Hey folks. I see to be having some fun with my armor rating. With all my armor equipped, right after the game loads, it's fine. If I go into my inventory to switch weapons, all is well, however, if I use hotkeys to switch weapons, my armor rating starts dropping. I am not aware of any mods I am running that would do that.... but hey, ya just never know....... Any assisstance would be appreciated.

Load List:

Masters for: Save 102 - Aaron - Imperial City, Market District, Level 3, Playing Time 12.33.17.ess00  Oblivion.esm01  Francesco's Leveled Creatures-Items Mod.esm02  Francesco's Optional New Items Add-On.esm03  Oscuro's_Oblivion_Overhaul.esm  [Version 1.34]04  Mart's Monster Mod.esm  [Version 3.7b3p3]05  FCOM_Convergence.esm  [Version 0.9.9MB3]06  Unofficial Oblivion Patch.esp  [Version 3.2.4]07  DLCShiveringIsles.esp08  Unofficial Shivering Isles Patch.esp  [Version 1.4.0]09  Shivering OOO.esp0A  MOBS SI.esp  [Version 1.2.2a]0B  Francesco's Optional Chance of Stronger Bosses.esp0C  Francesco's Optional Chance of Stronger Enemies.esp0D  Francesco's Optional Chance of More Enemies.esp0E  Francesco's Optional Leveled Guards.esp0F  FCOM_Francescos.esp  [Version 0.9.9]10  FCOM_FrancescosItemsAddOn.esp  [Version 0.9.9]11  FCOM_FrancescosNamedBosses.esp  [Version 0.9.9]12  Lock Bash Omega.esp  [Version 1.5]13  RAEVWD Cities.esp  [Version 1.7]14  RAEVWD New Sheoth.esp  [Version 1.5]15  RAEVWD Imperial City.esp  [Version 1.7]16  Reznod_Mannequin.esp17  Harvest[Containers].esp18  Living Economy - SI.esp19  Living Economy - Items.esp1A  DLCHorseArmor.esp1B  DLCHorseArmor - Unofficial Patch.esp  [Version 1.0.5]1C  DLCOrrery.esp1D  DLCOrrery - Unofficial Patch.esp  [Version 1.0.3]1E  DLCSpellTomes.esp1F  DLCSpellTomes - Unofficial Patch.esp  [Version 1.0.1]20  Francesco's No Reduced Backwards Running.esp21  Bob's Armory Oblivion.esp22  FCOM_BobsArmory.esp  [Version 0.9.9]23  Oblivion WarCry EV.esp24  FCOM_WarCry.esp  [Version 0.9.9MB3]25  Oscuro's_Oblivion_Overhaul.esp  [Version 1.34]26  Mart's Monster Mod - Additional Enemy NPC Vars.esp  [Version 3.7b3p3]27  FCOM_Convergence.esp  [Version 0.9.9Mb3]28  FCOM_RealSwords.esp  [Version 0.9.9]29  FCOM_DurabilityAndDamage.esp  [Version 0.9.9]2A  Mart's Monster Mod - No Pests.esp  [Version 3.7b3p3]2B  Mart's Monster Mod - No Carrion Rats.esp  [Version 3.7b3p3]2C  Mart's Monster Mod - No Giants.esp  [Version 3.7b3p3]2D  Mart's Monster Mod - No Undead Rise.esp  [Version 3.7b3p3]2E  Mart's Monster Mod - Less Bone Loot.esp  [Version 3.7b3p3]2F  Mart's Monster Mod - Dungeons of MMM.esp  [Version 3.7b3p3]30  Mart's Monster Mod - Hunting & Crafting.esp  [Version 3.7b3p3]31  Mart's Monster Mod - Slof Horses Complete.esp  [Version 3.7b3p3]32  FCOM_DiverseGuardUnity.esp  [Version 0.9.9]33  FCOM_BobsGuardUnity.esp  [Version 0.9.9]34  FCOM_HungersUnitySI.esp  [Version 0.9.9]35  FCOM_FriendlierFactions.esp  [Version 0.9.9]36  FCOM_MoreRandomItems.esp  [Version 0.9.9]37  Mart's Monster Mod - Shivering Isles.esp  [Version 3.7b3p3]38  Geomancy & Gem Dust OOO.esp39  JQ&DM-ScriptedBackpacks.esp3A  DLCBattlehornCastle.esp3B  DLCBattlehornCastle - Unofficial Patch.esp  [Version 1.0.4]3C  BattlehornCastleEnhanced.esp3D  DLCFrostcrag.esp3E  DLCFrostcrag - Unofficial Patch.esp  [Version 1.0.4]3F  Knights.esp40  Knights - Unofficial Patch.esp  [Version 1.0.9]41  FCOM_Knights.esp  [Version 0.9.9Mb3]42  Harvest [Flora].esp  [Version 3.0.0]43  Harvest [Flora] - Shivering Isles.esp  [Version 3.0.0]44  Harvest [Flora] - DLCFrostcrag.esp  [Version 3.0.0]45  RealisticForceMedium.esp46  RealisticMagicForceMedium.esp47  sr_spell_deletion.esp48  Advanced Magecraft.esp49  Enchantment Enhanced.esp4A  SM Combat Hide.esp  [Version 1.2]4B  StealthOverhaul.esp4C  DD_ProximitySneakPenalty.esp4D  Duke Patricks Near Miss Arrow Shot Alerts The Target.esp4E  Duke Patricks - Fresh Kills Now Alert The NPCs.esp4F  Intelligence Overhaul (No Book Changes).esp50  SniperSneakSkillup.esp51  Toaster's Legendary Mastery.esp  [Version 3.44]52  Grandmaster of Alchemy.esp53  Mart's Monster Mod - Resized Races.esp  [Version 3.7b3p3]54  bgMagicEV.esp  [Version 1.7EV]55  bgMagicSpellTomes_for_WryeBash.esp  [Version 1.68EV]56  bgMagicEVAddEnVar.esp  [Version 1.68EV]57  bgMagicEVPaperChase.esp  [Version 1.68EV]58  SupremeMagicka.esp  [Version 0.90]59  SM_ShiveringIsles.esp  [Version 0.86]5A  SM_DLCSpellTome.esp  [Version 0.80]5B  SM_OOO.esp  [Version 0.89]5C  SM_MMM.esp  [Version 0.89]5D  SM_EnchantStaff.esp  [Version 0.80]5E  SM_UnlockSpells.esp  [Version 0.70]5F  SM_Scrolls.esp  [Version 0.84]60  bgMagicEV_Conjuration_for_Supreme_Magicka.esp  [Version 1.5]61  Francesco's 10 days respawn time - 1-20 day lenght rescale.esp62  bgMagicLightningbolt.esp63  X-Ray Detect.esp64  Bashed Patch, 0.esp65  Duke Patricks Script Effect Silencer.esp66  MouseWheelDisable.esp67  vjHealthMod.esp  [Version 1]68  CastleEltz.esp69  Enhanced Hotkeys.esp  [Version 1.3]6A  ReclaimSancreTor.esp

It's Supreme Magicka. I think it's the Set SMElementalShieldFactor to 0 setting in the ini. I was having the same problem and switched it to 0. Basically it adjusts your armour rating according to the elemental shield enchantments you have on the armour. It drove me nuts!! It's also possible this setting changed with the newer Supreme Magicka (I'm running the new version). I seem to recall there was an ini setting that was a little more obvious with the previous versions, but that's the only setting I can find in the new version. Go through your ini file and see what settings there are for armour rating and elemental shield effects. If you don't find anything other than what I listed, set the SMElementalShieldFactor to 0 and see if that fixes your problem. I think that's the setting and the description in the ini isn't very helpful

Thank You VERY much. That fixed it.

Completely off-topic but I have to say I'm quite jealous of the last entry in your load order