Armada Small Cap Value Fund to Close

May 28, 2003 -- The Armada Small Cap Value Fund/A (AMRRX) will be closed to new investors Friday to keep its assets from increasing to the point where they would hurt performance.

By closing the fund, its managers expect to slow the flow of money into the portfolio, and prevent its asset base "from becoming a hindrance" to performance, Armada Funds said in a regulatory filing.

The fund's retail A, B and H shares, which will stop accepting new investors, have about $154.6 million in total assets.

This year through April, the fund was up 1.9%, versus, a gain of 2.9% for the average small-cap value fund. For the five years ended last month, Armada Small Cap Value returned an average annualized 6.1%, versus 1.4% for its peers.

The portfolio is ranked 4 Stars by Standard & Poor's.

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