Allegiant Funds

N-CSR 1 dncsr.htm ALLEGIANT FUNDS Allegiant Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-04416

Allegiant Funds

(Exact name of registrant as specified in charter)

760 Moore Road

King of Prussia, PA

19406

(Address of principal executive offices)

(Zip code)

Audrey C. Talley, Esq.

Drinker Biddle & Reath LLP

One Logan Square

18th & Cherry Streets

Philadelphia, PA 19103-6996

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-622-3863

Date of fiscal year end: May 31

Date of reporting period: May 31, 2007

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

The Annual Report to Shareholders is attached herewith.

LOGO

ALLEGIANT EQUITY AND ASSET ALLOCATION FUNDS ANNUAL REPORT

EQUITY FUNDS

International Equity Fund

Large Cap Core Equity Fund

Large Cap Growth Fund

Large Cap Value Fund

Mid Cap Value Fund

Multi-Factor Mid Cap Growth Fund (formerly Mid Cap Growth Fund)

Multi-Factor Small Cap Core Fund

Multi-Factor Small Cap Focused Value Fund

Multi-Factor Small Cap Growth Fund

Multi-Factor Small Cap Value Fund

S&P 500^® Index Fund

Small Cap Core Fund

Small Cap Growth Fund

ASSET ALLOCATION FUND

Balanced Allocation Fund

OTHER ALLEGIANT FUNDS

FIXED INCOME FUNDS

Bond Fund

Government Mortgage Fund

Intermediate Bond Fund

Limited Maturity Bond Fund

Total Return Advantage Fund

Ultra Short Bond Fund

TAX EXEMPT BOND FUNDS

Intermediate Tax Exempt Bond Fund

Michigan Intermediate Municipal Bond Fund

Ohio Intermediate Tax Exempt Bond Fund

Pennsylvania Intermediate Municipal Bond Fund

MONEY MARKET FUNDS

Government Money Market Fund

Money Market Fund

Ohio Municipal Money Market Fund

Pennsylvania Tax Exempt Money Market Fund

Tax Exempt Money Market Fund

Treasury Money Market Fund

TABLE OF CONTENTS


Chairman’s Message	1
Report from Allegiant Asset Management Company	2
Explanation of Expense Tables	5

	Fund Overviews	Financial Highlights	Statements of Net Assets
International Equity Fund	6	37	44
Large Cap Core Equity Fund	8	37	48
Large Cap Growth Fund	10	38	50
Large Cap Value Fund	12	38	52
Mid Cap Value Fund	14	39	54
Multi-Factor Mid Cap Growth Fund	16	39	56
Multi-Factor Small Cap Core Fund	18	40	58
Multi-Factor Small Cap Focused Value Fund	20	40	60
Multi-Factor Small Cap Growth Fund	22	40	62
Multi-Factor Small Cap Value Fund	24	40	64
S&P 500^® Index Fund	26	41	67
Small Cap Core Fund	28	41	73
Small Cap Growth Fund	30	42	75
Balanced Allocation Fund	32	43	77

Trustees and Officers of the Trust	34
Report of Independent Registered Public Accounting Firm	36

Statements of Operations			84
Statements of Changes in Net Assets			88
Notes to Financial Statements			93
Notice to Shareholders			107

This material must be preceded or accompanied by a prospectus.

You should consider the investment objectives, risks, charges, and expenses of the Allegiant Equity and Asset Allocation Funds (the “Funds”) carefully before investing. A prospectus and other information about the Funds may be obtained by calling your investment professional, calling 1-800-622-FUND (3863) or downloading one at www.allegiantfunds.com. Please read it carefully before investing.

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at www.allegiantfunds.com.

Allegiant Asset Management Company (“Adviser”) serves as investment adviser to the Funds, for which it receives an investment advisory fee. The Funds are distributed by Professional Funds Distributor, LLC (“PFD”), 760 Moore Road, King of Prussia, PA 19406. PFD is not affiliated with the Adviser and is not a bank.

Allegiant Equity and Asset Allocation Funds

CHAIRMAN’S MESSAGE

JULY 2007

Dear Shareholders:

We are pleased to provide you with important annual information about Allegiant Funds, as well as a review of the financial markets and the events shaping the global markets. Overall the Board is pleased with the performance of the portfolio management teams. During the year ended May 31, 2007, total assets of the Allegiant Funds increased from $10.5 billion to $11.2 billion primarily due to equity market appreciation and money market inflows. We encourage you to review the audited financial information contained in this report.

A tenet of successful investing is building a well constructed diversified portfolio. Allegiant Funds is committed to helping you achieve your investment goals by offering a broad array of styles. One such fund, Allegiant Mid Cap Value, fills an important diversification role between the more familiar large and small cap equity styles. The Fund tripled its assets over the last year and will reach its 5 year anniversary mark on July 31, 2007. We encourage you to periodically evaluate your investment portfolio.

Should you have any questions regarding Allegiant Funds or the information contained in this report, please contact your investment professional or call Investor Services at 1-800-622-FUND (3863).

Thank you for your continued confidence in Allegiant Funds. We look forward to continuing to assist you with achieving your investment goals in the year ahead.

Sincerely,

Robert D. Neary

Chairman

LOGO

Allegiant Equity and Asset Allocation Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

“…the Fed established a holding pattern with the federal funds rate at 5.25%.”

Over the last year, we’ve provided updates on the progress Allegiant Asset Management has made and we are seeing the impact of that transformation. Our focus is on delivering competitive products to our shareholders. We believe the changes you have seen are leading us in this direction. Our investment teams, while located in various cities across the country, continue to benefit from sharing ideas. Across the spectrum of both equity and fixed income investments, a significant number of our mutual funds have outperformed their benchmarks and/or Lipper peer groups.⁽¹⁾Although the markets have oscillated, our teams have remained focused on their investment process yielding strong results. And, we continue to be opportunistic in looking for areas to expand upon our capabilities and grow our product offerings to meet your ever changing needs.

Review

The markets spent most of the past fiscal year focused on the Federal Reserve Board, which, despite widespread speculation of impending interest rate cuts, took no such action. Rather, the Fed established a holding pattern with the federal funds rate at 5.25%. Despite the inaction, interest rate speculation remained intense as debate centered on competing fears of a slowing economy and rising inflation.

The housing market recession was dominant among fears of an excessive economic slow-down. Previous years of abnormally low interest rates combined with a dramatic relaxation of underwriting standards and increased speculation resulted in widely overvalued market conditions. As interest rates trended higher and affordability trended lower, however, demand collapsed, prices weakened, and credit problems multiplied.

Fortunately, the rest of the economy held up well. Sustained by healthy job and income gains, and rising net worth, the stalwart American consumer showed little evidence of retrenchment aside from episodic set-backs driven by energy price spikes. Commercial construction activity remained buoyant due to falling vacancy rates and foreign trade improved due to strong growth abroad and a declining value of the dollar.

Eventually, the economy’s resilience gave way to inflationary angst. Commodity prices remained stubbornly high and “core” measures of inflation exceeded the ranges preferred by Federal Reserve officials.

Equities

The stock market kept a hopeful eye on the Fed and reached new highs, predicated on the expectation of a “Goldilocks scenario” nurtured by lower interest rates. In late February, however, global markets sold off following a 10% drop in the Chinese exchange and emerging evidence of subprime mortgage difficulties. The decline was short-lived as favorable liquidity, strong global growth and better-than-expected earnings provided welcome tailwinds to rising markets worldwide.

U.S. corporations continued to generate robust earnings growth, fueled by their continued global expansion. For the first time, companies in the S&P 500^® Index will generate over 50% of their

⁽¹⁾

Peer-group performance is derived from data provided by Lipper Inc.

Commentary provided by Allegiant Asset Management Company

“For the first time, companies in the S&P 500^® Index will generate over 50% of their sales abroad.”

sales abroad. The robust economic growth of China, developing economies, and Europe, combined with a weak U.S. dollar, helped offset results from domestic operations.

Merger and acquisition activity also surged and record levels of equity buy-backs further buoyed the market, each supported by still-low interest rates and cash-rich balance sheets. Private equity firms enjoyed record inflows as appetites for “alternative” investments remained strong.

Stock market returns for the year ended May 31, 2007, were stellar. The S&P 500^® reached a new high in late May and returned 22.79%, while the Russell 2000^® returned 18.92%. Large cap stocks finally outperformed small cap, and value continued to top growth.* International developed markets (MSCI EAFE^®) returned 26.84%, while emerging markets (MSCI EM^®) returned 38.16%.**

Telecomm dominated all sectors, returning 49.80% for the year. Utilities returned 35.99%, followed by energy at 28.45%. Industrials and consumer staples lagged the overall market at 16.81% and 18.76%, respectively.

Fixed Income

The fixed income market over the last year was marked by a flat-to-inverted yield curve, historically low spreads, and low volatility. As calendar 2006 drew to an end, bond yields increased due to a combination of favorable economic readings and persistently unacceptable inflation. Still, given low market risk premiums and low interest rates, bonds performed well across all sectors.

Interest rate volatility declined throughout the year, as the Fed remained on hold and interest rates traded in a fairly narrow range. Nonetheless, the subprime crisis and an associated surge in delinquencies and defaults did affect lower quality segments of the mortgage market. Conversely, the U.S. agency component of the mortgage-backed market was affected very little.

Within the corporate component of the bond markets, spreads traded historically tight on the back of robust cash flows and higher-than-expected earnings. Growing concerns over domestic economic weakness coupled with housing-related problems have weighed on the corporate market in 2007, slightly widening spreads. Nevertheless, the Lehman Brothers U.S. Corporate Investment Grade Index finished the year ended May 31, 2007, by returning 7.36%.

The volatility across equity markets in late February 2007 carried over to the bond markets, as investors sought higher quality Treasuries, pushing yields down. Yields soon reversed direction and began to tick upward due to concerns over waning foreign interest in Treasury holdings, strong growth abroad, and renewed inflation pressures.

What’s Ahead?

The preoccupation with higher inflation and slower economic growth remains in place. Energy and food costs continue to trend higher and recent declines in core inflation are tenuous. Meanwhile, the housing market remains precarious. Together, it is possible that these vulnerabilities could move the U.S. economy dangerously close to recession. However, the Fed maintains that moderate economic growth (GDP below the economy’s full potential) will allow inflation pressures to gradually abate, and the economy will slowly recover without further action on its part.

*	Large-company stocks are represented by the Russell 1000^® Index and Small-company stocks are represented by the Russell 2000^® Index.

**	The Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE^®”) and the Morgan Stanley Capital International Emerging Markets Index (“MSCI EM^®”)

Allegiant Equity and Asset Allocation Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

Though 2007 first quarter earnings were significantly above consensus, much of the resilience was fueled by strong foreign sales, an increase in corporate pricing power, and the benefits that a weak U.S. dollar has on currency translation effects. Nonetheless, profits are clearly on a slowing trajectory as rising labor, commodity and financing costs continue to squeeze margins. Additionally, the Treasury market shows enduring worries that inflation is not abating, which could take a serious toll on both equities and the housing markets.

That said, U.S. corporations are enjoying high margins, strong cash flows, and stable balance sheets that allow them considerable flexibility. Interest rates remain relatively low and domestic growth, though slowed, has not turned negative. The U.S. economy is now a global one, and the world markets will significantly impact its future.

In closing, thank you for the trust you have placed with us. You are truly our most valuable asset.

Allegiant Equity and Asset Allocation Funds

EXPLANATION OF EXPENSETABLES

The expenses shown in the Expense Tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), including contingent deferred sales charges, all of which is described in the Prospectus. If these transactional costs were included, your costs would be higher. The “Annualized Expense Ratio” reflects the actual expenses net of fee waivers, where applicable, for the period (December 1, 2006 to May 31, 2007), and may be different from the expense ratio in the Financial Highlights which is for the year ended May 31, 2007.

All mutual funds have operating expenses. As a shareholder of a Fund, you incur operating expenses, including investment advisory fees, distribution (12b-1) fees and other Fund expenses. Such expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of a Fund. A Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The Expense Tables provided on the following pages are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (December 1, 2006 to May 31, 2007).

The Expense Table that appears in your Fund’s overview illustrates your Fund’s costs in two ways.

•

Actual Expenses. This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Class of Fund under the heading “Expenses Paid During Period.”

•

Hypothetical Example for Comparison Purposes. This section is intended to help you compare your Fund’s costs with those of other mutual funds. It is based on your Fund’s actual expense ratio and assumes that your Fund had an annual return of 5% before expenses during the period shown. In this case — because the return used is not your Fund’s actual return — the results may not be used to estimate your actual ending account value or expenses you paid during this period. The example is useful in making comparisons between your Fund and other funds because the Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on an annual 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Allegiant Equity Funds

INTERNATIONAL EQUITY FUND OVERVIEW

May 31, 2007

Martin C. Schulz

Director,

International Equity Investment

LOGO

International investments are subject to special risks not ordinarily associated with domestic investments, including currency fluctuations, economic and political change and differing accounting standards that may adversely affect portfolio securities.

How did large international stocks perform over the last year?

International markets finished the year strong despite the market’s concern about a global economic slowdown, inflation, rising global interest rates and geopolitical risk revolving around North Korea and Iran.

As we entered fiscal year 2007, the MSCI EAFE^® Growth began reversing a seven-year trend and outperformed the MSCI EAFE^® Value, and developed markets underperformed emerging markets (MSCI EAFE^® vs. MSCI EM^®). Currency conversion factors continue to benefit investors with dollar-denominated returns.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the International Equity Fund (“Fund”) returned 21.37% to B shares investors⁽¹⁾and 27.61% to I shares investors while the Fund’s benchmark, the MSCI EAFE^® Index⁽²⁾, returned 26.84%. The Average International Multi-Cap Core Peer returned 25.95% during the period.

The Fund’s growth holdings were affected positively by top-down country allocations, specifically its overweight to Singapore. Sector decisions also added to performance with overweights to Consumer Discretionary and Healthcare in the first half of the year and to Materials and Consumer Staples in 2007.

The performance of the Fund’s value holdings was fueled by positive country allocation, specifically in Japan, Scandinavia and Britain. Sector allocation and security selection also were positive, specifically in the Materials and Industrials sectors. British homebuilders have been particularly strong performers.

What are your thoughts going into the next 12 months?

We remain bullish longer term and believe markets will continue to have concerns over U.S. housing fears, a global economic slowdown, geopolitical risk in Iran, potential inflation, and elections in several major economies. Real rates remain at record lows, spreads are tight, equity valuations are reasonable, and massive liquidity leading to increased M&A will continue to support market valuations. We remain cautiously optimistic in the near term – even after a strong run – and are positive on the outlook for global growth for 2007 and beyond. The global economic environment remains resilient, and we expect a reacceleration in 2007 after the predicted midcycle slowdown, which has been fueled by global central bank tightening, increased crude oil prices, pockets of inflationary pressures, and political instability in the Middle East.

We remain vigilant, however, and are monitoring inflationary pressures, developing market exuberance, and geopolitical and policy risks.

We continue to search for growth stories in Asia and Europe, taking advantage of any near-term recent market volatility. We are neutral on the Japanese economy but continue to believe that we are in the mid stages of a reflationary boom in Asia.

Portfolio Holdings


Japan	15.8	%
United Kingdom	13.4
Hong Kong	6.4
Switzerland	5.7
Finland	5.4
Ireland	5.4
France	5.0
South Africa	4.1
Eighteen other countries	35.8
Affiliated Money Market Fund	3.0
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

⁽¹⁾

Performance of Class B Shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

The Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE^®”) of more than 1,000 equity securities of foreign companies is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

LOGO

⁽³⁾

This graph provides a hypothetical $10,000 investment in the Fund since its date of inception. The graph shows performance of Class I and Class B Shares only. The performance of Class A and Class C Shares may be greater or less than that shown in the graph based on the differences in sales charges and fees paid by the shareholders investing in those Classes. Returns shown on the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemptions of fund shares.

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		5 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	8/1/97	27.61	%	22.74	%	14.52	%	7.77	%	N/A		N/A
Class A Shares	8/1/97	20.18	%	20.11	%	12.90	%	6.85	%	5.50	%	N/A
Class B Shares	1/6/98	21.37	%	20.66	%	13.20	%	6.89	%	N/A		5.00	%
Class C Shares	1/5/00	25.37	%	21.63	%	13.47	%	6.78	%	N/A		1.00	%
Average International Multi-Cap Core Peer⁽⁵⁾		25.95	%	22.54	%	15.70	%	N/A		N/A		N/A
MSCI EAFE^® Index		26.84	%	23.13	%	16.75	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,159.59	1.22	%	$	6.57
Class A		1,000.00		1,157.60	1.47			7.91
Class B		1,000.00		1,153.58	2.19			11.76
Class C		1,000.00		1,153.34	2.19			11.76
Hypothetical***
Class I		1,000.00		1,018.85	1.22			6.14
Class A		1,000.00		1,017.60	1.47			7.39
Class B		1,000.00		1,014.01	2.19			11.00
Class C		1,000.00		1,014.01	2.19			11.00

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. Returns also reflect a current voluntary fee waiver. Without such a fee waiver, performance of the Fund would have been lower. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

LARGE CAP CORE EQUITY FUND OVERVIEW

May 31, 2007

Christopher A. Wiles, CFA

Managing Senior Director,

Core and Growth Investment

LOGO

How did large cap core stocks perform over the last year?

Reversing a multiyear trend, large cap stocks outperformed small cap stocks over the last year, but mid caps remain the strongest performing domestic equity class (S&P 500^®, Russell 2000^® and Russell Midcap^®, respectively) . While mega cap stocks struggled in late 2006, they have surged ahead in 2007, taking advantage of their exposure to strong growth abroad and the weakening dollar. Large value remains firmly ahead of large growth.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Large Cap Core Equity Fund (the “Fund”) returned 9.78% to B shares investors⁽¹⁾ and 15.91% to I shares investors while the Fund’s benchmark, the S&P 500^® Index⁽²⁾returned 22.79%. The Average Large-Cap Core Peer returned 21.19% during the period.

Our investment process is based on our philosophy: large cap markets are extremely efficient; therefore, managers should minimize risk and focus on adding value in areas they can. We remain sector neutral to the S&P 500^®, fully invested, and focus on security selection. Beginning the fiscal year, surprise inflation numbers coupled with fears that Japan would soon raise interest rates swung investors to more conservative securities. However, later in the year through early April, markets once again embraced risk, with lesser quality companies outperforming. Fund performance struggled as markets quickly moved between risky and safe harbors.

During the period, the Fund’s exposure to the Energy and Materials sectors, particularly gold-related issues, detracted from Fund performance. Within the Healthcare sector, an underweight to large pharmaceutical companies, an overweight to biotechs, and security selection were the primary reasons for the sector’s underperformance. However, we continue to believe that biotechs offer better product pipelines and future growth opportunities.

In 2007, the biggest events affecting the markets have been the continuation of the subprime crisis and the sell-off that occurred globally on February 27. Despite fears that the deterioration of the subprime markets could negatively impact the economy and the markets, we believe there actually may be a silver lining, as financial crises tend to put an end to Fed tightening. Although the sell-off in February was extreme, markets, especially those in Asia, have recovered losses and gained new ground.

What are your thoughts going into the next 12 months?

In the U.S. stock market, we continue to believe that risk is not being adequately respected. This phenomenon has been building over time, dating back perhaps to the “Greenspan Puts” in 2000. “Greenspan Puts” refer to the market’s reliance on the Fed to keep the economy humming.

It is difficult to discern any clear trends in the large cap market. Fund performance has come on the heels of security selection, and some of the disappointments of late 2006 have reversed. We continue to identify companies with strong opportunities over the next one to two years, be they in new products, better execution, innovation, or product cycles.

We believe the Fund is positioned on the right side of near-term, positive fundamentals and growth stories. Our decisions to sell specific securities have been driven by identifying alternatives with stronger growth prospects or when fundamentals have broken down and the risk has risen.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

The S&P 500^® Index, a widely-used, unmanaged index of 500 common stocks, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

Portfolio Holdings


Financials	21.1	%
Information Technology	15.0
Healthcare	11.8
Industrials	11.0
Consumer Discretionary	10.4
Energy	10.3
Consumer Staples	9.3
Telecommunications Services	3.9
Utilities	3.7
Materials	3.0
Affiliated Money Market Fund	0.5
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		5 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	8/1/97	15.91	%	11.23	%	7.06	%	7.03	%	N/A		N/A
Class A Shares	8/1/97	9.30	%	8.86	%	5.59	%	6.16	%	5.50	%	N/A
Class B Shares	1/6/98	9.78	%	9.07	%	5.73	%	6.17	%	N/A		5.00	%
Class C Shares	1/20/00	13.78	%	10.18	%	6.07	%	6.03	%	N/A		1.00	%
Average Large-Cap Core Peer⁽⁵⁾		21.19	%	11.82	%	8.00	%	N/A		N/A		N/A
S&P 500^® Index		22.79	%	13.03	%	9.45	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,068.61	0.93	%	$	4.80
Class A		1,000.00		1,068.08	1.18			6.08
Class B		1,000.00		1,063.78	1.89			9.72
Class C		1,000.00		1,063.78	1.89			9.72
Hypothetical***
Class I		1,000.00		1,020.29	0.93			4.68
Class A		1,000.00		1,019.05	1.18			5.94
Class B		1,000.00		1,015.51	1.89			9.50
Class C		1,000.00		1,015.51	1.89			9.50

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

LARGE CAP GROWTH FUND OVERVIEW

May 31, 2007

Christopher A. Wiles, CFA

Managing Senior Director,

Core and Growth

Investment

How did large cap growth stocks perform over the last year?

Reversing a multiyear trend, large cap stocks outperformed small cap stocks over the last year, but mid caps remain the strongest performing domestic equity class (Russell 1000^®, Russell 2000^®, and Russell Midcap^® respectively). While mega cap stocks struggled in late 2006, they have surged ahead in 2007, taking advantage of their exposure to strong growth abroad and the weakening dollar. Large value remains firmly ahead of large growth.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Large Cap Growth Fund (“Fund”) returned 10.43% to B shares investors⁽¹⁾and 16.51% to I shares investors while the Fund’s benchmark, the Russell 1000^® Growth Index⁽²⁾returned 20.37%. The Average Large-Cap Growth Peer returned 17.26% during the period.

Multi-sector companies benefited from surging global demand for capital equipment. Positions in the fastest growing companies within this segment were positive for performance. Additionally, the Consumer Discretionary sector contributed positively to relative performance.

Our investment process is based on our philosophy: large cap markets are extremely efficient; therefore, managers should minimize risk and focus on adding value in areas they can. We remain sector neutral to the Russell 1000^® Growth Index, fully invested, and focus on security selection. Beginning the fiscal year, surprise inflation numbers coupled with fears that Japan would soon raise interest rates swung investors to more conservative securities. However, later in the year through early April, markets once again embraced risk, with lesser quality companies outperforming. Fund performance struggled as markets moved quickly between risky and safe harbors.

The Fund’s exposure to the Materials sector, particularly gold-related issues, detracted from Fund performance. Technology was also an area of weak performance due to holdings in communications/software. Finally, holdings within the Healthcare sector also detracted from relative performance.

In 2007, the biggest events affecting markets have been the continuation of the subprime crisis and the sell-off that occurred globally on February 27. Despite fears that the deterioration of the subprime markets could negatively impact the economy and the markets, we believe there actually may be a silver lining, as financial crises tend to put an end to Fed tightening. Although the sell-off in February was extreme, markets, especially those in Asia, have recovered losses and gained new ground.

What are your thoughts going into the next 12 months?

It is difficult to discern any clear trends in the large cap growth market. Fund performance has come on the heels of security selection, and some of the disappointments of late 2006 have reversed. We continue to identify companies with strong opportunities over the next one to two years, be they in new products, better execution, innovation, or product cycles.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

The Russell 1000^® Growth Index, an unmanaged index of 1,000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

Portfolio Holdings


Technology	21.3	%
Consumer Discretionary	18.2
Healthcare	17.5
Financial Services	10.4
Producer Durables	7.2
Consumer Staples	6.5
Energy	4.3
Materials and Processing	4.1
Other	4.1
Autos and Transportation	3.2
Utilities	2.8
Affiliated Money Market Fund	0.4
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	12/20/89	16.51	%	9.11	%	4.61	%	5.01	%	8.93	%	N/A		N/A
Class A Shares	4/15/91	9.88	%	6.80	%	3.16	%	4.15	%	8.30	%	5.50	%	N/A
Class B Shares	1/6/98	10.43	%	6.93	%	3.27	%	4.20	%	8.11	%	N/A		5.00	%
Class C Shares	1/27/00	14.35	%	8.07	%	3.63	%	4.22	%	8.12	%	N/A		1.00	%
Average Large-Cap Growth Peer⁽⁵⁾		17.26	%	8.98	%	6.15	%	5.40	%	N/A		N/A		N/A
Russell 1000^® Growth Index		20.37	%	9.70	%	7.50	%	4.96	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,070.33	0.95	%	$	4.90
Class A		1,000.00		1,069.21	1.20			6.19
Class B		1,000.00		1,065.83	1.92			9.89
Class C		1,000.00		1,065.24	1.92			9.89
Hypothetical***
Class I		1,000.00		1,020.19	0.95			4.78
Class A		1,000.00		1,018.95	1.20			6.04
Class B		1,000.00		1,015.36	1.92			9.65
Class C		1,000.00		1,015.36	1.92			9.65

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

LARGE CAP VALUE FUND OVERVIEW

May 31, 2007

Michael J. Chren, CFA

Senior Director,

Value Investment

LOGO

How did large cap value stocks perform over the last year?

Reversing a multiyear trend, large cap stocks outperformed small cap stocks over the last year, but mid caps remain the strongest performing domestic equity class (Russell 1000^®, Russell 2000^®, and Russell Midcap^® respectively). While mega cap stocks struggled in late 2006 and early 2007, they have surged ahead in 2007, taking advantage of their exposure to strong growth abroad and the weakening dollar. Large value remains firmly ahead of large growth.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Large Cap Value Fund (“Fund”) returned 19.05% to B shares investors⁽¹⁾and 25.29% to I shares investors while the Fund’s benchmark, the Russell 1000^® Value Index⁽²⁾returned 25.58%. The Average Large-Cap Value Peer returned 23.19% during the period.

Security selection drove performance for the 12-month period. Financials were the strongest performing area, though the Fund was underweight the group. Overweight positions in those financial services firms with capital markets-sensitive businesses outperformed. An underweight position in oil/gas exploration and materials/commodities stocks drove relative out performance. However, specific energy holdings were individual detractors.

Despite moves by investors to seek higher yielding assets, particularly REITs and Utilities, we remain underweight the groups. Higher end retailing stocks performed well (which went against our portfolio positioning) but a buyout offer on one of our biggest media holdings (Dow Jones & Co.) gave us the opportunity to sell out of our position with a very favorable performance impact.

Large Cap Value portfolios remain significantly tilted toward mega cap securities. Our universe of investable securities begins at the $3 billion market capitalization level and our current weighted average market capitalization is over $130 billion.

What are your thoughts going into the next 12 months?

We see several potential risks on the horizon and do not perceive these as being accurately reflected in asset prices. The U.S. dollar continues to fall, putting the massive amounts of foreign capital in dollar-denominated assets at risk to seek better post-translation returns. Valuations for cyclical stocks, smaller and mid-sized company stocks and utilities and REITs look stretched. High quality diversified multinational company stocks look extremely attractive and should out-perform for an extended period.

The Large Cap Value Fund has out-of-consensus positions in the Financials and Technology sectors (relative to our benchmark Russell 1000^® Value Index). We are underweight Financials versus the index by approximately 6% and see significant risks, specifically in the banking industry. We are overweight Technology by nearly 4% with holdings in both the computers/ peripherals and semiconductor industries.

Portfolio Holdings


Financials	29.9	%
Energy	12.6
Consumer Staples	10.8
Healthcare	9.6
Information Technology	9.6
Telecommunication Services	7.9
Materials	6.7
Industrials	6.5
Consumer Discretionary	2.7
Affiliated Money Market Fund	2.4
Utilities	1.3
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

The Russell 1000^® Value Index, an unmanaged index of 1,000 companies that have lower price-to-book ratios and lower forecasted growth values, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	7/1/94	25.29	%	18.15	%	12.10	%	9.39	%	11.63	%	N/A		N/A
Class A Shares	8/22/94	18.10	%	15.67	%	10.54	%	8.50	%	10.84	%	5.50	%	N/A
Class B Shares	1/6/98	19.05	%	16.07	%	10.76	%	8.47	%	10.67	%	N/A		5.00	%
Class C Shares	1/27/00	23.04	%	17.04	%	11.01	%	8.34	%	10.57	%	N/A		1.00	%
Average Large-Cap Value Peer⁽⁵⁾		23.19	%	14.91	%	10.14	%	8.28	%	N/A		N/A		N/A
Russell 1000^® Value Index		25.58	%	17.76	%	12.51	%	10.59	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,122.67	0.93	%	$	4.92
Class A		1,000.00		1,121.13	1.18			6.24
Class B		1,000.00		1,117.43	1.90			10.03
Class C		1,000.00		1,117.04	1.90			10.03
Hypothetical***
Class I		1,000.00		1,020.29	0.93			4.68
Class A		1,000.00		1,019.05	1.18			5.94
Class B		1,000.00		1,015.46	1.90			9.55
Class C		1,000.00		1,015.46	1.90			9.55

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

MIDCAP VALUE FUND OVERVIEW

May 31 , 2007

Michael Santelli, CFA, CPA

Senior Director

Value Equity Investment

LOGO

How did mid cap value stocks perform over the last year?

Mid cap stocks continue to turn in strong returns, leading both large cap and small cap stocks for the year (Russell Mid-Cap^®, Russell 1000^®, and Russell 2000^® respectively). Mid cap value stocks outpaced mid cap growth stocks, as measured by the Russell Midcap^® style indices, by almost 5%. Mid caps also continue to lead large and small caps on a 3-, 5-, and 10- year annualized basis.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Allegiant Mid Cap Value Fund (the “Fund”) returned 21.57% to B shares investors⁽¹⁾and 27.76% to I shares investors. The Fund’s benchmark, the Russell Midcap^® Value Index⁽²⁾(the “Index”) returned 26.42% during the same period. The Average Mid-Cap Value Peer returned 24.48% during the period.

We saw strong performance in many areas of our portfolio. Within Consumer Discretionary, our positions in several of the “dollar stores” posted strong returns as gas prices fell in late 2006. As well, our positions in the education industry regained earlier losses. While underweight Financials as a group, our security selection added to performance, specifically in the capital markets, asset management, and commercial banks areas. The Fund’s underweight to REITs had a negative bearing on performance for a period, but subsequently it finished the 12-month period as a positive contributor.

Coal stocks were hit hard as natural gas prices fell and winter weather proved warmer than average. An overweight to the Energy sector proved to be a detractor to Fund performance. Over the long term, however, we believe coal will continue to be a preferred source of energy to fuel power plants, leading to increased demand.

The downturn of the housing market, as well as problems in the subprime market, has had the most impact on the Fund. We remain underweight banks, as net interest margins continue to shrink and housing issues affect both new mortgage origination and banks’ ability to sell off these assets. In addition, private equity leveraged buy-outs and merger activity continue at a record-setting pace with significant impact to the markets.

What are your thoughts going into the next 12 months?

We are finding a number of attractive candidates within insurers, both property/casualty and mortgage insurers. Property and casualty insurers are trading at attractive valuations versus book value, and we believe book value will grow as the strong pricing environment drives an attractive return on equity. Mortgage insurance stocks are priced for the worst case scenario. Once the crisis clears, we believe they will have the benefits of strong pricing and increased demand.

It appears that the upside of our coal holdings will take longer to come to fruition than anticipated, but we believe the longer term prospects are still strong. Warm weather this winter, coupled with a cooler summer in 2006, drove down demand, but we see growth accelerating as inventory clears going forward.

We believe that over the long term, markets recognize value.

We buy companies that are trading at a discount to intrinsic value and focused on increasing their intrinsic value over time.

Portfolio Holdings


Financials	30.9	%
Information Technology	12.4
Consumer Discretionary	9.5
Energy	9.2
Industrials	8.2
Utilities	7.5
Healthcare	6.8
Materials	6.0
Affiliated Money Market Fund	4.5
Consumer Staples	4.1
Telecommunication Services	0.9
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

Investments in mid-sized companies present greater risk of loss than investments in large companies.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

The Russell Midcap^® Value Index, an unmanaged index comprised of securities which have lower than average price-to-book ratios and forecasted growth values, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07 ⁽⁴⁾


	Date of Inception	1 Year		3 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	7/1/02	27.76	%	22.58	%	19.25	%	N/A		N/A
Class A Shares	7/1/02	20.47	%	20.00	%	17.48	%	5.50	%	N/A
Class B Shares	6/2/03	21.57	%	20.50	%	17.62	%	N/A		5.00	%
Class C Shares	6/2/03	25.58	%	21.41	%	17.90	%	N/A		1.00	%
Average Mid-Cap Value Peer⁽⁵⁾		24.48	%	18.38	%	N/A		N/A		N/A
Russell Midcap^® Value Index		26.42	%	21.89	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,150.28	0.93	%	$	4.99
Class A		1,000.00		1,148.66	1.18			6.32
Class B		1,000.00		1,144.07	1.89			10.10
Class C		1,000.00		1,144.73	1.89			10.11
Hypothetical***
Class I		1,000.00		1,020.29	0.93			4.68
Class A		1,000.00		1,019.05	1.18			5.94
Class B		1,000.00		1,015.51	1.89			9.50
Class C		1,000.00		1,015.51	1.89			9.50

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

MULTI-FACTOR MID CAP GROWTH FUND OVERVIEW

May 31, 2007

Hitesh Patel, Ph.D.

Director,

Structured Equity Strategies

LOGO

How did mid cap growth stocks perform over the last year?

Mid cap stocks continue to turn in strong returns, leading both large cap and small cap stocks for the year (Russell Midcap^®, Russell 1000^®, and Russell 2000^® respectively). Mid cap value stocks outpaced mid cap growth stocks, as measured by the Russell Midcap^® style indices, by almost 5%. Mid caps also continue to lead large and small caps on a 3-, 5-, and 10-year annualized basis.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Multi-Factor Mid Cap Growth Fund (the “Fund”) returned 16.24% to B shares investors⁽¹⁾and 22.45% to I shares investors while the Fund’s benchmark, the Russell Midcap^® Growth Index⁽²⁾(the “Index”) returned 21.34%. The Average Mid-Cap Growth Peer returned 19.45% during the period.

Security selection was the primary driver of the Fund’s results. Though we saw very little dispersion in valuations among mid cap equities and trading ranges tightening, we were able to identify superior securities, specifically within the Consumer Discretionary and Technology sectors.

A massive amount of investment is moving into passively-managed investment vehicles and, as a result, there is less volatility in the marketplace overall. With less volatility in the markets, it is difficult for active managers owning higher quality securities to outperform. Both the REIT and Financial sectors performed well during the period. However, due to an underweight to both, Fund performance was negatively impacted.

As liquidity remains at record levels, so does the activity of private equity firms. We continue to see a substantial number of companies being taken private by these firms. As well, companies searching for growth are acquiring other firms to boost earnings. We also are seeing that the more speculative companies continue to outperform.

What are your thoughts going into the next 12 months?

As valuations become tighter, fundamental factors such as faster growth or accelerating sales give us a basis to differentiate stocks. Our goal is to identify companies that are improving fundamentally; over the long-term they will be rewarded in the market.

We continue to identify those factors we believe are most predictive of performance; however, we are in a difficult environment. We are noticing that factors have less longevity and offer shorter windows of out performance. We are altering our models to capture this.

Portfolio Holdings


Consumer Discretionary	22.2	%
Information Technology	16.1
Industrials	12.7
Energy	11.2
Financials	10.4
Healthcare	10.0
Materials	5.4
Consumer Staples	4.3
Telecommunication Services	3.8
Utilities	3.2
Affiliated Money Market Fund	0.7
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

Investments in mid-sized companies present greater risk of loss than investments in large companies.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

The Russell Midcap^® Growth Index, an unmanaged index of medium-sized growth stocks, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	10/31/88	22.45	%	12.83	%	7.84	%	5.94	%	9.67	%	N/A		N/A
Class A Shares	10/31/88	15.39	%	10.44	%	6.36	%	5.10	%	9.18	%	5.50	%	N/A
Class B Shares	2/4/94	16.24	%	10.71	%	6.52	%	5.10	%	8.87	%	N/A		5.00	%
Class C Shares	6/15/00	20.29	%	11.73	%	6.80	%	5.02	%	8.67	%	N/A		1.00	%
Average Mid-Cap Growth Peer⁽⁵⁾		19.45	%	14.29	%	10.56	%	8.60	%	N/A		N/A		N/A
Russell Midcap ^® Growth Index		21.34	%	15.76	%	13.18	%	9.15	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,157.16	1.05	%	$	5.65
Class A		1,000.00		1,153.88	1.30			6.98
Class B		1,000.00		1,150.79	2.03			10.89
Class C		1,000.00		1,150.24	2.03			10.88
Hypothetical***
Class I		1,000.00		1,019.70	1.05			5.29
Class A		1,000.00		1,018.45	1.30			6.54
Class B		1,000.00		1,014.81	2.03			10.20
Class C		1,000.00		1,014.81	2.03			10.20

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Performance information before June 9, 2000 represents performance of the Parkstone Mid Capitalization Fund, which was reorganized into the Allegiant Mid Cap Growth Fund on that date. Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. Returns also reflect a current voluntary fee waiver. Without such a fee waiver, performance of the Fund would have been lower. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

MULTI-FACTOR SMALL CAP CORE FUND OVERVIEW

May 31, 2007

Hitesh Patel, Ph.D.

Director,

Structured Equity Strategies

How did small cap core stocks perform over the last year?

Though small caps ceded their billing as the top performing asset class during the 12-month period ended May 31, 2007, they still turned in strong returns, with the Russell 2000^® up 18.92%. Though lower quality, more speculative small cap securities outperformed in the beginning of the period, the new year marked a return to higher quality, larger companies outperforming. Small cap value outperformed small cap growth (Russell 2000^® Value versus Growth).

Small cap performance relative to large caps remained strong in 2006, but as U.S. economic growth has slowed, small caps have suffered due to their lower proportion of international sales.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Small Cap Core Fund (“Fund”) lagged its benchmark, the Russell 2000^® Index⁽¹⁾. The Index returned 18.92% for the period, while the Fund returned 5.22% to A shares investors⁽ ²⁾(after the front-end sales charge) and 11.62% to I shares investors. The Average Small-Cap Growth Peer returned 15.91% during the period.

Industrials were a strong point of performance. We were slightly overweight the sector, which had strong returns for the 12-month period. Airline and marine shipping-oriented companies were highlights.

For much of the 12-month period, stocks with little or no earnings growth fared best, while issues with growth expectations performed the worst. The market swung from favoring high-risk, speculative securities to those in a defensive position against a slowing economy. As our portfolio is tilted to higher return on equity and higher revenue growth names, neither of these environments was in harmony with our portfolio positioning. In general, it was a very difficult environment for active managers.

Financials were the hardest hit area. Issue selection suffered as short term interest rates rose above longer term rates, impairing banks’ ability to pay lower amounts to depositors while lending money at a higher rate. Especially hard hit were thrift and mortgage finance companies, as the outlook on the housing market continued to weaken. Technology also proved a difficult area within the electronic equipment and software industries. The Fund’s underperformance was primarily the result of stock selection in those areas outlined above.

What are your thoughts going into the next 12 months?

We are seeing very little dispersion in valuations among small cap equities, and price ranges of stocks are tightening. We also are seeing that the more speculative companies continue to outperform.

A massive amount of investment is moving into passively managed investment vehicles and, as a result, there is less volatility in the overall marketplace.

As valuations become tighter, fundamental factors, such as faster growth or accelerating sales, give us a basis to differentiate stocks. Our goal is to identify companies that are improving fundamentally; over the long-term, they will be rewarded in the market.

We continue to identify those factors that are most predictive of performance; however, we are in a difficult environment. We are noticing that factors have less longevity and offer shorter windows of out performance. We are altering our models to capture this.

Investments in small capitalization companies present greater risk of loss than investments in large companies.

⁽¹⁾

The Russell 2000^® Index, an unmanaged index of companies widely representative of small capitalization companies based on market capitalization, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

⁽²⁾

The Fund does not offer Class B Shares, so Class A Share performance is utilized and reflects Class A Shares’ maximum sales charge.

Portfolio Holdings


Industrials	19.3	%
Financials	14.3
Information Technology	14.0
Consumer Discretionary	11.1
Healthcare	10.8
Utilities	7.0
Energy	6.5
Materials	5.9
Consumer Staples	3.5
Telecommunication Services	3.4
Exchange Traded Fund	3.1
Affiliated Money Market Fund	1.1
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

LOGO

⁽³⁾

This graph provides a hypothetical $10,000 investment in the Fund since its date of inception. The graph shows performance of Class I and Class A Shares only. Returns shown on the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemptions of fund shares.

Average Annual Total Returns as of 5/31/07 ⁽⁴⁾


	Date of Inception	1 Year		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	9/30/05	11.62	%	14.10	%	N/A		N/A
Class A Shares	9/30/05	5.22	%	10.08	%	5.50	%	N/A
Average Small-Cap Growth Peer⁽⁵⁾		15.91	%	N/A		N/A		N/A
Russell 2000^{^®}Index		18.92	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,051.22	0.95	%	$	4.86
Class A		1,000.00		1,050.40	1.20			6.13
Hypothetical***
Class I		1,000.00		1,020.19	0.95			4.78
Class A		1,000.00		1,018.95	1.20			6.04

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge, operating expenses and fees. Returns also reflect a current voluntary fee waiver. Without such a fee waiver, performance of the Fund would have been lower.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

MULTI-FACTOR SMALL CAP FOCUSED VALUE FUND OVERVIEW

May 31, 2007

Hitesh Patel, Ph.D.

Director,

Structured Equity Strategies

How did small cap value stocks perform over the last year?

Though small caps ceded their billing as the top performing asset class during the 12-month period ended May 31, 2007, they still turned in strong returns, with the Russell 2000^® up 18.92%. Though lower quality, more speculative small cap securities outperformed in the beginning of the period, the new year marked a return to higher quality, larger companies outperforming. Small cap value stocks outperformed small cap growth stocks (Russell 2000^® Value vs. Growth).

Small cap performance relative to large caps remained strong in 2006, but as U.S. economic growth has slowed, small caps have suffered due to their lower proportion of international sales.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, Allegiant’s Multi-Factor Small Cap Focused Value Fund (“Fund”) returned 6.66% to A shares investors⁽²⁾(after the front-end sales charge) and 13.18% to I shares investors while the Russell 2000^® Value Index⁽¹⁾(“Index”) returned 20.28%. The Average Small-Cap Core Peer returned 17.69% during the period.

The Fund was overweight Consumer Staples which had a positive impact, as did the overweight and security selection within Industrials.

The market backdrop worked against actively-managed funds and stocks with little or no earnings growth fared best, while issues with growth expectations, such as we own, performed worst. The market swung from favoring high-risk, speculative securities to those in a defensive position against a slowing economy. Neither of these environments was in harmony with the Fund’s portfolio positioning, which favored companies with higher growth rates and return on equity. In general, it was a very difficult environment for actively-managed funds.

The Fund was both underweight a strong performing sector and had a negative selection effect within our chemicals and metals/mining positions. In addition, Materials was particularly hard hit. Security selection within Healthcare also adversely impacted performance. We were overweight the sector, which had a positive impact, but holdings in providers and services traded down.

What are your thoughts going into the next 12 months?

While the global sell-off on February 27 would seem to scare investors, we believe quite the opposite has occurred. Given the speed that markets bounced back (and went on to gain new ground), we believe the sell-off may have built up the confidence of investors to continue to add leverage and risk to their portfolios.

Private equity and leveraged buyouts continue to be a huge market force. Firms are being taken private and piled with debt, not dissimilar to what we’ve seen happen in the consumer markets.

Our investment process continues to focus on identifying the factors we believe are most predictive of future performance, with valuation and fundamentals as the cornerstone of the model. Our portfolios are higher quality than the benchmark, and we focus on identifying companies with higher sales growth and return on equity.

Portfolio Holdings


Financials	27.6	%
Industrials	15.2
Consumer Staples	10.9
Information Technology	10.6
Consumer Discretionary	10.4
Healthcare	9.4
Energy	5.0
Utilities	4.2
Materials	2.6
Telecommunication Services	2.6
Affiliated Money Market Fund	1.5
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

Investments in small capitalization companies present greater risk of loss than investments in large companies.

⁽¹⁾

The Russell 2000^® Value Index, an unmanaged index of companies that have lower than average price-to-book ratios and forecasted growth values, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

⁽²⁾

The Fund does not offer Class B Shares, so Class A Share performance is utilized and reflects Class A Shares’ maximum sales charge.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07 ⁽⁴⁾


	Date of Inception	1 Year		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	9/30/05	13.18	%	14.99	%	N/A		N/A
Class A Shares	9/30/05	6.66	%	10.82	%	5.50	%	N/A
Class C Shares	9/30/05	12.42	%	15.51	%	N/A		1.00	%
Average Small-Cap Core Peer⁽⁵⁾		17.69	%	N/A		N/A		N/A
Russell 2000^® Value Index		20.28	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,086.99	1.17	%	$	6.09
Class A		1,000.00		1,085.09	1.42			7.38
Class C		1,000.00		1,084.82	2.15			11.18
Hypothetical***
Class I		1,000.00		1,019.10	1.17			5.89
Class A		1,000.00		1,017.85	1.42			7.14
Class C		1,000.00		1,014.21	2.15			10.80

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

MULTI-FACTOR SMALL CAP GROWTH FUND OVERVIEW

May 31, 2007

Hitesh Patel, Ph.D.

Director,

Structured Equity Strategies

How did small cap growth stocks perform over the last year?

Though small caps ceded their billing as the top performing asset class during the 12-month period ended May 31, 2007, they still turned in strong returns, with the Russell 2000^® up 18.92%. Though lower quality, more speculative small cap securities outperformed in the beginning of the period, the new year marked a return to higher quality, larger companies outperforming. Small cap value stocks outperformed small cap growth stocks (Russell 2000^® Value versus Growth).

Small cap performance relative to large caps remained strong in 2006, but as U.S. economic growth has slowed, small caps have suffered due to their lower proportion of international sales.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, Allegiant’s Multi-Factor Small Cap Growth Fund (“Fund”) returned 5.10% to A shares investors⁽¹⁾(after the front-end sales charge) and 11.45% to I shares investors versus the Russell 2000^® Growth Index⁽²⁾which returned 17.57% for the period. The Average Small-Cap Growth Peer returned 15.91% during the period.

The Energy sector saw strong returns on the back of superior stock selection in both the equipment/services and oil/gas industries.

For much of the 12-month period, stocks with little or no earnings growth fared best, while issues with growth expectations performed the worst. The market swung from favoring high-risk, speculative securities to those in a defensive position against a slowing economy. Neither of these environments was in harmony with the Fund, which favored companies with higher growth rates and return on equity. In general, it was a very difficult environment for actively-managed funds.

Technology proved especially difficult, as we were underweight the sector as a whole, especially in the strong-performing communication equipment and software industries. The Fund’s underperformance was primarily the result of stock selection in those areas outlined above.

What are your thoughts going into the next 12 months?

We are seeing very little dispersion in valuations among small cap equities, and price ranges of stocks are tightening. We are also seeing that the more speculative companies continue to outperform.

A massive amount of investment is moving into passive vehicles and, as a result, there is less volatility in the overall marketplace.

Portfolio Holdings


Information Technology	25.3	%
Industrials	17.7
Healthcare	17.6
Consumer Discretionary	14.2
Energy	7.5
Financials	5.8
Materials	3.8
Consumer Staples	3.3
Telecommunication Services	1.9
Utilities	1.9
Affiliated Money Market Fund	0.9
Exchange Traded Fund	0.1
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

Investments in mid-sized companies present greater risk of loss than investments in large companies.

⁽¹⁾

The Fund does not offer Class B Shares, so Class A Share performance is utilized and reflects Class A Shares’ maximum sales charge.

⁽²⁾

The Russell 2000^® Growth Index, an unmanaged index of 2,000 small company stocks, is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	9/30/05	11.45	%	10.33	%	N/A		N/A
Class A Shares	9/30/05	5.10	%	6.44	%	5.50	%	N/A
Average Small-Cap Growth Peer⁽⁵⁾		15.91	%	N/A		N/A		N/A
Russell 2000^® Growth Index		17.57	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,091.75	0.96	%	$	5.01
Class A		1,000.00		1,090.07	1.21			6.31
Hypothetical***
Class I		1,000.00		1,020.14	0.96			4.84
Class A		1,000.00		1,018.90	1.21			6.09

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

⁽⁵⁾

Peer-group performance derived from data provided by Lipper Inc.

Allegiant Equity Funds

MULTI-FACTOR SMALL CAP VALUE FUND OVERVIEW

May 31, 2007

Hitesh Patel, Ph.D.

Director,

Structured Equity Strategies

How did small cap value stocks perform over the last year?

Though small caps ceded their billing as the top performing asset class over the 12-month period ended May 31, 2007, they still turned in strong returns, with the Russell 2000^® up 18.92%. Though lower quality, more speculative small cap securities outperformed in the beginning of the period, the new year marked a return to higher quality, larger companies outperforming. Small cap value stocks outperformed small cap growth stocks (Russell 2000^® Value versus Growth).

Small cap performance relative to large caps remained strong in 2006, but as U.S. economic growth has slowed, small caps have suffered due to their lower proportion of international sales.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Multi-Factor Small Cap Value Fund (“Fund”) posted returns of 3.76% for B shares investors⁽¹⁾and 9.33% for I shares investors while the Russell 2000^® Value Index⁽²⁾(“Index”) returned 20.28%. The Average Small-Cap Value Peer returned 18.76% during the period.

Consumer Staples was an area of positive performance impact, driven by an overweight to the sector and strong security selection.

For much of the 12-month period, stocks with little or no earnings growth faired the best, while issues with growth expectations performed the worst. High dividend payers and more defensive issues also performed well at periods throughout the last 12 months. While our process identifies stocks with valuation levels similar to the benchmark, we also focus on those securities with strong earnings and sales growth and those delivering higher return on equity relative to their index peers.

Materials was among the most difficult areas for the Fund, as we were both underweight a strong performing sector and also struggled in our security selection versus the index. Metals/mining and chemical holdings were particularly hard hit. Our overweight to specialty retail within Consumer Discretionary also impacted performance, as several names posted disappointing results.

What are your thoughts going into the next 12 months?

Private equity and leveraged buyouts continue to be a huge market force. Firms are being taken private and piled with debt, not dissimilar to what we’ve seen happen in the consumer markets. Our investment process continues to focus on identifying the factors we believe are most predictive of future performance, with valuation and fundamentals as the cornerstone of the model. Our portfolios are higher quality than the benchmark, and we focus on identifying companies with higher sales growth and return on equity.

Portfolio Holdings


Financials	29.8	%
Consumer Discretionary	15.5
Information Technology	11.5
Industrials	11.4
Healthcare	9.7
Consumer Staples	6.4
Utilities	4.9
Energy	4.3
Materials	3.2
Telecommunication Services	2.5
Affiliated Money Market Fund	0.8
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

Investments in small capitalization companies present greater risk of loss than investments in large companies.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	7/26/94	9.33	%	11.92	%	10.37	%	12.82	%	14.70	%	N/A		N/A
Class A Shares	8/15/94	3.07	%	9.57	%	8.86	%	11.85	%	13.84	%	5.50	%	N/A
Class B Shares	1/6/98	3.76	%	9.98	%	9.08	%	11.79	%	13.65	%	N/A		5.00	%
Class C Shares	1/27/00	7.38	%	10.87	%	9.34	%	11.75	%	13.62	%	N/A		1.00	%
Average Small-Cap Value Peer⁽⁵⁾		18.76	%	16.37	%	13.75	%	12.20	%	N/A		N/A		N/A
Russell 2000^® Value Index		20.28	%	17.85	%	14.65	%	12.96	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,057.98	1.19	%	$	6.11
Class A		1,000.00		1,057.35	1.44			7.39
Class B		1,000.00		1,053.60	2.16			11.06
Class C		1,000.00		1,053.22	2.16			11.06
Hypothetical***
Class I		1,000.00		1,019.00	1.19			5.99
Class A		1,000.00		1,017.75	1.44			7.24
Class B		1,000.00		1,014.16	2.16			10.85
Class C		1,000.00		1,014.16	2.16			10.85

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

S & P 500^® INDEX FUND OVERVIEW

May 31, 2007

Hitesh Patel, Ph.D.

Director,

Structured Equity Strategies

How did S&P 500^® stocks perform over the last year?

Equity securities, as measured by the S&P 500^® Index, performed well during the 12-month period ended May 31, 2007 as global growth buoyed U.S. stock performance, particularly among large cap securities. For the first quarter of 2007, earnings came in significantly higher than estimates with median year-over-year earnings for the S&P 500^® up 10.2%, over 3.5% higher than analysts’ estimates. Dollar weakness and increased pricing power accounted for strong corporate earnings.

What factors impacted the Fund’s performance?

The S&P 500^® Index Fund (“Fund”) returned 16.26% to B shares investors⁽¹⁾and 22.53% to I shares investors during the fiscal year ended May 31, 2007. The S&P 500^® Index ⁽²⁾(“Index”), the Fund’s benchmark, returned 22.79% during the same period. The Average S&P 500^® Index Peer returned 22.07% during the period.

Sector performance has been strong across the board, but the best-performing areas have come from the smallest sectors in the benchmark. Utilities and Telecommunication Services, both holding weights below 4% in the S&P 500^® Index, have had 12-month returns of 35.8% and 49.8%, respectively. The ‘worst’ performing sectors over the last 12 months include Consumer Staples and Health Care, but both were up over 19%.

Following the sell-off of equity markets around the world in late February 2007, volatility of the equity markets and the S&P 500^® moved up considerably, but the long-term trend still tends towards lower-than-average volatility. Stocks have been moving in tandem, with very little differentiation in returns across sectors. As well, we have seen risk premiums in all asset classes and around the world move lower, as evidenced by tight corporate and high yield spreads and the out performance of lower quality equity securities.

What are your thoughts going into the next 12 months?

Going into the second half of 2007, we believe the economy will continue to moderate, but low interest rates, full employment, and strong balance sheets will support another year of growth. We believe equities will continue to post strong relative performance given reasonable current valuations, easy access to inexpensive capital, and higher organic growth rates. The S&P 500^® is poised for stronger growth relative to smaller market capitalizations given their cheap valuations and accelerating growth.

Portfolio Holdings


Financials	20.9	%
Information Technology	14.5
Healthcare	11.4
Industrials	11.0
Energy	10.1
Consumer Discretionary	9.7
Consumer Staples	9.0
Utilities	3.9
Telecommunication Services	3.8
Materials	3.1
Affiliated Money Market Fund	1.6
Exchange Traded Fund	1.0
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

The S&P 500^® Index is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		5 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	7/10/98	22.53	%	12.68	%	9.07	%	4.56	%	N/A		N/A
Class A Shares	10/15/98	19.03	%	11.46	%	8.26	%	3.99	%	2.50	%	N/A
Class B Shares	1/4/00	16.26	%	10.50	%	7.68	%	3.50	%	N/A		5.00	%
Class C Shares	1/17/00	20.22	%	11.58	%	7.99	%	3.50	%	N/A		1.00	%
Average S&P 500^® Index Peer⁽⁵⁾		22.07	%	12.43	%	8.86	%	N/A		N/A		N/A
S&P 500^{^®}Index		22.79	%	13.03	%	9.45	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,102.00	0.36	%	$	1.89
Class A		1,000.00		1,100.10	0.62			3.25
Class B		1,000.00		1,095.90	1.36			7.11
Class C		1,000.00		1,095.85	1.36			7.11
Hypothetical***
Class I		1,000.00		1,023.14	0.36			1.82
Class A		1,000.00		1,021.84	0.62			3.13
Class B		1,000.00		1,018.15	1.36			6.84
Class C		1,000.00		1,018.15	1.36			6.84

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

SMALL CAP CORE FUND OVERVIEW

May 31, 2007

Gordon A. Johnson

Senior Portfolio

Manager

LOGO

How did small cap core stocks perform over the last year?

Though small caps ceded their billing as the top performing asset class during the 12-month period ended May 31, 2007, they still turned in strong returns, with the Russell 2000^® up 18.92%. Though lower quality, more speculative small cap securities outperformed in the beginning of the period, the new year marked a return to higher quality, larger companies outperforming. Small cap value stocks outperformed small cap growth stocks (Russell 2000^® Value versus Growth).

Small cap performance relative to large caps remained strong in 2006, but as U.S. economic growth has slowed, small caps have suffered due to their lower proportion of international sales.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Small Cap Core Fund (“Fund”) returned 9.63% to B shares investors⁽¹⁾and 15.65% to I shares investors. The Fund’s benchmark, the Russell 2000^® Index⁽²⁾(the “Index”) returned 18.92% during the same period. The Average Small-Cap Core Peer returned 17.69% during the period.

Financials were among the Fund’s strongest areas, given its overweight to the capital markets and consumer finance industries. The Fund’s overweight to Technology also offset our struggles in Industrials. While lower quality small cap stocks dominated over the majority of the last 12 months, early 2007 saw a reversal of this pattern with higher quality companies leading the market. This has benefited our portfolio and should continue to do so.

The markets spent the majority of the 12-month period rotating between riskier and more conservative sectors and securities, much to the detriment of Fund performance. Combined with massive flows into small cap exchange traded funds, these created difficult headwinds for actively managed funds focused on fundamentals.

As fears of a housing slowdown spread, we sold positions in building products companies. The Fund’s holdings in the Industrials sector were the driving reason behind its underperformance for the period. As well, our Transportation positions faced rising fuel costs and negative price shocks.

What are your thoughts going into the next 12 months?

While we believe earnings expectations for small caps as a whole are too high, we recognize that small caps have higher growth potential than larger cap companies. As for future expectations, we believe small caps will benefit whether or not the Fed cuts rates.

Though many have argued that large caps will outperform small caps due to cheaper valuations, a weaker dollar, and the end of an extended small cap rally, we do not believe this will necessarily hold true. It is possible to construct a small cap portfolio with securities bearing both attractive valuations and strong growth prospects. Private equity and the continued upsurge in M&A activity are also positive for the cap range. Many of the overvalued small cap securities remain within the riskier and more speculative tranches of the index, resulting from the massive inflows into unmanaged small cap exchange traded funds that we’ve seen over the last two years.

We believe valuations do still matter over time; however, small caps have better growth prospects. We remain vigilant to the potential downside moves of the market; at that time, valuations, cash flow, and growth rates drive returns and protect on the downside. We remain positioned in those companies offering strong growth rates, well-run businesses, and niche products, and which are trading at attractive valuations.

Investments in small capitalization companies present greater risk of loss than investments in large companies.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

Portfolio Holdings


Information Technology	22.3	%
Financials	21.1
Consumer Discretionary	20.7
Industrials	15.9
Healthcare	9.5
Energy	5.3
Materials	3.6
Affiliated Money Market Fund	1.6
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	4/2/04	15.65	%	14.81	%	12.16	%	N/A		N/A
Class A Shares	4/2/04	9.06	%	12.35	%	9.89	%	5.50	%	N/A
Class B Shares	4/2/04	9.63	%	12.70	%	10.37	%	N/A		5.00	%
Class C Shares	4/2/04	13.52	%	13.72	%	11.16	%	N/A		1.00	%
Average Small-Cap Core Peer⁽⁵⁾		17.69	%	15.72	%	N/A		N/A		N/A
Russell 2000^® Index		18.92	%	15.59	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,127.45	1.16	%	$	6.15
Class A		1,000.00		1,125.91	1.41			7.47
Class B		1,000.00		1,121.44	2.13			11.27
Class C		1,000.00		1,121.36	2.13			11.27
Hypothetical***
Class I		1,000.00		1,019.15	1.16			5.84
Class A		1,000.00		1,017.90	1.41			7.09
Class B		1,000.00		1,014.31	2.13			10.70
Class C		1,000.00		1,014.31	2.13			10.70

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charges (including the contingent deferred sales charge appropriate to each period), operating expenses and fees.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Equity Funds

SMALL CAP GROWTH FUND OVERVIEW

May 31, 2007

Hitesh Patel, Ph.D.

Director,

Structured Equity Strategies

LOGO

How did small cap growth stocks perform over the last year?

Small cap performance relative to large caps remained strong in 2006, but as U.S. economic growth has slowed, small caps have suffered due to their lower proportion of international sales.

What factors impacted the Fund’s performance?

During the fiscal year ended May 31, 2007, the Allegiant Small Cap Growth Fund (“Fund”) returned 5.30% to B shares investors⁽¹⁾and 11.47% to I shares investors versus its benchmark, the Russell 2000^® Growth Index⁽²⁾, which returned 17.57%. The Average Small-Cap Growth Peer returned 15.91% during the period.

The Energy sector saw strong returns on the back of superior stock selection in both the equipment/services and oil/gas industries.

For much of the 12-month period, stocks with little or no earnings growth fared best, while issues with growth expectations performed the worst. The market swung from favoring high-risk, speculative securities to those in a defensive position against a slowing economy. Neither of these environments was in harmony with the positioning of the Fund, which favored companies with higher growth rates and return on equity. In general, it was a very difficult environment for actively managed portfolios.

What are your thoughts going into the next 12 months?

We are seeing very little dispersion in valuations among small cap equities, and the price ranges of stocks are tightening. We also are seeing that the more speculative companies continue to outperform.

A massive amount of investment is moving into passively managed investment vehicles and, as a result, there is less volatility in the overall marketplace.

Portfolio Holdings


Information Technology	25.6	%
Industrials	18.4
Healthcare	17.0
Consumer Discretionary	14.4
Energy	7.8
Financials	5.2
Materials	3.9
Consumer Staples	3.4
Telecommunication Services	2.0
Utilities	1.9
Affiliated Money Market Fund	0.4
	100.0	%

The table on the left presents portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

Investments in small capitalization companies present greater risk of loss than investments in large companies.

⁽¹⁾

Performance of Class B shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾

LOGO

⁽³⁾

Average Annual Total Returns as of 5/31/07⁽⁴⁾


	Date of Inception	1 Year		3 Years		5 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	8/1/97	11.47	%	5.88	%	3.28	%	1.90	%	N/A		N/A
Class A Shares	8/1/97	4.99	%	3.60	%	1.85	%	1.06	%	5.50	%	N/A
Class B Shares	1/6/98	5.30	%	3.65	%	1.94	%	1.05	%	N/A		5.00	%
Class C Shares	1/20/00	9.28	%	4.86	%	2.30	%	0.99	%	N/A		1.00	%
Average Small-Cap Growth Peer⁽⁵⁾		15.91	%	12.92	%	10.48	%	N/A		N/A		N/A
Russell 2000^® Growth Index		17.57	%	13.21	%	11.22	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,089.90	1.48	%	$	7.71
Class A		1,000.00		1,086.78	1.74			9.05
Class B		1,000.00		1,083.61	2.45			12.73
Class C		1,000.00		1,083.42	2.45			12.73
Hypothetical***
Class I		1,000.00		1,017.55	1.48			7.44
Class A		1,000.00		1,016.26	1.74			8.75
Class B		1,000.00		1,012.72	2.45			12.29
Class C		1,000.00		1,012.72	2.45			12.29

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽⁴⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. Returns also reflect a current voluntary waiver. Without such a fee waiver, performance of the Fund would have been lower. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception.

⁽⁵⁾

Peer-group performance is derived from data provided by Lipper Inc.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at www.allegiantfunds.com.

Allegiant Asset Allocation Fund

BALANCED ALLOCATION FUND OVERVIEW

May 31, 2007

Brian L. Stine,

CFA

Investment Strategist

LOGO

How did the asset allocation Fund perform over the last year?

During the fiscal year ended May 31, 2007, the Balanced Allocation Fund (“Fund”) returned 10.64% to B shares investors⁽¹⁾and 16.68% to I shares investors. The Fund’s benchmark^(c), a 60/40 hybrid of the S&P 500^{^®}Index⁽^a)and the Lehman U.S. Aggregate Bond Fund^(b)(“Index”), returned 16.34% during the same period. The Average Mixed-Asset Target Allocation Moderate Peer returned 14.98% during the period.

What Factors Affected the Fund’s Performance?

Equity securities, as measured by the S&P 500^{^®}Index, have had a strong 12-month period of performance as global growth buoyed U.S. stock performance, particularly among large cap securities. For the first quarter of 2007, earnings came in significantly higher than estimates with median year-over-year earnings for the S&P 500^{^®}up 10.2%, over 3.5% higher than analysts’ estimates. Dollar weakness and increased pricing power accounted for strong corporate earnings.

In the fixed income markets, volatility remains low, credit spreads tight, and the yield curve inverted. Treasuries sold off at the end of the 12-month period as solid economic fundamentals, potential diversification of international capital, and duration-selling from mortgage servicers combined to drive the movement in rates.

The Fund’s overweight positions in equities and international, as well as minor asset class holdings and manager performance, contributed positively to returns for the 12-month period.

What are your thoughts going into the next 12 months?

P/E ratios remain low from a historical perspective, and relatively low P/E ratios, combined with global economic growth, should be positive for the equity markets. A “Goldilocks” path for the economy, just enough growth balancing tame inflation, could set the stage for P/E expansion.

Global growth, led by the developing (emerging) countries, should continue to exceed domestic growth. The European economy has been a welcome surprise. Nevertheless, it is difficult to envision European growth expectations getting any better. Given how high expectations have risen, there appears to be more relative downside than upside risk to European markets from here. We remain neutral on international.

Bonds remain somewhat unattractive, when compared to cash on an income or yield basis, and only seem to “make sense” if the economy is headed toward a hard landing. Hence we are underweight fixed income.

We continue to recommend market exposure to both value and growth. While some commonly referenced metrics do suggest growth is currently attractive relative to value, increased globalization has blurred some of the distinctions between styles. We recommend neutral exposure to small cap, with 5% equity overweight allocated to large cap.

⁽¹⁾

Performance of Class B Shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

Portfolio Holdings

Asset Allocation


Equity Holdings	64.1	%
Fixed Income Holdings	35.9
	100.0	%

The Portfolio Holdings tables present portfolio holdings as a percentage of total investments before collateral for loaned securities as of May 31, 2007.

Holdings Summary


U.S. Common Stocks	45.4	%
U.S. Treasury Obligations	12.9
Exchange Traded Funds	10.1
Foreign Common Stocks	8.4
U.S. Government Agency Mortgage-Backed Obligations	7.7
Affiliated Money Market Fund	4.6
Corporate Bonds	3.3
Asset Backed Securities	2.8
Collateralized Mortgage Obligations	1.6
U.S. Government Agency Obligations	1.4
Commercial Mortgage Backed Securities	1.2
Commercial Paper	0.5
Foreign Warrants	0.1
	100.0	%

Asset allocation cannot guarantee a profit or prevent a loss. An investment in the Fund is subject to interest rate risk, which is the possibility that the Fund’s yield will decline due to falling interest rates. The value of debt securities may be affected by the ability of issuers to make principal and interest payments. International investments are subject to special risks not ordinarily associated with domestic investments, including currency fluctuations, economic and political change and differing accounting standards that may adversely affect portfolio securities. Investments in small and mid capitalization companies present greater risk of loss than investments in large companies.

LOGO

⁽²⁾

⁽^a⁾

The S&P 500^® Index is a widely-used, unmanaged index of 500 common stocks.

^(b)

The Lehman U.S. Aggregate Bond Index is an unmanaged market value weighted index of fixed income securities.

^(c)

The Balanced Allocation Hybrid Index is a blend of 60% of the S&P 500^{^®}Index and 40% of the Lehman U.S. Aggregate Bond Index, as calculated by the Adviser.

The indexes are not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses.

Average Annual Total Returns as of 5/31/07⁽³⁾


	Date of Inception	1 Year		3 Years		5 years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	7/10/98	16.68	%	11.04	%	7.90	%	5.78	%	N/A		N/A
Class A Shares	7/31/98	10.94	%	8.99	%	6.60	%	4.98	%	4.75	%	N/A
Class B Shares	11/11/98	10.64	%	8.89	%	6.56	%	4.89	%	N/A		5.00	%
Class C Shares	4/20/00	14.60	%	9.95	%	6.84	%	4.75	%	N/A		1.00	%
Average Mixed-Asset Target Allocation Moderate Peer⁽⁴⁾		14.98	%	9.84	%	7.92	%	N/A		N/A		N/A
60/40 Hybrid of the S&P 500^{^®}Index/Lehman U.S. Aggregate Bond Index		16.34	%	9.53	%	7.56	%	N/A		N/A		N/A
Lehman U.S. Aggregate Bond Index		6.66	%	4.28	%	4.72	%	N/A		N/A		N/A
S&P 500^® Index		22.79	%	13.03	%	9.45	%	N/A		N/A		N/A

Expense Table*


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period**
Actual
Class I	$	1,000.00	$	1,070.95	0.99	%	$	5.11
Class A		1,000.00		1,070.48	1.24			6.40
Class B		1,000.00		1,066.69	1.97			10.15
Class C		1,000.00		1,065.91	1.97			10.15
Hypothetical***
Class I		1,000.00		1,020.00	0.99			4.99
Class A		1,000.00		1,018.75	1.24			6.24
Class B		1,000.00		1,015.11	1.97			9.90
Class C		1,000.00		1,015.11	1.97			9.90

*	See Explanation of Expense Tables on page 5.

**	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

***	Assumes annual return of 5% before expenses.

⁽³⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception.

⁽⁴⁾

Peer-group performance is derived from data provided by Lipper Inc.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than shown here. Performance data current to the most recent month-end is available at www.allegiantfunds.com.

Allegiant Equity and Asset Allocation Funds

TRUSTEES AND OFFICERS OF THE TRUST


Name, Address¹ Age	Position(s) Held with the Trust	Length of Time Served²	Principal Occupation(s) During Past 5 Years/ Other Directorships³ Held by Board Member	Number of Portfolios in the Fund Complex Overseen by Trustee⁴
Independent Trustees

Robert D. Neary 73	Chairman of the Board and Trustee	Since February 1996	Retired; Co-Chairman of Ernst & Young, 1984 - 1993; Director, Commercial Metals Company.	31

Dorothy A. Berry 63	Trustee	Since April 2006	President, Talon Industries, Inc. (administrative, management and business consulting), since 1986; Chairman and Director, Professionally Managed Portfolios.	31

Kelley J. Brennan 64	Trustee	Since April 2006	Retired; Partner, PricewaterhouseCoopers LLP, 1981 - 2002.	31

John F. Durkott 62	Trustee	Since November 1993	President and CEO, Kittle’s Home Furnishings Center, Inc. (“Kittle’s”), since January 2002; Partner, Kittle’s Bloomington Properties LLC, 1981 - 2003; KK&D LLC, 1989 - 2003; KK&D II LLC, 1998 - 2003 (affiliated real estate companies of Kittle’s).	31

Richard W. Furst 68	Trustee and Chairman of the Audit Committee	Since June 1990	Dean Emeritus and Garvice D. Kincaid Professor of Finance (Emeritus), since 2003; Dean and Garvice D. Kincaid Professor of Finance, 2000-2003; Dean and Professor of Finance, 1981-2000; Gatton College of Business and Economics, University of Kentucky.	31

Gerald L. Gherlein 69	Trustee	Since July 1997	Retired; Executive Vice President and General Counsel, Eaton Corporation (global manufacturing), 1991 - 2000.	31

Dale C. LaPorte 65	Trustee	Since April 2005	Senior Vice President and General Counsel, Invacare Corporation (manufacturer of health care products), since December 2005; Partner, 1974 - 2005 and Chairman of Executive Committee, 2000 - 2004, Calfee, Halter & Griswold LLP.	31

Kathleen A. Obert 48	Trustee	Since August 2002	Chairman and CEO, Edward Howard & Co. (public relations agency), since 2000.	31

Interested Trustees

John G. Breen⁵ 72	Trustee	Since August 2002	Retired; Chairman and CEO, The Sherwin Williams Co. (manufacture, distribution and sale of coatings), until May 2000; Director, Goodyear Tire & Rubber Co.; Director, The Stanley Works.	31

Timothy L. Swanson⁵ 39	President, CEO and Chief Legal Officer Trustee	Since February 2006 Since April 2006	Executive Vice President and Chief Investment Officer, National City Corporation (bank holding company), since February 2003; Managing Director and Head of Equity Management, Evergreen Private Asset Management, 2002 - 2003; Senior Vice President and Head of Equity Securities, Wachovia Asset Management, 1999 - 2002.	31


Name, Address¹ Age	Position(s) Held with the Trust	Length of Time Served²	Principal Occupation(s) During Past 5 Years/ Other Directorships³ Held by Board Member	Number of Portfolios in the Fund Complex Overseen by Trustee⁴
Officers

Kathleen T. Barr⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 52	Senior Vice President, Chief Administrative Officer and Chief Compliance Officer	Since February 2003	Senior Vice President (formerly Vice President), National City Bank, and Managing Director, Allegiant Asset Management Group, since June 1999; Managing Director, Allegiant Asset Management Company, since May 1996.	N/A

Patrick Glazar⁶ 103 Bellevue Parkway Wilmington, DE 19809 39	Treasurer	Since February 2006	Assistant Vice President and Director, Accounting and Administration, PFPC Inc., since September 2002; Senior Manager, PFPC Inc., 1994 to 2002.	N/A

John Kernan⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 41	Assistant Treasurer	Since February 2005	Senior Vice President, National City Bank, and Managing Director of Fund Administration, Allegiant Asset Management Group, since July 2004; Vice President and Senior Director of Fund Administration, State Street Bank and Trust Company, 1998 to 2004.	N/A

Audrey C. Talley⁶ One Logan Square 18th and Cherry Streets Philadelphia, PA 19103-6996 53	Secretary	Since February 2005	Partner, Drinker Biddle & Reath LLP (law firm).	N/A

Ronald L. Weihrauch⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 30	Assistant Secretary	Since February 2007	Vice President (formerly Assistant Vice President), National City Bank, and Director, Legal Administration, Allegiant Asset Management Group, since September 2004; Senior Attorney, Ohio National Financial Services, 2003 - 2004; Associate Attorney, Millikin & Fitton Law Firm, 2001 - 2003.	N/A

David C. Lebisky⁶ 760 Moore Road King of Prussia, PA 19406 35	Assistant Secretary	Since February 2007	Vice President and Senior Director, Regulatory Administration, PFPC Inc., since January 2007; Vice President and Director, PFPC Inc., 2003 to 2007; Assistant Vice President and Manager, 2001 to 2003.	N/A

¹	Each Trustee can be contacted by writing to Allegiant Funds, c/o Allegiant Funds Group, 200 Public Square, 5th Floor, Cleveland, OH 44114, Attention: John Kernan.

²	Each Trustee holds office until the next meeting of shareholders at which Trustees are elected following his or her election or appointment and until his or her successor has been elected and qualified.

Includes directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (i.e., “public companies”), or other investment companies registered under the 1940 Act. In addition to Allegiant Funds (“Allegiant”), each Trustee serves as a Trustee of Allegiant Advantage Fund (“Advantage”). Mr. Neary and Mr. Swanson also serve as Chairman and President/CEO/Chief Legal Officer, respectively, of Advantage.

⁴

The “Fund Complex” consists of all registered investment companies for which Allegiant Asset Management Company (the “Adviser”) or any of its affiliates serves as investment adviser. The number of portfolios overseen by the Trustees includes 30 portfolios of Allegiant and 1 portfolio of Advantage that are offered for sale as of the date of this Annual Report. The Trustees of Allegiant have authorized additional portfolios that have not yet been made available to investors.

⁵

Mr. Breen is considered to be an “interested person” of Allegiant as defined in the 1940 Act because he owns shares of common stock of National City Corporation (“NCC”), the indirect parent company of the Adviser. Mr. Swanson is considered to be an “interested person” of Allegiant because (1) he is Executive Vice President and Chief Investment Officer of NCC, and (2) he owns shares of common stock and options to purchase common stock of NCC.

⁶

Ms. Barr, Mr. Glazar, Mr. Kernan, Mr. Lebisky, Ms. Talley and Mr. Weihrauch also serve as Officers of Advantage in their same capacities. Ms. Barr previously served as Assistant Treasurer and Compliance Officer of Allegiant and Advantage from August 2002 to February 2003. In addition, Drinker Biddle & Reath LLP serves as counsel to Allegiant and Advantage.

For more information regarding the trustees and officers, please refer to the Statement of Additional Information, which is available, without charge, upon request by calling 1-800-622-FUND (3863).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Allegiant Funds

We have audited the accompanying statements of net assets of the International Equity Fund, Large Cap Core Equity Fund, Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Value Fund, Multi-Factor Mid Cap Growth Fund, Multi-Factor Small Cap Core Fund, Multi-Factor Small Cap Focused Value Fund, Multi-Factor Small Cap Growth Fund, Multi-Factor Small Cap Value Fund, S&P 500 Index Fund, Small Cap Core Fund, Small Cap Growth Fund, and Balanced Allocation Fund (the “Funds”) (14 of the portfolios constituting the Allegiant Funds) and the statement of assets and liabilities of the Mid Cap Value Fund as of May 31, 2007, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2007, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds at May 31, 2007, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Philadelphia, Pennsylvania

July 19, 2007



Allegiant Equity Funds		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31


	Net Asset Value, Beginning of Year		Net Investment Income (Loss)⁽¹⁾			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate
INTERNATIONAL EQUITY FUND

CLASS I
2007*	$	14.23	$	0.15		$	3.77		$	(0.03	)	$	—		$	18.12	27.61	%	$	343,857	1.22	%	0.95	%	1.37	%	0.80	%	37	%
2006*		11.14		0.15			3.22			(0.28	)		—			14.23	30.57			264,452	1.34		1.13		1.49		0.98		123
2005		10.18		0.13			0.99			(0.16	)		—			11.14	10.99			209,121	1.36		1.27		1.46		1.17		225
2004		8.05		0.08			2.21			(0.16	)		—			10.18	28.50			280,040	1.41		0.74		1.41		0.74		117
2003		9.75		0.08			(1.75	)		(0.03	)		—			8.05	(17.13	)		322,284	1.38		1.06		1.38		1.06		90
CLASS A
2007*	$	14.10	$	0.11		$	3.72		$	—	**	$	—		$	17.93	27.17	%	$	19,630	1.47	%	0.70	%	1.62	%	0.55	%	37	%
2006*		11.03		0.11			3.21			(0.25	)		—			14.10	30.39			14,083	1.59		0.88		1.74		0.73		123
2005		10.09		0.13			0.95			(0.14	)		—			11.03	10.62			11,333	1.61		1.02		1.71		0.92		225
2004		7.97		0.07			2.17			(0.12	)		—			10.09	28.19			11,693	1.66		0.49		1.66		0.49		117
2003		9.68		0.10			(1.79	)		(0.02	)		—			7.97	(17.49	)		32,345	1.63		0.81		1.63		0.81		90
CLASS B
2007*	$	13.73	$	—	**	$	3.62		$	—		$	—		$	17.35	26.37	%	$	1,412	2.19	%	(0.02	)%	2.34	%	(0.17	)%	37	%
2006*		10.73		0.02			3.12			(0.14	)		—			13.73	29.43			1,236	2.27		0.20		2.42		0.05		123
2005		9.81		0.04			0.93			(0.05	)		—			10.73	9.85			1,369	2.30		0.33		2.40		0.23		225
2004		7.77		(0.02	)		2.14			(0.08	)		—			9.81	27.31			1,834	2.36		(0.21	)	2.36		(0.21	)	117
2003		9.46		0.01			(1.70	)		—			—			7.77	(17.87	)		1,944	2.34		0.10		2.34		0.10		90
CLASS C
2007*	$	13.69	$	0.02		$	3.59		$	—		$	—		$	17.30	26.37	%	$	1,164	2.19	%	(0.02	)%	2.34	%	(0.17	)%	37	%
2006*		10.68		0.01			3.12			(0.12	)		—			13.69	29.43			1,001	2.27		0.20		2.42		0.05		123
2005		9.78		0.05			0.93			(0.08	)		—			10.68	10.01			1,277	2.30		0.33		2.40		0.23		225
2004		7.77		—			2.12			(0.11	)		—			9.78	27.27			1,209	2.36		(0.21	)	2.36		(0.21	)	117
2003		9.46		0.01			(1.70	)		—			—			7.77	(17.87	)		413	2.34		0.10		2.34		0.10		90

LARGE CAP CORE EQUITY FUND

CLASS I
2007	$	12.39	$	0.12		$	1.79		$	(0.06	)	$	(0.76	)	$	13.48	15.91	%	$	235,381	0.92	%	0.97	%	0.92	%	0.97	%	66	%
2006		11.54		0.05			1.09			(0.04	)		(0.25	)		12.39	9.98			227,171	0.97		0.43		0.97		0.43		65
2005		10.91		0.08			0.79			(0.08	)		(0.16	)		11.54	7.95			211,478	0.98		0.66		0.98		0.66		69
2004		9.58		0.09			1.33			(0.09	)		—			10.91	14.72			209,690	0.94		0.81		0.94		0.81		124
2003		10.87		0.10			(1.30	)		(0.09	)		—			9.58	(10.90	)		152,055	0.96		1.08		0.96		1.08		68
CLASS A
2007	$	12.26	$	0.09		$	1.77		$	(0.03	)	$	(0.76	)	$	13.33	15.62	%	$	5,918	1.17	%	0.72	%	1.17	%	0.72	%	66	%
2006		11.41		0.02			1.10			(0.02	)		(0.25	)		12.26	9.81			5,863	1.22		0.18		1.22		0.18		65
2005		10.81		0.05			0.77			(0.06	)		(0.16	)		11.41	7.53			7,881	1.23		0.41		1.23		0.41		69
2004		9.49		0.06			1.33			(0.07	)		—			10.81	14.62			8,648	1.19		0.56		1.19		0.56		124
2003		10.77		0.08			(1.29	)		(0.07	)		—			9.49	(11.22	)		4,703	1.21		0.83		1.21		0.83		68
CLASS B
2007	$	11.77	$	—	**	$	1.69		$	—		$	(0.76	)	$	12.70	14.78	%	$	2,860	1.89	%	0.00	%	1.89	%	0.00	%	66	%
2006		11.03		(0.06	)		1.05			—			(0.25	)		11.77	9.01			3,152	1.90		(0.50	)	1.90		(0.50	)	65
2005		10.49		(0.03	)		0.76			(0.03	)		(0.16	)		11.03	6.90			3,545	1.92		(0.27	)	1.92		(0.27	)	69
2004		9.22		(0.02	)		1.29			—			—			10.49	13.70			3,527	1.89		(0.14	)	1.89		(0.14	)	124
2003		10.48		0.01			(1.26	)		(0.01	)		—			9.22	(11.79	)		1,699	1.92		0.12		1.92		0.12		68
CLASS C
2007	$	11.77	$	—	**	$	1.69		$	—		$	(0.76	)	$	12.70	14.78	%	$	431	1.89	%	0.00	%	1.89	%	0.00	%	66	%
2006		11.02		(0.06	)		1.06			—			(0.25	)		11.77	9.11			408	1.90		(0.50	)	1.90		(0.50	)	65
2005		10.49		(0.03	)		0.75			(0.03	)		(0.16	)		11.02	6.82			731	1.92		(0.27	)	1.92		(0.27	)	69
2004		9.23		(0.02	)		1.29			(0.01	)		—			10.49	13.63			676	1.89		(0.14	)	1.89		(0.14	)	124
2003		10.48		0.01			(1.25	)		(0.01	)		—			9.23	(11.68	)		516	1.92		0.12		1.92		0.12		68

†	Total return excludes sales charge.

*	Redemption fees received during the year had no effect on the net asset value.

**	Amount represents less than $0.005 per share

⁽¹⁾

Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.


Allegiant Equity Funds		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31, unless otherwise indicated


	Net Asset Value, Beginning of Year		Net Investment Income (Loss)⁽¹⁾			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate
LARGE CAP GROWTH FUND

CLASS I
2007	$	19.77	$	0.10		$	3.00		$	(0.16	)	$	(1.91	)	$	20.80	16.51	%	$	430,249	0.93	%	0.44	%	0.93	%	0.44	%	79	%
2006		19.06		—			1.54			(0.19	)		(0.64	)		19.77	8.02			453,493	0.97		(0.01	)	0.97		(0.01	)	76
2005		18.71		0.08			0.51			—			(0.24	)		19.06	3.22			482,538	0.98		0.38		0.98		0.38		78
2004		17.13		0.02			1.63			(0.07	)		—			18.71	9.64			581,512	0.93		0.09		0.93		0.09		144
2003		19.54		0.06			(2.41	)		(0.06	)		—			17.13	(12.03	)		542,371	0.92		0.35		0.92		0.35		65
CLASS A
2007	$	19.48	$	0.05		$	2.96		$	(0.11	)	$	(1.91	)	$	20.47	16.26	%	$	121,321	1.18	%	0.19	%	1.18	%	0.19	%	79	%
2006		18.78		(0.05	)		1.51			(0.12	)		(0.64	)		19.48	7.74			118,848	1.22		(0.26	)	1.22		(0.26	)	76
2005		18.49		0.03			0.50			—			(0.24	)		18.78	2.93			129,193	1.23		0.13		1.23		0.13		78
2004		16.95		(0.03	)		1.61			(0.04	)		—			18.49	9.34			142,015	1.18		(0.16	)	1.18		(0.16	)	144
2003		19.34		0.02			(2.39	)		(0.02	)		—			16.95	(12.26	)		136,358	1.17		0.10		1.17		0.10		65
CLASS B
2007	$	18.55	$	(0.10	)	$	2.82		$	—		$	(1.91	)	$	19.36	15.43	%	$	6,849	1.90	%	(0.53	)%	1.90	%	(0.53	)%	79	%
2006		17.92		(0.18	)		1.45			—			(0.64	)		18.55	7.03			8,399	1.90		(0.94	)	1.90		(0.94	)	76
2005		17.78		(0.10	)		0.48			—			(0.24	)		17.92	2.20			9,265	1.92		(0.56	)	1.92		(0.56	)	78
2004		16.38		(0.15	)		1.57			(0.02	)		—			17.78	8.66			9,673	1.88		(0.86	)	1.88		(0.86	)	144
2003		18.81		(0.09	)		(2.34	)		—			—			16.38	(12.92	)		3,363	1.88		(0.61	)	1.88		(0.61	)	65
CLASS C
2007	$	18.58	$	(0.10	)	$	2.81		$	—		$	(1.91	)	$	19.38	15.35	%	$	707	1.90	%	(0.53	)%	1.90	%	(0.53	)%	79	%
2006		17.94		(0.18	)		1.46			—			(0.64	)		18.58	7.08			826	1.90		(0.94	)	1.90		(0.94	)	76
2005		17.80		(0.10	)		0.48			—			(0.24	)		17.94	2.20			1,239	1.92		(0.56	)	1.92		(0.56	)	78
2004		16.40		(0.15	)		1.57			(0.02	)		—			17.80	8.70			1,146	1.88		(0.86	)	1.88		(0.86	)	144
2003		18.82		(0.09	)		(2.33	)		—			—			16.40	(12.91	)		576	1.88		(0.61	)	1.88		(0.61	)	65

LARGE CAP VALUE FUND

CLASS I
2007	$	18.87	$	0.29		$	4.24		$	(0.27	)	$	(2.14	)	$	20.99	25.29	%	$	718,669	0.92	%	1.42	%	0.92	%	1.42	%	71	%
2006		17.58		0.25			2.62			(0.23	)		(1.35	)		18.87	16.78			582,162	0.97		1.30		0.97		1.30		46
2005		16.44		0.26			1.81			(0.25	)		(0.68	)		17.58	12.74			548,937	0.98		1.47		0.98		1.47		37
2004		14.07		0.21			2.38			(0.22	)		—			16.44	18.52			526,031	0.94		1.38		0.94		1.38		47
2003		15.83		0.21			(1.73	)		(0.21	)		(0.03	)		14.07	(9.46	)		505,108	0.93		1.62		0.93		1.62		34
CLASS A
2007	$	18.81	$	0.23		$	4.23		$	(0.22	)	$	(2.14	)	$	20.91	24.95	%	$	65,300	1.17	%	1.17	%	1.17	%	1.17	%	71	%
2006		17.53		0.20			2.61			(0.18	)		(1.35	)		18.81	16.48			54,448	1.22		1.05		1.22		1.05		46
2005		16.39		0.21			1.82			(0.21	)		(0.68	)		17.53	12.50			48,306	1.23		1.22		1.23		1.22		37
2004		14.03		0.18			2.37			(0.19	)		—			16.39	18.24			41,023	1.19		1.13		1.19		1.13		47
2003		15.80		0.19			(1.75	)		(0.18	)		(0.03	)		14.03	(9.78	)		34,207	1.18		1.37		1.18		1.37		34
CLASS B
2007	$	18.70	$	0.09		$	4.20		$	(0.08	)	$	(2.14	)	$	20.77	24.05	%	$	9,638	1.89	%	0.45	%	1.89	%	0.45	%	71	%
2006		17.43		0.07			2.60			(0.05	)		(1.35	)		18.70	15.71			8,782	1.90		0.37		1.90		0.37		46
2005		16.30		0.09			1.81			(0.09	)		(0.68	)		17.43	11.73			9,783	1.92		0.53		1.92		0.53		37
2004		13.97		0.06			2.38			(0.11	)		—			16.30	17.47			10,499	1.89		0.43		1.89		0.43		47
2003		15.73		0.09			(1.74	)		(0.08	)		(0.03	)		13.97	(10.45	)		7,022	1.89		0.66		1.89		0.66		34
CLASS C
2007	$	18.62	$	0.09		$	4.18		$	(0.09	)	$	(2.14	)	$	20.66	24.04	%	$	808	1.89	%	0.45	%	1.89	%	0.45	%	71	%
2006		17.36		0.07			2.59			(0.05	)		(1.35	)		18.62	15.70			588	1.90		0.37		1.90		0.37		46
2005		16.24		0.09			1.80			(0.09	)		(0.68	)		17.36	11.72			776	1.92		0.53		1.92		0.53		37
2004		13.94		0.02			2.40			(0.12	)		—			16.24	17.36			697	1.89		0.43		1.89		0.43		47
2003		15.70		0.10			(1.74	)		(0.09	)		(0.03	)		13.94	(10.42	)		305	1.89		0.66		1.89		0.66		34

†	Total return excludes sales charge.

⁽¹⁾

Per share data calculated using average shares outstanding method.

⁽²⁾

Mid Cap Value Fund Class I and Class A commenced operations on July 1, 2002 and Class B and Class C commenced operations on June 2, 2003. All ratios for the period have been annualized. Total return for the period has not been annualized.

See Notes to Financial Statements.


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return†		Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate
MID CAP VALUE FUND

CLASS I
2007	$	13.73	$	0.28		$	3.41		$	(0.05	)	$	(0.76	)	$	16.61	27.76	%	$	190,806	0.93	%	1.86	%	1.18	%	1.61	%	45	%
2006		12.47		0.09			2.55			(0.11	)		(1.27	)		13.73	22.04			93,896	1.01		0.62		1.26		0.37		44
2005		12.54		0.10			2.12			(0.04	)		(2.25	)		12.47	18.13			45,863	1.02		0.75		1.27		0.50		75
2004		10.11		0.04			2.69			(0.07	)		(0.23	)		12.54	27.24			52,453	1.07		0.36		1.20		0.23		87
2003⁽²⁾		10.00		0.07			0.07			(0.03	)		—			10.11	1.38			36,319	0.93		0.89		1.24		0.58		76
CLASS A
2007	$	13.57	$	0.31		$	3.30		$	(0.04	)	$	(0.76	)	$	16.38	27.48	%	$	194,866	1.18	%	1.61	%	1.43	%	1.36	%	45	%
2006		12.35		0.04			2.53			(0.08	)		(1.27	)		13.57	21.66			10,777	1.26		0.37		1.51		0.12		44
2005		12.44		0.07			2.10			(0.01	)		(2.25	)		12.35	17.86			6,042	1.27		0.50		1.52		0.25		75
2004		10.05		—			2.68			(0.06	)		(0.23	)		12.44	26.85			5,313	1.32		0.11		1.45		(0.02	)	87
2003⁽²⁾		10.00		0.06			0.01			(0.02	)		—			10.05	0.71			1,299	1.18		0.64		1.49		0.33		76
CLASS B
2007	$	13.36	$	0.11		$	3.33		$	—		$	(0.76	)	$	16.04	26.57	%	$	5,507	1.90	%	0.89	%	2.15	%	0.64	%	45	%
2006		12.18		(0.04	)		2.49			—			(1.27	)		13.36	20.87			4,636	1.94		(0.31	)	2.19		(0.56	)	44
2005		12.37		(0.02	)		2.08			—			(2.25	)		12.18	16.98			4,058	1.96		(0.19	)	2.21		(0.44	)	75
2004⁽²⁾		10.14		(0.08	)		2.56			(0.02	)		(0.23	)		12.37	24.64			3,472	2.05		(0.62	)	2.18		(0.75	)	87
CLASS C
2007	$	13.43	$	0.15		$	3.31		$	—		$	(0.76	)	$	16.13	26.58	%	$	5,620	1.90	%	0.89	%	2.15	%	0.64	%	45	%
2006		12.23		(0.04	)		2.51			—			(1.27	)		13.43	20.95			1,745	1.94		(0.31	)	2.19		(0.56	)	44
2005		12.42		(0.02	)		2.08			—			(2.25	)		12.23	16.91			951	1.96		(0.19	)	2.21		(0.44	)	75
2004⁽²⁾		10.14		(0.08	)		2.60			(0.01	)		(0.23	)		12.42	24.96			858	2.05		(0.62	)	2.18		(0.75	)	87

MULTI-FACTOR MID CAP GROWTH FUND

CLASS I
2007	$	7.73	$	0.08		$	1.65		$	(0.05	)	$	—		$	9.41	22.45	%	$	16,758	0.90	%	1.06	%	1.45	%	0.51	%	159	%
2006		6.92		—			0.81			—			—			7.73	11.71			15,544	0.90		(0.04	)	1.46		(0.60	)	102
2005		6.59		(0.04	)		0.37			—			—			6.92	5.01			13,248	1.07		(0.62	)	1.40		(0.95	)	219
2004		5.70		(0.04	)		0.93			—			—			6.59	15.63			67,969	1.13		(0.69	)	1.26		(0.82	)	228
2003		6.49		(0.05	)		(0.74	)		—			—			5.70	(12.17	)		74,852	1.30		(0.92	)	1.30		(0.92	)	66
CLASS A
2007	$	7.38	$	0.06		$	1.57		$	(0.03	)	$	—		$	8.98	22.11	%	$	17,483	1.15	%	0.81	%	1.70	%	0.26	%	159	%
2006		6.63		(0.02	)		0.77			—			—			7.38	11.31			16,778	1.15		(0.29	)	1.71		(0.85	)	102
2005		6.32		(0.05	)		0.36			—			—			6.63	4.91			17,836	1.32		(0.87	)	1.65		(1.20	)	219
2004		5.48		(0.06	)		0.90			—			—			6.32	15.33			19,092	1.38		(0.94	)	1.51		(1.07	)	228
2003		6.26		(0.06	)		(0.72	)		—			—			5.48	(12.46	)		16,476	1.55		(1.17	)	1.55		(1.17	)	66
CLASS B
2007	$	5.98	$	0.01		$	1.26		$	—		$	—		$	7.25	21.24	%	$	1,065	1.88	%	0.08	%	2.43	%	(0.47	)%	159	%
2006		5.41		(0.06	)		0.63			—			—			5.98	10.54			1,231	1.83		(0.97	)	2.39		(1.53	)	102
2005		5.19		(0.08	)		0.30			—			—			5.41	4.24			2,011	2.01		(1.56	)	2.32		(1.89	)	219
2004		4.53		(0.08	)		0.74			—			—			5.19	14.57			3,429	2.08		(1.64	)	2.21		(1.77	)	228
2003		5.21		(0.08	)		(0.60	)		—			—			4.53	(13.05	)		4,157	2.26		(1.88	)	2.26		(1.88	)	66
CLASS C
2007	$	6.06	$	0.01		$	1.28		$	—		$	—		$	7.35	21.29	%	$	107	1.88	%	0.08	%	2.43	%	(0.47	)%	159	%
2006		5.48		(0.06	)		0.64			—			—			6.06	10.58			137	1.83		(0.97	)	2.39		(1.53	)	102
2005		5.27		(0.08	)		0.29			—			—			5.48	3.99			307	2.01		(1.56	)	2.32		(1.89	)	219
2004		4.59		(0.08	)		0.76			—			—			5.27	14.82			366	2.08		(1.64	)	2.21		(1.77	)	228
2003		5.29		(0.08	)		(0.62	)		—			—			4.59	(13.23	)		220	2.26		(1.88	)	2.26		(1.88	)	66


Allegiant Equity Funds		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31, unless otherwise indicated


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return†		Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate
MULTI-FACTOR SMALL CAP CORE FUND

CLASS I
2007*	$	11.16	$	0.11		$	1.18		$	(0.05	)	$	(0.06	)	$	12.34	11.62	%	$	47,649	0.95	%	0.73	%	1.21	%	0.47	%	189	%
2006⁽²⁾		10.00		0.03			1.13			—			—			11.16	11.60			6,599	0.99		0.43		1.55		(0.13	)	64
CLASS A
2007*	$	11.15	$	0.05		$	1.21		$	(0.04	)	$	(0.06	)	$	12.31	11.35	%	$	648	1.20	%	0.48	%	1.46	%	0.22	%	189	%
2006⁽²⁾		10.00		—			1.15			—			—			11.15	11.50			116	1.24		0.18		1.80		(0.38	)	64

MULTI-FACTOR SMALL CAP FOCUSED VALUE FUND

CLASS I
2007	$	11.15	$	0.01		$	1.39		$	(0.03	)	$	(0.72	)	$	11.80	13.18	%	$	7,064	1.17	%	0.09	%	1.36	%	(0.10	)%	78	%
2006⁽²⁾		10.00		0.01			1.14			—			—			11.15	11.50			6,095	1.06		0.20		1.63		(0.37	)	81
CLASS A
2007	$	11.12	$	(0.02	)	$	1.39		$	(0.02	)	$	(0.72	)	$	11.75	12.90	%	$	280	1.42	%	(0.16	)%	1.61	%	(0.35	)%	78	%
2006⁽²⁾		10.00		—			1.12			—			—			11.12	11.20			76	1.31		(0.05	)	1.88		(0.62	)	81
CLASS C⁽⁵⁾
2007	$	11.21	$	(0.11	)	$	1.55		$	(0.04	)	$	(0.72	)	$	11.89	13.42	%	$	154	2.15	%	(0.89	)%	2.34	%	(1.08	)%	78	%

MULTI-FACTOR SMALL CAP GROWTH FUND

CLASS I
2007	$	10.57	$	(0.04	)	$	1.25		$	—		$	—		$	11.78	11.45	%	$	6,312	0.95	%	(0.34	)%	1.58	%	(0.97	)%	160	%
2006⁽²⁾		10.00		(0.03	)		0.60			—			—			10.57	5.70			5,518	0.97		(0.45	)	1.64		(1.12	)	77
CLASS A
2007	$	10.56	$	(0.06	)	$	1.24		$	—		$	—		$	11.74	11.17	%	$	35	1.20	%	(0.59	)%	1.83	%	(1.22	)%	160	%
2006⁽²⁾		10.00		(0.05	)		0.61			—			—			10.56	5.60			21	1.22		(0.70	)	1.89		(1.37	)	77

MULTI-FACTOR SMALL CAP VALUE FUND

CLASS I
2007*	$	20.94	$	0.01		$	1.75		$	(0.01	)	$	(3.03	)	$	19.66	9.33	%	$	414,786	1.17	%	0.05	%	1.17	%	0.05	%	74	%
2006*		20.74		0.01			2.86			(0.04	)		(2.63	)		20.94	14.88			631,241	1.20		0.01		1.20		0.01		94
2005		22.18		(0.02	)		2.83			—			(4.25	)		20.74	11.61			767,302	1.22		(0.08	)	1.22		(0.08	)	103
2004		17.61		0.02			5.13			(0.06	)		(0.52	)		22.18	29.35			831,470	1.18		0.07		1.18		0.07		116
2003		20.64		0.08			(2.18	)		(0.09	)⁽⁴⁾		(0.84	)		17.61	(9.69	)		773,213	1.20		0.48		1.20		0.48		127
CLASS A
2007*	$	19.90	$	(0.04	)	$	1.66		$	—		$	(3.03	)	$	18.49	9.08	%	$	172,928	1.42	%	(0.20	)%	1.42	%	(0.20	)%	74	%
2006*		19.84		(0.05	)		2.74			—			(2.63	)		19.90	14.62			198,542	1.45		(0.24	)	1.45		(0.24	)	94
2005		21.42		(0.07	)		2.74			—			(4.25	)		19.84	11.34			233,391	1.47		(0.33	)	1.47		(0.33	)	103
2004		17.04		(0.04	)		4.96			(0.02	)		(0.52	)		21.42	28.96			202,755	1.43		(0.19	)	1.43		(0.19	)	116
2003		20.03		0.03			(2.11	)		(0.07	)⁽⁴⁾		(0.84	)		17.04	(9.88	)		147,501	1.45		0.23		1.45		0.23		127
CLASS B
2007*	$	18.82	$	(0.16	)	$	1.55		$	—		$	(3.03	)	$	17.18	8.33	%	$	13,282	2.14	%	(0.92	)%	2.14	%	(0.92	)%	74	%
2006*		19.02		(0.18	)		2.61			—			(2.63	)		18.82	13.84			16,417	2.13		(0.92	)	2.13		(0.92	)	94
2005		20.82		(0.21	)		2.66			—			(4.25	)		19.02	10.56			17,972	2.16		(1.02	)	2.16		(1.02	)	103
2004		16.67		(0.18	)		4.85			—			(0.52	)		20.82	28.10			15,844	2.13		(0.90	)	2.13		(0.90	)	116
2003		19.68		(0.08	)		(2.09	)		—			(0.84	)		16.67	(10.56	)		10,944	2.16		(0.48	)	2.16		(0.48	)	127
CLASS C
2007*	$	18.78	$	(0.16	)	$	1.54		$	—		$	(3.03	)	$	17.13	8.29	%	$	12,547	2.14	%	(0.92	)%	2.14	%	(0.92	)%	74	%
2006*		18.99		(0.18	)		2.60			—			(2.63	)		18.78	13.81			19,237	2.13		(0.92	)	2.13		(0.92	)	94
2005		20.79		(0.21	)		2.66			—			(4.25	)		18.99	10.58			26,923	2.16		(1.02	)	2.16		(1.02	)	103
2004		16.65		(0.18	)		4.84			—			(0.52	)		20.79	28.15			20,622	2.13		(0.90	)	2.13		(0.90	)	116
2003		19.65		(0.08	)		(2.08	)		—			(0.84	)		16.65	(10.52	)		11,799	2.16		(0.48	)	2.16		(0.48	)	127

†	Total return excludes sales charge.

*	Redemption fees received during the year had no effect on the net asset value.

**	Amount represents less than $0.005 per share

⁽¹⁾

Per share data calculated using average shares outstanding method.

⁽²⁾

Multi-Factor Small Cap Core Fund, Multi-Factor Small Cap Focused Value Fund and Multi-Factor Small Cap Growth Fund commenced operations on September 30, 2005. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽³⁾

Small Cap Core Fund commenced operations on April 2, 2004. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽⁴⁾

Includes a tax return of capital of $(0.01) and $(0.01) for Class I and Class A, respectively, for Multi-Factor Small Cap Value Fund.

⁽⁵⁾

During the period ended May 31, 2006, there was no shareholder activity in the Class; therefore, no information is presented.

See Notes to Financial Statements.


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return†		Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate
S&P 500^® INDEX FUND

CLASS I
2007	$	10.90	$	0.20		$	2.23		$	(0.20	)	$	(0.03	)	$	13.10	22.53	%	$	160,014	0.35	%	1.66	%	0.50	%	1.51	%	26	%
2006		10.26		0.17			0.66			(0.19	)		—			10.90	8.16			171,999	0.35		1.56		0.50		1.41		30
2005		9.67		0.17			0.59			(0.17	)		—			10.26	7.95			339,817	0.36		1.73		0.51		1.58		30
2004		8.30		0.12			1.36			(0.11	)		—			9.67	17.98			387,699	0.34		1.32		0.49		1.17		1
2003		9.21		0.11			(0.91	)		(0.11	)		—			8.30	(8.55	)		281,426	0.35		1.43		0.50		1.28		7
CLASS A
2007	$	10.88	$	0.17		$	2.21		$	(0.17	)	$	(0.03	)	$	13.06	22.09	%	$	32,716	0.60	%	1.41	%	0.75	%	1.26	%	26	%
2006		10.23		0.14			0.68			(0.17	)		—			10.88	8.03			25,281	0.60		1.31		0.75		1.16		30
2005		9.64		0.14			0.60			(0.15	)		—			10.23	7.72			22,176	0.61		1.48		0.76		1.33		30
2004		8.29		0.10			1.34			(0.09	)		—			9.64	17.47			16,111	0.59		1.07		0.74		0.92		1
2003		9.18		0.09			(0.89	)		(0.09	)		—			8.29	(8.57	)		12,571	0.60		1.18		0.75		1.03		7
CLASS B
2007	$	10.79	$	0.08		$	2.20		$	(0.08	)	$	(0.03	)	$	12.96	21.26	%	$	4,057	1.35	%	0.66	%	1.50	%	0.51	%	26	%
2006		10.16		0.06			0.66			(0.09	)		—			10.79	7.08			4,260	1.35		0.56		1.50		0.41		30
2005		9.57		0.07			0.60			(0.08	)		—			10.16	7.00			4,182	1.36		0.73		1.51		0.58		30
2004		8.24		0.03			1.33			(0.03	)		—			9.57	16.57			3,120	1.34		0.32		1.49		0.17		1
2003		9.14		0.04			(0.90	)		(0.04	)		—			8.24	(9.40	)		1,914	1.35		0.43		1.50		0.28		7
CLASS C
2007	$	10.82	$	0.08		$	2.21		$	(0.09	)	$	(0.03	)	$	12.99	21.22	%	$	1,895	1.35	%	0.66	%	1.50	%	0.51	%	26	%
2006		10.17		0.06			0.68			(0.09	)		—			10.82	7.23			1,595	1.35		0.56		1.50		0.41		30
2005		9.59		0.07			0.59			(0.08	)		—			10.17	6.87			2,195	1.36		0.73		1.51		0.58		30
2004		8.25		0.03			1.35			(0.04	)		—			9.59	16.70			1,698	1.34		0.32		1.49		0.17		1
2003		9.15		0.03			(0.89	)		(0.04	)		—			8.25	(9.41	)		881	1.35		0.43		1.50		0.28		7

SMALL CAP CORE FUND

CLASS I
2007*	$	12.43	$	—	**	$	1.87		$	—		$	(0.56	)	$	13.74	15.65	%	$	225,592	1.16	%	0.04	%	1.16	%	0.04	%	45	%
2006		11.03		(0.05	)		1.45			—			—			12.43	12.69			220,144	1.21		(0.46	)	1.21		(0.46	)	78
2005		9.50		(0.06	)		1.59			—			—			11.03	16.11			151,633	1.23		(0.61	)	1.23		(0.61	)	54
2004⁽³⁾		10.00		(0.01	)		(0.49	)		—			—			9.50	(5.00	)		28,986	1.31		(0.67	)	1.31		(0.67	)	4
CLASS A
2007*	$	12.35	$	(0.03	)	$	1.86		$	—		$	(0.56	)	$	13.62	15.42	%	$	3,139	1.41	%	(0.21	)%	1.41	%	(0.21	)%	45	%
2006		10.99		(0.08	)		1.44			—			—			12.35	12.38			3,514	1.46		(0.71	)	1.46		(0.71	)	78
2005		9.50		(0.09	)		1.58			—			—			10.99	15.68			2,533	1.48		(0.86	)	1.48		(0.86	)	54
2004⁽³⁾		10.00		(0.01	)		(0.49	)		—			—			9.50	(5.00	)		241	1.56		(0.92	)	1.56		(0.92	)	4
CLASS B
2007*	$	12.18	$	(0.11	)	$	1.82		$	—		$	(0.56	)	$	13.33	14.63	%	$	538	2.13	%	(0.93	)%	2.13	%	(0.93	)%	45	%
2006		10.91		(0.16	)		1.43			—			—			12.18	11.64			454	2.14		(1.39	)	2.14		(1.39	)	78
2005		9.49		(0.16	)		1.58			—			—			10.91	14.96			257	2.17		(1.55	)	2.17		(1.55	)	54
2004⁽³⁾		10.00		(0.02	)		(0.49	)		—			—			9.49	(5.10	)		24	2.26		(1.62	)	2.26		(1.62	)	4
CLASS C
2007*	$	12.20	$	(0.11	)	$	1.81		$	—		$	(0.56	)	$	13.34	14.52	%	$	1,013	2.13	%	(0.93	)%	2.13	%	(0.93	)%	45	%
2006		10.92		(0.16	)		1.44			—			—			12.20	11.72			948	2.14		(1.39	)	2.14		(1.39	)	78
2005		9.50		(0.16	)		1.58			—			—			10.92	14.95			700	2.17		(1.55	)	2.17		(1.55	)	54
2004⁽³⁾		10.00		(0.02	)		(0.48	)		—			—			9.50	(5.00	)		300	2.26		(1.62	)	2.26		(1.62	)	4


Allegiant Equity Funds		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31


	Net Asset Value, Beginning of Year		Net Investment Loss⁽¹⁾			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income		Distributions from Net Realized Capital Gains		Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Loss to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate
SMALL CAP GROWTH FUND

CLASS I
2007*	$	9.68	$	(0.06	)	$	1.17		$	—	$	—	$	10.79	11.47	%	$	17,427	1.19	%	(0.63	)%	1.64	%	(1.08	)%	155	%
2006*		8.63		(0.05	)		1.10			—		—		9.68	12.17			20,682	1.23		(0.55	)	1.68		(1.00	)	111
2005		9.09		(0.07	)		(0.39	)		—		—		8.63	(5.06	)		28,035	1.32		(0.82	)	1.43		(0.93	)	280
2004		7.70		(0.09	)		1.48			—		—		9.09	18.05			134,244	1.23		(1.02	)	1.23		(1.02	)	340
2003		9.18		(0.06	)		(1.42	)		—		—		7.70	(16.12	)		156,646	1.29		(0.92	)	1.29		(0.92	)	119
CLASS A
2007*	$	9.47	$	(0.08	)	$	1.13		$	—	$	—	$	10.52	11.09	%	$	15,918	1.44	%	(0.88	)%	1.89	%	(1.33	)%	155	%
2006*		8.47		(0.09	)		1.09			—		—		9.47	11.81			17,306	1.48		(0.80	)	1.93		(1.25	)	111
2005		8.94		(0.07	)		(0.40	)		—		—		8.47	(5.26	)		18,412	1.57		(1.07	)	1.68		(1.18	)	280
2004		7.59		(0.11	)		1.46			—		—		8.94	17.79			22,493	1.48		(1.27	)	1.48		(1.27	)	340
2003		9.07		(0.08	)		(1.40	)		—		—		7.59	(16.32	)		18,814	1.54		(1.17	)	1.54		(1.17	)	119
CLASS B
2007*	$	8.93	$	(0.14	)	$	1.06		$	—	$	—	$	9.85	10.30	%	$	1,251	2.17	%	(1.61	)%	2.62	%	(2.06	)%	155	%
2006*		8.04		(0.12	)		1.01			—		—		8.93	11.07			1,605	2.16		(1.48	)	2.61		(1.93	)	111
2005		8.54		(0.13	)		(0.37	)		—		—		8.04	(5.86	)		2,630	2.26		(1.76	)	2.37		(1.87	)	280
2004		7.30		(0.17	)		1.41			—		—		8.54	16.99			5,186	2.18		(1.97	)	2.18		(1.97	)	340
2003		8.79		(0.12	)		(1.37	)		—		—		7.30	(16.95	)		5,141	2.25		(1.88	)	2.25		(1.88	)	119
CLASS C
2007*	$	8.95	$	(0.15	)	$	1.07		$	—	$	—	$	9.87	10.28	%	$	142	2.17	%	(1.61	)%	2.62	%	(2.06	)%	155	%
2006*		8.06		(0.09	)		0.98			—		—		8.95	11.04			135	2.16		(1.48	)	2.61		(1.93	)	111
2005		8.56		(0.13	)		(0.37	)		—		—		8.06	(5.84	)		653	2.26		(1.76	)	2.37		(1.87	)	280
2004		7.32		(0.17	)		1.41			—		—		8.56	16.94			719	2.18		(1.97	)	2.18		(1.97	)	340
2003		8.81		(0.12	)		(1.37	)		—		—		7.32	(16.91	)		390	2.25		(1.88	)	2.25		(1.88	)	119

*	Redemption fees received during the year had no effect on the net asset value.

†	Total return excludes sales charge.

⁽¹⁾

Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.


Allegiant Asset Allocation Funds
		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31


	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate⁽²⁾
BALANCED ALLOCATION FUND

CLASS I
2007	$	10.63	$	0.23	$	1.51		$	(0.21	)	$	(0.30	)	$	11.86	16.68	%	$	149,407	0.97	%	2.06	%	0.97	%	2.06	%	148	%
2006		9.95		0.17		0.68			(0.17	)		—			10.63	8.64			122,916	1.04		1.63		1.04		1.63		223
2005		9.35		0.14		0.61			(0.15	)		—			9.95	8.01			133,954	1.06		1.49		1.06		1.49		201
2004		8.44		0.11		0.89			(0.09	)		—			9.35	11.93			136,752	0.98		1.15		0.98		1.15		230
2003		9.01		0.13		(0.55	)		(0.15	)		—			8.44	(4.58	)		120,329	1.09		1.63		1.09		1.63		171
CLASS A
2007	$	10.64	$	0.20	$	1.52		$	(0.18	)	$	(0.30	)	$	11.88	16.47	%	$	17,125	1.22	%	1.81	%	1.22	%	1.81	%	148	%
2006		9.96		0.14		0.69			(0.15	)		—			10.64	8.35			14,323	1.29		1.38		1.29		1.38		223
2005		9.36		0.12		0.60			(0.12	)		—			9.96	7.74			17,859	1.31		1.24		1.31		1.24		201
2004		8.45		0.08		0.90			(0.07	)		—			9.36	11.67			16,900	1.23		0.90		1.23		0.90		230
2003		9.02		0.11		(0.55	)		(0.13	)		—			8.45	(4.80	)		16,515	1.34		1.38		1.34		1.38		171
CLASS B
2007	$	10.64	$	0.12	$	1.52		$	(0.10	)	$	(0.30	)	$	11.88	15.64	%	$	6,209	1.95	%	1.08	%	1.95	%	1.08	%	148	%
2006		9.96		0.07		0.68			(0.07	)		—			10.64	7.60			5,781	1.99		0.68		1.99		0.68		223
2005		9.36		0.05		0.60			(0.05	)		—			9.96	6.99			6,458	2.01		0.54		2.01		0.54		201
2004		8.46		0.02		0.89			(0.01	)		—			9.36	10.80			6,985	1.93		0.20		1.93		0.20		230
2003		9.03		0.05		(0.55	)		(0.07	)		—			8.46	(5.48	)		5,879	2.05		0.67		2.05		0.67		171
CLASS C
2007	$	10.59	$	0.12	$	1.51		$	(0.11	)	$	(0.30	)	$	11.81	15.60	%	$	2,236	1.95	%	1.08	%	1.95	%	1.08	%	148	%
2006		9.91		0.07		0.68			(0.07	)		—			10.59	7.60			1,246	1.99		0.68		1.99		0.68		223
2005		9.33		0.04		0.60			(0.06	)		—			9.91	6.85			1,685	2.01		0.54		2.01		0.54		201
2004		8.43		0.03		0.88			(0.01	)		—			9.33	10.83			1,754	1.93		0.20		1.93		0.20		230
2003		9.00		0.05		(0.55	)		(0.07	)		—			8.43	(5.49	)		680	2.05		0.67		2.05		0.67		171

†	Total return excludes sales charge.

⁽¹⁾

Per share data calculated using average shares outstanding method.

⁽²⁾

Due to its investment strategy, Balanced Allocation Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, and may lower Fund performance.

See Notes to Financial Statements.

Allegiant International Equity Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
FOREIGN COMMON STOCKS — 96.7%
Australia — 2.9%
BHP Billiton, ADR (Materials)#	125,342	$	6,598
Cochlear (Healthcare)	25,760		1,327
Woolworths (Consumer Staples)	78,760		1,794
WorleyParsons (Energy)	39,061		964

			10,683

Austria — 1.4%
Andritz AG (Industrials)	73,600		4,981
Belgium — 2.3%
KBC Groep NV (Financials)	35,850		4,947
Solvay SA (Materials)	21,599		3,448

			8,395

Canada — 1.8%
CAE (Industrials)	149,900		1,940
Cameco (Energy)#	29,880		1,553
Methanex (Materials)	124,300		3,242

			6,735

Finland — 5.5%
Cargotec, Cl B (Industrials)#	67,900		4,278
KCI Konecranes Oyj (Industrials)	128,200		5,399
Kone Oyj, Cl B (Industrials)#	61,600		3,688
UPM-Kymmene Oyj (Materials)	115,600		2,996
YIT Oyj (Industrials)#	104,399		3,638

			19,999

France — 5.0%
Christian Dior (Consumer Discretionary)#	26,700		3,495
Compagnie de Saint-Gobain (Industrials)	38,700		4,243
Groupe Danone (Consumer Staples)	7,500		1,175
Imerys SA (Materials)#	37,072		3,696
L’Oreal SA (Consumer Staples)#	14,750		1,753
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary)#	12,740		1,504
Schneider Electric SA (Industrials)	16,480		2,379

			18,245

Germany — 2.4%
Continental AG (Consumer Discretionary)#	29,007		4,102
Fielmann AG (Consumer Discretionary)	25,774		1,767
Rational AG (Consumer Discretionary)	8,010		1,568
Wirecard AG (Industrials)*	106,780		1,483

			8,920

Greece — 0.8%
IRF European Finance Investments (Financials) (C)	284,500		1,297
National Bank of Greece SA (Financials)	27,440		1,639

			2,936

Hong Kong — 6.4%
Century Sunshine Ecological Technology Holdings (Materials)	7,000,000		1,757
China Mobile, ADR (Telecommunication Services)	21,790		1,011
Espirit Holdings (Consumer Discretionary)	168,500		2,075
Focus Media Holding, ADR (Consumer Discretionary)*#	43,070		1,905
FU JI Food and Catering Services Holdings (Consumer Discretionary)#	613,280		2,097
Guangzhou R&F Properties, Cl H (Financials)	521,980		1,324
Hengan International Group (Consumer Staples)#	483,960		1,652
Kerry Properties (Financials)#	274,320		1,685
Li & Fung (Consumer Discretionary)	694,600		2,331
Li Ning (Consumer Discretionary)#	1,096,560		2,421
Neo-Neon Holdings (Industrials)*	991,000		1,736
Wing Hang Bank (Financials)	119,040		1,277
Zijin Mining Group, Cl H (Materials)	4,353,450		2,297

			23,568

India — 0.9%
Educomp Solutions (Information Technology)	37,600		1,628
Infosys Technologies, ADR (Information Technology)	34,730		1,711

			3,339
Ireland — 5.5%
Bank of Ireland (Financials)	152,100		3,276
CRH PLC (Materials)	79,062		3,851
DEPFA Bank PLC (Financials)	198,200		3,654
Greencore Group PLC (Consumer Staples)	616,110		4,037
Irish Life & Permanent PLC (Financials)	51,920		1,439
Kingspan Group PLC (Industrials)	64,960		1,932
Ryanair Holdings PLC, ADR (Industrials)*	32,000		1,321
Smurfit Kappa Group PLC (Materials)*	18,800		477

			19,987

Israel — 1.0%
Nice Systems, ADR (Information Technology)*	45,360		1,718
Teva Pharmaceutical Industries, ADR (Healthcare)	46,600		1,827

			3,545

Italy — 1.3%
Azimut Holding (Financials)	135,200		2,279
Banca Italease (Financials)	26,224		1,286
Geox (Consumer Discretionary)	74,199		1,343

			4,908

Japan — 15.8%
Ardepro (Financials)#	3,010		976
Asahi Breweries (Consumer Staples)	193,600		3,089
Canon, ADR (Information Technology)	29,010		1,708
Central Japan Railway (Industrials)	275		2,825
Dena (Consumer Discretionary)	340		1,106
Iino Kaiun Kaisha (Industrials)#	280,000		3,580
Kansai Electric Power (Utilities)	123,000		3,093
KDDI (Telecommunication Services)	507		4,333
Kuraray (Materials)	112,720		1,226
Maruichi Steel Tube (Materials)#	113,000		3,519
Meiji Dairies (Consumer Staples)	479,000		3,184
Mitsubishi UFJ Financial Group, ADR (Financials)	275,880		3,181
Nintendo (Information Technology)	5,845		2,044
Nippon Yusen Kabushiki (Industrials)	453,000		4,180
Nitori (Consumer Discretionary)	24,500		1,145
ORIX (Financials)	5,520		1,479
Shin-Etsu Chemical (Materials)	25,200		1,690
Shiseido (Consumer Staples)	41,140		884
Showa Denko KK (Materials)	944,000		3,390


	Number of Shares	Value (000)
FOREIGN COMMON STOCKS — continued
Japan — continued
Sumitomo Realty & Development (Financials)	74,460	$	2,814
Takeda Pharmaceutical (Healthcare)	23,625		1,586
Tokyo Electric Power (Utilities)	108,400		3,607
Toyo Tanso (Industrials)#	17,385		1,147
Toyota Motor, ADR (Consumer Discretionary)	6,460		780
Yamada Denki (Consumer Discretionary)	15,380		1,448

			58,014

Luxembourg — 0.4%
Millicom International Cellular SA (Telecommunication Services)*	16,000		1,361

Mexico — 2.4%
America Movil SA de CV, ADR (Telecommunication Services)#	69,560		4,212
Cemex SA de CV, ADR (Materials)#	88,024		3,422
Fomento Economico Mexicano SA de CV, ADR (Consumer Staples)	25,380		1,011

			8,645

Netherlands — 2.1%
ABN AMRO Holdings NV (Financials)	106,810		5,121
Crucell NV (Healthcare)*#	49,960		1,152
Fugro NV (Energy)	22,540		1,321

			7,594

Norway — 3.6%
Austevoll Seafood ASA (Consumer Staples)*	190,210		1,766
Camillo Eitzen (Industrials)	333,250		3,315
DNB ASA (Financials)	208,400		2,813
Eitzen Maritime Services ASA (Industrials)*	59,141		24
Orkla ASA (Industrials)	108,300		1,912
Yara International ASA (Materials)#	120,690		3,497

			13,327

Portugal — 0.8%
Portugal Telecom SGPS SA (Telecommunication Services)	211,400		2,944
Singapore — 3.6%
Ezra Holdings (Energy)	293,900		1,086
Keppel (Industrials)#	323,280		2,304
Midas Holdings (Industrials)	704,000		980
Raffles Education (Consumer Discretionary)#	2,091,730		2,749
Singapore Exchange (Financials)	611,900		2,981
Wilmar International (Consumer Staples)#	1,293,180		2,909

			13,009

South Africa — 4.1%
Impala Platinum Holdings (Materials)	102,400		3,135
Metorex (Materials)*	1,301,651		4,379
Sappi (Materials)	195,000		3,643
Sasol (Energy)	104,750		3,782

			14,939

South Korea — 1.9%
Samsung Electronics (Information Technology)	4,000		2,307
Samsung SDI (Information Technology)	30,000		1,762
SK Telecom (Telecommunication Services)	13,600		2,961

			7,030


	Number of Shares	Value (000)
Spain — 2.5%
Banco Bilbao Vizcaya Argentaria SA (Financials)	137,300	$	3,470
Banco Santander Central Hispano SA (Financials)	78,400		1,506
Inditex SA (Consumer Discretionary)	32,868		2,075
Red Electrica de Espana (Utilities)	43,700		2,138

			9,189

Sweden — 3.1%
Autoliv (Consumer Discretionary)	59,016		3,523
Investor AB, Cl B (Financials)	139,745		3,625
Modern Times Group AB, Cl B (Consumer Discretionary)	27,620		1,676
Telefonaktiebolaget LM Ericsson, ADR (Information Technology)	66,470		2,525

			11,349
Switzerland — 5.7%
ABB, ADR (Industrials)#	108,025		2,319
Actelion (Healthcare)*	6,560		1,434
Nestle SA (Consumer Staples)	8,970		3,493
Nobel Biocare Holding AG (Healthcare)	5,050		1,732
Novartis AG, ADR (Healthcare)	67,328		3,783
Roche Holdings AG (Healthcare)	31,210		5,728
SGS SA (Industrials)	760		990
Temenos Group AG (Information Technology)*	69,100		1,580

			21,059
United Kingdom — 13.5%
Autonomy PLC (Information Technology)*	91,500		1,401
Barratt Developments PLC (Consumer Discretionary)	147,400		3,184
Bellway PLC (Consumer Discretionary)	107,821		3,066
BG Group PLC (Energy)	138,420		2,116
Blinkx PLC (Information Technology)*	91,500		90
BT Group PLC, ADR (Telecommunication Services)	34,630		2,263
Capita Group PLC (Industrials)	127,825		1,876
Carnival (Consumer Discretionary)	54,960		2,772
Diageo PLC, ADR (Consumer Staples)	20,180		1,723
George Wimpey PLC (Consumer Discretionary)	293,832		3,654
GlaxoSmithKline PLC, ADR (Healthcare)	77,300		4,034
ICAP PLC (Financials)	105,020		1,112
Imperial Tobacco Group PLC (Consumer Staples)	33,020		1,428
Lloyds TSB Group PLC (Financials)	317,661		3,617
Man Group PLC (Financials)	173,100		2,017
Michael Page International PLC (Industrials)	212,680		2,403
Pennon Group PLC (Utilities)	93,160		1,247
Persimmon PLC (Consumer Discretionary)	112,325		3,038
Reckitt Benckiser PLC (Consumer Staples)	52,900		2,876
Rio Tinto PLC, ADR (Materials)	5,325		1,560
Scottish & Southern Energy PLC (Utilities)	59,760		1,802
Tesco PLC (Consumer Staples)	231,880		2,106

			49,385

Total Foreign Common Stocks (Cost $251,346)			354,086

FOREIGN RIGHTS/WARRANTS — 0.7%
India — 0.7%
Bharti Airtel Equity Certificate, Expires 07/11/07 (A) (Cost $891)	119,420		2,479

Allegiant International Equity Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
AFFILIATED MONEY MARKET FUND — 3.0%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $11,139)	11,139,362	$	11,139

Total Investments Before Collateral for Loaned Securities – 100.4% (Cost $263,376)			367,704

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 16.9%
Non-Registered Investment Company — 16.9%
BlackRock Institutional Money Market Trust (B) (Cost $61,565)‡	61,565		61,565

TOTAL INVESTMENTS — 117.3% (Cost $324,941)**			429,269

Other Assets & Liabilities — (17.3)%
Investment Advisory Fees Payable			(307	)
12b-1 Fees Payable
Class I			(31	)
Class A			(2	)
Administration Fees Payable			(18	)
Custody Fees Payable			(29	)
Trustees’ Fees Payable			(13	)
Payable for Collateral for Loaned Securities			(61,565	)
Payable for Investments Purchased			(2,218	)
Payable for Shares of Beneficial Interest Redeemed			(481	)
Other			1,457

Total Other Assets & Liabilities			(63,207	)

TOTAL NET ASSETS — 100.0%		$	366,062


		Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)		$	328,703
Undistributed Net Investment Income			2,274
Accumulated Net Realized Loss on Investments			(69,343	)
Net Unrealized Depreciation of Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency			(2	)
Net Unrealized Appreciation on Investments and Futures			104,430

Total Net Assets		$	366,062

Net Asset Value, Offering and Redemption Price Per Share — Class I ($343,856,511 ÷ 18,981,145 outstanding shares of beneficial interest)		$	18.12

Net Asset Value and Redemption Price Per Share — Class A ($19,629,737 ÷ 1,094,564 outstanding shares of beneficial interest)		$	17.93

Maximum Offering Price Per Share — Class A ($17.93 ÷ 94.50%)		$	18.97

Net Asset Value and Offering Price Per Share — Class B ($1,411,738 ÷ 81,362 outstanding shares of beneficial interest)		$	17.35

Net Asset Value and Offering Price Per Share — Class C ($1,164,378 ÷ 67,313 outstanding shares of beneficial interest)		$	17.30

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $325,975.


Gross unrealized appreciation (000)	$	106,231
Gross unrealized depreciation (000)		(2,937	)

Net unrealized appreciation (000)	$	103,294

†	See Note 3 in Notes to Financial Statements.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $59,280.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $2,479 and represents 0.7% of net assets as of May 31, 2007.

(B)

Represents security purchased with cash collateral for securities on loan.

(C)

Illiquid security. Total market value of illiquid securities is (000) $1,297 and represents 0.4% of net assets as of May 31, 2007.

ADR — American Depository Receipt

Cl — Class

PLC — Public Liability Company

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
TOPIX Index	12	$	1,703	06/08/07	$	102

Cash in the amount of $58,121 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets in an amount at least equal to the Notional Cost Amount of the open futures contracts have been segregated by the Fund.

At May 31, 2007, sector diversification of the Fund was as follows:


Sector Diversification	% of Net Assets		Value (000)
*Foreign Common Stocks*
Basic Materials	0.5	%	$	1,690
Consumer Discretionary	22.3			81,725
Consumer Staples	9.4			34,578
Energy	2.0			7,219
Financials	14.6			53,477
Healthcare	6.2			22,602
Industrials	12.3			45,059
Information Technology	5.8			21,343
Materials	15.9			58,029
Telecommunications	4.8			17,724
Utilities	2.9			10,640

*Total Foreign Common Stocks*	96.7			354,086
*Foreign Rights/Warrants*	0.7			2,479
*Affiliated Money Market Fund*	3.0			11,139

*Total Investments Before Collateral for Loaned Securities*	100.4			367,704
*Short Term Investments Held as Collateral for Loaned Securities*	16.9			61,565

*Total Investments*	117.3			429,269
*Other Assets and Liabilities*	(17.3	)		(63,207	)

Net Assets	100.0	%	$	366,062

See Notes to Financial Statements

Allegiant Large Cap Core Equity Fund

STATEMENT TO NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
COMMON STOCKS — 99.8%
Consumer Discretionary — 10.4%
Dick’s Sporting Goods*#		79,800	$	4,434
Fortune Brands#		31,500		2,545
MGM Mirage*		62,190		4,946
Nordstrom		104,000		5,401
Starbucks*		116,920		3,368
Starwood Hotels & Resorts Worldwide		66,100		4,764

				25,458

Consumer Staples — 9.3%
Bunge#		52,500		4,101
Colgate-Palmolive		93,500		6,261
Dean Foods		94,139		3,084
PepsiCo		95,210		6,506
Whole Foods Market#		66,919		2,750

				22,702

Energy — 10.3%
ConocoPhillips		40,800		3,159
EOG Resources		50,300		3,868
Peabody Energy		80,800		4,366
TransOcean*		63,200		6,209
Weatherford International*		141,260		7,676

				25,278

Financials — 21.3%
Allstate		38,840		2,389
American Express		84,990		5,523
American International Group		123,910		8,964
Bank of America		114,260		5,794
Citigroup		132,200		7,204
Goldman Sachs		21,830		5,039
JPMorgan Chase		103,980		5,389
Merrill Lynch		50,720		4,703
Washington Mutual#		57,030		2,493
Wells Fargo		125,000		4,511

				52,009

Healthcare — 11.8%
Abbott Laboratories		74,500		4,198
Cardinal Health		65,000		4,710
Genzyme*		97,000		6,258
Johnson & Johnson		68,500		4,334
Novartis AG, ADR		124,200		6,978
Schering-Plough		75,000		2,455

				28,933

Industrials — 11.0%
3M		52,050		4,578
General Electric		212,430		7,983
Illinois Tool Works#		82,220		4,335
Stericycle*		40,000		3,647
United Technologies		90,920		6,414

				26,957

Information Technology — 15.1%
Apple Computer*		37,000		4,498
Cisco Systems*		225,640		6,074
Citrix Systems*		127,000		4,269
Google, Cl A*		8,500		4,231
Microchip Technology#		140,200		5,689
Microsoft		257,620		7,901
NVIDIA*		122,000		4,230

				36,892

Materials — 3.0%
Ecolab		84,560		3,649
Newmont Mining		93,000		3,783

				7,432

Telecommunication Services — 3.9%
American Tower, Cl A*		100,000		4,318
NII Holdings*		62,940		5,128

				9,446

Utilities — 3.7%
AES*		242,550		5,756
Equitable Resources		61,920		3,221

				8,977

Total Common Stocks (Cost $185,020)				244,084

AFFILIATED MONEY MARKET FUND — 0.5%
Allegiant Money Market Fund, Class I† (Cost $1,240)		1,240,138		1,240

Total Investments Before Collateral for Loaned Securities – 100.3% (Cost $186,260)				245,324


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 8.4%
Commercial Paper†† — 0.4%
Autobahn Funding
5.320%, 06/15/07	$	517		514
5.330%, 06/22/07		103		103
Hubbell
5.380%, 06/01/07		207		206
Queens Health Systems
5.330%, 06/26/07		189		188

				1,011

Master Notes — 2.3%
Bank of America
5.370%, 06/01/07		1,808		1,808
Bear Stearns
5.510%, 06/06/07		1,963		1,963
JPMorgan Securities
5.390%, 06/15/07		1,963		1,962

				5,733

Medium Term Notes — 1.0%
Liquid Funding LLC
5.360%, 11/30/07 (A)		568		568
5.340%, 06/11/08 (A)		517		517
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		826		826
5.430%, 02/15/08 (A)		207		207
5.400%, 04/02/08 (A)		207		207

				2,325


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Repurchase Agreements — 4.7%
Bank of America
5.360%, 06/01/07	$	74	$	74
Bear Stearns
5.410%, 06/01/07		3,099		3,099
Lehman Brothers
5.360%, 06/01/07		8,338		8,338

				11,511

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $20,580)‡				20,580

TOTAL INVESTMENTS — 108.7% (Cost $206,840)**				265,904

Other Assets & Liabilities — (8.7)%
Investment Advisory Fees Payable				(155	)
12b-1 Fees Payable
Class I				(52	)
Class A				(2	)
Class B				(1	)
Administration Fees Payable				(12	)
Custody Fees Payable				(3	)
Trustees’ Fees Payable				(12	)
Payable for Collateral for Loaned Securities				(20,580	)
Payable for Investments Purchased				(4,657	)
Payable for Shares of Beneficial Interest Redeemed				(989	)
Other				5,150

Total Other Assets & Liabilities				(21,313	)

TOTAL NET ASSETS — 100.0%			$	244,591

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	179,786
Undistributed Net Investment Income				1,388
Undistributed Net Realized Gain on Investments and Futures				4,258
Net Unrealized Appreciation on Investments and Futures				59,159

Total Net Assets			$	244,591

Net Asset Value, Offering and Redemption Price Per Share — Class I ($235,381,027 ÷ 17,458,866 outstanding shares of beneficial interest)			$	13.48

Net Asset Value and Redemption Price Per Share — Class A ($5,918,239 ÷ 444,139 outstanding shares of beneficial interest)			$	13.33

Maximum Offering Price Per Share — Class A ($13.33 ÷ 94.50%)			$	14.11

Net Asset Value and Offering Price Per Share — Class B ($2,860,057 ÷ 225,182 outstanding shares of beneficial interest)			$	12.70

Net Asset Value and Offering Price Per Share — Class C ($431,262 ÷ 33,966 outstanding shares of beneficial interest)			$	12.70

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $208,613.


Gross unrealized appreciation (000)	$	58,667
Gross unrealized depreciation (000)		(1,376	)

Net unrealized appreciation (000)	$	57,291

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $20,075.

(A) Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
S&P 500^® Composite Index	3	$	1,054	06/15/07	$	95

Cash in the amount of $42,000 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets in an amount at least equal to the Notional Cost Amount of the open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

Allegiant Large Cap Growth Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
COMMON STOCKS — 97.3%
Autos and Transportation — 3.2%
FedEx		94,324	$	10,529
Norfolk Southern		129,479		7,494

				18,023

Consumer Discretionary — 18.2%
Coach*		167,056		8,580
Google, Cl A*		36,842		18,338
Las Vegas Sands*#		228,000		17,789
MGM Mirage*		129,878		10,329
Nike, Cl B		153,812		8,729
Nordstrom		211,255		10,970
Starbucks*		290,213		8,361
Starwood Hotels & Resorts Worldwide		148,963		10,736
Yahoo!*#		275,170		7,897

				101,729

Consumer Staples — 6.5%
Bunge#		123,310		9,633
Colgate-Palmolive		205,649		13,770
Dean Foods		210,055		6,881
Whole Foods Market#		149,796		6,157

				36,441

Energy — 4.2%
TransOcean*		117,833		11,576
Weatherford International*		224,110		12,178

				23,754

Financial Services — 10.4%
American Express		119,000		7,733
American International Group		252,564		18,270
Citigroup		226,555		12,345
Goldman Sachs		36,138		8,341
Prudential Financial		110,132		11,236

				57,925

Healthcare — 17.5%
Abbott Laboratories		167,416		9,434
Cardinal Health		171,890		12,455
Dentsply International		279,000		10,083
Genzyme*		173,505		11,195
Hologic*#		198,000		10,710
Johnson & Johnson		170,000		10,756
Medtronic#		148,689		7,906
Novartis AG, ADR		330,066		18,543
Schering-Plough		210,000		6,875

				97,957

Materials and Processing — 4.1%
Newmont Mining		250,000		10,170
Praxair		185,897		12,658

				22,828

Other — 4.1%
General Electric		422,750		15,887
Johnson Controls		63,720		6,990

				22,877

Producer Durables — 7.2%
American Tower, Cl A*		244,587		10,561
Danaher		171,673		12,618
United Technologies		240,488		16,967

				40,146

Technology — 19.1%
Adobe Systems*		319,000		14,062
Akamai Technologies*#		181,000		8,002
Apple Computer*		81,229		9,874
Cisco Systems*		666,696		17,948
Citrix Systems*#		294,000		9,881
Microchip Technology#		275,858		11,194
Microsoft		565,223		17,335
NVIDIA*		281,000		9,742
Texas Instruments		247,000		8,734

				106,772

Utilities — 2.8%
AES*		329,409		7,817
NII Holdings*		94,051		7,662

				15,479

Total Common Stocks (Cost $427,421)				543,931

FOREIGN COMMON STOCKS — 2.2%
Guernsey — 2.2%
Amdocs (Technology)* (Cost $9,059)		324,443		12,611

AFFILIATED MONEY MARKET FUND — 0.4%
Allegiant Money Market Fund, Class I† (Cost $2,228)		2,227,631		2,228

Total Investments Before Collateral for Loaned Securities – 99.9% (Cost $438,708)				558,770


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 8.5%
Commercial Paper†† — 0.3%
Autobahn Funding
5.320%, 06/15/07	$	1,185		1,179
5.330%, 06/22/07		237		236
Hubbell
5.380%, 06/01/07		474		474
Queens Health Systems
5.330%, 06/26/07		433		430

				2,319

Master Notes — 2.4%
Bank of America
5.370%, 06/01/07		4,146		4,146
Bear Stearns
5.510%, 06/06/07		4,501		4,501
JPMorgan Securities
5.390%, 06/15/07		4,501		4,501

				13,148

Medium Term Notes — 1.0%
Liquid Funding LLC
5.360%, 11/30/07 (A)		1,303		1,303
5.340%, 06/11/08 (A)		1,185		1,184


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Medium Term Notes — continued
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)	$	1,895	$	1,895
5.430%, 02/15/08 (A)		474		474
5.400%, 04/02/08 (A)		474		474

				5,330

Repurchase Agreements — 4.8%
Bank of America
5.370%, 06/01/07		170		170
Bear Stearns
5.410%, 06/01/07		7,107		7,107
Lehman Brothers
5.360%, 06/01/07		19,120		19,120

				26,397

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $47,194)‡				47,194

TOTAL INVESTMENTS — 108.4% (Cost $485,902)**				605,964

Other Assets & Liabilities — (8.4)%
Investment Advisory Fees Payable				(350	)
12b-1 Fees Payable
Class I				(69	)
Class A				(26	)
Class B				(2	)
Administration Fees Payable				(28	)
Custody Fees Payable				(6	)
Trustees’ Fees Payable				(34	)
Payable for Collateral for Loaned Securities				(47,194	)
Payable for Investments Purchased				(8,582	)
Payable for Shares of Beneficial Interest Redeemed				(928	)
Other				10,380

Total Other Assets & Liabilities				(46,839	)

TOTAL NET ASSETS — 100.0%			$	559,125

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	427,356
Undistributed Net Realized Gain on Investments and Futures				11,548
Net Unrealized Appreciation on Investments and Futures				120,221

Total Net Assets			$	559,125

Net Asset Value, Offering and Redemption Price Per Share — Class I ($430,248,652 ÷ 20,680,652 outstanding shares of beneficial interest)			$	20.80

Net Asset Value and Redemption Price Per Share — Class A ($121,320,810 ÷ 5,927,592 outstanding shares of beneficial interest)			$	20.47

Maximum Offering Price Per Share — Class A ($20.47 ÷ 94.50%)			$	21.66

Net Asset Value and Offering Price Per Share — Class B ($6,848,521 ÷ 353,804 outstanding shares of beneficial interest)			$	19.36

Net Asset Value and Offering Price Per Share — Class C ($706,968 ÷ 36,474 outstanding shares of beneficial interest)			$	19.38

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $488,817.


Gross unrealized appreciation (000)	$	122,032
Gross unrealized depreciation (000)		(4,885	)

Net unrealized appreciation (000)	$	117,147

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $45,549.

(A) Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
S&P 500^{^®} Composite Index	5	$	1,757	06/15/07	$	159

Cash in the amount of $70,000 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets in an amount at least equal to the Notional Cost Amount of the open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

Allegiant Large Cap Value Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
COMMON STOCKS — 97.6%
Consumer Discretionary — 2.8%
Comcast, Cl A*		157,545	$	4,319
Dow Jones		27,279		1,454
Sony, ADR		144,043		8,311
Time Warner		357,608		7,642

				21,726

Consumer Staples — 10.8%
Coca-Cola		386,268		20,468
Coca-Cola Enterprises		198,136		4,627
ConAgra Foods		356,146		9,082
Hershey#		85,018		4,481
Kraft Foods		632,452		21,402
Procter & Gamble		216,999		13,790
Wal-Mart Stores		250,251		11,912

				85,762

Energy — 12.5%
Apache		145,400		11,741
Canadian Natural Resources#		122,097		8,128
Chevron		340,474		27,745
ConocoPhillips		206,661		16,002
ExxonMobil		429,806		35,747

				99,363

Financials — 29.8%
American International Group		334,811		24,220
AON		263,798		11,322
Bank of America		219,117		11,111
Chubb		116,099		6,370
Citigroup		644,192		35,102
Everest Re Group		50,295		5,393
Fannie Mae		353,027		22,566
Genworth Financial, Cl A		251,345		9,073
Goldman Sachs		28,808		6,650
JPMorgan Chase		518,141		26,855
Marsh & McLennan		268,084		8,801
MBIA		76,780		5,110
Morgan Stanley		222,554		18,926
Prudential Financial		38,414		3,919
SunTrust Banks		124,620		11,127
Travelers		141,759		7,679
Wachovia		175,321		9,501
Wells Fargo		366,960		13,244

				236,969

Healthcare — 9.7%
Amgen*		61,907		3,487
Boston Scientific*		452,990		7,099
Bristol-Myers Squibb		362,092		10,975
Johnson & Johnson		158,943		10,056
Merck		264,290		13,862
Pfizer		757,756		20,831
Schering-Plough		313,743		10,272

				76,582

Industrials — 6.5%
General Electric		787,006		29,576
Tyco International		399,607		13,331
United Parcel Service, Cl B		121,459		8,741

				51,648

Information Technology — 9.6%
Alcatel-Lucent, ADR		815,673		11,191
Citrix Systems*		267,186		8,980
Dell*		588,650		15,817
Intel		375,558		8,326
McAfee*		109,170		4,013
Micron Technology*#		442,490		5,390
Motorola		203,590		3,703
Nortel Networks*#		145,430		3,793
Sun Microsystems*		2,109,794		10,760
Yahoo!*		162,428		4,662

				76,635

Materials — 6.7%
E.I. duPont de Nemours		190,202		9,951
Freeport-McMoRan Copper & Gold, Cl B#		26,361		2,075
Owens-Illinois*		550,079		18,703
Praxair		118,646		8,078
Smurfit-Stone Container*		631,010		8,159
Weyerhaeuser		77,840		6,380

				53,346

Telecommunication Services — 7.9%
AT&T		810,229		33,495
Sprint Nextel		540,539		12,351
Verizon Communications		92,552		4,029
Vodafone Group PLC, ADR		420,457		13,215

				63,090

Utilities — 1.3%
Exelon		129,021		10,063

Total Common Stocks (Cost $613,008)				775,184

AFFILIATED MONEY MARKET FUND — 2.4%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $19,027)		19,026,824		19,027

Total Investments Before Collateral for Loaned Securities – 100.0% (Cost $632,035)				794,211


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 1.9%
Commercial Paper†† — 0.1%
Autobahn Funding
5.320%, 06/15/07	$	385		383
5.330%, 06/22/07		77		76
Hubbell
5.380%, 06/01/07		154		154
Queens Health Systems
5.330%, 06/26/07		141		140

				753

Master Notes — 0.5%
Bank of America
5.370%, 06/01/07		1,347		1,347
Bear Stearns
5.510%, 06/06/07		1,462		1,462


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Master Notes — continued
JPMorgan Securities
5.390%, 06/15/07	$	1,462	$	1,463

				4,272

Medium Term Notes — 0.2%
Liquid Funding LLC
5.360%, 11/30/07 (A)		423		423
5.340%, 06/11/08 (A)		385		385
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		616		615
5.430%, 02/15/08 (A)		154		154
5.400%, 04/02/08 (A)		154		154

				1,731

Repurchase Agreements — 1.1%
Bank of America
5.370%, 06/01/07		55		55
Bear Stearns
5.410%, 06/01/07		2,309		2,309
Lehman Brothers
5.360%, 06/01/07		6,211		6,211

				8,575

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $15,331)‡				15,331

TOTAL INVESTMENTS — 101.9% (Cost $647,366)**				809,542

Other Assets & Liabilities — (1.9)%
Investment Advisory Fees Payable				(498	)
12b-1 Fees Payable
Class I				(85	)
Class A				(10	)
Class B				(3	)
Administration Fees Payable				(40	)
Custody Fees Payable				(7	)
Trustees’ Fees Payable				(31	)
Payable for Collateral for Loaned Securities				(15,331	)
Payable for Shares of Beneficial Interest Redeemed				(1,830	)
Other				2,707

Total Other Assets & Liabilities				(15,128	)

TOTAL NET ASSETS — 100.0%			$	794,414

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)				581,722
Undistributed Net Investment Income				2,331
Undistributed Net Realized Gain on Investments				48,185
Net Unrealized Appreciation on Investments				162,176

Total Net Assets			$	794,414

Net Asset Value, Offering and Redemption Price Per Share — Class I ($718,668,600 ÷ 34,246,461 outstanding shares of beneficial interest)			$	20.99

Net Asset Value and Redemption Price Per Share — Class A ($65,299,650 ÷ 3,122,919 outstanding shares of beneficial interest)			$	20.91

Maximum Offering Price Per Share — Class A ($20.91 ÷ 94.50%)			$	22.13

Net Asset Value and Offering Price Per Share — Class B ($9,637,651 ÷ 464,062 outstanding shares of beneficial interest)			$	20.77

Net Asset Value and Offering Price Per Share — Class C ($808,302 ÷ 39,119 outstanding shares of beneficial interest)			$	20.66

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $649,797.


Gross unrealized appreciation (000)	$	162,012
Gross unrealized depreciation (000)		(2,267	)

Net unrealized appreciation (000)	$	159,745

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $14,803.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

ADR

— American Depository Receipt

— Class

LLC

— Limited Liability Company

PLC

— Public Liability Company

See Notes to Financial Statements.

Allegiant Mid Cap Value Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
COMMON STOCKS — 92.0%
Consumer Discretionary — 9.4%
Autoliv		110,020	$	6,568
Carter’s*#		321,227		8,712
Gap		475,640		8,809
Idearc		113,200		3,990
Liz Claiborne		271,315		9,412

				37,491

Consumer Staples — 4.0%
J.M. Smucker		47,000		2,712
Smithfield Foods*#		242,810		7,804
Tyson Foods, Cl A		247,450		5,515

				16,031

Energy — 9.1%
Arch Coal#		214,390		8,657
BJ Services		307,850		9,029
Hess		55,590		3,292
Peabody Energy#		130,230		7,038
Sunoco		103,410		8,243

				36,259

Financials — 27.8%
Cincinnati Financial		274,077		12,449
Conseco*		176,200		3,473
Endurance Specialty Holdings		139,710		5,565
Everest Re Group		84,200		9,029
Genworth Financial, Cl A		82,800		2,989
Marshall & Ilsley#		106,800		5,125
Max Re Capital		226,400		6,432
Nelnet, Cl A#		345,570		8,802
Old Republic International		763,870		16,545
PartnerRe		70,460		5,411
PMI Group		196,376		9,709
Radian Group		140,290		8,684
Reinsurance Group of America#		76,149		4,768
UnionBanCal#		106,970		6,566
White Mountains Insurance Group		8,150		4,896

				110,443

Healthcare — 6.8%
CIGNA		19,400		3,252
Endo Pharmaceuticals Holdings*		230,495		8,141
Health Management Associates, Cl A#		844,210		9,286
Omnicare#		164,840		6,169

				26,848

Industrials — 8.1%
General Cable*		53,160		3,623
Southwest Airlines		731,130		10,462
Spirit Aerosystems Holdings, Cl A*		229,695		8,019
Union Pacific		20,870		2,518
Werner Enterprises		398,910		7,711

				32,333

Information Technology — 12.4%
Broadridge Financial Solutions*		465,030		9,412
Check Point Software Technologies*#		224,208		5,238
National Semiconductor		162,122		4,364
Perot Systems, Cl A*		421,400		7,198
QLogic*		467,730		7,979
Seagate Technology		536,099		11,038
Tellabs*		369,210		4,043

				49,272

Materials — 6.0%
Abitibi-Consolidated#		620,960		1,521
International Flavors & Fragrances		71,430		3,667
Louisiana-Pacific#		311,250		6,381
MeadWestvaco		159,780		5,592
Rohm & Haas		121,922		6,463

				23,624

Telecommunication Services — 0.9%
Embarq		53,300		3,425

Utilities — 7.5%
Constellation Energy Group		26,348		2,418
Edison International		149,800		8,729
Mirant*		104,500		4,849
NRG Energy*#		50,140		4,407
PG&E#		81,720		4,026
Sempra Energy		52,500		3,219
Xcel Energy#		78,280		1,796

				29,444

Total Common Stocks (Cost $320,712)				365,170

FOREIGN COMMON STOCK — 3.0%
United Kingdom — 3.0%
Invesco PLC, ADR (Financials) (Cost $10,531)		490,240		11,790

AFFILIATED MONEY MARKET FUND — 4.5%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $17,820)		17,819,684		17,820

Total Investments Before Collateralfor Loaned Securities – 99.5% (Cost $349,063)				394,780


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 11.7%
Commercial Paper†† — 0.6%
Autobahn Funding
5.320%, 06/15/07	$	1,163		1,157
5.330%, 06/22/07		233		231
Hubbell
5.380%, 06/01/07		465		465
Queens Health Systems
5.330%, 06/26/07		425		423

				2,276

Master Notes — 3.3%
Bank of America
5.370%, 06/01/07		4,069		4,069
Bear Stearns
5.510%, 06/06/07		4,418		4,418


Allegiant Mid Cap Value Fund
STATEMENT OF NET ASSETS
May 31, 2007


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Master Notes — continued
JPMorgan Securities
5.390%, 06/15/07	$	4,418	$	4,418

				12,905
Medium Term Notes — 1.3%
Liquid Funding LLC
5.360%, 11/30/07 (A)		1,279		1,279
5.340%, 06/11/08 (A)		1,163		1,162
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		1,860		1,860
5.430%, 02/15/08 (A)		465		465
5.400%, 04/02/08 (A)		465		465

				5,231
Repurchase Agreements — 6.5%
Bank of America
5.370%, 06/01/07		167		167
Bear Stearns
5.410%, 06/01/07		6,975		6,975
Lehman Brothers
5.360%, 06/01/07		18,767		18,767

				25,909
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $46,321)‡				46,321

TOTAL INVESTMENTS — 111.2% (Cost $395,384)**				441,101

Other Assets & Liabilities – (11.2)%				(44,303	)

TOTAL NET ASSETS — 100.0%			$	396,798

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $395,495.


Gross unrealized appreciation (000)	$	50,963
Gross unrealized depreciation (000)		(5,357	)

Net unrealized appreciation (000)	$	45,606

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $44,565.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

ADR

— American Depository Receipt

— Class

LLC

— Limited Liability Company

PLC

— Public Liability Company

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2007


	Value (000)
ASSETS
Investments in non-affiliates at value, (Cost $331,243)	$	376,960
Investments in affiliates at value, (Cost $17,820)		17,820
Short term investments held as collateral for loaned securities, (Cost $46,321)		46,321
Receivable for investments sold		3,628
Receivable for shares of beneficial interest sold		1,636
Dividends and interest receivable		637
Prepaid expenses		29

Total Assets		447,031

LIABILITIES
Payable for collateral for loaned securities		46,321
Payable for shares of beneficial interest redeemed		337
Payable for investment securities purchased		3,242
Investment advisory fees payable		239
12b-1 fees payable
Class I		10
Class A		4
Class B		2
Class C		2
Shareholder services fees payable
Class A		20
Class B		1
Class C		1
Administration fees payable		19
Custody fees payable		4
Transfer agent fees payable		7
Trustees’ fees payable		2
Other liabilities		22

Total Liabilities		50,233

TOTAL NET ASSETS	$	396,798

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	331,295
Undistributed Net Investment Income		3,427
Undistributed Net Realized Gain on Investments		16,359
Net Unrealized Appreciation on Investments		45,717

Total Net Assets	$	396,798

Net Asset Value and Redemption Price Per Share — Class I ($190,805,702 ÷ 11,487,724 outstanding shares of beneficial interest)	$	16.61

Net Asset Value and Redemption Price Per Share — Class A ($194,865,538 ÷ 11,893,518 outstanding shares of beneficial interest)	$	16.38

Maximum Offering Price Per Share — Class A ($16.38 ÷ 94.50%)	$	17.33

Net Asset Value and Redemption Price Per Share — Class B ($5,507,079 ÷ 343,285 outstanding shares of beneficial interest)	$	16.04

Net Asset Value and Redemption Price Per Share — Class C ($5,620,049 ÷ 348,439 outstanding shares of beneficial interest)	$	16.13

See Notes to Financial Statements.

Allegiant Multi-Factor Mid Cap Growth Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
COMMON STOCKS — 99.3%
Consumer Discretionary — 22.3%
Bed Bath & Beyond*		8,300	$	338
Coach*		15,000		770
Dollar Tree Stores*		15,700		664
EchoStar Communications, Cl A*		10,700		493
GameStop*		7,600		281
International Game Technology		6,500		261
ITT Educational Services*		9,200		1,041
JC Penney		1,800		145
Liberty Global, Cl A*#		18,900		726
Magna International, Cl A#		8,700		776
Nordstrom		2,534		132
NutriSystem*#		13,900		911
Polo Ralph Lauren		3,500		341
Starwood Hotels & Resorts Worldwide		2,200		158
TJX		24,800		694
Yum! Brands		2,300		156

				7,887

Consumer Staples — 4.3%
Del Monte Foods		58,900		710
Loews Corp-Carolina Group		8,700		676
UST#		2,700		144

				1,530

Energy — 11.2%
Cabot Oil & Gas		19,300		752
Cameron International*		10,100		716
El Paso		9,500		162
Magellan Midstream Partners#		11,900		552
National Oilwell Varco*		7,600		718
PetroHawk Energy*		38,700		631
Todco*		9,000		445

				3,976

Financials — 10.4%
American Capital Strategies#		16,400		794
Annaly Capital Management REIT		21,400		331
Aspen Insurance Holdings		13,700		372
CIT Group		6,110		366
ETrade Financial		18,300		438
Nationwide Financial Services, Cl A		4,000		248
Northern Trust		4,200		273
Odyssey Re Holdings		8,100		347
T. Rowe Price Group		10,100		519

				3,688

Healthcare — 9.9%
Biovail		5,800		141
Celgene*#		2,900		177
Coventry Healthcare*		16,400		978
Forest Laboratories*		6,900		350
Humana*		7,700		478
ImClone Systems*		4,700		194
Kinetic Concepts*#		6,100		306
Thermo Fisher Scientific*		6,900		377
WellCare Health Plans*#		5,700		525

				3,526

Industrials — 12.7%
Cooper Industries, Cl A		9,100		487
PACCAR		10,350		903
Precision Castparts		3,100		371
Republic Services		23,700		718
Rockwell Collins		11,210		792
Roper Industries#		6,000		350
Stericycle*		2,100		191
Textron		1,500		161
UAL*#		13,500		530

				4,503

Information Technology — 16.1%
Alliance Data Systems*		9,000		701
Autodesk*		11,000		500
Brocade Communications Systems*		32,500		298
Fiserv*		5,110		303
Intersil, Cl A		29,300		882
Linear Technology#		7,600		273
MEMC Electronic Materials*		4,100		249
Microchip Technology		17,100		694
NAVTEQ*		4,300		184
Network Appliance*		3,700		119
NVIDIA*		4,300		149
ON Semiconductor*		65,500		704
Paychex		7,100		287
Western Digital*		18,800		354

				5,697

Materials — 5.4%
Allegheny Technologies		1,700		196
Freeport-McMoRan Copper & Gold, Cl B#		14,000		1,102
Lyondell Chemical		16,300		606

				1,904

Telecommunication Services — 3.8%
American Tower, Cl A*		6,100		264
CenturyTel		13,700		677
NII Holdings*		4,800		391

				1,332

Utilities — 3.2%
AES*		22,591		536
Mirant*		12,600		585

				1,121

Total Common Stocks (Cost $29,339)				35,164

AFFILIATED MONEY MARKET FUND — 0.7%
Allegiant Money Market Fund, Class I† (Cost $263)		263,364		263

Total Investments Before Collateral for Loaned Securities – 100.0% (Cost $29,602)				35,427


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 19.5%
Commercial Paper†† — 1.0%
Autobahn Funding
5.320%, 06/15/07	$	173		172
5.330%, 06/22/07		35		35


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Commercial Paper†† — continued
Hubbell
5.380%, 06/01/07	$	69	$	69
Queens Health Systems
5.330%, 06/26/07		63		63

				339

Master Notes — 5.4%
Bank of America
5.370%, 06/01/07		606		606
Bear Stearns
5.510%, 06/06/07		657		657
JPMorgan Securities
5.390%, 06/15/07		657		657

				1,920

Medium Term Notes — 2.2%
Liquid Funding LLC
5.360%, 11/30/07 (A)		190		190
5.340%, 06/11/08 (A)		173		173
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		277		277
5.430%, 02/15/08 (A)		69		69
5.400%, 04/02/08 (A)		69		69

				778

Repurchase Agreements — 10.9%
Bank of America
5.370%, 06/01/07		25		25
Bear Stearns
5.410%, 06/01/07		1,038		1,038
Lehman Brothers
5.360%, 06/01/07		2,793		2,793

				3,856

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $6,893)‡				6,893

TOTAL INVESTMENTS — 119.5% (Cost $36,495)**				42,320

Other Assets & Liabilities — (19.5)%
Investment Advisory Fees Payable				(13	)
12b-1 Fees Payable
Class I				(1	)
Class A				(4	)
Administration Fees Payable				(2	)
Custody Fees Payable				(1	)
Trustees’ Fees Payable				(2	)
Payable for Collateral for Loaned Securities				(6,893	)
Payable for Shares of Beneficial Interest Redeemed				(6	)
Other				16

Total Other Assets & Liabilities				(6,906	)

TOTAL NET ASSETS — 100.0%			$	35,414

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)				98,208
Undistributed Net Investment Income				149
Accumulated Net Realized Loss on Investments				(68,768	)
Net Unrealized Appreciation on Investments				5,825

Total Net Assets			$	35,414

Net Asset Value, Offering and Redemption Price Per Share — Class I ($16,758,472 ÷ 1,781,345 outstanding shares of beneficial interest)			$	9.41

Net Asset Value and Redemption Price Per Share — Class A ($17,483,462 ÷ 1,946,053 outstanding shares of beneficial interest)			$	8.98

Maximum Offering Price Per Share — Class A ($8.98 ÷ 94.50%)			$	9.50

Net Asset Value and Offering Price Per Share — Class B ($1,065,015 ÷ 146,912 outstanding shares of beneficial interest)			$	7.25

Net Asset Value and Offering Price Per Share — Class C ($107,112 ÷ 14,566 outstanding shares of beneficial interest)			$	7.35

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $36,496.


Gross unrealized appreciation (000)	$	6,002
Gross unrealized depreciation (000)		(178	)

Net unrealized appreciation (000)	$	5,824

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $6,665.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

Cl — Class

LLC — Limited Liability Company

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

Allegiant Multi-Factor Small Cap Core Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — 95.7%
Consumer Discretionary — 11.1%
Aeropostale*	6,400	$	296
Asbury Automotive Group	6,500		177
Capella Education*#	6,600		289
Cooper Tire & Rubber#	9,200		222
Deckers Outdoor*	10,000		879
DXP Enterprises*	3,600		171
GSI Commerce*	9,500		217
Movado Group	6,800		227
Phillips-Van Heusen	8,450		517
Stewart Enterprises, Cl A#	59,100		457
Strayer Education	4,300		538
Tempur-Pedic International#	8,200		208
Town Sports International Holdings*	19,300		388
Universal Electronics*	9,200		308
Wolverine World Wide	15,400		447

			5,341

Consumer Staples — 3.5%
BJ’s Wholesale Club*	5,200		197
Boston Beer, Cl A*#	6,600		253
Central European Distribution*	7,100		245
Hain Celestial Group*	13,200		377
J&J Snack Foods	9,200		362
Ralcorp Holdings*#	4,200		244

			1,678

Energy — 6.5%
Atlas America	12,150		603
Copano Energy LLC#	7,200		315
Hanover Compressor*#	35,000		875
Rosetta Resources*#	11,300		276
Sunoco Logistics Partners#	3,300		201
Targa Resources Partners LP	12,900		429
Williams Partners#	9,200		448

			3,147

Financials — 14.2%
Ares Capital#	34,100		632
Asta Funding#	18,500		781
Banco Latinoamericano de Exportaciones SA, Cl E	12,100		226
BRT Realty Trust REIT	6,000		176
Capital Southwest#	1,700		294
Capital Trust, Cl A REIT	16,800		747
DiamondRock Hospitality REIT#	36,700		768
Hercules Technology Growth Capital	19,900		288
Hersha Hospitality Trust REIT	34,700		421
Kite Realty Group Trust REIT	24,100		512
KKR Financial Holdings LLC REIT	7,900		212
Primus Guaranty*	15,200		179
SVB Financial Group*	4,400		234
Technology Investment Capital#	13,200		227
Thomas Properties Group	10,800		182
Tower Group	6,500		206
WP Carey & Co. LLC	6,800		231
Zenith National Insurance	11,700		566

			6,882

Healthcare — 10.8%
Axcan Pharma*#	25,300		475
HealthExtras*	21,900		666
Integra LifeSciences Holdings*	10,000	$	513
inVentiv Health*	19,340		728
MWI Veterinary Supply*	4,800		185
Orthofix International NV*	7,800		369
Parexel International*	5,800		233
Sciele Pharma*#	7,300		181
Viasys Healthcare*	17,200		739
WellCare Health Plans*#	4,540		418
West Pharmaceutical Services	13,600		692

			5,199

Industrials — 19.3%
Armor Holdings*#	4,400		378
Baldor Electric	5,500		255
Barnes Group	19,100		563
Genco Shipping & Trading#	12,700		483
GrafTech International*	65,600		1,016
Grupo Aeroportuario del Pacifico SA de CV, ADR	3,900		192
Huron Consulting Group*	10,800		740
Infrasource Services*#	19,100		691
Integrated Electrical Services*	8,900		236
Kaydon	5,900		285
Layne Christensen*#	20,400		918
Macquarie Infrastructure Trust#	4,400		196
Orbital Sciences*#	21,800		449
Perini*	10,900		600
Resources Connection*#	7,200		232
Skywest	18,700		515
Triumph Group#	5,400		357
Ultrapetrol Bahamas*	9,000		207
Watson Wyatt Worldwide, Cl A	19,300		995

			9,308

Information Technology — 14.0%
Arris Group*	15,500		255
Atheros Communications*	26,000		757
Brocade Communications Systems*	57,200		525
Brooks Automation*	14,300		253
Comtech Telecommunications*	14,500		649
LoopNet*	13,600		279
MKS Instruments*	25,800		703
Smart Modular Technologies*	46,900		672
THQ*	11,700		399
TIBCO Software*	68,600		619
ValueClick*	18,140		568
Verigy*	17,600		503
Viasat*	17,100		554

			6,736

Materials — 5.9%
Aptargroup	21,400		804
Chaparral Steel	9,900		725
Haynes International*	3,100		275
Kaiser Aluminum*	2,800		214
Rock-Tenn, Cl A	12,700		443
RTI International Metals*	4,600		408

			2,869

Telecommunication Services — 3.4%
Alaska Communications Systems Group#	16,900		267
Centennial Communications*	19,200		196
Dobson Communications, Cl A*	38,100		405


	Number of Shares		Value (000)
COMMON STOCKS — continued
Telecommunication Services — continued
NTELOS Holdings		11,900	$	300
Premiere Global Services*		38,300		485

				1,653

Utilities — 7.0%
AGL Resources		18,930		807
El Paso Electric*		27,500		748
Empire District Electric#		11,200		264
Otter Tail#		12,500		409
South Jersey Industries		7,900		307
Suburban Propane Partners		10,800		524
Westar Energy		13,000		345

				3,404

Total Common Stocks (Cost $41,108)				46,217

EXCHANGE TRADED FUND — 3.1%
iShares Russell 2000^{^®}Index Fund# (Cost $1,440)		18,000		1,516

AFFILIATED MONEY MARKET FUND — 1.1%
Allegiant Money Market Fund, Class I† (Cost $553)		552,724		553

Total Investments Before Collateral for Loaned Securities – 99.9% (Cost $43,101)				48,286

	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 19.2%
Commercial Paper†† — 0.9%
Autobahn Funding
5.320%, 06/15/07	$	232		231
5.330%, 06/22/07		46		46
Hubbell
5.380%, 06/01/07		93		93
Queens Health Systems
5.330%, 06/26/07		85		85

				455

Master Notes — 5.4%
Bank of America
5.370%, 06/01/07		813		813
Bear Stearns
5.510%, 06/06/07		882		882
JPMorgan Securities
5.390%, 06/15/07		882		882

				2,577

Medium Term Notes — 2.2%
Liquid Funding LLC
5.360%, 11/30/07(A)		255		255
5.340%, 06/11/08(A)		232		232
Morgan Stanley Dean Witter
5.380%, 07/19/07(A)		372		371
5.430%, 02/15/08(A)		93		93
5.400%, 04/02/08(A)		93		93

				1,044

Repurchase Agreements — 10.7%
Bank of America
5.370%, 06/01/07		33		34
Bear Stearns
5.410%, 06/01/07		1,393		1,393
Lehman Brothers
5.360%, 06/01/07		3,748		3,748

				5,175

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $9,251)‡				9,251

TOTAL INVESTMENTS — 119.1% (Cost $52,352)**				57,537

Other Assets & Liabilities — (19.1)%
Investment Advisory Fees Payable				(28	)
12b-1 Fees Payable Class I				(1	)
Administration Fees Payable				(2	)
Custody Fees Payable				(2	)
Payable for Collateral for Loaned Securities				(9,251	)
Other				44

Total Other Assets & Liabilities				(9,240	)

TOTAL NET ASSETS — 100.0%			$	48,297

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	44,394
Undistributed Net Investment Income				140
Accumulated Net Realized Loss on Investments				(1,422	)
Net Unrealized Appreciation on Investments				5,185

Total Net Assets			$	48,297

Net Asset Value, Offering and Redemption Price Per Share — Class I ($47,649,327 ÷ 3,860,138 outstanding shares of beneficial interest)			$	12.34

Net Asset Value and Redemption Price Per Share — Class A ($647,673 ÷ 52,631 outstanding shares of beneficial interest)			$	12.31

Maximum Offering Price Per Share — Class A ($ 12.31 ÷ 94.50%)			$	13.03

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $52,379.


Gross unrealized appreciation (000)	$	5,594
Gross unrealized depreciation (000)		(436	)

Net unrealized appreciation (000)	$	5,158

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $8,878.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

ADR

— American Depository Receipt

— Class

LLC

— Limited Liability Company

REIT

— Real Estate Investment Trust

See Notes to Financial Statements.

Allegiant Multi - Factor Small Cap Focused Value Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
COMMON STOCKS — 98.1%
Consumer Discretionary — 10.3%
Asbury Automotive Group#		3,600	$	98
FTD Group#		4,200		74
Gymboree*		6,550		293
Perry Ellis International*		3,500		110
Wolverine World Wide#		6,900		200

				775

Consumer Staples — 10.9%
Del Monte Foods		15,800		190
NBTY*		4,600		241
Performance Food Group*#		7,400		263
Seaboard#		54		120

				814

Energy — 5.0%
Grey Wolf*		33,100		262
USEC*		4,850		112

				374

Financials — 27.5%
American Equity Investment Life Holding#		14,200		170
Arch Capital Group*#		1,700		122
Central Pacific Financial		4,100		139
Citizens Banking		1,197		23
Delphi Financial Group, Cl A		5,700		245
DiamondRock Hospitality REIT		7,000		147
FelCor Lodging Trust REIT		7,400		194
First Regional Bancorp*		1,300		33
Glacier Bancorp		7,050		151
Inland Real Estate REIT#		5,000		90
Meadowbrook Insurance Group*		11,100		121
MI Developments, Cl A		2,900		113
Nara Bancorp#		5,200		84
NorthStar Realty Finance REIT#		7,600		110
Ocwen Financial*#		9,200		130
Piper Jaffray*		900		60
Southwest Bancorp		750		18
United Bankshares#		3,400		115

				2,065

Healthcare — 9.3%
AMERIGROUP*		3,250		83
Amsurg*		3,100		76
Apria Healthcare Group*		4,700		136
Perrigo		9,200		180
Viropharma*#		4,600		67
West Pharmaceutical Services		3,100		158

				700

Industrials — 15.2%
Accuride*		12,300		193
Korn/Ferry International*		8,900		232
Lennox International		7,448		255
Pinnacle Airlines*#		9,300		168
URS*		3,900		196
Viad#		2,100		93

				1,137

Information Technology — 10.5%
Agilysys		8,000		174
Arris Group*		18,200		299
LoJack*#		5,800		128
MPS Group*		13,700		188

				789

Materials — 2.6%
Commercial Metals		2,600		91
PolyOne*		14,400		103

				194

Telecommunication Services — 2.6%
CT Communications		6,100		192

Utilities — 4.2%
El Paso Electric*		6,237		170
WGL Holdings		4,100		144

				314

Total Common Stocks (Cost $ 6,472)				7,354

AFFILIATED MONEY MARKET FUND — 1.4%
Allegiant Money Market Fund, Class I† (Cost $ 109)		108,845		109

Total Investments Before Collateralfor Loaned Securities – 99.5% (Cost $ 6,581)				7,463

	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 24.0%
Commercial Paper†† — 1.2%
Autobahn Funding
5.320%, 06/15/07	$	45		45
5.330%, 06/22/07		9		9
Hubbell
5.380%, 06/01/07		18		18
Queens Health Systems
5.330%, 06/26/07		17		17

				89

Master Notes — 6.7%
Bank of America
5.370%, 06/01/07		158		158
Bear Stearns
5.510%, 06/06/07		172		172
JPMorgan Securities
5.390%, 06/15/07		172		172

				502

Medium Term Notes — 2.7%
Liquid Funding LLC
5.360%, 11/30/07 (A)		50		50
5.340%, 06/11/08 (A)		45		45
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		72		72
5.430%, 02/15/08 (A)		18		18
5.400%, 04/02/08 (A)		18		18

				203


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Repurchase Agreements — 13.4%
Bank of America
5.360%, 06/01/07	$	6	$	6
Bear Stearns
5.410%, 06/01/07		271		271
Lehman Brothers
5.360%, 06/01/07		729		729

				1,006

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $1,800)‡				1,800

TOTAL INVESTMENTS — 123.5% (Cost $8,381)**				9,263

Other Assets & Liabilities — (23.5)%
Investment Advisory Fees Payable				(4	)
12b-1 Fees Payable
Class I				(1	)
Custody Fees Payable				(1	)
Payable for Collateral for Loaned Securities				(1,800	)
Other				42

Total Other Assets & Liabilities				(1,764	)

TOTAL NET ASSETS — 100.0%			$	7,499

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	6,443
Undistributed Net Realized Gain on Investments				174
Net Unrealized Appreciation on Investments				882

Total Net Assets			$	7,499

Net Asset Value, Offering and Redemption Price Per Share — Class I ($7,064,367 ÷ 598,463 outstanding shares of beneficial interest)			$	11.80

Net Asset Value and Redemption Price Per Share — Class A ($280,362 ÷ 23,852 outstanding shares of beneficial interest)			$	11.75

Maximum Offering Price Per Share — Class A ($11.75 ÷ 94.50%)			$	12.43

Net Asset Value and Redemption Price Per Share — Class C ($154,302 ÷ 12,979 outstanding shares of beneficial interest)			$	11.89

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $8,381.


Gross unrealized appreciation (000)	$	1,045
Gross unrealized depreciation (000)		(163	)

Net unrealized appreciation (000)	$	882

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $1,724.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

Cl — Class

LLC — Limited Liability Company

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

Allegiant Multi-Factor Small Cap Growth Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — 98.5%
Consumer Discretionary — 14.1%
Aeropostale*	2,100	$	97
Applebee’s International	2,000		53
Asbury Automotive Group	1,800		49
Capella Education*	900		39
CROCS*#	500		41
DeVry	3,000		101
Fossil*	1,000		31
Jos. A. Bank Clothiers*	410		17
NutriSystem*	500		33
Perry Ellis International*	1,400		44
Priceline.com*#	1,000		62
Steiner Leisure*	1,350		68
Texas Roadhouse, Cl A*	4,200		58
Town Sports International Holdings*	2,700		54
Universal Electronics*	2,300		77
Zumiez*#	1,900		73

			897

Consumer Staples — 3.3%
Chattem*#	1,400		89
Universal	1,900		121

			210

Energy — 7.4%
Atlas America	3,000		149
ATP Oil & Gas*#	1,400		63
Complete Production Services*	1,300		35
Eagle Rock Energy Partners LP	587		14
Frontier Oil	1,280		52
Markwest Hydrocarbon	1,100		65
Sunoco Logistics Partners#	700		43
T-3 Energy Services Inc*	1,700		50

			471

Financials — 5.8%
Amerisafe*	3,300		61
Capital Trust, Cl A REIT	1,000		44
International Securities Exchange Holdings#	1,600		104
National Retail Properties REIT	2,400		58
Potlatch REIT	1,000		44
PS Business Parks REIT	800		54

			365

Healthcare — 17.5%
Cubist Pharmaceuticals*	5,800		133
Digene*	1,300		58
HealthExtras*	2,102		64
Hologic*#	600		33
Immucor*	2,100		66
inVentiv Health*	2,500		94
Lifecell*#	3,500		99
Medical Action Industries*	2,200		44
Micrus Endovascular*	2,800		60
Omnicell*	3,000		68
Omrix Biopharmaceuticals*	800		27
Parexel International*	1,300		52
Ventana Medical Systems*	1,180		61
Viasys Healthcare*	3,200		137
Viropharma*	2,500		36
Volcano*	1,600		32
WellCare Health Plans*#	500		46

			1,110

Industrials — 17.6%
Barnes Group	3,200		94
Ceradyne*	1,700		115
Cornell*	2,000		48
Dynamic Materials*	3,700		134
Genesee & Wyoming, Cl A*	2,400		78
GrafTech International*	9,900		153
Heartland Express	1		—
Heico#	1,300		56
Kaydon	1,500		72
Kenexa*	1,000		39
Layne Christensen*	2,700		122
Republic Airways Holdings*	3,400		79
Waste Connections*	990		31
Watson Wyatt Worldwide, Cl A	1,900		98

			1,119

Information Technology — 25.3%
ANSYS*	630		35
Atheros Communications*	2,400		70
Brocade Communications Systems*	7,100		65
CommScope*	700		38
Cybersource*	3,600		47
Diodes*	1,500		56
FEI*	1,500		56
Flir Systems*	2,500		103
Hittite Microwave*	1,100		45
Ibasis*	3,400		35
Informatica*	5,750		88
InterDigital Communications*	2,300		75
j2 Global Communications*	2,700		90
OYO Geospace*	1,100		83
Smart Modular Technologies*	7,500		107
SPSS*	1,800		79
Tessera Technologies*	2,300		105
THQ*	1,700		58
Trident Microsystems*	2,500		51
ValueClick*	3,400		107
Verigy*	2,400		69
Viasat*	2,500		81
Vocus*	2,500		60

			1,603

Materials — 3.8%
Airgas	1,410		60
Aptargroup	800		30
Kaiser Aluminum*	700		53
Rock-Tenn, Cl A	900		32
RTI International Metals*	700		62

			237

Telecommunication Services — 1.9%
Dobson Communications, Cl A*	9,000		96
Golden Telecom	500		26

			122

Utilities — 1.8%
Suburban Propane Partners	1,000		48


	Number of Shares		Value (000)
COMMON STOCKS — continued
Utilities — continued
Westar Energy		2,600	$	69

				117

Total Common Stocks (Cost $5,388)				6,251

EXCHANGE TRADED FUND — 0.1%
iShares Russell 2000^{^®}Index Fund# (Cost $8)		100		9

AFFILIATED MONEY MARKET FUND — 0.9%
Allegiant Money Market Fund, Class I† (Cost $55)		55,328		55

Total Investments Before Collateralfor Loaned Securities – 99.5% (Cost $5,451)				6,315


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 12.5%
Commercial Paper†† — 0.6%
Autobahn Funding
5.320%, 06/15/07	$	20		20
5.330%, 06/22/07		4		4
Hubbell
5.380%, 06/01/07		8		8
Queens Health Systems
5.330%, 06/26/07		8		7

				39

Master Notes — 3.5%
Bank of America
5.370%, 06/01/07		70		70
Bear Stearns
5.510%, 06/06/07		76		76
JPMorgan Securities
5.390%, 06/15/07		76		76

				222

Medium Term Notes — 1.4%
Liquid Funding LLC
5.360%, 11/30/07(A)		22		22
5.340%, 06/11/08(A)		20		20
Morgan Stanley Dean Witter
5.380%, 07/19/07(A)		32		32
5.430%, 02/15/08(A)		8		8
5.400%, 04/02/08(A)		8		8

				90

Repurchase Agreements — 7.0%
Bank of America
5.360%, 06/01/07		3		3
Bear Stearns
5.410%, 06/01/07		120		120
Lehman Brothers
5.360%, 06/01/07		323		322

				445

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $796)‡				796

TOTAL INVESTMENTS — 112.0% (Cost $6,247)**				7,111

Other Assets & Liabilities — (12.0)%
Investment Advisory Fees Payable				(1	)
12b-1 Fees Payable
Custody Fees Payable				(1	)
Payable for Collateral for Loaned Securities				(796	)
Payable for Investments Purchased				(226	)
Other				261

Total Other Assets & Liabilities				(763	)

TOTAL NET ASSETS — 100.0%			$	6,348

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	5,367
Undistributed Net Realized Gain on Investments				117
Net Unrealized Appreciation on Investments				864

Total Net Assets			$	6,348

Net Asset Value, Offering and Redemption Price Per Share — Class I ($6,312,237 ÷ 535,759 outstanding shares of beneficial interest)			$	11.78

Net Asset Value and Redemption Price Per Share — Class A ($35,310 ÷ 3,007 outstanding shares of beneficial interest)			$	11.74

Maximum Offering Price Per Share — Class A ($11.74 ÷ 94.50%)			$	12.42

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $6,248.


Gross unrealized appreciation (000)	$	938
Gross unrealized depreciation (000)		(75	)

Net unrealized appreciation (000)	$	863

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $772.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

Cl — Class

LLC — Limited Liability Company

LP — Limited Partnership

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

Allegiant Multi - Factor Small Cap Value Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — 97.7%
Consumer Discretionary — 15.3%
Aeropostale*	17,150	$	794
Asbury Automotive Group#	335,461		9,151
Building Material Holding#	58,250		892
CEC Entertainment*#	52,670		2,039
Charlotte Russe Holding*#	97,100		2,704
Charming Shoppes*#	631,355		7,867
FTD Group#	153,550		2,723
Group 1 Automotive#	174,350		7,358
Gymboree*	39,800		1,779
Helen of Troy*	200,500		5,474
Maidenform Brands*	275,459		5,162
Oxford Industries#	86,380		3,933
Perry Ellis International*	185,750		5,821
RC2*#	233,452		10,491
Regis#	226,800		9,043
Shoe Carnival*	111,500		3,265
Sonic Automotive, Cl A#	70,100		2,182
Stride Rite#	193,050		3,890
United Retail Group*	115,100		1,380
Wolverine World Wide#	264,850		7,689

			93,637

Consumer Staples — 6.3%
Chattem*#	169,550		10,795
Nash Finch#	41,240		1,940
NBTY*	106,400		5,589
Performance Food Group*#	288,500		10,242
Prestige Brands Holdings*#	289,250		3,804
Seaboard#	2,925		6,488

			38,858

Energy — 4.3%
Double Hull Tankers	112,461		1,788
Grey Wolf*	1,075,900		8,521
Oceaneering International*	77,430		3,875
Sabine Royalty Trust#	23,450		1,008
USEC*	293,200		6,773
Vaalco Energy*#	880,143		4,216

			26,181

Financials — 29.3%
Agree Realty REIT#	31,950		1,118
American Equity Investment Life Holding#	459,700		5,512
Amerisafe*	317,500		5,871
Ashford Hospitality Trust REIT#	375,481		4,660
Assured Guaranty	189,550		5,607
Bancfirst#	20,100		868
BioMed Realty Trust REIT#	173,004		4,854
Chittenden#	53,850		1,570
Citizens Republic Bancorp	38,168		727
City Holding#	46,052		1,755
Corporate Office Properties Trust REIT#	176,748		7,963
Delphi Financial Group, Cl A#	215,250		9,243
Digital Realty Trust REIT#	224,889		9,130
Downey Financial#	17,550		1,277
EMC Insurance Group	88,350		2,240
FBL Financial Group, Cl A#	44,800		1,724
First Citizens BancShares, Cl A	5,150		998
First Niagara Financial Group#	594,127		8,151
First Potomac Realty Trust REIT#	133,605		3,340
First Regional Bancorp*	52,250		1,342
Glacier Bancorp#	241,803		5,175
Hanmi Financial	301,900		5,274
Highland Hospitality REIT#	307,591		5,927
Intervest Bancshares*	73,450		1,819
Meadowbrook Insurance Group*	332,534		3,631
Nara Bancorp#	171,200		2,749
National Penn Bancshares#	101,800		1,857
Navigators Group*#	71,700		3,550
NBT Bancorp#	82,050		1,854
NewAlliance Bancshares#	178,626		2,879
NorthStar Realty Finance REIT	197,192		2,842
Ocwen Financial*#	497,265		7,041
Piper Jaffray*	128,150		8,573
Primus Guaranty*#	144,150		1,701
Procentury	41,366		788
SeaBright Insurance Holdings*#	181,200		3,242
Senior Housing Properties Trust REIT#	261,050		6,135
South Financial Group	203,993		4,855
Southwest Bancorp	74,400		1,828
Sterling Bancshares#	653,455		7,508
Sterling Financial#	186,200		5,631
Sun Bancorp*#	41,292		735
Taylor Capital Group	45,800		1,381
Tower Group#	100,679		3,187
United America Indemnity*	264,214		6,603
Washington Real Estate Investment Trust REIT#	64,350		2,419
Zenith National Insurance	51,850		2,508

			179,642

Healthcare — 9.5%
AMERIGROUP*	102,350		2,610
Amsurg*#	47,650		1,173
Apria Healthcare Group*#	181,300		5,250
Aspreva Pharmaceuticals*#	194,235		3,914
Edwards Lifesciences*	117,750		5,911
Emergency Medical Services*#	101,100		3,524
Healthspring*	104,550		2,553
HealthTronics*	264,150		1,268
inVentiv Health*#	152,950		5,760
LifePoint Hospitals*	70,300		2,853
Molina Healthcare*#	101,800		3,255
Perrigo	426,550		8,343
Res-Care*#	142,200		2,943
Rochester Medical*#	94,884		1,454
Viropharma*#	522,350		7,569

			58,380

Industrials — 11.3%
Accuride*	209,350		3,291
Commercial Vehicle Group*	150,500		2,918
ExpressJet Holdings*#	913,000		5,651
First Consulting Group*	224,150		2,029
Freightcar America#	24,700		1,221
Hurco*#	66,950		3,198
Korn/Ferry International*	377,400		9,816
Labor Ready*#	365,696		8,777
Lennox International	171,400		5,870
M&F Worldwide*#	49,215		3,361
Pinnacle Airlines*#	286,700		5,175
Republic Airways Holdings*	75,869		1,773
Viad#	186,500		8,275


	Number of Shares		Value (000)
COMMON STOCKS — continued
Industrials — continued
Waste Connections*		250,520	$	7,721

				69,076
Information Technology — 11.3%
Actuate*#		317,900		1,971
Advanced Energy Industries*		266,400		6,537
Agilysys		168,450		3,659
Amkor Technology*#		430,550		6,122
Arris Group*		715,400		11,768
Ciber*#		326,800		2,912
Interwoven*#		118,550		1,776
Mantech International, Cl A*		176,300		5,638
MPS Group*		688,450		9,466
Perot Systems, Cl A*		132,300		2,260
Sybase*		145,870		3,510
TIBCO Software*#		600,000		5,412
TTM Technologies*#		565,781		6,257
Zygo*#		146,400		2,214

				69,502

Materials — 3.1%
Cleveland-Cliffs#		86,000		7,593
Gerdau Ameristeel#		271,050		4,239
Grupo Simec SAB de CV, ADR*#		106,405		1,429
Methanex		51,457		1,336
PolyOne*		657,350		4,687

				19,284

Telecommunication Services — 2.4%
CT Communications#		276,600		8,683
Premiere Global Services*#		483,220		6,122

				14,805

Utilities — 4.9%
AGL Resources		136,600		5,827
El Paso Electric*		247,100		6,724
Westar Energy#		321,650		8,527
WGL Holdings		248,000		8,747

				29,825

Total Common Stocks (Cost $521,243)				599,190

AFFILIATED MONEY MARKET FUND — 0.7%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $4,728)		4,728,423		4,728

Total Investments Before Collateral for Loaned Securities – 98.4% (Cost $525,971)				603,918


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 22.4%
Commercial Paper†† — 1.1%
Autobahn Funding
5.320%, 06/15/07	$	3,450		3,434
5.330%, 06/22/07		690		687
Hubbell
5.380%, 06/01/07		1,380		1,380
Queens Health Systems
5.330%, 06/26/07	$	1,260	$	1,254

				6,755

Master Notes — 6.3%
Bank of America
5.370%, 06/01/07		12,076		12,075
Bear Stearns
5.510%, 06/06/07		13,111		13,111
JPMorgan Securities
5.390%, 06/15/07		13,111		13,111

				38,297

Medium Term Notes — 2.5%
Liquid Funding LLC
5.360%, 11/30/07 (A)		3,795		3,794
5.340%, 06/11/08 (A)		3,450		3,450
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		5,520		5,520
5.430%, 02/15/08 (A)		1,380		1,380
5.400%, 04/02/08 (A)		1,380		1,380

				15,524

Repurchase Agreements — 12.5%
Bank of America
5.360%, 06/01/07		495		495
Bear Stearns
5.410%, 06/01/07		20,701		20,701
Lehman Brothers
5.360%, 06/01/07		55,694		55,694

				76,890

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $137,466)‡				137,466

TOTAL INVESTMENTS — 120.8% (Cost $663,437)**				741,384

Other Assets & Liabilities — (20.8)%
Investment Advisory Fees Payable				(522	)
12b-1 Fees Payable
Class I				(97	)
Class A				(43	)
Class B				(4	)
Class C				(4	)
Administration Fees Payable				(32	)
Custody Fees Payable				(7	)
Trustees’ Fees Payable				(58	)
Payable for Collateral for Loaned Securities				(137,466	)
Payable for Investments Purchased				(4,528	)
Payable for Shares of Beneficial Interest Redeemed				(1,914	)
Other				16,834

Total Other Assets & Liabilities				(127,841	)

TOTAL NET ASSETS — 100.0%			$	613,543

Allegiant Multi - Factor Small Cap Value Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	493,118
Undistributed Net Realized Gain on Investments and Futures		42,171
Net Unrealized Appreciation on Investments and Futures		78,254

Total Net Assets	$	613,543

Net Asset Value, Offering and Redemption Price Per Share — Class I ($414,786,071 ÷ 21,092,999 outstanding shares of beneficial interest)	$	19.66

Net Asset Value and Redemption Price Per Share — Class A ($172,928,406 ÷ 9,351,863 outstanding shares of beneficial interest)	$	18.49

Maximum Offering Price Per Share — Class A ($18.49 ÷ 94.50%)	$	19.57

Net Asset Value and Offering Price Per Share — Class B ($13,281,802 ÷ 773,137 outstanding shares of beneficial interest)	$	17.18

Net Asset Value and Offering Price Per Share — Class C ($12,547,028 ÷ 732,305 outstanding shares of beneficial interest)	$	17.13

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $664,854.


Gross unrealized appreciation (000)	$	97,874
Gross unrealized depreciation (000)		(21,344	)

Net unrealized appreciation (000)	$	76,530

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $132,331.

(A) Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

REIT — Real Estate Investment Trust

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
Russell Mini	68	$	5,463	06/15/07	$	307

Cash in the amount of $217,600 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets in an amount at least equal to the Notional Cost Amount of the open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

Allegiant S&P 500^® Index Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — 97.5%
Consumer Discretionary — 9.7%
Abercrombie & Fitch	696	$	58
Amazon.com*#	3,907		270
Apollo Group, Cl A*	1,050		50
AutoNation*	3,107		69
AutoZone*	364		47
Bed Bath & Beyond*	2,826		115
Best Buy	4,994		241
Big Lots*	1,544		49
Black & Decker	592		56
Brunswick	1,675		58
Carnival	6,265		316
CBS, Cl B	11,870		395
Centex	1,704		82
Circuit City Stores	2,091		34
Clear Channel Communications	7,026		270
Coach*	4,643		238
Comcast, Cl A*	44,041		1,207
Darden Restaurants	1,256		57
Dillard’s, Cl A	1,542		56
DIRECTV Group*	10,969		256
Dollar General	4,452		96
Dow Jones#	1,376		73
Eastman Kodak#	5,378		136
EW Scripps, Cl A	1,174		54
Family Dollar Stores	2,163		73
Federated Department Stores*	6,861		274
Ford Motor#	28,650		239
Fortune Brands	2,159		174
Gannett	3,606		212
Gap	7,461		138
General Motors#	8,572		257
Genuine Parts	2,865		147
Goodyear Tire & Rubber*#	3,586		127
H&R Block	2,700		64
Harley-Davidson#	3,009		184
Harman International Industries	587		70
Harrah’s Entertainment	2,640		226
Hasbro	2,296		74
Hilton Hotels	5,508		196
Home Depot	28,086		1,092
IAC/InterActiveCorp*	3,075		106
International Game Technology	3,785		152
Interpublic Group*	6,687		79
JC Penney	3,186		256
Johnson Controls	3,130		343
Jones Apparel Group	2,271		68
KB Home	1,096		50
Kohl’s*	4,122		310
Leggett & Platt	3,937		96
Lennar, Cl A#	1,968		90
Limited Brands	4,843		127
Liz Claiborne	871		30
Lowe’s	20,352		668
Marriott, Cl A	4,669		215
Mattel	5,568		156
McDonald’s	17,042		862
McGraw-Hill	4,708		331
Meredith	550		34
New York Times, Cl A#	2,932		74
Newell Rubbermaid	4,453		141
News	33,224		734
Nike, Cl B	4,814		273
Nordstrom	3,239		168
Office Depot*	3,926		143
OfficeMax	1,705		77
Omnicom Group	2,103		221
Polo Ralph Lauren	626		61
Pulte Homes	3,032		83
RadioShack	1,313		45
Sears Holdings*	1,177		212
Sherwin-Williams	1,592		108
Snap-On Tools	840		45
Stanley Works	1,439		91
Staples	9,320		234
Starbucks*	9,487		273
Starwood Hotels & Resorts Worldwide	3,042		219
Target	12,162		759
Tiffany	1,368		72
Time Warner	54,850		1,172
TJX	5,037		141
Tribune	804		26
VF	1,275		120
Viacom, Cl B*	9,801		440
Walt Disney	29,007		1,028
Wendy’s	1,228		49
Whirlpool	1,583		177
Wyndham Worldwide*	3,326		124
Yum! Brands	3,288		223

			19,336

Consumer Staples — 9.0%
Altria Group	29,717		2,113
Anheuser-Busch	10,121		540
Archer-Daniels-Midland	9,243		324
Avon Products	5,286		203
Brown-Forman, Cl B	802		55
Campbell Soup	2,455		97
Clorox	1,681		113
Coca-Cola	28,524		1,511
Coca-Cola Enterprises	5,626		131
Colgate-Palmolive	6,828		457
ConAgra Foods	8,221		210
Constellation Brands, Cl A*	3,009		73
Costco Wholesale	6,807		384
CVS	21,811		841
Dean Foods	1,839		60
Estee Lauder, Cl A	1,057		50
General Mills	4,887		299
H.J. Heinz	4,600		219
Hershey#	1,992		105
Kellogg	3,010		162
Kimberly-Clark	6,463		459
Kraft Foods	23,840		807
Kroger	11,538		350
McCormick & Company	1,285		48
Molson Coors Brewing	1,207		110
Pepsi Bottling Group	1,003		35
PepsiCo	22,815		1,559
Procter & Gamble	44,265		2,813
Reynolds American#	2,704		176
Safeway	7,099		245
Sara Lee	12,663		227
Supervalu	4,171		199
SYSCO	7,816		259
Tyson Foods, Cl A	5,325		119

Allegiant S&P 500^® Index Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — continued
Consumer Staples — continued
UST#	2,274	$	121
Walgreen	13,517		610
Wal-Mart Stores	34,206		1,628
Whole Foods Market#	1,991		82
Wm. Wrigley Jr.	2,604		153

			17,947

Energy — 10.1%
Anadarko Petroleum	6,558		326
Apache	4,687		378
Baker Hughes	4,534		374
BJ Services	3,206		94
Chesapeake Energy	5,798		202
Chevron	30,556		2,490
ConocoPhillips	23,879		1,849
Consol Energy	2,585		126
Devon Energy	6,294		483
El Paso	9,889		169
ENSCO International#	2,141		130
EOG Resources	3,455		266
ExxonMobil	80,297		6,678
Halliburton	12,941		465
Hess	4,418		262
Marathon Oil	5,257		651
Murphy Oil	1,937		114
Nabors Industries*	3,058		107
National Oilwell Varco*	2,205		208
Noble	1,747		161
Occidental Petroleum	11,868		652
Peabody Energy	3,748		203
Rowan	1,556		61
Schlumberger	16,689		1,300
Smith International#	2,219		123
Spectra Energy	8,891		237
Sunoco	1,718		137
TransOcean*#	4,148		408
Valero Energy	7,789		581
Weatherford International*	4,789		260
Williams	8,467		269
XTO Enegy	5,211		302

			20,066

Financials — 20.9%
ACE	5,260		324
AFLAC	6,965		368
Allstate	9,323		573
Ambac Financial Group	1,043		93
American Express	16,545		1,075
American International Group	36,487		2,639
Ameriprise Financial	3,388		213
AON#	4,225		181
Apartment Investment & Management, Cl A REIT	1,381		76
Archstone-Smith Trust REIT	3,121		193
Assurant#	1,431		85
AvalonBay Communities REIT#	1,123		146
Bank of America	63,854		3,238
Bank of New York	10,705		434
BB&T	7,675		323
Bear Stearns	1,783		267
Boston Properties REIT	1,685		195
Capital One Financial	5,348		427
CB Richard Ellis Group, Cl A*	2,664		99
Charles Schwab	14,544		327
Chicago Mercantile Exchange Holdings	416		221
Chubb	6,183		339
Cincinnati Financial	3,338		152
CIT Group	3,253		195
Citigroup	69,989		3,814
Comerica	2,783		175
Commerce Bancorp#	1,801		62
Compass Bancshares	1,846		129
Countrywide Financial	7,107		277
Developers Diversified Realty REIT#	1,795		111
ETrade Financial	6,049		145
Equity Residential REIT	4,164		211
Fannie Mae	14,171		906
Federated Investors, Cl B	652		25
Fifth Third Bancorp	7,877		334
First Horizon National#	1,774		71
Franklin Resources	2,371		322
Freddie Mac	9,814		655
Genworth Financial, Cl A	7,015		253
Goldman Sachs	5,825		1,345
Hartford Financial Services	4,864		502
Host Hotels & Resorts REIT	7,374		188
Hudson City Bancorp	7,032		93
Huntington Bancshares#	3,335		75
Janus Capital Group	2,707		75
JPMorgan Chase	49,911		2,587
KeyCorp#	5,606		200
Kimco Realty REIT	3,201		148
Legg Mason	1,862		188
Lehman Brothers Holdings	7,450		547
Lincoln National	4,349		315
Loews	6,387		326
M&T Bank	1,092		121
Marsh & McLennan	7,828		257
Marshall & Ilsley	3,621		174
MBIA	1,908		127
Mellon Financial	5,890		255
Merrill Lynch	12,523		1,161
MetLife	10,658		725
MGIC Investment#	1,184		77
Moody’s#	2,655		185
Morgan Stanley	15,075		1,282
National City#	8,453		292
Northern Trust	2,670		174
Plum Creek Timber REIT	2,559		107
PNC Financial Services Group	5,230		386
Principal Financial Group	3,793		231
Progressive	8,443		195
Prologis REIT	3,628		235
Prudential Financial	6,641		677
Public Storage REIT	1,737		155
Regions Financial	10,362		370
Safeco#	1,871		117
Simon Property Group REIT	3,138		339
SLM	5,107		287
Sovereign Bancorp	5,113		119
State Street	4,727		323
SunTrust Banks	5,031		449
Synovus Financial	4,625		153
T. Rowe Price Group	3,757		193
Torchmark	1,398		98


	Number of Shares	Value (000)
COMMON STOCKS — continued
Financials — continued
Travelers	10,291	$	557
U.S. Bancorp	25,664		887
Unum Group#	7,004		186
Vornado Realty Trust REIT	1,846		223
Wachovia	27,596		1,495
Washington Mutual#	13,684		598
Wells Fargo	48,294		1,743
XL Capital, Cl A#	3,293		269
Zions Bancorp	1,557		125

			41,609

Healthcare — 11.5%
Abbott Laboratories	21,956		1,237
Aetna	7,341		389
Allergan	2,048		255
AmerisourceBergen	3,603		185
Amgen*	16,530		931
Applied Biosystems Group - Applera	2,234		63
Barr Pharmaceuticals*	821		44
Bausch & Lomb	766		52
Baxter International	9,202		523
Becton Dickinson	3,461		264
Biogen Idec*	4,885		255
Biomet	2,545		111
Boston Scientific*	15,072		236
Bristol-Myers Squibb	29,427		892
C.R. Bard	1,462		123
Cardinal Health	5,158		374
Celgene*#	5,340		327
CIGNA	1,390		233
Coventry Healthcare*	2,259		135
Eli Lilly	14,038		823
Express Scripts*	1,995		204
Forest Laboratories*	3,604		183
Genzyme*	3,421		221
Gilead Sciences*	6,540		541
Hospira*	2,239		89
Humana*	1,999		124
IMS Health	1,627		53
Johnson & Johnson	40,753		2,578
King Pharmaceuticals*	3,470		74
Laboratory Corp. of America Holdings*#	1,494		118
Manor Care	1,042		71
McKesson	4,992		315
Medco Health Solutions*	4,418		343
Medimmune*	3,373		195
Medtronic#	15,771		839
Merck	30,828		1,617
Millipore*#	534		40
Mylan Laboratories	2,006		40
Patterson*	1,038		39
PerkinElmer	1,733		46
Pfizer	100,452		2,761
Quest Diagnostics#	1,492		73
Schering-Plough	21,169		693
St Jude Medical*	3,965		169
Stryker	3,516		237
Tenet Healthcare*#	6,689		46
Thermo Fisher Scientific*	5,976		326
UnitedHealth Group	18,347		1,005
Varian Medical Systems*	974		39
Waters*	1,416		85
Watson Pharmaceuticals*	1,445		45
WellPoint*	8,720		710
Wyeth Pharmaceuticals	18,704		1,082
Zimmer Holdings*	3,375		297

			22,750

Industrials — 11.0%
3M	10,393		914
Allied Waste Industries*	5,473		74
American Standard	1,835		110
Avery Dennison	1,307		85
Boeing	11,177		1,124
Burlington Northern Santa Fe	5,083		473
C.H. Robinson Worldwide	1,854		100
Caterpillar	9,145		719
Cintas	1,445		55
Cooper Industries, Cl A	2,584		139
CSX	6,186		281
Cummins	1,962		185
D. R. Horton	2,031		48
Danaher	2,975		219
Deere	3,213		387
Dover	2,899		145
Eaton	2,071		194
Emerson Electric	11,299		547
Equifax	1,764		74
FedEx	4,349		485
Fluor	1,246		130
General Dynamics	5,337		428
General Electric	145,615		5,472
Goodrich	2,084		124
Honeywell International	11,327		656
Illinois Tool Works	5,856		309
Ingersoll-Rand, Cl A	4,358		224
ITT Industries	2,136		144
L-3 Communications Holdings	1,327		126
Lockheed Martin	5,025		493
Masco	6,130		185
Monster Worldwide*	1,832		87
Norfolk Southern	5,622		325
Northrop Grumman	5,447		412
PACCAR	3,819		333
Pall	1,755		79
Parker Hannifin	1,640		166
Pitney Bowes	2,626		125
Precision Castparts	1,954		234
Raytheon	6,643		369
Robert Half	2,396		84
Rockwell Automation	2,346		160
Rockwell Collins	1,855		131
RR Donnelley & Sons	4,191		180
Ryder System	1,548		84
Southwest Airlines	11,165		160
Terex*	1,453		123
Textron	1,774		190
Tyco International	27,999		934
Union Pacific	4,014		484
United Parcel Service, Cl B	15,102		1,087
United Technologies	13,754		970
W.W. Grainger	1,022		90
Waste Management	7,954		308

			21,764

Allegiant S&P 500^® Index Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — continued
Information Technology — 14.5%
ADC Telecommunications*	1,707	$	29
Adobe Systems*	7,612		335
Advanced Micro Devices*#	7,858		112
Affiliated Computer Services, Cl A*	765		45
Agilent Technologies*	5,716		218
Altera	5,049		115
Analog Devices	4,726		171
Apple Computer*	12,205		1,484
Applied Materials	19,781		378
Autodesk*	2,989		136
Automatic Data Processing	7,383		367
Avaya*	6,468		103
BMC Software*	2,892		96
Broadcom, Cl A*	6,677		204
CA	5,825		155
Ciena*	1,190		41
Cisco Systems*	84,611		2,278
Citrix Systems*	1,597		54
Cognizant Technology Solutions, Cl A*	1,728		136
Computer Sciences*	2,980		165
Compuware*	4,626		53
Convergys*	1,943		50
Corning*	22,228		556
Dell*	30,723		825
eBay*	16,090		524
Electronic Arts*	3,626		177
Electronic Data Systems	7,777		224
EMC*	29,852		504
Fidelity National Information Services	1,991		107
First Data	9,039		296
Fiserv*	1,681		100
Google, Cl A*	3,083		1,535
Hewlett-Packard	37,900		1,732
Intel	81,664		1,810
International Business Machines	21,063		2,245
Intuit*	3,164		96
Jabil Circuit	1,943		45
JDS Uniphase*#	2,977		39
Juniper Networks*	8,061		197
KLA-Tencor	2,600		143
Lexmark International, Cl A*	899		47
Linear Technology#	3,600		129
LSI Logic*	10,952		95
Maxim Integrated Products	4,541		140
MEMC Electronic Materials*	3,175		193
Micron Technology*#	11,731		143
Microsoft	122,026		3,743
Molex	1,999		59
Motorola	33,849		616
National Semiconductor	2,973		80
NCR*	2,535		136
Network Appliance*	4,693		151
Novell*	4,826		38
Novellus Systems*	1,794		55
NVIDIA*	4,016		139
Oracle*	54,924		1,064
Paychex	4,179		169
PMC-Sierra*	3,026		23
QLogic*	1,195		20
Qualcomm	22,847		981
SanDisk*#	2,638		115
Sanmina*	10,167		36
Solectron*	23,110		79
Sun Microsystems*	50,989		260
Symantec*	11,614		232
Tektronix	1,158		35
Tellabs*	6,230		68
Teradyne*#	2,676		46
Texas Instruments	20,440		723
Unisys*	5,091		42
VeriSign*	3,497		104
Western Union	10,931		245
Xerox*	13,438		254
Xilinx#	4,700		134
Yahoo!*	15,956		458

			28,732

Materials — 3.1%
Air Products & Chemicals	3,315		259
Alcoa	13,243		547
Allegheny Technologies	1,444		167
Ashland	1,431		86
Ball	744		41
Bemis	1,994		67
Dow Chemical	14,547		660
E.I. duPont de Nemours	13,086		685
Eastman Chemical	1,785		118
Ecolab	1,844		80
Freeport-McMoRan Copper & Gold#	5,634		443
Hercules*	1,661		31
International Flavors & Fragrances	674		35
International Paper	7,261		284
MeadWestvaco	3,967		139
Monsanto	7,696		474
Newmont Mining	5,894		240
Nucor	3,761		254
Pactiv*	1,242		42
PPG Industries	2,682		204
Praxair	4,247		289
Rohm & Haas	2,273		121
Sealed Air	2,301		74
Sigma-Aldrich	1,161		50
Temple-Inland	2,400		151
United States Steel	1,935		219
Vulcan Materials	1,345		161
Weyerhaeuser	3,549		291

			6,212

Telecommunication Services — 3.8%
Alltel	5,272		361
AT&T	89,345		3,693
CenturyTel	2,036		101
Citizens Communications	7,235		115
Embarq	2,717		175
Qwest Communications*#	22,211		228
Sprint Nextel	42,530		972
Verizon Communications	42,571		1,853
Windstream	8,701		131

			7,629

Utilities — 3.9%
AES*	8,551		203
Allegheny Energy*	2,346		125
Ameren	3,646		194
American Electric Power	6,397		305


	Number of Shares		Value (000)
COMMON STOCKS — continued
Utilities — continued
CenterPoint Energy		6,531	$	124
CMS Energy		5,182		95
Consolidated Edison		4,365		213
Constellation Energy Group		2,577		236
Dominion Resources		5,348		474
DTE Energy		2,675		141
Duke Energy#		19,284		377
Dynegy, Cl A*		9,488		92
Edison International		4,648		271
Entergy		3,030		342
Exelon		9,535		744
FirstEnergy		4,951		343
FPL Group		6,138		392
Integrys Energy Group		1,312		73
KeySpan		3,388		141
Nicor		1,156		54
NiSource		5,387		120
PG&E		5,591		275
Pinnacle West Capital		2,221		103
PPL		5,780		266
Progress Energy		4,390		220
Progress Energy CVO (A) (B)		2,575		—
Public Service Enterprise Group		4,017		357
Questar		978		106
Sempra Energy		4,221		259
Southern		11,619		418
TECO Energy		5,064		89
TXU		6,535		441
Xcel Energy		7,298		167

				7,760

Total Common Stocks (Cost $130,910)				193,805

EXCHANGE TRADED FUND — 1.0% iShares S&P 500^{^®}Index Fund# (Cost $1,944)		13,000		1,996

RIGHTS — 0.0%
Information Technology — 0.0%
Seagate (A) (B) (Cost $—)		5,934		—

AFFILIATED MONEY MARKET FUND — 1.6%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $3,118)		3,117,539		3,118

Total Investments Before Collateral for Loaned Securities – 100.1% (Cost $135,972)				198,919


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 3.4%
Commercial Paper†† — 0.2%
Autobahn Funding
5.320%, 06/15/07	$	168		167
5.330%, 06/22/07		34		33
Hubbell
5.380%, 06/01/07		67		67
Queens Health Systems
5.330%, 06/26/07		61		61

				328

Master Notes — 0.9%
Bank of America
5.370%, 06/01/07		588		588
Bear Stearns
5.510%, 06/06/07		638		638
JPMorgan Securities
5.390%, 06/15/07		638		638

				1,864

Medium Term Notes — 0.4%
Liquid Funding LLC
5.360%, 11/30/07 (C)		185		185
5.340%, 06/11/08 (C)		168		168
Morgan Stanley Dean Witter
5.380%, 07/19/07 (C)		269		269
5.430%, 02/15/08 (C)		67		67
5.400%, 04/02/08 (C)		67		67

				756

Repurchase Agreements — 1.9%
Bank of America
5.360%, 06/01/07		24		24
Bear Stearns
5.410%, 06/01/07		1,007		1,007
Lehman Brothers
5.360%, 06/01/07		2,710		2,710

				3,741

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $6,689)‡				6,689

TOTAL INVESTMENTS — 103.5% (Cost $142,661)**				205,608

Other Assets & Liabilities — (3.5)%
Investment Advisory Fees Payable				(33	)
12b-1 Fees Payable
Class I				(3	)
Class B				(1	)
Class C				(1	)
Administration Fees Payable				(10	)
Custody Fees Payable				(6	)
Trustees’ Fees Payable				(22	)
Payable for Collateral for Loaned Securities				(6,689	)
Payable for Investments Purchased				(421	)
Payable for Shares of Beneficial Interest Redeemed				(676	)
Other				936

Total Other Assets & Liabilities				(6,926	)

TOTAL NET ASSETS — 100.0%			$	198,682

Allegiant S&P 500^® Index Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	130,633
Undistributed Net Investment Income		492
Undistributed Net Realized Gain on Investments and Futures		4,559
Net Unrealized Appreciation on Investments and Futures		62,998

Total Net Assets	$	198,682

Net Asset Value, Offering and Redemption Price Per Share — Class I ($160,014,273 ÷ 12,219,388 outstanding shares of beneficial interest)	$	13.10

Net Asset Value and Redemption Price Per Share — Class A ($32,715,718 ÷ 2,505,236 outstanding shares of beneficial interest)	$	13.06

Maximum Offering Price Per Share — Class A ($13.06 ÷ 97.50%)	$	13.39

Net Asset Value and Offering Price Per Share — Class B ($4,057,448 ÷ 313,048 outstanding shares of beneficial interest)	$	12.96

Net Asset Value and Offering Price Per Share — Class C ($1,894,654 ÷ 145,899 outstanding shares of beneficial interest)	$	12.99

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $145,973.


Gross unrealized appreciation (000)	$	61,190
Gross unrealized depreciation (000)		(1,555	)

Net unrealized appreciation (000)	$	59,635

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $6,472.

(A)

Illiquid Security

(B)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees.

(C)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

Cl — Class

CVO — Contingent Value Obligation

LLC — Limited Liability Company

REIT — Real Estate Investment Trust

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (Depreciation) (000)
S&P 500^® Composite Index	7	$	2,632	06/15/07	$	51
S&P 500^® Composite Index	1		388	09/20/07		(1	)

		$	3,020		$	50

Cash in the amount of $112,000 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets in an amount at least equal to the Notional Cost Amount of the open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

Allegiant Small Cap Core Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
COMMON STOCKS — 97.1%
Consumer Discretionary — 20.4%
Ambassadors Group#		157,000	$	5,382
Bluegreen*#		252,400		3,014
Carter’s*		135,650		3,679
Dixie Group*		63,130		792
Genesco*#		55,270		2,893
Jackson Hewitt Tax Service#		94,800		2,868
Movado Group#		36,970		1,232
Penn National Gaming*		119,500		6,385
Pool#		71,100		2,911
Speedway Motorsports#		75,660		3,054
Steiner Leisure*		70,400		3,514
Strayer Education#		57,750		7,228
Thor Industries#		92,400		4,027

				46,979

Energy — 5.3%
Alliance Resource Partners LP#		74,200		3,256
Encore Acquisition*#		117,450		3,236
Oil States International*		145,100		5,649

				12,141

Financials — 20.8%
Affiliated Managers Group*#		40,900		5,325
Corus Bankshares#		178,500		3,247
Eaton Vance		62,400		2,739
First Marblehead#		100,845		3,758
FirstService*		148,500		5,091
Lazard, Cl A#		106,900		5,760
Montpelier Re Holdings#		168,800		3,097
Philadelphia Consolidated Holding*		49,700		2,048
Portfolio Recovery Associates#		146,200		8,655
Safety Insurance Group		61,010		2,540
Southwest Bancorp		77,300		1,899
United Fire & Casualty#		95,200		3,727

				47,886

Healthcare — 9.3%
Bio-Reference Labs*#		202,608		5,276
LCA-Vision#		107,360		4,858
Pharmaceutical Product Development		172,500		6,297
Syneron Medical*#		195,270		5,077

				21,508

Industrials — 15.7%
Esterline Technologies*#		144,300		6,566
Forward Air#		85,878		2,921
Franklin Electric#		26,000		1,225
Graco		56,870		2,277
Greenbrier#		51,400		1,621
IDEX		96,915		3,654
Labor Ready*		111,730		2,681
Marten Transport*#		174,770		3,383
Oshkosh Truck, Cl B#		86,500		5,336
Simpson Manufacturing#		71,600		2,386
Universal Forest Products#		83,500		4,015

				36,065

Information Technology — 22.1%
ANSYS*#		93,700		5,262
Broadridge Financial Solutions*		53,100		1,075
Comtech Telecommunications*		114,900		5,144
Cryptologic#		166,200		4,004
Digital River*		102,200		5,255
Flir Systems*#		120,200		4,971
j2 Global Communications*#		247,415		8,246
Perot Systems, Cl A*		175,400		2,996
Rofin-Sinar Technologies*#		104,900		7,081
Trimble Navigation*		237,400		6,930

				50,964

Materials — 3.5%
A.M. Castle & Co.#		64,350		2,381
Methanex#		88,700		2,303
Scotts Miracle-Gro#		74,400		3,425

				8,109

Total Common Stocks (Cost $ 173,029)				223,652

AFFILIATED MONEY MARKET FUND — 1.6%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $3,726)		3,726,199		3,726

Total Investments Before Collateralfor Loaned Securities – 98.7% (Cost $176,755)				227,378


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 39.7%
Commercial Paper†† — 1.9%
Autobahn Funding
5.320%, 06/15/07	$	2,294		2,283
5.330%, 06/22/07		459		457
Hubbell
5.380%, 06/01/07		918		917
Queens Health Systems
5.330%, 06/26/07		838		834

				4,491

Master Notes — 11.1%
Bank of America
5.370%, 06/01/07		8,029		8,029
Bear Stearns
5.510%, 06/06/07		8,717		8,717
JPMorgan Securities
5.390%, 06/15/07		8,717		8,718

				25,464

Medium Term Notes — 4.5%
Liquid Funding LLC
5.360%, 11/30/07 (A)		2,523		2,523
5.340%, 06/11/08 (A)		2,294		2,293
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		3,670		3,670
5.430%, 02/15/08 (A)		918		918
5.400%, 04/02/08 (A)		918		918

				10,322

Allegiant Small Cap Core Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Repurchase Agreements — 22.2%
Bank of America
5.370%, 06/01/07	$	329	$	329
Bear Stearns
5.410%, 06/01/07		13,764		13,764
Lehman Brothers
5.360%, 06/01/07		37,030		37,030

				51,123

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $91,400)‡				91,400

TOTAL INVESTMENTS — 138.4% (Cost $268,155)**				318,778

Other Assets & Liabilities — (38.4)%
Investment Advisory Fees Payable			$	(195	)
12b-1 Fees Payable
Class I				(29	)
Administration Fees Payable				(12	)
Custody Fees Payable				(3	)
Trustees’ Fees Payable				(6	)
Payable for Collateral for Loaned Securities				(91,400	)
Payable for Shares of Beneficial Interest Redeemed				(3,413	)
Other				6,563

Total Other Assets & Liabilities				(88,495	)

TOTAL NET ASSETS — 100.0%				230,283

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)				171,072
Undistributed Net Investment Income				69
Undistributed Net Realized Gain on Investments and Futures				8,374
Net Unrealized Appreciation on Investments and Futures				50,768

Total Net Assets			$	230,283

Net Asset Value, Offering and Redemption Price Per Share — Class I ($225,592,023 ÷ 16,416,469 outstanding shares of beneficial interest)			$	13.74

Net Asset Value and Redemption Price Per Share — Class A ($3,139,063 ÷ 230,423 outstanding shares of beneficial interest)			$	13.62

Maximum Offering Price Per Share — Class A ($13.62 ÷ 94.50%)			$	14.41

Net Asset Value and Offering Price Per Share — Class B ($538,213 ÷ 40,377 outstanding shares of beneficial interest)			$	13.33

Net Asset Value and Offering Price Per Share — Class C ($1,013,202 ÷ 75,932 outstanding shares of beneficial interest)			$	13.34

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $268,214.


Gross unrealized appreciation (000)	$	53,951
Gross unrealized depreciation (000)		(3,387	)

Net unrealized appreciation (000)	$	50,564

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $88,350.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

Cl — Class

LLC — Limited Liability Company

LP — Limited Partnership

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
Russell 2000^® Index	5	$	1,976	06/15/07	$	145

Cash in the amount of $80,000 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets in an amount at least equal to the Notional Cost Amount of the open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

Allegiant Small Cap Growth Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — 99.1%
Consumer Discretionary — 14.4%
Aeropostale*	11,800	$	546
Applebee’s International	11,400		299
Asbury Automotive Group	6,400		175
Capella Education*	5,200		227
CROCS*#	3,100		252
DeVry	17,400		585
Fossil*	5,700		178
Jos. A. Bank Clothiers*	2,259		95
NutriSystem*	2,700		177
Perry Ellis International*	8,100		254
Priceline.com*#	5,800		359
Steiner Leisure*	7,500		374
Texas Roadhouse, Cl A*	23,800		330
Town Sports International Holdings*	14,300		287
Universal Electronics*	13,000		435
Zumiez*#	10,700		413

			4,986

Consumer Staples — 3.4%
Chattem*#	7,900		503
Universal	10,600		674

			1,177

Energy — 7.7%
Atlas America	16,800		833
ATP Oil & Gas*#	7,600		345
Complete Production Services*	7,400		199
Eagle Rock Energy Partners LP	3,382		81
Frontier Oil	7,380		297
Markwest Hydrocarbon	6,500		387
Sunoco Logistics Partners#	4,200		256
T-3 Energy Services*	9,800		286

			2,684

Financials — 5.2%
Amerisafe*	18,300		338
Capital Trust, Cl A REIT	5,700		254
International Securities Exchange Holdings#	9,100		592
National Retail Properties REIT#	13,500		327
PS Business Parks REIT	4,350		292

			1,803

Healthcare — 16.9%
Cubist Pharmaceuticals*	32,800		753
Digene*	7,500		334
HealthExtras*	11,800		359
Hologic*#	3,600		195
Immucor*	11,975		378
inVentiv Health*	14,100		531
Lifecell*#	19,600		552
Medical Action Industries*	12,700		256
Micrus Endovascular*	15,600		334
Omnicell*	17,000		382
Omrix Biopharmaceuticals*	4,500		151
Parexel International*	7,600		306
Ventana Medical Systems*#	6,970		359
Viasys Health Care*	7,900		339
Viropharma*	14,200		206
Volcano*	9,400		190
WellCare Health Plans*#	2,800		258

			5,883

Industrials — 18.4%
Barnes Group	18,400		543
Ceradyne*	9,500		642
Cornell*	11,400		272
Dynamic Materials*#	21,000		761
Genesee & Wyoming, Cl A*	13,900		452
GrafTech International*	56,500		875
Heico#	7,300		313
Kaydon#	8,400		405
Kenexa*#	5,500		215
Layne Christensen*	15,400		693
Republic Airways Holdings*	19,400		453
Waste Connections*	5,720		176
Watson Wyatt Worldwide, Cl A	11,100		573

			6,373

Information Technology — 25.3%
ANSYS*#	3,280		184
Atheros Communications*	13,800		402
Brocade Communications Systems*	40,500		372
CommScope*	4,200		230
Cybersource*	20,200		265
FEI*	8,600		319
Flir Systems*	14,400		595
Hittite Microwave*	6,100		248
Ibasis*	19,400		201
Informatica*	32,840		501
InterDigital Communications*#	13,100		426
j2 Global Communications*#	15,100		503
OYO Geospace*	6,100		461
Smart Modular Technologies*	42,700		612
SPSS*	9,900		436
Tessera Technologies*	13,300		605
THQ*	9,800		334
Trident Microsystems*	14,200		290
ValueClick*#	19,500		611
Verigy*	13,900		398
Viasat*	14,600		473
Vocus*	13,900		334

			8,800

Materials — 3.9%
Airgas	8,100		345
Aptargroup	5,000		188
Kaiser Aluminum*	4,100		313
Rock-Tenn, Cl A#	4,900		171
RTI International Metals*	3,800		337

			1,354

Telecommunication Services — 2.0%
Dobson Communications, Cl A*	51,300		545
Golden Telecom#	2,900		155

			700

Utilities — 1.9%
Suburban Propane Partners	5,600		271
Westar Energy	14,600		387

			658

Total Common Stocks (Cost $29,785)			34,418

Allegiant Small Cap Growth Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
AFFILIATED MONEY MARKET FUND — 0.3%
Allegiant Money Market Fund, Class I† (Cost $129)		128,826	$	129

Total Investments Before Collateral for Loaned Securities – 99.4% (Cost $29,914)				34,547


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 22.8%
Commercial Paper†† — 1.1%
Autobahn Funding
5.320%, 06/15/07	$	199		198
5.330%, 06/22/07		40		40
Hubbell
5.380%, 06/01/07		79		79
Queens Health Systems
5.330%, 06/26/07		73		72

				389

Master Notes — 6.3%
Bank of America
5.370%, 06/01/07		696		696
Bear Stearns
5.510%, 06/06/07		755		755
JPMorgan Securities
5.390%, 06/15/07		755		755

				2,206

Medium Term Notes — 2.6%
Liquid Funding LLC
5.360%, 11/30/07 (A)		219		219
5.340%, 06/11/08 (A)		199		199
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		318		318
5.430%, 02/15/08 (A)		79		79
5.400%, 04/02/08 (A)		79		79

				894

Repurchase Agreements — 12.8%
Bank of America
5.370%, 06/01/07		29		29
Bear Stearns
5.410%, 06/01/07		1,192		1,192
Lehman Brothers
5.360%, 06/01/07		3,208		3,208

				4,429

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $7,918)‡				7,918

TOTAL INVESTMENTS — 122.2% (Cost $37,832)**				42,465

Other Assets & Liabilities — (22.2)%
Investment Advisory Fees Payable				(16	)
12b-1 Fees Payable
Class I				(2	)
Class A				(4	)
Administration Fees Payable				(2	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(4	)
Payable for Collateral for Loaned Securities				(7,918	)
Payable for Investments Purchased				(1,280	)
Payable for Shares of Beneficial Interest Redeemed				(83	)
Other				1,584
Total Other Assets & Liabilities				(7,727	)

TOTAL NET ASSETS — 100.0%			$	34,738

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	108,033
Accumulated Net Realized Loss on Investments				(77,928	)
Net Unrealized Appreciation on Investments				4,633

Total Net Assets			$	34,738

Net Asset Value, Offering and Redemption Price Per Share — Class I ($17,427,373 ÷ 1,615,792 outstanding shares of beneficial interest)			$	10.79

Net Asset Value and Redemption Price Per Share — Class A ($15,918,421 ÷ 1,512,555 outstanding shares of beneficial interest)			$	10.52

Maximum Offering Price Per Share — Class A ($10.52 ÷ 94.50%)			$	11.13

Net Asset Value and Offering Price Per Share — Class B ($1,251,080 ÷ 126,996 outstanding shares of beneficial interest)			$	9.85

Net Asset Value and Offering Price Per Share — Class C ($141,604 ÷ 14,343 outstanding shares of beneficial interest)			$	9.87

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $37,839.


Gross unrealized appreciation (000)	$	5,057
Gross unrealized depreciation (000)		(431	)

Net unrealized appreciation (000)	$	4,626

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $7,655.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

Cl — Class

LLC — Limited Liability Company

LP — Limited Partnership

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

Allegiant Balanced Allocation Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — 46.9%
Consumer Discretionary — 4.2%
Aeropostale*	700	$	32
Asbury Automotive Group	700		19
Capella Education*	700		31
Coach*	12,400		637
Comcast, Cl A*	8,454		232
Cooper Tire & Rubber#	1,000		24
Deckers Outdoor*	1,100		97
Dow Jones#	1,466		78
DXP Enterprises*	400		19
GSI Commerce*	1,000		23
Johnson Controls	4,700		516
Las Vegas Sands*	17,000		1,326
MGM Mirage*	9,567		761
Movado Group	800		27
Nike, Cl B	11,420		648
Nordstrom	15,600		810
Phillips-Van Heusen	900		55
Starbucks*	21,360		615
Starwood Hotels & Resorts Worldwide	11,030		795
Stewart Enterprises, Cl A	6,600		51
Strayer Education	500		63
Tempur-Pedic International#	900		23
Time Warner	19,338		413
Town Sports International Holdings*	2,200		44
Universal Electronics*	1,000		33
Wolverine World Wide	1,700		49

			7,421

Consumer Staples — 4.3%
BJ’s Wholesale Club*	600		23
Boston Beer, Cl A*	700		27
Bunge#	9,060		708
Central European Distribution*	800		27
Coca-Cola	20,839		1,104
Coca-Cola Enterprises	10,695		250
Colgate-Palmolive	14,960		1,002
ConAgra Foods	19,202		490
Dean Foods	15,326		502
Hain Celestial Group*	1,500		43
Hershey	4,562		240
J&J Snack Foods	1,000		39
Kraft Foods	32,783		1,109
Procter & Gamble	11,687		743
Ralcorp Holdings*	500		29
Wal-Mart Stores	13,510		643
Whole Foods Market#	11,185		460

			7,439

Energy — 4.1%
Apache	8,223		664
Atlas America	1,350		67
Chevron	18,334		1,494
ConocoPhillips	11,127		862
Copano Energy LLC	800		35
ExxonMobil	23,150		1,925
Hanover Compressor*#	3,900		97
Rosetta Resources*#	1,200		29
Sunoco Logistics Partners#	400		24
Targa Resources Partners LP	1,400		47
TransOcean*	8,670		852
Weatherford International*	17,050		926
Williams Partners#	1,000		49

			7,071

Financials — 10.0%
American Express	8,800		572
American International Group	36,657		2,652
AON#	14,263		612
Ares Capital#	3,700		69
Asta Funding#	2,000		84
Bank of America	11,761		596
BRT Realty Trust REIT	700		21
Capital Southwest	200		35
Capital Trust, Cl A REIT	1,800		80
Chubb	6,259		343
Citigroup	51,023		2,780
DiamondRock Hospitality REIT	4,100		86
Fannie Mae	19,017		1,216
Genworth Financial, Cl A	13,563		490
Goldman Sachs	4,269		985
Hercules Technology Growth Capital	2,200		32
Hersha Hospitality Trust REIT	3,900		47
JPMorgan Chase	27,896		1,446
Kite Realty Group Trust REIT	2,700		57
KKR Financial Holdings LLC REIT	900		24
Marsh & McLennan	14,452		474
MBIA	4,140		276
Morgan Stanley	11,953		1,016
Prudential Financial	10,240		1,045
SunTrust Banks	6,700		598
SVB Financial Group*	500		27
Technology Investment Capital#	1,500		26
Thomas Properties Group	1,200		20
Tower Group	700		22
Travelers	7,645		414
Wachovia	9,412		510
Wells Fargo	19,705		711
WP Carey & Co. LLC	800		27
Zenith National Insurance	1,300		63

			17,456

Healthcare — 6.0%
Abbott Laboratories	12,410		700
Amgen*	3,335		188
Boston Scientific*	24,450		383
Bristol-Myers Squibb	19,501		591
Cardinal Health	12,685		919
Dentsply International	20,500		741
Genzyme*	12,860		830
HealthExtras*	2,400		73
Hologic*#	14,700		795
Integra LifeSciences Holdings*	1,100		57
inVentiv Health*	2,100		79
Johnson & Johnson	21,356		1,351
Medtronic	11,120		591
Merck	14,190		744
MWI Veterinary Supply*	500		19
Parexel International*	600		24
Pfizer	40,818		1,122
Schering-Plough	32,498		1,064
Sciele Pharma*#	800		20
Viasys Healthcare*	1,900		82
WellCare Health Plans*#	500		46

Allegiant Balanced Allocation Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares	Value (000)
COMMON STOCKS — continued
Healthcare — continued
West Pharmaceutical Services	1,500	$	76

			10,495

Industrials — 4.4%
Armor Holdings*	500		43
Baldor Electric	600		28
Barnes Group	2,100		62
Danaher	12,650		930
FedEx	7,070		789
Genco Shipping & Trading#	1,400		53
General Electric	73,857		2,776
GrafTech International*	7,200		111
Huron Consulting Group*	1,200		82
Infrasource Services*	2,100		76
Integrated Electrical Services*	1,000		27
Kaydon	600		29
Layne Christensen*	2,200		99
Macquarie Infrastructure Trust	500		22
Norfolk Southern	9,180		531
Orbital Sciences*	2,400		49
Perini*	1,200		66
Resources Connection*	800		26
Skywest	2,100		58
Triumph Group#	600		40
United Parcel Service, Cl B	6,526		470
United Technologies	17,650		1,245
Watson Wyatt Worldwide, Cl A	2,100		108

			7,720

Information Technology — 7.9%
Adobe Systems*	23,600		1,040
Akamai Technologies*	13,400		592
Apple Computer*	6,030		733
Arris Group*	1,700		28
Atheros Communications*	2,900		84
Brocade Communications Systems*	6,400		59
Brooks Automation*	1,600		28
Cisco Systems*	49,390		1,330
Citrix Systems*	35,286		1,186
Comtech Telecommunications*	1,600		72
Dell*	31,650		850
Google, Cl A*	2,775		1,381
Intel	20,310		450
LoopNet*	1,500		31
McAfee*	5,890		217
Microchip Technology	20,450		830
Micron Technology*	23,870		291
Microsoft	41,860		1,284
MKS Instruments*	2,800		76
Motorola	10,990		200
NVIDIA*	20,800		721
Smart Modular Technologies*	5,200		75
Sun Microsystems*	113,662		580
Texas Instruments	18,350		649
THQ*	1,300		44
TIBCO Software*	7,700		69
ValueClick*	2,000		63
Viasat*	1,900		62
Yahoo!*	29,170		837

			13,862

Materials — 2.8%
Aptargroup	2,300		86
Chaparral Steel	1,100		81
E.I. duPont de Nemours	10,250		536
Freeport-McMoRan Copper & Gold, Cl B#	1,423		112
Haynes International*	300		27
Kaiser Aluminum*	300		23
Newmont Mining	17,800		724
Owens-Illinois*	29,625		1,007
Praxair	20,142		1,372
Rock-Tenn, Cl A	1,400		49
RTI International Metals*	500		44
Smurfit-Stone Container*	34,045		440
Weyerhaeuser	4,200		344

			4,845

Telecommunication Services — 2.4%
Alaska Communications Systems Group	1,900		30
American Tower, Cl A*	18,650		805
AT&T	43,622		1,803
Centennial Communications*	2,200		22
Dobson Communications, Cl A*	4,300		46
NII Holdings*	7,350		599
NTELOS Holdings	1,300		33
Premiere Global Services*	4,300		55
Sprint Nextel	29,034		664
Verizon Communications	5,060		220

			4,277

Utilities — 0.8%
AES*	23,300		553
AGL Resources	2,100		89
El Paso Electric*	3,000		82
Empire District Electric#	1,300		31
Exelon	6,937		541
Otter Tail	1,400		46
South Jersey Industries	900		35
Suburban Propane Partners	1,200		58
Westar Energy	1,400		37

			1,472

Total Common Stocks (Cost $62,555)			82,058

FOREIGN COMMON STOCKS — 8.7%
Australia — 0.2%
BHP Billiton, ADR (Materials)#	2,721		143
Cochlear (Healthcare)	1,347		70
Woolworths (Consumer Staples)	4,124		94
WorleyParsons (Energy)	1,922		47

			354

Bahamas — 0.0%
Ultrapetrol Bahamas (Industrials)*	1,000		23

Belgium — 0.0%
KBC Groep NV (Financials)	483		67

Bermuda — 0.6%
Everest Re Group (Financials)	2,712		291
Primus Guaranty (Financials)*	1,700		20
Tyco International (Industrials)	21,517		718

			1,029


	Number of Shares	Value (000)
FOREIGN COMMON STOCKS — continued
Canada — 0.5%
Axcan Pharma (Healthcare)*#	2,800	$	53
CAE (Industrials)	7,732		100
Cameco (Energy)	1,377		71
Canadian Natural Resources (Energy)	6,604		440
Nortel Networks (Information Technology)*	7,850		205

			869

France — 0.5%
Alcatel-Lucent, ADR (Information Technology)	43,853		602
Groupe Danone (Consumer Staples)	407		64
L’Oreal SA (Consumer Staples)	734		87
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary)#	654		77
Schneider Electric SA (Industrials)	846		122

			952

Germany — 0.2%
Fielmann AG (Consumer Discretionary)	1,408		97
Rational AG (Consumer Discretionary)	412		81
Wirecard AG (Industrials)*	5,580		77

			255

Greece — 0.1%
IRF European Finance Investments (Financials) (D)	31,579		144
National Bank of Greece SA (Financials)	1,438		86

			230

Guernsey — 0.5%
Amdocs (Information Technology)*	24,070		936

Hong Kong — 0.7%
Century Sunshine Ecological Technology Holdings (Materials)	350,000		88
China Mobile, ADR (Telecommunication Services)	1,126		52
Espirit Holdings (Consumer Discretionary)	8,516		105
Focus Media Holding, ADR (Consumer Discretionary)*#	2,060		91
FU JI Food and Catering Services Holdings (Consumer Discretionary)	30,124		103
Guangzhou R&F Properties, Cl H (Financials)	27,228		69
Hengan International Group (Consumer Staples)#	25,936		89
Kerry Properties (Financials)	14,680		90
Li & Fung (Consumer Discretionary)	35,548		119
Li Ning (Consumer Discretionary)	57,452		127
Neo-Neon Holdings (Industrials)*	51,000		89
Wing Hang Bank (Financials)	6,164		66
Zijin Mining Group, Cl H (Materials)	214,220		113

			1,201

India — 0.1%
Educomp Solutions (Information Technology)	1,900		82
Infosys Technologies, ADR (Information Technology)	1,718		85

			167

Ireland — 0.1%
Irish Life & Permanent PLC (Financials)	2,740		76
Kingspan Group PLC (Industrials)	3,414		101
Ryanair Holdings PLC, ADR (Industrials)*#	1,600		66

			243

Israel — 0.1%
Nice Systems, ADR (Information Technology)*	2,257		86
Teva Pharmaceutical Industries, ADR (Healthcare)	2,400		94

			180

Italy — 0.2%
Azimut Holding (Financials)	7,094		120
Banca Italease (Financials)	1,316		64
Geox (Consumer Discretionary)	3,800		69

			253

Japan — 0.9%
Ardepro (Financials)#	151		49
Canon, ADR (Information Technology)	1,486		87
Dena (Consumer Discretionary)	18		59
Kuraray (Materials)	5,824		63
Mitsubishi UFJ Financial Group, ADR (Financials)	14,478		167
Nintendo (Information Technology)	300		105
Nitori (Consumer Discretionary)	1,272		59
ORIX (Financials)	282		75
Shin-Etsu Chemical (Materials)	1,250		84
Shiseido (Consumer Staples)	2,106		45
Sony, ADR (Consumer Discretionary)	7,776		449
Sumitomo Realty & Development (Financials)	3,816		144
Takeda Pharmaceutical (Healthcare)	1,247		84
Toyo Tanso (Industrials)#	914		60
Toyota Motor, ADR (Consumer Discretionary)	337		41
Yamada Denki (Consumer Discretionary)	760		72

			1,643

Luxembourg — 0.1%
Millicom International Cellular SA (Telecommunication Services)*#	850		72

Mexico — 0.2%
America Movil SA de CV, ADR (Telecommunication Services)	3,645		221
Fomento Economico Mexicano SA de CV, ADR (Consumer Staples)	1,371		54
Grupo Aeroportuario del Pacifico SA de CV, ADR (Industrials)	400		20

			295

Netherlands — 0.1%
Crucell NV (Healthcare)*#	2,544		59
Fugro NV (Energy)	1,176		69

			128

Netherlands Antilles — 0.0%
Orthofix International NV (Healthcare)*	900		43

Norway — 0.1%
Orkla ASA (Industrials)	5,630		99

Allegiant Balanced Allocation Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
FOREIGN COMMON STOCKS — continued
Panama — 0.0%
Banco Latinoamericano de Exportaciones SA, Cl E (Financials)		1,300	$	24

Singapore — 0.4%
Ezra Holdings (Energy)		14,680		54
Keppel (Industrials)		16,902		120
Midas Holdings (Industrials)		37,000		52
Raffles Education (Consumer Discretionary)		108,530		143
Singapore Exchange (Financials)		31,954		156
Verigy (Information Technology)*		1,900		54
Wilmar International (Consumer Staples)#		66,552		150

				729

Spain — 0.2%
Banco Santander Central Hispano SA (Financials)		4,052		78
Inditex SA (Consumer Discretionary)		1,720		108
Red Electrica de Espana (Utilities)		2,287		112

				298

Sweden — 0.1%
Modern Times Group AB, Cl B (Consumer Discretionary)		1,448		88
Telefonaktiebolaget LM Ericsson, ADR (Information Technology)		3,544		134

				222

Switzerland — 1.4%
ABB, ADR (Industrials)		5,675		122
Actelion (Healthcare)*		342		75
Nestle SA (Consumer Staples)		467		182
Nobel Biocare Holding AG (Healthcare)		254		87
Novartis AG, ADR (Healthcare)		27,977		1,572
Roche Holdings AG (Healthcare)		1,629		299
SGS SA (Industrials)		40		52
Temenos Group AG (Information Technology)*		3,400		77

				2,466

United Kingdom — 1.4%
Autonomy PLC (Information Technology)*		4,500		69
BG Group PLC (Energy)		7,269		111
Blinkx PLC (Information Technology)*		4,500		4
BT Group PLC, ADR (Telecommunication Services)		1,772		116
Capita Group PLC (Industrials)		6,375		94
Carnival (Consumer Discretionary)		2,850		144
Diageo PLC, ADR (Consumer Staples)		1,051		90
GlaxoSmithKline PLC, ADR (Healthcare)		4,012		209
ICAP PLC (Financials)		5,384		57
Imperial Tobacco Group PLC (Consumer Staples)		1,729		75
Man Group PLC (Financials)		9,024		105
Michael Page International PLC (Industrials)		10,960		124
Pennon Group PLC (Utilities)		4,875		65
Reckitt Benckiser PLC (Consumer Staples)		2,740		149
Rio Tinto PLC, ADR (Materials)		280		82
Scottish & Southern Energy PLC (Utilities)		3,132		94
Tesco PLC (Consumer Staples)		12,082		110
Vodafone Group PLC, ADR (Telecommunication Services)		22,637		711

				2,409

Total Foreign Common Stocks (Cost $11,378)				15,187

EXCHANGE TRADED FUNDS — 10.4%
iShares MSCI EAFE Value Index Fund#		115,784		9,094
iShares MSCI Emerging Markets Index Fund#		24,400		3,094
iShares Russell 2000^{^®}Index Fund		1,500		126
S&P Depository Receipt, Trust Series 1#		17,900		2,744
Vanguard Emerging Markets#		35,500		3,100

Total Exchange Traded Funds (Cost $14,170)				18,158

FOREIGN WARRANTS — 0.1%
India — 0.1%
Bharti Airtel Equity Certificate, Expires 07/11/07 (A) (Cost $46)		6,239		129


	Par (000)
U.S. TREASURY OBLIGATIONS — 13.3%
U.S. Treasury Bonds — 2.4%
6.250%, 08/15/23	$	3,670		4,129
5.375%, 02/15/31#		25		27
4.500%, 02/15/36#		115		106

				4,262

U.S. Treasury Notes — 10.9%
4.875%, 07/31/11#		9,620		9,630
4.875%, 08/15/16#		2,000		1,996
4.750%, 05/15/14#		115		114
3.250%, 08/15/08#		5,615		5,499
2.750%, 08/15/07#		1,765		1,758

				18,997

Total U.S. Treasury Obligations (Cost $23,376)				23,259

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9%
Federal National Mortgage Association — 7.6%
Federal National Mortgage Association
7.000%, 06/01/31		14		14
7.000%, 01/01/33		67		70
7.000%, 10/01/33		13		14
6.500%, 06/01/37 (TBA)		1,400		1,422
6.000%, 09/01/32		48		48
6.000%, 09/01/36		1,592		1,591
6.000%, 06/01/37 (TBA)		1,330		1,328
5.500%, 02/01/32		211		206
5.500%, 07/01/33		22		21
5.500%, 12/01/33		323		316
5.500%, 05/01/35		213		208
5.500%, 12/01/35		68		67
5.500%, 06/01/37 (TBA)		3,170		3,095
5.465%, 01/01/36 (B)		949		949


	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued
Federal National Mortgage Association — continued
5.000%, 06/01/20	$	625	$	610
5.000%, 07/01/20		164		160
5.000%, 09/01/33		51		49
5.000%, 10/01/33		107		102
5.000%, 11/01/33		577		551
5.000%, 08/01/35		50		48
5.000%, 10/01/35		550		524
5.000%, 11/01/35		521		497
5.000%, 12/01/35		451		430
4.500%, 10/01/20		603		578
4.500%, 09/01/35		586		542

				13,440

Government National Mortgage Association — 0.3%
Government National Mortgage Association
7.500%, 11/15/29		1		1
6.500%, 09/15/28		18		19
6.500%, 07/15/32		36		37
6.500%, 10/15/33		17		18
6.000%, 08/15/32		22		23
6.000%, 02/15/33		102		103
6.000%, 11/15/33		40		40
6.000%, 06/15/35		227		228

				469

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $14,113)				13,909

CORPORATE BONDS — 3.4%
Cable — 0.1%
Time Warner Cable
5.850%, 05/01/17(A)		175		173

Consumer Discretionary — 0.0%
D.R. Horton
6.500%, 04/15/16		90		88

Energy — 0.2%
ConocoPhillips Canada Funding
5.625%, 10/15/16		115		115
Energy Transfer Partners
5.950%, 02/01/15		120		120
Nexen
6.400%, 05/15/37		145		142

				377

Financials — 2.0%
Bank of America
7.800%, 09/15/16		200		230
Capmark Financial Group
5.875%, 05/10/12(A)		120		119
CIT Group
6.100%, 03/15/49(B)		75		70
Citigroup
7.250%, 10/01/10		560		591
General Electric Capital, Cl A (MTN)
5.450%, 01/15/13		200		200
Goldman Sachs
6.450%, 05/01/36		115		117
Goldman Sachs Capital II
5.793%, 06/01/49(B)		140		138
HSBC Finance
6.750%, 05/15/11		320		333
6.375%, 10/15/11		120		124
ING USA Global Funding
4.500%, 10/01/10		150		146
International Lease Finance
5.000%, 04/15/10#		125		124
JPMorgan Chase
5.125%, 09/15/14		250		244
KeyBank
5.800%, 07/01/14		100		101
Lloyds TSB Group PLC
6.267%, 11/14/16 (A) (B)		175		171
MUFG Capital Finance 1
6.346%, 07/25/16(B)		100		100
National Rural Utilities Cooperative Finance
5.450%, 04/10/17		125		123
Regions Financing Trust II
6.625%, 05/01/47(B)		120		117
Residential Capital
6.375%, 06/30/10		95		95
6.500%, 04/17/13		90		89
SLM (MTN)
5.375%, 05/15/14		120		108
Wachovia Capital Trust III
5.800%, 08/29/49(B)		125		125

				3,465

Healthcare — 0.1%
WellPoint
5.000%, 12/15/14		150		144

Insurance — 0.3%
American General Finance (MTN)
3.875%, 10/01/09		275		266
AXA SA
6.379%, 12/14/49 (A) (B)		200		189

				455

Metals & Mining — 0.1%
BHP Billiton
5.400%, 03/29/17		145		142

Real Estate Investment Trusts — 0.1%
iStar Financial
5.950%, 10/15/13		165		163

Retail — 0.0%
Home Depot
5.875%, 12/16/36		75		70

Telecommunications — 0.4%
AT&T
5.625%, 06/15/16#		145		144
GTE
6.940%, 04/15/28		110		115
Sprint Nextel
6.000%, 12/01/16		120		116
Telecom Italia Capital SA
5.250%, 11/15/13		190		183
Vodafone Group PLC
5.350%, 02/27/12		115		114

				672

Allegiant Balanced Allocation Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
CORPORATE BONDS — continued
Utilities — 0.1%
Midamerican Energy
6.750%, 12/30/31	$	140	$	154
Southwestern Public Service
6.000%, 10/01/36		120		117

				271

Total Corporate Bonds (Cost $6,146)				6,020

ASSET BACKED SECURITIES — 2.9%
Automotive — 0.2%
Honda Auto Receivables Owner Trust, Series 2005-4, Cl A3
4.460%, 05/21/09##		389		387

Credit Cards — 2.0%
American Express Credit Account Master Trust, Series 2003-2, Cl A
5.430%, 10/15/10## (B)		800		801
Bank One Issuance Trust, Series 2004-A4, Cl A4
5.360%, 02/16/10## (B)		800		801
Chase Issuance Trust, Series 2005-A3, Cl A
5.340%, 10/17/11## (B)		970		971
Citibank Credit Card Issuance Trust, Series 2006-A5, Cl A5
5.300%, 05/20/11##		870		870

				3,443

Mortgage Related — 0.3%
Chase Funding Mortgage Loan, Series 2003-6, Cl 1A4
4.499%, 08/25/30		570		558

Utilities — 0.4%
PSE&G Transition Funding LLC, Series 2001-1, Cl A8
6.890%, 12/15/17		565		616

Total Asset Backed Securities (Cost $4,966)				5,004

COLLATERALIZED MORTGAGE OBLIGATIONS — 1.6%
Fannie Mae, Series 2003-84, Cl PG
5.000%, 03/25/32		1,284		1,236
Freddie Mac, Series 2772, Cl GH
5.000%, 07/15/32		1,000		958
Freddie Mac, Series 2773, Cl CD
4.500%, 04/15/24		700		637

Total Collateralized Mortgage Obligations (Cost $2,840)				2,831

U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.4%
Federal Farm Credit Bank — 1.4%
Federal Farm Credit Bank (FRN)## (Cost $2,499)		2,500		2,501
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.2%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Cl A4A
4.871%, 09/11/42		600		572
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Cl A4
5.226%, 07/15/44 (B)		875		858
CS First Boston Mortgage Securities, Series 2005-C6, Cl A4
5.230%, 12/15/40 (B)		730		710

Total Commercial Mortgage-Backed Securities (Cost $2,179)				2,140

COMMERCIAL PAPER† — 0.5%
Aspen Funding
5.260%, 06/11/07##		300		300
Liberty Street Funding
5.260%, 06/11/07##		300		299
Scaldis Capital LLC
5.260%, 06/12/07##		260		260

Total Commercial Paper (Cost $859)				859


	Number of Shares
AFFILIATED MONEY MARKET FUND — 4.7%
Allegiant Advantage Institutional Money Market Fund, Class I†† (Cost $8,214)		8,213,548		8,214

Total Investments Before Collateral for Loaned Securities – 103.0% (Cost $153,341)				180,269


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 20.2%
Commercial Paper† — 1.0%
Autobahn Funding
5.320%, 06/15/07	$	880		877
5.330%, 06/22/07		176		175
Hubbell
5.380%, 06/01/07		352		352
Queens Health Systems
5.330%, 06/26/07		322		320

				1,724

Master Notes — 5.6%
Bank of America
5.370%, 06/01/07		3,081		3,081
Bear Stearns
5.510%, 06/06/07		3,345		3,346
JPMorgan Securities
5.390%, 06/15/07		3,346		3,346

				9,773

Medium Term Notes — 2.3%
Liquid Funding LLC
5.360%, 11/30/07 (B)		968		968
5.340%, 06/11/08 (B)		880		880


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Medium Term Notes — continued
Morgan Stanley Dean Witter
5.380%, 07/19/07 (B)	$	1,409	$	1,409
5.430%, 02/15/08 (B)		352		352
5.400%, 04/02/08 (B)		352		352

				3,961

Repurchase Agreements — 11.2%
Bank of America
5.370%, 06/01/07		126		126
Bear Stearns
5.410%, 06/01/07		5,282		5,282
Lehman Brothers
5.360%, 06/01/07		14,212		14,212

				19,620

Non-Registered Investment Company — 0.1%
BlackRock Institutional Money Market Trust (C)		282		282

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $35,360)‡				35,360

TOTAL INVESTMENTS — 123.2% (Cost $188,701)**				215,629

Other Assets & Liabilities — (23.2)%
Investment Advisory Fees Payable				(111	)
12b-1 Fees Payable
Class I				(14	)
Class A				(3	)
Class B				(2	)
Class C				(1	)
Administration Fees Payable				(9	)
Custody Fees Payable				(7	)
Trustees’ Fees Payable				(8	)
Payable for Collateral for Loaned Securities				(35,360	)
Payable for Investments Purchased				(7,158	)
Payable for Shares of Beneficial Interest Redeemed				(108	)
Other				2,131

Total Other Assets & Liabilities				(40,650	)

TOTAL NET ASSETS — 100.0%			$	174,979

Net Assets:
Shares of Beneficial Interest (Unlimited
Authorization — No Par Value)			$	143,564
Undistributed Net Investment Income				705
Undistributed Net Realized Gain on Investments and Futures				3,774
Net Unrealized Appreciation on Investments and Futures				26,936

Total Net Assets			$	174,979

Net Asset Value and Redemption Price Per Share — Class I ($149,407,488 ÷ 12,596,312 outstanding shares of beneficial interest)			$	11.86

Net Asset Value and Redemption Price Per Share — Class A ($17,125,445 ÷ 1,441,761 outstanding shares of beneficial interest)			$	11.88

Maximum Offering Price Per Share- Class A ($11.88 ÷ 95.25%)			$	12.47

Net Asset Value and Redemption Price Per Share — Class B ($6,209,449 ÷ 522,713 outstanding shares of beneficial interest)			$	11.88

Net Asset Value and Redemption Price Per Share — Class C ($2,236,322 ÷ 189,343outstanding shares of beneficial interest)			$	11.81

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $189,259.


Gross unrealized appreciation (000)	$	27,405
Gross unrealized depreciation (000)		(1,035	)

Net unrealized appreciation (000)	$	26,370

†	The rate shown is the effective yield at purchase date.

††	See Note 3 in Notes to Financial Statements.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $34,592.

##	All or a portion of the security was held as collateral for when-issued securities and delayed delivery securities.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $781 and represents 0.5% of net assets as of May 31, 2007.

(B)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

(C)

Represents security purchased with cash collateral for securities on loan.

(D)

Illiquid security. Total market value of illiquid securities is (000) $144 and represents 0.1% of net assets as of May 31, 2007.

ADR — American Depository Receipt

Cl — Class

FRN — Floating Rate Note

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Liability Company

REIT — Real Estate Investment Trust

TBA — To Be Announced

Futures Contract:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
TOPIX Index	1	$	142	06/08/07	$	8

Cash in the amount of $4,843 is held by the broker as collateral to cover initial margin requirements for the above open futures contract (Long Positions).

Assets in an amount at least equal to the Notional Cost Amount of the open futures contract have been segregated by the Fund.

See Notes to Financial Statements.

Allegiant Equity Funds

STATEMENTS OF OPERATIONS (000)

Year Ended May 31, 2007


	International Equity Fund			Large Cap Core Equity Fund			Large Cap Growth Fund
Investment Income:
Dividends	$	6,716		$	4,437		$	7,365
Interest		—			—			—
Income from affiliated funds⁽¹⁾		378			62			125
Security lending income		281			49			135
Less: foreign taxes withheld		(546	)		(17	)		(39	)

Total Investment Income		6,829			4,531			7,586

Expenses:
Investment advisory fees		3,622			1,800			4,120
Administration fees		207			144			330
12b-1 fees:
Class I		110			86			160
Class A		6			2			44
Class B		9			22			53
Class C		7			3			6
Shareholder services fees:
Class A		41			14			294
Class B		3			8			18
Class C		2			1			2
Transfer agent fees		118			66			238
Custodian fees		120			21			37
Professional fees		24			23			47
Pricing service fees		35			2			2
Printing and shareholder reports		17			12			34
Registration and filing fees		17			23			24
Trustees’ fees		18			15			35
Miscellaneous		23			20			57

Total Expenses		4,379			2,262			5,501

Less:
Waiver of investment advisory fees⁽¹⁾		(472	)		(1	)		(1	)

Net Expenses		3,907			2,261			5,500

Net Investment Income (Loss)		2,922			2,270			2,086

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold		17,372			9,504			47,431
Net realized gain (loss) on futures		(206	)		25			(18	)
Net realized loss on foreign currency transactions		(246	)		—			—
Net change in unrealized appreciation (depreciation) on investments		59,544			23,911			33,320
Net change in unrealized appreciation (depreciation) on futures		214			123			240
Net change in unrealized appreciation (depreciation) on foreigncurrency translation		(23	)		—			—

Net Gain on Investments		76,655			33,563			80,973

Net Increase in Net Assets Resulting from Operations	$	79,577		$	35,833		$	83,059

⁽¹⁾

See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.


Large Cap Value Fund			Mid Cap Value Fund			Multi-Factor Mid Cap Growth Fund			Multi-Factor Small Cap Core Fund			Multi-Factor Small Cap Focused Value Fund			Multi-Factor Small Cap Growth Fund			Multi-Factor Small Cap Value Fund
$	15,444		$	5,433		$	622		$	336		$	72		$	27		$	7,283
	—			—			—			—			–			—			17
	926			601			32			71			4			4			582
	140			41			11			21			6			3			830
	(76	)		—			(1	)		—			—			—			(16	)

	16,434			6,075			664			428			82			34			8,696

	5,255			2,070			338			254			66			56			7,014
	420			124			20			15			4			3			427
	235			46			4			3			1			1			191
	22			24			4			—			—			—			69
	67			36			8			—			—			—			110
	5			23			1			—			—			—			120
	147			179			41			1			—			—			461
	22			12			3			—			—			—			37
	2			8			—			—			—			—			40
	257			77			77			3			(2	)		1			318
	41			19			10			11			6			10			46
	57			17			8			5			4			4			60
	3			3			3			5			2			5			6
	43			11			6			1			—			—			51
	30			29			12			8			8			8			37
	42			11			2			1			—			—			52
	65			13			7			2			1			1			60

	6,713			2,702			544			309			90			89			9,099

	—			(521	)		(186	)		(66	)		(13	)		(36	)		—
	6,713			2,181			358			243			77			53			9,099

	9,721			3,894			306			185			5			(19	)		(403	)

	92,117			21,957			5,049			(1,601	)		266			117			79,961
	—			(14	)		(23	)		181			—			—			516
	—			—			—			—			—			—			—
	58,624			31,456			1,551			4,662			575			556			(25,983	)
	—			—			20			—			—			—			850
	—			—			—			—			—			—			—

	150,741			53,399			6,597			3,242			841			673			55,344

$	160,462		$	57,293		$	6,903		$	3,427		$	846		$	654		$	54,941

Allegiant Equity Funds

STATEMENTS OF OPERATIONS (000)

Year Ended May 31, 2007


	S&P 500^® Index Fund			Small Cap Core Fund			Small Cap Growth Fund
Investment Income:
Dividends	$	3,664		$	2,086		$	174
Interest		47			6			—
Income from affiliated funds⁽¹⁾		233			372			11
Security lending income		24			266			15
Less: foreign taxes withheld		—			(19	)		—

Total Investment Income		3,968			2,711			200

Expenses:
Investment advisory fees		687			2,251			363
Administration fees		118			135			22
12b-1 fees:
Class I		9			83			5
Class A		1			1			4
Class B		31			4			10
Class C		12			7			1
Shareholder services fees:
Class A		71			8			40
Class B		10			1			3
Class C		4			2			—
Transfer agent fees		53			44			159
Custodian fees		33			19			12
Professional fees		16			21			14
Pricing service fees		22			2			5
Printing and shareholder reports		8			11			(16	)
Registration and filing fees		15			27			20
Trustees’ fees		10			12			3
Miscellaneous		19			17			5

Total Expenses		1,119			2,645			650

Less:
Waiver of investment advisory fees⁽¹⁾		(294	)		(3	)		(163	)

Net Expenses		825			2,642			487

Net Investment Income (Loss)		3,143			69			(287	)

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments sold		13,140			11,357			3,760
Net realized gain (loss) on futures		29			430			(43	)
Net change in unrealized appreciation (depreciation) on investments		22,805			21,407			183
Net change in unrealized appreciation (depreciation) on futures		486			238			25

Net Gain on Investments		36,460			33,432			3,925

Net Increase in Net Assets Resulting from Operations	$	39,603		$	33,501		$	3,638

⁽¹⁾

See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

Allegiant Asset Allocation Funds

STATEMENTS OF OPERATIONS (000)

Year Ended May 31, 2007


	Balanced Allocation Fund
Investment Income:
Dividends	$	1,916
Interest		2,427
Income from affiliated funds⁽¹⁾		463
Security lending income		106
Less: foreign taxes withheld		(19	)

Total Investment Income		4,893

Expenses:
Investment advisory fees		1,212
Administration fees		97
12b-1 fees:
Class I		36
Class A		4
Class B		44
Class C		13
Shareholder services fees:
Class A		38
Class B		15
Class C		4
Transfer agent fees		82
Custodian fees		29
Professional fees		14
Pricing service fees		45
Printing and shareholder reports		11
Registration and filing fees		15
Trustees’ fees		10
Miscellaneous		10

Net Expenses		1,679

Net Investment Income		3,214

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments sold		9,464
Net realized gain on futures		1
Net realized loss on foreign currency transactions		(12	)
Net change in unrealized appreciation (depreciation) on investments		12,526
Net change in unrealized appreciation (depreciation) on futures		12

Net Gain on Investments		21,991

Net Increase in Net Assets Resulting from Operations	$	25,205

⁽¹⁾

See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

Allegiant Equity Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)


	International Equity Fund For the Year Ended						Large Cap Core Equity Fund For the Year Ended
	May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
Investment Activities:
Net investment income (loss)	$	2,922		$	2,631		$	2,270		$	960
Net realized gain on investments sold, futures and foreign currency transactions		16,920			22,801			9,529			13,026
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation		59,735			36,220			24,034			8,594

Net increase in net assets resulting from operations		79,577			61,652			35,833			22,580

Dividends and Distributions to Shareholders
Dividends from net investment income:
Class I		(660	)		(4,603	)		(1,099	)		(859	)
Class A		(1	)		(241	)		(14	)		(10	)
Class B		—			(12	)		—			—
Class C		—			(9	)		—			—
Class R⁽¹⁾		—			(1	)		—			—
Distributions from net realized capital gains
Class I		—			—			(13,322	)		(4,649	)
Class A		—			—			(337	)		(138	)
Class B		—			—			(184	)		(72	)
Class C		—			—			(26	)		(11	)
Class R⁽¹⁾		—			—			—			(11	)

Total dividends and distributions		(661	)		(4,866	)		(14,982	)		(5,750	)

Share Transactions:
Proceeds from shares issued:
Class I		62,666			55,008			8,182			12,819
Class A		4,252			2,933			647			1,270
Class B		163			224			14			171
Class C		353			126			47			71
Class R⁽¹⁾					36						55
Reinvestment of dividends and distributions:
Class I		175			751			13,245			4,732
Class A		1			224			339			142
Class B		—			12			181			71
Class C		—			7			26			11
Class R⁽¹⁾		—			1			—			11

Total proceeds from shares issued and reinvested		67,610			59,322			22,681			19,353

Value of shares redeemed:
Class I⁽²⁾		(57,818	)		(53,598	)		(33,325	)		(17,814	)
Class A		(2,758	)		(3,418	)		(1,423	)		(3,980	)
Class B		(287	)		(663	)		(705	)		(866	)
Class C		(381	)		(685	)		(83	)		(453	)
Class R⁽¹⁾		—			(436	)		—			(866	)

Total value of shares redeemed		(61,244	)		(58,800	)		(35,536	)		(23,979	)

Increase (decrease) in net assets from share transactions		6,366			522			(12,855	)		(4,626	)

Redemption Fees⁽³⁾		8			3			—			—

Total increase (decrease) in net assets		85,290			57,311			7,996			12,204

Net Assets:
Beginning of year		280,772			223,461			236,595			224,391

End of year*	$	366,062		$	280,772		$	244,591		$	236,595

*Including undistributed (distributions in excess of ) net investment income	$	2,274		$	246		$	1,388		$	231

⁽¹⁾

See Note 1 in Notes to Financial Statements.

⁽²⁾

See Note 9 in Notes to Financial Statements.

⁽³⁾

See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.


Large Cap Growth Fund For the Year Ended						Large Cap Value Fund For the Year Ended						Mid Cap Value Fund For the Year Ended						Multi-Factor Mid Cap Growth Fund For the Year Ended
May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
$	2,086		$	(471	)	$	9,721		$	8,079		$	3,894		$	418		$	306		$	(80	)
	47,413			57,489			92,117			68,098			21,943			7,912			5,026			2,607
	33,560			(7,958	)		58,624			21,738			31,456			5,862			1,571			819

	83,059			49,060			160,462			97,915			57,293			14,192			6,903			3,346

	(3,109	)		(4,467	)		(8,498	)		(6,924	)		(420	)		(491	)		(99	)		—
	(614	)		(779	)		(654	)		(501	)		(161	)		(46	)		(58	)		—
	—			—			(38	)		(26	)		—			—			—			—
	—			—			(3	)		(2	)		—			—			—			—
	—			—			—			(2	)		—			(1	)		—			—
	(37,151	)		(15,123	)		(66,033	)		(40,050	)		(6,259	)		(5,586	)		—			—
	(10,830	)		(4,017	)		(6,119	)		(3,604	)		(2,976	)		(715	)		—			—
	(692	)		(301	)		(939	)		(636	)		(253	)		(408	)		—			—
	(90	)		(27	)		(84	)		(43	)		(173	)		(89	)		—			—
	—			(8	)		—			(28	)		—			(37	)		—			—

	(52,486	)		(24,722	)		(82,368	)		(51,816	)		(10,242	)		(7,373	)		(157	)		—

	52,297			55,119			165,857			77,256			91,910			51,079			5,025			8,656
	7,468			7,497			7,927			11,112			175,070			5,092			559			1,048
	3			272			314			569			294			412			2			69
	155			392			222			284			3,279			756			7			58
				50						42						61						—
	28,487			13,901			38,489			23,768			3,396			2,144			54			—
	11,218			4,663			6,225			3,697			2,749			724			55			—
	686			298			957			654			249			406			—			—
	84			27			83			45			172			89			—			—
	—			9			—			30			—			45			—			—

	100,398			82,228			220,074			117,457			277,119			60,808			5,702			9,831

	(127,954	)		(117,048	)		(138,330	)		(109,428	)		(25,242	)		(10,752	)		(7,147	)		(7,528	)
	(22,553	)		(27,429	)		(9,864	)		(12,327	)		(12,378	)		(1,768	)		(3,154	)		(4,055	)
	(2,524	)		(1,774	)		(1,385	)		(2,939	)		(581	)		(656	)		(363	)		(1,050	)
	(381	)		(897	)		(156	)		(583	)		(224	)		(177	)		(60	)		(256	)
	—			(609	)		—			(730	)		—			(695	)		—			—

	(153,412	)		(147,757	)		(149,735	)		(126,007	)		(38,425	)		(14,048	)		(10,724	)		(12,889	)

	(53,014	)		(65,529	)		70,339			(8,550	)		238,694			46,760			(5,022	)		(3,058	)

	—			—			—			—			—			—			—			—

	(22,441	)		(41,191	)		148,433			37,549			285,745			53,579			1,724			288

	581,566			622,757			645,981			608,432			111,053			57,474			33,690			33,402

$	559,125		$	581,566		$	794,414		$	645,981		$	396,798		$	111,053		$	35,414		$	33,690

$	—		$	—		$	2,331		$	1,803		$	3,427		$	114		$	149		$	—

Allegiant Equity Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)


	Multi-Factor Small Cap Core Fund						Multi-Factor Small Cap Focused Value Fund						Multi-Factor Small Cap Growth Fund
	For the Year Ended May 31, 2007			For the Period September 30, 2005 — May 31, 2006**			For the Year Ended May 31, 2007			For the Period September 30, 2005 — May 31, 2006**			For the Year Ended May 31, 2007			For the Period September 30, 2005 — May 31, 2006**
Investment Activities:
Net investment income (loss)	$	185		$	17		$	5		$	7		$	(19	)	$	(16	)
Net realized gain (loss) on investments sold and futures		(1,420	)		79			266			317			117			3
Net change in unrealized appreciation (depreciation) on investments and futures		4,662			523			575			307			556			308

Net increase in net assets resulting from operations		3,427			619			846			631			654			295

Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(65	)		—			(19	)		—			—			—
Class A		(2	)		—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R⁽¹⁾		—			—			—			—			—			—
Distributions from net realized capital gains:
Class I		(79	)		—			(396	)		—			—			—
Class A		(2	)		—			(11	)		—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—

Total dividends and distributions		(148	)		—			(426	)		—			—			—

Share Transactions:
Proceeds from shares issued:
Class I		38,125			5,984			158			5,468			229			5,223
Class A		557			113			200			75			22			21
Class B		—			—			—			—			—			—
Class C		—			—			148			—			—			—
Class R⁽¹⁾					—						—						—
Reinvestment of dividends and distributions:
Class I		144			—			415			—			—			—
Class A		4			—			10			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R⁽¹⁾		—			—			—			—			—			—

Total proceeds from shares issued and reinvested		38,830			6,097			931			5,543			251			5,244

Value of shares redeemed:
Class I		(446	)		(2	)		—			(3	)		(84	)		—
Class A		(80	)		—			(22	)		—			(12	)		—
Class B		—			—			—			—			—			—
Class C		—			—			(1	)		—			—			—
Class R⁽¹⁾		—			—			—			—			—			—

Total value of shares redeemed		(526	)		(2	)		(23	)		(3	)		(96	)		—

Increase (decrease) in net assets from share transactions		38,304			6,095			908			5,540			155			5,244

Redemption Fees⁽²⁾		—			—			—			—			—			—

Total increase (decrease) in net assets		41,583			6,714			1,328			6,171			809			5,539

Net Assets:
Beginning of period		6,714			—			6,171			—			5,539			—

End of period*	$	48,297		$	6,714		$	7,499		$	6,171		$	6,348		$	5,539

*Including undistributed (distributions in excess of ) net investment income	$	140		$	22		$	—		$	12		$	—		$	—

⁽¹⁾

See Note 1 in Notes to Financial Statements.

⁽²⁾

See Note 3 in Notes to Financial Statements.

**	Commencement of operations.

See Notes to Financial Statements.


Multi-Factor Small Cap Value Fund						S & P 500^{^®}Index Fund						Small Cap Core Fund						Small Cap Growth Fund
For the Year Ended						For the Year Ended						For the Year Ended						For the Year Ended
May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
$	(403	)	$	(859	)	$	3,143		$	5,278		$	69		$	(924	)	$	(287	)	$	(330	)
	80,477			98,261			13,169			41,907			11,787			14,347			3,717			3,919
	(25,133	)		36,150			23,291			(14,911	)		21,645			8,779			208			1,286

	54,941			133,552			39,603			32,274			33,501			22,202			3,638			4,875

	(315	)		(1,132	)		(2,742	)		(5,072	)		—			—			—			—
	—			—			(416	)		(393	)		—			—			—			—
	—			—			(29	)		(36	)		—			—			—			—
	—			—			(12	)		(15	)		—			—			—			—
	—			—			—			(13	)		—			—			—			—
	(68,647	)		(79,372	)		(368	)		—			(10,050	)		—			—			—
	(27,477	)		(26,771	)		(69	)		—			(142	)		—			—			—
	(2,332	)		(2,241	)		(9	)		—			(22	)		—			—			—
	(2,593	)		(2,952	)		(4	)		—			(43	)		—			—			—

	(101,364	)		(112,468	)		(3,649	)		(5,529	)		(10,257	)		—			—			—

	58,343			87,339			38,199			56,980			35,430			101,167			1,718			4,634
	19,568			40,108			6,749			9,058			491			1,636			325			1,390
	19			798			81			802			54			174			4			77
	489			2,542			305			555			109			558			2			45
				—			—			789						—						66
	47,556			58,696			2,295			4,281			5,646			—			—			—
	27,062			26,229			469			371			129			—			—			—
	2,180			2,080			30			29			22			—			—			—
	2,374			2,692			15			15			41			—			—			—
	—			—			—			14			—			—			—			—

	157,591			220,484			48,143			72,894			41,922			103,535			2,049			6,212

	(290,395	)		(299,093	)		(82,064	)		(253,888	)		(58,448	)		(54,397	)		(6,854	)		(14,437	)
	(60,547	)		(105,111	)		(5,107	)		(7,791	)		(1,284	)		(1,014	)		(3,342	)		(4,628	)
	(4,115	)		(4,479	)		(1,054	)		(1,015	)		(38	)		(18	)		(472	)		(1,338	)
	(8,106	)		(13,076	)		(326	)		(1,309	)		(175	)		(371	)		(8	)		(615	)
	—			—			—			(2,050	)		—			—			—			(206	)

	(363,163	)		(421,759	)		(88,551	)		(266,053	)		(59,945	)		(55,800	)		(10,676	)		(21,224	)

	(205,572	)		(201,275	)		(40,408	)		(193,159	)		(18,023	)		47,735			(8,627	)		(15,012	)

	100			41			—			—			2			—			—			3

	(251,895	)		(180,150	)		(4,454	)		(166,414	)		5,223			69,937			(4,989	)		(10,134	)

	865,438			1,045,588			203,136			369,550			225,060			155,123			39,727			49,861

$	613,543		$	865,438		$	198,682		$	203,136		$	230,283		$	225,060		$	34,738		$	39,727

$	—		$	—		$	492		$	550		$	69		$	—		$	—		$	—

Allegiant Asset Allocation Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)


	Balanced Allocation Fund For the Year Ended
	May 31, 2007			May 31, 2006
Investment Activities:
Net investment income	$	3,214		$	2,430
Net realized gain on investments sold, futures, foreign currency transactions, swap agreements and capital distributions received from affiliated funds		9,453			8,305
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation		12,538			2,182

Net increase in net assets resulting from operations		25,205			12,917

Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(2,500	)		(2,223	)
Class A		(244	)		(224	)
Class B		(52	)		(44	)
Class C		(17	)		(11	)
Distributions from net realized capital gains:
Class I		(3,692	)		—
Class A		(411	)		—
Class B		(161	)		—
Class C		(58	)		—

Total dividends and distributions		(7,135	)		(2,502	)

Share Transactions:
Proceeds from shares issued:
Class I		32,108			16,653
Class A		3,140			3,239
Class B		581			267
Class C		1,010			256
Reinvestment of dividends and distributions:
Class I		5,841			1,966
Class A		641			210
Class B		211			43
Class C		75			11

Total proceeds from shares issued and reinvested		43,607			22,645

Value of shares redeemed:
Class I		(27,019	)		(38,530	)
Class A		(2,679	)		(8,000	)
Class B		(997	)		(1,399	)
Class C		(269	)		(821	)

Total value of shares redeemed		(30,964	)		(48,750	)

Increase (decrease) in net assets from share transactions		12,643			(26,105	)

Total increase (decrease) in net assets		30,713			(15,690	)

Net Assets:
Beginning of year		144,266			159,956

End of year*	$	174,979		$	144,266

*Including undistributed net investment income	$	705		$	303

See Notes to Financial Statements.

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

1. Fund Organization

Allegiant Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on January 28, 1986. As of May 31, 2007, the Trust offered for sale shares of 30 Funds. Each of the Funds is authorized to issue various classes of shares. Each share class represents an interest in the same portfolio of investments of the respective Fund and is substantially the same in all respects, except that the classes are subject to different distribution (12b-1) fees and/or shareholder services fees, sales charges and investment minimums. With respect to the Equity and Asset Allocation Funds, Class I Shares are sold without a sales charge; Class A Shares are sold subject to a front-end sales charge; and Class C Shares are sold with a contingent deferred sales charge. Front-end sales charges and contingent deferred sales charges may be reduced or waived under certain circumstances. Class B Shares are no longer offered except in connection with dividend reinvestments and permitted exchanges.

Effective May 19, 2006, Class R Shares were no longer offered in any of the Allegiant Funds. Class R shareholders redeemed or exchanged their Shares prior to May 19.

On September 26, 2006, the Board of Trustees unanimously voted to liquidate the Aggressive Allocation and Conservative Allocation Funds effective December 14, 2006. Effective November 1, 2006, those Funds ceased offering their Shares for sale and were liquidated on December 14, 2006.

The Trust currently offers five asset categories that consist of the following Funds (each referred to as a “Fund” or collectively as the “Funds”):

Equity Funds

International Equity Fund, Large Cap Core Equity Fund, Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Value Fund, Multi-Factor Mid Cap Growth Fund, Multi-Factor Small Cap Core Fund, Multi-Factor Small Cap Focused Value Fund, Multi-Factor Small Cap Growth Fund, Multi-Factor Small Cap Value Fund, S&P 500^{^®}Index Fund, Small Cap Core Fund and Small Cap Growth Fund;

Asset Allocation Fund

Balanced Allocation Fund;

Fixed Income Funds

Bond Fund, Government Mortgage Fund, Intermediate Bond Fund, Limited Maturity Bond Fund, Total Return Advantage Fund and Ultra Short Bond Fund;

Tax Exempt Bond Funds

Intermediate Tax Exempt Bond Fund, Michigan Intermediate Municipal Bond Fund, Ohio Intermediate Tax Exempt Bond Fund and Pennsylvania Intermediate Municipal Bond Fund;

Money Market Funds

Government Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund, Pennsylvania Tax Exempt Money Market Fund, Tax Exempt Money Market Fund and Treasury Money Market Fund.

The financial statements presented herein are those of the Equity and Asset Allocation Funds. The financial statements of the Fixed Income and Tax Exempt Bond Funds, and the Money Market Funds are not presented herein, but are presented separately.

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

2. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Equity and Asset Allocation Funds.

Investment Valuation

Investment securities of the Equity and Asset Allocation Funds that are listed on a securities exchange or quoted on a national market system, and for which market quotations are readily available, are valued at the last quoted sales price at the official close of trading on the New York Stock Exchange (“NYSE”), (normally 4:00 p.m. Eastern Time). Securities quoted on the NASD National Markets system are valued at the official closing price. Other securities traded on over-the-counter markets are valued on the basis of their closing over-the-counter bid prices. If, in the case of a security that is valued at last sale, there is no such reported sale, these securities (particularly fixed income securities) and unlisted securities for which market quotations are not readily available, are valued at the mean between the most recent bid and asked prices. However, certain fixed income prices furnished by pricing services may be based on methods which include consideration of yields or prices of bonds of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The pricing services may also employ electronic data processing techniques and matrix systems to determine value. Short-term obligations with maturities of 60 days or less when purchased are valued at amortized cost, which approximates market value. The amortized cost method values a security at its cost at the time of purchase and thereafter assumes a constant accretion of discount or amortization of premium to maturity. If this method is determined to be unreliable during certain market conditions or for other reasons, a Fund may value its securities at market price or fair value prices may be determined in good faith using methods approved by the Board of Trustees. Short-term obligations with greater than 60 days to maturity when purchased, are valued at mark-to-market until the 60th day before maturity; then valued at amortized cost to maturity.

Short term investments held as collateral for loaned securities are valued at amortized cost, which approximates market value.

Futures contracts are valued at the daily quoted settlement prices.

Foreign securities are valued based upon quotations from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Foreign securities may trade on weekends or other days when the Fund does not calculate net asset value. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund.

Investments in underlying Allegiant Funds or in any other mutual funds are valued at their respective net asset values as determined by those Funds each business day.

The Board of Trustees has approved and regularly reviews fair value pricing methods to be used in determining the good faith value of the investments of the Funds in the event that market quotations are not readily available or, if available, do not reflect the impact of certain market events. Fair valuation most commonly occurs with foreign securities. Significant events (e.g., movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. In these cases, information furnished by an independent pricing service may be utilized to adjust closing market prices of certain foreign common stocks to reflect their fair value. Because the frequency of significant events is not predictable, fair valuation of certain securities may occur on a frequent basis. When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same security.

Investment Transactions, Investment Income and Expenses

Investment transactions are recorded on trade date for financial statement preparation purposes. As is normal procedure in the mutual fund industry, for days other than financial reporting period ends, investment transactions not settling on the same day are recorded and factored into a fund’s net asset value on the business day following trade date (T+1). Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Discounts and premiums are accreted and amortized, respectively, to interest income over the lives of the respective investments. Dividends are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified. The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. Expenses common to all the Funds in the Trust are allocated among the Funds on the basis of average net assets. Distribution (12b-1) fees and shareholder services fees relating to a specific Class are charged directly to that Class. Expenses common to all Classes, investment income, and realized and unrealized gains and losses on investments are allocated to each Class based upon the relative daily net assets of each Class.

Dividends and Distributions to Shareholders

Dividends from net investment income of the Large Cap Core Equity, Large Cap Value, S&P 500 ^{^®}Index and Balanced Allocation Funds, if any, are declared and paid quarterly. Dividends from net investment income of the International Equity, Large Cap Growth, Mid Cap Value, Multi-Factor Mid Cap Growth, Multi-Factor Small Cap Core, Multi-Factor Small Cap Focused Value, Multi-Factor Small Cap Growth, Multi-Factor Small Cap Value, Small Cap Core and Small Cap Growth Funds, if any, are declared and paid annually. Any net realized capital gains will be distributed at least annually by each of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Foreign Currency Translation

The books and records of the International Equity and Balanced Allocation Funds are maintained in U.S. dollars as follows: (1) the foreign currency market values of investment securities and other assets and liabilities stated in foreign currencies are translated at the exchange rates prevailing at the end of the period; and (2) purchases, sales and income are translated at the rates of exchange prevailing on the respective dates of such transactions. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement from foreign currency transactions are reported in the Statement of Operations for the current period. The International Equity and Balanced Allocation Funds do not isolate the portion of gains and losses on investments which is due to fluctuations in foreign exchange rates from that which is due to fluctuations in the market prices of investments.

Forward Foreign Currency Contracts

Certain Funds enter into forward foreign currency contracts as hedges against either specific transactions or portfolio positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate and any resulting unrealized gains or losses are recorded currently. A Fund realizes gains or losses at the time the forward contracts are extinguished. Such contracts, which are designed to protect the value of the Fund’s investment securities against a decline in the value of the hedged currency, do not eliminate fluctuations in the underlying prices of the securities; they simply establish an exchange rate at a future date. Although such contracts tend to minimize risk of loss due to a decline in the value of a hedged currency, at the same time they tend to limit any potential gain that might be realized should the value of such foreign currency increase. At May 31, 2007, there were no open forward foreign currency contracts in the Funds.

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

Futures Contracts

Certain Funds may enter into futures contracts for the purpose of managing exposure to the securities markets or to movements in interest rates and currency values. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. The daily change in the contract is recorded as an unrealized gain or loss. The Fund recognizes a realized gain or loss when the contract is closed. Details of futures contracts open on May 31, 2007 are included in the respective Fund’s Statement of Net Assets.

There are several risks in connection with the use of futures contracts including the risk of loss in excess of the amount recognized in the Statements of Net Assets to the extent of total notional value. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the investments held by the Fund. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

When-Issued and Delayed Delivery Transactions

The Balanced Allocation Fund may purchase or sell securities on a when-issued or delayed delivery basis for the purpose of enhancing its yield. These transactions (principally in mortgage-backed securities referred to as TBA’s or To Be Announced and COP’s or Certificates of Participation) involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered. The Fund may sell mortgage-backed TBA securities for delivery in the current month and simultaneously contract to repurchase similar, but not identical, securities at an agreed upon price for future settlement. The Fund accounts for such transactions as purchases and sales at the commitment date and maintains liquid, high-grade securities in an amount at least equal to the commitment to repurchase.

Swap Agreements

The Balanced Allocation Fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk. Swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount (a total return swap). To the extent the total return of the index exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent it is less, the Fund will make a payment to the counterparty. Periodic payments received or made by the Fund are recorded in the accompanying Statement of Operations as realized gains or losses.

Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized at contract stipulated reset dates and/or upon termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the Fund’s custodian or counterparty’s broker in compliance with swap contract provisions. Risks may exceed amounts recognized on the Statement of Net Assets. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. There were no open swap agreements at year end.

3. Investment Advisory Fees and Other Transactions with Affiliates

Investment Advisory and Sub-Advisory Fees

Fees paid by the Equity and Asset Allocation Funds pursuant to the Advisory Agreements with Allegiant Asset Management Company (the “Adviser”), an indirect wholly owned subsidiary of National City Corporation (“NCC”), are payable monthly and are calculated at an annual rate, listed in the table below, of each Fund’s average daily net assets. Polaris Capital Management, Inc. (“Polaris”), an independent registered investment adviser, serves as sub-adviser to a portion of the International Equity Fund. For its services, Polaris is paid a sub-advisory fee by the Adviser based on the portion of assets of the International Equity Fund allocated to Polaris as follows: 0.35% of the first $125 million of assets managed, 0.40% of the next $75 million of assets managed and 0.50% of assets managed in excess of $200 million. The Adviser may, from time to time, waive any portion of its fees. Such waivers are voluntary and may be changed or discontinued at any time. The table below lists the advisory fees and waivers that were in effect on May 31, 2007.


	Advisory Fee on Net Assets		Fee Waiver
International Equity Fund	1.15	%	0.15	%
S&P 500^{^®}Index Fund	0.35	%	0.15	%
Balanced Allocation Fund	0.75	%	—


	First $1 Billion		Next $500 Million		In Excess of $1.5 Billion		Fee Waiver
Large Cap Core Equity Fund	0.75	%	0.70	%	0.65	%	—
Large Cap Growth Fund	0.75	%	0.70	%	0.65	%	—
Large Cap Value Fund	0.75	%	0.70	%	0.65	%	—
Mid Cap Value Fund	1.00	%	0.95	%	0.90	%	0.25	%
Multi-Factor Mid Cap Growth Fund	1.00	%	0.95	%	0.90	%	0.55	%

	First $500 Million		Next $500 Million		In Excess of $1 Billion		Fee Waiver
Multi-Factor Small Cap Core Fund	1.00	%	0.95	%	0.90	%	0.26	%*
Multi-Factor Small Cap Focused Value Fund	1.00	%	0.95	%	0.90	%	0.19	%*
Multi-Factor Small Cap Growth Fund	1.00	%	0.95	%	0.90	%	0.63	%*
Multi-Factor Small Cap Value Fund**	1.00	%	0.95	%	0.90	%	—
Small Cap Core Fund	1.00	%	0.95	%	0.90	%	—
Small Cap Growth Fund	1.00	%	0.95	%	0.90	%	0.45	%

For the year ended May 31, 2007, the Adviser voluntarily waived the requisite amount of its fees to maintain the expense ratios of Class I and Class A Shares of Multi-Factor Small Cap Core, Multi-Factor Small Cap Focused Value and Multi-Factor Small Cap Growth Funds at 0.95% and 1.20%, 1.17% and 1.42%, and 0.95% and 1.20%, respectively.

**	The effective advisory fee for the year ended May 31, 2007 was 0.99% for the Multi-Factor Small Cap Value Fund.

Shareholder Services Fees

The Trust maintains a Shareholder Services Plan (the “Services Plan”) with respect to the Class A, Class B and Class C Shares in the Funds. Pursuant to such Services Plan, the Trust enters into shareholder servicing agreements with certain financial institutions under which they agree to provide shareholder administrative services to their customers who beneficially own Class A, Class B and Class C Shares in consideration for payment of a fee of 0.25% on an annual basis, based on each Class’ average daily net assets.

Custodian Fees

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

combined average daily gross assets of the Trust and Advantage and 0.002% of the combined average daily gross assets in excess of $10 billion. The custodian fees are allocated to the Trust and Advantage based on each Fund’s average daily net assets. PFPC Trust Co. also receives other transaction based charges and is reimbursed for out-of-pocket expenses. One of the officers of PFPC is Treasurer of the Trust and Advantage.

Distribution/12b-1 Fees

The Trust and Professional Funds Distributor, LLC (the “Distributor”) are parties to a distribution agreement dated May 1, 2003. The Trust has adopted a distribution plan for Class I and Class A Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class I and Class A Shares plan, the Funds reimburse the Distributor for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.10% per annum of the average daily net assets of the Funds’ Class I and Class A Shares. Effective August 1, 2006, the 12b-1 fee accrual rates with respect to Class I and Class A Shares of the International Equity, Large Cap Core Equity, Large Cap Growth, Large Cap Value, Mid Cap Value, Multi-Factor Small Cap Value and Small Cap Core Funds were reduced from 0.05% to 0.04%. Effective January 1, 2007, these Funds were further reduced to 0.03%. Effective January 1, 2007, the 12b-1 fee accrual rates with respect to Class I and Class A Shares of the Balanced Allocation, Multi-Factor Mid Cap Growth and Small Cap Growth Funds were reduced from 0.03% to 0.02% while the Class I and Class A Shares of the Multi-Factor Small Cap Core and Multi-Factor Small Cap Growth Funds were reduced from 0.02% to 0.01%. The 12b-1 fee accrual rates with respect to Class I and Class A Shares of the Multi-Factor Small Cap Focused Value and S&P 500^{^®}Index Funds were unchanged during the year ended May 31, 2007 and are also shown in the table below. As of May 31, 2007, the 12b-1 fee accrual rate were as shown in the table below:


	Annual Rate
	Class I		Class A
International Equity Fund	0.03	%	0.03	%
Large Cap Core Equity Fund	0.03	%	0.03	%
Large Cap Growth Fund	0.03	%	0.03	%
Large Cap Value Fund	0.03	%	0.03	%
Mid Cap Value Fund	0.03	%	0.03	%
Multi-Factor Mid Cap Growth Fund	0.02	%	0.02	%
Multi-Factor Small Cap Core Fund	0.01	%	0.01	%
Multi-Factor Small Cap Focused Value Fund	0.02	%	0.02	%
Multi-Factor Small Cap Growth Fund	0.01	%	0.01	%
Multi-Factor Small Cap Value Fund	0.03	%	0.03	%
S&P 500^{^®}Index Fund	0.005	%	0.005	%
Small Cap Core Fund	0.03	%	0.03	%
Small Cap Growth Fund	0.02	%	0.02	%
Balanced Allocation Fund	0.02	%	0.02	%

The Trust also has adopted plans under Rule 12b-1 with respect to Class B and Class C Shares pursuant to which the Funds compensate the Distributor for distribution services in an amount up to 0.75% per annum of the average daily net assets of the Funds’ Class B and Class C Shares.

Trustees’ Fees

year for their services in these capacities. No person who is an officer, director, trustee, or employee of the Adviser, the Distributor, or any parent or subsidiary thereof, who serves as an officer, trustee, or employee of the Trust or Advantage receives any compensation from the Trust.

Trustees who receive fees are eligible for participation in the Trust’s Deferred Compensation Plan (the “Plan”), an unfunded, nonqualified deferred compensation plan. The Plan allows each eligible Trustee to defer receipt of all or a percentage of fees that would otherwise be payable for services performed.

Administration Fees

The Trust, PFPC and National City Bank (“NCB”), an affiliate of the Adviser, are parties to a Co-Administration and Accounting Services Agreement, pursuant to which PFPC and NCB have agreed to serve as Co-Administrators to the Trust in exchange for fees at the annual rate of 0.06% based on average daily net assets of the Trust’s Funds. For its services as Co-Administrators during the period June 1, 2006 to August 31, 2006, approximately 0.0242% was allocated to PFPC and approximately 0.0358% was allocated to NCB. A new Co-Administration and Accounting Services Agreement was entered into effective September 1, 2006, pursuant to which PFPC and NCB have agreed to continue to serve as Co-Administrators to the Trust in exchange for fees at the annual rate of 0.06% based on average daily net assets of the Trust’s Funds. For its services as Co-Administrators during the period September 1, 2006 to May 31, 2007, approximately 0.0277% was allocated to PFPC and approximately 0.0323% was allocated to NCB. One of the officers of PFPC is Treasurer of the Trust.

Legal Fees

Expenses paid by the Trust for the year ended May 31, 2007, include legal fees of $335,726 paid to Drinker Biddle & Reath LLP. A partner of that firm is Secretary of the Trust.

Transfer Agent

Effective June 10, 2006, PFPC succeeded Boston Financial Data Services as Transfer Agent for the Fund. For its services as Transfer Agent, PFPC receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the year ended May 31, 2007, PFPC received $1,137,086 from the Funds in aggregate fees and expenses for services rendered under the Transfer Agency Services Agreement. One of the officers of PFPC is Treasurer of the Trust.

Affiliated Funds

Pursuant to SEC rules, the Equity and Asset Allocation Funds may invest cash balances not otherwise invested in portfolio securities and cash collateral from securities lending programs to purchase shares of the money market funds offered by the Trust and the Allegiant Advantage Fund, a separate investment company affiliated with the Trust. The Adviser will waive fees in an amount that offsets any distribution fees charged by the Money Market Funds. Dividends received from such investments are reported as “Income from affiliate” in the Statements of Operations.

Redemption Fees

The International Equity, Multi-Factor Small Cap Core, Multi-Factor Small Cap Focused Value, Multi-Factor Small Cap Growth, Multi-Factor Small Cap Value, Small Cap Core and Small Cap Growth Funds charge a redemption fee of 2.00% on proceeds from Class I, Class A and Class C (where applicable) Shares redeemed or exchanged within 60 days following their acquisition. The redemption fee is calculated as a percentage of the net asset value of total redemption proceeds and is retained by the applicable Fund and accounted for as additional paid-in capital. Certain exceptions to the imposition of the redemption fee exist. Please see the Funds’ prospectuses for more information.

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

4. Investments

During the year ended May 31, 2007, the cost of purchases and proceeds from sales of investments, other than short-term investments and U.S. government obligations were:


	Purchases (000)		Sales (000)
International Equity Fund	$	119,228	$	112,662
Large Cap Core Equity Fund		156,960		181,439
Large Cap Growth Fund		432,025		522,382
Large Cap Value Fund		485,776		484,225
Mid Cap Value Fund		309,526		91,112
Multi-Factor Mid Cap Growth Fund		52,758		56,770
Multi-Factor Small Cap Core Fund		85,343		47,284
Multi-Factor Small Cap Focused Value Fund		5,495		5,067
Multi-Factor Small Cap Growth Fund		9,044		8,981
Multi-Factor Small Cap Value Fund		516,182		815,348
S&P 500^{^®}Index Fund		49,662		79,403
Small Cap Core Fund		98,337		122,448
Small Cap Growth Fund		56,312		64,958
Balanced Allocation Fund		184,065		186,158

During the year ended May 31, 2007, the cost of purchases and proceeds from sales of long-term U.S. government obligations were:


	Purchases (000)		Sales (000)
Balanced Allocation Fund	$	56,772	$	46,000

5. Federal Income Taxes

Each of the Equity and Asset Allocation Funds is classified as a separate taxable entity for Federal income tax purposes and intends to continue to qualify as a separate “regulated investment company” under the Internal Revenue Code and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under U.S. generally accepted accounting principles. These book/tax differences are either temporary or permanent in nature, and are primarily due to wash sales, foreign currency losses, “mark to market” of certain futures contracts and Passive Foreign Investment Company (“PFIC”) stock, write-off of unusable capital loss carryforwards, and dividends deemed paid upon shareholder redemption of fund shares. The character and timing of dividends and/or distributions made during the year from net investment income and/or net realized capital gains may differ from the year that the income or realized capital gains (losses) were recorded by the Equity and Asset Allocation Funds. To the extent any of these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise. Accordingly, the following permanent differences have been reclassified to/from the following accounts for the year ended May 31, 2007:

100


	Undistributed Net Investment Income (000)			Accumulated Net Realized Gains (Losses) (000)			Paid-in Capital (000)
International Equity Fund	$	(233	)	$	233		$	—
Large Cap Core Equity Fund		—			(447	)		447
Large Cap Growth Fund		1,637			15,127			(16,764	)
Large Cap Value Fund		—			42			(42	)
Mid Cap Value Fund		—			(1,205	)		1,205
Multi-Factor Small Cap Focused Value Fund		2			(2	)		—
Multi-Factor Small Cap Growth Fund		19			—			(19	)
Multi-Factor Small Cap Value Fund		718			(9,596	)		8,878
S&P 500^{^®}Index Fund		(2	)		(1,082	)		1,084
Small Cap Core Fund		—			(952	)		952
Small Cap Growth Fund		287			2,348			(2,635	)
Balanced Allocation Fund		1			(327	)		326

The tax character of dividends and distributions paid during the years ended May 31, 2007 and May 31, 2006 were as follows:


	Ordinary Income (000)		Long-Term Capital Gain (000)		Total (000)
International Equity Fund
2007	$	661	$	—	$	661
2006		4,866		—		4,866
Large Cap Core Equity Fund
2007		1,239		13,743		14,982
2006		4,577		1,173		5,750
Large Cap Growth Fund
2007		2,693		49,793		52,486
2006		4,809		19,913		24,722
Large Cap Value Fund
2007		19,229		63,139		82,368
2006		16,368		35,448		51,816
Mid Cap Value Fund
2007		2,638		7,604		10,242
2006		3,383		3,990		7,373
Multi-Factor Mid Cap Growth Fund
2007		157		—		157
Multi-Factor Small Cap Core Fund
2007		146		2		148
Multi-Factor Small Cap Focused Value Fund
2007		395		31		426
Multi-Factor Small Cap Value Fund
2007		34,769		66,595		101,364
2006		45,034		67,434		112,468
S&P 500^® Index Fund
2007		3,199		450		3,649
2006		5,529		—		5,529
Small Cap Core Fund
2007		—		10,257		10,257
Balanced Allocation Fund
2007		2,813		4,322		7,135
2006		2,502		—		2,502

101

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

As of May 31, 2007, the components of distributable earnings (accumulated losses) on a tax basis were as follows:


	Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gains (000)		Capital Loss Carryforward (000)			Post- October Losses (000)			Unrealized Appreciation (Depreciation) (000)		Total Distributable Earnings (Accumulated Losses) (000)
International Equity Fund	$	3,503	$	—	$	(69,327	)	$	(211	)	$	103,394	$	37,359
Large Cap Core Equity Fund		1,388		6,126		—			—			57,291		64,805
Large Cap Growth Fund		—		25,768		(11,146	)		—			117,147		131,769
Large Cap Value Fund		12,533		43,286		(2,872	)		—			159,745		212,692
Mid Cap Value Fund		12,073		7,824		—			—			45,606		65,503
Multi-Factor Mid Cap Growth Fund		149		—		(68,767	)		—			5,824		(62,794	)
Multi-Factor Small Cap Core Fund		140		—		(32	)		(1,363	)		5,158		3,903
Multi-Factor Small Cap Focused Value Fund		98		76		—			—			882		1,056
Multi-Factor Small Cap Growth Fund		—		118		—			—			863		981
Multi-Factor Small Cap Value Fund		8,996		34,899		—			—			76,530		120,425
S&P 500^{^®}Index Fund		1,082		7,332		—			—			59,635		68,049
Small Cap Core Fund		4,210		4,437		—			—			50,564		59,211
Small Cap Growth Fund		—		—		(77,921	)		—			4,626		(73,295	)
Balanced Allocation Fund		2,576		4,106		(1,633	)		(12	)		26,378		31,415

Post-October losses represent losses realized on investment and foreign currency transactions from November 1, 2006 through May 31, 2007 that, in accordance with Federal income tax regulations, a Fund may elect to defer and treat as having arisen in the following year. For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. At May 31, 2007, the Funds had capital loss carryforwards (in thousands) available to offset future realized capital gains through the indicated expiration dates:


	Expiring May 31,
	2010		2011		2013		2015		Total
International Equity Fund	$	—	$	69,327	$	—	$	—	$	69,327
Large Cap Growth Fund,*		11,146		—		—		—		11,146
Large Cap Value Fund**		2,872		—		—		—		2,872
Multi-Factor Mid Cap Growth Fund		30,888		37,879		—		—		68,767
Multi-Factor Small Cap Core Fund		—		—		—		32		32
Small Cap Growth Fund**		2,173		68,841		6,907		—		77,921
Balanced Allocation Fund**		1,633		—		—		—		1,633

*	The amount of this loss which can be utilized in subsequent years is subject to an annual limitation due to the Fund’s merger with the Armada Large Cap Ultra Fund on April 23, 2004.

**	The amount of this loss which can be utilized in subsequent years is subject to an annual limitation due to the Fund’s merger with its respective Riverfront Fund on October 11, 2004.

During the year ended May 31, 2007, capital loss carryforwards that were utilized to offset capital gains were as follows:


	(000)
International Equity Fund	$	17,127
Large Cap Growth Fund		3,715
Large Cap Value Fund		958
Multi-Factor Mid Cap Growth Fund		4,808
S&P 500^® Index Fund		3,567
Small Cap Growth Fund		3,707
Balanced Allocation Fund		544

102

6. Shares of Beneficial Interest

The Trust’s Declaration of Trust authorizes the Board of Trustees to issue an unlimited number of shares of beneficial interest and to classify or reclassify any unissued shares of the Trust into one or more additional classes of shares and to classify or reclassify any class of shares into one or more series of shares. Transactions in capital shares are summarized (in thousands) on the following pages for the Equity and Asset Allocation Funds.


	Class I				Class A				Class B				Class C
	Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06
International Equity Fund
Shares issued	3,953		4,100		275		227		11		18		22		10
Share reinvested	11		60		—		18		—		1		—		1
Shares redeemed	(3,563	)	(4,357	)	(179	)	(273	)	(20	)	(57	)	(28	)	(58	)

Net increase (decrease)	401		(197	)	96		(28	)	(9	)	(38	)	(6	)	(47	)

Large Cap Core Equity Fund
Shares issued	635		1,063		52		106		1		15		4		6
Shares reinvested	1,051		385		27		12		15		6		2		1
Shares redeemed	(2,559	)	(1,448	)	(113	)	(331	)	(59	)	(74	)	(7	)	(38	)

Net decrease	(873	)	—		(34	)	(213	)	(43	)	(53	)	(1	)	(31	)

Large Cap Growth Fund
Shares issued	2,638		2,769		382		381		—		15		8		21
Shares reinvested	1,478		696		591		237		38		16		5		1
Shares redeemed	(6,370	)	(5,843	)	(1,145	)	(1,397	)	(137	)	(95	)	(21	)	(47	)

Net decrease	(2,254	)	(2,378	)	(172	)	(779	)	(99	)	(64	)	(8	)	(25	)

Large Cap Value Fund
Shares issued	8,369		4,145		404		599		16		31		11		15
Shares reinvested	2,002		1,318		325		205		50		37		4		3
Shares redeemed	(6,975	)	(5,842	)	(501	)	(665	)	(72	)	(159	)	(8	)	(31	)

Net increase (decrease)	3,396		(379	)	228		139		(6	)	(91	)	7		(13	)

Mid Cap Value Fund
Shares issued	6,108		3,793		11,732		381		19		31		221		58
Shares reinvested	234		168		192		57		18		33		12		7
Shares redeemed	(1,695	)	(799	)	(824	)	(133	)	(41	)	(50	)	(15	)	(13	)

Net increase (decrease)	4,647		3,162		11,100		305		(4	)	14		218		52

Multi-Factor Mid Cap Growth Fund
Shares issued	619		1,106		73		145		—		12		1		9
Shares reinvested	7		—		7		—		—		—		—		—
Shares redeemed	(857	)	(1,007	)	(408	)	(561	)	(59	)	(178	)	(9	)	(42	)

Net increase (decrease)	(231	)	99		(328	)	(416	)	(59	)	(166	)	(8	)	(33	)

103

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007


	Class I				Class A				Class B				Class C
	Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06
Multi-Factor Small Cap Core Fund*
Shares issued	3,295		591		50		10		—		—		—		—
Shares reinvested	12		—		—		—		—		—		—		—
Shares redeemed	(38	)	—		(7	)	—		—		—		—		—

Net increase	3,269		591		43		10		—		—		—		—

Multi-Factor Small Cap Focused Value Fund*
Shares issued	13		547		18		7		—		—		13		—
Shares reinvested	38		—		1		—		—		—		—		—
Shares redeemed	—		—		(2	)	—		—		—		—		—

Net increase	51		547		17		7		—		—		13		—

Multi-Factor Small Cap Growth Fund*
Shares issued	22		522		2		2		—		—		—		—
Shares reinvested	—		—		—		—		—		—		—		—
Shares redeemed	(8	)	—		(1	)	—		—		—		—		—

Net increase	14		522		1		2		—		—		—		—

Multi-Factor Small Cap Value Fund
Shares issued	2,918		4,070		1,034		1,956		1		40		27		129
Shares reinvested	2,569		3,033		1,554		1,425		134		119		147		154
Shares redeemed	(14,540	)	(13,960	)	(3,214	)	(5,166	)	(234	)	(232	)	(466	)	(677	)

Net decrease	(9,053	)	(6,857	)	(626	)	(1,785	)	(99	)	(73	)	(292	)	(394	)

S&P 500^® Index Fund
Shares issued	3,235		5,313		575		851		6		76		26		53
Shares reinvested	196		401		40		34		3		3		1		1
Shares redeemed	(6,986	)	(23,065	)	(435	)	(727	)	(91	)	(96	)	(29	)	(122	)

Net increase (decrease)	(3,555	)	(17,351	)	180		158		(82	)	(17	)	(2	)	(68	)

Small Cap Core Fund
Shares issued	2,873		8,592		39		141		4		14		9		48
Shares reinvested	463		—		11		—		2		—		3		—
Shares redeemed	(4,637	)	(4,628	)	(104	)	(87	)	(3	)	(1	)	(14	)	(34	)

Net increase (decrease)	(1,301	)	3,964		(54	)	54		3		13		(2	)	14

Small Cap Growth Fund
Shares issued	178		481		35		153		—		9		—		5
Shares reinvested	—		—		—		—		—		—		—		—
Shares redeemed	(698	)	(1,592	)	(349	)	(500	)	(53	)	(156	)	(1	)	(71	)

Net decrease	(520	)	(1,111	)	(314	)	(347	)	(53	)	(147	)	(1	)	(66	)

Balanced Allocation Fund
Shares issued	2,925		1,599		280		310		51		25		88		25
Shares reinvested	526		189		58		20		19		4		7		1
Shares redeemed	(2,422	)	(3,684	)	(242	)	(777	)	(90	)	(134	)	(24	)	(78	)

Net increase (decrease)	1,029		(1,896	)	96		(447	)	(20	)	(105	)	71		(52	)

*	Commenced operations on September 30, 2005.

104

7. Market and Credit Risk

Some countries in which certain of the Equity and Asset Allocation Funds may invest require government approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities exchanges in the United States. Consequently, acquisition and disposition of securities by a Fund may be inhibited. In addition, a significant proportion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets are held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by a Fund.

The Balanced Allocation Fund may invest in securities whose value is derived from an underlying pool of mortgages or consumer loans. Prepayment of these loans may shorten the stated maturity of these respective obligations and may result in a loss.

Each Equity and Asset Allocation Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of some of these securities may adversely affect a Fund’s ability to dispose of such securities in a timely manner and at a fair price.

8. Securities Lending

To generate additional income, the Equity and Asset Allocation Funds (excluding International Equity Fund) may lend their domestic securities pursuant to a securities lending agreement with Union Bank of California (“UBOC”), the domestic securities lending agent. In addition, the International Equity and Balanced Allocation Funds, effective June 27, 2006 and July 11, 2006, respectively, may lend their international securities pursuant to a securities lending agreement with PFPC Trust Co., the international securities lending agent. The Funds may lend up to 50% of the securities in which they are invested requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities as collateral equal at all times to at least 100% of the market value plus accrued interest on the securities loaned. The lending Funds continue to earn interest and dividends on securities loaned while simultaneously seeking to earn interest on the investment of collateral. The domestic lending Funds receive 70% and the international lending Funds receive 75% of the gross income earned comprised of interest received on the collateral net of broker rebates and other expenses incurred by UBOC and PFPC Trust Co., respectively.

There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the Adviser, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the lending Funds or the borrower at any time, and are, therefore, not considered to be illiquid investments.

9. In Kind Redemptions

During the year ended May 31, 2007, Large Cap Growth and Large Cap Value Funds distributed securities in lieu of cash for a Class I shareholder redemption. The respective shareholder received a pro-rata portion of Large Cap Growth and Large Cap Value Funds’ investments. The value of the redemptions was as follows:


	Value of the Redemption		Net Realized Gain Included in Redemption		Shares Redeemed
Large Cap Growth Fund	$	13,338,901	$	381,024	663,627
Large Cap Value Fund		13,809,240		678,543	687,027

The net realized gain from these transactions was not taxable to the Funds. Such gains were not distributable to shareholders and were reclassified to paid-in capital. These transactions were executed following guidelines approved by the Board of Trustees.

105

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

10. Indemnification

In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is immaterial. The Funds expect the risk of loss to be remote pursuant to the contracts.

11. Recent Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” This pronouncement provides guidance on the recognition, measurement, classification, and disclosures related to uncertain tax positions, along with any related interest and penalties. FIN 48 is effective for fiscal years beginning after December 15, 2006, with the Funds required to implement FIN 48 in the NAV calculation by November 30, 2007. Management does not expect the adoption of FIN 48 to have a material impact on the amounts reported in the financial statements.

In September 2006, the Financial Accounting Standards Board issued FASB Statement No. 157, Fair Value Measurements, (“Statement 157”). Statement 157 establishes a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures about the use of fair value measurements. Statement 157 is intended to increase consistency and comparability among fair value estimates used in financial reporting. Statement 157 is effective for fiscal years beginning after November 15, 2007. Management does not expect the adoption of Statement 157 to have an impact on the amounts reported in the financial statements.

12. Regulatory Matters

On October 11, 2006, the Adviser was notified that the Pacific Regional Office of the SEC is conducting an examination concerning marketing budget arrangements with entities that provide administrative services to the Trust. NCB and the Adviser are cooperating fully with the SEC in that examination. The Adviser provided its initial response to the SEC on January 12, 2007 and subsequently provided follow-up written responses. At this stage of the investigation, the Adviser is not able to predict the outcome of this examination. The Board of Trustees of the Trust has established a committee comprising independent members of the Board of Trustees to monitor this matter on behalf of the Board.

106

Allegiant Equity and Asset Allocation Funds

NOTICE TO SHAREHOLDERS

(Unaudited )

The information set forth below is for each Fund’s fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2007 income tax purposes will be sent to them in early 2008. Please consult your tax advisor for proper treatment of this information.

Tax Information

The following tax information represents fiscal year end disclosures of various tax benefits passed through to shareholders at calendar year end.

The amounts of distributions designated as long term capital gains are as follows (in thousands):


Name of Fund
Large Cap Core Equity Fund	$	13,743
Large Cap Growth Fund		49,793
Large Cap Value Fund		75,188
Mid Cap Value Fund		11,493
Multi-Factor Small Cap Core Fund		2
Multi-Factor Small Cap Focused Value Fund		107
Multi-Factor Small Cap Growth Fund		117
Multi-Factor Small Cap Value Fund		67,742
S&P 500^{^®}Index Fund		8,785
Small Cap Core Fund		10,257
Balanced Allocation Fund		6,775

Of the dividends paid by the following Funds, the corresponding percentages represent the amount of such dividends which may qualify for the dividends received deduction available to corporate shareholders.


Name of Fund
Large Cap Core Equity Fund	100.00	%
Large Cap Growth Fund	100.00	%
Large Cap Value Fund	64.28	%
Mid Cap Value Fund	49.58	%
Multi-Factor Mid Cap Growth Fund	100.00	%
Multi-Factor Small Cap Core Fund	30.75	%
Multi-Factor Small Cap Focused Value Fund	13.57	%
Multi-Factor Small Cap Value Fund	18.18	%
S&P 500^{^®}Index Fund	94.75	%
Balanced Allocation Fund	35.02	%

If the Fund meets the requirements of section 853 of the Code, the Fund may elect to pass through to its shareholders credits for foreign taxes paid. The total amount of income received by International Equity Fund from sources within foreign countries and possessions of the United States is $0.2473 per share (representing a total of $6,677,269). The total amount of taxes paid to such countries is $0.0202 per share (representing a total of $545,626).

107

Allegiant Equity and Asset Allocation Funds

NOTICE TO SHAREHOLDERS

(Unaudited)

The following tax information represents fiscal year end percentages and may differ from those provided to shareholders at calendar year end.

Of the dividends paid by the following Funds, the corresponding percentages represent the amount of such dividends which will qualify for the 15% dividend income tax rate.


Name of Fund
International Equity Fund	100.00	%
Large Cap Core Equity Fund	100.00	%
Large Cap Growth Fund	100.00	%
Large Cap Value Fund	65.57	%
Mid Cap Value Fund	100.00	%
Multi-Factor Mid Cap Growth Fund	100.00	%
Multi-Factor Small Cap Core Fund	87.98	%
Multi-Factor Small Cap Focused Value Fund	11.06	%
Multi-Factor Small Cap Value Fund	9.97	%
S&P 500^{^®}Index Fund	100.00	%
Balanced Allocation Fund	52.73	%

The above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and realized capital gains for generally accepted accounting principles (book) purposes and federal income tax (tax) purposes.

108

Proxy Voting

A description of the policies and procedures that Allegiant Funds uses to determine how to vote proxies relating to their portfolio securities as well as information regarding how Allegiant Funds voted proxies during the most recent 12-month period ending June 30, is available upon request, without charge, by calling 1-800-622-FUND (3863), visiting the Fund’s website at www.allegiantfunds.com, or the SEC’s website at http://www.sec.gov.

Quarterly Schedules of Investments

The Form N-Q, which includes a complete schedule of investments, must be filed with the SEC within 60 days of the end of the Trust’s first and third fiscal quarters. The Trust’s Forms N-Q are available upon request, without charge, by calling 1-800-622-FUND(3863), visiting the Trust’s website at www.allegiantfunds.com, on the SEC’s website at http://www.sec.gov, or they may be reviewed and/or copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room).

Investment Adviser

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, Ohio 44114

Distributor

Professional Funds Distributor, LLC

760 Moore Road

King of Prussia, Pennsylvania 19406

Legal Counsel

Drinker Biddle & Reath LLP

One Logan Square

18th and Cherry Streets

Philadelphia, Pennsylvania 19103-6996

Independent Registered Public Accounting Firm

Ernst & Young LLP

Two Commerce Square

2001 Market Street, Suite 4000

Philadelphia, Pennsylvania 19103

Custodian

PFPC Trust Co.

8100 Tinicum Boulevard, 4th Floor

Philadelphia, Pennsylvania 19153

LOGO

760 Moore Road

King of Prussia, PA 19406

INVESTMENT ADVISER:

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, OH 44114

LOGO

ALLEGIANT FIXED INCOME AND TAX EXEMPT BOND FUNDS ANNUAL REPORT

FIXED INCOME FUNDS

Bond Fund

Government Mortgage Fund

Intermediate Bond Fund

Limited Maturity Bond Fund

Total Return Advantage Fund

Ultra Short Bond Fund

TAX EXEMPT BOND FUNDS

Intermediate Tax Exempt Bond Fund

Michigan Intermediate Municipal Bond Fund

Ohio Intermediate Tax Exempt Bond Fund

Pennsylvania Intermediate Municipal Bond Fund

OTHER ALLEGIANT FUNDS

EQUITY FUNDS

International Equity Fund

Large Cap Core Equity Fund

Large Cap Growth Fund

Large Cap Value Fund

Mid Cap Value Fund

Multi-Factor Mid Cap Growth Fund (formerly Mid Cap Growth Fund)

Multi-Factor Small Cap Core Fund

Multi-Factor Small Cap Focused Value Fund

Multi-Factor Small Cap Growth Fund

Multi-Factor Small Cap Value Fund

S&P 500^{^®}Index Fund

Small Cap Core Fund

Small Cap Growth Fund

ASSET ALLOCATION FUND

Balanced Allocation Fund

MONEY MARKET FUNDS

Government Money Market Fund

Money Market Fund

Ohio Municipal Money Market Fund

Pennsylvania Tax Exempt Money Market Fund

Tax Exempt Money Market Fund

Treasury Money Market Fund

TABLE OF CONTENTS


Chairman’s Message		1
Report from Allegiant Asset Management Company		2
Fixed Income Funds Overview		6
Fixed Income Funds Expense Tables		12
Tax Exempt Bond Funds Overview		14
Tax Exempt Bond Funds Expense Tables		18
Trustees and Officers of the Trust		19
Report of Independent Registered Public Accounting Firm		21

		Financial Highlights
Bond Fund		22
Government Mortgage Fund		22
Intermediate Bond Fund		23
Limited Maturity Bond Fund		23
Total Return Advantage Fund		24
Ultra Short Bond Fund		24
Intermediate Tax Exempt Bond Fund		25
Michigan Intermediate Municipal Bond Fund		25
Ohio Intermediate Tax Exempt Bond Fund		26
Pennsylvania Intermediate Municipal Bond Fund		26

		*Statements* of *Net Assets*
Bond Fund		27
Government Mortgage Fund		31
Intermediate Bond Fund		33
Limited Maturity Bond Fund		36
Total Return Advantage Fund		40
Ultra Short Bond Fund		45
Intermediate Tax Exempt Bond Fund		48
Michigan Intermediate Municipal Bond Fund		52
Ohio Intermediate Tax Exempt Bond Fund		54
Pennsylvania Intermediate Municipal Bond Fund		58

Statements of Operations		60
Statements of Changes in Net Assets		64
Notes to Financial Statements		68
Notice to Shareholders		80

This material must be preceded or accompanied by a prospectus.

You should consider the investment objectives, risks, charges, and expenses of the Allegiant Fixed Income and Tax Exempt Bond Funds (the “Funds”) carefully before investing. A prospectus and other information about the Funds may be obtained by calling your investment professional, calling 1-800-622-FUND (3863) or downloading one at www.allegiantfunds.com. Please read it carefully before investing.

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Allegiant Fixed Income and Tax Exempt Bond Funds

CHAIRMAN’S MESSAGE

JULY 2007

Dear Shareholders:

Should you have any questions regarding Allegiant Funds or the information contained in this report, please contact your investment professional or call Investor Services at 1-800-622-FUND (3863).

Thank you for your continued confidence in Allegiant Funds. We look forward to continuing to assist you with achieving your investment goals in the year ahead.

Sincerely,

LOGO

Robert D. Neary

Chairman

LOGO

Allegiant Fixed Income and Tax Exempt Bond Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

“...the Fed established a holding pattern with the federal funds rate at 5.25%.”

Review

Fixed Income

⁽¹⁾

Peer-group performance is derived from data provided by Lipper Inc.

Commentary provided by Allegiant Asset Management Company

“The fixed income market over the last year was marked by a flat-to-inverted yield curve, historically low spreads, and low volatility.”

Equities

U.S. corporations continued to generate robust earnings growth, fueled by their continued global expansion. For the first time, companies in the S&P 500^{^®}Index will generate over 50% of their sales abroad. The robust economic growth of China, developing economies, and Europe, combined with a weak U.S. dollar, helped offset results from domestic operations.

What’s Ahead?

*	Large-company stocks are represented by the Russell 1000^® Index and Small-company stocks are represented by the Russell 2000^® Index.

**	The Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE^®”) and the Morgan Stanley Capital International Emerging Markets Index (“MSCI EM^®”)

Allegiant Fixed Income and Tax Exempt Bond Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

In closing, thank you for the trust you have placed with us. You are truly our most valuable asset.

THIS PAGE INTENTIONALLY LEFT BLANK

Allegiant Fixed Income Funds

OVERVIEW

May 31, 2007

Andrew Harding

Chief Investment Officer Fixed Income Investment

LOGO

Guarantees by the U.S. government, its agencies, or instrumentalities relate only to the payment of principal or interest of the portfolio securities and not the shares of the Fund. An investment in the Fund is subject to interest rate risk, which is the possibility that the Fund’s yield will decline due to falling interest rates. 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.

How did the taxable fixed income market perform over the last year?

As the 12-month period began, bond market yields declined as inflation expectations moderated and an unambiguous softening of the housing market lowered future GDP forecasts. The data dependent Federal Reserve Bank halted consecutive target Fed Fund rate increases in August. Low interest rates and a continuation of inexpensive risk premiums in the market, combined with moderating inflation, contributed to strong returns across all sectors of fixed income. Corporate spreads remained narrow by historical standards, but could be supported by strong balance sheets and expectations of a soft landing.

Though inflation data was reported lower than expected in late 2006, rates rose across the curve as stronger economic data was released and the housing market appeared to pass its trough. Volatility remained low and corporate spreads tight.

As the new year started, weakness in Chinese equity markets, combined with a deteriorating subprime market and weaker economic data, led to a flight to quality for Treasuries, which drove yields down. This immediately translated to increased implied volatility for both equity and interest rate markets, though it was quickly reversed.

In May, the Treasury markets began to sell off, as solid economic fundamentals, potential diversification of international capital, and duration-selling from mortgage servicers combined to drive rates higher.

What factors impacted performance of the Funds?

The new year began with Treasury yields rising to the 4.90% to 5% range across the curve on the heels of strong December economic data, including resurgence in retail sales, stabilization in housing, and pickup in employment. In February, a flight-to-quality bid for Treasuries knocked yields down to the 4.40% to 4.50% range by mid-March. The rally was dominated on the short end of the curve in anticipation of Fed easing and the curve steepened.

The flight to quality in late February immediately translated into increased implied volatility for equity markets measured by (VIX^{^®}) and interest rate markets measured by (LBPX), as both measures rose significantly, reflecting a heightened perception of risk which had been largely absent in both markets.* The implied volatility was short-lived, as both measures reverted back to their averages by the end of March.

Swap spreads have widened year-to-date in response to increased volatility and uncertainty regarding credit fundamentals, though they too have trended back from the volatility spike in early March. Credit markets remain strong due to low interest rates, low volatility, attractive tax regimes, abundant liquidity and thriving investor demand. Signs of deterioration are becoming evident as corporate earnings slow, stock buybacks surge, and lax loan covenants are spreading. The Funds were not directly exposed to subprime issuer mortgage holdings; therefore, any impact felt in this area would be on a macro level should credit tighten.

Allegiant Bond Fund

During the fiscal year ended May 31, 2007, the Fund returned 0.43% to B shares investors⁽¹⁾and 6.47% to I shares investors relative to the Lehman U.S. Aggregate Bond Index⁽²⁾which returned 6.66%. The Average Intermediate Investment Grade Debt Peer returned 6.08% during the period. The Fund performance was favorably driven by active duration/curve management amidst neutral fed policy action and oscillating Treasury yields. Returns also were affected favorably by year-end settlement proceedings from investments made earlier in the decade. Finally, a structural underweight to corporate bonds and overweight to Treasuries served as detractors to relative performance, as volatility remained low and credit spreads tight.

Allegiant Government Mortgage Fund

During the fiscal year ended May 31, 2007, the Fund returned 0.50% to B shares investors⁽¹⁾and 6.42% to I shares investors compared to the index which returned 7.05%. The Average U.S. Government Mortgage Peer returned 5.97% during the period. Performance relative to the Lehman Fixed Rate Mortgage-Backed Securities Index⁽²⁾was favorably driven by tactical duration management and underweight to underperforming Ginnie Mae MBS.

Allegiant Intermediate Bond Fund

During the fiscal year ended May 31, 2007, the Fund returned (0.58)% to B shares investors⁽¹⁾and 5.55% to I shares investors compared to the index which returned 5.90%. The Average Short-Intermediate Investment Grade Debt Peer returned 5.11% during the period. Performance relative to Lehman Intermediate U.S. Government/Credit Bond Index⁽²⁾was favorably driven by active duration/curve management amidst neutral fed policy action and oscillating Treasury yields. Returns were also favorably affected by year-end settlement proceedings from investments made earlier in the decade. Finally, a structural underweight to corporate bonds and overweight to Treasuries served as detractors to relative performance, as volatility remained low and credit spreads tight.

Allegiant Limited Maturity Bond Fund

During the fiscal year ended May 31, 2007, the Fund returned (0.86)% to B shares investors⁽¹⁾and 5.17% to I shares investors compared to the index which returned 5.09%. The Average Short Investment Grade Debt Peer returned 4.89% during the period. Performance relative to the Merrill 1-3 Year U.S. Corporate/Government Index ⁽²⁾was favorably driven by a structural overweight to mortgage- and asset-backed securities and underweight to Treasuries, as volatility remained low and credit spreads tight. Returns also were affected favorably by year-end settlement proceedings from investments made earlier in the decade.

Allegiant Total Return Advantage Fund

During the fiscal year ended May 31, 2007, the Fund returned 0.03% to B shares investors⁽¹⁾and 6.18% to I shares investors compared to the index which returned 6.47%. The Average A Rated Corporate Debt Peer returned 6.22% during the period. Performance relative to Lehman U.S. Government/Credit Index⁽²⁾was favorably driven by active duration/curve management amidst neutral fed policy action and oscillating Treasury yields. Returns also were affected favorably by year-end settlement proceedings from investments made earlier in the decade. Allocation to outperforming High Yield securities provided additional support to relative performance versus the benchmark. Finally, a structural underweight to corporate bonds and overweight to Treasuries served as detractors to relative performance, as volatility remained low and credit spreads tight.

Allegiant Ultra Short Bond Fund

During the fiscal year ended May 31, 2007, the Fund returned 3.65% to A shares investors⁽³⁾and 4.97% to I shares investors compared to the index which returned 4.94%. The Average Short Investment Grade Debt Peer returned 4.89% during the period. Performance relative to the Merrill Lynch 1-Year U.S. Treasury Index⁽²⁾was favorably driven by a structural overweight to higher yielding/low-risk spread (non-Treasury) products, as volatility remained low and credit spreads tight.

What are your thoughts going into the next 12 months?

We believe the Fed’s options are narrowing because inflation is slightly above its comfort zone. But economic conditions continue to deteriorate, and there is potential for a credit crunch due to the subprime mortgage debacle. While inflation is still considered high, it could come down if an economic decline materializes. But with inflation contained below 3%, the Fed will act to stave off a recession, especially if the job market is being impacted.

We believe the curve will steepen due to the conflict between inflation and slowing growth. Also, increases in uncertainty will lead to increased volatility, which in hand, will give a bid to shorter maturity. This further supports the curve steepening. Credit spreads will continue to be challenged and could widen considerably with worse-than-expected economic or equity performance.

⁽¹⁾	Performance of Class B Shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽²⁾	The Indices are not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

⁽³⁾	The Fund does not offer Class B Shares, so Class A Share performance is utilized, and reflects Class A Shares’ maximum sales charge.

*	The CBOE Volatility Index^® (VIX^®) is a key measure of market expectations or near-term volatility. LBPX measures the volatility of the London Bank Interoffering Rate.

Allegiant Fixed Income Funds

OVERVIEW

May 31, 2007

The tables below present portfolio holdings as a percentage of total investments before collateral for loaned securities, if any, for each of the Allegiant Fixed Income Funds as of May 31, 2007.


Bond Fund

U.S. Treasury Notes	29.0	%
Federal National Mortgage Association	26.7
Corporate Bonds	10.9
Asset Backed Securities	9.6
U.S. Treasury Bonds	7.5
Collateralized Mortgage Obligations	4.7
Commercial Mortgage-Backed Securities	4.1
Federal Farm Credit Bank	2.2
Commercial Paper	1.9
Affiliated Money Market Fund	1.5
Federal Home Loan Mortgage Corporation	1.2
Government National Mortgage Association	0.7

	100.0	%


Government Mortgage Fund

Federal National Mortgage Association	68.7	%
Commercial Paper	7.5
Asset Backed Securities	4.6
Government National Mortgage Association	4.4
Collateralized Mortgage Obligations	3.5
Federal Farm Credit Bank	3.5
U.S. Treasury Note	3.3
Affiliated Money Market Fund	2.3
Federal Home Loan Mortgage Corporation	2.2

	100.0	%


Intermediate Bond Fund

U.S. Treasury Notes	51.6	%
Corporate Bonds	19.0
Collateralized Mortgage Obligations	12.1
Federal National Mortgage Association	7.5
Asset Backed Securities	6.9
Affiliated Money Market Fund	2.2
Federal Home Loan Mortgage Corporation	0.7

	100.0	%


Limited Maturity Bond Fund

U.S. Treasury Notes	22.4	%
Asset Backed Securities	22.3
Collateralized Mortgage Obligations	18.4
Corporate Bonds	15.7
Federal National Mortgage Association	13.8
Federal Home Loan Mortgage Corporation	3.9
Commercial Mortgage-Backed Security	2.2
Affiliated Money Market Fund	1.3

	100.0	%


Total Return Advantage Fund

U.S. Treasury Notes	41.5	%
Corporate Bonds	19.2
Federal National Mortgage Association	12.4
Collateralized Mortgage Obligations	8.1
U.S. Treasury Bonds	7.2
Commercial Mortgage-Backed Securities	3.3
Asset Backed Securities	3.2
Federal Home Loan Bank	2.8
Affiliated Money Market Fund	2.1
Loan Agreements	0.2

	100.0	%


Ultra Short Bond Fund

Asset Backed Securities	23.4	%
Collateralized Mortgage Obligations	20.0
U.S. Treasury Notes	17.7
Corporate Bonds	11.3
Federal National Mortgage Association	11.2
Federal Home Loan Bank	4.5
Federal Home Loan Mortgage Corporation	4.3
Commercial Paper	2.7
Commercial Mortgage-Backed Security	2.6
Affiliated Money Market Fund	2.3

	100.0	%

Growth of a $10,000 Investment*^(a)(b)

LOGO

⁽¹⁾

The Lehman U.S. Aggregate Bond Index is an unmanaged, market value weighted index of fixed income securities.

⁽²⁾	The Lehman Fixed Rate Mortgage-Backed Securities Index is a widely used unmanaged index of mortgage-backed securities.

⁽³⁾	The Lehman Intermediate U.S. Government/Credit Bond Index is an unmanaged index representative of intermediate term bonds.

⁽⁴⁾	The Merrill Lynch 1-3 Year U.S.Corporate/Government Index is an unmanaged market capitalization weighted index including U.S. Treasury and agency bonds and U.S. investment grade corporate bonds.

⁽⁵⁾	The Lehman U.S. Government/Credit Index is a widely recognized index of government and corporate debt securities rated investment grade or better.

⁽⁶⁾	The Merrill Lynch 1-Year U.S. Treasury Index is an unmanaged market capitalization weighted index including U.S. Treasuries.

⁽⁷⁾	Peer group performance is derived from data provided by Lipper Inc.

The graphs presented here provide hypothetical $10,000 investments in the Funds since their respective dates of inception. The graphs show performance of Class I and Class B Shares only, with the exception of the Ultra Short Bond Fund which presents Class I and Class A Shares. The performance of Class A and Class C Shares (except for the Ultra Short Bond Fund) may be greater or less than that shown in the graphs based on the differences in sales charges and fees paid by the shareholders investing in those Classes. Returns shown on the graphs do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(a)

Performance of Class B Shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

^(b)

The Indices are not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

^(c)

The Fund does not offer Class B Shares, so Class A Share performance is utilized, and reflects Class A Shares’ maximum sales charge.

Allegiant Fixed Income Funds

OVERVIEW

May 31, 2007

Average Annual Total Returns as of 5/31/2007 ⁽¹⁾


	Bond Fund ⁽²⁾
	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	10/31/88	6.47	%	4.08	%	4.41	%	5.30	%	6.52	%	N/A		N/A
Class A Shares	10/31/88	1.51	%	2.28	%	3.21	%	4.57	%	6.05	%	4.50	%	N/A
Class B Shares	2/4/94	0.43	%	1.83	%	3.07	%	4.44	%	5.75	%	N/A		5.00	%
Class C Shares	6/12/00	4.43	%	3.09	%	3.42	%	N/A		5.49	%	N/A		1.00	%
Average Intermediate Investment Grade Debt Peer⁽⁴⁾		6.08	%	3.83	%	4.28	%	5.45	%	N/A		N/A		N/A
Lehman U.S. Aggregate Bond Index		6.66	%	4.28	%	4.72	%	6.17	%	N/A		N/A		N/A

	Government Mortgage Fund ⁽³⁾
	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	11/12/92	6.42	%	4.18	%	3.85	%	5.46	%	5.63	%	N/A		N/A
Class A Shares	11/12/92	1.37	%	2.36	%	2.63	%	4.71	%	5.06	%	4.50	%	N/A
Class B Shares	2/4/94	0.50	%	1.99	%	2.54	%	4.59	%	4.88	%	N/A		5.00	%
Class C Shares	6/21/00	4.38	%	3.19	%	2.89	%	N/A		4.70	%	N/A		1.00	%
Average U.S. Government Mortgage Peer⁽⁴⁾		5.97	%	3.85	%	3.74	%	5.21	%	N/A		N/A		N/A
Lehman Mortgage-Backed Securities Fixed Rate Index		7.05	%	4.73	%	4.41	%	6.03	%	N/A		N/A		N/A

	Intermediate Bond Fund
	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	12/20/89	5.55	%	3.22	%	4.01	%	5.06	%	6.13	%	N/A		N/A
Class A Shares	4/15/91	0.53	%	1.44	%	2.81	%	4.28	%	5.57	%	4.50	%	N/A
Class B Shares	1/6/98	(0.58	)%	0.97	%	2.67	%	N/A		5.26	%	N/A		5.00	%
Class C Shares	5/30/00	3.42	%	2.24	%	3.03	%	N/A		5.27	%	N/A		1.00	%
Average Short-Intermediate Investment Grade Debt Peer⁽⁴⁾		5.11	%	2.99	%	3.57	%	4.99	%	N/A		N/A		N/A
Lehman Intermediate U.S. Government/Credit Bond Index		5.90	%	3.52	%	4.32	%	5.76	%	N/A		N/A		N/A

⁽¹⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. Returns also reflect a current voluntary fee waiver. Without such a fee waiver, performance of the Funds would have been lower. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾

Performance information prior to June 9, 2000 represents the performance of the Parkstone Bond Fund, which was reorganized into the Allegiant Bond Fund on that date.

⁽³⁾

Performance information prior to June 9, 2000 represents the performance of the Parkstone U.S. Government Income Fund which was reorganized into the Allegiant Government Mortgage Fund on that date.

⁽⁴⁾

Peer-group performance is derived from data provided by Lipper Inc.


	Limited Maturity Bond Fund
	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	7/7/94	5.17	%	2.98	%	2.98	%	4.41	%	4.74	%	N/A		N/A
Class A Shares	9/9/94	2.79	%	2.05	%	2.32	%	4.04	%	4.43	%	2.00	%	N/A
Class B Shares	8/11/99	(0.86	)%	0.73	%	1.64	%	N/A		3.76	%	N/A		5.00	%
Class C Shares	1/27/00	3.14	%	2.00	%	2.01	%	N/A		3.77	%	N/A		1.00	%
Average Short Investment Grade Debt Peer⁽⁴⁾		4.89	%	2.97	%	2.97	%	4.33	%	N/A		N/A		N/A
Merrill Lynch 1-3 Year U.S. Corporate/Government Index		5.09	%	3.00	%	3.22	%	4.90	%	N/A		N/A		N/A

	Total Return Advantage Fund
	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	7/7/94	6.18	%	4.05	%	4.91	%	5.96	%	6.46	%	N/A		N/A
Class A Shares	9/6/94	0.99	%	2.21	%	3.68	%	5.21	%	5.77	%	4.50	%	N/A
Class B Shares	9/29/99	0.03	%	1.78	%	3.56	%	N/A		5.52	%	N/A		5.00	%
Class C Shares	10/3/00	4.14	%	3.06	%	3.92	%	N/A		5.49	%	N/A		1.00	%
Average A Rated Corporate Debt Peer⁽⁴⁾		6.22	%	3.95	%	4.62	%	5.57	%	N/A		N/A		N/A
Lehman U.S. Government/Credit Index		6.47	%	4.06	%	4.92	%	6.23	%	N/A		N/A		N/A


	Ultra Short Bond Fund
	Date of Inception	1 Year		3 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	12/2/02	4.97	%	3.12	%	2.66	%	N/A		N/A
Class A Shares	1/6/03	3.65	%	2.52	%	2.15	%	1.00	%	N/A
Average Short Investment Grade Debt Peer⁽⁴⁾		4.89	%	2.97	%	N/A		N/A		N/A
Merrill Lynch 1 Year U.S. Treasury Index		4.94	%	3.09	%	N/A		N/A		N/A

Allegiant Fixed Income Funds

EXPENSE TABLES

The Expense Table that appears in your Fund’s overview illustrates your Fund’s costs in two ways.

•

Actual Expenses. This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Class of the Fund under the heading “Expenses Paid During Period.”

•


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period*
	Bond Fund
Actual
Class I	$	1,000.00	$	1,007.88	0.59	%	$	2.95
Class A		1,000.00		1,007.67	0.84			4.20
Class B		1,000.00		1,002.98	1.58			7.89
Class C		1,000.00		1,002.96	1.58			7.89
Hypothetical**
Class I		1,000.00		1,021.99	0.59			2.97
Class A		1,000.00		1,020.74	0.84			4.23
Class B		1,000.00		1,017.05	1.58			7.95
Class C		1,000.00		1,017.05	1.58			7.95

	Government Mortgage Fund
Actual
Class I	$	1,000.00	$	1,008.14	0.60	%	$	3.00
Class A		1,000.00		1,007.99	0.85			4.26
Class B		1,000.00		1,004.27	1.58			7.90
Class C		1,000.00		1,004.29	1.58			7.90
Hypothetical**
Class I		1,000.00		1,021.94	0.60			3.02
Class A		1,000.00		1,020.69	0.85			4.28
Class B		1,000.00		1,017.05	1.58			7.95
Class C		1,000.00		1,017.05	1.58			7.95

	Intermediate Bond Fund
Actual
Class I	$	1,000.00	$	1,009.25	0.57	%	$	2.86
Class A		1,000.00		1,008.04	0.82			4.11
Class B		1,000.00		1,003.41	1.55			7.74
Class C		1,000.00		1,003.39	1.55			7.74
Hypothetical**
Class I		1,000.00		1,022.09	0.57			2.87
Class A		1,000.00		1,020.84	0.82			4.13
Class B		1,000.00		1,017.20	1.55			7.80
Class C		1,000.00		1,017.20	1.55			7.80

	Limited Maturity Bond Fund
Actual
Class I	$	1,000.00	$	1,018.88	0.51	%	$	2.57
Class A		1,000.00		1,017.64	0.76			3.82
Class B		1,000.00		1,013.94	1.49			7.48
Class C		1,000.00		1,013.92	1.49			7.48
Hypothetical**
Class I		1,000.00		1,022.39	0.51			2.57
Class A		1,000.00		1,021.14	0.76			3.83
Class B		1,000.00		1,017.50	1.49			7.49
Class C		1,000.00		1,017.50	1.49			7.49

	Total Return Advantage Fund
Actual
Class I	$	1,000.00	$	1,004.41	0.60	%	$	3.00
Class A		1,000.00		1,003.15	0.85			4.25
Class B		1,000.00		999.56	1.59			7.93
Class C		1,000.00		999.57	1.59			7.93
Hypothetical**
Class I		1,000.00		1,021.94	0.60			3.02
Class A		1,000.00		1,020.69	0.85			4.28
Class B		1,000.00		1,017.00	1.59			8.00
Class C		1,000.00		1,017.00	1.59			8.00

	Ultra Short Bond Fund
Actual
Class I	$	1,000.00	$	1,022.40	0.35	%	$	1.76
Class A		1,000.00		1,021.14	0.60			3.02
Hypothetical**
Class I		1,000.00		1,023.19	0.35			1.77
Class A		1,000.00		1,021.94	0.60			3.02

*	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

**	Assumes annual return of 5% before expenses.

THIS PAGE INTENTIONALLY LEFT BLANK

Allegiant Tax Exempt Bond Funds

OVERVIEW

May 31, 2007

Cynthia Cole

Senior Portfolio Manager Fixed Income Investment

LOGO

How did the tax exempt fixed income market perform over the past year?

From May to October 2006, light new issuance of municipal bonds, coupled with strong demand and improved financial strength, resulted in superior performance for tax-exempt strategies relative to taxable strategies, even before taking into account tax advantages. The flattening of the tax-exempt yield curves contributed to the return.

New issuance took off in November and December, allowing the municipal issuers to take advantage of the flatter yield curve and lower yields, after the voters approved a record amount of new debt. Meanwhile, demand rose at the end of 2006, as the hurricane season ended without disaster and insurance companies’ demand for municipal bonds increased.

As the New Year started, increased volatility caused the shape of the yield curve to fluctuate. Though flattening continued, the tax-exempt yield curve still had a positive slope. Supply continued at a record pace. As corporate and individual tax payments were due in March and April, respectively, typical selling pressure was experienced. As well, liquidity provided by hedge funds engaging in arbitrage trades decreased as the strategies became less profitable.

What factors impacted the performance of the Funds?

Moody’s recently revised the state of Ohio’s credit outlook to negative from stable. The rating agency noted the state’s long-running economic underperformance as the main reason for the outlook change. If the state’s rating is downgraded from Aa1 to Aa2, the state will be in line with the average state rating.

The municipal market awaited a decision from the U.S. Supreme Court on the Kentucky case that challenges the state’s right to tax interest income earned by taxpayers on out-of-state municipal bonds.

Each of Allegiant’s four tax-exempt fixed income funds uses the Lehman 7-year Municipal Bond Index⁽¹⁾as their benchmark. During the fiscal year ended May 31, 2007, the index returned 4.10%.

Intermediate Tax Exempt Bond Fund

Duration extension and state and security selection during the past year were the biggest contributors to performance. Value is added through active state selection, utilizing tax benefits and employing a team-driven process. Shorter duration relative to benchmark early in the fiscal year detracted from relative performance. The Fund continues to maintain a high concentration of high quality securities with no exposure to the Alternative Minimum Tax. During the fiscal year ended May 31, 2007, the Fund returned (2.49%) to B shares investors⁽²⁾and 3.55% to I shares investors. The Average Intermediate Muni Debt Peer returned 3.57% during the period.

For the state specific funds, a portfolio manager who has first hand knowledge of that particular state monitors the state’s economic and political environment.

Michigan Intermediate Municipal Bond Fund

Duration extension and security selection during the past year were the biggest contributors to performance while the weakening economic condition of the state of Michigan continues to impact overall returns. Shorter duration relative to benchmark early in the fiscal year detracted from relative performance. The Fund continues to maintain a high concentration of high quality securities with no exposure to the Alternative Minimum Tax. During the fiscal year ended May 31, 2007, the Fund returned (2.42%) to B shares investors⁽²⁾and 3.48% to I shares investors. The Average Other State Intermediate Muni Debt Peer returned 3.50% during the period.

Ohio Intermediate Tax Exempt Bond Fund

The slow manufacturing environment continues to challenge the state’s economic outlook so the Fund focused on high quality securities with no exposure to the Alternative Minimum Tax. Duration extension and security selection during the past year were the biggest contributors to performance. Shorter duration relative to benchmark early in the fiscal year detracted from relative performance. During the fiscal year ended May 31, 2007, the Fund returned (2.31%) to B shares investors⁽²⁾and 3.69% to I shares investors. The Average OH Intermediate Muni Debt Peer returned 2.98% during the period.

⁽¹⁾

The Index is not available for direct investment. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, investment advisory fees or other expenses. Past performance is no guarantee of future results.

⁽²⁾

Performance of Class B Shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽³⁾

The Fund does not offer Class B Shares, so Class A Share performance is utilized and reflects Class A Shares’ maximum sales charge.

Pennsylvania Intermediate Municipal Bond Fund

The state has maintained steady economic performance due to the growth in the service sector. Duration extension and security selection during the past year were the biggest contributors to performance. Shorter duration relative to benchmark early in the fiscal year detracted from relative performance. The Fund continues to maintain a high concentration of high quality securities with no exposure to the Alternative Minimum Tax. During the fiscal year ended May 31, 2007, the Fund returned 0.51% to A shares investors⁽³⁾and 3.89% to I shares investors. The Average PA Intermediate Muni Debt Peer returned 3.59% during the period.

What are your thoughts going into the next 12 months?

The municipal market will be confronted by several headwinds:

•

Supply has been at a near-record pace in 2007. Municipal issuance increased 53.7% in the last 7 months versus the same period a year ago. The state of California was the largest issuer. The pace is expected to slow down during the summer and resume again this fall.

•

A record number of taxpayers fell into the Alternative Minimum Tax (AMT) category from the 2006 tax year. If no changes are made to the tax code, more taxpayers are expected to enter AMT. Since 2008 is a presidential election year, tax reform is expected to be minimal.

•

Hurricane season began on June 1st. Last year’s hurricane season was uneventful resulting in a profitable period for the insurance companies. Municipal demand will reflect the volatility of the weather, as property and casualty insurers usually sell bonds during high claims periods and buy bonds during low claims periods.

•

The municipal market awaits a decision from the U.S. Supreme Court on the Kentucky case that challenges the state’s right to tax interest income earned by taxpayers on out-of-state municipal bonds. If the Supreme Court were to uphold the ruling against Kentucky and Congress were not to intervene, individual states would have to treat in-state and out-of-state municipal bond income equally, with some states potentially taxing all municipal income while other states possibly exempting all municipal income.

•

With corporate income tax payments due in March and individual income tax payments in April, typical selling pressure will be experienced in the marketplace.

•

Liquidity, provided by hedge funds and arbitrage investors, will vary due to the profitability of municipal arbitrage programs.

Our approach is to focus on the after-tax return and after-tax income generation. Value is added through active state selection in the Intermediate Tax Exempt Bond Fund, utilizing tax benefits and employing a team-driven process. The Funds remain Alternative Minimum Tax (AMT) free.

The table below presents portfolio holdings as a percentage of total investments for each of the Allegiant Tax Exempt Bond Funds as of May 31, 2007.


	Intermediate Tax Exempt Bond Fund		Michigan Intermediate Municipal Bond Fund		Ohio Intermediate Tax Exempt Bond Fund		Pennsylvania Intermediate Municipal Bond Fund
General Obligations	24.9	%	52.9	%	37.3	%	32.3	%
Agency Obligations	7.1		—		1.6		3.0
Utility Bonds	18.8		16.0		15.2		11.1
Prerefunded & Escrowed to Maturity Bonds	13.0		7.8		17.3		27.8
Affiliated Money Market Funds	—		—		0.1		0.9
Revenue Bonds	26.7		11.7		24.1		15.0
Hospital Bonds	3.3		5.4		1.1		0.8
Transportation Bonds	6.2		6.2		3.3		9.1

	100.0	%	100.0	%	100.0	%	100.0	%

Allegiant Tax Exempt Bond Funds

OVERVIEW

May 31, 2007

Growth of a $10,000 Investment*⁽¹⁾

LOGO

Guarantees, if any, by the municipal issuers, the State of Michigan, the State of Ohio, the Commonwealth of Pennsylvania, U.S. government, its agencies, or instrumentalities relate only to the payment of principal or interest of the portfolio securities and not the shares of the respective Funds. An investment in a tax exempt fund is subject to interest rate risk, which is the possibility that the yield of the Fund will decline due to falling interest rates. For some investors, income may be subject to the federal alternative minimum tax (AMT) and/or to state or local taxes. 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 Funds, which may adversely impact the shares of the Funds.

The Funds’ focus on investments in securities located in a single state makes the Funds susceptible to economic, political and regulatory events that affect that state. The Funds are non-diversified, which means that it may invest in securities of relatively few issuers. As a result, the Funds may be more susceptible than a diversified fund to a single adverse economic or political and regulatory occurrence affecting one or more issuers.

⁽¹⁾

⁽²⁾

Performance of Class B Shares assumes the deduction of the maximum applicable deferred sales charge on the implied disposal of shares at the end of the period.

⁽³⁾

The Fund does not offer Class B Shares, so Class A Share performance is utilized and reflects Class A Shares’ maximum sales charge.

⁽⁴⁾

Peer group performance is derived from data provided by Lipper Inc.

The graphs presented here provide hypothetical $10,000 investments in the Funds since their respective dates of inception. The graphs show performance of Class I and Class B Shares only, with the exception of the Pennsylvania Intermediate Municipal Bond Fund which presents Class I and Class A Shares. The performance of Class A and Class C Shares (Class C Shares only with respect to the Pennsylvania Intermediate Municipal Bond Fund) may be greater or less than that shown in the graphs based on the differences in sales charges and fees paid by the shareholders investing in those Classes. Returns shown on the graphs do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares.

Average Annual Total Returns as of 5/31/2007 ⁽¹⁾

Intermediate Tax Exempt Bond Fund


	Date of Inception	1 Year		3 Years		5 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	4/9/98	3.55	%	3.02	%	3.32	%	4.06	%	N/A		N/A
Class A Shares	6/22/98	0.17	%	1.71	%	2.41	%	3.54	%	3.00	%	N/A
Class B Shares	1/28/99	(2.49	)%	0.75	%	1.99	%	3.16	%	N/A		5.00	%
Class C Shares	2/24/00	1.59	%	2.05	%	2.33	%	2.92	%	N/A		1.00	%
Average Intermediate Muni Debt Peer⁽³⁾		3.57	%	3.17	%	3.49	%	N/A		N/A		N/A
Lehman 7-Year Municipal Bond Index		4.10	%	3.64	%	4.19	%	N/A		N/A		N/A

Michigan Intermediate Municipal Bond Fund ⁽²⁾


	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	7/2/90	3.48	%	2.58	%	3.12	%	4.14	%	5.06	%	N/A		N/A
Class A Shares	7/2/90	0.13	%	1.28	%	2.24	%	3.56	%	4.67	%	3.00	%	N/A
Class B Shares	2/4/94	(2.42	)%	0.35	%	1.80	%	3.28	%	4.28	%	N/A		5.00	%
Class C Shares	8/6/01	1.51	%	1.61	%	2.16	%	N/A		4.07	%	N/A		1.00	%
Average Other State Intermediate Muni Debt Peer⁽³⁾		3.50	%	2.98	%	3.30	%	4.07	%	N/A		N/A		N/A
Lehman 7-Year Municipal Bond Index		4.10	%	3.64	%	4.19	%	5.11	%	N/A		N/A		N/A

Ohio Intermediate Tax Exempt Bond Fund


	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	1/5/90	3.69	%	2.96	%	3.30	%	4.29	%	4.96	%	N/A		N/A
Class A Shares	4/15/91	0.21	%	1.62	%	2.39	%	3.80	%	4.66	%	3.00	%	N/A
Class B Shares	12/4/01	(2.31	)%	0.71	%	1.96	%	N/A		3.96	%	N/A		5.00	%
Class C Shares	6/23/00	1.68	%	1.98	%	2.31	%	N/A		3.94	%	N/A		1.00	%
Average OH Intermediate Muni Debt Peer⁽³⁾		2.98	%	2.39	%	2.79	%	3.76	%	N/A		N/A		N/A
Lehman 7-Year Municipal Bond Index		4.10	%	3.64	%	4.19	%	5.11	%	N/A		N/A		N/A

Pennsylvania Intermediate Municipal Bond Fund


	Date of Inception	1 Year		3 Years		5 Years		10 Years		Since Inception		Max Sales Charge		Max CDSC
Class I Shares	8/10/94	3.89	%	3.06	%	3.30	%	4.25	%	4.46	%	N/A		N/A
Class A Shares	9/11/96	0.51	%	1.77	%	2.43	%	3.76	%	4.06	%	3.00	%	N/A
Class C Shares	2/24/00	1.78	%	2.04	%	2.32	%	N/A		3.12	%	N/A		1.00	%
Average PA Intermediate Muni Debt Peer⁽³⁾		3.59	%	3.15	%	3.39	%	4.21	%	N/A		N/A		N/A
Lehman 7-Year Municipal Bond Index		4.10	%	3.64	%	4.19	%	5.11	%	N/A		N/A		N/A

⁽¹⁾

Total returns reflect reinvestment of dividends and capital gains, deduction of applicable sales charge (including the contingent deferred sales charge appropriate to each period), operating expenses and fees. Returns also reflect a current voluntary fee waiver. Without such a fee waiver, performance of the Funds would have been lower. For a share class of the Fund that commenced operations after the inception date of the Fund’s Class I Shares, certain performance information includes the performance of Class I Shares, adjusted to reflect that share class’ fees, expenses and maximum sales charges, through the date of that share class’ inception. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽²⁾	Performance information prior to June 9, 2000 represents the performance of the Parkstone Michigan Municipal Bond Fund, which was reorganized into the Allegiant Michigan Intermediate Municipal Bond Fund on that date.

⁽³⁾

Peer-group performance is derived from data provided by Lipper Inc.

Allegiant Tax Exempt Bond Funds

EXPENSE TABLES

The Expense Table that appears in your Fund’s overview illustrates your Fund’s costs in two ways.

•

Actual Expenses. This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Class of the Fund under the heading “Expenses Paid During Period.”

•


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period*
	Intermediate Tax Exempt Bond Fund
Actual
Class I	$	1,000.00	$	997.81	0.56	%	$	2.79
Class A		1,000.00		996.64	0.82			4.08
Class B		1,000.00		992.91	1.55			7.70
Class C		1,000.00		993.29	1.55			7.70
Hypothetical**
Class I		1,000.00		1,022.14	0.56			2.82
Class A		1,000.00		1,020.84	0.82			4.13
Class B		1,000.00		1,017.20	1.55			7.80
Class C		1,000.00		1,017.20	1.55			7.80

	Michigan Intermediate Municipal Bond Fund
Actual
Class I	$	1,000.00	$	999.31	0.60	%	$	2.99
Class A		1,000.00		997.12	0.85			4.23
Class B		1,000.00		993.47	1.58			7.85
Class C		1,000.00		993.66	1.58			7.85
Hypothetical
Class I		1,000.00		1,021.94	0.60			3.02
Class A		1,000.00		1,020.69	0.85			4.28
Class B		1,000.00		1,017.05	1.58			7.95
Class C		1,000.00		1,017.05	1.58			7.95

	Ohio Intermediate Tax Exempt Bond Fund
Actual
Class I	$	1,000.00	$	998.67	0.55	%	$	2.74
Class A		1,000.00		997.37	0.80			3.98
Class B		1,000.00		993.69	1.54			7.65
Class C		1,000.00		993.70	1.54			7.65
Hypothetical**
Class I		1,000.00		1,022.19	0.55			2.77
Class A		1,000.00		1,020.94	0.80			4.03
Class B		1,000.00		1,017.25	1.54			7.75
Class C		1,000.00		1,017.25	1.54			7.75

	Pennsylvania Intermediate Municipal Bond Fund
Actual
Class I	$	1,000.00	$	1,000.20	0.58	%	$	2.89
Class A		1,000.00		999.01	0.83			4.14
Class C		1,000.00		995.31	1.57			7.81
Hypothetical**
Class I		1,000.00		1,022.04	0.58			2.92
Class A		1,000.00		1,020.79	0.83			4.18
Class C		1,000.00		1,017.10	1.57			7.90

*	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

**	Assumes annual return of 5% before expenses.

Allegiant Fixed Income and Tax Exempt Bond Funds

TRUSTEES AND OFFICERS OF THE TRUST


Name, Address¹ Age	Position(s) Held with the Trust	Length of Time Served²	Principal Occupation(s) During Past 5 Years/ Other Directorships³ Held by Board Member	Number of Portfolios in the Fund Complex Overseen by Trustee⁴
Independent Trustees

Robert D. Neary 73	Chairman of the Board and Trustee	Since February 1996	Retired; Co-Chairman of Ernst & Young, 1984 - 1993; Director, Commercial Metals Company.	31

Dorothy A. Berry 63	Trustee	Since April 2006	President, Talon Industries, Inc. (administrative, management and business consulting), since 1986; Chairman and Director, Professionally Managed Portfolios.	31

Kelley J. Brennan 64	Trustee	Since April 2006	Retired; Partner, PricewaterhouseCoopers LLP, 1981 - 2002.	31

John F. Durkott 62	Trustee	Since November 1993	President and CEO, Kittle’s Home Furnishings Center, Inc. (“Kittle’s”), since January 2002; Partner, Kittle’s Bloomington Properties LLC, 1981 - 2003; KK&D LLC, 1989 - 2003; KK&D II LLC, 1998 - 2003 (affiliated real estate companies of Kittle’s).	31

Richard W. Furst 68	Trustee and Chairman of the Audit Committee	Since June 1990	Dean Emeritus and Garvice D. Kincaid Professor of Finance (Emeritus), since 2003; Dean and Garvice D. Kincaid Professor of Finance, 2000-2003; Dean and Professor of Finance, 1981-2000; Gatton College of Business and Economics, University of Kentucky.	31

Gerald L. Gherlein 69	Trustee	Since July 1997	Retired; Executive Vice President and General Counsel, Eaton Corporation (global manufacturing), 1991 - 2000.	31

Dale C. LaPorte 65	Trustee	Since April 2005	Senior Vice President and General Counsel, Invacare Corporation (manufacturer of health care products), since December 2005; Partner, 1974 - 2005 and Chairman of Executive Committee, 2000 - 2004, Calfee, Halter & Griswold LLP.	31

Kathleen A. Obert 48	Trustee	Since August 2002	Chairman and CEO, Edward Howard & Co. (public relations agency), since 2000.	31

Interested Trustees

John G. Breen⁵ 72	Trustee	Since August 2002	Retired; Chairman and CEO, The Sherwin Williams Co. (manufacture, distribution and sale of coatings), until May 2000; Director, Goodyear Tire & Rubber Co.; Director, The Stanley Works.	31

Timothy L. Swanson⁵ 39	President, CEO and Chief Legal Officer	Since February 2006	Executive Vice President and Chief Investment Officer, National City Corporation (bank holding company), since February 2003; Managing Director and Head of Equity Management, Evergreen Private Asset	31

	Trustee	Since April 2006	Management, 2002 - 2003; Senior Vice President and Head of Equity Securities, Wachovia Asset Management, 1999 - 2002.

Allegiant Fixed Income and Tax Exempt Bond Funds

TRUSTEES AND OFFICERS OF THE TRUST


Name, Address¹ Age	Position(s) Held with the Trust	Length of Time Served²	Principal Occupation(s) During Past 5 Years/ Other Directorships³ Held by Board Member	Number of Portfolios in the Fund Complex Overseen by Trustee⁴
Officers

Kathleen T. Barr⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 52	Senior Vice President, Chief Administrative Officer and Chief Compliance Officer	Since February 2003	Senior Vice President (formerly Vice President), National City Bank, and Managing Director, Allegiant Asset Management Group, since June 1999; Managing Director, Allegiant Asset Management Company, since May 1996.	N/A

Patrick Glazar⁶ 103 Bellevue Parkway Wilmington, DE 19809 39	Treasurer	Since February 2006	Assistant Vice President and Director, Accounting and Administration, PFPC Inc., since September 2002; Senior Manager, PFPC Inc., 1994 to 2002.	N/A

John Kernan⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 41	Assistant Treasurer	Since February 2005	Senior Vice President, National City Bank, and Managing Director of Fund Administration, Allegiant Asset Management Group, since July 2004; Vice President and Senior Director of Fund Administration, State Street Bank and Trust Company, 1998 to 2004.	N/A

Audrey C. Talley⁶ One Logan Square 18th and Cherry Streets Philadelphia, PA 19103-6996 53	Secretary	Since February 2005	Partner, Drinker Biddle & Reath LLP (law firm).	N/A

Ronald L. Weihrauch⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 30	Assistant Secretary	Since February 2007	Vice President (formerly Assistant Vice President), National City Bank, and Director, Legal Administration, Allegiant Asset Management Group, since September 2004; Senior Attorney, Ohio National Financial Services, 2003 - 2004; Associate Attorney, Millikin & Fitton Law Firm, 2001 - 2003.	N/A

David C. Lebisky⁶ 760 Moore Road King of Prussia, PA 19406 35	Assistant Secretary	Since February 2007	Vice President and Senior Director, Regulatory Administration, PFPC Inc., since January 2007; Vice President and Director, PFPC Inc., 2003 to 2007; Assistant Vice President and Manager, 2001 to 2003.	N/A

¹	Each Trustee can be contacted by writing to Allegiant Funds, c/o Allegiant Funds Group, 200 Public Square, 5th Floor, Cleveland, OH 44114, Attention: John Kernan.

²	Each Trustee holds office until the next meeting of shareholders at which Trustees are elected following his or her election or appointment and until his or her successor has been elected and qualified.

⁴

⁵

⁶

For more information regarding the trustees and officers, please refer to the Statement of Additional Information, which is available, without charge, upon request by calling 1-800-622-FUND (3863).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of

Trustees of Allegiant Funds

We have audited the accompanying statements of net assets of the Bond Fund, Government Mortgage Fund, Intermediate Bond Fund, Limited Maturity Bond Fund, Total Return Advantage Fund, Ultra Short Bond Fund, Intermediate Tax Exempt Bond Fund, Michigan Intermediate Municipal Bond Fund, Ohio Intermediate Tax Exempt Bond Fund, and Pennsylvania Intermediate Municipal Bond Fund (the “Funds”) (10 of the portfolios constituting the Allegiant Funds) as of May 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds at May 31, 2007, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Philadelphia, Pennsylvania

July 19, 2007


Allegiant Fixed Income Funds		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31


	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Realized and Unrealized Gain (Loss)on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate⁽²⁾
BOND FUND
CLASS I
2007	$	9.71	$	0.46	$	0.16		$	(0.44	)	$	—	$	9.89	6.47	%	$	357,483	0.59	%	4.64	%	0.69	%	4.54	%	298	%
2006		10.22		0.43		(0.50	)		(0.44	)		—		9.71	(0.74	)		359,501	0.67		4.29		0.74		4.22		447
2005		9.98		0.41		0.25			(0.42	)		—		10.22	6.69			374,907	0.76		3.99		0.76		3.99		515
2004		10.44		0.39		(0.45	)		(0.40	)		—		9.98	(0.62	)		415,151	0.74		3.86		0.74		3.86		338
2003		9.86		0.48		0.56			(0.46	)		—		10.44	10.74			617,012	0.71		4.73		0.71		4.73		213
CLASS A
2007	$	9.73	$	0.44	$	0.17		$	(0.42	)	$	—	$	9.92	6.31	%	$	6,424	0.84	%	4.39	%	0.94	%	4.29	%	298	%
2006		10.25		0.40		(0.51	)		(0.41	)		—		9.73	(1.07	)		7,519	0.92		4.04		0.99		3.97		447
2005		10.00		0.38		0.26			(0.39	)		—		10.25	6.52			10,908	1.01		3.74		1.01		3.74		515
2004		10.47		0.37		(0.47	)		(0.37	)		—		10.00	(0.96	)		11,193	0.99		3.61		0.99		3.61		338
2003		9.88		0.46		0.56			(0.43	)		—		10.47	10.57			14,985	0.96		4.48		0.96		4.48		213
CLASS B
2007	$	9.72	$	0.36	$	0.16		$	(0.34	)	$	—	$	9.90	5.43	%	$	596	1.57	%	3.66	%	1.67	%	3.56	%	298	%
2006		10.23		0.33		(0.50	)		(0.34	)		—		9.72	(1.67	)		717	1.62		3.34		1.69		3.27		447
2005		9.99		0.31		0.25			(0.32	)		—		10.23	5.68			934	1.71		3.04		1.71		3.04		515
2004		10.45		0.30		(0.46	)		(0.30	)		—		9.99	(1.56	)		1,491	1.69		2.91		1.69		2.91		338
2003		9.87		0.38		0.56			(0.36	)		—		10.45	9.70			2,095	1.67		3.77		1.67		3.77		213
CLASS C
2007	$	9.71	$	0.36	$	0.16		$	(0.34	)	$	—	$	9.89	5.43	%	$	178	1.57	%	3.66	%	1.67	%	3.56	%	298	%
2006		10.22		0.33		(0.50	)		(0.34	)		—		9.71	(1.68	)		184	1.62		3.34		1.69		3.27		447
2005		9.98		0.31		0.25			(0.32	)		—		10.22	5.68			279	1.71		3.04		1.71		3.04		515
2004		10.44		0.30		(0.46	)		(0.30	)		—		9.98	(1.56	)		327	1.69		2.91		1.69		2.91		338
2003		9.86		0.38		0.56			(0.36	)		—		10.44	9.70			403	1.67		3.77		1.67		3.77		213
GOVERNMENT MORTGAGE FUND
CLASS I
2007	$	8.90	$	0.45	$	0.11		$	(0.45	)	$	—	$	9.01	6.42	%	$	243,999	0.59	%	4.94	%	0.74	%	4.79	%	409	%
2006		9.34		0.43		(0.42	)		(0.45	)		—		8.90	0.08			245,162	0.64		4.70		0.79		4.55		593
2005		9.23		0.41		0.15			(0.45	)		—		9.34	6.18			239,724	0.67		4.44		0.82		4.29		753
2004		9.58		0.37		(0.32	)		(0.40	)		—		9.23	0.63			244,380	0.69		4.09		0.78		4.00		380
2003		9.45		0.39		0.19			(0.45	)		—		9.58	6.15			190,678	0.77		4.09		0.77		4.09		364
CLASS A
2007	$	8.90	$	0.43	$	0.11		$	(0.43	)	$	—	$	9.01	6.15	%	$	11,963	0.84	%	4.69	%	0.99	%	4.54	%	409	%
2006		9.33		0.41		(0.42	)		(0.42	)		—		8.90	(0.07	)		16,160	0.89		4.45		1.04		4.30		593
2005		9.23		0.39		0.14			(0.43	)		—		9.33	5.81			21,300	0.92		4.19		1.07		4.04		753
2004		9.57		0.35		(0.31	)		(0.38	)		—		9.23	0.38			17,184	0.94		3.84		1.03		3.75		380
2003		9.45		0.37		0.18			(0.43	)		—		9.57	5.89			18,067	1.02		3.84		1.02		3.84		364
CLASS B
2007	$	8.87	$	0.36	$	0.12		$	(0.36	)	$	—	$	8.99	5.50	%	$	3,035	1.57	%	3.96	%	1.72	%	3.81	%	409	%
2006		9.31		0.34		(0.42	)		(0.36	)		—		8.87	(0.88	)		3,725	1.59		3.75		1.74		3.60		593
2005		9.20		0.33		0.14			(0.36	)		—		9.31	5.19			5,006	1.62		3.49		1.77		3.34		753
2004		9.55		0.28		(0.32	)		(0.31	)		—		9.20	(0.32	)		6,729	1.64		3.14		1.73		3.05		380
2003		9.42		0.30		0.19			(0.36	)		—		9.55	5.14			7,330	1.73		3.13		1.73		3.13		364
CLASS C
2007	$	8.89	$	0.36	$	0.11		$	(0.36	)	$	—	$	9.00	5.38	%	$	1,423	1.57	%	3.96	%	1.72	%	3.81	%	409	%
2006		9.32		0.34		(0.41	)		(0.36	)		—		8.89	(0.76	)		2,055	1.59		3.75		1.74		3.60		593
2005		9.22		0.32		0.14			(0.36	)		—		9.32	5.07			2,095	1.62		3.49		1.77		3.34		753
2004		9.56		0.28		(0.31	)		(0.31	)		—		9.22	(0.21	)		2,344	1.64		3.14		1.73		3.05		380
2003		9.43		0.30		0.19			(0.36	)		—		9.56	5.15			1,246	1.73		3.13		1.73		3.13		364

†	Total return excludes sales charge.

⁽¹⁾

Per share data calculated using average shares outstanding method.

⁽²⁾

Due to their investment strategy, Bond Fund, Government Mortgage Fund, Intermediate Bond Fund and Limited Maturity Bond Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, and may lower Fund performance.

See Notes to Financial Statements.


	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains		Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers)		Portfolio Turnover⁽²⁾Rate
INTERMEDIATE BOND FUND
CLASS I
2007	$	10.34	$	0.46	$	0.11		$	(0.44	)	$	—	$	10.47	5.55	%	$	341,591	0.56	%	4.37	%	0.71	%	4.22	%	174	%
2006		10.78		0.42		(0.44	)		(0.42	)		—		10.34	(0.18	)		404,812	0.59		3.99		0.74		3.84		285
2005		10.69		0.37		0.09			(0.37	)		—		10.78	4.38			461,620	0.60		3.43		0.75		3.28		280
2004		11.09		0.37		(0.40	)		(0.37	)		—		10.69	(0.26	)		439,369	0.59		3.40		0.74		3.25		164
2003		10.40		0.43		0.69			(0.43	)		—		11.09	11.00			418,964	0.58		4.01		0.73		3.86		129
CLASS A
2007	$	10.36	$	0.43	$	0.11		$	(0.41	)	$	—	$	10.49	5.28	%	$	8,768	0.81	%	4.12	%	0.96	%	3.97	%	174	%
2006		10.80		0.40		(0.44	)		(0.40	)		—		10.36	(0.42	)		10,642	0.84		3.74		0.99		3.59		285
2005		10.70		0.34		0.11			(0.35	)		—		10.80	4.21			14,108	0.85		3.18		1.00		3.03		280
2004		11.11		0.34		(0.41	)		(0.34	)		—		10.70	(0.60	)		13,662	0.84		3.15		0.99		3.00		164
2003		10.42		0.41		0.69			(0.41	)		—		11.11	10.71			11,250	0.83		3.76		0.98		3.61		129
CLASS B
2007	$	10.37	$	0.36	$	0.09		$	(0.33	)	$	—	$	10.49	4.42	%	$	4,564	1.54	%	3.39	%	1.69	%	3.24	%	174	%
2006		10.80		0.32		(0.43	)		(0.32	)		—		10.37	(1.01	)		5,080	1.54		3.04		1.69		2.89		285
2005		10.71		0.27		0.09			(0.27	)		—		10.80	3.39			6,471	1.55		2.48		1.70		2.33		280
2004		11.11		0.27		(0.40	)		(0.27	)		—		10.71	(1.19	)		7,379	1.54		2.45		1.69		2.30		164
2003		10.42		0.33		0.69			(0.33	)		—		11.11	9.94			4,245	1.54		3.05		1.69		2.90		129
CLASS C
2007	$	10.39	$	0.36	$	0.09		$	(0.33	)	$	—	$	10.51	4.42	%	$	390	1.54	%	3.39	%	1.69	%	3.24	%	174	%
2006		10.82		0.32		(0.43	)		(0.32	)		—		10.39	(1.01	)		441	1.54		3.04		1.69		2.89		285
2005		10.73		0.27		0.09			(0.27	)		—		10.82	3.39			442	1.55		2.48		1.70		2.33		280
2004		11.13		0.27		(0.40	)		(0.27	)		—		10.73	(1.19	)		525	1.54		2.45		1.69		2.30		164
2003		10.44		0.33		0.69			(0.33	)		—		11.13	9.93			654	1.54		3.05		1.69		2.90		129
LIMITED MATURITY BOND FUND
CLASS I
2007	$	9.70	$	0.40	$	0.09		$	(0.40	)	$	—	$	9.79	5.17	%	$	155,648	0.51	%	4.11	%	0.61	%	4.01	%	143	%
2006		9.85		0.32		(0.13	)		(0.34	)		—		9.70	1.96			171,192	0.56		3.25		0.66		3.15		115
2005		9.95		0.25		(0.07	)		(0.28	)		—		9.85	1.85			212,573	0.55		2.47		0.65		2.37		132
2004		10.17		0.26		(0.20	)		(0.28	)		—		9.95	0.45			306,914	0.54		2.58		0.64		2.48		136
2003		9.97		0.32		0.22			(0.34	)		—		10.17	5.58			308,986	0.54		3.17		0.64		3.07		117
CLASS A
2007	$	9.73	$	0.38	$	0.09		$	(0.38	)	$	—	$	9.82	4.90	%	$	3,617	0.76	%	3.86	%	0.86	%	3.76	%	143	%
2006		9.88		0.29		(0.12	)		(0.32	)		—		9.73	1.71			4,764	0.81		3.00		0.91		2.90		115
2005		9.98		0.22		(0.06	)		(0.26	)		—		9.88	1.60			6,798	0.80		2.22		0.90		2.12		132
2004		10.20		0.24		(0.21	)		(0.25	)		—		9.98	0.30			7,809	0.79		2.33		0.89		2.23		136
2003		10.00		0.30		0.21			(0.31	)		—		10.20	5.21			11,369	0.79		2.92		0.89		2.82		117
CLASS B
2007	$	9.73	$	0.31	$	0.09		$	(0.31	)	$	—	$	9.82	4.14	%	$	520	1.49	%	3.13	%	1.59	%	3.03	%	143	%
2006		9.88		0.23		(0.13	)		(0.25	)		—		9.73	1.00			832	1.51		2.30		1.61		2.20		115
2005		9.98		0.15		(0.06	)		(0.19	)		—		9.88	0.90			1,187	1.50		1.52		1.60		1.42		132
2004		10.20		0.16		(0.20	)		(0.18	)		—		9.98	(0.39	)		1,477	1.49		1.63		1.59		1.53		136
2003		10.00		0.23		0.21			(0.24	)		—		10.20	4.47			1,721	1.50		2.21		1.60		2.11		117
CLASS C
2007	$	9.73	$	0.31	$	0.09		$	(0.31	)	$	—	$	9.82	4.14	%	$	422	1.49	%	3.13	%	1.59	%	3.03	%	143	%
2006		9.88		0.23		(0.13	)		(0.25	)		—		9.73	1.00			517	1.51		2.30		1.61		2.20		115
2005		9.98		0.15		(0.06	)		(0.19	)		—		9.88	0.89			870	1.50		1.52		1.60		1.42		132
2004		10.20		0.16		(0.20	)		(0.18	)		—		9.98	(0.40	)		1,428	1.49		1.63		1.59		1.53		136
2003		10.00		0.23		0.21			(0.24	)		—		10.20	4.47			1,572	1.50		2.21		1.60		2.11		117

Allegiant Fixed Income Funds

FINANCIAL HIGHLIGHTS

Selected Per Share Data and Ratios

For the Years Ended May 31


	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate⁽²⁾
TOTAL RETURN ADVANTAGE FUND
CLASS I
2007	$	9.86	$	0.47	$	0.13		$	(0.46	)	$	—		$	10.00	6.18	%	$	399,105	0.58	%	4.67	%	0.73	%	4.52	%	171	%
2006		10.45		0.43		(0.52	)		(0.43	)		(0.07	)		9.86	(0.97	)		326,122	0.62		4.20		0.77		4.05		218
2005		10.22		0.39		0.33			(0.39	)		(0.10	)		10.45	7.14			319,802	0.63		3.74		0.78		3.59		214
2004		11.01		0.42		(0.55	)		(0.42	)		(0.24	)		10.22	(1.18	)		314,269	0.60		3.92		0.75		3.77		134
2003		10.23		0.49		0.92			(0.53	)		(0.10	)		11.01	14.18			241,404	0.58		4.60		0.73		4.45		108
CLASS A
2007	$	9.87	$	0.44	$	0.13		$	(0.44	)	$	—		$	10.00	5.80	%	$	9,742	0.83	%	4.42	%	0.98	%	4.27	%	171	%
2006		10.46		0.40		(0.52	)		(0.40	)		(0.07	)		9.87	(1.22	)		6,129	0.87		3.95		1.02		3.80		218
2005		10.22		0.36		0.34			(0.36	)		(0.10	)		10.46	6.97			4,384	0.88		3.49		1.03		3.34		214
2004		11.01		0.39		(0.55	)		(0.39	)		(0.24	)		10.22	(1.43	)		4,359	0.85		3.67		1.00		3.52		134
2003		10.24		0.45		0.92			(0.50	)		(0.10	)		11.01	13.79			4,122	0.83		4.35		0.98		4.20		108
CLASS B
2007	$	9.90	$	0.37	$	0.12		$	(0.36	)	$	—		$	10.03	5.03	%	$	1,446	1.56	%	3.69	%	1.71	%	3.54	%	171	%
2006		10.49		0.33		(0.52	)		(0.33	)		(0.07	)		9.90	(1.88	)		1,155	1.57		3.25		1.72		3.10		218
2005		10.26		0.29		0.33			(0.29	)		(0.10	)		10.49	6.12			1,180	1.58		2.79		1.73		2.64		214
2004		11.04		0.32		(0.54	)		(0.32	)		(0.24	)		10.26	(2.01	)		1,220	1.55		2.97		1.70		2.82		134
2003		10.27		0.39		0.91			(0.43	)		(0.10	)		11.04	12.97			902	1.54		3.64		1.69		3.49		108
CLASS C
2007	$	9.88	$	0.37	$	0.13		$	(0.36	)	$	—		$	10.02	5.14	%	$	252	1.56	%	3.69	%	1.71	%	3.54	%	171	%
2006		10.47		0.33		(0.52	)		(0.33	)		(0.07	)		9.88	(1.90	)		216	1.57		3.25		1.72		3.10		218
2005		10.24		0.29		0.33			(0.29	)		(0.10	)		10.47	6.12			352	1.58		2.79		1.73		2.64		214
2004		11.03		0.32		(0.55	)		(0.32	)		(0.24	)		10.24	(2.11	)		362	1.55		2.97		1.70		2.82		134
2003		10.25		0.38		0.93			(0.43	)		(0.10	)		11.03	13.09			340	1.54		3.64		1.69		3.49		108
ULTRA SHORT BOND FUND
CLASS I
2007	$	9.84	$	0.44	$	0.04		$	(0.43	)	$	—		$	9.89	4.97	%	$	71,115	0.35	%	4.39	%	0.55	%	4.19	%	111	%
2006		9.91		0.34		(0.05	)		(0.36	)		—			9.84	2.93			98,120	0.36		3.46		0.56		3.26		85
2005		10.00		0.22		(0.07	)		(0.24	)		—			9.91	1.48			178,675	0.38		2.27		0.58		2.07		219
2004		10.08		0.16		(0.07	)		(0.17	)		—			10.00	0.93			176,280	0.36		1.54		0.56		1.34		120
2003⁽³⁾		10.00		0.09		0.08			(0.09	)		—			10.08	1.67			129,599	0.26		1.81		0.58		1.49		239
CLASS A
2007	$	9.83	$	0.41	$	0.04		$	(0.40	)	$	—		$	9.88	4.71	%	$	1,408	0.60	%	4.14	%	0.80	%	3.94	%	111	%
2006		9.90		0.32		(0.06	)		(0.33	)		—			9.83	2.67			1,541	0.61		3.21		0.81		3.01		85
2005		9.99		0.21		(0.09	)		(0.21	)		—			9.90	1.22			1,662	0.63		2.02		0.83		1.82		219
2004		10.08		0.13		(0.07	)		(0.15	)		—			9.99	0.58			3,178	0.61		1.29		0.81		1.09		120
2003⁽³⁾		10.02		0.06		0.06			(0.06	)		—			10.08	1.23			109	0.52		1.55		0.84		1.17		239

†	Total return excludes sales charge.

⁽¹⁾

Per share data calculated using average shares outstanding method.

⁽²⁾

Due to their investment strategy, Total Return Advantage Fund and Ultra Short Bond Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, and may lower Fund performance.

⁽³⁾

Ultra Short Bond Fund Class I and Class A commenced operations on December 2, 2002 and January 6, 2003, respectively. All ratios for the period have been annualized. Total return for the period has not been annualized.

See Notes to Financial Statements.


Allegiant Tax Exempt Bond Funds		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31, unless otherwise indicated


	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate
INTERMEDIATE TAX EXEMPT BOND FUND
CLASS I
2007	$	9.90	$	0.38	$	(0.03	)	$	(0.38	)	$	(0.10	)	$	9.77	3.55	%	$	98,131	0.57	%	3.83	%	0.72	%	3.68	%	56	%
2006		10.19		0.39		(0.29	)		(0.39	)		—			9.90	1.01			114,947	0.61		3.89		0.76		3.74		49
2005		10.13		0.39		0.06			(0.39	)		—			10.19	4.54			131,474	0.61		3.85		0.76		3.70		9
2004		10.61		0.39		(0.46	)		(0.41	)		—			10.13	(0.70	)		162,027	0.60		3.78		0.75		3.63		9
2003		10.17		0.40		0.44			(0.40	)		—			10.61	8.45			175,441	0.60		3.92		0.75		3.77		11
CLASS A
2007	$	9.93	$	0.36	$	(0.03	)	$	(0.36	)	$	(0.10	)	$	9.80	3.29	%	$	5,823	0.82	%	3.58	%	0.97	%	3.43	%	56	%
2006		10.22		0.36		(0.28	)		(0.37	)		—			9.93	0.76			6,027	0.86		3.64		1.01		3.49		49
2005		10.17		0.37		0.05			(0.37	)		—			10.22	4.18			9,945	0.86		3.60		1.01		3.45		9
2004		10.64		0.37		(0.46	)		(0.38	)		—			10.17	(0.83	)		8,295	0.85		3.53		1.00		3.38		9
2003		10.21		0.38		0.43			(0.38	)		—			10.64	8.07			4,443	0.85		3.67		1.00		3.52		11
CLASS B
2007	$	9.90	$	0.28	$	(0.04	)	$	(0.28	)	$	(0.10	)	$	9.76	2.44	%	$	405	1.55	%	2.85	%	1.70	%	2.70	%	56	%
2006		10.19		0.30		(0.29	)		(0.30	)		—			9.90	0.05			418	1.56		2.94		1.71		2.79		49
2005		10.13		0.30		0.06			(0.30	)		—			10.19	3.56			540	1.56		2.90		1.71		2.75		9
2004		10.60		0.29		(0.45	)		(0.31	)		—			10.13	(1.54	)		778	1.55		2.83		1.70		2.68		9
2003		10.16		0.30		0.44			(0.30	)		—			10.60	7.43			828	1.56		2.96		1.71		2.81		11
CLASS C
2007	$	9.89	$	0.29	$	(0.03	)	$	(0.29	)	$	(0.10	)	$	9.76	2.58	%	$	6	1.55	%	2.85	%	1.70	%	2.70	%	56	%
2006		10.19		0.30		(0.30	)		(0.30	)		—			9.89	(0.04	)		39	1.56		2.94		1.71		2.79		49
2005		10.12		0.30		0.07			(0.30	)		—			10.19	3.66			41	1.56		2.90		1.71		2.75		9
2004		10.60		0.30		(0.47	)		(0.31	)		—			10.12	(1.64	)		84	1.55		2.83		1.70		2.68		9
2003		10.17		0.30		0.43			(0.30	)		—			10.60	7.33			91	1.56		2.96		1.71		2.81		11
MICHIGAN INTERMEDIATE MUNICIPAL BOND FUND
CLASS I
2007	$	10.38	$	0.44	$	(0.08	)	$	(0.44	)	$	(0.14	)	$	10.16	3.48	%	$	42,756	0.58	%	4.22	%	0.73	%	4.07	%	47	%
2006		10.80		0.47		(0.38	)		(0.47	)		(0.04	)		10.38	0.88			64,058	0.61		4.42		0.76		4.27		28
2005		10.93		0.48		(0.11	)		(0.48	)		(0.02	)		10.80	3.39			88,583	0.62		4.37		0.77		4.22		7
2004		11.45		0.46		(0.51	)		(0.47	)		—			10.93	(0.44	)		123,614	0.60		4.11		0.75		3.96		5
2003		11.03		0.47		0.44			(0.47	)		(0.02	)		11.45	8.51			147,331	0.60		4.24		0.75		4.09		7
CLASS A
2007	$	10.37	$	0.41	$	(0.08	)	$	(0.41	)	$	(0.14	)	$	10.15	3.22	%	$	13,460	0.83	%	3.97	%	0.98	%	3.82	%	47	%
2006		10.79		0.44		(0.38	)		(0.44	)		(0.04	)		10.37	0.62			18,193	0.86		4.17		1.01		4.02		28
2005		10.92		0.45		(0.11	)		(0.45	)		(0.02	)		10.79	3.14			12,645	0.87		4.12		1.02		3.97		7
2004		11.44		0.43		(0.51	)		(0.44	)		—			10.92	(0.68	)		12,920	0.85		3.86		1.00		3.71		5
2003		11.02		0.45		0.44			(0.45	)		(0.02	)		11.44	8.23			14,112	0.85		3.99		1.00		3.84		7
CLASS B
2007	$	10.38	$	0.33	$	(0.08	)	$	(0.33	)	$	(0.14	)	$	10.16	2.47	%	$	457	1.56	%	3.24	%	1.71	%	3.09	%	47	%
2006		10.81		0.37		(0.39	)		(0.37	)		(0.04	)		10.38	(0.16	)		730	1.56		3.47		1.71		3.32		28
2005		10.94		0.37		(0.11	)		(0.37	)		(0.02	)		10.81	2.42			1,332	1.57		3.42		1.72		3.27		7
2004		11.46		0.36		(0.51	)		(0.37	)		—			10.94	(1.37	)		1,492	1.55		3.16		1.70		3.01		5
2003		11.03		0.37		0.45			(0.37	)		(0.02	)		11.46	7.57			1,985	1.56		3.28		1.71		3.13		7
CLASS C
2007	$	10.39	$	0.34	$	(0.08	)	$	(0.34	)	$	(0.14	)	$	10.17	2.49	%	$	40	1.56	%	3.24	%	1.71	%	3.09	%	47	%
2006		10.82		0.38		(0.40	)		(0.37	)		(0.04	)		10.39	(0.16	)		172	1.56		3.47		1.71		3.32		28
2005		10.94		0.37		(0.10	)		(0.37	)		(0.02	)		10.82	2.51			301	1.57		3.42		1.72		3.27		7
2004		11.46		0.35		(0.51	)		(0.36	)		—			10.94	(1.38	)		72	1.55		3.16		1.70		3.01		5
2003		11.03		0.37		0.45			(0.37	)		(0.02	)		11.46	7.57			320	1.56		3.28		1.71		3.13		7


Allegiant Tax Exempt Bond Funds		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31, unless otherwise indicated


	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return†		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers)		Portfolio Turnover Rate
OHIO INTERMEDIATE TAX EXEMPT BOND FUND
CLASS I
2007	$	10.94	$	0.41	$	(0.01	)	$	(0.41	)	$	—		$	10.93	3.69	%	$	125,426	0.56	%	3.72	%	0.71	%	3.57	%	39	%
2006		11.24		0.41		(0.30	)		(0.41	)		—			10.94	1.03			140,658	0.60		3.73		0.75		3.58		39
2005		11.20		0.42		0.04			(0.42	)		—			11.24	4.19			144,334	0.62		3.76		0.77		3.61		11
2004		11.70		0.41		(0.50	)		(0.41	)		—			11.20	(0.75	)		163,549	0.60		3.61		0.75		3.46		13
2003		11.20		0.44		0.50			(0.44	)		—			11.70	8.56			167,899	0.60		3.85		0.75		3.70		6
CLASS A
2007	$	10.91	$	0.38	$	(0.02	)	$	(0.38	)	$	—		$	10.89	3.33	%	$	10,094	0.81	%	3.47	%	0.96	%	3.32	%	39	%
2006		11.20		0.39		(0.30	)		(0.38	)		—			10.91	0.86			10,509	0.85		3.48		1.00		3.33		39
2005		11.17		0.39		0.03			(0.39	)		—			11.20	3.84			12,098	0.87		3.51		1.02		3.36		11
2004		11.66		0.38		(0.49	)		(0.38	)		—			11.17	(0.92	)		9,618	0.85		3.36		1.00		3.21		13
2003		11.17		0.41		0.49			(0.41	)		—			11.66	8.21			14,859	0.85		3.60		1.00		3.45		6
CLASS B
2007	$	10.88	$	0.30	$	(0.01	)	$	(0.30	)	$	—		$	10.87	2.68	%	$	716	1.54	%	2.74	%	1.69	%	2.59	%	39	%
2006		11.18		0.31		(0.30	)		(0.31	)		—			10.88	0.06			980	1.55		2.78		1.70		2.63		39
2005		11.14		0.32		0.04			(0.32	)		—			11.18	3.22			974	1.57		2.81		1.72		2.66		11
2004		11.63		0.30		(0.49	)		(0.30	)		—			11.14	(1.62	)		881	1.55		2.66		1.70		2.51		13
2003		11.14		0.33		0.49			(0.33	)		—			11.63	7.47			706	1.56		2.89		1.71		2.74		6
CLASS C
2007	$	10.89	$	0.30	$	(0.01	)	$	(0.30	)	$	—		$	10.88	2.68	%	$	612	1.54	%	2.74	%	1.69	%	2.59	%	39	%
2006		11.18		0.31		(0.29	)		(0.31	)		—			10.89	0.16			645	1.55		2.78		1.70		2.63		39
2005		11.15		0.32		0.03			(0.32	)		—			11.18	3.12			652	1.57		2.81		1.72		2.66		11
2004		11.64		0.30		(0.49	)		(0.30	)		—			11.15	(1.62	)		1,074	1.55		2.66		1.70		2.51		13
2003		11.15		0.33		0.49			(0.33	)		—			11.64	7.46			1,091	1.56		2.89		1.71		2.74		6
PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
CLASS I
2007	$	10.28	$	0.37	$	0.03		$	(0.37	)	$	(0.03	)	$	10.28	3.89	%	$	37,521	0.58	%	3.54	%	0.73	%	3.39	%	29	%
2006		10.56		0.37		(0.28	)		(0.37	)		—			10.28	0.90			44,427	0.62		3.59		0.77		3.44		52
2005		10.46		0.36		0.10			(0.36	)		—			10.56	4.41			49,028	0.64		3.36		0.79		3.21		15
2004		10.96		0.36		(0.49	)		(0.37	)		—			10.46	(1.18	)		54,675	0.63		3.38		0.78		3.23		14
2003		10.47		0.41		0.49			(0.41	)		—			10.96	8.76			55,503	0.65		3.84		0.80		3.69		12
CLASS A
2007	$	10.30	$	0.34	$	0.03		$	(0.34	)	$	(0.03	)	$	10.30	3.63	%	$	2,002	0.83	%	3.29	%	0.98	%	3.14	%	29	%
2006		10.58		0.35		(0.28	)		(0.35	)		—			10.30	0.66			1,941	0.87		3.34		1.02		3.19		52
2005		10.48		0.33		0.10			(0.33	)		—			10.58	4.15			1,170	0.89		3.11		1.04		2.96		15
2004		10.98		0.34		(0.49	)		(0.35	)		—			10.48	(1.42	)		1,299	0.88		3.13		1.03		2.98		14
2003		10.49		0.38		0.49			(0.38	)		—			10.98	8.48			1,118	0.90		3.59		1.05		3.44		12
CLASS C
2007	$	10.30	$	0.27	$	0.02		$	(0.27	)	$	(0.03	)	$	10.29	2.78	%	$	544	1.57	%	2.55	%	1.72	%	2.40	%	29	%
2006		10.57		0.27		(0.27	)		(0.27	)		—			10.30	0.05			790	1.57		2.64		1.72		2.49		52
2005		10.48		0.26		0.09			(0.26	)		—			10.57	3.32			805	1.59		2.41		1.74		2.26		15
2004		10.97		0.26		(0.48	)		(0.27	)		—			10.48	(2.01	)		887	1.58		2.43		1.73		2.28		14
2003		10.48		0.31		0.49			(0.31	)		—			10.97	7.73			907	1.61		2.88		1.76		2.73		12

†	Total return excludes sales charge.

⁽¹⁾

Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.

Allegiant Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 40.5%
U.S. Treasury Bonds — 8.3%
6.250%, 08/15/23#	$	26,130	$	29,398
4.500%, 02/15/36#		1,000		921

				30,319
U.S. Treasury Notes — 32.2%
4.875%, 05/31/08#		3,160		3,155
4.875%, 07/31/11#		69,375		69,446
4.875%, 08/15/16#		9,005		8,986
4.750%, 05/15/14		75		74
3.250%, 08/15/08#		24,305		23,806
2.750%, 08/15/07#		12,045		11,998

				117,465

Total U.S. Treasury Obligations (Cost $148,877)				147,784

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 29.8%
Federal Home Loan Mortgage Corporation — 0.3%
9.500%, 10/01/20		139		151
9.000%, 05/01/20		45		48
8.500%, 09/01/16		3		3
8.000%, 07/01/25		105		111
7.500%, 07/01/10		1		1
7.500%, 11/01/10		6		6
7.500%, 05/01/11		67		69
7.000%, 11/01/10		90		92
7.000%, 11/01/28		622		647
6.500%, 10/01/07		2		2
6.500%, 09/01/08		17		17
6.500%, 11/01/10		23		23

				1,170

Federal National Mortgage Association — 28.8%
9.500%, 05/01/18		21		22
9.000%, 07/01/09		1		1
9.000%, 11/01/24		183		199
7.000%, 01/01/33		718		748
7.000%, 10/01/33		180		187
6.500%, 12/01/08		27		27
6.500%, 06/01/37 (TBA)		12,000		12,189
6.000%, 07/01/28		1		1
6.000%, 01/01/34		229		230
6.000%, 11/01/35		312		312
6.000%, 09/01/36		12,376		12,368
6.000%, 06/01/37 (TBA)		9,670		9,659
5.500%, 12/01/33		9,579		9,381
5.500%, 05/01/35		1,947		1,904
5.500%, 06/01/37 (TBA)		19,400		18,942
5.465%, 01/01/36 (A)		8,345		8,346
5.000%, 06/01/20		5,994		5,848
5.000%, 10/01/35		11,202		10,681
5.000%, 11/01/35		3,161		3,014
5.000%, 12/01/35		2,991		2,851
4.500%, 10/01/20		4,238		4,059
4.500%, 09/01/35		4,056		3,751

				104,720

Government National Mortgage Association — 0.7%
8.500%, 09/15/21		3		3
8.500%, 11/15/21		40		43
8.500%, 07/15/22		16		17
8.250%, 04/20/17		3		4
8.000%, 03/15/08		4		4
8.000%, 01/15/30		252		268
7.500%, 12/15/29		52		55
6.500%, 06/15/32		286		294
6.500%, 10/15/33		285		293
6.000%, 08/15/32		153		154
6.000%, 02/15/33		1,267		1,277
6.000%, 11/15/33		270		272
6.000%, 11/15/34		21		21

				2,705

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $110,231)				108,595

CORPORATE BONDS — 12.0%
Cable — 0.3%
Time Warner Cable
5.850%, 05/01/17 (B)		1,025		1,012

Energy — 0.8%
ConocoPhillips Canada Funding
5.625%, 10/15/16		850		854
Energy Transfer Partners
5.950%, 02/01/15		850		850
Nexen
6.400%, 05/15/37		1,065		1,040

				2,744

Financials — 7.0%
Bank of America
7.800%, 09/15/16		1,250		1,437
Capmark Financial Group
5.875%, 05/10/12 (B)		900		895
CIT Group
6.100%, 03/15/49 (A)		580		543
Citigroup
7.250%, 10/01/10		3,200		3,379
General Electric Capital, Cl A (MTN)
6.000%, 06/15/12		2,630		2,691
Goldman Sachs
6.450%, 05/01/36		850		864
Goldman Sachs Capital II
5.793%, 06/01/49 (A)		925		913
HSBC Finance
6.750%, 05/15/11		1,375		1,433
6.375%, 10/15/11		1,250		1,289
ING USA Global Funding
4.500%, 10/01/10		1,000		974
Inter-American Development Bank
7.375%, 01/15/10		1,200		1,267
International Lease Finance
5.000%, 04/15/10#		900		890
JPMorgan Chase
5.125%, 09/15/14		2,000		1,950
KeyBank
5.800%, 07/01/14		985		990
Lloyds TSB Group PLC
6.267%, 11/14/16 (A) (B)#		1,250		1,220
MUFG Capital Finance 1
6.346%, 07/25/16 (A)		825		829

Allegiant Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
CORPORATE BONDS — continued
Financials — continued
Regions Financing Trust II
6.625%, 05/01/47 (A)	$	850	$	830
Residential Capital
6.375%, 06/30/10#		690		689
6.500%, 04/17/13#		755		747
SLM (MTN)
5.375%, 05/15/14		875		786
Wachovia Capital Trust III
5.800%, 08/29/49 (A)		1,000		1,002

				25,618

Healthcare — 0.2%
WellPoint
5.000%, 12/15/14		900		863

Industrials — 0.1%
D.R. Horton
6.500%, 04/15/16		635		623

Insurance — 0.7%
American General Finance (MTN)
3.875%, 10/01/09#		1,195		1,155
AXA SA
6.379%, 12/14/49 (A) (B)		1,300		1,229

				2,384

Metals & Mining — 0.3%
BHP Billiton
5.400%, 03/29/17		1,070		1,044

Real Estate Investment Trusts — 0.3%
iStar Financial
5.950%, 10/15/13		1,250		1,238

Retail — 0.1%
Home Depot
5.875%, 12/16/36		600		564

Telecommunications — 1.4%
AT&T
5.625%, 06/15/16#		1,100		1,091
GTE
6.940%, 04/15/28		800		835
Sprint Nextel
6.000%, 12/01/16#		850		821
Telecom Italia Capital SA
5.250%, 11/15/13		1,500		1,450
Vodafone Group PLC
5.350%, 02/27/12		850		842

				5,039

Utilities — 0.8%
Midamerican Energy
6.750%, 12/30/31		1,000		1,096
National Rural Utilities Cooperative Finance
5.450%, 04/10/17		875		859
Southwestern Public Service (MTN)
6.000%, 10/01/36		860		839

				2,794

Total Corporate Bonds (Cost $44,726)				43,923

ASSET BACKED SECURITIES — 10.6%
Automotive — 0.8%
Honda Auto Receivables Owner Trust, Series 2005-4, Cl A3
4.460%, 05/21/09##		3,012		3,001

Credit Cards — 6.9%
American Express Credit Account Master Trust, Series 2003-2, Cl A
5.430%, 10/15/10 (A)##		6,000		6,010
Bank One Issuance Trust, Series 2004-A4, Cl A4
5.360%, 02/16/10 (A)##		6,700		6,704
Chase Issuance Trust, Series 2005-A3, Cl A
5.340%, 10/17/11 (A)##		5,000		5,005
Citibank Credit Card Issuance Trust, Series 2006-A5, Cl A5
5.300%, 05/20/11##		7,400		7,402

				25,121

Mortgage Related — 1.4%
Bear Stearns, Series 1999-2, Cl AF2
7.910%, 10/25/29 (C)		396		397
Chase Funding Mortgage Loan, Series 2003-6, Cl 1A4
4.499%, 08/25/30		4,700		4,600

				4,997

Utilities — 1.5%
PSE&G Transition Funding LLC, Series 2001-1, Cl A8
6.890%, 12/15/17		5,050		5,508

Total Asset Backed Securities (Cost $38,252)				38,627

COLLATERALIZED MORTGAGE OBLIGATIONS — 5.3%
Fannie Mae, Series 2003-84, Cl PG
5.000%, 03/25/32		10,000		9,627
Fannie Mae, Series 2005-34, Cl PC
5.500%, 06/25/32		4,085		4,054
Freddie Mac, Series 2773, Cl CD
4.500%, 04/15/24		6,000		5,463

Total Collateralized Mortgage Obligations (Cost $19,070)				19,144

COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.5%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Cl A4A
4.871%, 09/11/42		4,800		4,572
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Cl A4
5.226%, 07/15/44# (A)		6,600		6,473
CS First Boston Mortgage Securities, Series 2005-C6, Cl A4
5.230%, 12/15/40 (A)		5,650		5,500

Total Commercial Mortgage-Backed Securities (Cost $16,847)				16,545

U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.4%
Federal Farm Credit Bank — 2.5%
5.190%, 03/02/09 (A)##		9,000		9,003


	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — continued
Federal Home Loan Mortgage Corporation — 1.0%
5.100%, 06/11/07 (DN) (D)##	$	3,725	$	3,720

Federal National Mortgage Association — 0.9%
5.090%, 06/12/07 (DN) (D)##		3,425		3,420

Total U.S. Government Agency Obligations (Cost $16,138)				16,143

COMMERCIAL PAPER† — 2.1%
Aspen Funding
5.260%, 06/11/07##		2,500		2,496
Liberty Street Funding
5.260%, 06/11/07##		5,000		4,993

Total Commercial Paper (Cost $7,489)				7,489


	Number of Shares
AFFILIATED MONEY MARKET FUND — 1.7%
Allegiant Advantage Institutional Money Market Fund, Class I†† (Cost $6,029)		6,028,626		6,029

Total Investments Before Collateral for Loaned Securities – 110.9% (Cost $407,659)				404,279


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 45.2%
Commercial Paper† — 2.2%
Autobahn Funding
5.320%, 06/15/07	$	4,140		4,121
5.330%, 06/22/07		828		824
Hubbell
5.380%, 06/01/07		1,656		1,656
Queens Health Systems
5.330%, 06/26/07		1,512		1,505

				8,106

Master Notes — 12.6%
Bank of America
5.370%, 06/01/07		14,491		14,491
Bear Stearns
5.510%, 06/06/07		15,733		15,733
JPMorgan Securities
5.390%, 06/15/07		15,733		15,733

				45,957

Medium Term Notes — 5.1%
Liquid Funding LLC
5.360%, 11/30/07 (A)		4,554		4,553
5.340%, 06/11/08 (A)		4,140		4,140
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		6,624		6,624
5.430%, 02/15/08 (A)		1,656		1,656
5.400%, 04/02/08 (A)		1,656		1,656

				18,629

Repurchase Agreements — 25.3%
Bank of America
5.370%, 06/01/07		594		594
Bear Stearns
5.410%, 06/01/07		24,841		24,841
Lehman Brothers
5.360%, 06/01/07		66,833		66,833

				92,268

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $164,960)‡				164,960

TOTAL INVESTMENTS — 156.1% (Cost $572,619)*				569,239

Other Assets & Liabilities — (56.1)%
Dividends Payable
Class I				(1,082	)
Class A				(8	)
Investment Advisory Fees Payable				(138	)
12b-1 Fees Payable
Class I				(41	)
Class A				(2	)
Administration Fees Payable				(18	)
Custody Fees Payable				(5	)
Trustees’ Fees Payable				(21	)
Payable for Collateral for Loaned Securities				(164,960	)
Payable for Investments Purchased				(45,288	)
Payable for Shares of Beneficial Interest Redeemed				(1,256	)
Other				8,262

Total Other Assets & Liabilities				(204,557	)

TOTAL NET ASSETS — 100.0%			$	364,682

Allegiant Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	395,254
Undistributed Net Investment Income		111
Accumulated Net Realized Loss on Investments		(27,303	)
Net Unrealized Depreciation on Investments		(3,380	)

Total Net Assets	$	364,682

Net Asset Value, Offering and Redemption Price Per Share — Class I ($357,483,216 ÷ 36,137,025 outstanding shares of beneficial interest)	$	9.89

Net Asset Value and Redemption Price Per Share — Class A ($6,424,209 ÷ 647,869 outstanding shares of beneficial interest)	$	9.92

Maximum Offering Price Per Share — Class A ($9.92 ÷ 95.50%)	$	10.39

Net Asset Value and Offering Price Per Share — Class B ($596,242 ÷ 60,198 outstanding shares of beneficial interest)	$	9.90

Net Asset Value and Offering Price Per Share — Class C ($178,311 ÷ 18,029 outstanding shares of beneficial interest)	$	9.89

*	Aggregate cost for Federal income tax purposes is (000) $572,751.


Gross unrealized appreciation (000)	$	896
Gross unrealized depreciation (000)		(4,408	)

Net unrealized depreciation (000)	$	(3,512	)

†	The rate shown is the effective yield at purchase date.

††	See Note 3 in Notes to Financial Statements.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $161,720.

##	All or a portion of the security was held as collateral for when-issued securities and delayed delivery securities.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933.

These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $4,356 and represents 1.2% of net assets as of May 31, 2007.

(C)

Stepped Coupon Bond — the rate shown is the rate in effect on May 31, 2007.

(D)

Zero Coupon Bond — the rate shown is the effective yield at purchase date.

Cl — Class

DN — Discount Note

LLC — Limited Liability Company

MTN — Medium Term Note

PLC — Public Liability Company

TBA — To Be Announced

See Notes to Financial Statements.

Allegiant Government Mortgage Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 88.7%
Federal Home Loan Mortgage Corporation — 0.8%
12.250%, 08/01/15	$	83	$	90
9.750%, 11/01/08 to 04/01/09		15		16
9.250%, 08/01/13		1		1
9.000%, 06/01/09 to 09/01/20		222		235
8.750%, 06/01/16 to 05/01/17		53		56
8.500%, 09/01/17 to 01/01/22		159		168
8.000%, 07/01/09 to 03/01/22		113		119
7.000%, 05/01/31		190		197
6.000%, 10/01/32		1,201		1,209

				2,091

Federal National Mortgage Association — 82.5%
12.500%, 05/01/15		107		119
11.250%, 05/01/14		16		17
10.000%, 06/01/21		17		18
9.000%, 06/01/09 to 10/01/19		28		30
8.500%, 11/01/21 to 09/01/23		44		47
8.000%, 12/01/17 to 03/01/23		22		23
7.500%, 09/01/22 to 05/01/32		937		979
7.000%, 12/01/15 to 10/01/32		1,116		1,161
6.500%, 12/01/12 to 08/01/36		8,586		8,745
6.000%, 09/01/17 to 11/01/36		21,094		21,239
6.000%, 06/01/37 (TBA)		17,500		17,481
5.500%, 11/01/09 to 03/01/36		47,049		45,709
5.500%, 06/01/37 (TBA)		39,000		38,080
5.000%, 06/01/18 to 11/01/35		59,802		57,391
4.935%, 01/01/36		7,921		7,813
4.500%, 04/01/18 to 06/01/20		16,575		15,901

				214,753

Government National Mortgage Association — 5.4%
17.000%, 11/15/11		50		58
15.000%, 06/15/11 to 01/15/13		662		758
14.500%, 09/15/12 to 08/15/14		5		6
14.000%, 05/15/11 to 02/15/15		213		241
13.500%, 05/15/10 to 01/20/15		258		289
13.000%, 11/15/10 to 06/20/15		250		278
12.750%, 09/20/13		32		36
12.500%, 04/15/10 to 01/20/16		523		578
12.000%, 08/15/12 to 09/15/15		249		278
11.500%, 02/15/13 to 08/15/14		69		77
9.250%, 12/15/16 to 05/15/21		68		74
9.000%, 09/15/08 to 11/15/24		528		560
8.750%, 08/15/08 to 12/15/16		57		61
8.500%, 01/15/17 to 09/15/24		377		405
8.250%, 06/15/08 to 07/15/08		4		4
8.000%, 04/15/17 to 05/20/30		987		1,049
7.500%, 09/20/15 to 09/20/30		2,016		2,113
7.000%, 12/15/10 to 06/15/32		3,557		3,712
6.500%, 10/15/22 to 09/15/31		2,486		2,548
6.000%, 07/20/29		910		917

				14,042

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $234,120)				230,886

U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.0%
Federal Farm Credit Bank — 4.3%
5.190%, 03/02/09 (A)##		11,000		11,004

Federal Home Loan Mortgage Corporation — 1.9%
5.100%, 06/11/07 (DN) (B)##		5,000		4,993

Federal National Mortgage Association — 0.8%
5.090%, 06/12/07 (DN) (B)##		2,075		2,072

Total U.S. Government Agency Obligations (Cost $18,063)				18,069

ASSET BACKED SECURITIES — 5.6%
Credit Cards — 5.6%
American Express Credit Account Master Trust, Series 2003-2, Cl A
5.430%, 10/15/10 (A)##		4,550		4,557
Bank One Issuance Trust, Series 2004-A4, Cl A4
5.360%, 02/16/10 (A)##		5,000		5,003
Chase Issuance Trust, Series 2005-A3, Cl A
5.340%, 10/17/11 (A)##		5,000		5,006

Total Asset Backed Securities (Cost $14,562)				14,566

COLLATERALIZED MORTGAGE OBLIGATIONS — 4.2%
Fannie Mae, Series 1992-29, Cl Z
8.000%, 02/25/22		56		57
Fannie Mae, Series 2003-64, Cl BX
6.000%, 03/25/30		3,739		3,770
Freddie Mac, Series 1273, Cl Z
7.500%, 05/15/22		89		88
Freddie Mac, Series 2869, Cl MD
5.000%, 02/15/29		7,000		6,837
Structured Mortgage Asset Residential Trust, Series 1992-2, Cl I
8.250%, 06/25/19		226		226

Total Collateralized Mortgage Obligations (Cost $10,898)				10,978

U.S. TREASURY OBLIGATION — 4.0%
U.S. Treasury Note — 4.0%
4.875%, 05/31/08# (Cost $10,516)		10,500		10,485

COMMERCIAL PAPER† — 9.1%
Aspen Funding
5.260%, 06/11/07##		6,000		5,991
Barton Capital
5.270%, 06/12/07##		6,000		5,990
Liberty Street Funding
5.260%, 06/11/07##		6,000		5,991
Scaldis Capital LLC
5.260%, 06/12/07##		5,825		5,816

Total Commercial Paper (Cost $23,788)				23,788

Allegiant Government Mortgage Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Number of Shares		Value (000)
AFFILIATED MONEY MARKET FUND — 2.8%
Allegiant Advantage Institutional Money Market Fund, Class I†† (Cost $7,296)		7,296,399	$	7,296

Total Investments Before Collateral for Loaned Securities – 121.4% (Cost $319,243)				316,068


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 4.1%
Commercial Paper† — 0.2%
Autobahn Funding
5.320%, 06/15/07	$	269		267
5.330%, 06/22/07		54		54
Hubbell
5.380%, 06/01/07		107		107
Queens Health Systems
5.330%, 06/26/07		98		98

				526

Master Notes — 1.1%
Bank of America
5.370%, 06/01/07		940		940
Bear Stearns
5.510%, 06/06/07		1,020		1,020
JPMorgan Securities
5.390%, 06/15/07		1,020		1,020

				2,980

Medium Term Notes — 0.5%
Liquid Funding LLC
5.360%, 11/30/07 (A)		295		295
5.340%, 06/11/08 (A)		269		269
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		430		430
5.430%, 02/15/08 (A)		107		107
5.400%, 04/02/08 (A)		107		107

				1,208

Repurchase Agreements — 2.3%
Bank of America
5.370%, 06/01/07		38		39
Bear Stearns
5.410%, 06/01/07		1,611		1,611
Lehman Brothers
5.360%, 06/01/07		4,334		4,333

				5,983

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $10,697)‡				10,697

TOTAL INVESTMENTS — 125.5% (Cost $329,940)*				326,765

Other Assets & Liabilities — (25.5)%
Dividends Payable
Class I				(855	)
Class A				(13	)
Class B				(3	)
Class C				(1	)
Investment Advisory Fees Payable				(89	)
12b-1 Fees Payable
Class I				(26	)
Class A				(3	)
Class B				(1	)
Administration Fees Payable				(13	)
Custody Fees Payable				(7	)
Trustees’ Fees Payable				(14	)
Payable for Collateral for Loaned Securities				(10,697	)
Payable for Investments Purchased				(56,260	)
Payable for Shares of Beneficial Interest Redeemed				(397	)
Other				2,034

Total Other Assets & Liabilities				(66,345	)

TOTAL NET ASSETS — 100.0%			$	260,420

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	274,270
Undistributed Net Investment Income				59
Accumulated Net Realized Loss on Investments				(10,734	)
Net Unrealized Depreciation on Investments				(3,175	)

Total Net Assets			$	260,420

Net Asset Value, Offering and Redemption Price Per Share — Class I ($243,998,844 ÷ 27,073,084 outstanding shares of beneficial interest)			$	9.01

Net Asset Value and Redemption Price Per Share — Class A ($11,963,170 ÷ 1,327,528 outstanding shares of beneficial interest)			$	9.01

Maximum Offering Price Per Share — Class A ($9.01 ÷ 95.50%)			$	9.43

Net Asset Value and Offering Price Per Share — Class B ($3,035,160 ÷ 337,759 outstanding shares of beneficial interest)			$	8.99

Net Asset Value and Offering Price Per Share — Class C ($1,422,577 ÷ 158,080 outstanding shares of beneficial interest)			$	9.00

*	Aggregate cost for Federal income tax purposes is (000) $329,940.


Gross unrealized appreciation (000)	$	616
Gross unrealized depreciation (000)		(3,791	)

Net unrealized depreciation (000)	$	(3,175	)

†	The rate shown is the effective yield at purchase date.

††	See Note 3 in Notes to Financial Statements.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $10,485.

##	All or a portion of the security was held as collateral for when-issued securities and delayed delivery securities.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

(B)

Zero Coupon Bond — the rate shown is the effective yield at purchase date.

Cl — Class

DN — Discount Note

LLC — Limited Liability Company

TBA — To Be Announced

See Notes to Financial Statements.

Allegiant Intermediate Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 51.1%
U.S. Treasury Notes — 51.1%
6.500%, 02/15/10	$	10	$	10
4.875%, 07/31/11#		99,815		99,916
4.875%, 08/15/16#		15,115		15,083
4.750%, 05/15/14#		3,434		3,410
4.250%, 10/31/07#		27,000		26,943
3.875%, 05/15/09#		6,245		6,126
3.250%, 08/15/08#		26,305		25,765
2.750%, 08/15/07#		4,370		4,353

Total U.S. Treasury Obligations (Cost $183,125)				181,606

CORPORATE BONDS — 18.9%
Cable — 0.3%
Time Warner Cable
5.850%, 05/01/17 (A)		1,000		988

Energy — 1.2%
Apache
5.250%, 04/15/13		1,000		986
ConocoPhillips Canada Funding
5.625%, 10/15/16		1,260		1,265
Energy Transfer Partners
5.950%, 02/01/15		1,000		1,000
XTO Energy
4.900%, 02/01/14		1,160		1,105

				4,356

Financials — 10.7%
Bank of America
5.420%, 03/15/17 (A)		2,000		1,954
Bank One
5.250%, 01/30/13		2,665		2,629
BB&T
4.750%, 10/01/12		1,625		1,570
Bear Stearns
5.350%, 02/01/12		2,690		2,668
Capmark Financial Group
5.875%, 05/10/12 (A)		900		895
CIT Group
5.650%, 02/13/17		400		388
Citigroup
7.250%, 10/01/10		5,074		5,357
General Electric Capital, Cl A
6.000%, 06/15/12		3,565		3,647
General Electric Capital, Cl A (MTN)
5.450%, 01/15/13		590		590
Goldman Sachs
5.000%, 10/01/14		2,500		2,401
HSBC Finance
6.750%, 05/15/11		2,800		2,918
6.375%, 10/15/11		625		644
ING USA Global Funding
4.500%, 10/01/10		1,400		1,364
International Lease Finance
5.650%, 06/01/14		700		698
JPMorgan Chase (MTN)
6.000%, 01/15/09		1,520		1,533
KeyBank
5.800%, 07/01/14		980		986
Morgan Stanley
4.750%, 04/01/14#		2,000		1,885
Republic New York
7.750%, 05/15/09		1,770		1,840
Residential Capital
6.375%, 06/30/10#		700		699
6.500%, 04/17/13		775		767
SLM (MTN)
5.000%, 10/01/13		1,895		1,685
Wells Fargo
4.950%, 10/16/13		1,000		972

				38,090

Healthcare — 0.3%
WellPoint
5.000%, 12/15/14		1,000		959

Industrials — 0.2%
D.R. Horton
6.500%, 04/15/16		635		623

Insurance — 0.8%
American General Finance (MTN)
3.875%, 10/01/09		1,415		1,368
Assurant
5.625%, 02/15/14		1,500		1,481

				2,849

Metals & Mining — 0.3%
BHP Billiton
5.400%, 03/29/17		975		951

Real Estate Investment Trusts — 0.5%
ERP Operating
5.500%, 10/01/12		965		961
iStar Financial
5.950%, 10/15/13		1,000		990

				1,951

Retail — 0.2%
CVS Caremark
5.750%, 06/01/17		735		726

Telecommunications — 1.6%
AT&T
5.625%, 06/15/16		1,775		1,760
Sprint Nextel
6.000%, 12/01/16		900		869
Telecom Italia Capital SA
5.250%, 11/15/13		1,000		967
Verizon Communications
5.550%, 02/15/16#		1,350		1,331
Vodafone Group PLC
5.350%, 02/27/12		985		976

				5,903

Utilities — 2.8%
Consumers Energy, Cl F
4.000%, 05/15/10		1,035		992
National Grid PLC
6.300%, 08/01/16#		1,145		1,184
National Rural Utilities Cooperative Finance
5.450%, 04/10/17		880		864
Pacificorp
5.450%, 09/15/13		1,040		1,035

Allegiant Intermediate Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)			Value (000)
CORPORATE BONDS — continued
Utilities — continued
PSI Energy
6.050%, 06/15/16	$	1,225		$	1,249
Southern
5.300%, 01/15/12		670			665
Virginia Electric & Power
4.750%, 03/01/13		1,835			1,766
Xcel Energy
5.613%, 04/01/17 (A)		2,100			2,063

					9,818

Total Corporate Bonds (Cost $68,448)					67,214

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1%
Freddie Mac, Series 2004-2812, Cl OD
5.000%, 12/15/29		12,192			11,885
Freddie Mac, Series 2635, Cl DT
3.500%, 01/15/18		1,039			966
Freddie Mac, Series 2825, Cl PM
5.500%, 03/15/30		6,845			6,805
Freddie Mac, Series 2854, Cl DL
4.000%, 09/15/19		5,700			5,124
Freddie Mac, Series 2904, Cl PC
5.500%, 05/15/31		7,214			7,169
Ginnie Mae, Series 2003-113, Cl VB
4.500%, 02/16/22		5,035			4,721
Ginnie Mae, Series 2003-42, Cl A
4.000%, 01/16/30		941			890
Wells Fargo Securities Trust, Series 2004-K, Cl 2A11
4.733%, 07/25/34 (B)		5,530			5,280

Total Collateralized Mortgage Obligations (Cost $42,890)					42,840

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 8.2%
Federal Home Loan Mortgage Corporation — 0.7%
3.500%, 05/01/11		2,715			2,578

Federal National Mortgage Association — 7.5%
6.000%, 10/01/36		10,317			10,311
5.500%, 10/01/09		8			8
5.500%, 04/01/37		6,902			6,740
5.465%, 01/01/36 (B)		9,488			9,488

					26,547

Government National Mortgage Association — 0.0%
9.000%, 09/15/08		2			3
9.000%, 10/15/08		3			3
9.000%, 11/15/08		5			5
9.000%, 12/15/08		5			5
9.000%, 02/15/09		7			7
9.000%, 03/15/09		—	(C)		—	(C)
9.000%, 04/15/09		15			15
9.000%, 05/15/09		20			21
9.000%, 07/15/09		2			2

					61

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $29,520)					29,186

ASSET BACKED SECURITIES — 6.8%
Automotive — 2.9%
Chase Manhattan Auto Owner Trust, Series 2006-B, Cl A3
5.130%, 05/15/11		6,000			5,987
WFS Financial Owner Trust, Series 2005-3, Cl A4
4.390%, 05/17/13		4,500			4,452

					10,439

Credit Cards — 2.0%
Citibank Credit Card Issuance Trust, Series 2006-A5, Cl A5
5.300%, 05/20/11		7,190			7,192

Utilities — 1.9%
PSE&G Transition Funding LLC, Series 2001-1, Cl A8
6.890%, 12/15/17		6,000			6,544

Total Asset Backed Securities (Cost $24,296)					24,175


	Number of Shares
AFFILIATED MONEY MARKET FUND — 2.2%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $7,816)		7,816,027			7,816

Total Investments Before Collateral for Loaned Securities – 99.3% (Cost $356,095)					352,837


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 46.3%
Commercial Paper†† — 2.3%
Autobahn Funding
5.320%, 06/15/07	$	4,129			4,111
5.330%, 06/22/07		826			822
Hubbell
5.380%, 06/01/07		1,652			1,651
Queens Health Systems
5.330%, 06/26/07		1,508			1,501

					8,085

Master Notes — 12.9%
Bank of America
5.370%, 06/01/07		14,452			14,452
Bear Stearns
5.510%, 06/06/07		15,690			15,690
JPMorgan Securities
5.390%, 06/15/07		15,690			15,690

					45,832

Medium Term Notes — 5.2%
Liquid Funding LLC
5.360%, 11/30/07 (B)		4,542			4,541
5.340%, 06/11/08 (B)		4,129			4,128


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Medium Term Notes — continued
Morgan Stanley Dean Witter
5.380%, 07/19/07 (B)	$	6,606	$	6,606
5.430%, 02/15/08 (B)		1,652		1,652
5.400%, 04/02/08 (B)		1,652		1,652

				18,579

Repurchase Agreements — 25.9%
Bank of America
5.360%, 06/01/07		592		592
Bear Stearns
5.410%, 06/01/07		24,774		24,774
Lehman Brothers
5.360%, 06/01/07		66,652		66,652

				92,018

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $164,514)‡				164,514

TOTAL INVESTMENTS — 145.6% (Cost $520,609)*				517,351

Other Assets & Liabilities — (45.6)%
Dividends Payable
Class I				(900	)
Class A				(4	)
Class B				(1	)
Investment Advisory Fees Payable				(122	)
12b-1 Fees Payable
Class I				(48	)
Class A				(2	)
Class B				(2	)
Administration Fees Payable				(18	)
Custody Fees Payable				(5	)
Trustees’ Fees Payable				(25	)
Payable for Collateral for Loaned Securities				(164,514	)
Payable for Investments Purchased				(960	)
Payable for Shares of Beneficial Interest Redeemed				(173	)
Other				4,736

Total Other Assets & Liabilities				(162,038	)

TOTAL NET ASSETS — 100.0%			$	355,313

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	369,423
Undistributed Net Investment Income				194
Accumulated Net Realized Loss on Investments				(11,046	)
Net Unrealized Depreciation on Investments				(3,258	)

Total Net Assets			$	355,313

Net Asset Value, Offering and Redemption Price Per Share — Class I ($ 341,591,138 ÷ 32,618,145 outstanding shares of beneficial interest)			$	10.47

Net Asset Value and Redemption Price Per Share — Class A ($8,767,666 ÷ 836,017 outstanding shares of beneficial interest)			$	10.49

Maximum Offering Price Per Share — Class A ($10.49 ÷ 95.50%)			$	10.98

Net Asset Value and Offering Price Per Share — Class B ($4,564,202 ÷ 434,900 outstanding shares of beneficial interest)			$	10.49

Net Asset Value and Offering Price Per Share — Class C ($390,327 ÷ 37,125 outstanding shares of beneficial interest)			$	10.51

*	Aggregate cost for Federal income tax purposes is (000) $520,936.


Gross unrealized appreciation (000)	$	451
Gross unrealized depreciation (000)		(4,036	)

Net unrealized depreciation (000)	$	(3,585	)

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $161,224.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $5,900 and represents 1.7% of net assets as of May 31, 2007.

(B)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

(C)

Par and Value are less than $500.

Cl — Class

LLC — Limited Liability Company

MTN — Medium Term Note

PLC — Public Liability Company

See Notes to Financial Statements.

Allegiant Limited Maturity Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)			Value (000)
U.S. TREASURY OBLIGATIONS — 22.3%
U.S. Treasury Notes — 22.3%
4.625%, 02/29/08#	$	980		$	977
3.875%, 09/15/10#		24,825			24,105
3.500%, 12/15/09		4,000			3,871
3.375%, 09/15/09#		7,000			6,774

Total U.S. Treasury Obligations (Cost $35,816)					35,727

ASSET BACKED SECURITIES — 22.1%
Automotive — 13.1%
Carmax Auto Owner Trust, Series 2005-2, Cl A4
4.340%, 09/15/10		2,060			2,027
Chase Manhattan Auto Owner Trust, Series 2006-A, Cl A3
5.340%, 07/15/10		2,000			2,001
DaimlerChrysler Auto Trust, Series 2006-A, Cl A3
5.000%, 05/08/10		2,500			2,494
DaimlerChrysler Auto Trust, Series 2005-B, Cl A4
4.200%, 07/08/10		2,700			2,664
Hyundai Auto Receivables Trust, Series 2004-A, Cl A3
2.970%, 05/15/09		645			641
Nissan Auto Receivables Owner Trust, Series 2005-A4, Cl A
3.820%, 07/15/10		2,400			2,364
USAA Auto Owner Trust, Series 2006-1, Cl A3
5.010%, 09/15/10		2,975			2,969
Wachovia Auto Owner Trust, Series 2005-A, Cl A3
4.060%, 09/21/09		2,060			2,049
WFS Financial Owner Trust, Series 2005-3, Cl A4
4.390%, 05/17/13		2,350			2,325
World Omni Auto Receivables Trust, Series 2005-A, Cl A3
3.540%, 06/12/09		1,399			1,392

					20,926

Credit Cards — 6.5%
Bank One Issuance Trust, Series 2003-A7, Cl A7
3.350%, 03/15/11		3,000			2,940
Citibank Credit Card Issuance Trust, Series 2003- A9, Cl A9
5.440%, 11/22/10 (A)		2,000			2,004
Citibank Credit Card Issuance Trust, Series 2003-A3, Cl A3
3.100%, 03/10/10		1,900			1,868
MBNA Credit Card Master Note Trust, Series 2003-A11, Cl A11
3.650%, 03/15/11		3,800			3,719

					10,531

Mortgage Related — 2.5%
Bear Stearns, Series 1999-2, Cl AF2
7.910%, 10/25/29 (B)		241			241
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2002-2, Cl 1A6
5.214%, 08/25/13		2,303			2,261
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-1, Cl 1A4
4.111%, 08/25/30		1,300			1,274
GE Capital Mortgage Services, Series 1999-HE1, Cl A7
6.265%, 04/25/29		212			212

					3,988

Total Asset Backed Securities (Cost $35,490)					35,445

COLLATERALIZED MORTGAGE OBLIGATIONS — 18.3%
Bank of America Mortgage Securities, Series 2003-A, Cl 2A1
3.983%, 02/25/33 (A)		400			402
Bank of America Mortgage Securities, Series 2003-E, Cl 2A1
4.033%, 06/25/33 (A)		949			939
Chase Mortgage Finance, Series 2003-S4, Cl 2A2
5.000%, 04/25/18		1,102			1,093
Countrywide Alternative Loan Trust, Series 2004-29CB, Cl A6
4.000%, 01/25/35		746			732
Countrywide Home Loans, Series 2004-HYB4, Cl 3A
4.568%, 09/20/34 (A)		1,638			1,601
Fannie Mae, Series 2002-74, Cl KD
5.500%, 02/25/17		991			989
Fannie Mae, Series 2002-94, Cl BA
5.000%, 05/25/27		1,810			1,790
Fannie Mae, Series 2003-36, Cl CA
4.500%, 06/25/17		2,700			2,635
First Horizon Asset Securities Inc Series 2004-1 CI 1A1
5.500%, 03/25/34		839			835
Freddie Mac, Series 2003-2590, Cl PC
4.500%, 02/15/26		4,600			4,557
Freddie Mac, Series 2004-H017, Cl A3
4.178%, 07/15/11		2,521			2,493
Freddie Mac, Series 2492, Cl A
5.250%, 05/15/29		16			16
Freddie Mac, Series 2523, Cl JB
5.000%, 06/15/15		433			431
Freddie Mac, Series 2608, Cl PF
5.500%, 09/15/27		2,000			2,002
Freddie Mac, Series 2712, Cl PV
4.500%, 03/15/11		1,528			1,517
Ginnie Mae, Series 2002-20, Cl PM
4.500%, 03/20/32		398			386
Ginnie Mae, Series 2002-58, Cl QA
6.000%, 02/16/29		2			2
Ginnie Mae, Series 2002-76, Cl TA
4.500%, 12/16/29		484			468
Ginnie Mae, Series 2004-76, Cl NA
4.500%, 08/20/27		1,651			1,635
Golden National Mortgage, Series 1998-GN1, Cl A
7.110%, 08/25/27		—	(C)		—	(C)


	Par (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Residential Funding Mortgage Securities, Series 2003-S11, Cl A7
3.500%, 06/25/18	$	1,466	$	1,422
Structured Asset Securities, Series, 2003-1, Cl 2A1
6.000%, 02/25/18		1,402		1,406
Washington Mutual, Series 2002-S8, Cl 2A1
4.500%, 01/25/18		207		207
Wells Fargo MBS Trust, Series 2003-11, Cl A1
3.500%, 10/25/18		1,777		1,754

Total Collateralized Mortgage Obligations (Cost $29,483)				29,312

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 17.6%
Federal Home Loan Mortgage Corporation — 3.9%
6.000%, 05/01/21		2,909		2,943
5.500%, 02/01/10		316		318
5.500%, 06/01/10		445		448
5.000%, 10/01/09		874		872
3.500%, 09/01/08		1,687		1,645

				6,226

Federal National Mortgage Association — 13.7%
7.500%, 07/01/08		5		5
6.000%, 09/01/16		966		977
5.553%, 09/01/36 (A)		2,275		2,288
5.500%, 10/01/09		332		334
5.500%, 05/25/14		2,265		2,258
5.500%, 09/01/17		2,096		2,086
5.185%, 12/01/34 (A)		1,124		1,121
5.000%, 11/01/12		1,311		1,296
4.935%, 01/01/36 (A)		3,061		3,019
4.885%, 07/01/34 (A)		2,008		2,007
4.867%, 04/01/35 (A)		2,947		2,914
4.657%, 11/01/32 (A)		549		556
4.327%, 10/01/33 (A)		1,272		1,261
4.001%, 08/01/33 (A)		1,898		1,859

				21,981

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $28,430)				28,207

CORPORATE BONDS — 15.6%
Financial Conduits — 0.4%
Core Investment Grade Bond Trust I
4.642%, 11/30/07		600		598

Financials — 10.5%
Associates Corp. of North America
8.550%, 07/15/09		1,250		1,329
Bear Stearns
2.875%, 07/02/08		1,000		973
Caterpillar Financial Services (MTN)
4.500%, 09/01/08		1,480		1,463
CIT Group
5.000%, 11/24/08		1,000		994
FleetBoston Financial
7.375%, 12/01/09		500		524
General Electric Capital (MTN)
5.200%, 02/01/11#		1,500		1,490
Goldman Sachs
6.650%, 05/15/09		1,045		1,070
HSBC Finance
8.000%, 07/15/10		1,500		1,605
JPMorgan Chase
6.375%, 04/01/08		1,750		1,764
Merrill Lynch (MTN)
4.831%, 10/27/08		735		729
National Westminster Bank PLC
7.375%, 10/01/09		538		560
Republic New York
7.750%, 05/15/09		720		748
Residential Capital
6.125%, 11/21/08		410		409
SLM (MTN)
4.000%, 01/15/09#		1,022		989
US Bancorp
6.875%, 09/15/07		500		501
Wachovia
6.400%, 04/01/08		1,700		1,712

				16,860

Insurance — 1.6%
Allstate Life Global Funding Trusts (MTN)
3.850%, 01/25/08		1,000		990
American General Finance (MTN)
4.625%, 05/15/09		400		394
Genworth Financial
5.231%, 05/16/09		355		354
Reliastar Financial
6.500%, 11/15/08		810		818

				2,556

Real Estate Investment Trusts — 0.7%
iStar Financial
5.738%, 03/03/08 (A)		650		651
Simon Property Group LP
6.375%, 11/15/07		425		427

				1,078

Telecommunications — 0.8%
GTE
6.460%, 04/15/08		1,255		1,265

Transportation — 0.3%
FedEx
5.500%, 08/15/09		500		500

Utilities — 1.3%
Appalachian Power
3.600%, 05/15/08		400		393
Dominion Resources
5.125%, 12/15/09		550		546
MidAmerican Energy Holdings
4.625%, 10/01/07		665		662
Tiers Trust
6.500%, 10/01/07 (D)		525		526

				2,127

Total Corporate Bonds (Cost $25,139)				24,984

Allegiant Limited Maturity Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
COMMERCIAL MORTGAGE-BACKED SECURITY — 2.2%
Credit Suisse First Boston Mortgage Securities, Series 2004-C1, Cl A2
3.516%, 01/15/37	$	3,520	$	3,446

Total Commercial Mortgage-Backed Security (Cost $3,388)				3,446


	Number of Shares
AFFILIATED MONEY MARKET FUND — 1.3%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $2,059)		2,059,163		2,059

Total Investments Before Collateral for Loaned Securities – 99.4% (Cost $159,805)				159,180


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 18.4%
Commercial Paper†† — 0.9%
Autobahn Funding
5.320%, 06/15/07	$	741		738
5.330%, 06/22/07		148		148
Hubbell
5.380%, 06/01/07		297		297
Queens Health Systems
5.330%, 06/26/07		270		269

				1,452

Master Notes — 5.1%
Bank of America
5.370%, 06/01/07		2,595		2,595
Bear Stearns
5.510%, 06/06/07		2,818		2,817
JPMorgan Securities
5.390%, 06/15/07		2,818		2,817

				8,229

Medium Term Notes — 2.1%
Liquid Funding LLC
5.360%, 11/30/07 (A)		816		815
5.340%, 06/11/08 (A)		742		741
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		1,187		1,186
5.430%, 02/15/08 (A)		297		297
5.400%, 04/02/08 (A)		297		297

				3,336

Repurchase Agreements — 10.3%
Bank of America
5.370%, 06/01/07		106		106
Bear Stearns
5.410%, 06/01/07		4,448		4,448
Lehman Brothers
5.360%, 06/01/07		11,968		11,968

				16,522

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $29,539)‡				29,539

TOTAL INVESTMENTS — 117.8% (Cost $189,344)**				188,719

Other Assets & Liabilities — (17.8)%
Dividends Payable
Class I				(281	)
Class A				(3	)
Investment Advisory Fees Payable				(48	)
12b-1 Fees Payable
Class I				(21	)
Class A				(1	)
Administration Fees Payable				(8	)
Custody Fees Payable				(3	)
Trustees’ Fees Payable				(14	)
Payable for Collateral for Loaned Securities				(29,539	)
Payable for Investments Purchased				(3,934	)
Payable for Shares of Beneficial Interest Redeemed				(18	)
Other				5,358

Total Other Assets & Liabilities				(28,512	)

TOTAL NET ASSETS — 100.0%			$	160,207


	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	171,177
Distributions in Excess of Net Investment Income		(284	)
Accumulated Net Realized Loss on Investments		(10,061	)
Net Unrealized Depreciation on Investments		(625	)

Total Net Assets	$	160,207

Net Asset Value, Offering and Redemption Price Per Share — Class I ($155,647,750 ÷ 15,891,653 outstanding shares of beneficial interest)	$	9.79

Net Asset Value and Redemption Price Per Share — Class A ($3,617,335 ÷ 368,291 outstanding shares of beneficial interest)	$	9.82

Maximum Offering Price Per Share — Class A ($9.82 ÷ 98.00%)	$	10.02

Net Asset Value and Offering Price Per Share — Class B ($520,275 ÷ 52,968 outstanding shares of beneficial interest)	$	9.82

Net Asset Value and Offering Price Per Share — Class C ($421,738 ÷ 42,951 outstanding shares of beneficial interest)	$	9.82

**	Aggregate cost for Federal income tax purposes is (000) $189,344.


Gross unrealized appreciation (000)	$	260
Gross unrealized depreciation (000)		(885	)

Net unrealized depreciation (000)	$	(625	)

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $28,935.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

(B)

Stepped Coupon Bond — the rate shown is the rate in effect on May 31, 2007.

(C)

Par and Value are less than $500.

(D)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $526 and represents 0.3% of net assets as of May 31, 2007.

Cl —

Class

LLC —

Limited Liability Company

LP —

Limited Partnership

MTN —

Medium Term Note

PLC —

Public Liability Company

See Notes to Financial Statements.

Allegiant Total Return Advantage Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 48.3%
U.S. Treasury Bonds — 7.1%
6.250%, 08/15/23#	$	16,185	$	18,209
5.375%, 02/15/31#		10,395		10,844
4.500%, 02/15/36#		170		157

				29,210

U.S. Treasury Notes — 41.2%
5.500%, 05/15/09#		6,000		6,067
4.875%, 07/31/11#		137,605		137,745
4.875%, 08/15/16#		11,560		11,536
4.750%, 05/15/14#		4,000		3,972
4.625%, 02/15/17#		1,000		979
3.250%, 08/15/08#		8,895		8,712

				169,011

Total U.S. Treasury Obligations (Cost $200,026)				198,221

CORPORATE BONDS — 19.0%
Cable — 0.4%
CSC Holdings, Cl B
8.125%, 08/15/09		390		406
Time Warner Cable
5.850%, 05/01/17 (A)		1,250		1,235

				1,641

Chemicals — 0.1%
Lyondell Chemical
8.250%, 09/15/16		425		462

Consumer Non-Cyclical — 0.6%
ACCO Brands
7.625%, 08/15/15		235		240
Constellation Brands
7.250%, 05/15/17 (A)		350		354
GSC Holdings
8.000%, 10/01/12		590		631
Hanesbrands
8.735%, 12/15/14 (A) (B)		545		568
Iron Mountain
7.750%, 01/15/15		390		404
Quiksilver
6.875%, 04/15/15		350		342

				2,539

Consumer Services — 1.1%
Caesars Entertainment
8.125%, 05/15/11		345		367
Education Management LLC
8.750%, 06/01/14		700		747
Gaylord Entertainment
8.000%, 11/15/13		275		289
MGM Mirage
8.375%, 02/01/11		300		315
7.625%, 01/15/17		310		307
Mohegan Tribal Gaming Authority
8.000%, 04/01/12		155		162
7.125%, 08/15/14		740		753
6.125%, 02/15/13		500		494
Royal Caribbean Cruises
7.250%, 06/15/16		400		409
Universal City Development Partners
11.750%, 04/01/10		500		534
Universal City Florida Holding
8.375%, 05/01/10		310		321

				4,698

Consumer Staples — 0.3%
Del Monte
8.625%, 12/15/12		1,015		1,071

Energy — 1.9%
Chesapeake Energy
7.500%, 06/15/14		455		478
ConocoPhillips Canada Funding
5.950%, 10/15/36		1,000		995
Denbury Resources
7.500%, 04/01/13		725		747
Energy Transfer Partners
5.950%, 02/01/15		1,000		1,000
MarkWest Energy Partners
8.500%, 07/15/16		450		476
Nexen
6.400%, 05/15/37		1,220		1,191
OPTI Canada
8.250%, 12/15/14 (A)		300		320
PHI
7.125%, 04/15/13		650		640
Southern Union
7.200%, 11/01/45 (B)		1,030		1,041
TEPPCO Partners
7.000%, 06/01/49 (B)		940		928

				7,816

Financials — 7.5%
Bank of America
7.800%, 09/15/16		3,300		3,794
Capmark Financial Group
5.875%, 05/10/12 (A)		1,000		994
CIT Group
6.100%, 03/15/49 (B)		950		890
Citigroup
7.250%, 10/01/10		3,045		3,215
Ford Motor Credit
7.250%, 10/25/11		1,075		1,059
General Electric Capital (MTN)
5.400%, 02/15/17		3,500		3,440
General Motors Acceptance Corporation
6.750%, 12/01/14		775		774
Global Cash Access LLC
8.750%, 03/15/12		420		442
Goldman Sachs
6.450%, 05/01/36		1,340		1,362
Goldman Sachs Capital II
5.793%, 06/01/49 (B)		685		676
HBOS PLC
6.657%, 05/21/49 (A) (B)		500		491
HSBC Finance
6.375%, 10/15/11		2,175		2,243
ING USA Global Funding
4.500%, 10/01/10		920		896
International Lease Finance
5.000%, 04/15/10#		875		865


	Par (000)		Value (000)
CORPORATE BONDS — continued
Financials — continued
JPMorgan Chase Capital XXII
6.450%, 02/02/37	$	1,875	$	1,830
KeyBank
5.800%, 07/01/14		800		805
Lloyds TSB Group PLC
6.267%, 11/14/16# (A) (B)		1,400		1,366
Morgan Stanley
4.750%, 04/01/14#		1,635		1,541
MUFG Capital Finance 1
6.346%, 07/25/16 (B)		725		728
Regions Financing Trust II
6.625%, 05/01/47 (B)		500		488
Residential Capital
6.500%, 04/17/13		455		450
6.375%, 06/30/10#		740		739
SLM (MTN)
5.375%, 05/15/14		980		880
Wachovia Capital Trust III
5.800%, 08/29/49 (B)		925		927

				30,895

Industrials — 1.6%
Baldor Electric
8.625%, 02/15/17		125		135
Beazer Homes USA
8.625%, 05/15/11#		825		835
Browning-Ferris Industries
9.250%, 05/01/21		825		907
D.R. Horton
6.500%, 04/15/16		860		844
H&E Equipment Services
8.375%, 07/15/16#		300		326
Hawker Beechcraft Acquisition LLC
9.750%, 04/01/17 (A)#		50		54
Idearc
8.000%, 11/15/16 (A)		650		677
K. Hovnanian Enterprises
8.625%, 01/15/17#		1,515		1,583
Neenah Foundary
9.500%, 01/01/17		700		696
Stanley Works Capital Trust I
5.902%, 12/01/45 (B)		750		710

				6,767

Insurance — 0.7%
American General Finance (MTN)
3.875%, 10/01/09		805		778
AXA SA
6.379%, 12/14/49 (A) (B)		1,450		1,371
ING Groep NV
5.775%, 12/29/49 (B)#		750		736

				2,885

Media — 0.5%
DIRECTV Group
8.375%, 03/15/13		736		780
Echostar DBS
7.125%, 02/01/16		500		516
Time Warner
6.500%, 11/15/36		935		913

				2,209

Metals & Mining — 0.3%
BHP Billiton
5.400%, 03/29/17		1,200		1,171

Real Estate Investment Trusts — 0.3%
iStar Financial
5.950%, 10/15/13		1,250		1,238

Retail — 0.5%
Home Depot
5.875%, 12/16/36		910		855
JC Penney
6.375%, 10/15/36		975		955

				1,810

Technology — 0.3%
Sungard Data Systems
10.250%, 08/15/15		550		604
TransDigm
7.750%, 07/15/14		300		314
7.750%, 07/15/14 (A)		100		104

				1,022

Telecommunications — 1.2%
AT&T
5.625%, 06/15/16#		1,000		992
GTE
6.940%, 04/15/28		1,490		1,556
Sprint Nextel
6.000%, 12/01/16		1,135		1,096
Telecom Italia Capital SA
5.250%, 11/15/13		1,490		1,440

				5,084

Transportation — 0.6%
Avis Budget Car Rental
7.750%, 05/15/16 (A)		675		702
FedEx
6.720%, 01/15/22		1,304		1,382
Hertz
8.875%, 01/01/14		300		325
Kansas City Southern de Mexico SA de CV
7.375%, 06/01/14 (A)		175		178

				2,587

Utilities — 1.1%
Centerpoint Energy
5.950%, 02/01/17		475		471
Edison Mission Energy
7.750%, 06/15/16		560		585
Midamerican Energy
6.750%, 12/30/31		1,065		1,167
National Rural Utilities Cooperative Finance
5.450%, 04/10/17		1,020		1,001
NRG Energy
7.250%, 02/01/14		600		618
Wisconsin Energy
6.250%, 05/15/49 (B)		480		468

				4,310

Total Corporate Bonds (Cost $78,441)				78,205

Allegiant Total Return Advantage Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)			Value (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.3%
Federal Home Loan Mortgage Corporation — 0.0%
8.750%, 05/01/08	$	—	(C)	$	—	(C)
7.500%, 12/01/10		—	(C)		—	(C)

					—

Federal National Mortgage Association — 12.3%
6.000%, 12/01/36		9,973			9,967
5.500%, 09/01/17		3,927			3,909
5.500%, 11/01/21		2,436			2,418
5.500%, 04/01/37		9,989			9,755
5.000%, 06/01/20		4,413			4,305
5.000%, 11/01/21		2,026			1,976
4.867%, 04/01/35 (B)		8,103			8,013
4.500%, 09/01/35		10,799			9,986

					50,329

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $51,259)					50,329

COLLATERALIZED MORTGAGE OBLIGATIONS — 8.0%
Fannie Mae, Series 2003-69, Cl PM
3.500%, 07/25/33		4,384			3,892
Fannie Mae, Series 2005-87, Cl NH
5.000%, 10/25/25		9,750			9,005
First Horizon Mortgage Trust, Series 2004-4, Cl 2A3
4.500%, 07/25/19		4,294			3,990
Freddie Mac, Series 2004-2882, Cl BA
5.000%, 10/15/32		5,800			5,535
Residential Funding Mortgage Securities, Series 2004-S6, Cl 3A2
4.500%, 06/25/19		7,200			6,606
Wells Fargo Securities Trust, Series 2004-K, Cl 2A11
4.733%, 07/25/34 (B)		4,000			3,819

Total Collateralized Mortgage Obligations (Cost $33,261)					32,847

COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.3%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Cl A4A
4.871%, 09/11/42		4,100			3,905
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Cl A4
5.226%, 07/15/44 (B)		5,300			5,198
CS First Boston Mortgage Securities, Series 2005-C6, Cl A4
5.230%, 12/15/40 (B)		4,500			4,381

Total Commercial Mortgage-Backed Securities (Cost $13,731)					13,484

ASSET BACKED SECURITIES — 3.2%
Automotive — 0.8%
WFS Financial Owner Trust, Series 2005-3, Cl A4
4.390%, 05/17/13		3,325			3,289

Credit Cards — 1.6%
Citibank Credit Card Issuance Trust, Series 2006-A5, Cl A5
5.300%, 05/20/11		6,700			6,702

Other — 0.8%
Atlantic City Electric Transition Funding LLC, Series 2002-1, Cl A4
5.550%, 10/20/23		3,175			3,170

Total Asset Backed Securities (Cost $13,112)					13,161

U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.8%
Federal Home Loan Bank — 2.8%
4.750%, 03/14/08		11,300			11,252

Federal Home Loan Mortgage Corporation — 0.0%
4.000%, 08/17/07		95			95

Total U.S. Government Agency Obligations (Cost $11,362)					11,347

LOAN AGREEMENTS — 0.2%
Seminole Tribe of Florida, Tranche B-1
6.875%, 03/05/14 (D) (E) (G)		52			52
Seminole Tribe of Florida, Tranche B-2
6.875%, 03/05/14 (E) (G)		350			351
Seminole Tribe of Florida, Tranche B-3
6.875%, 03/05/14 (E) (G)		347			347

Total Loan Agreements (Cost $748)					750

NON-AGENCY MORTGAGE-BACKED SECURITY — 0.0%
Thirty-Seventh FHA Insurance Project
7.430%, 05/01/22 (F) (G) (Cost $40)		40			40


	Number of Shares
AFFILIATED MONEY MARKET FUND — 2.0%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $8,398)		8,397,751			8,398

Total Investments Before Collateral for Loaned Securities – 99.1% (Cost $410,378)					406,782


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 45.9%
Commercial Paper†† — 2.3%
Autobahn Funding
5.320%, 06/15/07	$	4,730			4,709
5.330%, 06/22/07		946			942
Hubbell
5.380%, 06/01/07		1,892			1,892


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Commercial Paper†† — continued
Queens Health Systems
5.330%, 06/26/07	$	1,727	$	1,719

				9,262

Master Notes — 12.8%
Bank of America
5.370%, 06/01/07		16,555		16,555
Bear Stearns
5.510%, 06/06/07		17,974		17,974
JPMorgan Securities
5.390%, 06/15/07		17,974		17,975

				52,504

Medium Term Notes — 5.2%
Liquid Funding LLC
5.360%, 11/30/07 (B)		5,203		5,202
5.340%, 06/11/08 (B)		4,730		4,729
Morgan Stanley Dean Witter
5.380%, 07/19/07 (B)		7,568		7,568
5.430%, 02/15/08 (B)		1,892		1,892
5.400%, 04/02/08 (B)		1,892		1,892

				21,283

Repurchase Agreements — 25.6%
Bank of America
5.370%, 06/01/07		678		678
Bear Stearns
5.410%, 06/01/07		28,380		28,380
Lehman Brothers
5.360%, 06/01/07		76,354		76,354

				105,412

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $188,461)‡				188,461

TOTAL INVESTMENTS — 145.0% (Cost $598,839)*				595,243

Other Assets & Liabilities — (45.0)%
Dividends Payable
Class I				(1,117	)
Class A				(6	)
Class B				(2	)
Investment Advisory Fees Payable				(140	)
12b-1 Fees Payable
Class I				(35	)
Class A				(1	)
Administration Fees Payable				(21	)
Custody Fees Payable				(5	)
Trustees’ Fees Payable				(16	)
Payable for Collateral for Loaned Securities				(188,461	)
Payable for Investments Purchased				(551	)
Payable for Shares of Beneficial Interest Redeemed				(170	)
Other				5,826

Total Other Assets & Liabilities				(184,699	)

TOTAL NET ASSETS — 100.0%			$	410,544

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)				416,741
Distributions in Excess of Net Investment Income				(945	)
Accumulated Net Realized Loss on Investments and Foreign Currency Contracts				(1,650	)
Net Unrealized Depreciation on Investments and Foreign Currency Contracts				(3,602	)

Total Net Assets			$	410,544

Net Asset Value and Redemption Price Per Share — Class I ($399,104,508 ÷ 39,911,836 outstanding shares of beneficial interest)			$	10.00

Net Asset Value and Redemption Price Per Share — Class A ($9,742,480 ÷ 973,821 outstanding shares of beneficial interest)			$	10.00

Maximum Offering Price Per Share — Class A ($10.00 ÷ 95.50%)			$	10.47

Net Asset Value and Redemption Price Per Share — Class B ($1,445,674 ÷ 144,081 outstanding shares of beneficial interest)			$	10.03

Net Asset Value and Redemption Price Per Share — Class C ($251,572 ÷ 25,111 outstanding shares of beneficial interest)			$	10.02

*	Aggregate cost for Federal income tax purposes is (000) $598,951.


Gross unrealized appreciation (000)	$	1,040
Gross unrealized depreciation (000)		(4,748	)

Net unrealized depreciation (000)	$	(3,708	)

†	See Note 3 in Notes to Financial Statements.

††	The rate shown is the effective yield at purchase date.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $184,375.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $8,414 and represents 2.0% of net assets as of May 31, 2007.

(B)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

(C)

Par and Value are less than $500.

(D)

All or a portion of this position has not settled. Contract rates do not take effect until settlement date. This Loan Agreement has additional unfunded loan commitments. See Note 2.

(E)

Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at May 31, 2007. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less that the stated maturity shown.

(F)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees.

(G)

Illiquid Security. Total market value of illiquid securities is (000) $790 and represents 0.2% of net assets as of May 31, 2007.

Allegiant Total Return Advantage Fund

STATEMENT OF NET ASSETS

May 31, 2007

Cl — Class

FHA — Federal Housing Authority

LLC — Limited Liability Company

MTN — Medium Term Note

PLC — Public Liability Company

Foreign Currency Contracts:

Settlement Month

Type

Contracts to
Receive

(000)

In Exchange
For

(000)

Contracts
at Value
(000)

Unrealized
Depreciation
(000)

06/07

Buy

JPY

960,000

7,925

7,919

)

JPY — Japanese Yen

See Notes to Financial Statements.

Allegiant Ultra Short Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
ASSET BACKED SECURITIES — 23.4%
Automotive — 13.4%
BMW Vehicle Owner Trust, Series 2005-A, Cl A3
4.040%, 02/25/09	$	844	$	841
Carmax Auto Owner Trust, Series 2005-1, Cl A4
4.350%, 03/15/10		1,630		1,612
Chase Manhattan Auto Owner Trust, Series 2006-B, Cl A2
5.280%, 10/15/09		1,353		1,353
DaimlerChrysler Auto Trust, Series 2005-B, Cl A3
4.040%, 09/08/09		1,338		1,332
Nissan Auto Receivables Owner Trust, Series 2005-B, Cl A3
3.990%, 07/15/09		903		897
Nissan Auto Receivables Owner Trust, Series 2004-B, Cl A3
3.350%, 05/15/08		258		258
USAA Auto Owner Trust, Series 2004-3, Cl A3
3.160%, 02/17/09		315		314
Wachovia Auto Owner Trust, Series 2005-A, Cl A3
4.060%, 09/21/09		1,400		1,393
WFS Financial Owner Trust, Series 2003-3, Cl A4
3.250%, 05/20/11		886		882
World Omni Auto Receivables Trust, Series 2004-A, Cl A3
3.290%, 11/12/08		72		72
World Omni Auto Receivables Trust, Series 2005-A, Cl A3
3.540%, 06/12/09		788		785

				9,739

Credit Cards — 7.9%
American Express Credit Account Master Trust, Series 2003-2, Cl A
5.430%, 10/15/10 (A)		1,500		1,502
Bank One Issuance Trust, Series 2002-A3, Cl A3
3.590%, 05/17/10		2,000		1,991
Citibank Credit Card Issuance Trust, Series 2003- A9, Cl A9
5.440%, 11/22/10 (A)		750		751
Citibank Credit Card Issuance Trust, Series 2003-A3, Cl A3
3.100%, 03/10/10		1,500		1,475

				5,719

Energy — 2.1%
Peco Energy Transition Trust, Series 1999-A, Cl A7
6.130%, 03/01/09		1,480		1,487

Total Asset Backed Securities (Cost $16,908)				16,945

U.S. TREASURY OBLIGATIONS — 17.5%
U.S. Treasury Notes — 17.5%
5.125%, 06/30/08#		4,275		4,279
4.875%, 08/15/09#		3,735		3,733
4.750%, 02/28/09#		3,725		3,714
4.625%, 02/29/08#		1,000		997

Total U.S. Treasury Obligations (Cost $12,757)				12,723

U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.2%
Federal Home Loan Bank — 4.5%
5.250%, 08/14/08		3,250		3,249

Federal Home Loan Mortgage Corporation — 4.2%
4.625%, 02/21/08		3,100		3,085

Federal National Mortgage Association — 5.5%
4.750%, 08/10/07		4,000		3,996

Total U.S. Government Agency Obligations (Cost $10,336)				10,330

CORPORATE BONDS — 11.2%
Financial Conduits — 0.4%
Core Investment Grade Bond Trust I
4.642%, 11/30/07		275		274

Financials — 7.9%
Bank of America
6.625%, 08/01/07		887		888
CIT Group
5.000%, 11/24/08		175		174
Citigroup
5.416%, 11/01/07 (A)		1,000		1,001
John Deere Capital (MTN)
4.500%, 08/25/08		350		346
JPMorgan Chase
6.700%, 11/01/07		1,250		1,257
Republic New York
5.875%, 10/15/08		445		447
SLM (MTN)
3.625%, 03/17/08		865		849
UBS Paine Webber Group
7.625%, 10/15/08		740		763

				5,725

Insurance — 1.5%
AXA Financial
6.500%, 04/01/08		400		403
Genworth Financial
5.231%, 05/16/09		160		160
Reliastar Financial
6.500%, 11/15/08		500		505

				1,068

Real Estate Investment Trusts — 0.3%
Simon Property Group LP
6.375%, 11/15/07		250		251

Utilities — 1.1%
Appalachian Power
3.600%, 05/15/08		175		172

Allegiant Ultra Short Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
CORPORATE BONDS — continued
Utilities — continued
MidAmerican Energy Holdings
4.625%, 10/01/07	$	400	$	398
Tiers Trust
6.500%, 10/01/07 (B)		225		226

				796

Total Corporate Bonds (Cost $8,135)				8,114

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 5.6%
Federal National Mortgage Association — 5.6%
5.500%, 12/01/11		1,909		1,904
5.136%, 01/01/36 (A)		2,146		2,146

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $4,073)				4,050

COLLATERALIZED MORTGAGE OBLIGATIONS — 19.8%
Bank of America Mortgage Securities, Series 2003-A, Cl 1A1
7.360%, 02/25/33 (A)		22		22
Chase Mortgage Finance, Series 2004-S3, Cl 2A1
5.250%, 03/25/34		1,666		1,657
Fannie Mae, Series 2002-61, Cl PE
5.500%, 05/25/16		1,417		1,414
Fannie Mae, Series 2003-35, Cl MB
4.500%, 06/25/13		1,998		1,986
Fannie Mae, Series 2003-60, Cl PA
3.500%, 04/25/19		989		975
Fannie Mae, Series 2005-51, Cl PA
5.500%, 01/25/25		1,973		1,969
Fannie Mae, Series 2005-63, Cl PQ
4.500%, 10/25/24		1,551		1,532
Freddie Mac, Series 1602, Cl PH
6.000%, 04/15/23		906		906
Freddie Mac, Series 2513, Cl JC
5.000%, 06/15/14		576		576
Freddie Mac, Series 2527, Cl BN
5.000%, 02/15/16		1,345		1,335
Freddie Mac, Series 2714 Cl CK
4.000%, 06/15/24		676		670
Ginnie Mae, Series 2002-76, Cl TA
4.500%, 12/16/29		154		149
Washington Mutual, Series 2002-AR10, Cl A6
4.816%, 10/25/32 (A)		1,199		1,195

Total Collateralized Mortgage Obligations (Cost $14,442)				14,386

COMMERCIAL PAPER† — 2.7%
UBS Finance
5.170%, 08/06/07		1,000		990
Westpac Banking
5.170%, 08/16/07		1,000		989

Total Commercial Paper (Cost $1,979)				1,979

COMMERCIAL MORTGAGE-BACKED SECURITY — 2.6%
Credit Suisse First Boston Mortgage Securities, Series 2004-C1, Cl A2
3.516%, 01/15/37		1,890		1,850

Total Commercial Mortgage-Backed Security (Cost $1,819)				1,850


	Number of Shares
AFFILIATED MONEY MARKET FUND — 2.3%
Allegiant Money Market Fund, Class I†† (Cost $1,634)		1,633,784		1,634

Total Investments Before Collateral for Loaned Securities – 99.3% (Cost $72,083)				72,011


	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 15.4%
Commercial Paper† — 0.8%
Autobahn Funding
5.320%, 06/15/07	$	281		280
5.330%, 06/22/07		56		56
Hubbell
5.380%, 06/01/07		112		112
Queens Health Systems
5.330%, 06/26/07		103		102

				550

Master Notes — 4.3%
Bank of America
5.370%, 06/01/07		983		983
Bear Stearns
5.510%, 06/06/07		1,067		1,067
JPMorgan Securities
5.390%, 06/15/07		1,067		1,068

				3,118

Medium Term Notes — 1.7%
Liquid Funding LLC
5.360%, 11/30/07 (A)		309		309
5.340%, 06/11/08 (A)		281		281
Morgan Stanley Dean Witter
5.380%, 07/19/07 (A)		449		450
5.430%, 02/15/08 (A)		112		112
5.400%, 04/02/08 (A)		112		112

				1,264

Repurchase Agreements — 8.6%
Bank of America
5.370%, 06/01/07		40		40
Bear Stearns
5.410%, 06/01/07		1,685		1,685


	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Repurchase Agreements — continued
Lehman Brothers
5.360%, 06/01/07	$	4,534	$	4,535

				6,260

Total Short Term Investments Held as Collateral for Loaned Securities (Cost $11,192)‡				11,192

TOTAL INVESTMENTS — 114.7% (Cost $83,275)*				83,203

Other Assets & Liabilities — (14.7)%
Dividends Payable
Class I				(105	)
Investment Advisory Fees Payable				(12	)
12b-1 Fees Payable
Class I				(7	)
Administration Fees Payable				(4	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(10	)
Payable for Collateral for Loaned Securities				(11,192	)
Payable for Shares of Beneficial Interest Redeemed				(18	)
Other				670

Total Other Assets & Liabilities				(10,680	)

TOTAL NET ASSETS — 100.0%			$	72,523

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)				75,660
Undistributed Net Investment Income				325
Accumulated Net Realized Loss on Investments				(3,390	)
Net Unrealized Depreciation on Investments				(72	)

Total Net Assets			$	72,523

Net Asset Value, Offering and Redemption Price Per Share — Class I ($71,115,051 ÷ 7,192,081 outstanding shares of beneficial interest)			$	9.89

Net Asset Value and Redemption Price Per Share — Class A ($1,407,994 ÷ 142,547 outstanding shares of beneficial interest)			$	9.88

Maximum Offering Price Per Share — Class A ($9.88 ÷ 99.00%)			$	9.98

*	Aggregate cost for Federal income tax purposes is (000) $83,277.


Gross unrealized appreciation (000)	$	112
Gross unrealized depreciation (000)		(186	)

Net unrealized depreciation (000)	$	(74	)

†	The rate shown is the effective yield at purchase date.

††	See Note 3 in Notes to Financial Statements.

‡	See Note 8 in Notes to Financial Statements.

#	Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $10,986.

(A)

Variable Rate Security — the rate shown is the rate in effect on May 31, 2007.

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $226 and represents 0.3% of net assets as of May 31, 2007.

Cl — Class

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

See Notes to Financial Statements.

Allegiant Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL BONDS — 98.7%
Arizona — 1.6%
Tucson Street & Highway User Authority (RB) Series A (MBIA)
7.000%, 07/01/11	$	1,500	$	1,678

California — 0.3%
Foothill/Eastern Corridor Capital Appreciation (RB) (ETM) (FSA)
4.894%, 01/01/29 (A)		850		317

Colorado — 0.0%
Colorado Water Resource Power Development Authority (RB) Series A
6.300%, 09/01/14		35		35

Florida — 7.9%
Brevard County School Board (COP) Series C (AMBAC)
5.000%, 07/01/17		1,295		1,379
Florida Board of Education (GO) (ETM)
9.125%, 06/01/14		135		175
Florida Board of Education Capital Outlay (GO) Series D
5.750%, 06/01/22		1,000		1,058
Gulf Breeze Capital Funding (RB) Series A (MBIA)(VDRN)
4.224%, 12/01/17		1,000		1,054
Hillsborough County Capital Improvement, Mosi & County Center Project (RB) (MBIA)
5.000%, 07/01/16		1,750		1,879
Orlando & Orange County Expressway Authority (RB) Series A (AMBAC)
5.250%, 07/01/16		1,500		1,601
Seminole County School Board (COP) Series A (AMBAC)
5.500%, 07/01/15		1,000		1,096

				8,242

Georgia — 6.9%
Atlanta Water & Waste Water Authority (RB) Series A (FGIC)
5.500%, 11/01/13		2,000		2,155
Fulton County Development Authority, Georgia Tech Athletic Association (RB) (AMBAC)
5.500%, 10/01/17		1,750		1,879
Georgia Municipal Electric Authority (RB) Series X (MBIA)
6.500%, 01/01/12		2,000		2,121
Georgia State (GO) Series B
6.650%, 03/01/09		1,000		1,049

				7,204

Hawaii — 2.0%
Honolulu City & County (GO) Series C (MBIA)
5.000%, 07/01/20		2,000		2,113

Illinois — 7.3%
Chicago (GO) Series A (MBIA)
5.500%, 01/01/14		160		170
Chicago, Prerefunded 01/01/11 @ 101 (GO) Series A (MBIA)
5.500%, 01/01/14		740		787
Illinois Highway Toll Authority (RB) Series A (FSA)
5.500%, 01/01/13		1,000		1,078
Illinois Sales Tax Program (RB) Series Q
6.000%, 06/15/12		1,000		1,074
Illinois State (GO) (FGIC)
5.500%, 02/01/16		1,000		1,066
Lake County Community Consolidated School District Number 50, Prerefunded 12/01/08 @ 100 (GO) Series A (FGIC)
6.000%, 12/01/20		1,000		1,034
Lake County Community Consolidated School District Number 50, Woodland (GO) (FSA)
5.000%, 01/01/19		1,280		1,358
University of Illinois (RB) (MBIA)
5.000%, 04/01/18		1,000		1,063

				7,630

Indiana — 14.9%
Ball State University, Housing and Dining System (RB) (FSA)
5.000%, 07/01/21		2,190		2,312
East Chicago Elementary School Building Corporation, First Mortgage (RB)
6.250%, 01/05/16		1,750		1,911
Fort Wayne South Side School Building Corporation, First Mortgage (RB) (FSA)
4.750%, 07/15/11		500		505
Hammond Multi-School Building Corporation, First Mortgage (RB) Series B (ETM)
6.000%, 01/15/18		1,000		1,132
Indiana University (RB) Series O (FGIC)
5.000%, 08/01/21		1,375		1,436
Indianapolis Local Improvement Project (RB) Series D (AMBAC)
5.375%, 02/01/17		1,250		1,306
Purdue University (COP)
5.250%, 07/01/21		3,240		3,577
Wawasee Community School Corporation (RB) (FSA)
5.000%, 07/15/18		1,000		1,079
Westfield High School Building Corporation (RB) (FSA)
5.000%, 07/15/18		2,135		2,286

				15,544

Massachusetts — 2.7%
Massachusetts Bay Transportation Authority, General Transportation Systems Project (RB) Series A
5.750%, 03/01/18		655		656
Massachusetts, Prerefunded 08/01/12 @ 100 (GO) Series D (MBIA)
5.375%, 08/01/20		2,000		2,139

				2,795

Michigan — 8.2%
Detroit Sewer Disposal (RB) Series C (FGIC)
5.250%, 07/01/16		400		439


	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Michigan — continued
East Lansing Public Schools (GO) Series B (MBIA)
5.000%, 05/01/20	$	750	$	789
Goodrich Area School District (GO) Series A (FSA)
5.750%, 05/01/12		520		563
Kent County Hospital Finance Authority, Butterworth Hospital Project (RB) Series A
7.250%, 01/15/13		2,200		2,375
Michigan Municipal Bond Authority (RB) Series A
5.250%, 06/01/12		1,470		1,555
Mona Shores School District (GO) (FGIC)
6.750%, 05/01/09		500		527
Utica Community Schools, School Building and Site, Prerefunded 05/01/13 @ 100 (GO)
5.500%, 05/01/13		500		542
Western School District (GO) (MBIA)
5.900%, 05/01/10		1,680		1,777

				8,567

Mississippi — 2.3%
Mississippi Development Bank Special Obligation (RB) Series A (AMBAC)
5.000%, 07/01/16		1,000		1,075
Mississippi Development Bank Special Obligation, Biloxi Mississippi Project (RB) Series A (AMBAC)
5.000%, 11/01/14		1,190		1,271

				2,346

Missouri — 1.1%
Missouri Environmental Improvement Authority, Revolving Fund Program (RB) Series B
5.500%, 07/01/16		1,000		1,115

Nevada — 3.1%
Clark County (GO) (AMBAC)
5.000%, 11/01/18		2,000		2,136
Clark County School District, Prerefunded 12/15/11 @ 100 (GO) Series F (FSA)
5.500%, 06/15/17		1,000		1,068

				3,204

New Jersey — 1.1%
New Jersey State Transportation Trust Fund Authority, Transportation System (RB) Series B (FGIC)
5.250%, 12/15/14		1,000		1,083

New Mexico — 1.3%
New Mexico Finance Authority (RB) (MBIA)
5.000%, 06/15/19		1,310		1,393

New York — 2.4%
Buffalo Sewer Authority (RB) Series F (FGIC)
6.000%, 07/01/13		1,300		1,408
New York State Power Authority, Prerefunded 01/01/10 @ 100 (RB)
7.000%, 01/01/18		1,000		1,079

				2,487

North Carolina — 1.2%
Iredell County, Iredell County School Project (COP) (AMBAC)
5.000%, 06/01/14		1,140		1,221

Ohio — 1.9%
Ohio Housing Finance Agency, Single-Family Housing Mortgage, Prerefunded 01/15/13 @ 81.88 (RB) (FGIC)
6.399%, 01/15/15 (A)		1,340		875
Perrysburg Exempted Village School District, Prerefunded 12/01/09 @ 101 (GO)
5.350%, 12/01/25		1,000		1,046

				1,921

Oklahoma — 3.1%
Grand River Dam Authority (RB) (AMBAC)
6.250%, 06/01/11		2,500		2,718
Oklahoma Development Finance Authority
5.000%, 02/15/17		500		525

				3,243

Pennsylvania — 1.3%
Northampton County, Prerefunded 08/15/09 @ 100 (GO)
5.125%, 08/15/17		480		494
Philadelphia Parking Authority (RB) (AMBAC)
5.125%, 02/01/09		250		256
Westmoreland County Capital Appreciation (RB) Series A (MBIA)
5.041%, 08/15/23 (A)		1,345		643

				1,393

South Carolina — 2.2%
Charleston County Public Improvement (GO)
6.000%, 09/01/09		1,000		1,048
South Carolina State Public Service Authority (RB) Series B (MBIA)
5.000%, 01/01/19		1,200		1,273

				2,321

Tennessee — 2.0%
Knox County Health, Educational & Housing Facilities Board, University Health System (RB)
5.000%, 04/01/17		1,000		1,032
Memphis Electrical System (RB) Series A (MBIA)
5.000%, 12/01/11		1,000		1,048

				2,080

Texas — 11.0%
Alamo Community College District (GO) Series A (MBIA)
5.000%, 08/15/18		1,405		1,493
Austin Water & Wastewater System (RB) (MBIA)
5.000%, 11/15/17		1,430		1,535
Austin Water & Wastewater System (RB) Series A (AMBAC)
5.500%, 11/15/14		1,000		1,101
Comal Independent School District (GO) (PSF-GTD)
5.500%, 02/01/19		215		226

Allegiant Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Texas — continued
Comal Independent School District, Prerefunded 02/01/11 @ 100 (GO) (PSF-GTD)
5.500%, 02/01/19	$	285	$	301
Conroe Independent School District (GO) (PSF-GTD)
5.500%, 02/15/15		195		200
Houston (GO) Series E (AMBAC)
5.000%, 03/01/15		1,500		1,601
Houston Water & Sewer System, Prerefunded 12/01/11 @ 100 (RB) Series A (FSA)
5.500%, 12/01/13		650		693
Houston Water & Sewer System (RB) Series A (FSA)
5.500%, 12/01/13		800		855
Robinson Independent School District (GO) (PSF-GTD)
5.750%, 08/15/12		575		598
Texas State Water Financial Assistance (GO)
5.500%, 08/01/17		1,125		1,191
United Independent School District, Prerefunded 08/15/12 @ 100 (GO) (PSF-GTD)
5.375%, 08/15/16		1,585		1,695

				11,489

Utah — 2.0%
Intermountain Power Agency (RB) Series E (FSA)
6.250%, 07/01/09		2,000		2,098

Virginia — 2.0%
Virginia College Building Authority, Higher Education Financing Program (RB) Series A
5.000%, 09/01/15		1,975		2,121

Washington — 5.8%
King County School District Number 406 South Central (GO) (FSA)
5.000%, 12/01/17		2,000		2,127
Seattle Municipal Light & Power (RB)
5.625%, 12/01/18		2,000		2,101
Washington State (GO) Series D (AMBAC)
5.000%, 01/01/15		1,700		1,816

				6,044

Wisconsin — 2.5%
Milwaukee (GO) Series B10 (AMBAC)
5.000%, 02/15/18		2,485		2,636

Puerto Rico — 0.6%
Commonwealth of Puerto Rico (GO) Series A (FSA)
5.500%, 07/01/17		100		112
Puerto Rico Electric Power Authority (RB) Series TT
5.000%, 07/01/17		500		532

				644

Total Municipal Bonds (Cost $101,459)				102,964


	Number of Shares
AFFILIATED MONEY MARKET FUND — 0.0%
Allegiant Tax-Exempt Money Market Fund, Class I† (Cost $22)		21,885		22

TOTAL INVESTMENTS — 98.7% (Cost $101,481)*				102,986

Other Assets & Liabilities — 1.3%
Dividends Payable
Class I				(318	)
Class A				(7	)
Investment Advisory Fees Payable 12b-1 Fees Payable				(36	)
Class I				(13	)
Class A				(1	)
Administration Fees Payable				(5	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(8	)
Payable for Shares of Beneficial Interest Redeemed				(349	)
Other				2,118

Total Other Assets & Liabilities				1,379

TOTAL NET ASSETS — 100.0%			$	104,365


	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	102,528
Distributions in Excess of Net Investment Income		(375	)
Undistributed Net Realized Gain on Investments		707
Net Unrealized Appreciation on Investments		1,505

Total Net Assets	$	104,365

Net Asset Value, Offering and Redemption Price Per Share — Class I ($98,131,064 ÷ 10,046,938 outstanding shares of beneficial interest)	$	9.77

Net Asset Value and Redemption Price Per Share — Class A ($5,823,186 ÷ 594,391 outstanding shares of beneficial interest)	$	9.80

Maximum Offering Price Per Share — Class A ($9.80 ÷ 97.00%)	$	10.10

Net Asset Value and Offering Price Per Share — Class B ($404,523 ÷ 41,439 outstanding shares of beneficial interest)	$	9.76

Net Asset Value and Offering Price Per Share — Class C ($5,992 ÷ 614 outstanding shares of beneficial)	$	9.76

*	Aggregate cost for Federal income tax purposes is (000) $101,151.


Gross unrealized appreciation (000)	$	2,132
Gross unrealized depreciation (000)		(297	)

Net unrealized appreciation (000)	$	1,835

†	See Note 3 in Notes to Financial Statements.

(A)

Zero Coupon Bond — the rate shown is the effective yield at purchase date.

AMBAC — American Municipal Bond Assurance Corporation

COP — Certificate of Participation

ETM — Escrowed to Maturity

FGIC — Federal Guaranty Insurance Corporation

FSA — Financial Security Assurance

GO — General Obligation

MBIA — Municipal Bond Insurance Association

PSF-GTD — Public School Fund - Guaranteed

RB — Revenue Bond

VRDN — Variable Rate Demand Note: the rate shown is the rate in effect on May 31, 2007, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

Allegiant Michigan Intermediate Municipal Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL BONDS — 99.5%
Michigan — 99.5%
Anchor Bay School District (GO) Series II (FGIC)
6.125%, 05/01/11	$	350	$	378
Byron Center Public School (GO) (MBIA)
8.250%, 05/01/09		1,380		1,493
Chippewa Valley School District, Prerefunded 05/01/12 @ 100 (GO)
5.500%, 05/01/16		1,000		1,072
Detroit Downtown Development (GO) Series A (AMBAC)
6.250%, 07/15/11		1,600		1,736
Detroit Sewer Disposal (RB) Series C (FGIC)
5.250%, 07/01/16		1,200		1,316
Detroit Water Supply System (RB) (FGIC)
6.500%, 07/01/15		1,000		1,158
Detroit Water Supply System (RB) Series A (MBIA)
6.000%, 07/01/13		1,000		1,108
Detroit Water Supply System (RB) Series B (MBIA)
5.550%, 07/01/12		1,450		1,557
East Lansing Public Schools (GO) Series B (MBIA)
5.000%, 05/01/20		1,000		1,053
Forest Hills Public Schools (GO)
5.000%, 05/01/12		1,000		1,048
Goodrich Area School District (GO) Series A (FSA)
5.750%, 05/01/12		500		542
Grand Rapids Building Authority (RB)
5.000%, 04/01/15		1,570		1,677
Grand Rapids Community College (GO) (FSA)
5.000%, 05/01/17		1,315		1,412
Grand Rapids Sanitation & Sewer Systems (RB) Series A (FGIC)
5.375%, 01/01/16		1,535		1,691
Haslett Public School District (GO) (MBIA)
5.000%, 05/01/15		1,030		1,104
Ingham County Building Authority (GO) (MBIA)
5.000%, 07/01/16		1,010		1,081
Jenison Public Schools (GO) (FGIC)
5.250%, 05/01/12		1,000		1,061
Kalamazoo Public Schools (GO) (FSA)
5.000%, 05/01/17		1,000		1,073
Kent County Hospital Finance Authority, Butterworth Hospital Project (RB) Series A
7.250%, 01/15/13		2,800		3,023
Lake Orion Community School District (GO) (MBIA)
5.000%, 05/01/20		1,000		1,062
Lansing Building Authority (GO) (AMBAC)
5.000%, 06/01/19		1,130		1,201
Lansing Community College, College Building & Site (GO) (AMBAC)
5.000%, 05/01/16		1,000		1,077
Michigan State Building Authority, Facilities Program (RB) Series II (AMBAC)
5.000%, 10/15/15		2,350		2,526
Michigan State Environmental Protection Program (GO)
6.250%, 11/01/12		3,250		3,506
Michigan State Hospital Finance Authority, Harper-Grace Hospitals (RB) (ETM)
7.125%, 05/01/09		295		307
Michigan State Hospital Finance Authority, Henry Ford Health System (RB) (ETM) (AMBAC)
6.000%, 09/01/11		500		539
6.000%, 09/01/12		2,000		2,186
Michigan State Hospital Finance Authority (RB) (ETM) Series P (MBIA)
5.375%, 08/15/14		285		298
Michigan State Strategic Fund Limited Obligation, Detroit Edison Project (RB) Series AA (FGIC)
6.950%, 05/01/11		2,000		2,216
Michigan State Trunk Line (RB) (FSA)
5.250%, 11/01/16		1,170		1,287
Michigan State Trunk Line (RB) Series A (MBIA)
5.250%, 11/01/15		2,000		2,186
Mona Shores School District (GO) (FGIC)
6.750%, 05/01/09		1,575		1,661
Northwestern Michigan College (GO) (AMBAC)
5.000%, 04/01/18		1,035		1,098
Oakland County Economic Development Authority, Cranbrook Community Project (RB)
5.000%, 11/01/17		2,350		2,402
Paw Paw Public School District (GO) (FGIC)
6.500%, 05/01/09		665		686
Plainwell Community Schools (GO) (FSA)
5.000%, 05/01/18		1,000		1,062
South Lyon Community Schools (GO) (FGIC)
5.000%, 05/01/16		750		808
Troy City School District (GO) (MBIA)
5.000%, 05/01/14		1,525		1,626
5.000%, 05/01/17		1,175		1,261
Warren Woods Public Schools (GO) (FSA)
5.000%, 05/01/17		1,645		1,766
West Branch Rose City Area School District (GO) (FSA)
5.000%, 05/01/19		1,030		1,087

				56,431

Total Municipal Bonds (Cost $54,262)				56,431


	Number of Shares
MONEY MARKET FUND — 0.0%
JPMorgan Michigan Municipal Money Market Fund (Cost $15)		15,088		15

TOTAL INVESTMENTS — 99.5% (Cost $54,277)*				56,446


	Value (000)
Other Assets & Liabilities — 0.5%
Dividends Payable
Class I	$	(141	)
Class A		(9	)
Investment Advisory Fees Payable		(20	)
12b-1 Fees Payable
Class I		(8	)
Class A		(2	)
Administration Fees Payable		(3	)
Custody Fees Payable		(1	)
Trustees’ Fees Payable		(6	)
Payable for Shares of Beneficial Interest Redeemed		(76	)
Other		534

Total Other Assets & Liabilities		268

TOTAL NET ASSETS — 100.0%	$	56,714

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	53,969
Distributions in Excess of Net Investment Income		(150	)
Undistributed Net Realized Gain on Investments		726
Net Unrealized Appreciation on Investments		2,169

Total Net Assets	$	56,714

Net Asset Value, Offering and Redemption Price Per Share — Class I ($42,756,246 ÷ 4,210,217 outstanding shares of beneficial interest)	$	10.16

Net Asset Value and Redemption Price Per Share — Class A ($13,460,092 ÷ 1,326,202 outstanding shares of beneficial interest)	$	10.15

Maximum Offering Price Per Share — Class A ($10.15 ÷ 97.00%)	$	10.46

Net Asset Value and Offering Price Per Share — Class B ($457,490 ÷ 45,008 outstanding shares of beneficial interest)	$	10.16

Net Asset Value and Offering Price Per Share — Class C ($40,442 ÷ 3,975 outstanding shares of beneficial interest)	$	10.17

*	Aggregate cost for Federal income tax purposes is (000) $54,136.


Gross unrealized appreciation (000)	$	2,367
Gross unrealized depreciation (000)		(57	)

Net unrealized appreciation (000)	$	2,310

AMBAC — American Municipal Bond Assurance Corporation

ETM — Escrowed to Maturity

FGIC — Federal Guaranty Insurance Corporation

FSA — Financial Security Assurance

GO — General Obligation

MBIA — Municipal Bond Insurance Association

RB — Revenue Bond

See Notes to Financial Statements.

Allegiant Ohio Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL BONDS — 98.2%
Ohio — 97.2%
Akron (GO) (ETM)
6.000%, 12/01/12	$	1,000	$	1,066
Akron Economic Development (RB) (MBIA)
6.000%, 12/01/12		935		1,009
5.750%, 12/01/09		1,680		1,730
Akron Sewer System (RB) (AMBAC)
5.000%, 12/01/16		1,500		1,621
Ashland City School District, Elementary Schools Facilities Project (COP) (AMBAC)
5.100%, 12/01/09		245		253
5.000%, 12/01/08		200		204
Bellefontaine City School District, Prerefunded 12/01/09 @ 101 (GO) (MBIA)
5.750%, 12/01/18		505		534
Bowling Green State University, Prerefunded 06/01/10 @ 101 (RB) (FGIC)
5.750%, 06/01/12		1,000		1,064
Butler County Transportation Improvement, Prerefunded 04/01/08 @ 102 (RB) Series A (FSA)
6.000%, 04/01/10		600		623
Centerville Capital Facilities (GO) (MBIA)
5.650%, 12/01/18		45		45
Chesapeake-Union Exempted Village School District, Prerefunded 12/01/09 @ 102 (GO) (AMBAC)
6.250%, 12/01/22		1,000		1,078
Cincinnati City School District, Prerefunded 12/01/11 @ 100 (GO) (MBIA)
5.375%, 12/01/16		1,000		1,064
Cincinnati Water System (RB)
5.000%, 12/01/16		1,200		1,263
Clermont County Water Works, Sewer District Project (RB) (AMBAC)
5.250%, 08/01/15		2,830		3,047
Cleveland Packaging Facilities (RB) (FSA)
5.250%, 09/15/20		1,220		1,353
5.250%, 09/15/22		1,790		1,994
Cleveland Public Power Systems, First Mortgage (RB) Series 1 (MBIA)
6.000%, 11/15/10		445		476
Cleveland Waterworks (RB) Series H (MBIA)
5.625%, 01/01/13		35		35
Cleveland Waterworks (RB) Series N (MBIA)
5.000%, 01/01/18		2,190		2,336
Columbus (GO) Series C
5.000%, 07/15/14		1,270		1,358
Cuyahoga County (GO)
5.650%, 05/15/18		600		676
Delaware County Capital Facilities, Prerefunded 12/01/10 @ 101 (GO)
6.000%, 12/01/12		545		589
6.000%, 12/01/13		575		621
Dublin City School District (GO) (MBIA)
5.000%, 12/01/18		1,000		1,069
Erie County Garbage & Refuse Landfill Improvement (GO) (FSA)
5.500%, 12/01/20		1,305		1,431
Fairfield City School District Improvement (GO) (FGIC)
5.500%, 12/01/15		1,000		1,066
Forest Hills Local School District (GO) (MBIA)
6.000%, 12/01/09		830		875
Franklin County (GO)
5.000%, 12/01/15		1,875		2,021
5.000%, 12/01/16		1,000		1,077
Greater Cleveland Regional Transportation Authority, Prerefunded 12/01/11 @ 100 (GO) Series A (MBIA)
5.000%, 12/01/18		570		597
5.000%, 12/01/19		495		519
Greene County Sewer System (RB) (AMBAC)
5.000%, 12/01/16		1,500		1,612
Hamilton City School District (GO) (MBIA)
5.000%, 12/01/18		2,100		2,232
Hamilton City School District (GO) Series A
6.150%, 12/01/13		1,000		1,127
Hamilton County Sales Tax (RB) Series A (AMBAC)
5.000%, 12/01/17		2,000		2,155
Hamilton County Sewer System (RB) Series A (MBIA)
5.000%, 12/01/17		1,500		1,601
Hamilton County Sewer System (RB) Series B (MBIA)
5.000%, 12/01/17		1,325		1,419
Hilliard (GO) (MBIA)
5.000%, 12/01/21		1,000		1,057
Indian Hill Exempted Village School District, Prerefunded 12/01/11 @ 100 (GO)
5.500%, 12/01/16		1,300		1,389
Lakota Local School District (GO) (FGIC)
5.500%, 12/01/15		1,245		1,385
5.500%, 12/01/16		1,380		1,546
Lebanon City School District, Prerefunded 12/01/11 @ 100 (GO) (FSA)
5.500%, 12/01/16		2,000		2,137
Licking County Joint Vocational School District (GO) (MBIA)
5.375%, 12/01/17		1,670		1,799
Lima City School District, Prerefunded 12/01/10 @ 102 (GO) (AMBAC)
5.500%, 12/01/22		1,000		1,073
Mad River Local School District (GO) (FGIC)
5.750%, 12/01/14		1,060		1,187
Mad River Local School District, Prerefunded 12/01/12 @ 100 (GO) (FGIC)
5.750%, 12/01/19		1,020		1,115
Massillon (GO) (AMBAC)
5.500%, 12/01/18		1,405		1,517
Miami University General Receipts (RB) (AMBAC)
5.500%, 12/01/13		2,125		2,322
5.000%, 09/01/15		1,695		1,821
Middletown (GO) (FGIC)
5.750%, 12/01/12		650		686
5.750%, 12/01/13		640		675
Montgomery County (GO)
5.500%, 12/01/20		1,515		1,603
5.375%, 12/01/16		1,250		1,321


	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Ohio — continued
Montgomery County Solid Waste Authority (RB) (MBIA)
5.350%, 11/01/10	$	900	$	906
5.125%, 11/01/08		500		503
Ohio Building Authority, Arts Facility Project, Prerefunded 04/01/11 @ 100 (RB) Series A
5.500%, 04/01/16		1,000		1,058
Ohio Capital Corp. for Housing Mortgage (RB) Series D (FHA)
5.350%, 02/01/09		115		118
Ohio Capital Corp. for Housing Mortgage, Unrefunded (RB) Series D (FHA)
5.350%, 02/01/09		420		430
Ohio Common School Capital Facility (GO) Series B
5.500%, 09/15/13		2,640		2,875
Ohio Conservation Projects (GO) Series A
5.250%, 09/01/16		1,600		1,675
Ohio Department of Administrative Services Office Project (COP) (AMBAC)
5.000%, 12/15/12		1,210		1,241
Ohio Housing Finance Agency, Single-Family Housing Mortgage (RB) Series A (VRDN)
5.766%, 04/01/17		5		5
Ohio State Cultural and Sports Capital Facilities (RB) Series A (FSA)
5.000%, 04/01/17		2,115		2,269
Ohio State Higher Education (GO) Series A
5.375%, 08/01/18		1,000		1,061
Ohio State Higher Education (GO) Series B
5.250%, 11/01/12		1,000		1,067
Ohio State Higher Educational Facilities Commission, Case Western Reserve University Project (RB)
6.250%, 10/01/17		4,310		5,083
Ohio State Higher Educational Facilities Commission, Kenyon College Project (RB) (VRDN)
5.050%, 07/01/37		1,500		1,589
Ohio State Higher Educational Facilities Commission, Oberlin College Project (RB)
5.250%, 10/01/14		1,045		1,131
Ohio State Higher Educational Facilities Commission, University of Dayton 2001 Project (RB) (AMBAC)
5.500%, 12/01/11		2,500		2,670
Ohio State Higher Educational Facilities Commission, Wittenberg University Project (RB)
5.500%, 12/01/18		1,870		1,960
Ohio State University General Receipts, Prerefunded 12/01/09 @ 101 (RB) Series A
5.750%, 12/01/13		615		650
Ohio State Water & Pollution Control Development Authority, Water Quality Loan Funding Project, Prerefunded 12/01/07 @ 101 (RB) (MBIA)
5.000%, 12/01/14		40		41
Ohio State Water Development Authority, Drinking Water Assistance Fund (RB) Series B
5.000%, 06/01/15	$	1,345	$	1,444
5.000%, 12/01/15		1,260		1,356
Ohio State Water Development Authority, Fresh Water Project (RB) (ETM) (AMBAC)
5.600%, 06/01/07		500		500
Ohio State Water Development Authority, Fresh Water Project (RB) Series B (FSA)
5.500%, 12/01/20		1,835		2,085
Ohio State Water Development Authority, Pure Water Project (RB) (ETM) Series I (AMBAC)
7.250%, 12/01/08		140		143
Ohio Turnpike Commission Authority (RB) Series A (FGIC)
5.500%, 02/15/17		2,000		2,237
5.500%, 02/15/18		1,000		1,123
Ohio Turnpike Commission Authority (RB) Series B (FSA)
5.500%, 02/15/13		1,000		1,083
Olentangy Local School District, Prerefunded 06/01/12 @ 100 (GO) (FSA)
5.500%, 12/01/19		1,210		1,300
Olentangy Local School District, Unrefunded (GO) (FSA)
5.500%, 12/01/19		35		37
Ottawa County (GO) (MBIA)
5.400%, 09/01/11		500		519
Perrysburg Exempted Village School District (GO) Series B (FSA)
5.750%, 12/01/12		1,225		1,339
Princeton City School District, Prerefunded 12/01/13 @ 100 (GO) (MBIA)
5.250%, 12/01/17		2,025		2,183
Richland County (GO) (AMBAC)
5.200%, 12/01/08		465		468
Sharonville (GO) (FGIC)
5.250%, 06/01/13		1,000		1,073
Southwest Licking Local School District (GO) (FGIC)
5.750%, 12/01/15		550		622
5.750%, 12/01/16		400		456
Springboro Sewer System (RB) (MBIA)
5.700%, 06/01/18		1,260		1,275
Strongsville City School District (GO) (MBIA)
5.200%, 12/01/09		670		693
Summit County, Prerefunded 12/01/10 @ 101 (GO) (FGIC)
6.250%, 12/01/11		1,235		1,344
Teays Valley Local School District, Facilities Construction & Improvement (GO) (MBIA)
5.375%, 12/01/20		1,000		1,051
Teays Valley Local School District, Prerefunded 12/01/10 @ 100 (GO) (FGIC)
5.000%, 12/01/19		1,070		1,137
Troy City School District (GO) (FSA)
5.000%, 12/01/18		1,065		1,128
University of Cincinnati General Receipts (RB) Series D (AMBAC)
5.000%, 06/01/16		2,000		2,141

Allegiant Ohio Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Ohio — continued
University of Cincinnati General Receipts (RB) Series T
5.500%, 06/01/11	$	1,110	$	1,174
Upper Arlington City School District (GO) (FSA)
5.000%, 12/01/15		2,000		2,148
Valley View Village Street Improvement (GO) (AMBAC)
5.550%, 12/01/20		450		480
Warrensville Height City School District (GO) (FGIC)
5.625%, 12/01/20		1,400		1,495
Washington County Hospital Facility Authority, Marietta Area Healthcare Project (RB) (FSA)
5.375%, 09/01/18		1,500		1,556
West Chester Township (GO) (AMBAC)
5.750%, 12/01/15		2,145		2,424
West Geauga Local School District (GO) (AMBAC)
8.250%, 11/01/12		710		859
Westerville (GO)
5.250%, 12/01/12		1,205		1,256
Wyoming City School District (GO) Series B (FGIC)
5.750%, 12/01/13		135		149
5.750%, 12/01/14		690		773
5.750%, 12/01/15		740		836
5.750%, 12/01/16		800		912
5.750%, 12/01/17		400		459

				133,063

Puerto Rico — 1.0%
Commonwealth of Puerto Rico Infrastructure Financing Authority (STRB) Series C (AMBAC)
5.500%, 07/01/17		400		450
Puerto Rico Electric Power Authority (RB) Series VV
5.500%, 07/01/20		800		891

				1,341

Total Municipal Bonds (Cost $132,040)				134,404


	Number of Shares
AFFILIATED MONEY MARKET FUND — 0.1%
Allegiant Ohio Municipal Money Market Fund, Class I† (Cost $103)		102,957		103

TOTAL INVESTMENTS — 98.3% (Cost $132,143)*				134,507

Other Assets & Liabilities — 1.7%
Dividends Payable
Class I				(389	)
Class A				(6	)
Class B				(1	)
Class C				(1	)
Investment Advisory Fees Payable				(47	)
12b-1 Fees Payable
Class I				(15	)
Class A				(2	)
Administration Fees Payable				(7	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(9	)
Payable for Shares of Beneficial Interest Redeemed				(136	)
Other				2,956

Total Other Assets & Liabilities				2,341

TOTAL NET ASSETS — 100.0%			$	136,848


	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	135,305
Distributions in Excess of Net Investment Income		(65	)
Accumulated Net Realized Loss on Investments		(756	)
Net Unrealized Appreciation on Investments		2,364

Total Net Assets	$	136,848

Net Asset Value, Offering and Redemption Price Per Share — Class I ($ 125,425,584 ÷ 11,473,675 outstanding shares of beneficial interest)	$	10.93

Net Asset Value and Redemption Price Per Share — Class A ($10,093,797 ÷ 926,541 outstanding shares of beneficial interest)	$	10.89

Maximum Offering Price Per Share — Class A ($10.89 ÷ 97.00%)	$	11.23

Net Asset Value and Offering Price Per Share — Class B ($716,311 ÷ 65,880 outstanding shares of beneficial interest)	$	10.87

Net Asset Value and Offering Price Per Share — Class C ($611,984 ÷ 56,249 outstanding shares of beneficial interest)	$	10.88

*	Aggregate cost for Federal income tax purposes is (000) $132,141.


Gross unrealized appreciation (000)	$	2,716
Gross unrealized depreciation (000)		(350	)

Net unrealized appreciation (000)	$	2,366

†	See Note 3 in Notes to Financial Statements.

AMBAC — American Municipal Bond Assurance Corporation

COP — Certificate of participation

ETM — Escrowed to Maturity

FGIC — Federal Guaranty Insurance Corporation

FHA — Federal Housing Authority

FSA — Financial Security Assurance

GO — General Obligation

MBIA — Municipal Bond Insurance Association

RB — Revenue Bond

STRB — Special Tax Revenue Bond

VRDN — Variable Rate Demand Note: the rate shown is the rate in effect on May 31, 2007, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

Allegiant Pennsylvania Intermediate Municipal Bond Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL BONDS — 97.0%
Pennsylvania — 90.8%
Allegheny County Higher Education Authority, Duquesne University Project (RB) (AMBAC)
6.500%, 03/01/10	$	380	$	406
Allegheny County Higher Education Authority, Duquesne University Project (RB) (ETM) Series A (AMBAC)
5.000%, 04/01/19		500		520
Allegheny County Port Authority, Prerefunded 03/01/09 @ 101 (RB) (MBIA)
6.250%, 03/01/17		385		405
Allegheny County Sewer Sanitation Authority (RB) (MBIA)
5.750%, 12/01/09		225		236
Blair County (GO) Series A (AMBAC)
5.375%, 08/01/13		270		292
5.000%, 08/01/12		500		527
Blair County Hospital Authority, Altoona Hospital Project (RB) Series A (AMBAC)
5.250%, 07/01/09		300		307
Bradford County School District (GO) (FGIC)
5.250%, 10/01/07		700		701
Central Dauphin School District (GO) (FSA)
5.000%, 12/01/20		1,000		1,050
Danville Area School District (GO) (FGIC)
5.000%, 05/15/11		545		568
Delaware County (GO)
5.125%, 11/15/16		425		427
Delaware River Port Authority, Pennsylvania & New Jersey Bridges Project (RB) (FSA)
5.500%, 01/01/10		400		417
Erie County (GO) Series B (FGIC)
5.000%, 09/01/21		920		989
Garnet Valley School District (GO) (FGIC)
5.375%, 04/01/13		500		533
Gettysburg College Municipal Authority (RB) (MBIA)
5.375%, 08/15/13		1,000		1,083
Hempfield Township Municipal Authority, Westmoreland County (RB) (FSA)
5.000%, 09/01/16		1,550		1,662
Montgomery County (GO) Series B
5.250%, 10/15/17		1,465		1,616
Moon Area School District (GO) Series A (FGIC)
5.202%, 11/15/11 (A)		1,070		894
North Hills School District, Prerefunded 12/15/15 @ 100 (GO) (FSA)
5.000%, 12/15/19		1,055		1,136
North Huntingdon Township (RB) (AMBAC)
5.500%, 04/01/15		1,025		1,083
North Wales Water Authority (RB) (FGIC)
5.000%, 11/01/13		350		352
Northampton County (GO)
5.125%, 08/15/17		255		261
Northampton County General Purpose Authority (RB)
5.250%, 10/01/15		1,000		1,094
Oxford Area School District, Prerefunded 02/15/12 @ 100 (GO) Series A (FGIC)
5.500%, 02/15/13		460		492
Parkland School District (GO) (FGIC)
5.375%, 09/01/14		1,000		1,093
Pennsylvania Convention Center Authority (RB) (ETM) Series A (FGIC)
6.000%, 09/01/19		3,000		3,513
Pennsylvania State Higher Educational Facilities Authority, La Salle University Project (RB) (MBIA)
5.625%, 05/01/17		500		503
Pennsylvania State Intergovernmental Cooperative Authority, Special Tax, City of Philadelphia Funding Program (RB) (FGIC)
5.250%, 06/15/17		500		513
Pennsylvania State Turnpike Commission (RB) Series A (FSA)
5.000%, 07/15/12		1,000		1,053
5.000%, 07/15/15		915		983
Pennsylvania State University (RB)
5.250%, 08/15/11		475		501
5.250%, 08/15/13		1,000		1,075
5.000%, 03/01/13		1,000		1,058
Perkiomen Valley School District (GO) (FSA)
5.000%, 02/01/17		100		101
Philadelphia Hospital Authority, Graduate Hospital Project (RB) (ETM)
7.000%, 07/01/10		170		178
Philadelphia Water & Waste Water Authority (RB) (MBIA)
6.250%, 08/01/11		200		218
Pittsburgh Area School District (GO) Series A (FSA)
5.250%, 09/01/12		2,000		2,132
Pittsburgh Public Parking Authority (RB) (ETM) (AMBAC)
6.000%, 12/01/09		945		996
Pittsburgh Water & Sewer Authority, Prerefunded 06/01/12 @ 100 (RB) (AMBAC)
5.000%, 12/01/14		185		195
Pittsburgh Water & Sewer Authority (RB) Series A (FGIC)
5.000%, 09/01/18		570		575
Southeastern Transportation Authority (RB) Series A (FGIC)
5.250%, 03/01/17		1,070		1,107
State Public School Building Authority, Delaware County Community College Project, Prerefunded 10/01/10 @ 100 (RB) (MBIA)
5.750%, 10/01/16		150		159
State Public School Building Authority, Montgomery County Community College Project (RB)
4.600%, 05/01/12		160		165
Tredyffrin-Easttown School District (GO)
5.000%, 02/15/15		500		535
Washington County Lease Authority, Special Sub-Series (RB) (ETM)
7.875%, 12/15/18		1,000		1,343
West Whiteland Municipal Sewer Authority (RB) (ETM)
6.400%, 09/15/13		240		260


	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Pennsylvania — continued
York County (GO) (MBIA)
5.000%, 06/01/17	$	1,000	$	1,071

				36,378

Puerto Rico — 6.2%
Commonwealth of Puerto Rico Electric Power Authority (RB) Series VV (LOC - UBS Securities)
5.500%, 07/01/20		200		223
Commonwealth of Puerto Rico Infrastructure Financing Authority (STRB) Series C (AMBAC)
5.500%, 07/01/17		600		675
Commonwealth of Puerto Rico (GO) Series A (FSA)
5.500%, 07/01/17		1,400		1,575

				2,473

Total Municipal Bonds (Cost $37,859)				38,851


	Number of Shares
AFFILIATED MONEY MARKET FUND — 0.8%
Allegiant Pennsylvania Tax-Exempt Money Market Fund, Class I† (Cost $351)		350,693		351

TOTAL INVESTMENTS — 97.8% (Cost $38,210)*				39,202

Other Assets & Liabilities — 2.2%
Dividends Payable
Class I				(112	)
Class A				(2	)
Investment Advisory Fees Payable				(14	)
12b-1 Fees Payable
Class I				(5	)
Administration Fees Payable				(2	)
Custody Fees Payable				(1	)
Trustees’ Fees Payable				(3	)
Payable for Shares of Beneficial Interest Redeemed				(137	)
Other				1,142

Total Other Assets & Liabilities				866

TOTAL NET ASSETS — 100.0%			$	40,068

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	38,963
Distributions in Excess of Net Investment Income				(103	)
Undistributed Net Realized Gain on Investments				216
Net Unrealized Appreciation on Investments				992

Total Net Assets			$	40,068

Net Asset Value, Offering and Redemption Price Per Share — Class I ($ 37,521,335 ÷ 3,649,863 outstanding shares of beneficial interest)			$	10.28

Net Asset Value and Redemption Price Per Share — Class A ($2,002,500 ÷ 194,431outstanding shares of beneficial interest)			$	10.30

Maximum Offering Price Per Share — Class A ($10.30 ÷ 97.00%)			$	10.62

Net Asset Value and Offering Price Per Share — Class C ($543,864 ÷ 52,844 outstanding shares of beneficial interest)			$	10.29

*	Aggregate cost for Federal income tax purposes is (000) $38,199.


Gross unrealized appreciation (000)	$	1,045
Gross unrealized depreciation (000)		(42	)

Net unrealized appreciation (000)	$	1,003

†	See Note 3 in Notes to Financial Statements.

(A)

Zero Coupon Bond — the rate shown is the effective yield at purchase date.

AMBAC — American Municipal Bond Assurance Corporation

ETM — Escrowed to Maturity

FGIC — Federal Guaranty Insurance Corporation

FSA — Financial Security Assurance

GO — General Obligation

LOC — Letter of Credit

MBIA — Municipal Bond Insurance Association

RB — Revenue Bond

STRB — Special Tax Revenue Bond

See Notes to Financial Statements.

Allegiant Fixed Income Funds

STATEMENTS OF OPERATIONS (000)

Year Ended May 31, 2007


	Bond Fund			Government Mortgage Fund			Intermediate Bond Fund
Investment Income:
Interest	$	18,396		$	14,547		$	18,331
Income from affiliate⁽¹⁾		339			268			286
Security lending income		193			18			258

Total Investment Income		18,928			14,833			18,875

Expenses:
Investment advisory fees		1,988			1,475			2,110
Administration fees		217			161			230
12b-1 fees:
Class I		69			49			73
Class A		1			3			2
Class B		5			25			37
Class C		1			13			3
Shareholder services fees:
Class A		17			36			23
Class B		2			8			12
Class C		–			4			1
Transfer agent fees		72			72			88
Custodian fees		31			49			29
Professional fees		32			26			36
Pricing service fees		15			97			12
Printing and shareholder reports		18			10			22
Registration and filing fees		20			10			20
Trustees’ fees		23			17			25
Miscellaneous		21			17			56

Total Expenses		2,532			2,072			2,779

Less:
Waiver of investment advisory fees		(361	)		(402	)		(575	)

Net Expenses		2,171			1,670			2,204

Net Investment Income		16,757			13,163			16,671

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments sold		1,906			1,931			578
Net change in unrealized appreciation/depreciation on investments		4,181			1,705			3,935

Net Gain on Investments		6,087			3,636			4,513

Net Increase in Net Assets Resulting from Operations	$	22,844		$	16,799		$	21,184

⁽¹⁾

See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.


	Limited Maturity Bond Fund			Total Return Advantage Fund			Ultra Short Bond Fund
Investment Income:
Interest	$	7,497		$	19,007		$	3,845
Income from affiliate⁽¹⁾		128			429			91
Security lending income		47			262			22
Less: foreign taxes withheld		—			(2	)		—

Total Investment Income		7,672			19,696			3,958

Expenses:
Investment advisory fees		747			2,062			333
Administration fees		100			225			50
12b-1 fees:
Class I		32			70			15
Class A		1			2			—
Class B		5			10			—
Class C		4			2			—
Shareholder services fees:
Class A		10			21			4
Class B		2			3			—
Class C		1			1			—
Transfer agent fees		34			215			10
Custodian fees		19			30			12
Professional fees		18			33			12
Pricing service fees		15			14			9
Printing and shareholder reports		8			22			2
Registration and filing fees		16			18			9
Trustees’ fees		12			22			5
Miscellaneous		11			24			5

Total Expenses		1,035			2,774			466

Less:
Waiver of investment advisory fees		(166	)		(562	)		(167	)

Net Expenses		869			2,212			299

Net Investment Income		6,803			17,484			3,659

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold		(90	)		1,734			(134	)
Net realized loss on foreign currency transactions		—			(843	)		—
Net realized gain on swap agreements		—			337			—
Net change in unrealized appreciation/depreciation on investments and swap agreements		1,650			2,927			576
Net change in unrealized appreciation/depreciation on foreign currency translation		—			26			—

Net Gain on Investments		1,560			4,181			442

Net Increase in Net Assets Resulting from Operations	$	8,363		$	21,665		$	4,101

⁽¹⁾

See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

Allegiant Tax Exempt Bond Funds

STATEMENTS OF OPERATIONS (000)

Year Ended May 31, 2007


	Intermediate Tax Exempt Bond Fund			Michigan Intermediate Municipal Bond Fund			Ohio Intermediate Tax Exempt Bond Fund			Pennsylvania Intermediate Municipal Bond Fund
Investment Income:
Interest	$	5,001		$	3,423		$	6,126		$	1,780
Income from affiliate⁽¹⁾		18			9			16			9

Total Investment Income		5,019			3,432			6,142			1,789

Expenses:
Investment advisory fees		628			393			789			239
Administration fees		68			43			86			26
12b-1 fees:
Class I		21			11			26			7
Class A		1			3			2			—
Class B		3			4			7			—
Class C		—			1			5			4
Shareholder services fees:
Class A		15			42			26			5
Class B		1			1			2			—
Class C		—			—			2			1
Transfer agent fees		21			18			27			8
Custodian fees		10			7			13			6
Professional fees		15			14			25			8
Pricing service fees		14			8			19			9
Printing and shareholder reports		6			4			7			2
Registration and filing fees		19			7			5			4
Trustees’ fees		8			5			9			3
Miscellaneous		10			8			12			6

Total Expenses		840			569			1,062			328

Less:
Waiver of investment advisory fees		(171	)		(107	)		(215	)		(65	)

Net Expenses		669			462			847			263

Net Investment Income		4,350			2,970			5,295			1,526

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments sold		960			1,320			539			219
Net change in unrealized appreciation/depreciation on investments		(1,230	)		(1,665	)		(612	)		(57	)

Net Gain (Loss) on Investments		(270	)		(345	)		(73	)		162

Net Increase in Net Assets Resulting from Operations	$	4,080		$	2,625		$	5,222		$	1,688

⁽¹⁾

See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

THIS PAGE INTENTIONALLY LEFT BLANK

Allegiant Fixed Income Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)


	Bond Fund For the Year Ended						Government Mortgage Fund For the Year Ended
	May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
Investment Activities:
Net investment income	$	16,757		$	16,310		$	13,163		$	12,530
Net realized gain (loss) on investments sold, futures, foreign currency transactions and swap agreements		1,906			(6,467	)		1,931			(4,735	)
Net change in unrealized appreciation/depreciation on investments, swap agreements and foreign currency translation		4,181			(12,716	)		1,705			(7,636	)

Net increase (decrease) in net assets resulting from operations		22,844			(2,873	)		16,799			159

Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(15,719	)		(16,221	)		(12,431	)		(11,945	)
Class A		(294	)		(379	)		(690	)		(878	)
Class B		(23	)		(28	)		(137	)		(169	)
Class C		(6	)		(8	)		(71	)		(85	)
Class R⁽¹⁾		—			—			—			(3	)
Distributions from net realized capital gains
Class I		—			—			—			—
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R⁽¹⁾		—			—			—			—

Total dividends and distributions		(16,042	)		(16,636	)		(13,329	)		(13,080	)

Share Transactions:
Proceeds from shares issued:
Class I		54,908			72,445			51,388			65,615
Class A		386			917			1,150			2,879
Class B		23			72			30			196
Class C		—			16			111			976
Class R⁽¹⁾					—			—			20
Reinvestment of dividends and distributions:
Class I		2,850			2,743			1,927			1,395
Class A		198			252			492			627
Class B		20			23			101			125
Class C		6			8			57			62
Class R⁽¹⁾		—			—			—			3

Total proceeds from shares issued and reinvested		58,391			76,476			55,256			71,898

Value of shares redeemed:
Class I		(66,414	)		(71,603	)		(57,641	)		(49,857	)
Class A		(1,825	)		(4,095	)		(6,067	)		(7,750	)
Class B		(177	)		(271	)		(870	)		(1,398	)
Class C		(15	)		(106	)		(829	)		(976	)
Class R⁽¹⁾		—			—			—			(218	)

Total value of shares redeemed		(68,431	)		(76,075	)		(65,407	)		(60,199	)

Increase (decrease) in net assets from share transactions		(10,040	)		401			(10,151	)		11,699

Total increase (decrease) in net assets		(3,238	)		(19,108	)		(6,681	)		(1,222	)

Net Assets:
Beginning of year		367,920			387,028			267,101			268,323

End of year*	$	364,682		$	367,920		$	260,420		$	267,101

* Including undistributed (distributions in excess of ) net investment income	$	111		$	(686	)	$	59		$	(99	)


	Intermediate Bond Fund For the Year Ended						Limited Maturity Bond Fund For the Year Ended						Total Return Advantage Fund For the Year Ended						Ultra Short Bond Fund For the Year Ended
	May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
Investment Activities:
Net investment income	$	16,671		$	18,046		$	6,803		$	6,440		$	17,484		$	13,628		$	3,659		$	4,759
Net realized gain (loss) on investments sold, futures, foreign currency transactions and swap agreements		578			(9,328	)		(90	)		(2,423	)		1,228			(3,500	)		(134	)		(1,044	)
Net change in unrealized appreciation/depreciation on investments, swap agreements and foreign currency translation		3,935			(9,578	)		1,650			(162	)		2,953			(13,387	)		576			(8	)

Net increase (decrease) in net assets resulting from operations		21,184			(860	)		8,363			3,855			21,665			(3,259	)		4,101			3,707

Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(15,351	)		(17,375	)		(6,626	)		(6,630	)		(16,788	)		(13,330	)		(3,553	)		(4,820	)
Class A		(365	)		(468	)		(159	)		(181	)		(360	)		(191	)		(60	)		(54	)
Class B		(156	)		(176	)		(22	)		(25	)		(48	)		(37	)		—			—
Class C		(14	)		(12	)		(15	)		(17	)		(9	)		(9	)		—			—
Class R⁽¹⁾		—			—			—			(2	)		—			(7	)		—			—
Distributions from net realized capital gains
Class I		—			—			—			—			—			(2,026	)		—			—
Class A		—			—			—			—			—			(30	)		—			—
Class B		—			—			—			—			—			(8	)		—			—
Class C		—			—			—			—			—			(1	)		—			—
Class R⁽¹⁾		—			—			—			—			—			(1	)		—			—

Total dividends and distributions		(15,886	)		(18,031	)		(6,822	)		(6,855	)		(17,205	)		(15,640	)		(3,613	)		(4,874	)

Share Transactions:
Proceeds from shares issued:
Class I		43,003			64,032			17,172			22,136			147,441			112,970			6,898			15,469
Class A		551			880			68			482			4,649			3,901			19			226
Class B		1			60			—			10			354			270			—			—
Class C		77			205			—			8			148			151			—			—
Class R⁽¹⁾		—			—			—			17			—			103			—			—
Reinvestment of dividends and distributions:
Class I		4,145			4,118			2,941			2,277			5,063			5,194			2,056			2,400
Class A		308			377			112			113			292			132			57			50
Class B		144			160			19			22			34			35			—			—
Class C		13			11			12			13			8			9			—			—
Class R⁽¹⁾		—			—			—			1			—			9			—			—

Total proceeds from shares issued and reinvested		48,242			69,843			20,324			25,079			157,989			122,774			9,030			18,145

Value of shares redeemed:
Class I		(115,473	)		(106,842	)		(37,143	)		(62,907	)		(83,884	)		(93,326	)		(36,438	)		(97,270	)
Class A		(2,856	)		(4,207	)		(1,369	)		(2,543	)		(1,409	)		(1,999	)		(218	)		(384	)
Class B		(726	)		(1,370	)		(339	)		(371	)		(111	)		(263	)		—			—
Class C		(147	)		(199	)		(112	)		(363	)		(123	)		(281	)		—			—
Class R⁽¹⁾		—			—			—			(187	)		—			(660	)		—			—

Total value of shares redeemed		(119,202	)		(112,618	)		(38,963	)		(66,371	)		(85,527	)		(96,529	)		(36,656	)		(97,654	)

Increase (decrease) in net assets from share transactions		(70,960	)		(42,775	)		(18,639	)		(41,292	)		72,462			26,245			(27,626	)		(79,509	)

Total increase (decrease) in net assets		(65,662	)		(61,666	)		(17,098	)		(44,292	)		76,922			7,346			(27,138	)		(80,676	)

Net Assets:
Beginning of year		420,975			482,641			177,305			221,597			333,622			326,276			99,661			180,337

End of year*	$	355,313		$	420,975		$	160,207		$	177,305		$	410,544		$	333,622		$	72,523		$	99,661

* Including undistributed (distributions in excess of ) net investment income	$	194		$	(710	)	$	(284	)	$	(361	)	$	(945	)	$	(719	)	$	325		$	289

⁽¹⁾

See Note 1 in Notes to Financial Statements.

See Notes to Financial Statements.

Allegiant Tax Exempt Bond Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)


	Intermediate Tax Exempt Bond Fund For the Year Ended
	May 31, 2007			May 31, 2006
Investment Activities:
Net investment income	$	4,350		$	4,968
Net realized gain on investments sold		960			958
Net change in unrealized appreciation/depreciation on investments		(1,230	)		(4,726	)

Net increase in net assets resulting from operations		4,080			1,200

Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(4,127	)		(4,699	)
Class A		(211	)		(253	)
Class B		(12	)		(15	)
Class C		—			(1	)
Distributions from net realized capital gains:
Class I		(1,058	)		—
Class A		(57	)		—
Class B		(4	)		—
Class C		—			—

Total dividends and distributions		(5,469	)		(4,968	)

Share Transactions:
Proceeds from shares issued:
Class I		9,801			11,724
Class A		2,174			3,139
Class B		—			21
Class C		—			—
Reinvestment of dividends and distributions:
Class I		192			143
Class A		161			126
Class B		14			6
Class C		—			1

Total proceeds from shares issued and reinvested		12,342			15,160

Value of shares redeemed:
Class I		(25,485	)		(24,862	)
Class A		(2,478	)		(6,963	)
Class B		(22	)		(135	)
Class C		(34	)		(1	)

Total value of shares redeemed		(28,019	)		(31,961	)

Decrease in net assets from share transactions		(15,677	)		(16,801	)

Total decrease in net assets		(17,066	)		(20,569	)

Net Assets:
Beginning of year		121,431			142,000

End of year*	$	104,365		$	121,431


* Including distributions in excess of net investment income	$	(375	)	$	(385	)


	Michigan Intermediate Municipal Bond Fund For the Year Ended						Ohio Intermediate Tax Exempt Bond Fund For the Year Ended						Pennsylvania Intermediate Municipal Bond Fund For the Year Ended
	May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
Investment Activities:
Net investment income	$	2,970		$	3,948		$	5,295		$	5,787		$	1,526		$	1,745
Net realized gain on investments sold		1,320			632			539			61			219			71
Net change in unrealized appreciation/depreciation on investments		(1,665	)		(3,858	)		(612	)		(4,189	)		(57	)		(1,350	)

Net increase in net assets resulting from operations		2,625			722			5,222			1,659			1,688			466

Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(2,286	)		(3,258	)		(4,891	)		(5,317	)		(1,443	)		(1,676	)
Class A		(662	)		(647	)		(363	)		(423	)		(69	)		(48	)
Class B		(18	)		(34	)		(24	)		(28	)		—			—
Class C		(4	)		(9	)		(18	)		(18	)		(14	)		(21	)
Distributions from net realized capital gains:
Class I		(708	)		(302	)		—			—			(114	)		—
Class A		(226	)		(69	)		—			—			(6	)		—
Class B		(7	)		(4	)		—			—			—			—
Class C		(1	)		(1	)		—			—			(2	)		—

Total dividends and distributions		(3,912	)		(4,324	)		(5,296	)		(5,786	)		(1,648	)		(1,745	)

Share Transactions:
Proceeds from shares issued:
Class I		1,767			7,288			21,075			24,701			3,100			6,263
Class A		874			11,717			1,487			3,914			376			1,221
Class B		—			23			—			134			—			—
Class C		3			8			4			42			30			89
Reinvestment of dividends and distributions:
Class I		292			460			107			156			24			27
Class A		731			542			289			339			50			23
Class B		21			23			16			24			—			—
Class C		3			7			11			11			13			11

Total proceeds from shares issued and reinvested		3,691			20,068			22,989			29,321			3,593			7,634

Value of shares redeemed:
Class I		(22,386	)		(29,346	)		(36,350	)		(24,779	)		(10,071	)		(9,671	)
Class A		(6,035	)		(6,086	)		(2,181	)		(5,511	)		(365	)		(435	)
Class B		(284	)		(608	)		(281	)		(127	)		—			—
Class C		(138	)		(134	)		(48	)		(42	)		(288	)		(93	)

Total value of shares redeemed		(28,843	)		(36,174	)		(38,860	)		(30,459	)		(10,724	)		(10,199	)

Decrease in net assets from share transactions		(25,152	)		(16,106	)		(15,871	)		(1,138	)		(7,131	)		(2,565	)

Total decrease in net assets		(26,439	)		(19,708	)		(15,945	)		(5,265	)		(7,091	)		(3,844	)

Net Assets:
Beginning of year		83,153			102,861			152,793			158,058			47,159			51,003

End of year*	$	56,714		$	83,153		$	136,848		$	152,793		$	40,068		$	47,159


* Including distributions in excess of net investment income	$	(150	)	$	(217	)	$	(65	)	$	(64	)	$	(103	)	$	(69	)

See Notes to Financial Statements.

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

1. Fund Organization

Allegiant Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on January 28, 1986. As of May 31, 2007, the Trust offered for sale shares of 30 Funds. Each of the Funds is authorized to issue various classes of shares. Each share class represents an interest in the same portfolio of investments of the respective Fund and is substantially the same in all respects, except that the classes are subject to different distribution (12b-1) fees and/or shareholder services fees, sales charges and investment minimums. With respect to the Fixed Income and Tax Exempt Bond Funds, Class I Shares are sold without a sales charge; Class A Shares are sold subject to a front-end sales charge; and Class C Shares are sold with a contingent deferred sales charge. Front-end sales charges and contingent deferred sales charges may be reduced or waived under certain circumstances. Class B Shares are no longer offered except in connection with dividend reinvestments and permitted exchanges.

Effective May 19, 2006, Class R Shares were no longer offered in any of the Allegiant Funds. Class R shareholders redeemed or exchanged their Shares prior to May 19.

The Trust currently offers five asset categories that consist of the following Funds (each referred to as a “Fund” or collectively as the “Funds”):

Equity Funds

Asset Allocation Fund

Balanced Allocation Fund;

Fixed Income Funds

Bond Fund, Government Mortgage Fund, Intermediate Bond Fund, Limited Maturity Bond Fund, Total Return Advantage Fund and Ultra Short Bond Fund;

Tax Exempt Bond Funds

Intermediate Tax Exempt Bond Fund, Michigan Intermediate Municipal Bond Fund, Ohio Intermediate Tax Exempt Bond Fund and Pennsylvania Intermediate Municipal Bond Fund;

Money Market Funds

Government Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund, Pennsylvania Tax Exempt Money Market Fund, Tax Exempt Money Market Fund and Treasury Money Market Fund.

The financial statements presented herein are those of the Fixed Income and Tax Exempt Bond Funds. The financial statements of the Equity and Asset Allocation Funds, and the Money Market Funds are not presented herein, but are presented separately.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fixed Income and Tax Exempt Bond Funds.

Investment Valuation

Investment securities of the Fixed Income and Tax Exempt Bond Funds that are listed on a securities exchange or quoted on a national market system, and for which market quotations are readily available, are valued at the last quoted sales price at the official close of trading on the New York Stock Exchange (normally 4:00 p.m., Eastern Time). Securities quoted on the NASD National Markets system are valued

at the official closing price. Other securities traded on over-the-counter markets are valued on the basis of their closing over-the-counter bid prices. If, in the case of a security that is valued at last sale, there is no such reported sale, these securities (particularly fixed income securities) and unlisted securities for which market quotations are not readily available, are valued at the mean between the most recent bid and asked prices. However, certain fixed income prices furnished by pricing services may be based on methods which include consideration of yields or prices of bonds of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The pricing services may also employ electronic data processing techniques and matrix systems to determine value. Short-term obligations with maturities of 60 days or less when purchased are valued at amortized cost. The amortized cost method values a security at its cost at the time of purchase and thereafter assumes a constant accretion of discount or amortization of premium to maturity. If this method is determined to be unreliable during certain market conditions or for other reasons, a Fund may value its securities at market price or fair value prices may be determined in good faith using methods approved by the Board of Trustees. Short term obligations with greater than 60 days to maturity when purchased, are valued at mark-to-market until the 60^thday before maturity; then valued at amortized cost to maturity.

Short term investments held as collateral for loaned securities are valued at amortized cost.

Futures contracts are valued at the daily quoted settlement prices.

Investments in underlying Allegiant Funds or in any other mutual funds are valued at their respective net asset values as determined by those funds each business day.

Investment Transactions, Investment Income and Expenses

Investment transactions are recorded on trade date for financial statement preparation purposes. As is normal procedure in the mutual fund industry, for days other than financial reporting period ends, investment transactions not settling on the same day are recorded and factored into a fund’s net asset value on the business day following trade date (T+1). Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Discounts and premiums are accreted and amortized, respectively, to interest income over the lives of the respective investments. Expenses common to all the Funds in the Trust are allocated among the Funds on the basis of average net assets. Distribution (12b-1) fees and shareholder services fees relating to a specific Class are charged directly to that Class. Expenses common to all Classes, investment income, and realized and unrealized gains and losses on investments are allocated to each Class based upon the relative daily net assets of each Class.

Dividends and Distributions to Shareholders

Dividends from net investment income for each of the Fixed Income and Tax Exempt Bond Funds are declared daily and paid monthly. Any net realized capital gains will be distributed at least annually by each of the Fixed Income and Tax Exempt Bond Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Forward Foreign Currency Contracts

Certain Funds may enter into forward foreign currency contracts as hedges against either specific transactions or portfolio positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate and any resulting unrealized gains or losses are recorded currently. A Fund realizes gains or losses at the time the forward contracts are extinguished. Such contracts, which are designed to protect the value of the Fund’s investment securities against a decline in the value of the hedged currency, do not eliminate fluctuations in the

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

underlying prices of the securities; they simply establish an exchange rate at a future date. Although such contracts tend to minimize risk of loss due to a decline in the value of a hedged currency, at the same time they tend to limit any potential gain that might be realized should the value of such foreign currency increase. Details of forward foreign currency contracts open at period end are included in the respective Fund’s Statements of Net Assets.

Futures Contracts

Certain Funds may enter into futures contracts for the purpose of managing exposure to the securities markets or to movements in interest rates. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. The daily changes in the contract are recorded as an unrealized gain or loss. The Fund recognizes a realized gain or loss when the contract is closed.

When-Issued and Delayed Delivery Transactions

For the purpose of enhancing the Fund’s yield, the Bond, Government Mortgage, Intermediate Tax Exempt Bond and Ohio Intermediate Tax Exempt Bond Funds may purchase or sell securities on a when-issued or delayed delivery basis. These transactions (principally in mortgage-backed securities referred to as TBA’s or To Be Announced and COP’s or Certificates of Participation) involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Funds may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered. The Funds may sell mortgage-backed TBA securities for delivery in the current month and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price for future settlement. The Funds account for such transactions as purchases and sales at the commitment date and maintain liquid, high-grade securities in an amount at least equal to the commitment to repurchase.

Loan Agreements

Certain Funds may invest in loan agreements which may be in the form of assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the lender) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan. As a result, a Fund may be subject to the credit risk of the borrower. As of May 31, 2007, the Total Return Advantage Fund has unfunded loan commitments of $51,822 which could be extended at the option of the borrower, pursuant to the loan agreement.

Swap Agreements

Certain Funds may invest in swaps for the purpose of managing their exposure to interest rate, credit or market risk. Swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount (a total return swap). To the extent the total return of the index exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent it is less, the Fund will make a payment to the counterparty. Periodic payments received or made by the Fund are recorded in the accompanying Statements of Operations as realized gains or losses.

Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized at contract stipulated reset dates and/or upon termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the Fund’s custodian or counterparty’s broker in compliance with swap contract provisions. Risks may exceed amounts recognized on the Statements of Net Assets. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. At May 31, 2007, there were no open swap agreements in the Funds.

3. Investment Advisory Fees and Other Transactions with Affiliates

Investment Advisory Fees

Fees paid by the Fixed Income and Tax Exempt Bond Funds pursuant to the Advisory Agreements with Allegiant Asset Management Company (the “Adviser”), an indirect wholly owned subsidiary of National City Corporation (“NCC”), are payable monthly and are calculated at an annual rate, listed in the table below, of each Fund’s average daily net assets. The Adviser may, from time to time, waive any portion of its fees. Such waivers are voluntary and may be changed or discontinued at any time. The table below lists the advisory fees and waivers that were in effect for the year ended May 31, 2007.


	Annual Rate		Fee Waiver
Bond Fund	0.55	%	0.10	%
Government Mortgage Fund	0.55	%	0.15	%
Intermediate Bond Fund	0.55	%	0.15	%
Limited Maturity Bond Fund	0.45	%	0.10	%
Total Return Advantage Fund	0.55	%	0.15	%
Ultra Short Bond Fund	0.40	%	0.20	%
Intermediate Tax Exempt Bond Fund	0.55	%	0.15	%
Michigan Intermediate Municipal Bond Fund	0.55	%	0.15	%
Ohio Intermediate Tax Exempt Bond Fund	0.55	%	0.15	%
Pennsylvania Intermediate Municipal Bond Fund	0.55	%	0.15	%

Shareholder Services Fees

Custodian Fees

PFPC Trust Co., an affiliate of PFPC Inc. (“PFPC”) (one of the Trust’s Co-Administrators), serves as the Trust’s Custodian. PFPC Trust Co. also serves as Custodian for the Allegiant Advantage Fund (“Advantage”), another registered investment company managed by the Adviser. Custodian fees for the Trust and Advantage are calculated at the following annual rate: 0.004% of the first $10 billion of the combined average daily gross assets of the Trust and Advantage and 0.002% of the combined average daily gross assets in excess of $10 billion. The custodian fees are allocated to the Trust and Advantage based on each Fund’s average daily net assets. PFPC Trust Co. also receives other transaction based charges and is reimbursed for out-of-pocket expenses. One of the officers of PFPC is Treasurer of the Trust and Advantage.

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

Distribution/12b-1 Fees

The Trust and Professional Funds Distributor, LLC (the “Distributor”) are parties to a distribution agreement dated May 1, 2003. The Trust has adopted a distribution plan for Class I and Class A Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class I and Class A Shares plan, the Funds reimburse the Distributor for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.10% per annum of the average daily net assets of the Funds’ Class I and Class A Shares. Effective August 1, 2006, the 12b-1 fee accrual rates with respect to Class I and Class A Shares of the Fixed Income and Tax Exempt Bond Funds were reduced from 0.03% to 0.02%, except for the Ultra Short Bond and Pennsylvania Intermediate Municipal Bond Funds which were already at 0.02%. Effective January 1, 2007, the 12b-1 fee accrual rates with respect to Class I and Class A Shares of the Pennsylvania Intermediate Municipal Bond Fund were further reduced from 0.02% to 0.01%. As of May 31, 2007, the 12b-1 fee accrual rates were as shown below:


	Annual Rate
	Class I		Class A
Bond Fund	0.02	%	0.02	%
Government Mortgage Fund	0.02	%	0.02	%
Intermediate Bond Fund	0.02	%	0.02	%
Limited Maturity Bond Fund	0.02	%	0.02	%
Total Return Advantage Fund	0.02	%	0.02	%
Ultra Short Bond Fund	0.02	%	0.02	%
Intermediate Tax Exempt Bond Fund	0.02	%	0.02	%
Michigan Intermediate Municipal Bond Fund	0.02	%	0.02	%
Ohio Intermediate Tax Exempt Bond Fund	0.02	%	0.02	%
Pennsylvania Intermediate Municipal Bond Fund	0.01	%	0.01	%

Trustees’ Fees

The Trustees are paid for services rendered to all of the Funds and Advantage, which are allocated to the Funds and Advantage based on their average daily net assets. Each Trustee receives an annual fee of $40,000 plus either $4,000 for each combined Board meeting attended in person, or $2,000 for each Board meeting attended telephonically, and reimbursement of out-of-pocket expenses. The Chairman of the Board receives an additional fee of $25,000 per year and the Chairman of the Audit Committee receives an additional fee of $6,000 per year for their services in these capacities. No person who is an officer, director, trustee, or employee of the Adviser, the Distributor, or any parent or subsidiary thereof, who serves as an officer, trustee, or employee of the Trust or Advantage receives any compensation from the Trust.

Administration Fees

The Trust, PFPC and National City Bank (“NCB”), an affiliate of the Adviser, are parties to a Co-Administration and Accounting Services Agreement, pursuant to which PFPC and NCB have agreed to serve as Co-Administrators to the Trust in exchange for fees at the annual rate of 0.06% based on average daily net assets of the Trust’s Funds. For its services as Co-Administrators during the period June 1, 2006 to August 31, 2006, approximately 0.02424% was allocated to PFPC and approximately 0.0358% was allocated to NCB. A new Co-Administration and Accounting Services Agreement was entered into effective September 1, 2006, pursuant to which PFPC and NCB have agreed to continue to serve as Co-Administrators to the Trust in exchange for fees at the annual rate of 0.06% based on average daily net assets of the Trust’s Funds. For its services as Co-Administrators during the period September 1, 2006 to May 31, 2007, approximately 0.0277% was allocated to PFPC and approximately 0.0323% was allocated to NCB. One of the officers of PFPC is Treasurer of the Trust.

Legal Fees

Expenses paid by the Trust during the year ended May 31, 2007, include legal fees of $335,726 paid to Drinker Biddle & Reath LLP. A partner of that firm is Secretary of the Trust.

Transfer Agent

Effective June 10, 2006, PFPC succeeded Boston Financial Data Services as Transfer Agent for the Funds. For its services as Transfer Agent, PFPC receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the year ended May 31, 2007, PFPC received $408,291 from the Funds in aggregate fees and expenses for services rendered under the Transfer Agency Services Agreement. One of the officers of PFPC is Treasurer of the Trust.

Affiliated Money Market Funds

Pursuant to SEC rules, the Fixed Income and Tax Exempt Bond Funds may invest cash balances not otherwise invested in portfolio securities and cash collateral from securities lending programs to purchase shares of the money market funds offered by the Trust and the Allegiant Advantage Fund, a separate investment company affiliated with the Trust. The Adviser will waive fees in an amount that offsets any distribution fees charged by the Money Market Funds. Dividends received from such investments are reported as “Income from affiliate” in the Statements of Operations.

4. Investments

During the year ended May 31, 2007, the cost of purchases and proceeds from sales of investments, other than short-term investments and long-term U.S. government obligations were:


	Purchases (000)		Sales (000)
Bond Fund	$	713,285	$	752,605
Government Mortgage Fund		1,081,864		1,095,219
Intermediate Bond Fund		227,157		305,056
Limited Maturity Bond Fund		48,175		73,883
Total Return Advantage Fund		124,418		123,394
Ultra Short Bond Fund		41,162		62,584
Intermediate Tax Exempt Bond Fund		63,621		80,429
Michigan Intermediate Municipal Bond Fund		32,775		55,182
Ohio Intermediate Tax Exempt Bond Fund		55,187		70,551
Pennsylvania Intermediate Municipal Bond Fund		12,196		18,133

During the year ended May 31, 2007, the cost of purchases and proceeds from sales of long-term U.S. government obligations were:


	Purchases (000)		Sales (000)
Bond Fund	$	379,940	$	346,537
Government Mortgage Fund		48,347		37,797
Intermediate Bond Fund		417,409		404,875
Limited Maturity Bond Fund		182,124		175,256
Total Return Advantage Fund		563,537		491,861
Ultra Short Bond Fund		41,440		39,042

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

5. Federal Income Taxes

Each of the Fixed Income and Tax Exempt Bond Funds is classified as a separate taxable entity for Federal income tax purposes and intends to continue to qualify as a separate “regulated investment company” under the Internal Revenue Code and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under U.S. generally accepted accounting principles. These book/tax differences are either temporary or permanent in nature, and are primarily due to wash sales, paydowns, market discount, swap agreements, and dividends deemed paid upon shareholder redemption of fund shares. The character and timing of dividends and/or distributions made during the year from net investment income and/or net realized capital gains may differ from the year that the income or realized capital gains (losses) were recorded by the Fixed Income and Tax Free Bond Funds. To the extent any of these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise. Accordingly, the following permanent differences have been reclassified to/from the following accounts for the year ended May 31, 2007:


	Undistributed Net Investment Income (000)			Accumulated Net Realized Gains (Losses) (000)			Paid-in Capital (000)
Bond Fund	$	82		$	(82	)	$	—
Government Mortgage Fund		324			(324	)		—
Intermediate Bond Fund		119			(119	)		—
Limited Maturity Bond Fund		96			(77	)		(19	)
Total Return Advantage Fund		(505	)		505			—
Ultra Short Bond Fund		(10	)		10			—
Intermediate Tax Exempt Bond Fund		10			(72	)		62
Michigan Municipal Bond Fund		67			(263	)		196
Pennsylvania Intermediate Municipal Bond Fund		(34	)		20			14

The tax character of dividends and distributions paid during the years ended May 31, 2007 and May 31, 2006 were as follows:


	Tax-Exempt Income (000)		Ordinary Income (000)		Long-Term Capital Gain (000)		Total (000)
Bond Fund
2007	$	—	$	16,042	$	—	$	16,042
2006		—		16,636		—		16,636
Government Mortgage Fund
2007		—		13,329		—		13,329
2006		—		13,080		—		13,080
Intermediate Bond Fund
2007		—		15,886		—		15,886
2006		—		18,031		—		18,031
Limited Maturity Bond Fund
2007		—		6,822		—		6,822
2006		—		6,855		—		6,855
Total Return Advantage Fund
2007		—		17,205		—		17,205
2006		—		13,577		2,063		15,640
Ultra Short Bond Fund
2007		—		3,613		—		3,613
2006		—		4,874		—		4,874
Intermediate Tax Exempt Bond Fund
2007		4,231		111		1,127		5,469
2006		4,886		—		82		4,968
Michigan Intermediate Municipal Bond Fund
2007		2,878		42		992		3,912
2006		3,917		24		383		4,324
Ohio Intermediate Tax Exempt Bond Fund
2007		5,296		—		—		5,296
2006		5,786		—		—		5,786
Pennsylvania Intermediate Municipal Bond Fund
2007		1,501		27		120		1,648
2006		1,736		9		—		1,745

As of May 31, 2007, the components of distributable earnings (accumulated losses) on a tax basis were as follows:


	Undistributed Ordinary Income (000)		Undistributed Tax-Exempt Income (000)		Undistributed Long-Term Capital Gain (000)		Capital Loss Carryforward (000)			Post- October Losses (000)			Unrealized Appreciation (Depreciation) (000)			Other Temporary Differences (000)			Total Distributable Earnings (Accumulated Losses) (000)
Bond Fund	$	1,201	$	—	$	—	$	(27,171	)	$	—		$	(3,512	)	$	(1,090	)	$	(30,572	)
Government Mortgage Fund		931		—		—		(10,734	)		—			(3,175	)		(872	)		(13,850	)
Intermediate Bond Fund		1,099		—		—		(10,271	)		(448	)		(3,585	)		(905	)		(14,110	)
Limited Maturity Bond Fund		—		—		—		(10,061	)		—			(625	)		(284	)		(10,970	)
Total Return Advantage Fund		659		—		—		(1,538	)		(485	)		(3,708	)		(1,125	)		(6,197	)
Ultra Short Bond Fund		430		—		—		(3,388	)		—			(74	)		(105	)		(3,137	)
Intermediate Tax Exempt Bond Fund		—		—		327		—			—			1,835			(325	)		1,837
Michigan Intermediate Municipal Bond Fund		—		—		585		—			—			2,310			(150	)		2,745
Ohio Intermediate Tax Exempt Bond Fund		—		332		—		(758	)		—			2,366			(397	)		1,543
Pennsylvania Intermediate Municipal Bond Fund		41		67		108		—			—			1,003			(114	)		1,105

Post-October losses represent losses realized on investment transactions from November 1, 2006 through May 31, 2007 that, in accordance with Federal income tax regulations, a Fund may elect to defer and treat as having arisen in the following year.

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. At May 31, 2007, the Funds had capital loss carryforwards (in thousands) available to offset future realized capital gains through the indicated expiration dates:


	Expiring May 31,
Fund	2008		2009		2010		2012		2013		2014		2015		Total
Bond Fund	$	—	$	11,132	$	11,952	$	—	$	—	$	1,212	$	2,875	$	27,171
Government Mortgage Fund*		1,987		2,228		—		2,107		—		2,274		2,138		10,734
Intermediate Bond Fund		—		1,034		1,169		—		—		2,120		5,948		10,271
Limited Maturity Bond Fund		1,834		755		1,650		233		773		3,290		1,526		10,061
Total Return Advantage Fund		—		—		—		—		—		559		979		1,538
Ultra Short Bond Fund		—		—		—		315		681		1,609		783		3,388
Ohio Intermediate Tax Exempt Bond Fund		—		758		—		—		—		—		—		758

*	A portion of the amount of this loss may be utilized in subsequent years. The amount is subject to an annual limitation due to the Fund’s merger with Armada GNMA Fund on November 21, 2003.

During the year ended May 31, 2007, capital loss carryforwards that were utilized to offset capital gains were as follows:


	(000)
Ohio Intermediate Tax Exempt Bond Fund	$	491

6. Shares of Beneficial Interest


	Class I				Class A				Class B				Class C
	Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06
Bond Fund
Shares issued	5,528		7,259		39		91		2		7		—		2
Share reinvested	287		275		20		25		2		2		1		1
Shares redeemed	(6,713	)	(7,176	)	(184	)	(408	)	(18	)	(26	)	(2	)	(11	)

Net increase (decrease)	(898	)	358		(125	)	(292	)	(14	)	(17	)	(1	)	(8	)

Government Mortgage Fund
Shares issued	5,679		7,179		128		315		3		22		13		107
Share reinvested	213		153		54		69		11		14		6		6
Shares redeemed	(6,365	)	(5,464	)	(670	)	(850	)	(96	)	(154	)	(92	)	(107	)

Net increase (decrease)	(473	)	1,868		(488	)	(466	)	(82	)	(118	)	(73	)	6

Intermediate Bond Fund
Shares issued	4,103		6,045		53		83		—		6		7		19
Share reinvested	395		390		29		36		14		15		1		2
Shares redeemed	(11,017	)	(10,119	)	(273	)	(399	)	(69	)	(130	)	(14	)	(19	)

Net increase (decrease)	(6,519	)	(3,684	)	(191	)	(280	)	(55	)	(109	)	(6	)	2

Limited Maturity Bond Fund
Shares issued	1,752		2,263		7		49		—		1		—		1
Share reinvested	300		233		11		12		1		2		1		1
Shares redeemed	(3,800	)	(6,435	)	(140	)	(259	)	(34	)	(37	)	(11	)	(37	)

Net decrease	(1,748	)	(3,939	)	(122	)	(198	)	(33	)	(34	)	(10	)	(35	)


	Class I				Class A				Class B				Class C
	Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06		Year Ended 5/31/07		Year Ended 5/31/06
Total Return Advantage Fund
Shares issued	14,673		11,138		464		386		35		26		14		15
Share reinvested	504		511		29		13		3		4		1		1
Shares redeemed	(8,330	)	(9,180	)	(140	)	(197	)	(11	)	(26	)	(12	)	(28	)

Net increase (decrease)	6,847		2,469		353		202		27		4		3		(12	)

Ultra Short Bond Fund
Shares issued	698		1,566		2		23		—		—		—		—
Share reinvested	208		243		6		5		—		—		—		—
Shares redeemed	(3,689	)	(9,856	)	(22	)	(39	)	—		—		—		—

Net decrease	(2,783	)	(8,047	)	(14	)	(11	)	—		—		—		—

Intermediate Tax Exempt Bond Fund
Shares issued	991		1,168		219		312		—		2		—		—
Share reinvested	19		14		16		13		1		1		—		—
Shares redeemed	(2,573	)	(2,470	)	(248	)	(691	)	(2	)	(14	)	(3	)	—

Net decrease	(1,563	)	(1,288	)	(13	)	(366	)	(1	)	(11	)	(3	)	—

Michigan Intermediate Municipal Bond Fund
Shares issued	171		691		84		1,104		—		2		—		1
Share reinvested	28		44		71		51		2		2		—		1
Shares redeemed	(2,163	)	(2,764	)	(584	)	(572	)	(27	)	(57	)	(13	)	(13	)

Net increase (decrease)	(1,964	)	(2,029	)	(429	)	583		(25	)	(53	)	(13	)	(11	)

Ohio Intermediate Tax Exempt Bond Fund
Shares issued	1,910		2,232		135		353		—		12		—		4
Share reinvested	10		14		26		31		1		2		1		1
Shares redeemed	(3,300	)	(2,237	)	(198	)	(500	)	(25	)	(11	)	(4	)	(4	)

Net increase (decrease)	(1,380	)	9		(37	)	(116	)	(24	)	3		(3	)	1

Pennsylvania Intermediate Municipal Bond Fund
Shares issued	300		600		36		118		—		—		3		9
Share reinvested	2		3		5		2		—		—		1		1
Shares redeemed	(972	)	(928	)	(35	)	(43	)	—		—		(28	)	(9	)

Net increase (decrease)	(670	)	(325	)	6		77		—		—		(24	)	1

7. Market and Credit Risk

Some countries in which certain of the Fixed Income Funds may invest require government approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The Bond, Government Mortgage, Intermediate Bond, Limited Maturity Bond, Total Return Advantage and Ultra Short Bond Funds may invest in securities whose value is derived from an underlying pool of mortgages or consumer loans. Prepayment of these loans may shorten the stated maturity of these respective obligations and may result in a loss.

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

Each Fixed Income and Tax Exempt Bond Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of some of these securities may adversely affect a Fund’s ability to dispose of such securities in a timely manner and at a fair price.

The Michigan Intermediate Municipal Bond, Ohio Intermediate Tax Exempt Bond and Pennsylvania Intermediate Municipal Bond Funds follow an investment policy of investing primarily in municipal obligations of one state. The Intermediate Tax Exempt Bond Fund follows an investment policy of investing in municipal obligations of various states which may, at times, comprise concentrations in one or several states. Economic changes affecting each state and related public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the Funds.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Statements of Net Assets.

The rating of long-term debt as a percentage of total value of investments on May 31, 2007, is as follows:


Standard & Poor’s/Moody’s Ratings	Intermediate Tax Exempt Bond		Michigan Intermediate Municipal Bond		Ohio Intermediate Tax Exempt Bond		Pennsylvania Intermediate Municipal Bond
AAA/Aaa	77.8	%	77.4	%	77.5	%	87.6	%
AA/Aa	14.3	%	22.6	%	13.8	%	11.8	%
A/A	6.4	%	—		6.6	%	—
BBB/Baa	1.5	%	—		2.1	%	0.6	%
NR	—		—		—		—

	100.0	%	100.0	%	100.0	%	100.0	%

Securities rated by only one agency are shown in that category. Securities rated by both agencies are categorized according to their lowest rating.

8. Securities Lending

To generate additional income, the Fixed Income Funds may lend their securities pursuant to a securities lending agreement (“Lending Agreement”) with Union Bank of California (“UBOC”), the securities lending agent. The lending Funds may lend up to 50% of securities in which they are invested requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities as collateral equal at all times to at least 100% of the market value plus accrued interest on the securities loaned. The lending Funds continue to earn interest and dividends on securities loaned while simultaneously seeking to earn interest on the investment of collateral. The lending Funds receive 70% of the income earned which is comprised of interest received on the collateral net of broker rebates and other expenses incurred by UBOC.

9. Indemnifications

10. Recent Accounting Pronouncements

11. Regulatory Matters

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTICE TO SHAREHOLDERS

(Unaudited)

The information set forth below is for each Fund’s fiscal year as required by federal laws. Shareholders, however, must report dividends/distributions on a calendar year basis for income tax purposes, which may include dividends/distributions for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2007 income tax purposes will be sent to them in early 2008. Please consult your tax advisor for proper treatment of this information.

Tax Information

The following tax information represents fiscal year end disclosure of various tax benefits passed through to shareholders at calendar year end.

The amounts of distributions designated as long term capital gains are as follows (in thousands):


Name of Fund
Intermediate Tax Exempt Bond Fund	$	1,127
Michigan Intermediate Municipal Bond Fund		1,345
Pennsylvania Intermediate Municipal Bond Fund		175

Of the dividends paid from net investment income, excluding short term capital gains, by the following Funds, the corresponding percentages represent the amount of such dividends which are tax exempt for regular Federal income tax purposes.


Name of Fund
Intermediate Tax Exempt Bond Fund	99.51	%
Michigan Intermediate Municipal Bond Fund	98.64	%
Ohio Intermediate Tax Exempt Bond Fund	100.00	%
Pennsylvania Intermediate Municipal Bond Fund	98.31	%

A portion of this income may be subject to alternative minimum tax.

Proxy Voting

A description of the policies and procedures that Allegiant Funds use to determine how to vote proxies relating to their portfolio securities as well as information regarding how Allegiant Funds voted proxies during the most recent 12-month period ending June 30, is available upon request, without charge, by calling 1-800-622-FUND (3863), visiting the Fund’s website at www.allegiantfunds.com, or on the SEC’s website at http://www.sec.gov.

Quarterly Schedule of Investments

Investment Adviser

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, Ohio 44114

Distributor

Professional Funds Distributor, LLC

760 Moore Road

King of Prussia, Pennsylvania 19406

Legal Counsel

Drinker Biddle & Reath LLP

One Logan Square

18th and Cherry Streets

Philadelphia, Pennsylvania 19103-6996

Independent Registered Public Accounting Firm

Ernst & Young LLP

Two Commerce Square

2001 Market Street, Suite 4000

Philadelphia, Pennsylvania 19103

Custodian

PFPC Trust Co.

8800 Tinicum Boulevard, 4th Floor

Philadelphia, Pennsylvania 19153

LOGO

760 Moore Road

King of Prussia, PA 19406

INVESTMENT ADVISER:

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, OH 44114

ALL-AR-003-0607

LOGO

ALLEGIANT MONEY MARKET FUNDS

ANNUAL REPORT

MONEY MARKET FUNDS

Government Money Market Fund

Money Market Fund

Ohio Municipal Money Market Fund

Pennsylvania Tax Exempt Money Market Fund

Tax Exempt Money Market Fund

Treasury Money Market Fund

OTHER ALLEGIANT FUNDS

EQUITY FUNDS

International Equity Fund

Large Cap Core Equity Fund

Large Cap Growth Fund

Large Cap Value Fund

Mid Cap Value Fund

Multi-Factor Mid Cap Growth Fund

(formerly Mid Cap Growth Fund)

Multi-Factor Small Cap Core Fund

Multi-Factor Small Cap Focused Value Fund

Multi-Factor Small Cap Growth Fund

Multi-Factor Small Cap Value Fund

S&P 500^® Index Fund

Small Cap Core Fund

Small Cap Growth Fund

ASSET ALLOCATION FUND

Balanced Allocation Fund

FIXED INCOME FUNDS

Bond Fund

Government Mortgage Fund

Intermediate Bond Fund

Limited Maturity Bond Fund

Total Return Advantage Fund

Ultra Short Bond Fund

TAX EXEMPT BOND FUNDS

Intermediate Tax Exempt Bond Fund

Michigan Intermediate Municipal Bond Fund

Ohio Intermediate Tax Exempt Bond Fund

Pennsylvania Intermediate Municipal Bond Fund

TABLE OF CONTENTS


Chairman’s Message		1
Report from Allegiant Asset Management Company		2
Summary of Portfolio Holdings		5
Expense Tables		6
Trustees and Officers of the Trust		7
Report of Independent Registered Public Accounting Firm		9


	Financial Highlights	Statements of Net Assets
Government Money Market Fund	10	12
Money Market Fund	10	14
Ohio Municipal Money Market Fund	11	18
Pennsylvania Tax Exempt Money Market Fund	11	22
Tax Exempt Money Market Fund	11	25
Treasury Money Market Fund	11	32

Statements of Operations		34
Statements of Changes in Net Assets		36
Notes to Financial Statements		38
Notice to Shareholders		44

This material must be preceded or accompanied by a prospectus.

You should consider the investment objective, risks, charges, and expenses of the Allegiant Money Market Funds (the “Funds”) carefully before investing. A prospectus and other information about the Funds may be obtained by calling your investment professional, calling 1-800-622-FUND (3863) or downloading one at www.allegiantfunds.com. Please read it carefully before investing.

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Allegiant Asset Management Company (“Adviser”) serves as investment adviser to the Funds, for which it receives an investment advisory fee. The Funds are distributed by Professional Funds Distributor, LLC (“PFD”), 760 Moore Road, King of Prussia, PA 19406. PFD is not affiliated with the Adviser and is not a bank.

An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

Allegiant Money Market Funds

CHAIRMAN’S MESSAGE

JULY 2007

Dear Shareholders:

Should you have any questions regarding Allegiant Funds or the information contained in this report, please contact your investment professional or call Investor Services at 1-800-622-FUND (3863).

Thank you for your continued confidence in Allegiant Funds. We look forward to continuing to assist you with achieving your investment goals in the year ahead.

Sincerely,

Robert D. Neary

Chairman

LOGO

Allegiant Money Market Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

“...the Fed established a holding pattern with the federal funds rate at 5.25%.”

Review

The housing market recession was dominant among fears of an excessive economic slow-down. Previous years of abnormally low interest rates combined with a dramatic relaxation of underwriting standards and increased speculation resulted in overvalued market conditions. As interest rates trended higher and affordability trended lower, however, demand collapsed, prices weakened, and credit problems multiplied.

Fixed Income

⁽¹⁾

Peer-group performance is derived from data provided by Lipper Inc.

Commentary provided by Allegiant Asset Management Company

“The fixed income market over the last year was marked by a flat-to-inverted yield curve, historically low spreads, and low volatility.”

Equities

U.S. corporations continued to generate robust earnings growth, fueled by their continued global expansion. For the first time, companies in the S&P 500^® Index will generate over 50% of their sales abroad. The robust economic growth of China, developing economies, and Europe, combined with a weak U.S. dollar, helped offset results from domestic operations.

What’s Ahead?

*	Large-company stocks are represented by the Russell 1000^® Index and Small-company stocks are represented by the Russell 2000^® Index.

**	The Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE^®”) and the Morgan Stanley Capital International Emerging Markets Index (“MSCI EM^®”)

Allegiant Money Market Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

In closing, thank you for the trust you have placed with us. You are truly our most valuable asset.

Allegiant Money Market Funds

SUMMARY OF PORTFOLIO HOLDINGS

The tables below present portfolio holdings as a percentage of total investments for each of the Allegiant Money Market Funds as of May 31, 2007.


Government Money Market Fund

Repurchase Agreements	64.3	%
Federal Home Loan Bank	20.3
Federal Farm Credit Bank	6.4
Federal National Mortgage Association	4.3
Federal Home Loan Mortgage Corporation	3.3
Money Market Fund	1.4
	100.0	%

Money Market Fund

Commercial Paper	53.6	%
Certificates of Deposit	16.5
Corporate Bonds	13.3
Repurchase Agreements	11.1
Master Notes	2.3
Funding Agreements	2.0
Municipal Securities	0.8
Affiliated Money Market Fund	0.4
	100.0	%

Ohio Municipal Money Market Fund

General Obligation Bonds	22.9	%
Hospital/Nursing Homes Revenue Bonds	18.7
Education Revenue Bonds	16.3
Industrial Development Revenue Bonds	16.0
Public Facilities Revenue Bonds	6.2
Anticipation Notes	5.5
Water/Sewer Revenue Bonds	4.5
Tax Exempt Commercial Paper	3.5
Retirement Community Revenue Bonds	2.3
Pollution Control Revenue Bonds	1.7
Transportation Revenue Bonds	1.4
Other Revenue Bonds	0.6
Money Market Fund	0.4
	100.0	%

Pennsylvania Tax Exempt Money Market Fund

Education Revenue Bonds	32.1	%
Industrial Development Revenue Bonds	13.0
Hospital/Nursing Homes Revenue Bonds	12.3
General Obligation Bonds	11.4
Public Purpose Revenue Bonds	8.8
Tax Exempt Commercial Paper	7.7
Water/Sewer Revenue Bonds	4.7
Retirement Community Revenue Bonds	4.3
Public Facilities Revenue Bonds	2.2
Other Revenue Bonds	1.6
Transportation Revenue Bonds	1.5
Money Market Fund	0.4
	100.0	%

Tax Exempt Money Market Fund

Education Revenue Bonds	26.8	%
General Obligation Bonds	20.1
Hospital/Nursing Homes Revenue Bonds	16.2
Tax Exempt Commercial Paper	7.6
Industrial Development Revenue Bonds	7.5
Other Revenue Bonds	5.5
Transportation Revenue Bonds	4.3
Public Purpose Revenue Bonds	4.2
Public Facilities Revenue Bonds	3.4
Anticipation Notes	2.0
Water/Sewer Revenue Bonds	2.0
Money Market Fund	0.4
	100.0	%

Treasury Money Market Fund

U.S. Treasury Bills	89.1	%
Money Market Fund	10.9
	100.0	%

Allegiant Money Market Funds

EXPENSE TABLES

The expenses shown in the Expense Tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as contingent deferred sales charges which may apply to redemptions of Class B Shares and Class C Shares of the Money Market Fund and which are described in the Prospectus. If these transactional costs were included, your costs would be higher.

The “Annualized Expense Ratio” reflects the actual expenses net of fee waivers, where applicable, for the period (December 1, 2006 to May 31, 2007) and may be different from the expense ratio in the Financial Highlights which is for the year ended May 31, 2007.

All mutual funds have operating expenses. As a shareholder of a Fund, you incur operating expenses, including investment advisory fees, distribution (12b-1) fees and other Fund expenses. Such expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of a Fund. A Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The Expense Tables provided below are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (December 1, 2006 to May 31, 2007).

The Expense Table that appears for your Fund illustrates your Fund’s costs in two ways.

•

Actual Expenses. This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Class of a Fund under the heading “Expenses Paid During Period.”

•


	Beginning Account Value 12/1/06		Ending Account Value 5/31/07		Annualized Expense Ratio		Expenses Paid During Period*
Government Money Market Fund

Actual
Class I	$	1,000.00	$	1,024.82	0.37	%	$	1.87
Class A		1,000.00		1,023.55	0.62			3.13
Hypothetical**
Class I		1,000.00		1,023.09	0.37			1.87
Class A		1,000.00		1,021.84	0.62			3.13

Money Market Fund

Actual
Class I	$	1,000.00	$	1,025.16	0.36	%	$	1.82
Class A		1,000.00		1,023.90	0.61			3.08
Class B		1,000.00		1,020.17	1.35			6.80
Class C		1,000.00		1,020.18	1.35			6.80
Hypothetical**
Class I		1,000.00		1,023.14	0.36			1.82
Class A		1,000.00		1,021.89	0.61			3.07
Class B		1,000.00		1,018.20	1.35			6.79
Class C		1,000.00		1,018.20	1.35			6.79

Ohio Municipal Money Market Fund

Actual
Class I	$	1,000.00	$	1,017.11	0.27	%	$	1.36
Class A		1,000.00		1,015.85	0.52			2.61
Hypothetical**
Class I		1,000.00		1,023.59	0.27			1.36
Class A		1,000.00		1,022.34	0.52			2.62

Pennsylvania Tax Exempt Money Market Fund

Actual
Class I	$	1,000.00	$	1,017.07	0.28	%	$	1.41
Class A		1,000.00		1,015.81	0.53			2.66
Hypothetical**
Class I		1,000.00		1,023.54	0.28			1.41
Class A		1,000.00		1,022.29	0.53			2.67

Tax Exempt Money Market Fund

Actual
Class I	$	1,000.00	$	1,017.07	0.27	%	$	1.36
Class A		1,000.00		1,015.82	0.52			2.61
Hypothetical**
Class I		1,000.00		1,023.59	0.27			1.36
Class A		1,000.00		1,022.34	0.52			2.62

Treasury Money Market Fund

Actual
Class I	$	1,000.00	$	1,023.37	0.38	%	$	1.92
Class A		1,000.00		1,022.10	0.63			3.18
Hypothetical**
Class I		1,000.00		1,023.04	0.38			1.92
Class A		1,000.00		1,021.79	0.63			3.18

*	Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 365.

**	Assumes annual return of 5% before expenses.

Allegiant Money Market Funds

TRUSTEES AND OFFICERS OF THE TRUST


Name, Address¹ Age	Position(s) Held with the Trust	Length of Time Served²	Principal Occupation(s) During Past 5 Years/ Other Directorships³ Held by Board Member	Number of Portfolios in the Fund Complex Overseen by Trustee⁴
Independent Trustees

Robert D. Neary 73	Chairman of the Board and Trustee	Since February 1996	Retired; Co-Chairman of Ernst & Young, 1984 - 1993; Director, Commercial Metals Company.	31

Dorothy A. Berry 63	Trustee	Since April 2006	President, Talon Industries, Inc. (administrative, management and business consulting), since 1986; Chairman and Director, Professionally Managed Portfolios.	31

Kelley J. Brennan 64	Trustee	Since April 2006	Retired; Partner, PricewaterhouseCoopers LLP, 1981 - 2002.	31

John F. Durkott 62	Trustee	Since November 1993	President and CEO, Kittle’s Home Furnishings Center, Inc. (“Kittle’s”), since January 2002; Partner, Kittle’s Bloomington Properties LLC, 1981 - 2003; KK&D LLC, 1989 - 2003; KK&D II LLC, 1998 - 2003 (affiliated real estate companies of Kittle’s).	31

Richard W. Furst 68	Trustee and Chairman of the Audit Committee	Since June 1990	Dean Emeritus and Garvice D. Kincaid Professor of Finance (Emeritus), since 2003; Dean and Garvice D. Kincaid Professor of Finance, 2000-2003; Dean and Professor of Finance, 1981-2000; Gatton College of Business and Economics, University of Kentucky.	31

Gerald L. Gherlein 69	Trustee	Since July 1997	Retired; Executive Vice President and General Counsel, Eaton Corporation (global manufacturing), 1991 - 2000.	31

Dale C. LaPorte 65	Trustee	Since April 2005	Senior Vice President and General Counsel, Invacare Corporation (manufacturer of health care products), since December 2005; Partner, 1974 - 2005 and Chairman of Executive Committee, 2000 - 2004, Calfee, Halter & Griswold LLP.	31

Kathleen A. Obert 48	Trustee	Since August 2002	Chairman and CEO, Edward Howard & Co. (public relations agency), since 2000.	31

Interested Trustees

John G. Breen⁵ 72	Trustee	Since August 2002	Retired; Chairman and CEO, The Sherwin Williams Co. (manufacture, distribution and sale of coatings), until May 2000; Director, Goodyear Tire & Rubber Co.; Director, The Stanley Works.	31

Timothy L. Swanson⁵ 39	President, CEO and Chief Legal Officer	Since February 2006	Executive Vice President and Chief Investment Officer, National City Corporation (bank holding company), since February 2003; Managing Director and Head of Equity Management, Evergreen Private Asset Management, 2002 - 2003; Senior Vice President and Head of Equity Securities, Wachovia Asset Management, 1999 - 2002.	31
	Trustee	Since April 2006

Allegiant Money Market Funds

TRUSTEES AND OFFICERS OF THE TRUST


Name, Address¹ Age	Position(s) Held with the Trust	Length of Time Served²	Principal Occupation(s) During Past 5 Years/ Other Directorships³ Held by Board Member	Number of Portfolios in the Fund Complex Overseen by Trustee⁴
Officers

Kathleen T. Barr⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 52	Senior Vice President, Chief Administrative Officer and Chief Compliance Officer	Since February 2003	Senior Vice President (formerly Vice President), National City Bank, and Managing Director, Allegiant Asset Management Group, since June 1999; Managing Director, Allegiant Asset Management Company, since May 1996.	N/A

Patrick Glazar⁶ 103 Bellevue Parkway Wilmington, DE 19809 39	Treasurer	Since February 2006	Assistant Vice President and Director, Accounting and Administration, PFPC Inc., since September 2002; Senior Manager, PFPC Inc., 1994 to 2002.	N/A

John Kernan⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 41	Assistant Treasurer	Since February 2005	Senior Vice President, National City Bank, and Managing Director of Fund Administration, Allegiant Asset Management Group, since July 2004; Vice President and Senior Director of Fund Administration, State Street Bank and Trust Company, 1998 to 2004.	N/A

Audrey C. Talley⁶ One Logan Square 18th and Cherry Streets Philadelphia, PA 19103-6996 53	Secretary	Since February 2005	Partner, Drinker Biddle & Reath LLP (law firm).	N/A

Ronald L. Weihrauch⁶ 200 Public Square, 5th Floor Cleveland, OH 44114 30	Assistant Secretary	Since February 2007	Vice President (formerly Assistant Vice President), National City Bank, and Director, Legal Administration, Allegiant Asset Management Group, since September 2004; Senior Attorney, Ohio National Financial Services, 2003 - 2004; Associate Attorney, Millikin & Fitton Law Firm, 2001 - 2003.	N/A

David C. Lebisky⁶ 760 Moore Road King of Prussia, PA 19406 35	Assistant Secretary	Since February 2007	Vice President and Senior Director, Regulatory Administration, PFPC Inc., since January 2007; Vice President and Director, PFPC Inc., 2003 to 2007; Assistant Vice President and Manager, 2001 to 2003.	N/A

¹	Each Trustee can be contacted by writing to Allegiant Funds, c/o Allegiant Funds Group, 200 Public Square, 5th Floor, Cleveland, OH 44114, Attention: John Kernan.

²	Each Trustee holds office until the next meeting of shareholders at which Trustees are elected following his or her election or appointment and until his or her successor has been elected and qualified.

⁴

⁵

⁶

For more information regarding the trustees and officers, please refer to the Statement of Additional Information, which is available, without charge, upon request by calling 1-800-622-FUND (3863).

Allegiant Money Market Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Allegiant Funds

We have audited the accompanying statements of net assets of the Government Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund, Pennsylvania Tax Exempt Money Market Fund, Tax Exempt Money Market Fund, and Treasury Money Market Fund (the “Funds”) (six of the portfolios constituting the Allegiant Funds) as of May 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above listed Funds at May 31, 2007, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Philadelphia, Pennsylvania

July 19, 2007


Allegiant Money Market Funds		Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS		For the Years Ended May 31


	Net Asset Value, Beginning of Year		Net Investment Income†			Realized Loss on Investments			Dividends from Net Investment Income			Net Asset Value, End of Year		Total Return		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers)
GOVERNMENT MONEY MARKET FUND

CLASS I
2007	$	1.00	$	0.05		$	—	*	$	(0.05	)	$	1.00	5.01	%	$	464,208	0.37	%	4.90	%	0.42	%	4.85	%
2006		1.00		0.04			—			(0.04	)		1.00	3.69			576,444	0.41		3.61		0.49		3.53
2005		1.00		0.02			—			(0.02	)		1.00	1.58			724,656	0.44		1.43		0.54		1.33
2004		1.00		0.01			—			(0.01	)		1.00	0.65			1,554,598	0.42		0.65		0.52		0.55
2003		1.00		0.01			—			(0.01	)		1.00	1.15			1,966,487	0.41		1.16		0.51		1.06
CLASS A
2007	$	1.00	$	0.05		$	—	*	$	(0.05	)	$	1.00	4.75	%	$	339,913	0.62	%	4.65	%	0.67	%	4.60	%
2006		1.00		0.03			—			(0.03	)		1.00	3.43			391,159	0.66		3.36		0.74		3.28
2005		1.00		0.01			—			(0.01	)		1.00	1.33			441,606	0.69		1.18		0.79		1.08
2004		1.00		—	*		—			—	*		1.00	0.40			388,023	0.67		0.40		0.77		0.30
2003		1.00		0.01			—			(0.01	)		1.00	0.89			593,867	0.66		0.91		0.76		0.81

MONEY MARKET FUND

CLASS I
2007	$	1.00	$	0.05		$	—	*	$	(0.05	)	$	1.00	5.09	%	$	2,400,557	0.37	%	4.98	%	0.42	%	4.93	%
2006		1.00		0.04			—			(0.04	)		1.00	3.75			2,107,744	0.41		3.65		0.49		3.57
2005⁽¹⁾		1.00		0.02			—			(0.02	)		1.00	1.62			2,373,840	0.42		1.57		0.52		1.47
2004		1.00		0.01			—			(0.01	)		1.00	0.67			2,920,107	0.43		0.68		0.53		0.58
2003		1.00		0.01			—			(0.01	)		1.00	1.19			3,646,585	0.40		1.19		0.50		1.09
CLASS A
2007	$	1.00	$	0.05		$	—	*	$	(0.05	)	$	1.00	4.82	%	$	902,964	0.62	%	4.73	%	0.67	%	4.68	%
2006		1.00		0.03			—			(0.03	)		1.00	3.49			749,629	0.66		3.40		0.74		3.32
2005⁽¹⁾		1.00		0.01			—			(0.01	)		1.00	1.37			734,047	0.67		1.32		0.77		1.22
2004		1.00		—	*		—			—	*		1.00	0.43			902,676	0.68		0.43		0.78		0.33
2003		1.00		0.01			—			(0.01	)		1.00	0.94			1,097,776	0.65		0.94		0.75		0.84
CLASS B
2007	$	1.00	$	0.04		$	—	*	$	(0.04	)	$	1.00	4.07	%	$	632	1.35	%	4.00	%	1.40	%	3.95	%
2006		1.00		0.03			—			(0.03	)		1.00	2.76			715	1.37		2.69		1.45		2.61
2005⁽¹⁾		1.00		0.01			—			(0.01	)		1.00	0.94			1,126	1.09		0.90		1.49		0.50
2004		1.00		—	*		—			—	*		1.00	0.43			1,129	0.68		0.43		1.48		(0.37	)
2003		1.00		0.01			—			(0.01	)		1.00	0.60			1,789	0.95		0.64		1.46		0.13
CLASS C
2007	$	1.00	$	0.04		$	—	*	$	(0.04	)	$	1.00	4.07	%	$	107	1.35	%	4.00	%	1.40	%	3.95	%
2006		1.00		0.03			—			(0.03	)		1.00	2.76			107	1.37		2.69		1.45		2.61
2005⁽¹⁾		1.00		0.01			—			(0.01	)		1.00	0.94			685	1.09		0.90		1.49		0.50
2004		1.00		—	*		—			—	*		1.00	0.42			671	0.68		0.43		1.48		(0.37	)
2003		1.00		0.01			—			(0.01	)		1.00	0.60			1,283	0.95		0.64		1.46		0.13

*	Amount represents less than $0.005 per share.

†	Per share data calculated using average shares outstanding method.

⁽¹⁾

Capital infusions in June and July of 2004 resulted in a $0.001, $0.003, $0.001 and $0.000 effect to the net asset value per share of Class I, Class A, Class B and Class C, respectively, for the year ended May 31, 2005 and had no effect on the total return of the Fund.

See Notes to Financial Statements.


	Net Asset Value, Beginning of Year		Net Investment Income†			Realized Gain (Loss) on Investments			Dividends from Net Investment Income			Net Asset Value, End of Year		Total Return		Net Assets End of Year (000)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses to Average Net Assets (Before Fee Waivers)		Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers)
OHIO MUNICIPAL MONEY MARKET FUND

CLASS I
2007	$	1.00	$	0.03		$	—		$	(0.03	)	$	1.00	3.40	%	$	293,090	0.27	%	3.35	%	0.32	%	3.30	%
2006		1.00		0.03			—			(0.03	)		1.00	2.58			315,415	0.31		2.55		0.45		2.41
2005		1.00		0.01			—			(0.01	)		1.00	1.38			304,362	0.33		1.40		0.53		1.20
2004		1.00		0.01			—			(0.01	)		1.00	0.70			238,433	0.34		0.70		0.54		0.50
2003		1.00		0.01			—			(0.01	)		1.00	1.06			262,692	0.32		1.05		0.52		0.85
CLASS A
2007	$	1.00	$	0.03		$	—		$	(0.03	)	$	1.00	3.15	%	$	90,158	0.52	%	3.10	%	0.57	%	3.05	%
2006		1.00		0.02			—			(0.02	)		1.00	2.32			55,993	0.56		2.30		0.70		2.16
2005		1.00		0.01			—			(0.01	)		1.00	1.12			55,348	0.58		1.15		0.78		0.95
2004		1.00		—	*		—			—	*		1.00	0.45			48,535	0.59		0.45		0.79		0.25
2003		1.00		0.01			—			(0.01	)		1.00	0.81			52,040	0.57		0.80		0.77		0.60

PENNSYLVANIA TAX EXEMPT MONEY MARKET FUND

CLASS I
2007	$	1.00	$	0.03		$	—		$	(0.03	)	$	1.00	3.40	%	$	102,098	0.28	%	3.35	%	0.33	%	3.30	%
2006		1.00		0.03			—			(0.03	)		1.00	2.58			80,340	0.32		2.55		0.49		2.38
2005		1.00		0.01			—			(0.01	)		1.00	1.35			93,325	0.34		1.33		0.59		1.08
2004		1.00		0.01			—			(0.01	)		1.00	0.69			97,248	0.34		0.69		0.59		0.44
2003		1.00		0.01			—			(0.01	)		1.00	1.07			100,585	0.30		1.06		0.55		0.81
CLASS A
2007	$	1.00	$	0.03		$	—		$	(0.03	)	$	1.00	3.14	%	$	59,534	0.53	%	3.10	%	0.58	%	3.05	%
2006		1.00		0.02			—			(0.02	)		1.00	2.32			42,149	0.57		2.30		0.74		2.13
2005		1.00		0.01			—			(0.01	)		1.00	1.10			39,357	0.59		1.08		0.84		0.83
2004		1.00		—	*		—			—	*		1.00	0.43			104,046	0.59		0.44		0.84		0.19
2003		1.00		0.01			—			(0.01	)		1.00	0.82			88,615	0.55		0.81		0.80		0.56

TAX EXEMPT MONEY MARKET FUND

CLASS I
2007	$	1.00	$	0.03		$	—	*	$	(0.03	)	$	1.00	3.40	%	$	546,126	0.27	%	3.36	%	0.32	%	3.31	%
2006		1.00		0.03			—			(0.03	)		1.00	2.58			381,918	0.31		2.55		0.45		2.41
2005		1.00		0.01			—			(0.01	)		1.00	1.36			436,206	0.33		1.35		0.53		1.15
2004		1.00		0.01			—			(0.01	)		1.00	0.68			426,256	0.33		0.68		0.53		0.48
2003		1.00		0.01			—			(0.01	)		1.00	1.04			545,100	0.31		1.03		0.51		0.83
CLASS A
2007	$	1.00	$	0.03		$	—	*	$	(0.03	)	$	1.00	3.15	%	$	201,946	0.52	%	3.11	%	0.57	%	3.06	%
2006		1.00		0.02			—			(0.02	)		1.00	2.33			165,891	0.56		2.30		0.70		2.16
2005		1.00		0.01			—			(0.01	)		1.00	1.10			137,814	0.58		1.10		0.78		0.90
2004		1.00		—	*		—			—	*		1.00	0.43			222,193	0.58		0.43		0.78		0.23
2003		1.00		0.01			—			(0.01	)		1.00	0.79			267,874	0.56		0.78		0.76		0.58

TREASURY MONEY MARKET FUND

CLASS I
2007	$	1.00	$	0.05		$	—	*	$	(0.05	)	$	1.00	4.69	%	$	171,646	0.39	%	4.59	%	0.44	%	4.54	%
2006		1.00		0.03			—			(0.03	)		1.00	3.36			164,992	0.43		3.24		0.48		3.19
2005		1.00		0.01			—			(0.01	)		1.00	1.43			196,930	0.43		1.17		0.48		1.12
2004		1.00		0.01			—			(0.01	)		1.00	0.54			578,023	0.43		0.54		0.48		0.49
2003		1.00		0.01			—			(0.01	)		1.00	1.07			636,837	0.41		1.04		0.46		0.99
CLASS A
2007	$	1.00	$	0.04		$	—	*	$	(0.04	)	$	1.00	4.43	%	$	7,896	0.64	%	4.34	%	0.69	%	4.29	%
2006		1.00		0.03			—			(0.03	)		1.00	3.10			12,814	0.68		2.99		0.73		2.94
2005		1.00		0.01			—			(0.01	)		1.00	1.17			16,649	0.68		0.92		0.73		0.87
2004		1.00		—	*		—			—	*		1.00	0.29			24,611	0.68		0.29		0.73		0.24
2003		1.00		0.01			—			(0.01	)		1.00	0.82			14,890	0.66		0.79		0.71		0.74

Allegiant Government Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.0%
Federal Farm Credit Bank — 6.3%
Federal Farm Credit Bank (MTN)
2.875%, 08/09/07	$	20,000	$	19,913
2.625%, 09/17/07		31,280		31,045

				50,958

Federal Home Loan Bank — 20.2%
Federal Home Loan Bank
5.250%, 09/24/07		15,000		15,000
5.250%, 11/01/07		39,820		39,820
5.250%, 12/12/07		7,000		7,000
4.000%, 03/10/08		5,590		5,536
5.125%, 04/24/08		5,000		4,995
Federal Home Loan Bank (DN)
5.050%, 06/01/07 (A)		10,000		10,000
Federal Home Loan Bank (FRN)
5.129%, 11/15/07		11,500		11,498
5.119%, 11/15/07		10,000		10,000
5.139%, 01/10/08		15,000		15,000
5.139%, 01/24/08		12,500		12,500
5.129%, 02/07/08		15,000		15,000
5.119%, 02/28/08		10,000		10,000
Federal Home Loan Bank (MTN)
4.875%, 08/22/07		5,990		5,986

				162,335

Federal Home Loan Mortgage Corporation — 3.2%
Federal Home Loan Mortgage Corporation (DN)
5.065%, 07/23/07 (A)		20,000		19,854
Federal Home Loan Mortgage Corporation (MTN)
4.875%, 09/05/07		6,000		5,994
				25,848
Federal National Mortgage Association — 4.3%
Federal National Mortgage Association (DN)
5.090%, 06/01/07 (A)		1,500		1,500
5.110%, 07/03/07 (A)		12,928		12,870
5.095%, 07/03/07 (A)		15,000		14,932
5.010%, 02/29/08 (A)		3,181		3,060
Federal National Mortgage Association (MTN)
4.250%, 08/22/07		2,150		2,145

				34,507

Total U.S. Government Agency Obligations (Cost $273,648)				273,648


	Number of Shares

MONEY MARKET FUND — 1.5%
AIM Government & Agency Portfolio (Cost $11,336)		11,336,122		11,336


	Par (000)		Value (000)

REPURCHASE AGREEMENTS — 63.9%
Bank of America 5.300% (dated 05/31/07, due 06/01/07, repurchase price $199,029,297, collateralized by Federal National Mortgage Association Bonds, 5.000%, due 04/01/37 to 05/01/37, total market value $202,980,000)	$	199,000	$	199,000
Barclays 5.300% (dated 05/31/07, due 06/01/07, repurchase price $40,005,889, collateralized by Federal Home Loan Mortgage Corporation Note, 5.108%, due 08/13/07, total market value $40,800,053)		40,000		40,000
Deutsche Bank 5.310% (dated 05/31/07, due 06/01/07, repurchase price $195,028,763, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association Bonds, 4.000% to 5.538%, due 06/01/19 to 06/01/37, total market value $198,900,000)		195,000		195,000
Goldman Sachs 5.300% (dated 05/31/07, due 06/01/07, repurchase price $40,005,889, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association Bonds, 4.500% to 6.000%, due 05/01/20 to 05/01/37, total market value $40,800,000)		40,000		40,000
Greenwich Capital 5.310% (dated 05/31/07, due 06/01/07, repurchase price $40,005,900, collateralized by Federal National Mortgage Association Bonds, 4.038% to 4.847%, due 08/01/33 to 02/01/37, total market value $40,800,538)		40,000		40,000

Total Repurchase Agreements (Cost $514,000)				514,000

TOTAL INVESTMENTS — 99.4% (Cost $798,984)*				798,984

Other Assets & Liabilities — 0.6%
Dividends Payable
Class I				(1,926	)
Class A				(1,041	)
Investment Advisory Fees Payable				(175	)
12b-1 Fees Payable
Class I				(30	)
Class A				(57	)
Administration Fees Payable				(42	)
Custody Fees Payable				(6	)
Trustees’ Fees Payable				(74	)
Payable for Shares of Beneficial Interest Redeemed				(273	)
Other				8,761

Total Other Assets & Liabilities				5,137

TOTAL NET ASSETS — 100.0%			$	804,121


	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	804,164
Accumulated Net Realized Loss on Investments		(43	)

Total Net Assets	$	804,121

Net Asset Value, Offering and Redemption Price Per Share — Class I ($464,208,235 ÷ 464,192,668 outstanding shares of beneficial interest)	$	1.00

Net Asset Value, Offering and Redemption Price Per Share — Class A ($339,912,963 ÷ 339,949,987 outstanding shares of beneficial interest)	$	1.00

*	Also cost for Federal income tax purposes.

(A)

Zero Coupon Bond — the rate shown is the effective yield at purchase date.

DN —

Discount Note

FRN —

Floating Rate Note: the rate shown is the rate in effect on May 31, 2007, and the date shown is the final maturity date, not the next reset or put date. The rate floats based on a predetermined index.

MTN —

Medium Term Note

See Notes to Financial Statements.

Allegiant Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
COMMERCIAL PAPER† — 53.5%
Banks — 9.6%
Abbey National North America
5.205%, 09/05/07	$	30,000	$	29,584
ABN AMRO
5.175%, 11/26/07		30,000		29,232
Danske
5.225%, 07/11/07		25,000		24,855
5.165%, 10/12/07		30,000		29,427
Dexia Delaware LLC
5.195%, 08/08/07		10,000		9,902
5.200%, 08/09/07		20,000		19,801
Societe Generale North America
5.240%, 06/19/07		7,600		7,580
5.205%, 07/12/07		15,831		15,737
5.160%, 11/05/07		30,000		29,325
Svenska Handelsbanken NY
5.235%, 06/29/07		32,750		32,617
Westpac Banking
5.225%, 07/05/07		30,000		29,852
5.205%, 07/12/07		30,000		29,823
5.225%, 08/01/07		10,000		9,911
5.165%, 11/02/07		20,000		19,558

				317,204

Finance-Automotive — 0.9%
Daimlerchrysler Revolving Auto Conduit
5.250%, 07/03/07		30,000		29,860

Financial Conduits — 35.3%
Amstel Funding
5.240%, 08/02/07		30,000		29,729
Atlantis One Funding
5.230%, 06/18/07		20,964		20,912
5.230%, 06/21/07		30,000		29,913
5.230%, 08/10/07		10,000		9,898
Cancara Asset Securitization
5.235%, 06/04/07		15,000		14,993
5.235%, 06/13/07		20,000		19,965
CRC Funding LLC
5.260%, 06/08/07		20,000		19,980
Curzon Funding
5.233%, 07/30/07		25,000		24,786
5.200%, 08/01/07		15,000		14,868
5.185%, 11/26/07		30,000		29,231
Edison Asset Securitization LLC
5.170%, 07/05/07		30,000		29,853
5.190%, 09/10/07		20,000		19,709
Fairway Finance
5.230%, 07/25/07		30,000		29,765
Fountain Square Commercial Funding
5.240%, 06/06/07		16,737		16,725
5.240%, 06/15/07		7,569		7,554
5.230%, 07/10/07		25,000		24,858
5.235%, 08/08/07		20,000		19,802
5.215%, 08/21/07		13,000		12,847
Galaxy Funding
5.235%, 06/18/07		20,000		19,951
5.235%, 07/24/07		25,000		24,807
5.235%, 08/07/07		10,000		9,903
Gemini Securitization
5.230%, 06/21/07		20,000		19,942
Govco
5.230%, 06/13/07		20,000		19,965
5.235%, 07/23/07		20,000		19,849
5.240%, 08/22/07		30,000		29,642
Grampian Funding LLC
5.225%, 06/15/07		30,000		29,939
5.170%, 11/02/07		20,000		19,558
Greyhawk Funding LLC
5.265%, 06/06/07		20,000		19,985
5.240%, 06/22/07		30,000		29,908
5.230%, 07/27/07		30,000		29,756
International Business Machines
5.225%, 06/20/07		20,000		19,945
Liberty Street Funding
5.260%, 06/22/07		30,000		29,908
5.230%, 07/25/07		30,000		29,765
Market Street Funding
5.260%, 06/21/07		30,000		29,912
Mont Blanc Capital
5.235%, 07/18/07		10,268		10,198
5.235%, 08/14/07		30,000		29,677
Old Line Funding
5.250%, 08/02/07		15,322		15,183
Public Square Funding
5.310%, 06/01/07		50,000		50,000
Scaldis Capital LLC
5.215%, 06/25/07		30,000		29,896
5.180%, 09/18/07		20,679		20,355
Sheffield Receivables
5.270%, 06/28/07		27,154		27,047
Solitaire Funding
5.230%, 07/23/07		30,000		29,773
5.240%, 08/23/07		30,000		29,638
Three Pillars Funding
5.290%, 06/04/07		24,776		24,765
Three Rivers Funding
5.265%, 06/05/07		35,499		35,478
5.270%, 06/08/07		7,489		7,481
Thunder Bay Funding LLC
5.260%, 06/14/07		30,000		29,943
5.230%, 07/05/07		20,000		19,901
Variable Funding Capital
5.255%, 06/07/07		18,000		17,984
5.245%, 07/19/07		30,000		29,790

				1,165,232

Financial Services — 6.8%
Allianz Finance
5.235%, 07/12/07		20,000		19,881
5.250%, 08/08/07		17,500		17,327
Goldman Sachs
5.235%, 07/17/07		30,000		29,799
Greenwich Capital
5.180%, 06/26/07		30,000		29,892
5.170%, 12/24/07		30,000		29,113
HBOS Treasury Services
5.230%, 07/13/07		20,000		19,878
Merrill Lynch
5.150%, 11/14/07		30,000		29,288


	Par (000)		Value (000)
COMMERCIAL PAPER† — continued
Financial Services — continued
UBS Finance
5.225%, 07/03/07	$	20,000	$	19,907
5.225%, 08/10/07		30,000		29,695

				224,780

Retail — 0.9%
Wal-Mart Funding
5.240%, 08/22/07		30,000		29,642

Total Commercial Paper (Cost $1,766,718)				1,766,718

CERTIFICATES OF DEPOSIT — 16.5%
Domestic — 1.5%
Wilmington Trust
5.270%, 06/08/07		20,000		20,000
5.340%, 08/21/07		30,000		30,002

				50,002

Euro — 4.1%
BNP Paribas
5.305%, 07/09/07		30,000		30,000
Calyon
5.350%, 08/28/07		30,000		30,000
Deutsche Bank
5.410%, 06/01/07		30,000		30,000
HBOS Treasury Services
5.600%, 06/19/07		30,000		30,002
Societe Generale
5.330%, 06/18/07		16,000		16,000

				136,002

Yankee — 10.9%
Abbey National Treasury Service CT
5.310%, 06/15/07		25,000		25,000
Bank of Ireland CT
5.340%, 08/09/07		30,000		30,000
5.305%, 11/09/07		30,000		29,999
Bank of Nova Scotia OR
5.210%, 10/04/07		11,000		10,993
Barclays Bank PLC NY (FRN)
5.280%, 01/03/08		30,000		29,997
BNP Paribas NY
5.310%, 10/10/07		15,000		15,000
Canadian Imperial Bank of Commerce NY
5.305%, 07/05/07		30,000		30,000
Credit Suisse NY
5.310%, 10/10/07		30,000		30,000
Fortis Bank NY
5.280%, 08/02/07		25,000		24,998
Lloyds TSB Bank PLC NY
5.300%, 02/22/08		30,000		30,000
Rabobank Nederland NV NY
5.235%, 11/21/07		33,700		33,710
Royal Bank of Canada NY (FRN)
5.264%, 01/22/08		7,000		7,000
Toronto Dominion NY
5.298%, 07/09/07		30,000		30,000
UBS AG CT
5.330%, 10/23/07		32,000		32,012

				358,709

Total Certificates of Deposit (Cost $544,713)				544,713

CORPORATE BONDS — 13.3%
Banks — 3.9%
American Express Bank (FRN)
5.400%, 11/21/07		10,950		10,955
ANZ (FRN)
5.426%, 04/14/08(A)		24,900		24,922
Bank of America (FRN)
5.362%, 06/13/07		20,000		20,000
Bank One (FRN)
5.549%, 10/01/07		21,500		21,517
BNP Paribas (FRN)
5.310%, 06/25/08(A)		15,000		15,000
Calyon (FRN)
5.327%, 08/10/07		5,000		5,000
Wachovia (FRN)
5.435%, 07/20/07		2,000		2,000
Wells Fargo (FRN)
5.410%, 09/28/07		30,000		30,010

				129,404

Finance-Automotive — 1.3%
American Honda Finance (FRN) (MTN)
5.465%, 10/22/07(A)		10,300		10,306
5.370%, 04/10/08(A)		8,000		8,003
Toyota Motor Credit (FRN) (MTN)
5.239%, 03/17/08		15,000		15,000
5.239%, 03/24/08		8,000		8,000

				41,309

Financial Services — 5.0%
Bear Stearns (FRN) (MTN)
5.420%, 01/15/08		10,000		10,007
5.486%, 02/08/08		26,750		26,780
General Electric Capital (FRN) (MTN)
5.410%, 01/03/08		4,140		4,142
5.406%, 01/15/08		5,990		5,993
Goldman Sachs (FRN)
5.474%, 07/02/07		3,000		3,000
Goldman Sachs (FRN) (MTN)
5.475%, 10/05/07		35,600		35,619
Merrill Lynch (FRN) (MTN)
5.360%, 06/15/07		15,000		15,001
Morgan Stanley (FRN)
5.480%, 07/27/07		35,481		35,489
Morgan Stanley (FRN) (MTN)
5.484%, 01/18/08		30,000		30,029

				166,060

Insurance — 3.1%
Allstate Life Global Funding II (FRN) (MTN)
5.436%, 04/14/08(A)		30,000		30,029
John Hancock Global Funding II
5.000%, 07/27/07(A)		7,165		7,161
MetLife Global Funding I (FRN) (MTN)
5.350%, 06/01/07(A)		12,000		12,000

Allegiant Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
CORPORATE BONDS — continued
Insurance — continued
Monumental Global Funding III (FRN)
5.330%, 03/20/08 (A)	$	15,000	$	15,000
Nationwide Life Global Funding I (FRN)
5.440%, 06/22/07 (A)		30,000		30,002
5.440%, 09/28/07 (A)		6,945		6,948

				101,140

Total Corporate Bonds (Cost $437,913)				437,913

MASTER NOTE — 2.2%
Banks — 2.2%
Bank of America (DO)
5.372%, 06/01/07 (Cost $75,000)		75,000		75,000

FUNDING AGREEMENTS — 2.0%
MetLife Funding Agreement (FRN)
5.410%, 09/14/07 (B)		30,000		30,000
New York Life Funding Agreement (FRN)
5.399%, 06/06/07 (B)		35,000		35,000

Total Funding Agreements (Cost $65,000)				65,000

MUNICIPAL SECURITIES — 0.8%
Georgia — 0.5%
Aquarium Parking Deck (RB) (LOC - SunTrust Bank) (VRDN)
5.350%, 04/01/20		9,100		9,100
Savannah College of Art & Design (RB) (LOC - Bank of America) (VRDN)
5.350%, 04/01/24		6,900		6,900

				16,000

Illinois — 0.1%
Champaign (GO) Series B (VRDN)
5.330%, 01/01/24		4,900		4,900

Massachusetts — 0.2%
Massachusetts Development Finance Agency, Clarendon Street Associates (RB) Series B (LOC - Bayerische Landesbank) (VRDN)
5.370%, 12/01/40		5,000		5,000

Total Municipal Securities (Cost $25,900)				25,900


	Number of Shares
AFFILIATED MONEY MARKET FUND — 0.4%
Allegiant Advantage Institutional Money Market Fund, Class I†† (Cost $13,049)		13,049,249		13,049

REPURCHASE AGREEMENTS — 11.0%
Bank of America 5.300% (dated 05/31/07, due 06/01/07, repurchase price $33,004,858, collateralized by Federal National Mortgage Association Bond, 5.500%, due 03/01/37, total market value $33,660,001)	$	33,000	$	33,000
Barclays 5.300% (dated 05/31/07, due 06/01/07, repurchase price $65,009,569, collateralized by Federal Home Loan Bank, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association Notes, 4.962% to 5.171%, due 07/25/07 to 05/27/08, total market value $66,300,758)		65,000		65,000
Deutsche Bank 5.310% (dated 05/31/07, due 06/01/07, repurchase price $37,005,458, collateralized by Federal Home Loan Mortgage Corporation Bonds, 4.759% to 6.500%, due 06/01/35 to 03/01/37, total market value $37,740,001)		37,000		37,000
Goldman Sachs 5.300% (dated 05/31/07, due 06/01/07, repurchase price $90,013,250, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association Bonds, 5.500% to 6.000%, due 02/01/34 to 05/01/37, total market value $91,800,001)		90,000		90,000
Greenwich Capital 5.310% (dated 05/31/07, due 06/01/07, repurchase price $140,020,650, collateralized by Federal National Mortgage Association Bonds, 4.621% to 7.631%, due 11/01/33 to 05/01/37, total market value $142,800,117)		140,000		140,000

Total Repurchase Agreements (Cost $365,000)				365,000

TOTAL INVESTMENTS — 99.7% (Cost $3,293,293)*				3,293,293

Other Assets & Liabilities — 0.3%
Dividends Payable
Class I				(9,960	)
Class A				(2,193	)
Investment Advisory Fees Payable				(693	)
12b-1 Fees Payable
Class I				(179	)
Class A				(103	)
Administration Fees Payable				(166	)
Custody Fees Payable				(22	)
Trustees’ Fees Payable				(180	)
Payable for Shares of Beneficial Interest Redeemed				(3,240	)
Other				27,704

Total Other Assets & Liabilities				10,968

TOTAL NET ASSETS — 100.0%			$	3,304,261


	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	3,306,065
Distributions in Excess of Net Investment Income		(1	)
Accumulated Net Realized Loss on Investments		(1,803	)

Total Net Assets	$	3,304,261

Net Asset Value, Offering and Redemption Price Per Share — Class I ($2,400,557,172 ÷ 2,401,781,248 outstanding shares of beneficial interest)	$	1.00

Net Asset Value, Offering and Redemption Price Per Share — Class A ($902,964,247 ÷ 903,533,343 outstanding shares of beneficial interest)	$	1.00

Net Asset Value, Offering and Redemption Price Per Share — Class B ($632,474 ÷ 632,880 outstanding shares of beneficial interest)	$	1.00

Net Asset Value, Offering and Redemption Price Per Share — Class C ($107,205 ÷ 106,818 outstanding shares of beneficial interest)	$	1.00

*	Also cost for Federal income tax purposes.

†	The rate shown is the effective yield at purchase date.

††	See Note 3 in Notes to Financial Statements.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $159,371 and represents 4.8% of net assets as of May 31, 2007.

(B)

Illiquid Security. Total market value of illiquid securities is (000) $65,000 and represents 2.0% of net assets as of May 31, 2007.

DO —

Demand Obligation: the rate shown is the rate in effect on May 31, 2007, and the date shown is the next reset date. The rate floats daily.

FRN —

GO —

General Obligation

LLC —

Limited Liability Company

LOC —

Letter of Credit

MTN —

Medium Term Note

PLC —

Public Liability Company

RB —

Revenue Bond

VRDN —

Variable Rate Demand Note: the rate shown is the rate in effect on May 31, 2007, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

Allegiant Ohio Municipal Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL SECURITIES — 96.5%
Ohio — 96.5%
Allen County Healthcare Facilities, Mennonite Memorial Home Project (RB) (LOC - Wells Fargo Bank) (VRDN)
3.760%, 02/01/18	$	2,260	$	2,260
Bay Village (BAN) (GO)
4.500%, 07/20/07		1,500		1,502
Butler County (BAN) (GO) Series C
4.500%, 09/20/07		2,750		2,757
Butler County Healthcare Facilities, Lifesphere Project (RB) (LOC - U.S. Bank) (VRDN)
3.800%, 05/01/27		3,110		3,110
Butler County Transportation Improvement, Prerefunded 04/01/08 @ 102 (RB) Series A (FSA)
5.500%, 04/01/08		1,150		1,190
6.000%, 04/01/10		400		415
Circleville (BAN) (GO)
4.500%, 07/18/07		2,750		2,752
Clark County (BAN) (GO)
3.830%, 11/14/07		3,000		3,003
4.020%, 02/13/08		800		801
4.000%, 03/26/08		1,780		1,784
4.000%, 05/08/08		1,000		1,003
Clark County Multifamily, Ohio Masonic Home Project (RB) (AMBAC) (VRDN)
3.790%, 10/01/25		5,805		5,805
Cleveland Waterworks (RB) Series L (FGIC) (VRDN)
3.740%, 01/01/33		10,600		10,600
Cleveland Waterworks (RB) Series M (FSA) (VRDN)
3.750%, 01/01/33		2,200		2,200
Cuyahoga County Civic Facility, Oriana Services Project (RB) (LOC - Bank One) (VRDN)
4.080%, 04/01/16		1,330		1,330
Cuyahoga County Economic Development Authority, Cleveland Animal League Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 10/01/22		1,785		1,785
Cuyahoga County Economic Development Authority, Gilmour Academy Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 02/01/22		2,100		2,100
Cuyahoga County Economic Development Authority, Positive Education Program (RB) (LOC - KeyBank) (VRDN)
3.840%, 08/01/20		2,470		2,470
Cuyahoga County Port Authority, Euclid Garage Office Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.830%, 01/01/34		3,500		3,500
Cuyahoga County Port Authority, Laurel School Project (RB) (LOC - KeyBank) (VRDN)
3.840%, 06/01/24		4,255		4,255
Deerfield Township (BAN) (GO) Series B
3.750%, 11/29/07		1,111		1,111
Delaware County (BAN) (GO)
4.750%, 06/13/07		1,052		1,052
East Knox Local School District (BAN) (GO)
5.000%, 06/01/07		475		475
Evendale Tax Increment, Evendale Commons Ltd. Project (RN) (LOC - Fifth Third Bank)
3.800%, 05/15/08		2,100		2,100
Fairborn (BAN) (GO) (MBIA)
4.250%, 11/01/07		835		837
Franklin County Healthcare Facility, Creekside at the Village Project (RB) (LOC - KeyBank) (VRDN)
3.790%, 05/01/34		2,435		2,435
Franklin County Healthcare Facility, Friendship Village of Dublin Project (RB) Series B (LOC - LaSalle Bank) (VRDN)
3.750%, 11/01/34		7,120		7,120
Franklin County Hospital Authority, Holy Cross Health Systems Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.800%, 06/01/16		10,445		10,445
Franklin County Industrial Development Revenue Authority, Bricker & Eckler Project (RB) (LOC - Bank One) (VRDN)
4.040%, 11/01/14		2,250		2,250
Franklin County, Trinity Health (RB) Series C-2 (FGIC) (VRDN)
3.850%, 12/01/38		4,500		4,500
Franklin County, Trinity Health Credit Group Project (RB) Series F (FSA) (VRDN)
3.810%, 12/01/30		12,600		12,600
Fulton County, Fulton County Health Center Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.810%, 11/01/35		900		900
Gates Mills (BAN) (GO)
4.125%, 05/22/08		1,700		1,705
Geauga County Healthcare Facilities, Montefiore Housing Corporation Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.880%, 01/01/26		1,940		1,940
Hamilton (BAN) (GO)
4.500%, 09/14/07		1,000		1,002
Hamilton County Economic Development Authority, Cincinnati Arts Association Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 11/01/23		940		940
Hamilton County Economic Development Authority, Cincinnati-Hamilton Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 09/01/25		735		735
Hamilton County Economic Development Authority, Jordon Complex (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 12/01/24		5,600		5,600
Hamilton County Economic Development Authority, Taft Museum Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 05/01/27		2,400		2,400
Hamilton County Healthcare Facilities, Episcopal (RB) Series A (LOC - Keybank) (VRDN)
3.790%, 06/01/35		825		825


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Ohio — continued
Hamilton County Healthcare Facilities, Ronald McDonald House Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 05/01/15	$	2,370	$	2,370
Hamilton County Hospital Facilities, Children’s Hospital Medical Center (RB) (LOC - U.S. Bank) (VRDN)
3.790%, 05/15/28		7,000		7,000
Hamilton Waste Water System (BAN) (GO)
4.000%, 09/14/07		1,215		1,216
Hancock County (BAN) (GO)
4.500%, 11/08/07		1,417		1,422
Hilliard School District (BAN) (GO)
4.500%, 06/14/07		1,000		1,000
Hubbard Exempt Village School District (BAN) (GO)
4.250%, 06/28/07		4,835		4,837
5.000%, 06/28/07		1,800		1,802
Hunting Valley, Village Hall Construction Project (BAN)
4.250%, 10/04/07		4,500		4,510
Indian Lake Local School District (BAN) (GO)
4.530%, 12/13/07		1,750		1,757
Jefferson Local School District, Madison County (BAN) (GO)
4.180%, 11/28/07		2,000		2,005
Kent (BAN)
4.250%, 10/18/07		2,045		2,050
Kings Local School District (TAN)
4.750%, 07/26/07		1,400		1,402
Lake County (BAN) (GO)
4.250%, 05/15/08		900		904
Lancaster (BAN) (GO)
4.250%, 10/17/07		1,000		1,002
Lima Hospital Facilities Authority, Lima Memorial Hospital Project (RB) (LOC - Bank One) (VRDN)
3.840%, 12/01/10		725		725
Little Miami Local School District (BAN)
4.250%, 06/05/08		6,250		6,281
Little Miami Local School District (TAN)
4.125%, 06/28/07		1,500		1,501
Lucas County Health Care Facilities, Sunset Retirement Community Project (RB) Series B (LOC - Fifth Third Bank) (VRDN)
3.760%, 08/15/30		790		790
Marysville (BAN) (GO)
4.250%, 03/06/08		900		903
4.250%, 05/16/08		1,000		1,005
Marysville Water and Sewer (BAN) (GO)
4.500%, 01/24/08		1,905		1,915
Mason (BAN) (GO)
4.750%, 07/05/07		2,250		2,252
Mayfield Heights (BAN)
4.250%, 08/27/07		3,000		3,004
Mayfield Heights (BAN) (GO)
4.000%, 08/23/07		1,875		1,877
Mentor (BAN) (GO) Series 2006-2
4.500%, 09/14/07		1,000		1,003
Montgomery County Solid Waste Authority (RB) (MBIA)
5.300%, 11/01/07		1,000		1,007
Mount Healthy City School District (BAN) (GO)
4.250%, 04/03/08		3,000		3,013
North Central Local School District (BAN)
4.500%, 06/22/07		2,000		2,001
North Ridgeville (BAN) (GO)
4.000%, 09/19/07		600		601
Oak Hills Local School District (GO) (MBIA)
5.650%, 12/01/07		350		354
Ohio State (GO) Series B (VRDN)
3.720%, 08/01/17		2,200		2,200
3.800%, 08/01/21		8,825		8,825
Ohio State (GO) Series C (VRDN)
3.750%, 06/15/26		2,500		2,500
Ohio State (GO) Series D (VRDN)
3.720%, 02/01/19		3,200		3,200
Ohio State Air Quality Development Authority, FirstEnergy Project (RB) (LOC - Wachovia Bank) (VRDN)
3.780%, 12/01/33		3,700		3,700
Ohio State Air Quality Development Authority, FirstEnergy Project (RB) Series A (LOC - Barclays Bank PLC) (VRDN)
3.720%, 12/01/23		5,000		5,000
Ohio State Air Quality Development Authority, Timken Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.760%, 11/01/25		200		200
Ohio State Air Quality Development Authority, Timken Project (RB) (LOC - KeyBank) (VRDN)
3.760%, 06/01/33		5,200		5,200
Ohio State Higher Educational Facilities Commission (RB) (LOC - Fifth Third Bank) (VRDN)
3.860%, 09/01/25		2,860		2,860
Ohio State Higher Educational Facilities Commission, Ashland University Project (RB) (LOC - KeyBank) (VRDN)
3.810%, 09/01/24		4,500		4,500
Ohio State Higher Educational Facilities Commission, Case Western Reserve University Project (RB) Series A (VRDN)
3.720%, 10/01/31		5,115		5,115
Ohio State Higher Educational Facilities Commission, Case Western Reserve University Project, Prerefunded 10/01/07 @ 101 (RB) Series C
5.000%, 10/01/07		905		918
Ohio State Higher Educational Facilities Commission, Kenyon College Project (RB) Series K (VRDN)
3.830%, 08/01/33		1,100		1,100
Ohio State Higher Educational Facilities Commission, Oberlin College Project (RB) (VRDN)
3.720%, 10/01/35		2,700		2,700

Allegiant Ohio Municipal Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Ohio — continued
Ohio State Higher Educational Facilities Commission, Oberlin College Project (RB) Series A (VRDN)
3.720%, 10/01/29	$	13,025	$	13,025
Ohio State Higher Educational Facilities Commission, Pooled Financing Program (RB) Series A (LOC - Fifth Third Bank) (VRDN)
3.860%, 09/01/24		2,740		2,740
3.780%, 09/01/26		2,100		2,100
3.830%, 09/01/27		455		455
Ohio State Higher Educational Facilities Commission, Xavier University Project (RB) (LOC - U.S. Bank) (VRDN)
3.720%, 05/01/15		800		800
Ohio State Higher Educational Facilities Commission, Xavier University Project (RB) Series B (LOC - U.S. Bank) (VRDN)
3.720%, 11/01/30		2,800		2,800
Ohio State University (RB) (VRDN)
3.830%, 12/01/31		900		900
Ohio State University (TECP) Series 03-C (VRDN)
3.640%, 06/14/07		13,145		13,145
Ohio State University General Receipts (RB) (FSA) (VRDN)
3.780%, 12/01/26		800		800
Ohio State University General Receipts (RB) (VRDN)
3.830%, 12/01/21		2,050		2,050
Ohio State Water Development Authority, FirstEnergy Project (RB) (LOC - Wachovia Bank) (VRDN)
3.750%, 12/01/33		550		550
Ohio State Water Development Authority, FirstEnergy Project (RB) Series A (LOC - Barclays Bank PLC) (VRDN)
3.900%, 05/15/19		8,200		8,200
Ohio State Water Development Authority, FirstEnergy Project (RB) Series B (LOC - Barclays Bank PLC) (VRDN)
3.790%, 01/01/34		17,200		17,200
Ohio State Water Development Authority, Pure Water Project (RB) (AMBAC)
5.000%, 12/01/07		2,000		2,015
Ohio State Water Development Authority, Timken Company Project (RB) (LOC - Northern Trust Company) (VRDN)
3.760%, 11/01/25		2,000		2,000
Perrysburg (BAN) (GO)
4.500%, 08/09/07		1,250		1,251
4.250%, 11/08/07		3,393		3,402
Rocky River, Lutheran West High School Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 12/01/22		2,100		2,100
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series C (AMBAC) (VRDN)
3.800%, 12/01/25		2,800		2,800
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series D (AMBAC) (VRDN)
3.800%, 12/01/25		1,150		1,150
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series E (AMBAC) (VRDN)
3.800%, 12/01/25		1,065		1,065
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series F (AMBAC) (VRDN)
3.800%, 12/01/25		1,175		1,175
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series G (AMBAC) (VRDN)
3.800%, 12/01/25		650		650
Sharonville (BAN) (GO)
4.500%, 08/14/07		1,360		1,362
4.250%, 02/20/08		915		918
Solon (BAN) (GO)
4.000%, 11/21/07		1,360		1,363
Toledo City Services (SAN) (LOC - State Street Bank & Trust) (VRDN)
3.760%, 06/01/08		7,100		7,100
3.760%, 12/01/09		11,400		11,400
Toledo-Lucas County Port Authority (RB) Series C (LOC - Sovereign Bank) (VRDN)
3.750%, 05/15/38		8,500		8,500
Toledo-Lucas County Port Authority, St. Francis de Sales High School (RB) (LOC- Fifth Third Bank) (VRDN)
3.890%, 08/01/25		2,000		2,000
Trotwood (BAN)
4.250%, 10/24/07		3,560		3,568
Trotwood (BAN) Series B
4.000%, 11/01/07		2,530		2,534
University of Akron General Receipts (RB) (FGIC) (VRDN)
3.790%, 01/01/29		75		75
University of Cincinnati General Receipts (BAN) (RN) Series C
4.500%, 01/24/08		1,500		1,508
University of Cincinnati General Receipts (RB) Series B (AMBAC) (VRDN)
3.790%, 06/01/31		5,495		5,495
Upper Valley Joint Vocational School District (BAN) (GO)
4.000%, 11/28/07		1,925		1,928
Warren County (BAN) (GO)
4.250%, 09/06/07		1,610		1,612
Warren County Industrial Development Authority, Cincinnati Electric Illuminating Project (RB) (LOC - Scotiabank) (VRDN)
3.970%, 09/01/15		4,690		4,690
Warren County Industrial Development Authority, Liquid Container Project (RB) (LOC - Bank of America) (VRDN)
3.780%, 03/01/15		1,670		1,670
Westerville (GO)
4.500%, 09/20/07		1,575		1,579


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Ohio — continued
Wooster Industrial Development Authority, Allen Group Project (RB) (LOC - Wachovia Bank ) (VRDN)
3.830%, 12/01/10	$	5,200	$	5,200

Total Municipal Securities (Cost $369,996)				369,996


	Number of Shares
MONEY MARKET FUND — 0.4%
BlackRock Ohio Municipal Money Market Fund (Cost $1,504)		1,503,563		1,504

TOTAL INVESTMENTS — 96.9% (Cost $371,500)*				371,500

Other Assets & Liabilities — 3.1%
Dividends Payable
Class I				(788	)
Class A				(2	)
Investment Advisory Fees Payable				(49	)
12b-1 Fees Payable
Class I				(28	)
Class A				(7	)
Administration Fees Payable				(20	)
Custody Fees Payable				(4	)
Trustees’ Fees Payable				(16	)
Payable for Investments Purchased				(6,281	)
Other				18,944

Total Other Assets & Liabilities				11,749

TOTAL NET ASSETS — 100.0%			$	383,249


			Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	383,249

Total Net Assets			$	383,249

Net Asset Value, Offering and Redemption Price Per Share — Class I ($293,090,405 ÷ 293,094,674 outstanding shares of beneficia l interest)			$	1.00

Net Asset Value, Offering and Redemption Price Per Share — Class A ($90,158,169 ÷ 90,154,756 outstanding shares of beneficial interest)			$	1.00

*	Also cost for Federal income tax purposes.

AMBAC —

American Municipal Bond Assurance Corporation

BAN —

Bond Anticipation Note

FGIC —

Federal Guaranty Insurance Corporation

FSA —

Financial Security Assurance

GO —

General Obligation

LOC —

Letter of Credit

MBIA —

Municipal Bond Insurance Association

PLC —

Public Liability Company

RB —

Revenue Bond

RN —

Revenue Note

SAN —

Special Assessment Note

TAN —

Tax Anticipation Note

TECP —

Tax Exempt Commercial Paper

VRDN —

Variable Rate Demand Note: the rate shown is the rate in effect on May 31, 2007, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

Allegiant Pennsylvania Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL SECURITIES — 96.7%
Pennsylvania — 96.7%
ABN AMRO Munitops Certificate Trust, Lancaster (GO) Series 2007-47 (AMBAC) (VRDN)
3.830%, 05/01/15 (A)	$	5,000	$	5,000
Allegheny County Higher Education Building Authority, Carnegie Mellon University (RB) (VRDN)
3.850%, 12/01/33		2,250		2,250
Allegheny County Hospital Development Authority, Children’s Hospital of Pittsburgh (RB) Series A (LOC - Citizens Bank) (VRDN)
3.780%, 06/01/35		1,305		1,305
Allegheny County Hospital Development Authority, Health Care Dialysis Clinic (RB) (LOC - Bank of America) (VRDN)
3.760%, 12/01/19		800		800
Allegheny County Hospital Development Authority, Presbyterian Health Center (RB) Series A (MBIA) (VRDN)
3.830%, 03/01/20		600		600
Allegheny County Hospital Development Authority, Presbyterian Health Center (RB) Series C (MBIA) (VRDN)
3.830%, 03/01/20		600		600
Allegheny County Hospital Development Authority, South Hills Health (RB) Series A (LOC - PNC Bank) (VRDN)
3.680%, 06/01/30		1,935		1,935
Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center (RB) Series B
5.500%, 06/15/07		2,000		2,002
Allegheny County Industrial Development Authority, Animal Friends, Inc. Project (RB) (LOC - PNC Bank) (VRDN)
3.850%, 07/01/07		2,560		2,560
Allegheny County Industrial Development Authority, Carnegie Museums of Pittsburgh (RB) (LOC - Citizens Bank) (VRDN)
3.800%, 08/01/32		2,000		2,000
Beaver County Industrial Development Authority, Atlantic Richfield Project (RB) (VRDN)
3.820%, 12/01/20		3,450		3,450
Berks County Industrial Development Authority, Kutztown Resource Management Project (RB) (LOC - Wachovia Bank) (VRDN)
3.880%, 12/01/30		3,945		3,945
Bethel Park School District (GO) (FSA)
5.250%, 08/01/07		500		501
Dallastown Area School District (GO) (FGIC) (VRDN)
3.780%, 05/01/20		1,600		1,600
Delaware County Industrial Development Authority, Academy of Notre Dame Project (RB) (LOC - Citizens Bank) (VRDN)
3.810%, 12/01/36		2,700		2,700
Delaware County Industrial Development Authority, BP Exploration and Oil (RB) (VRDN)
3.870%, 10/01/19		50		50
Delaware County Industrial Development Authority, Exelon Generation Company Project (TECP) (VRDN)
3.730%, 10/05/07		3,000		3,000
Delaware County Industrial Development Authority, Resource Recovery (RB) Series G (VRDN)
3.800%, 12/01/31		500		500
Delaware County Industrial Development Authority, Sunoco Project (RB) (LOC - Bank of America) (VRDN)
3.780%, 11/01/33		4,750		4,750
Delaware Valley Regional Finance Authority (RB) Series B (LOC - Bayerische Landesbank) (VRDN)
3.780%, 12/01/20		3,000		3,000
Delaware Valley Regional Finance Authority (RB) Series D (LOC - Bayerische Landesbank) (VRDN)
3.780%, 12/01/20		7,700		7,700
Elizabethtown Industrial Development Authority, Elizabethtown College Project (RB) (LOC - Fulton Bank) (VRDN)
3.860%, 06/15/29		2,685		2,685
Emmaus General Authority (RB) (FSA) (VRDN)
3.780%, 12/01/28		95		95
Geisinger Authority, Geisinger Health Systems (RB) (VRDN)
3.870%, 11/15/32		350		350
Geisinger Authority, Geisinger Health Systems (RB) Series B (VRDN)
3.870%, 08/01/22		2,000		2,000
Gettysburg Area Industrial Development Authority, Brethren Home Community Project (RB) Series A (LOC - Wachovia Bank) (VRDN)
3.810%, 06/01/24		15		15
Hanover School District (GO) (FSA) (VRDN)
3.770%, 06/01/25		1,850		1,850
Harrisburg Authority (RB) Series A (FGIC) (VRDN)
3.810%, 07/15/29		7,405		7,405
Harrisburg Authority, Cumberland Valley School District Project (RB) Sub-Series B (FSA) (VRDN)
3.810%, 03/01/34		8,700		8,700
Harrisburg Authority, Haverford School District (RB) Sub-Series A (FSA) (VRDN)
3.810%, 03/01/34		2,105		2,105
Harrisburg Authority, West Brandywine (RB) Sub-Series D (FSA) (VRDN)
3.810%, 03/01/34		1,700		1,700
Lackawanna County (GO) Series B (FSA) (VRDN)
3.780%, 10/15/29		285		285


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Pennsylvania — continued
Lancaster County (GO) (FSA) (VRDN)
3.770%, 11/01/16	$	1,780	$	1,780
Lancaster Industrial Development Authority, Student Lodging Incorporated (RB) (LOC - Fulton Bank) (VRDN)
3.860%, 12/01/26		2,410		2,410
Lebanon County Health Facilities Authority, ECC Retirement Village Project (RB) (LOC - Northern Trust Company) (VRDN)
3.810%, 10/15/25		3,685		3,685
Luzerne County Convention Center Authority (RB) Series A (LOC - Wachovia Bank) (VRDN)
3.810%, 09/01/28		1,405		1,405
Montgomery County Higher Education Facilities Authority, William Penn Charter School Project (RB) (LOC - PNC Bank) (VRDN)
3.780%, 09/15/31		2,115		2,115
Montgomery County Industrial Development Authority, Girl Scouts of Southeastern Pennsylvania (RB) (LOC - Wachovia Bank) (VRDN)
3.880%, 02/01/25		100		100
Montgomery County Industrial Development Authority, Meadowood (RB) (LOC - Citizens Bank) (VRDN)
3.770%, 12/01/20		1,700		1,700
Montgomery County Industrial Development Authority, PECO Energy Company Project (TECP) (VRDN)
3.770%, 08/16/07		9,100		9,100
Neshaminy School District (TRAN) (GO)
4.750%, 06/29/07		1,000		1,001
New Garden General Authority, Municipal Pooled Financing Program (RB) Series II (FSA) (VRDN)
3.750%, 12/01/33		715		715
Pennsylvania Intergovernmental Cooperative Authority, Philadelphia Funding Project (RB) (FGIC)
5.000%, 06/15/07		2,450		2,451
Pennsylvania State (GO)
5.250%, 10/15/07		400		402
5.000%, 02/01/08		2,000		2,019
Pennsylvania State Higher Educational Facilities Authority, Association of Independent Colleges & Universities Program (RB) Series J-2 (LOC - PNC Bank) (VRDN)
3.780%, 05/01/27		2,000		2,000
Pennsylvania State Higher Educational Facilities Authority, Association of Independent Colleges & Universities Program (RB) Series K-1 (LOC - JPMorgan Chase) (VRDN)
3.600%, 11/01/22		3,570		3,570
Pennsylvania State Higher Educational Facilities Authority, Robert Morris College Project (RB) Series F2 (VRDN)
3.700%, 05/01/25		2,500		2,500
Pennsylvania State Higher Educational Facilities Authority, Student Association Inc. Housing Project (RB) Series A (LOC - Citizens Bank) (VRDN)
3.780%, 07/01/38		1,500		1,500
Pennsylvania State Turnpike Commission (RB) Series A-1 (VRDN)
3.810%, 12/01/30		1,000		1,000
Pennsylvania State Turnpike Commission (RB) Series A-3 (VRDN)
3.810%, 12/01/30		1,300		1,300
Pennsylvania State Turnpike Commission (RB) Series C (FSA) (VRDN)
3.750%, 07/15/41		355		355
Pennsylvania State University (RB) Series A (VRDN)
3.750%, 04/01/31		1,725		1,725
Philadelphia (TRAN) (GO)
4.500%, 06/29/07		3,500		3,502
Philadelphia Authority for Industrial Development, 1100 Walnut Associates Project (RB) (LOC - PNC Bank) (VRDN)
3.900%, 12/01/14		400		400
Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project (RB) (LOC - Wachovia Bank) (VRDN)
3.810%, 07/01/27		845		845
Philadelphia Authority for Industrial Development, Girard Estate Aramark Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.820%, 06/01/32		1,000		1,000
Philadelphia Authority for Industrial Development, Girard Estate Facilities Project (RB) (LOC - Morgan Guaranty Trust) (VRDN)
3.820%, 11/01/31		3,800		3,800
Philadelphia Authority for Industrial Development, Pennsylvania School for the Deaf (RB) (LOC - Citizens Bank) (VRDN)
3.810%, 11/01/32		4,200		4,200
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital Project (RB) Series B (VRDN)
3.870%, 07/01/25		1,500		1,500
Philadelphia Hospitals & Higher Education Facilities Authority, Philadelphia Schools (RB) Series A-3 (LOC - First Union National Bank) (VRDN)
3.830%, 03/01/19		525		525
Sayre Healthcare Facilities Authority, Capital Financing Project (RB) Series A (AMBAC) (VRDN)
3.800%, 12/01/20		2,300		2,300
Sayre Healthcare Facilities Authority, Capital Financing Project (RB) Series I (AMBAC) (VRDN)
3.760%, 12/01/20		200		200

Allegiant Pennsylvania Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Pennsylvania — continued
Sayre Healthcare Facilities Authority, Capital Financing Project (RB) Series K (AMBAC) (VRDN)
3.760%, 12/01/20	$	3,000	$	3,000
Sayre Healthcare Facilities Authority, Capital Financing Project (RB) Series M (AMBAC) (VRDN)
3.800%, 12/01/20		2,200		2,200
University of Pittsburgh, University Capital Project (RB) Series A (VRDN)
3.770%, 09/15/18		1,000		1,000
University of Pittsburgh, University Capital Project (RB) Series B (VRDN)
3.760%, 09/15/38		1,700		1,700
Upper Dauphin Industrial Development Authority, United Church of Christ Homes Project (RB) (LOC - Wachovia Bank) (VRDN)
3.830%, 12/01/26		3,005		3,005
Washington County Authority, Girard Estate Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.820%, 06/01/27		1,215		1,215
Washington County Authority, University of Pennsylvania Project (RB) (VRDN)
3.800%, 07/01/34		3,100		3,100
Washington County Hospital Authority, Washington Hospital Project (RB) (LOC - PNC Bank) (VRDN)
3.900%, 07/01/07		2,500		2,500

Total Municipal Securities (Cost $156,263)				156,263


	Number of Shares
MONEY MARKET FUND — 0.4%
BlackRock Pennsylvania Municipal Money Market Portfolio (Cost $703)		702,627		703

TOTAL INVESTMENTS — 97.1% (Cost $156,966)*				156,966



	Value (000)
Other Assets & Liabilities — 2.9%
Dividends Payable
Class I	$	(299	)
Class A		(73	)
Investment Advisory Fees Payable		(20	)
12b-1 Fees Payable
Class I		(7	)
Class A		(6	)
Administration Fees Payable		(8	)
Custody Fees Payable		(2	)
Trustees’ Fees Payable		(7	)
Other		5,089

Total Other Assets & Liabilities		4,667

TOTAL NET ASSETS — 100.0%	$	161,633

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	161,673
Accumulated Net Realized Loss on Investments		(40	)

Total Net Assets	$	161,633

Net Asset Value, Offering and Redemption Price Per Share — Class I ($102,098,487 ÷ 102,210,721 outstanding shares of beneficial interest)	$	1.00

Net Asset Value, Offering and Redemption Price Per Share — Class A ($59,534,151 ÷ 59,475,467 outstanding shares of beneficial interest)	$	1.00

*	Also cost for Federal income tax purposes.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $5,000 and represents 3.1% of net assets as of May 31, 2007.

AMBAC —

American Municipal Bond Assurance Corporation

FGIC —

Federal Guaranty Insurance Corporation

FSA —

Financial Security Assurance

GO —

General Obligation

LOC —

Letter of Credit

MBIA —

Municipal Bond Insurance Association

RB —

Revenue Bond

TECP —

Tax Exempt Commercial Paper

TRAN —

Tax and Revenue Anticipation Note

VRDN —

Variable Rate Demand Note: the rate shown is the rate in effect on May 31, 2007, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

Allegiant Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL SECURITIES — 99.9%
Alaska — 1.8%
Valdez Marine Terminal, BP Pipelines Inc. Project (RB) Series A (VRDN)
3.900%, 06/01/37	$	4,860	$	4,860
Valdez Marine Terminal, BP Pipelines Inc. Project (RB) Series B (VRDN)
3.900%, 07/01/37		8,375		8,375

				13,235

Colorado — 2.0%
Colorado Educational & Cultural Facilities Authority, Jewish Federation of Metropolitan Chicago (RB) Series PG-A-8 (LOC - Bank of America) (VRDN)
3.880%, 09/01/35		3,000		3,000
Colorado Educational & Cultural Facilities Authority, National Jewish Federation Bond Program (RB) Series C-1 (LOC - U.S. Bank) (VRDN)
3.880%, 09/01/35		4,300		4,300
Colorado Educational & Cultural Facilities Authority, Rehoboth Christian School (RB) (LOC - KeyBank) (VRDN)
3.800%, 05/01/37		7,925		7,925

				15,225

Delaware — 0.7%
Delaware State Economic Development Authority, Winterthur Museum Project (RB) (LOC - Wachovia Bank) (VRDN)
3.880%, 09/01/12		5,200		5,200

District of Columbia — 0.5%
District of Columbia, Field School Project (RB) Series B (LOC - Wachovia Bank) (VRDN)
3.830%, 07/01/31		3,660		3,660

Florida — 2.1%
Collier County Educational Facilities Authority, International College Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.870%, 04/01/28		4,180		4,180
Miami-Dade County School District (TAN) (RN)
4.500%, 06/28/07		6,000		6,003
Palm Beach County School District (TECP)
3.770%, 08/16/07		5,500		5,500

				15,683

Georgia — 2.4%
Atlanta (TECP)
3.720%, 12/19/07		6,000		6,000
Burke County Pollution Control Development Authority, Oglethorpe Power Vogtle Project (RB) Series A (FGIC) (VRDN)
3.850%, 01/01/16		3,500		3,500
Burke County Pollution Control Development Authority, Oglethorpe Power Vogtle Project (TECP) Series 6B-1 (VRDN)
3.690%, 06/12/07		6,000		6,000
Municipal Electric Authority, Project One (RB) Sub-Series C (MBIA) (LOC - Bayerische Landesbank) (VRDN)
3.710%, 01/01/20		2,600		2,600

				18,100

Illinois — 3.6%
Illinois Health Facilities Authority, Riverside Health System (RB) Series B (LOC - LaSalle Bank) (VRDN)
3.820%, 11/15/16		4,330		4,330
Illinois International Port District (RB) (LOC - LaSalle Bank) (VRDN)
3.930%, 01/01/23		1,150		1,150
Illinois State (GO)
4.250%, 06/07/07		5,000		5,001
Illinois State Development Finance Authority, Jewish Federation Project (RB) (AMBAC) (VRDN)
3.830%, 09/01/24		1,175		1,175
Illinois State Development Finance Authority, Loyola Academy Project (RB) Series A (LOC - Northern Trust Company) (VRDN)
3.790%, 10/01/27		5,000		5,000
Illinois State Educational Facilities Authority, Lake Forest Open Lands Project (RB) (LOC - Northern Trust Company) (VRDN)
3.860%, 08/01/33		6,100		6,100
Naperville, Dupage Children’s Museum (RB) (LOC - American National Bank & Trust) (VRDN)
3.860%, 06/01/30		2,500		2,500
Normal County (GO) (VRDN)
3.810%, 06/01/23		1,750		1,750

				27,006

Indiana — 4.7%
ABN AMRO Munitops Certificate Trust, Hammond Multi-School Building Corporation (RB) Series 2004-50 (MBIA) (VRDN)
3.840%, 01/15/13 (A)		9,995		9,995
Carmel Industrial Waterworks (BAN) (RN) Series A
4.500%, 09/21/07		6,000		6,015
Evansville Industrial Economic Development Authority, Ball Corporation Project (RB) (LOC - Bank One) (VRDN)
3.860%, 12/01/08		2,500		2,500
Indiana Bond Bank (RN) Series A (LOC - Bank of New York)
4.250%, 01/31/08		4,000		4,015
Indiana State Development Finance Authority, Indianapolis Museum (RB) (LOC - Bank One Indiana) (VRDN)
3.810%, 02/01/36		600		600
Indiana State Finance Authority Economic Development, YMCA of Portage Township Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 08/01/31		1,000		1,000

Allegiant Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Indiana — continued
Indiana State Health Facilities Financing Authority, Southern Indiana Rehabilitation Hospital Project (RB) (LOC - Bank One Kentucky) (VRDN)
3.860%, 04/01/20	$	1,730	$	1,730
Purdue University (COP)
5.000%, 07/01/07		3,130		3,134
St. Joseph County Educational Facilities, Holy Cross College Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.860%, 09/01/25		5,920		5,920

				34,909

Kansas — 2.4%
Burlington County Pollution Control, National Rural Utilities Cooperative Finance Corporation Project (TECP) (VRDN)
3.790%, 08/06/07		8,200		8,200
3.780%, 09/06/07		5,000		5,000
Burlington County Pollution Control, National Rural Utilities Cooperative Finance Corporation Project (TECP) Series C-1 (VRDN)
3.730%, 06/22/07		900		900
Burlington County Pollution Control, National Rural Utilities Cooperative Finance Corporation Project (TECP) Series C-2 (VRDN)
3.730%, 06/22/07		3,600		3,600

				17,700

Louisiana — 1.3%
Plaquemines Port Harbor & Terminal District Facilities, Chevron Pipe Line Project (RB) (VRDN)
3.850%, 09/01/07		6,000		6,000
St. James Parish, Texaco Project (TECP) Series B (VRDN)
3.720%, 07/12/07		4,000		4,000

				10,000

Maryland — 0.5%
Maryland State Health and Higher Educational Facilities Authority, University of Maryland Medical System (RB) Series A (AMBAC) (VRDN)
3.760%, 07/01/23		3,550		3,550

Massachusetts — 1.6%
Massachusetts State Health & Educational Facilities Authority, Children’s Hospital (RB) Series L-2 (AMBAC) (VRDN)
3.880%, 10/01/42		2,350		2,350
Massachusetts State, Central Artery (GO) Series B (VRDN)
3.900%, 12/01/30		2,280		2,280
Massachusetts Water Resource Authority (TECP)
3.770%, 08/16/07		6,000		6,000
Massachusetts Water Resources Authority (RB) Series B (FGIC) (VRDN)
3.800%, 08/01/37		1,225		1,225

				11,855

Michigan — 1.3%
Byron Center Public School (RB) (GO) (MBIA)
8.250%, 05/01/08		1,380		1,436
Detroit Sewer Disposal (RB) Series B (FSA) (VRDN)
3.900%, 07/01/33		1,400		1,400
Kalamazoo Hospital Finance Authority, Borgess Medical Center (RB) (ETM) Series A (FGIC)
6.125%, 07/01/07		520		521
Michigan Higher Education Facilities Authority, Davenport University (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 01/01/36		4,000		4,000
Michigan State Hospital Finance Authority, Trinity Health (RB) Series E (AMBAC) (VRDN)
3.810%, 12/01/30		2,250		2,250

				9,607

Missouri — 5.5%
ABN AMRO Munitops Certificate Trust, Missouri State Health & Educational Facilities Authority (RB) Series 2006-90 (VRDN)
3.830%, 01/15/15 (A)		11,050		11,050
Curators University System Facilities (RB) Series A (VRDN)
3.870%, 11/01/32		9,300		9,300
Missouri Development Finance Board Cultural Facilities, Nelson Gallery Foundation (RB) Series B (MBIA) (VRDN)
3.870%, 12/01/31		1,500		1,500
Missouri State Health & Educational Facilities Authority (RB) Series C-5 (FGIC) (VRDN)
3.740%, 06/01/33		16,300		16,300
Missouri State Health & Educational Facilities Authority, The Washington University (RB) Series C (VRDN) (GO)
3.860%, 09/01/30		1,500		1,500
Missouri State Health and Educational Facilities Authority, Cox Health System (RB) (MBIA) (VRDN)
3.860%, 06/01/15		1,200		1,200

				40,850

Nebraska — 0.1%
American Public Energy Agency (RB) Series A (VRDN)
3.750%, 12/01/15		1,120		1,120
Nevada — 0.2%
Clark County (TECP)
3.780%, 07/09/07		1,750		1,750


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
New Hampshire — 3.7%
New Hampshire Health & Education Facilities Authority, Dartmouth College (RB) Series A (VRDN)
3.950%, 06/01/31	$	23,605	$	23,605
New Hampshire Higher Educational & Health Facilities Authority, New England Incorporated Project (RB) Series B (AMBAC) (VRDN)
3.800%, 12/01/25		4,300		4,300

				27,905

New Mexico — 1.6%
Albuquerque Affordable Housing Projects (RB) (MBIA) (VRDN)
3.770%, 07/01/30		6,555		6,555
New Mexico State Hospital Equipment Loan Council, Presbyterian Health Care (RB) Series B (FSA) (VRDN)
3.820%, 08/01/30		5,110		5,110

				11,665

New York — 0.9%
New York State Dormitory Authority, Cornell University (RB) Series B (VRDN)
3.720%, 07/01/30		7,000		7,000

North Carolina — 3.9%
Guilford County Recreational Facilities Authority, YMCA Project (RB) (LOC - Branch Banking & Trust) (VRDN)
3.810%, 02/01/23		2,050		2,050
Mecklenburg County (GO) Series B (VRDN)
3.740%, 02/01/24		5,000		5,000
Mecklenburg County (GO) Series C (VRDN)
3.780%, 02/01/21		7,400		7,400
3.780%, 02/01/22		1,500		1,500
North Carolina Capital Facilities Finance Agency, Greensboro Day School Project (RB) (LOC - Bank of America) (VRDN)
3.760%, 07/01/21		5,205		5,205
North Carolina Educational Facilities Finance Agency, Belmont Abbey College Project (RB) (LOC - Wachovia Bank) (VRDN)
3.780%, 06/01/18		800		800
North Carolina Medical Care Commission, Rutherford Hospital Project (RB) (LOC - Branch Banking & Trust) (VRDN)
3.810%, 09/01/21		1,500		1,500
University of North Carolina Hospitals at Chapel Hill (RB) Series A (VRDN)
3.770%, 02/01/29		6,000		6,000

				29,455

Ohio — 18.9%
Avon Local School District (BAN) (GO)
4.125%, 01/11/08		1,500		1,504
Cleveland Heights (BAN)
4.000%, 08/09/07		2,360		2,362
Cleveland State University General Receipts (RB) Series B (FGIC) (VRDN)
3.770%, 06/01/36		9,210		9,210
Columbus Sewer (RB) (VRDN)
3.750%, 06/01/11		2,300		2,300
Cuyahoga County Economic Development Authority, Magnificat High School Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.780%, 06/01/30		1,880		1,880
Cuyahoga County Hospital Facilities Authority, University Hospital Systems Health Project (RB) Series A (MBIA)
5.250%, 01/15/08		2,000		2,016
Cuyahoga County Port Authority, Euclid Garage Office Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.830%, 01/01/34		3,410		3,410
Cuyahoga Falls (BAN)
4.000%, 12/13/07		11,210		11,234
Deerfield Township (BAN) (GO)
3.610%, 11/29/07		2,555		2,555
Dublin City School District (BAN) (GO)
4.250%, 10/17/07		2,300		2,306
4.375%, 10/17/07		3,828		3,838
Franklin County Hospital Authority, Holy Cross Health Systems Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.800%, 06/01/16		10,150		10,150
Fulton County, Fulton County Health Center Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.810%, 11/01/35		400		400
Greene County (BAN) (GO) Series E
4.250%, 11/20/07		2,000		2,006
Hamilton County Economic Development Authority, Saint Xavier High School Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.830%, 04/01/28		1,000		1,000
Hilliard School District (BAN) (GO)
4.500%, 06/14/07		2,500		2,501
Marysville (BAN) (RN) (LOC - Fifth Third Bank)
4.300%, 12/13/07		3,875		3,889
Mason (BAN) (GO)
4.250%, 06/21/07		1,925		1,926
Mount Healthy City School District (BAN) (GO)
4.250%, 04/03/08		12,000		12,051
New Albany (BAN) (GO)
4.250%, 12/13/07		1,800		1,807
Ohio State (GO) Series D (VRDN)
3.720%, 02/01/19		6,300		6,300
Ohio State Air Quality Development Authority, FirstEnergy Project (RB) (LOC - Wachovia Bank) (VRDN)
3.780%, 12/01/33		60		60
Ohio State Air Quality Development Authority, Timken Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.760%, 11/01/25		675		675
Ohio State Higher Educational Facilities
Commission, Case Western Reserve University Project (RB) Series A (VRDN)
3.720%, 10/01/31		7,600		7,600

Allegiant Tax Exempt Money Market Fund

STATEMENT TO NET ASSETS

May 31 , 2007


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Ohio — continued
Ohio State Higher Educational Facilities Commission, Oberlin College Project (RB) Series A (VRDN)
3.720%, 10/01/29	$	4,600	$	4,600
Ohio State Higher Educational Facilities Commission, Pooled Financing Program (RB) Series A (LOC - Fifth Third Bank) (VRDN)
3.860%, 09/01/24		1,000		1,000
3.780%, 09/01/26		6,010		6,010
Ohio State Higher Educational Facilities Commission, Xavier University Project (RB) (LOC - U.S. Bank) (VRDN)
3.720%, 05/01/15		5,300		5,300
Ohio State Infrastructure (GO) Series A (VRDN)
3.720%, 02/01/23		2,900		2,900
Ohio State University (TECP) Series 03-C (VRDN)
3.640%, 06/14/07		5,500		5,500
Ohio State Water Development Authority, Fresh Water Project (RB) (ETM) (AMBAC)
5.600%, 06/01/07		1,000		1,000
Penta County Career Center (TAN) (GO)
4.250%, 02/28/08		6,000		6,021
Rocky River, Lutheran West High School Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 12/01/22		400		400
Shaker Heights City School District (RB)
4.250%, 06/14/07		1,650		1,650
Summit County Port Authority (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 02/01/28		3,600		3,600
Toledo-Lucas County Port Authority, St. Francis de Sales High School (RB) (LOC- Fifth Third Bank) (VRDN)
3.890%, 08/01/25		3,780		3,780
Trenton (BAN) (GO)
3.800%, 03/13/08		2,145		2,145
University of Akron General Receipts (RB) (FGIC) (VRDN)
3.790%, 01/01/29		15		15
Warren County Healthcare Facilities Authority, Otterbein Homes Project (RB) Series B (LOC - Fifth Third Bank) (VRDN)
3.830%, 07/01/23		2,828		2,828
Washington County Hospital, Marietta Area Health Facilities (RB) (LOC - Fifth Third Bank) (VRDN)
3.890%, 12/01/26		1,490		1,490

				141,219

Oregon — 1.2%
Forest Grove Student Housing, Oak Tree Foundation Project (RB) Series A (LOC - KeyBank) (VRDN)
3.790%, 03/01/36		4,200		4,200
Portland (TAN) (GO)
4.500%, 06/28/07		5,000		5,003

				9,203

Pennsylvania — 20.3%
Allegheny County Hospital Development Authority, Children’s Hospital of Pittsburgh (RB) Series A (LOC - Citizens Bank) (VRDN)
3.780%, 06/01/35		4,000		4,000
Allegheny County Hospital Development Authority, Health Care Dialysis Clinic (RB) (LOC - Bank of America) (VRDN)
3.760%, 12/01/19		2,200		2,200
Allegheny County Hospital Development Authority, Presbyterian Health Center (RB) Series D (MBIA) (VRDN)
3.830%, 03/01/20		1,300		1,300
Allegheny County Hospital Development Authority, South Hills Health (RB) Series A (LOC - PNC Bank) (VRDN)
3.680%, 06/01/30		965		965
Beaver County Industrial Development Authority, Atlantic Richfield Project (RB) (VRDN)
3.820%, 12/01/20		2,700		2,700
Chester County Industrial Development Authority, Archdiocese of Philadelphia (RB) (LOC - Wachovia Bank) (VRDN)
3.850%, 07/01/31		100		100
Cumberland County Municipal Authority, Messiah Village Project (RB) (LOC - Citizens Bank) (VRDN)
3.770%, 07/01/27		2,100		2,100
Dallastown Area School District (GO) (FGIC) (VRDN)
3.780%, 02/01/18		3,440		3,440
3.780%, 05/01/20		1,000		1,000
Delaware County Industrial Development Authority, Academy of Notre Dame Project (RB) (LOC - Citizens Bank) (VRDN)
3.810%, 12/01/36		5,585		5,585
Delaware County Industrial Development Authority, Resource Recovery (RB) Series G (VRDN)
3.800%, 12/01/31		1,700		1,700
Delaware County Industrial Development Authority, Scott Paper Company Project (RB) Series B (VRDN)
3.780%, 12/01/18		100		100
Delaware County Industrial Development Authority, Sunoco Project (RB) (LOC - Bank of America) (VRDN)
3.780%, 11/01/33		450		450
Delaware Valley Regional Finance Authority (RB) Series D (LOC - Bayerische Landesbank) (VRDN)
3.780%, 12/01/20		2,300		2,300
Emmaus General Authority (RB) (FSA) (VRDN)
3.780%, 12/01/28		8,870		8,870
Erie Higher Education Building Authority, Mercyhurst College Project (RB) (LOC - PNC Bank) (VRDN)
3.780%, 11/01/23		5,000		5,000


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Pennsylvania — continued
Geisinger Authority, Geisinger Health Systems (RB) Series B (VRDN)
3.870%, 08/01/22	$	5,925	$	5,925
Gettysburg Area Industrial Development Authority, Brethren Home Community Project (RB) Series A (LOC - Wachovia Bank) (VRDN)
3.810%, 06/01/24		5,615		5,615
Harrisburg Authority, West Brandywine (RB) Sub-Series D (FSA) (VRDN)
3.810%, 03/01/34		1,100		1,100
Lackawanna County (GO) Series A (LOC - PNC Bank) (VRDN)
3.780%, 09/01/29		1,000		1,000
Lackawanna County (GO) Series B (FSA) (VRDN)
3.780%, 10/15/29		3,500		3,500
Lancaster County Hospital Authority, Masonic Homes Project (RB) (AMBAC) (VRDN)
3.780%, 05/01/32		3,430		3,430
Luzerne County (GO) Series A (FSA) (VRDN)
3.820%, 11/15/26		20,000		20,000
Manheim Township School District (GO) (FSA) (VRDN)
3.770%, 06/01/16		2,000		2,000
Montgomery County Higher Education Facilities Authority, William Penn Charter School Project (RB) (LOC - PNC Bank) (VRDN)
3.780%, 09/15/31		2,585		2,585
Neshaminy School District (TRAN) (GO)
4.750%, 06/29/07		2,000		2,001
New Garden General Authority, Municipal Pooled Financing Program (RB) Series I (AMBAC) (VRDN)
3.750%, 11/01/29		2,735		2,735
Northampton County Higher Education Authority, Lafayette College Project (RB) Series B (VRDN)
3.720%, 11/01/28		2,000		2,000
Pennsylvania State Higher Education Facilities Authority, Carnegie Mellon University (RB) Series A (VRDN)
3.870%, 11/01/25		2,300		2,300
Pennsylvania State Turnpike Commission (RB) Series A-1 (VRDN)
3.810%, 12/01/30		11,950		11,950
Pennsylvania State Turnpike Commission (RB) Series A-3 (VRDN)
3.810%, 12/01/30		6,000		6,000
Pennsylvania State Turnpike Commission (RB) Series C (FSA) (VRDN)
3.750%, 07/15/41		1,100		1,100
Pennsylvania State Turnpike Commission (RB) Series D (FSA) (VRDN)
3.760%, 07/15/41		1,900		1,900
Pennsylvania State University (RB) Series A (VRDN)
3.750%, 03/01/32		3,420		3,420
Philadelphia Authority for Industrial Development, 1100 Walnut Associates Project (RB) (LOC - PNC Bank) (VRDN)
3.900%, 12/01/14		2,400		2,400
Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project (RB) (LOC - Wachovia Bank) (VRDN)
3.810%, 07/01/27		265		265
Philadelphia Authority for Industrial Development, Chestnut Hill College (RB) Series A (LOC - Wachovia Bank) (VRDN)
3.810%, 10/01/29		4,165		4,165
Philadelphia Authority for Industrial Development, Girard Estate Facilities Project (RB) (LOC - Morgan Guaranty Trust) (VRDN)
3.820%, 11/01/31		1,000		1,000
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital Project (RB) Series B (VRDN)
3.870%, 07/01/25		1,500		1,500
Philadelphia School District (TRAN) (GO) Series A (LOC - Bank of America)
4.500%, 06/29/07		5,000		5,003
Sayre Healthcare Facilities Authority, Capital Financing Project (RB) Series A (AMBAC) (VRDN)
3.800%, 12/01/20		2,200		2,200
Sayre Healthcare Facilities Authority, Capital Financing Project (RB) Series I (AMBAC) (VRDN)
3.760%, 12/01/20		2,550		2,550
Sayre Healthcare Facilities Authority, Capital Financing Project (RB) Series K (AMBAC) (VRDN)
3.760%, 12/01/20		2,295		2,295
Sayre Healthcare Facilities Authority, Capital Financing Project (RB) Series M (AMBAC) (VRDN)
3.800%, 12/01/20		1,800		1,800
University of Pittsburgh, University Capital Project (RB) Series A (VRDN)
3.770%, 09/15/15		1,220		1,220
University of Pittsburgh, University Capital Project (RB) Series B (VRDN)
3.770%, 09/15/29		2,460		2,460
Washington County Authority, University of Pennsylvania Project (RB) (VRDN)
3.800%, 07/01/34		4,800		4,800

				152,029

South Carolina — 0.7%
South Carolina Public Service Authority (TECP)
3.670%, 06/06/07		5,500		5,500

Tennessee — 0.8%
Blount County Health, Educational and Housing Facilities Authority, Presbyterian Homes Project (RB) (LOC - SunTrust Bank) (VRDN)
3.760%, 01/01/19		5,875		5,875

Allegiant Tax Exempt Money Market Fund

STATEMENT TO NET ASSETS

May 31, 2007


	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Texas — 6.8%
ABN AMRO Munitops Certificate Trust, Keller Independent School District (GO) Series 2007- 23 (PSF-GTD) (VRDN)
3.840%, 08/15/15 (A)	$	22,445	$	22,445
Brownsville Utility System (RB) Series A (MBIA) (VRDN)
3.740%, 09/01/27		2,900		2,900
Denton Independent School District (GO) Series B (PSF-GTD) (VRDN)
3.900%, 08/15/21		4,700		4,700
Gulf Coast Industrial Development Authority, Amoco Oil Project (RB) (VRDN)
3.550%, 06/01/25		4,000		4,000
Harris County Health Facilities Development, Children’s Hospital (RB) Series B-1 (MBIA) (VRDN)
3.910%, 10/01/29		3,300		3,300
San Antonio Educational Facilities Corporation, Trinity University (RB) (VRDN)
3.880%, 06/01/33		3,400		3,400
San Antonio Electric and Gas (TECP)
3.750%, 07/12/07		4,000		4,000
3.780%, 07/12/07		1,000		1,000
Texas State (GO) (VRDN)
3.520%, 04/01/36		5,000		5,000

				50,745
Utah — 5.0%
Intermountain Power Agency, Power Supply (RB)
Series B (FGIC) (VRDN)
3.730%, 07/01/16		10,000		10,000
Intermountain Power Agency, Power Supply (RB)
Series F (AMBAC) (VRDN)
3.640%, 07/01/15		7,250		7,250
3.560%, 07/01/18		6,000		6,000
Salt Lake County Pollution Control, Service Station Holdings Project (RB) (VRDN)
3.900%, 02/01/08		5,515		5,515
Salt Lake County Pollution Control, Service Station Holdings Project (RB) Series B (VRDN)
3.870%, 08/01/07		8,700		8,700

				37,465

Vermont — 1.0%
Vermont Education and Health Building Finance Agency, Middlebury College Project (RB) Series A (VRDN)
3.580%, 11/01/27		7,270		7,270

Virginia — 1.5%
Lynchburg Industrial Development Authority, Mid Atlantic Hospital (RB) Series C (AMBAC) (VRDN)
3.800%, 12/01/25		2,100		2,100
Lynchburg Industrial Development Authority, Mid Atlantic Hospital (RB) Series F (AMBAC) (VRDN)
3.800%, 12/01/25		9,100		9,100

				11,200

Washington — 1.5%
Washington State (GO) (FSA)
4.250%, 07/01/07		3,625		3,626
Washington State Healthcare Facilities Authority, National Health Care Research & Educational Project (RB) (LOC - BNP Paribas) (VRDN)
3.830%, 01/01/32		4,700		4,700
Washington State Higher Education Facilities Authority, Whitman College Project (RB) (VRDN)
3.820%, 10/01/29		2,550		2,550

				10,876

Wisconsin — 0.9%
Byron Industrial Development, Ocean Spray Inc. Project (RB) (LOC - Wachovia Bank) (VRDN)
3.830%, 12/01/20		4,400		4,400
University of Wisconsin Hospitals & Clinics Authority (RB) (FSA) (VRDN)
3.780%, 04/01/29		2,600		2,600

				7,000

Wyoming — 0.5%
Carbon County, Wyoming Pollution Control, Amoco Project Series 1985 (RB) (VRDN)
3.700%, 11/01/14		3,800		3,800

Total Municipal Securities (Cost $747,657)				747,657


	Number of Shares
MONEY MARKET FUND — 0.5%
BlackRock Liquidity Funds MuniFund (Cost $3,070)		3,069,579		3,070

TOTAL INVESTMENTS — 100.4% (Cost $750,727)*				750,727


	Value (000)
Other Assets & Liabilities — (0.4)%
Dividends Payable
Class I	$	(1,599	)
Class A		(95	)
Investment Advisory Fees Payable		(95	)
12b-1 Fees Payable
Class I		(37	)
Class A		(21	)
Administration Fees Payable		(38	)
Custody Fees Payable		(6	)
Trustees’ Fees Payable		(30	)
Payable for Shares of Beneficial Interest Redeemed		(6,252	)
Other		5,517

Total Other Assets & Liabilities		(2,656	)

TOTAL NET ASSETS — 100.0%	$	748,071

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	748,098
Accumulated Net Realized Loss on Investments		(27	)

Total Net Assets	$	748,071

Net Asset Value, Offering and Redemption Price Per Share — Class I ($546,125,752 ÷ 546,167,259 outstanding shares of beneficial interest)	$	1.00

Net Asset Value, Offering and Redemption Price Per Share — Class A ($201,945,651 ÷ 201,949,502 outstanding shares of beneficial interest)	$	1.00

*	Also cost for Federal income tax purposes.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $43,490 and represents 5.8% of net assets as of May 31, 2007.

AMBAC —

American Municipal Bond Assurance Corporation

BAN —

Bond Anticipation Note

COP —

Certificate of Participation

ETM —

Escrowed to Maturity

FGIC —

Federal Guaranty Insurance Corporation

FSA —

Financial Security Assurance

GO —

General Obligation

LOC —

Letter of Credit

MBIA —

Municipal Bond Insurance Association

PSF-GTD — Public School Fund - Guaranteed

RB —

Revenue Bond

RN —

Revenue Note

TAN —

Tax Anticipation Note

TECP —

Tax Exempt Commercial Paper

TRAN —

Tax and Revenue Anticipation Note

VRDN —

Variable Rate Demand Note: the rate shown is the rate in effect on May 31, 2007, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

Allegiant Treasury Money Market Fund

STATEMENT OF NET ASSETS

May 31, 2007


	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 96.6%
U.S. Treasury Bills† — 96.6%
4.955%, 06/07/07	$	2,500	$	2,498
4.600%, 06/14/07		8,000		7,987
4.690%, 06/14/07		6,000		5,990
4.765%, 06/14/07		10,000		9,983
4.920%, 06/14/07		5,000		4,991
5.075%, 06/15/07		18,000		17,964
4.875%, 06/21/07		3,000		2,992
4.895%, 06/21/07		5,000		4,986
4.900%, 06/21/07		15,000		14,959
4.910%, 06/21/07		19,500		19,447
4.940%, 06/21/07		2,000		1,995
4.950%, 06/21/07		2,000		1,994
4.725%, 06/28/07		6,000		5,979
4.845%, 07/05/07		5,000		4,977
4.896%, 07/05/07		2,000		1,991
4.961%, 07/05/07		3,000		2,986
4.867%, 07/12/07		7,000		6,961
4.847%, 07/19/07		10,000		9,935
4.814%, 07/26/07		6,000		5,956
4.851%, 08/23/07		5,000		4,944
4.905%, 08/30/07		4,000		3,951
4.857%, 09/06/07		5,000		4,935
4.888%, 09/06/07		1,500		1,480
4.920%, 09/06/07		2,000		1,973
4.876%, 09/13/07		5,000		4,930
4.865%, 10/04/07		5,000		4,916
4.760%, 10/18/07		12,000		11,779

Total U.S. Treasury Obligations (Cost $173,479)				173,479


	Number of Shares		Value (000)
MONEY MARKET FUND — 11.8%
BlackRock Treasury Trust Fund (Cost $21,186)		21,186,389	$	21,186

TOTAL INVESTMENTS — 108.4% (Cost $194,665)*				194,665

Other Assets & Liabilities — (8.4)%
Dividends Payable
Class I				(667	)
Class A				(10	)
Investment Advisory Fees Payable				(39	)
12b-1 Fees Payable
Class I				(18	)
Class A				(2	)
Administration Fees Payable				(9	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(20	)
Payable for Investments Purchased				(17,964	)
Other				3,608

Total Other Assets & Liabilities				(15,123	)

TOTAL NET ASSETS — 100.0%			$	179,542

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	179,558
Distributions in Excess of Net Investment Income				(2	)
Accumulated Net Realized Loss on Investments				(14	)

Total Net Assets			$	179,542

Net Asset Value, Offering and Redemption Price Per Share — Class I ($171,646,311 ÷ 171,678,012 outstanding shares of beneficial interest)			$	1.00

Net Asset Value, Offering and Redemption Price Per Share — Class A ($7,895,941 ÷ 7,887,752 outstanding shares of beneficial interest)			$	1.00

*	Also cost for Federal income tax purposes.

†	The rate shown is the effective yield at purchase date.

See

Notes to Financial Statements.

THIS PAGE INTENTIONALLY LEFT BLANK

Allegiant Money Market Funds

STATEMENTS OF OPERATIONS ( 000 )

For the Year Ended May 31, 2007


	Government Money Market Fund			Money Market Fund
Investment Income:
Interest	$	45,580		$	165,015
Income from affiliate⁽¹⁾		—			128

Total Investment Income		45,580			165,143

Expenses:
Investment advisory fees		2,595			9,269
Administration fees		519			1,854
12b-1 fees:
Class I		107			470
Class A		75			168
Class B		—			5
Class C		—			1
Shareholder services fees:
Class A		892			2,038
Class B		—			2
Class C		—			—	*
Transfer agent fees		113			411
Custodian fees		39			123
Professional fees		72			241
Pricing service fees		1			3
Printing and shareholder reports		19			43
Registration and filing fees		18			49
Trustees’ fees		65			199
Miscellaneous		38			153

Total Expenses		4,553			15,029

Less:
Waiver of investment advisory fees		(432	)		(1,545	)

Net Expenses		4,121			13,484

Net Investment Income		41,459			151,659

Realized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold		(5	)		(38	)

Net Increase in Net Assets Resulting from Operations	$	41,454		$	151,621

*	Amount represents less than $500.

⁽¹⁾

See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.


Ohio Municipal Money Market Fund			Pennsylvania Tax Exempt Money Market Fund			Tax Exempt Money Market Fund			Treasury Money Market Fund
$	13,389		$	5,815		$	23,384		$	8,890
	—			—			—			—

	13,389			5,815			23,384			8,890

	738			320			1,289			535
	222			96			387			107
	60			22			94			35
	16			11			38			2
	—			—			—			—
	—			—			—			—
	203			130			468			30
	—			—			—			—
	—			—			—			—
	47			19			79			24
	23			14			36			13
	35			19			54			22
	4			3			7			1
	2			3			7			4
	6			3			16			9
	21			12			39			18
	21			10			34			10

	1,398			662			2,548			810

	(184	)		(80	)		(322	)		(89	)

	1,214			582			2,226			721

	12,175			5,233			21,158			8,169

	—			—			(2	)		7

$	12,175		$	5,233		$	21,156		$	8,176

Allegiant Money Market Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)


	Government Money Market Fund						Money Market Fund
	For the Year Ended						For the Year Ended
	May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
Investment Activities:
Net investment income	$	41,459		$	33,562		$	151,659		$	108,165
Net realized gain (loss) on investments sold		(5	)		(11	)		(38	)		(18	)

Net increase in net assets resulting from operations		41,454			33,551			151,621			108,147

Dividends to Shareholders:
Dividends from net investment income:
Class I		(24,880	)		(20,224	)		(113,103	)		(82,030	)
Class A		(16,579	)		(13,338	)		(38,523	)		(26,099	)
Class B		—			—			(29	)		(26	)
Class C		—			—			(4	)		(10	)

Total dividends		(41,459	)		(33,562	)		(151,659	)		(108,165	)

Share Transactions (all at $1.00 per share):
Proceeds from shares issued:
Class I		1,346,258			1,439,712			3,442,475			3,889,898
Class A		1,293,301			2,121,754			3,196,537			4,343,358
Class B		—			—			203			340
Class C		—			—			59			139
Reinvestment of dividends:
Class I		727			414			1,438			1,818
Class A		4,194			3,069			12,495			7,625
Class B		—			—			28			24
Class C		—			—			4			9

Total proceeds from shares issued and reinvested		2,644,480			3,564,949			6,653,239			8,243,211

Value of shares redeemed:
Class I		(1,459,218	)		(1,588,332	)		(3,151,072	)		(4,157,798	)
Class A		(1,348,739	)		(2,175,265	)		(3,055,686	)		(4,335,397	)
Class B		—			—			(314	)		(774	)
Class C		—			—			(63	)		(727	)

Total value of shares redeemed		(2,807,957	)		(3,763,597	)		(6,207,135	)		(8,494,696	)

Increase (decrease) in net assets from share transactions		(163,477	)		(198,648	)		446,104			(251,485	)

Total increase (decrease) in net assets		(163,482	)		(198,659	)		446,066			(251,503	)

Net Assets:
Beginning of year		967,603			1,166,262			2,858,195			3,109,698

End of year*	$	804,121		$	967,603		$	3,304,261		$	2,858,195

* Including undistributed (distributions in excess of) net investment income	$	—		$	—		$	(1	)	$	(1	)

See Notes to Financial Statements.


Ohio Municipal Money Market Fund						Pennsylvania Tax Exempt Money Market Fund						Tax Exempt Money Market Fund						Treasury Money Market Fund
For the Year Ended						For the Year Ended						For the Year Ended						For the Year Ended
May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006			May 31, 2007			May 31, 2006
$	12,175		$	9,656		$	5,233		$	3,458		$	21,158		$	14,733		$	8,169		$	5,954
	—			—			—			—			(2	)		(2	)		7			(4	)

	12,175			9,656			5,233			3,458			21,156			14,731			8,176			5,950

	(9,650	)		(8,239	)		(3,628	)		(2,245	)		(15,343	)		(11,217	)		(7,659	)		(5,565	)
	(2,525	)		(1,417	)		(1,605	)		(1,213	)		(5,815	)		(3,516	)		(514	)		(389	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	(12,175	)		(9,656	)		(5,233	)		(3,458	)		(21,158	)		(14,733	)		(8,173	)		(5,954	)

	1,051,067			822,927			325,476			323,447			1,294,415			930,362			376,129			498,507
	224,464			191,974			242,442			369,060			831,590			562,972			108,251			66,529
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	951			758			3			6			594			347			4			2
	2,500			1,397			872			557			4,956			3,249			318			321
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	1,278,982			1,017,056			568,793			693,070			2,131,555			1,496,930			484,702			565,359

	(1,074,343	)		(812,631	)		(303,722	)		(336,435	)		(1,130,800	)		(984,996	)		(369,482	)		(530,443	)
	(192,798	)		(192,727	)		(225,928	)		(366,827	)		(800,491	)		(538,143	)		(113,487	)		(70,685	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	(1,267,141	)		(1,005,358	)		(529,650	)		(703,262	)		(1,931,291	)		(1,523,139	)		(482,969	)		(601,128	)

	11,841			11,698			39,143			(10,192	)		200,264			(26,209	)		1,733			(35,769	)

	11,841			11,698			39,143			(10,192	)		200,262			(26,211	)		1,736			(35,773	)

	371,408			359,710			122,490			132,682			547,809			574,020			177,806			213,579

$	383,249		$	371,408		$	161,633		$	122,490		$	748,071		$	547,809		$	179,542		$	177,806

$	—		$	—		$	—		$	—		$	—		$	—		$	(2	)	$	2

Allegiant Money Market Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

1. Fund Organization

Allegiant Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on January 28, 1986. As of May 31, 2007, the Trust offered for sale shares of 30 Funds. Each of the Funds is authorized to issue various classes of shares. Each share class represents an interest in the same portfolio of investments of the respective Fund and is substantially the same in all respects, except that the classes are subject to different distribution (12b-1) fees and/or shareholder services fees, sales charges and investment minimums. With respect to the Money Market Funds, Class I and Class A Shares are sold without a sales charge; Class B and Class C Shares of the Money Market Fund are available only through dividend reinvestments and permitted exchanges and may incur contingent deferred sales charges. Contingent deferred sales charges may be reduced or waived under certain circumstances.

The Trust currently offers five asset categories that consist of the following Funds (each referred to as a “Fund” or collectively as the “Funds”):

Equity Funds

International Equity Fund, Large Cap Core Equity Fund, Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Value Fund, Multi-Factor Mid Cap Growth Fund, Multi-Factor Small Cap Core Fund, Multi-Factor Small Cap Focused Value Fund, Multi-Factor Small Cap Growth Fund, Multi-Factor Small Cap Value Fund, S&P 500^® Index Fund, Small Cap Core Fund and Small Cap Growth Fund;

Asset Allocation Fund

Balanced Allocation Fund;

Fixed Income Funds

Bond Fund, Government Mortgage Fund, Intermediate Bond Fund, Limited Maturity Bond Fund, Total Return Advantage Fund and Ultra Short Bond Fund;

Tax Exempt Bond Funds

Intermediate Tax Exempt Bond Fund, Michigan Intermediate Municipal Bond Fund, Ohio Intermediate Tax Exempt Bond Fund and Pennsylvania Intermediate Municipal Bond Fund;

Money Market Funds

Government Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund, Pennsylvania Tax Exempt Money Market Fund, Tax Exempt Money Market Fund and Treasury Money Market Fund.

The financial statements presented herein are those of the Money Market Funds. The financial statements of the Equity and Asset Allocation Funds, and the Fixed Income and Tax Exempt Bond Funds are not presented herein, but are presented separately.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Money Market Funds.

Investment Valuation

The investments of the Money Market Funds, other than investments in other money market funds, are valued at amortized cost, which approximates market value. The amortized cost method values an investment at its cost at the time of purchase and thereafter assumes a constant accretion of discount or amortization of premium to maturity. If this method is determined to be unreliable during certain market conditions or for other reasons, a Fund may value its investments at market price or fair value prices may be determined in good faith using methods approved and regularly reviewed by the Board of Trustees. No such investments held at May 31, 2007 were valued at other than amortized cost.

Investments in other money market funds are valued at their respective net asset values as determined by those funds each business day.

Investment Transactions, Investment Income and Expenses

Investment transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Discounts and premiums are accreted and amortized, respectively, to interest income over the lives of the respective investments. Expenses common to all of the Funds in the Trust are allocated among the Funds on the basis of average net assets. Distribution (12b-1) fees and shareholder services fees relating to a specific Class are charged directly to that Class. Expenses common to all Classes, investment income, and realized and unrealized gains and losses on investments are allocated to each Class based upon the relative daily net assets of each Class.

Dividends and Distributions to Shareholders

Dividends from net investment income for each of the Money Market Funds are declared daily and paid monthly. Any net realized capital gains will be distributed at least annually by each of the Money Market Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Repurchase Agreements

Repurchase agreements are considered loans under the 1940 Act. In connection therewith, the Trust’s custodian receives and holds collateral of not less than the repurchase price. If the value of the collateral falls below this amount, the Trust will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met or the seller defaults on its repurchase obligation, the Trust maintains the right to sell the underlying securities at market value and any resulting loss may be subject to legal proceedings.

Delayed Delivery Transactions

For the purpose of enhancing the Fund’s yield, the Tax Exempt Money Market Fund may purchase or sell securities on a delayed delivery basis. These transactions (principally in municipal securities referred to as COP’s or Certificates of Participation) involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into. The Fund accounts for such transactions as purchases and sales at the commitment date and maintains liquid, high-grade securities in an amount at least equal to the commitment to repurchase.

3. Investment Advisory Fees and Other Transactions with Affiliates

Investment Advisory Fees

Fees paid by the Money Market Funds pursuant to the Advisory Agreement with Allegiant Asset Management Company (the “Adviser”), an indirect wholly owned subsidiary of National City Corporation (“NCC”), are payable monthly and are calculated at an annual rate, listed in the table below, of each Fund’s average daily net assets. The Adviser may, from time to time, waive any portion of its fees. Such waivers are voluntary and may be changed or discontinued at any time. The table below lists the advisory fees and waivers that were in effect during the year ended May 31, 2007.


	Annual Rate		Fee Waiver
Government Money Market Fund	0.30	%	0.05	%
Money Market Fund	0.30	%	0.05	%
Ohio Municipal Money Market Fund	0.20	%	0.05	%
Pennsylvania Tax Exempt Money Market Fund	0.20	%	0.05	%
Tax Exempt Money Market Fund	0.20	%	0.05	%
Treasury Money Market Fund	0.30	%	0.05	%

Allegiant Money Market Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

Shareholder Services Fees

The Trust maintains a Shareholder Services Plan (the “Services Plan”) with respect to the Class A, Class B and Class C Shares in the Funds. Pursuant to the Services Plan, the Trust enters into shareholder servicing agreements with certain financial institutions under which they agree to provide shareholder administrative services to their customers who beneficially own Class A, Class B and Class C Shares in consideration for payment, listed in the table below, based on each Class’ average daily net assets.


	Annual Rate
	Class A		Class B		Class C
Government Money Market Fund	0.25	%	N/A		N/A
Money Market Fund	0.25	%	0.25	%	0.25	%
Ohio Municipal Money Market Fund	0.25	%	N/A		N/A
Pennsylvania Tax Exempt Money Market Fund	0.25	%	N/A		N/A
Tax Exempt Money Market Fund	0.25	%	N/A		N/A
Treasury Money Market Fund	0.25	%	N/A		N/A

Custodian Fees

Distribution/12b-1 Fees

The Trust and Professional Funds Distributor, LLC (the “Distributor”) are parties to a distribution agreement dated May 1, 2003. The Trust has adopted a distribution plan for Class I and Class A Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class I and Class A Shares plan, the Funds reimburse the Distributor for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.10% per annum of the average daily net assets of the Funds’ Class I and Class A Shares. The Money Market Funds accrued 12b-1 fees at the rate of 0.025% per annum of the average daily net assets of Class I and Class A Shares from June 1, 2006 to December 31, 2006. Effective January 1, 2007, the 12b-1 fee accrual rate was reduced to 0.015% per annum of the average daily net assets of Class I and Class A Shares. The Trust also has adopted plans under Rule 12b-1 with respect to Class B and Class C Shares of the Money Market Fund, pursuant to which the Money Market Fund compensates the Distributor for distribution services in an amount up to 0.75% per annum of the average daily net assets of the Fund’s Class B and Class C Shares.

Trustees’ Fees

Administration Fees

Transfer Agent

Effective June 10, 2006, PFPC succeeded Boston Financial Data Services as Transfer Agent for the Funds. For its services as Transfer Agent, PFPC receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the year ended May 31, 2007, PFPC received $488,900 from the Funds in aggregate fees and expenses for services rendered under the Transfer Agency Services Agreement. One of the officers of PFPC is Treasurer of the Trust.

Legal Fees

Expenses paid by the Trust for the year ended May 31, 2007 include legal fees of $335,726 paid to Drinker Biddle & Reath LLP. A partner of that firm is Secretary of the Trust.

Affiliated Money Market Fund

Pursuant to SEC rules, the Money Market Funds may invest cash balances not otherwise invested in portfolio securities and cash collateral from securities lending programs to purchase shares of the money market funds offered by the Trust and the Allegiant Advantage Fund, a separate investment company affiliated with the Trust. The Adviser will waive fees in an amount that offsets any distribution fees charged by the Money Market Funds. Dividends received from such investments are reported as “Income from affiliate” in the Statements of Operations.

4. Federal Income Taxes

Each of the Money Market Funds is classified as a separate taxable entity for Federal income tax purposes and intends to continue to qualify as a separate “regulated investment company” under the Internal Revenue Code and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under U.S. generally accepted accounting principles. These book/tax differences are either temporary or permanent in nature. The character of dividends and/or distributions made during the year from net investment income or net realized capital gains, and the timing of such dividends and/or distributions made in the fiscal year in which the amounts are distributed may differ from the year that the income or realized capital gains (losses) were recorded by the Money Market Funds. To the extent these differences are permanent; adjustments are made to the appropriate equity accounts in the period that the differences arise. Accordingly, the following permanent differences, have been reclassified to/from the following accounts for the year ended May 31, 2007:


	Undistributed Net Investment Income (000)		Accumulated Net Realized Losses (000)		Paid-in Capital (000)
Tax Exempt Money Market Fund	$	—	$	19	$	(19	)

Allegiant Money Market Funds

NOTES TO FINANCIAL STATEMENTS

May 31, 2007

The tax character of dividends paid during the years ended May 31, 2007 and May 31, 2006 were as follows:


	Tax-Exempt Income (000)		Ordinary Income (000)		Total (000)
Government Money Market Fund
2007	$	—	$	41,459	$	41,459
2006		—		33,562		33,562

Money Market Fund
2007		—		151,659		151,659
2006		—		108,165		108,165

Ohio Municipal Money Market Fund
2007		12,175		—		12,175
2006		9,656		—		9,656

Pennsylvania Tax Exempt Money Market Fund
2007		5,233		—		5,233
2006		3,458		—		3,458

Tax Exempt Money Market Fund.
2007		21,158		—		21,158
2006		14,733		—		14,733

Treasury Money Market Fund
2007		—		8,173		8,173
2006		—		5,954		5,954

As of May 31, 2007, the components of distributable earnings (accumulated losses) on a tax basis were as follows:


	Undistributed Tax Exempt Income (000)		Undistributed Ordinary Income (000)		Capital Loss Carryforward (000)			Post October Losses (000)			Other Temporary Differences (000)			Total Distributable Earnings (Accumulated Losses) (000)
Government Money Market Fund	$	—	$	2,967	$	(32	)	$	(11	)	$	(2,967	)	$	(43	)
Money Market Fund		—		12,152		(1,769	)		(34	)		(12,153	)		(1,804	)
Ohio Municipal Money Market Fund		790		—		—	*		—			(790	)		—	*
Pennsylvania Tax Exempt Money Market Fund		372		—		(40	)		—			(372	)		(40	)
Tax Exempt Money Market Fund		1,694		—		(25	)		(2	)		(1,694	)		(27	)
Treasury Money Market Fund		—		675		(14	)		—			(677	)		(16	)

*	Amount represents less than $500.

For Federal income tax purposes, realized capital losses may be carried forward and applied against future capital gains. At May 31, 2007, the Money Market Funds had capital loss carryforwards (in thousands) available to offset future realized capital gains through the indicated expiration dates:


	Expiring May 31,
	2010		2011		2012		2013			2014		2015		Total
Government Money Market Fund	$	—	$	18	$	3	$	—		$	7	$	4	$	32
Money Market Fund		1,747		—		—		—			—		22		1,769
Ohio Municipal Money Market Fund		—		—		—		—			—		—		—	*
Pennsylvania Tax Exempt Money Market Fund		40		—		—		—	*		—		—		40
Tax Exempt Money Market Fund		—		23		—		—			—		2		25
Treasury Money Market Fund		—		—		—		8			6		—		14

*	Amount represents less than $500.

During the year ended May 31, 2007, the Treasury Money Market Fund utilized a capital loss carryforward of $3,019 to offset capital gains. During the year ended May 31, 2007, the Pennsylvania Tax Exempt Money Market Fund and the Tax Exempt Money Market Fund had capital loss carryforwards of $278 and $18,774, respectively, that expired.

5. Market and Credit Risk

Each of the Money Market Funds may invest up to 10% of net assets in illiquid securities. The relative illiquidity of some of these securities may adversely affect a Fund’s ability to dispose of such securities in a timely manner and at a fair price.

The Ohio Municipal Money Market and Pennsylvania Tax Exempt Money Market Funds follow an investment policy of investing primarily in municipal obligations of one state. The Tax Exempt Money Market Fund follows an investment policy of investing in municipal obligations of various states which may, at times, comprise concentrations in one or several states. Economic changes affecting each state and related public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the Funds.

6. Indemnifications

7. Recent Accounting Pronouncements

8. Regulatory Matters

Allegiant Money Market Funds

NOTICE TO SHAREHOLDERS

(Unaudited)

Tax Information

The following tax information represents fiscal year end disclosure of various tax benefits passed through to shareholders at calendar year end.

Of the dividends paid by the following Funds, the corresponding percentages represent the amount of such dividends which are tax exempt for regular federal income tax purposes.


Name of Fund
Ohio Municipal Money Market Fund		100%
Pennsylvania Tax Exempt Money Market Fund		100%
Tax Exempt Money Market Fund		100%

Proxy Voting

Quarterly Schedule of Investments

The Form N-Q, which includes a complete schedule of investments, must be filed with the SEC within 60 days of the end of the Trust’s first and third fiscal quarters. The Trust’s Forms N-Q are available upon request, without charge, by calling 1-800-622-FUND (3863), visiting the Trust’s website at www.allegiantfunds.com, on the SEC’s website at http://www.sec.gov, or they may be reviewed and/or copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room).

Investment Adviser

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, Ohio 44114

Distributor

Professional Funds Distributor, LLC

760 Moore Road

King of Prussia, Pennsylvania 19406

Legal Counsel

Drinker Biddle & Reath LLP

One Logan Square

18th and Cherry Streets

Philadelphia, Pennsylvania 19103-6996

Independent Registered Public Accounting Firm

Ernst & Young LLP

Two Commerce Square

2001 Market Street, Suite 4000

Philadelphia, Pennsylvania 19103

Custodian

PFPC Trust Co.

8800 Tinicum Boulevard, 4th Floor

Philadelphia, Pennsylvania 19153

LOGO

760 Moore Road

King of Prussia, PA 19406

INVESTMENT ADVISER:

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, OH 44114

Item 2.

Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(c)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3.

Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of trustees has determined that Dorothy A. Berry, Kelly J. Brennan, John F. Durkott, Richard W. Furst and Robert D. Neary is each qualified to serve as an audit committee financial expert serving on its audit committee and that each is “independent,” as defined by paragraph (a)(2) of this Item.

The board of trustees determined that Richard Furst qualified as an audit committee financial expert pursuant to paragraph (c)(4) of this Item because, in addition to his long service on the registrant’s board of trustees, (i) he holds graduate degrees in finance, (ii) he has been a professor of finance at, and dean of the business school for, a major U.S. university, and (iii) he has served on the audit committees of several other companies, including one that files reports with the Commission.

Item 4.

Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for professional services rendered by the Registrant’s independent auditors for the audit of the Registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $593,500 and $615,700 for the fiscal years ended May 31, 2007 and 2006, respectively.

Audit-Related Fees

(b)

The aggregate fees billed for assurance and related services by the Registrant’s independent auditors that are reasonably related to the performance of the audit of the Registrant’s financial statements and not reported under paragraph (a) above were $0 and $0 for the fiscal years ended May 31, 2007 and 2006, respectively.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the Registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the Registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the Registrant were $0 and $120,268 for the Registrant’s fiscal years ended May 31, 2007 and 2006, respectively. The 2006 audit-related service was for the preparation of the Report on Controls Placed in Operation and Tests of Operating Effectiveness of the National City Trust Division.

Tax Fees

(c)	The aggregate fees billed for professional services rendered by the Registrant’s independent auditors for tax-related services were $28,000 and $0 for the fiscal years ended May 31, 2007 and 2006, respectively.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the Registrant’s independent auditors for tax-related services provided to the Registrant’s investment adviser and other services providers under common control with the adviser and that relate directly to the operations or financial reporting of the Registrant were $0 and $0 for the Registrant’s fiscal years ended May 31, 2007 and 2006, respectively.

All Other Fees

(d)	The aggregate fees billed for all professional services provided by the Registrant’s independent auditors to the Registrant other than those set forth in paragraphs (a), (b), and (c) above were $0 and $0 for the fiscal years ended May 31, 2007 and 2006, respectively.

The aggregate fees billed in each of the last two fiscal years for all professional services other than those set forth in paragraphs (b) and (c) above provided by the Registrant’s independent auditors to the Registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the Registrant were $60,000 and $0 for the Registrant’s fiscal years ended May 31, 2007 and 2006, respectively. The 2007 service was for the Allegiant marketing Budget Findings Report.


(e)(1)		Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Audit Committee shall:

Determine the firm to be employed as the Funds’ independent auditors and the terms of their engagement for the Funds’ audit and non-audit services.

(a)

The Audit Committee shall review and approve proposals for the independent auditors to render permissible non-audit services. The Audit Committee may adopt pre-approval policies and procedures, including both general pre-approvals and terms for specific case-by-case approvals, and may delegate the authority to grant such pre-approvals to one or more members of the Committee.

(b)

The pre-approval requirement may be waived with respect to the provision of non-audit services for the Funds if: (i) the aggregate amount of all such non-audit services provided to the Funds constitutes not more than 5% of the total amount of revenues paid by the Funds to its independent auditor during the fiscal year in which the non-audit services are provided; (ii) such services were not recognized at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit.

Review and approve in advance with the independent auditors each non-audit engagement involving the Funds’ independent auditor and the Funds’ investment adviser and any entity controlling, controlled by or under common control with the adviser (“control affiliates”) where: (i) the investment adviser or its control affiliate provides ongoing services to the Funds; and (ii) the engagement relates directly to the operations and financial reporting of the Funds.

(a)

The pre-approval requirement may be waived if: (i) the aggregate amount of all services provided constitutes not more than 5% of the total amount of revenues paid to the Funds’ independent auditor by the Funds’ investment adviser and its control affiliates that provide ongoing services to the Funds during the fiscal year in which the services are provided that would have to be pre-approved by the Funds’ Audit Committee; (ii) such services were not recognized by the Funds’ adviser or its control affiliates (that provide ongoing services to the Fund) at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit.


(e)(2)		The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b)

N/A

(c)

100%

(d)

N/A

(f)	Not applicable

(g)

The aggregate non-audit fees billed in each of the last two fiscal years by the Registrant’s independent auditors for services rendered to the Registrant and to the its investment adviser and other service providers under common control with the adviser that provides ongoing services to the Registrant were $321,000 and $603,972 for the Registrant’s fiscal years ended May 31, 2007 and 2006, respectively. These services were for the GIPS/AIMR examination reports, the Trust SAS70, Allegiant tax compliance services, the Allegiant marketing Budget Findings Report and for the preparation of third-party compliance reports.

(h)

The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed registrants.

Not applicable.

Item 6.

Schedule of Investments.

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees.

Item 11.

Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.


(a)(1)		Code of ethics that is the subject of disclosure required by Item 2 is incorporated by reference to Exhibit (a)(1) of the registrant’s Form N-CSR filed on August 6, 2004 (Accession No. 0000935069-04-001038).

(a)(2)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)		Not applicable.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(registrant)		Allegiant Funds

By (Signature and Title)*		/s/ Timothy L. Swanson
		Timothy L. Swanson, President, Chief Executive Officer & Chief Legal Officer
		(principal executive officer)

Date 7/24/2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By (Signature and Title)*		/s/ Timothy L. Swanson
		Timothy L. Swanson, President, Chief Executive Officer & Chief Legal Officer
		(principal executive officer)

Date 7/24/2007



By (Signature and Title)*		/s/ Patrick E. Glazar
		Patrick E. Glazar, Treasurer
		(principal financial officer)

Date 7/24/2007

*	Print the name and title of each signing officer under his or her signature.