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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  ( as of 2/20): $21.64
Small Cap Value Fund 1
Average Annual Total Returns
     as of 12/31/2003    as of 12/31/2003
  Inception
Date		 Current
Quarter End		 YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
A Shares 08/15/94 7.57% 31.02% 31.02% 11.02% 14.44% N/A 14.90%
B Shares 01/06/98 8.63% 32.65% 32.65% 11.27% 14.72% N/A 14.80%
C Shares 01/27/00 12.59% 36.65% 36.65% 12.32% 14.92% N/A 14.88%
H Shares 02/05/02 11.44% 35.23% 35.23% 11.99% 14.72% N/A 14.77%
I Shares 07/26/94 13.88% 38.98% 38.98% 13.40% 16.02% N/A 15.97%
Russell 2000 Value Index* 16.37% 46.03% 46.03% 13.83% 12.28% 12.70% N/A
Small Cap Value Fund Quarterly Fund Fact Sheet - A, B, C, H Shares,  I Shares 


Investment Objective

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.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

Class A Shares
Cusip Number 042086835
NASDAQ Symbol AMRRX
Inception Date 8/15/1994
Dividends Frequency Annually

as of 2/20/2004
Net Asset Value as of 2/20/2004 $21.64
Net Asset Value past 12 months
High: $22.03
Low: $13.65
Public Offering Price $22.90

as of 12/31/2003
Dividends Paid ($ per share)
Past Quarter:
Current Year:
 
$0.0192
$0.0000
Total Net Assets (millions) $1,083.08

Top Ten Holdings+

as of 1/31/2004  (% of total net assets)
Holdings are Subject to Change.

ARMADA MONEY MARKET FUND 4.62%
AVNET, INC. 1.15%
JOY GLOBAL INC 1.15%
HARSCO CORP 1.10%
PLATINUM UND 1.03%
DELPHI FINANCIAL GROUP 1.03%
LINENS N THINGS INC 1.02%
HERITAGE PROPERTY 1.02%
ODYSSEY RE HOLDINGS CORP 1.01%
SKY FINANCIAL GROUP 1.00%

Investment Strategy

Consider value stocks as part of an investment strategy

Armada Small Cap Value Fund's management team takes a Good Value. Good NewsSM 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. This two-step analysis enables the team to distinguish between attractive stocks that are likely to languish and those on the brink of appreciation.

Growth of a $10,000 Investment


Provides a graphical view of this Fund’s growth of $10,000 with an adjustment for sales charges and expenses, where applicable from the Fund’s inception. The graph illustrates two values: growth of principal only and growth of principal including reinvestment of dividends and capital gains.


Economic Sector Weightings+


FINANCIAL SERVICES 15.29%  
OTHER 12.21%  
TECHNOLOGY 12.13%  
CONSUMER CYCLICALS 12.00%  
BASIC MATERIALS 11.49%  
ENERGY 8.78%  
HEALTHCARE 7.13%  
INDUSTRIALS 6.81%  
COMMERCIAL SERVICES 5.17%  
REAL ESTATE INVESTMENT TRUSTS 4.64%  
FUTURES 3.30%  
CASH & CASH EQUIVALENTS 1.05%  


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.

Value Equity Investment Management Team
Michael Santelli, CFA, CPA  Senior Director for Value and Core Equity Investment
Richard A. Giesen  Director of Value Equity Investment
Alex L. Vallecillo, CFA  Senior Portfolio Manager


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

*The Russell 2000 Value Index is an unmanaged index comprised of securities in the Russell 2000 Index which have lower than average price to book ratios and forecasted growth values. The Russell 2000 Index is an unmanaged index comprised of the 2000 smallest companies of the 3000 largest U.S. companies based on market capitalization. Both indexes are not available for direct investment. Unlike a mutual fund, the performance of the index assumes no taxes, transaction costs, management fees or other expenses.

+The composition of the portfolio is as of 1/31/2004 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 small cap companies. Economic sector weightings may not total 100%.

1Investments in smaller/mid-sized companies present greater risk of loss than investment in large companies.

Total returns reflect reinvestment of dividends, capital gains and applicable sales charges as noted below. Returns also reflect a deduction of all operating expenses and fees for each share class provided. For more complete information on Fund fees and expenses, please read the prospectus.

The inception dates for Class A Shares, Class B Shares, Class C Shares and Class H Shares for the Armada Small Cap Value Fund are 8/15/94, 1/06/98, 1/27/00 and, 2/05/02, respectively. 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 H Shares have a 1.00% front-end sales charge, in addition to a 1.00% maximum contingent deferred sales charge. 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.

Past performance is not indicative of future results. The performance of each class will differ due to differences in sales charge structures and class expenses. Returns and share prices will fluctuate and on redemption, shares may be worth more or less than their original costs.

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.

This must be accompanied or preceded by a current Armada prospectus. For more complete information, including the charges and expenses of each fund please read the prospectus 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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