Allegiant Funds - Investor

distributions

~~Distributions~~ Tax Guide IRS Forms FAQs

To assist shareholders and financial professionals with year-end tax planning, Allegiant Funds announces the following estimated capital gain distributions.

ESTIMated 2008 Capital Gains
as of 9.30.08

	Total Capital Gains (per share)	Short-Term Capital Gains (per share)	Long-Term Capital Gains (per share)
Large Cap Core Equity Fund	$0.1329	$0.0096	$0.1233
Large Cap Value Fund	$0.2391	$0.0734	$0.1657
S&P 500 Index Fund	$0.1010	- -	$0.1010
High Yield Bond Fund	$0.0017	$0.0017	- -
Total Return Advantage Fund	$0.0973	$0.0499	$0.0474
Intermediate Tax Exempt Bond Fund	$0.0263	$0.0038	$0.0225
Michigan Intermediate Municipal Bond Fund	$0.1024	$0.0095	$0.0929
Pennsylvania Intermediate Municipal Bond Fund	$0.0772	- -	$0.0772

There is no assurance that these estimates will be met. Capital gains are not taxable if shares are held in tax-advantaged accounts such as IRAs. Please consult with a tax advisor before making any tax-related investment decisions.

2007 Income Distributions
as of 12.21.07
2008 Income Distributions Available 12.19.08

	Share Classes	Total Income Distributed Per Share
Balanced Allocation*	A Shares B Shares C Shares I Shares	$0.0476 $0.0251 $0.0257 $0.0550
International Equity Fund	A Shares I Shares	$0.1182 $0.1813
Large Cap Value Fund*	A Shares B Shares C Shares I Shares	$0.1587 $0.1228 $0.1219 $0.1712
Mid Cap Value Fund	A Shares B Shares C Shares I Shares	$0.1990 $0.0184 $0.1224 $0.2547
Multi-Factor Mid Cap Growth Fund	A Shares I Shares	$0.0181 $0.0544
Multi-Factor Small Cap Core Fund	A Shares C Shares I Shares	$0.0395 $0.0789 $0.0764
Multi-Factor Small Cap Value Fund	I Shares	$0.0012
S&P 500 Index Fund*	A Shares B Shares C Shares I Shares	$0.0482 $0.0247 $0.0235 $0.0561
Small Cap Core Fund	I Shares	$0.0172

*Please note that these numbers represent dividend payments for fourth quarter 2007 only.

ü Download an overview of estimated capital gains

Corporate Investors
Your company may qualify for the corporate dividends received deduction.

ü Download a list of qualifying funds

2008 Capital Gains distribution schedule for Allegiant Funds

Record date: 12.18.08
Ex date: 12.19.08
Payable date: 12.22.08

Additional Questions
To learn more about capital gains distributions:

ü Call Shareholder Services at 1-800-622-FUND (3863)

ü Consult your tax advisor

ü Consult the fund performance section of this site
ü Click on the FAQ button above

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®.