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5 - Star Overall Morningstar Rating™
Ratings for the Armada Small Cap Value Fund Class I
were out of 4673 Domestic Equity Funds ending 10/31/2001
ARMADA SMALL CAP
VALUE FUND
CLASS I
(7/26/1994 inception
date)
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For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating metric each month by subtracting the return on a 90-day U. S. Treasury Bill from the
funds load-adjusted return for the same period, and then adjusting this excess return for risk. 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. 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 Small Cap Value Fund, Class I was rated against the
following numbers of U.S.-domiciled Domestic Equity funds over the following time periods: 4673 funds in the last three years and 2960 funds in the last five years. With respect to
these Domestic Equity funds, the Armada Small Cap Value Fund, Class I received a Morningstar Rating of 5 stars and 5 stars for the three- and five- year periods, respectively.
Morningstar Category Ratings are as of 10/31/2001. These ratings are subject to change every month. The Category Rating is a quantitative measure of risk-adjusted returns.
This three-year rating shows how well a fund has balanced risk and return relative to other funds in the same Morningstar Category. The rating uses the same methodology
as the Morningstar Risk-Adjusted Rating. Unlike the Star Rating, however, the Category Rating does not reflect any front-end or deferred loads. Other expenses, such as
12b-1 fees, are included. As with the Star Rating, five is the best rating and one is the worst.
Ratings are for the share class indicated. Other classes may vary.
In addition to the normal risks of equity investing, narrowly focused investments in smaller companies typically exhibit higher volatility.
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 investors 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.
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Not FDIC Insured No Bank
Guarantee May Lose Value
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