portfolio

The Allegiant Michigan Intermediate Municipal Bond Fund is for investors who live in the state of Michigan and would like to generate income that is free from both federal and state taxes. The Fund invests primarily in investment grade bonds issued by the state of Michigan.

Top 10 Issuers (%)*

as of 11/30/2008

*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 97.71
CASH EQUIVALENTS & OTHER 2.30
Asset Allocation weightings may not total 100%
Sector Weightings (%)*
General Obligations 68.48
Agency 14.44
Hospital 8.83
Prerefunded & Escrowed to Maturity 5.48
Cash & Cash Equivalents 2.77
Portfolio Management
Cynthia D. Cole
Senior Portfolio Manager, Fixed Income
Keith L. Erwin
Portfolio Manager, Municipal