4 - Star Overall Morningstar Rating^™

ARMADA CORE EQUITY FUND
CLASS I

Ratings for the Armada Core Equity Fund Class I
were out of 460 Large Blend Equity Funds ending 6/30/2002

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. The Armada Core Equity Fund, Class I was rated against the following numbers of U.S.-domiciled Large Blend Equity funds over the following time periods: 460 funds in the last three years. With respect to these Large Blend Equity funds, the Armada Core Equity Fund, Class I received a Morningstar Rating of 4 stars for the three-year period. Ratings are for the share class indicated. Other classes may vary. Past performance is no guarantee of future results. Mutual funds involve risk including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. Investment return and principal value of an investment will fluctuate so that an investor’s shares on redemption may be worth more or less than their original cost. For more complete information about Armada Funds, including charges and expenses, obtain a prospectus from SEI Investments Distribution Co. by calling 1-800-622-FUND (3863). Read the prospectus carefully before investing or sending money. National City Investment Management Company serves as investment adviser for Armada Funds, for which it receives an investment advisory fee. Armada Funds are distributed by SEI Investments Distribution Co., Oaks, PA 19456. SEI Investments Distribution Co. is not affiliated with National City Investment Management Company and is not a bank.

• Not FDIC Insured • No Bank Guarantee • May Lose Value

Click here for printer friendly version