Overview Portfolio Strategy / Process Performance Team Fees investment strategy / process The Allegiant Pennsylvania Intermediate Municipal Bond Fund is managed through a team-driven, top-down process utilizing active state selection and strategy, with extensive credit research and portfolio analysis to mitigate risk. The Fund seeks to provide current income, while preserving capital by investing in investment-grade - or unrated of equal caliber - debt securities issued by the Commonwealth of Pennsylvania, its political subdivisions, agencies or instrumentalities. The dollar-weighted average maturity of the Fund is expected to remain within three to ten years. The Fund's duration (its sensitivity to interest rate changes) is expected to remain within 10% of its benchmark index, the Barclays 7-year Municipal Bond 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. For some investors, income may be subject to state and/or local taxes, and certain investors may be subject to the Federal Alternative Minimum Tax (AMT).  As of September 30th, 2008, the Fund does not invest in securities subject to the Alternative Minimum Tax. However, the Fund's managers maintain the option to change the Fund's composition by investing the Fund's assets in such securities. Capital gains are subject to federal, state and local taxes. Economic or political changes may impact the ability of municipal issuers to repay principal and interest payments on securities of the Fund, which may adversely impact the Fund’s shares. *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 96.56 CASH EQUIVALENTS & OTHER 3.42 Asset Allocation weightings may not total 100% Sector Weightings (%)* General Obligations 56.61 Agency 22.25 Municipals 5.57 Utility 4.69 Cash & Cash Equivalents 4.54 Prerefunded & Escrowed to Maturity 2.82 Hospital 2.47 Revenue Bonds-Education 1.05 Portfolio Management Cynthia D. Cole Senior Portfolio Manager, Fixed Income Keith L. Erwin Portfolio Manager, Municipal 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 The PNC Financial Services Group, Inc.

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

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