Overview Portfolio Strategy / Process Performance Team Fees investment strategy / process The Allegiant Small Cap Core Fund seeks capital appreciation by investing in a diversified portfolio of publicly traded small cap U.S. equity securities with market caps matching the benchmark^ that possess both value and growth characteristics.  The Fund’s managers invest in companies based upon their Cash Flow Return on Investment (CFROI®).  CFROI is an inflation-adjusted measure of corporate performance that attempts to reduce accounting distortions and allow for more accurate comparisons between companies, different market caps, sectors and industries.  The Fund’s managers believe that CFROI provides a more accurate predictor of future value than other broadly used analysis methods. ^The market cap range of the benchmark frequently changes.  As a result, the capitalization of companies in which the Fund invests may also change.  1. Identify ideas 2. Analyze the factors affecting future cash flow 3. Forecast cash flow drivers 4. Construct Portfolio   Market cap ($27 million - $5 billion) Average daily trading $750,000 Increasing cash flow or >20% upside potential Turnaround events Historical accuracy   Management strength and commitment Financial strength Market position Industry outlook Cash utilization   Sales Margins Asset utilization Fade rate Discount rate Target price >20% upside potential Fully invested Single security <5% Sector weighting: max +10% Investment Risk Investments in small capitalization companies present greater risk of loss than investments in large companies due to greater volatility and less liquidity. *Sector weightings and top ten holdings are subject to change, for illustrative purposes only and are not a permanent reflection of the fund.

Asset Allocation (%) Asset Allocation weightings may not total 100% Sector Weightings (%)* Andy Harding on Bloomberg TV - Thurs., Nov. 20th 11/20/2008 6:40 AM EST Portfolio Management Gordon A. Johnson Managing Director, Small Cap Core James E. Mineman Portfolio Manager, Small Cap Core Peter A. Roy, CFA Senior Analyst, Small Cap Core Lisa A. Teter Senior Analyst, Small Cap Core Downloads Fund Factsheet Product Brochure Prospectus

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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®.

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