Exhibit (d)27

                                 ALLEGIANT FUNDS
                THIRD AMENDMENT TO INVESTMENT ADVISORY AGREEMENT

         This THIRD  AMENDEMENT TO  INVESTMENT  ADVISORY  AGREEMENT  (the "Third
Amendment")  dated as of October 1, 2008,  by and  between  ALLEGIANT  FUNDS,  a
Massachusetts  business  trust,  located in King of Prussia,  Pennsylvania  (the
"Trust") and ALLEGIANT ASSET MANAGEMENT COMPANY, located in Cleveland, Ohio (the
"Adviser").

         WHEREAS,  the parties  have entered  into an Advisory  Agreement  dated
April 9, 1998 with  respect to the Trust's  International  Equity,  Multi-Factor
Small Cap Value, Small Cap Growth, S&P 500 Index,  Balanced  Allocation and Ohio
Municipal Money market Funds ("Investment Advisory Agreement"); and

         WHEREAS,  the Board of  Trustees  of the Trust  have  approved  certain
reductions in fees payable with respect to the International  Equity and S&P 500
Index Funds;

         NOW, THEREFORE, it is agreed among the parties hereto as follows:

         1.  Compensation.  The first  paragraph of Section 8 of the  Investment
Advisory  Agreement,  as  heretofore  amended,  is amended  and  restated in its
entirety to read as follows:

         "8.  Compensation.  For  services  provided  and the  expenses  assumed
pursuant  to this  Agreement,  the Trust  will pay the  Adviser  from the assets
belonging  to the  Funds  and the  Adviser  will  accept  as  full  compensation
therefore fees,  computed daily and paid monthly,  at the following rates: 1.00%
of the average daily net assets of the  International  Equity Fund; 1.00% of the
average  daily net assets of each of the  Multi-Factor  Small Cap Value Fund and
the Small Cap Growth Fund of $0 to less than $500 million;  0.95% of the average
daily net assets of each Fund of $500 to less than $1 billion;  and 0.90% of the
average  daily  net  assets of each Fund of $1  billion  and over;  0.20% of the
average  daily net assets of the S&P 500 Index Fund;  0.20% of the average daily
net assets of the Ohio  Municipal  Money Market  Fund;  and 0.75% of the average
daily net assets of the Balanced Allocation Fund."

         4. Definitions.  Unless otherwise defined herein, all capitalized terms
used in this  Third  Amendment  shall  have their  respective  defined  meanings
ascribed to them in the Investment Advisory Agreement.

         5. Miscellaneous.  Except to the extent expressly amended by this Third
Amendment,  the Investment Advisory Agreement shall remain unchanged and in full
force and effect.  References therein to "this Agreement,"  "hereby,"  "herein,"
and the like shall be deemed to refer to the Investment Advisory  Agreement,  as
amended by this Third Amendment.  This Third Amendment may be executed in two or
more counterparts,  each of which shall be deemed an original,  and all of which
together shall constitute one and the same instrument.


         IN WITNESS  WHEREOF,  the parties hereto have caused this instrument to
be  executed  by their  officers  designated  below as of the day and year first
above written.


                                 ALLEGIANT FUNDS


                                            By: /s/ Kathleen T. Barr
                                              -----------------------
                                            Title: Chief Administrative Officer


                                            ALLEGIANT ASSET MANAGEMENT COMPANY


                                            By: /s/ Joseph C. Penko
                                               ----------------------
                                            Title: Managing Director