Conservative Allocation Fund Average Annual Total Returns

Total returns reflect reinvestment of dividends, capital gains and deduction of applicable sales charges, operating expenses and fees. Returns also reflect a voluntary fee waiver of .25%. Without such a fee waiver, performance of the Fund would have been lower. The inception dates for Class A, B and C shares are 3/6/01, 7/13/01 and 5/23/01 respectively. All performance shown for each share class prior to each respective inception date is based on the performance of Class I shares, adjusted to reflect each share class’s fees, expenses and maximum sales charges. Because the Conservative Allocation Fund invests in other Armada mutual funds, your investment in the Conservative Allocation Fund is directly subject to the operating expenses of those underlying mutual funds. Accordingly, the total operating expenses for the Funds without fee waivers ranges from 1.52% to 2.35%. Such expenses with waivers range from 1.27% to 2.10% for Class I shares of the underlying Armada mutual funds, which is the only class of shares that the Conservative Allocation Fund invests in.

The maximum sales charge for class A shares is 4.75%. Class B shares have a maximum contingent deferred sales charge of 5.00%. Class C shares do not have a front-end sales charge, but do have a 1.00% charge on the redemption of shares that are held for less than 18 months. Class R shares do not have a front-end sales charge, but do have a 0.75% charge on the redemption of shares that are held less than 18 months.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at www.armadafunds.com.

Asset allocation cannot guarantee against a profit or prevent a loss. An investment in the Fund is subject to interest rate risk, which is the possibility that a Fund’s yield will decline due to falling interest rates. International investments are subject to special risks not ordinarily associated with domestic investments, including currency fluctuations, economic and political change and differing accounting standards that may adversely affect portfolio securities. Investments in small and mid capitalization companies present greater risk of loss than investments in large companies. The Advisor may be subject to conflicts of interest in allocating Fund assets among the various underlying Armada Funds. Although Armada seeks to preserve the value of the Money Market Fund at $1.00 per share, it is possible to lose money by investing.