 4/02/2004. All performance shown for each class of shares prior to each respective inception date is based on the performance of Class I Shares, adjusted to reflect each share class’ fees, expenses, and maximum sales charges as specified below.

The maximum sales charge for Class A Shares is 5.50%. With respect to Class B Shares, the maximum contingent deferred sales charge is 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. There are no sales charges for Class I Shares.

Shares of Armada Funds are not insured by the FDIC, are not deposits or obligations of, or guaranteed by the bank and involve investment risks, including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. 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 Professional Funds Distributor, LLC (PFD), 760 Moore Road, King of Prussia, PA, 19406. PFD is not affiliated with IMC and is not a bank.

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.

† 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.



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