Overview Portfolio Strategy / Process Performance Team Fees investment strategy / process The Allegiant Ultra Short Bond Fund is managed through a team-driven, top-down process utilizing active sector rotation, duration and yield curve management, with extensive credit research and portfolio analysis to mitigate risk. The Fund seeks to provide high current income, while preserving capital by investing in high-quality fixed income securities including U.S. government, mortgage-backed and asset-backed fixed income securities and corporate bonds.  The dollar-weighted average maturity of the Fund is expected to be less than 18 months. The Fund's average portfolio duration (its sensitivity to interest rate changes) should remain within 10% of its benchmark index, the Merrill Lynch 1-Year Treasury Index. Investment Risk 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 and the potential for bond prices to fall as interest rates rise. High yielding, non-investment grade bonds present a greater risk of loss to principal and interest than investment grade securities. The value of debt securities may be affected by the ability of issuers to make principal and interest payments. Although U.S. government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates and bond fund prices may decline as interest rates rise. *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 (%) BOND 96.27 CASH EQUIVALENTS & OTHER 3.73 Asset Allocation weightings may not total 100% Sector Weightings (%)* U.S. Treasury Notes 24.10 Federal National Mortgage Association 22.31 Federal Home Loan Mortgage Corp. 17.71 Asset-Backed Securites 14.44 Corporate Bonds 11.19 Cash & Cash Equivalents 4.51 Federal Home Loan Bank 4.33 Collateralized Mortgage Obligations 1.41 Portfolio Management Andrew D. Harding Chief Investment Officer, Fixed Income Brian L. Stine, CFA Portfolio Manager, Fixed Income Cynthia D. Cole Senior Portfolio Manager, Fixed Income Timothy D. Compan Jr., CFA Portfolio Manager, Corporate Bonds Mark A. Lozina, CFA Portfolio Manager, Short Duration Downloads Fund Factsheet 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 The PNC Financial Services Group, Inc.

©2009 The PNC Financial Services Group, Inc. All rights reserved.

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