Aggressive Allocation Fund

The Armada Aggressive Allocation Fund is intended to offer aggressive investors, who prefer a hands-off approach to investing, a single well-diversified investment choice. Investors in the fund benefit from the expertise of Armada’s specialized management teams, who work together to establish and monitor the Fund’s asset allocation and investment choices.  		xml version="1.0"?>
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PRICE  (A Shares as of 12/2): $7.94


as of 9/30/2002     Average Annual Total Returns and Ratings
Aggressive Allocation Fund Current
Quarter End		 YTD 1 Year 3 Year 5 Year 10 Year/
Since Inception
A Shares -18.76% -24.67% -16.83% N/A N/A -18.87%
B Shares -19.01% -25.21% -17.58% N/A N/A -19.40%
C Shares -15.58% -22.12% -14.09% N/A N/A -16.69%
H Shares -16.46% -22.95% -14.98% N/A N/A -17.22%
I Shares -14.65% -20.81% -12.57% N/A N/A -16.12%
S&P 500 Composite Index -17.28% -28.16% -20.49% -12.89% -1.63% N/A

Investment Objective

The Armada Aggressive Fund seeks to provide capital appreciation with current income as a secondary objective.

Risk & Reward
Asset Class Comparison


Compare this Fund to other Armada Funds

Fund Statistics

  All data is as of quarter end,
  unless otherwise indicated.
Class A Shares
Cusip Number 04208N796
NASDAQ Symbol ARAAX
Net Asset Value as of 12/2/2002 $7.94
Net Asset Value past 12 months
High: $9.55
Low: $7.00
Public Offering Price $8.33
Inception Date 3/5/2001
Dividends Frequency Quarterly
Dividends Paid ($ per share)
Past Quarter
Past 12 Months
 
N/A
N/A
Total Net Assets (millions) $6.10

Fund Allocation

as of 11/30/2002  (% of total net assets)

ARMADA LARGE CAP VALUE 24.03%
ARMADA LARGE CAP ULTRA 22.38%
ARMADA BOND FUND 18.91%
ARMADA SMALL CAP GROWTH 17.86%
ARMADA SMALL CAP VALUE 16.58%

Investment Strategy

A well-allocated portfolio may provide more consistent returns over time

The Armada Aggressive Allocation Fund’s management team employs a top-down approach to asset allocation. The team uses proprietary models to determine broad market and sector allocations, then draw on the expertise of our highly specialized investment management teams to find the best investment opportunities available in each marketplace.

In general, 60% to 90% of the Fund’s assets will be invested in stock funds (Armada International Equity, Large Cap Ultra, Large Cap Value, Small Cap Growth, and Small Cap Value Funds), 10 to 40% will be invested in fixed income funds (Armada Bond and Intermediate Bond Funds), and up to 20% may be invested in the Armada Money Market Fund.

Growth of a $10,000 Investment


Provides a graphical-view of this fund’s growth of $10,000 without sales charges over a multi-year period. The graph illustrates two values: growth of principal only and growth of principal including reinvestment of dividends and capital gains.


Portfolio Composition


Mutual Fund 99.80%  
Cash Equivalents 0.20%  


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.

Asset Allocation Investment Management Team
Daniel Bandi, CFA  Managing Director of Equity Investment
Mark Koenig  Director of Quantitative Analysis
Michael Wayton  Quantitative Research Analyst
Rita Ontko  Quantitative Research Analyst


Armada Fund Family
Small Cap Growth Fund Mid Cap Growth Fund Large Cap Ultra Fund International Equity Fund Small Cap Value Fund Small/Mid Cap Value Fund Equity Growth Fund Tax Managed Equity Fund Equity Index Fund Core Equity Fund Large Cap Value Fund Aggressive Asset Allocation Fund Balanced Asset Allocation Fund Conservative Asset Allocation Fund GNMA Fund U.S. Government Income Fund Bond Fund Total Return Advantage Fund Limited Maturity Bond Fund Intermediate Bond Fund Ohio Municipal Money Market Fund Pennsylvania Tax Exempt Money Market Fund Tax Exempt Money Market Fund Money Market Fund Government Money Market Fund Treasury Plus Money Market Fund Treasury Money Market Fund National Tax Exempt Bond Fund Pennsylvania Municipal Bond Fund Ohio Tax Exempt Bond Fund Michigan Municipal Bond Fund

Returns for the period Feb 20, 2002 to Jun 28, 2001 reflect the performance of the Fund’s Class C Shares, returns for the period Jun 28, 2001 to May 8, 2001 reflect the performance of the Fund’s Class B Shares, returns for the period May 8, 2001 to Mar 6, 2001 reflect the performance of the Fund’s Class A Shares.
For Class H shares, the annualized return since the actual inception date of Feb 20, 2002 was N/A without sales charge and N/A with sales charge. For Class B shares, the annualized return since the actual inception date of May 8, 2001 was -13.43% without sales charge and -16.19% with sales charge.
The Class A shares have a maximum sales charge of 4.75%. The Class B shares have a maximum contingent deferred sales charge of 5.00%. The Class H shares have a 1.00% front end sales charge, in addition to a 1.00% maximum contingent deferred sales charge on shares held less than 18 months.
For Class C shares, returns for the period Jun 28, 2001 to May 8, 2001 reflect the performance of the Fund’s Class B Shares, returns for the period May 8, 2001 to Mar 6, 2001 reflect the performance of the Fund’s Class A Shares, and returns for the period prior to Mar 6, 2001 reflect the performance of the Fund’s Class I Shares.
For Class C shares, the annualized return since the actual inception date of Jun 28, 2001 was -14.03% without sales charge and -14.62% with sales charge. The Class C shares do not have a front end sales charge, but do have a 1.00% charge on redemptions of shares that are held for less than 18 months.
The Index is not connected with the Armada Aggressive Allocation Fund. It is not possible to invest in this or any other index. Portfolio Composition may or may not total 100%

Mutual funds involve risks including possible loss of principal. Performance figures quoted herein may be lower due to recent market volatility. Past performance is not indicative of future performance, and the principal value and investment return will fluctuate, so that you may have a gain or loss when you sell your shares. 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 SEI Investments Distribution Co. (SIDC), Oaks, PA 19456. SIDC is not affiliated with IMC and is not a bank. This must be accompanied or preceded by a current Armada prospectus. Read it carefully before you invest or send money.

Total returns shown reflect reinvestment of dividends and capital gains.
During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.

During the reporting periods shown, the administrator, custodian and advisor have waived fees. Without such waivers, performance would have been lower.


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