Conservative Allocation Fund

The Armada Conservative Allocation Fund is intended to offer investors with low risk tolerance, who prefer a hands-off approach to investing, a single, well-diversified investment choice. Investors 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, which include stock, bond, and money market funds.  		xml version="1.0"?>
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PRICE  (A Shares as of 12/2): $9.19


as of 9/30/2002     Average Annual Total Returns and Ratings
Conservative Allocation Fund Current
Quarter End		 YTD 1 Year 3 Year 5 Year 10 Year/
Since Inception
A Shares -9.45% -11.81% -7.57% N/A N/A -7.32%
B Shares -9.92% -12.41% -8.37% N/A N/A -7.82%
C Shares -6.14% -8.65% -4.56% N/A N/A -4.85%
H Shares -7.02% -9.52% -5.50% N/A N/A -5.41%
I Shares -5.01% -7.25% -2.74% N/A N/A -4.16%
Lehman U.S Aggregate Bond Index 4.59% 8.56% 8.60% 9.49% 7.83% N/A

Investment Objective

The Armada Conservative Allocation Fund seeks to provide current income and moderate capital appreciation consistent with preservation of capital.

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 04208N630
NASDAQ Symbol AOAAX
Net Asset Value as of 12/2/2002 $9.19
Net Asset Value past 12 months
High: $9.89
Low: $8.73
Public Offering Price $9.65
Inception Date 3/5/2001
Dividends Frequency Monthly
Dividends Paid ($ per share)
Past Quarter
Past 12 Months
 
N/A
N/A
Total Net Assets (millions) $7.16

Fund Allocation

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

ARMADA INTERMEDIATE BOND 59.36%
ARMADA LARGE CAP VALUE 11.96%
ARMADA LARGE CAP ULTRA 11.23%
ARMADA SMALL CAP GROWTH 8.44%
ARMADA SMALL CAP VALUE 7.84%

Investment Strategy

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

The Armada Conservative Allocation Fund’s managers employ a top-down approach to asset allocation. They use 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, 50% to 80% of the Fund’s net assets will be invested in bond funds (Armada Bond and Intermediate Bond Funds), 20% to 50% in stock funds (Armada International Equity, Large Cap Ultra, Large Cap Value, Small Cap Growth, and Small Cap Value Funds), and up to 20% in shares of the Armada Money Market Fund. The Fund normally intends to invest in shares of underlying Armada Funds, but may also invest directly in shares of U.S. government securities and short-term money market instruments.

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 98.80%  
Cash Equivalents 1.20%  


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 6, 2002 to May 23, 2001 reflect the performance of the Fund’s Class C Shares, returns for the period May 23, 2001 to Jul 13, 2001 reflect the performance of the Fund’s Class B Shares, returns for the period Jul 13, 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 6, 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 Jul 13, 2001 was -4.27% without sales charge and -7.68% 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 May 23, 2001 to Jul 13, 2001 reflect the performance of the Fund’s Class B Shares, returns for the period Jul 13, 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 May 23, 2001 was -4.74% without sales charge and -4.74% 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 Conservative 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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