Allegiant Funds - Commentary

Fund Commentary

In the Allegiant Fund quarterly commentaries, our portfolio managers discuss investment activity by product, including a recap of the previous quarter's activities, current portfolio statistics, and a look into future positioning of the portfolio. In short, it’s the place to read where our funds have been, where they are and where they are going. Our most current Allegiant Fund commentaries are available below.

Quarter:

SECOND Quarter 2008

Equity

Balanced Allocation

International Equity

Large Cap Core Equity

Large Cap Growth

Large Cap Value

Mid Cap Value

Multi-Factor Mid Cap Growth

Multi-Factor Small Cap Core

Multi-Factor Small Cap Focused Value

Multi-Factor Small Cap Growth

Multi-Factor Small Cap Value

Fixed Income

Limited Maturity Bond

Total Return Advantage

Ultra Short Bond

Intermediate Tax Exempt Bond

Michigan Intermediate Municipal Bond

Ohio Intermediate Tax Exempt Bond

Pennsylvania Intermediate Municipal Bond

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

You should consider the investment objectives, risks, charges and expenses of the Allegiant Funds carefully before investing. A prospectus may be downloaded and viewed with this and other information about the Funds or may be obtained by contacting an investment professional or by calling 1-800-622-FUND (3863). Please read it carefully before you invest or send money.

Allegiant Asset Management Company serves as investment adviser to Allegiant Funds for which it receives an investment advisory fee. Shares of Allegiant Funds are distributed by Professional Funds Distributor, LLC (PFD), 760 Moore Road, King of Prussia, PA 19406. PFD is not affiliated with Allegiant Asset Management Company and is not a bank. Allegiant is a registered trademark of National City Corporation®.