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: November 30, 2006

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 Semi-Annual Report to Shareholders is attached herewith.

ALLEGIANT EQUITY AND ASSET ALLOCATION FUNDS SEMI-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 FUNDS

Aggressive Allocation Fund

(liquidated on 12/14/06)

Balanced Allocation Fund

Conservative Allocation Fund

(liquidated on 12/14/06)

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
Summary of Portfolio Holdings	4
Expense Tables	6
	Financial Highlights	Statements of Net Assets
International Equity Fund	8	18
Large Cap Core Equity Fund	9	22
Large Cap Growth Fund	9	24
Large Cap Value Fund	10	26
Mid Cap Value Fund	11	28
Multi-Factor Mid Cap Growth Fund	11	30
Multi-Factor Small Cap Core Fund	12	32
Multi-Factor Small Cap Focused Value Fund	12	34
Multi-Factor Small Cap Growth Fund	12	36
Multi-Factor Small Cap Value Fund	12	38
S&P 500® Index Fund	13	41
Small Cap Core Fund	13	47
Small Cap Growth Fund	14	49
Aggressive Allocation Fund	15	51
Balanced Allocation Fund	16	52
Conservative Allocation Fund	17	58
Statements of Operations		60
Statements of Changes in Net Assets		64
Notes to Financial Statements		70
Trustees Review and Approval of Advisory and Sub-Advisory Agreements		83
Shareholder Voting Results		85

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

JANUARY 2007

Dear Shareholders:

We are pleased to provide you with important semi-annual information about Allegiant Funds, as well as a review of the financial markets and the events shaping the global markets. During the six month period, total assets of the Allegiant Funds increased by $409 million to $10.9 billion due primarily to money market fund inflows.

Allegiant Funds is committed to attaining competitive performance and offering a broad range of investment styles. With the start of a new year, it is a good time for investors to critically evaluate their investment portfolios and overall diversification mix. We encourage our shareholders to review the information included in this semi-annual report as a part of the process. For your convenience, this report, performance updates and commentaries from the portfolio management teams, as well as e-delivery options, are all available at www.allegiantfunds.com. We welcome you to utilize these services to assist you in the decision making process.

If you have any questions regarding Allegiant Funds, please contact your investment professional or call Investor Services at 1-800-622-FUND (3863). Thank you for your continued confidence in Allegiant Funds and we look forward to serving your investment needs in the year ahead. Best wishes for a happy, healthy and prosperous New Year.

Sincerely,

Robert D. Neary

Chairman

1

Allegiant Equity and Asset Allocation Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

“...the Fed adjourned for the first time in more than two years without pushing their interest rate target higher...”

Commentary provided by Allegiant Asset Management Company

The past year has brought many changes, not only for the industry, but for Allegiant Asset Management as well. As we mentioned in our May letter, we continue our transformation as a firm with refinements to our investment processes, the retention of talented professionals and our ongoing focus on delivering competitive products to our shareholders. While still early, we are seeing improvements in relative performance and the creation of consistent, long-term track records across the major asset classes and styles. As the investment management industry continues to change, so will we as a firm, utilizing our capabilities to stay on the forefront of the business by offering new products, innovative strategies, and prudent risk management techniques.

Economic and Market Overview

From an economic perspective, the dominant headlines over the last six months have been the Federal Reserve Board (“Fed”), housing, and inflation. To keep core inflation within their desired range of 2%, the Fed gradually raised the Fed Funds target to 5.25%. The Fed pushed monetary policy beyond neutral to slightly restrictive in the hope that a tighter monetary environment would slowly deflate the housing market, which some believed was overextended. When the Fed met on August 8, 2006, they adjourned for the first time in more than two years without pushing their interest rate target higher. Within weeks of the Fed’s pause at 5.25%, most of the major gauges of inflation began to decline.

One major force behind the housing boom was inexpensive financing, brought on by the Fed itself, with a 1% Fed Funds target rate that greatly increased housing affordability. With the rate increases of the last two years, it appears the housing market is beginning to slow moderately, minimally affecting other related sectors of the economy. Looking forward to 2007, we believe that housing still poses the single greatest risk to the financials market and the economy.

Housing was not the only source of inflation in the economy as the threat of increasing prices also was fueled by rising energy costs. Some of the sharp increase in energy prices was due to strong global economic growth. This was compounded by the destruction caused by a record hurricane season in 2005. Energy prices peaked in the summer of 2006, as peak driving months, hurricane season and the Israel-Lebanon crisis in the Middle East occurred simultaneously. Fortunately, the 2006 hurricane season proved uneventful and Israel and Lebanon ceased military operations. Thereafter, oil prices fell sharply and most measures of headline inflation followed suit.

The downside to the Fed’s battle against inflation has been the impact on economic growth. Second quarter GDP growth was 2.6% and third quarter was 2.2% which were both slower than earlier levels but still positive. The slowdown was principally attributed to the housing sector. However, many analysts and economists believe housing will continue to deteriorate and lead to further declines in GDP growth.

The U.S. dollar has fallen approximately 11% versus the euro, 3% versus the yen, and 13% versus the pound over the last year, as a result of growing budget and trade deficits as well as growing expectations that the Fed would lower their interest rate target. Furthermore, slower U.S. growth and the diversification of dollar reserves by foreign central banks (specifically China) also contributed to the sell off. However, dollar weakness should be beneficial in lowering the trade deficit as it increases the attractiveness of dollar-denominated goods abroad.

2

“Despite economic headwinds, corporate earnings continued to deliver double-digit quarterly earnings’ growth.”

Equity Markets

Despite economic headwinds, corporate earnings continued to deliver double-digit quarterly earnings’ growth and the welcome news that the Fed might be finished raising interest rates caused a sharp market rally. The Dow Jones Industrial Average celebrated the Fed’s pause by moving steadily higher, reaching historical highs in November as other major indices followed suit. While the markets were fond of earnings growth, they seemed to like the prospect of steady —or perhaps even falling — interest rates even more.

According to market watchers, 2006 was expected to be the year that growth beat value and large caps beat small caps reversing years of lagging. Investors, however, continued to reward value-oriented companies, specifically oil, utilities, and consumer stocks. Small cap stocks continued strong earnings growth as reported by the Russell 2000^® index, and returned 18.37% for the year. This trumped large caps as reported by the Russell 1000^® index, which ended the year at a 15.46% gain.

Bond Markets

As the Fed continued to raise rates higher in both May and June to the current level of 5.25%, the bond markets moved up in step, with the 10-year Treasury yielding 5.136% on June 30. As previously noted, in August, the Fed left the target on the Fed Funds unchanged for the first time in over two years. Subsequently, the bond yields declined and as of November 30, the 10-year Treasury yield had declined to 4.458%.

The conundrum for the bond markets has been the inverted yield curve where short term rates are higher than longer term rates. Historically, an inverted yield curve is a reliable predictor of economic slowdown or recession as longer term interest rates adjust to factor in expectations that the Fed may soon lower rates to revive the economy. If interpreted this way, bond investors appear to be economically bearish going into next year due to the deflating housing bubble and subsequent retrenchment in consumer spending. Hence, fixed income investors are anticipating that the Fed will move to a less restrictive stance by lowering the Fed Funds target in order to engineer the desired soft landing. This differs markedly from the optimistic outlook of the equity markets, which continued to reward lower quality, smaller companies.

Looking Ahead

Going into 2007, investors should focus on three critical factors: the housing market, international growth and the yield curve. If the worst in the housing slowdown is past, the economy may grow at slower, but still strong, levels. If housing continues to slow, the U.S. economy may dip into recession. International growth should continue to be strong and this will benefit U.S. companies, perhaps picking up the slack of a slowing domestic marketplace. An inverted yield curve for an extended period of time increases the chances of a recession and is something that should warrant investors’ attention. However, as the next economic cycle emerges, patience and a solid asset allocation strategy may be keys to success for investors.

3

Allegiant Equity and Asset Allocation Funds

SUMMARY OF PORTFOLIO HOLDINGS

The tables below present portfolio holdings as a percentage of total investments before collateral for loaned securities for each of the Allegiant Equity and Asset Allocation Funds as of November 30, 2006.

International Equity Fund

Japan	17.0	%
United Kingdom	15.0
Switzerland	5.8
France	5.8
Finland	5.4
Norway	4.9
Hong Kong	4.7
South Africa	3.8
Twenty other countries	36.2
Affiliated Money Market Fund	1.4
	100.0	%

Large Cap Core Equity Fund

Financials	21.6	%
Information Technology	15.8
Healthcare	12.1
Industrials	10.8
Consumer Discretionary	10.4
Energy	10.0
Consumer Staples	9.3
Utilities	3.5
Telecommunication Services	3.4
Materials	3.0
Affiliated Money Market Fund	0.1
	100.0	%

Large Cap Growth Fund

Information Technology	30.3	%
Healthcare	16.8
Consumer Discretionary	14.2
Industrials	10.6
Financials	8.1
Consumer Staples	7.1
Energy	4.2
Materials	3.6
Telecommunication Services	3.6
Utilities	1.1
Affiliated Money Market Fund	0.4
	100.0	%

Large Cap Value Fund

Financials	32.5	%
Energy	12.7
Consumer Staples	10.7
Consumer Discretionary	10.2
Information Technology	8.7
Healthcare	7.4
Telecommunication Services	5.6
Industrials	4.6
Materials	3.9
Utilities	2.0
Affiliated Money Market Fund	1.7
	100.0	%

Mid Cap Value Fund

Financials	27.6	%
Consumer Discretionary	11.7
Information Technology	11.6
Utilities	11.4
Healthcare	7.6
Materials	7.2
Energy	6.2
Consumer Staples	5.8
Affiliated Money Market Fund	4.8
Industrials	4.6
Telecommunication Services	1.5
	100.0	%

Multi-Factor Mid Cap Growth Fund

Consumer Discretionary	21.9	%
Industrials	18.4
Information Technology	15.6
Healthcare	12.3
Financials	9.2
Energy	7.3
Materials	6.4
Consumer Staples	4.0
Telecommunication Services	3.1
Utilities	1.5
Affiliated Money Market Fund	0.3
	100.0	%

Multi-Factor Small Cap Core Fund

Financials	20.3	%
Information Technology	18.5
Industrials	14.6
Consumer Discretionary	13.1
Healthcare	11.3
Consumer Staples	5.6
Materials	4.8
Energy	4.2
Telecommunication Services	2.8
Utilities	2.8
Affiliated Money Market Fund	2.0
	100.0	%

Multi-Factor Small Cap Focused Value Fund

Financials	33.3	%
Industrials	13.7
Information Technology	11.4
Healthcare	9.9
Consumer Discretionary	8.9
Consumer Staples	8.6
Energy	6.3
Materials	3.4
Utilities	3.4
Affiliated Money Market Fund	1.1
	100.0	%

4

Multi-Factor Small Cap Growth Fund

Information Technology	23.1	%
Healthcare	18.9
Industrials	13.9
Consumer Discretionary	13.6
Financials	9.7
Energy	7.8
Materials	5.9
Consumer Staples	3.6
Utilities	1.8
Telecommunication Services	1.6
Affiliated Money Market Fund	0.1
	100.0	%

Multi-Factor Small Cap Value Fund

Financials	31.2	%
Consumer Discretionary	16.5
Information Technology	12.2
Industrials	11.8
Healthcare	7.3
Energy	6.0
Consumer Staples	5.2
Utilities	4.2
Materials	2.6
Affiliated Money Market Fund	1.7
Telecommunication Services	1.3
	100.0	%

S&P 500^® Index Fund

Financials	21.6	%
Information Technology	15.6
Healthcare	12.1
Industrials	10.9
Consumer Discretionary	10.4
Energy	10.2
Consumer Staples	9.2
Utilities	3.6
Telecommunication Services	3.4
Materials	3.0
	100.0	%

Small Cap Core Fund

Financials	24.1	%
Information Technology	20.5
Consumer Discretionary	20.0
Industrials	14.6
Energy	6.8
Healthcare	6.2
Affiliated Money Market Fund	3.7
Consumer Staples	3.1
Materials	1.0
	100.0	%

Small Cap Growth Fund

Information Technology	23.5	%
Healthcare	18.7
Industrials	13.9
Consumer Discretionary	13.7
Financials	9.6
Energy	7.8
Materials	5.9
Consumer Staples	3.6
Utilities	1.7
Telecommunication Services	1.6
	100.0	%

Aggressive Allocation Fund

Affiliated Equity Funds	80.6	%
Affiliated Money Market Fund	12.5
Affiliated Fixed Income Fund	6.9
	100.0	%

Balanced Allocation Fund

U.S. Common Stocks	43.1	%
Exchange Traded Funds	12.3
U.S. Treasury Obligations	11.7
U.S. Government Agency Mortgage-Backed
Obligations	8.2
Foreign Common Stocks	7.6
Affiliated Money Market Fund	5.7
Corporate Bonds	3.4
Asset Backed Securities	3.0
Collateralized Mortgage Obligations	3.0
U.S. Government Agency Obligations	1.4
Commercial Paper	0.6
	100.0	%

Conservative Allocation Fund

Affiliated Fixed Income Fund	46.9	%
Affiliated Equity Funds	42.2
Affiliated Money Market Fund	10.9
	100.0	%

5

Allegiant Equity and Asset Allocation Funds

EXPENSE TABLES

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 (June 1, 2006 to November 30, 2006).

The Expense Table that appears for your Fund below 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.”

• 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.

	Beginning Account Value 6/1/06		Ending Account Value 11/30/06		Annualized Expense Ratio		Expenses Paid During Period*
International Equity Fund
Actual
Class I	$	1,000.00	$	1,100.49	1.22	%	$	6.42
Class A		1,000.00		1,098.58	1.47			7.73
Class B		1,000.00		1,095.41	2.18			11.45
Class C		1,000.00		1,095.69	2.18			11.45
Hypothetical**
Class I		1,000.00		1,018.95	1.22			6.17
Class A		1,000.00		1,017.70	1.47			7.44
Class B		1,000.00		1,014.14	2.18			11.01
Class C		1,000.00		1,014.14	2.18			11.01
Large Cap Core Equity Fund
Actual
Class I	$	1,000.00	$	1,084.63	0.92	%	$	4.81
Class A		1,000.00		1,082.55	1.17			6.11
Class B		1,000.00		1,079.02	1.88			9.80
Class C		1,000.00		1,079.02	1.88			9.80
Hypothetical**
Class I		1,000.00		1,020.46	0.92			4.66
Class A		1,000.00		1,019.20	1.17			5.92
Class B		1,000.00		1,015.64	1.88			9.50
Class C		1,000.00		1,015.64	1.88			9.50
Large Cap Growth Fund
Actual
Class I	$	1,000.00	$	1,088.52	0.92	%	$	4.82
Class A		1,000.00		1,087.28	1.17			6.12
Class B		1,000.00		1,083.01	1.88			9.82
Class C		1,000.00		1,082.88	1.88			9.82
Hypothetical**
Class I		1,000.00		1,020.46	0.92			4.66
Class A		1,000.00		1,019.20	1.17			5.92
Class B		1,000.00		1,015.64	1.88			9.50
Class C		1,000.00		1,015.64	1.88			9.50
Large Cap Value Fund
Actual
Class I	$	1,000.00	$	1,116.03	0.91	%	$	4.83
Class A		1,000.00		1,114.48	1.16			6.15
Class B		1,000.00		1,110.18	1.87			9.89
Class C		1,000.00		1,110.41	1.87			9.89
Hypothetical**
Class I		1,000.00		1,020.51	0.91			4.61
Class A		1,000.00		1,019.25	1.16			5.87
Class B		1,000.00		1,015.69	1.87			9.45
Class C		1,000.00		1,015.69	1.87			9.45
Mid Cap Value Fund
Actual
Class I	$	1,000.00	$	1,110.70	0.92	%	$	4.87
Class A		1,000.00		1,109.80	1.17			6.19
Class B		1,000.00		1,106.28	1.88			9.93
Class C		1,000.00		1,105.73	1.88			9.92
Hypothetical**
Class I		1,000.00		1,020.46	0.92			4.66
Class A		1,000.00		1,019.20	1.17			5.92
Class B		1,000.00		1,015.64	1.88			9.50
Class C		1,000.00		1,015.64	1.88			9.50
Multi-Factor Mid Cap Growth Fund
Actual
Class I	$	1,000.00	$	1,058.21	0.76	%	$	3.92
Class A		1,000.00		1,058.26	1.01			5.21
Class B		1,000.00		1,053.51	1.73			8.91
Class C		1,000.00		1,054.46	1.73			8.91
Hypothetical**
Class I		1,000.00		1,021.26	0.76			3.85
Class A		1,000.00		1,020.00	1.01			5.11
Class B		1,000.00		1,016.39	1.73			8.74
Class C		1,000.00		1,016.39	1.73			8.74

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.

* Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (183) in the most recent fiscal half-year, then divided by 365.

** Assumes annual return of 5% before expenses.

6

Allegiant Equity and Asset Allocation Funds

EXPENSE TABLES

	Beginning Account Value 6/1/06		Ending Account Value 11/30/06		Annualized Expense Ratio		Expenses Paid During Period*
Multi-Factor Small Cap Core Fund
Actual
Class I	$	1,000.00	$	1,061.83	0.95	%	$	4.91
Class A		1,000.00		1,060.09	1.20			6.20
Hypothetical**
Class I		1,000.00		1,020.31	0.95			4.81
Class A		1,000.00		1,019.05	1.20			6.07
Multi-Factor Small Cap Focused Value Fund
Actual
Class I	$	1,000.00	$	1,041.25	1.17	%	$	5.99
Class A		1,000.00		1,040.47	1.42			7.26
Hypothetical**
Class I		1,000.00		1,019.20	1.17			5.92
Class A		1,000.00		1,017.95	1.42			7.18
Multi-Factor Small Cap Growth Fund
Actual
Class I	$	1,000.00	$	1,020.81	0.95	%	$	4.81
Class A		1,000.00		1,019.89	1.20			6.08
Hypothetical**
Class I		1,000.00		1,020.31	0.95			4.81
Class A		1,000.00		1,019.05	1.20			6.07
Multi-Factor Small Cap Value Fund
Actual
Class I	$	1,000.00	$	1,033.42	1.16	%	$	5.91
Class A		1,000.00		1,031.65	1.41			7.18
Class B		1,000.00		1,028.16	2.12			10.78
Class C		1,000.00		1,028.22	2.12			10.78
Hypothetical**
Class I		1,000.00		1,019.25	1.16			5.87
Class A		1,000.00		1,018.00	1.41			7.13
Class B		1,000.00		1,014.44	2.12			10.71
Class C		1,000.00		1,014.44	2.12			10.71
S&P 500® Index Fund
Actual
Class I	$	1,000.00	$	1,111.92	0.34	%	$	1.80
Class A		1,000.00		1,109.84	0.59			3.12
Class B		1,000.00		1,106.52	1.34			7.08
Class C		1,000.00		1,106.19	1.34			7.08
Hypothetical**
Class I		1,000.00		1,023.36	0.34			1.72
Class A		1,000.00		1,022.11	0.59			2.99
Class B		1,000.00		1,018.35	1.34			6.78
Class C		1,000.00		1,018.35	1.34			6.78
Small Cap Core Fund
Actual
Class I	$	1,000.00	$	1,025.75	1.17	%	$	5.94
Class A		1,000.00		1,025.11	1.42			7.21
Class B		1,000.00		1,022.17	2.13			10.80
Class C		1,000.00		1,021.31	2.13			10.79
Hypothetical**
Class I		1,000.00		1,019.20	1.17			5.92
Class A		1,000.00		1,017.95	1.42			7.18
Class B		1,000.00		1,014.39	2.13			10.76
Class C		1,000.00		1,014.39	2.13			10.76
Small Cap Growth Fund
Actual
Class I	$	1,000.00	$	1,022.73	0.91	%	$	4.61
Class A		1,000.00		1,022.18	1.16			5.88
Class B		1,000.00		1,017.92	1.88			9.51
Class C		1,000.00		1,017.88	1.88			9.51
Hypothetical**
Class I		1,000.00		1,020.51	0.91			4.61
Class A		1,000.00		1,019.25	1.16			5.87
Class B		1,000.00		1,015.64	1.88			9.50
Class C		1,000.00		1,015.64	1.88			9.50
Aggressive Allocation Fund
Actual
Class I	$	1,000.00	$	1,089.71	0.39	%	$	2.04
Class A		1,000.00		1,088.02	0.64			3.35
Class B		1,000.00		1,084.97	1.27			6.64
Class C		1,000.00		1,086.09	1.27			6.64
Hypothetical**
Class I		1,000.00		1,023.11	0.39			1.98
Class A		1,000.00		1,021.86	0.64			3.24
Class B		1,000.00		1,018.70	1.27			6.43
Class C		1,000.00		1,018.70	1.27			6.43
Balanced Allocation Fund
Actual
Class I	$	1,000.00	$	1,089.47	0.95	%	$	4.98
Class A		1,000.00		1,088.05	1.20			6.28
Class B		1,000.00		1,084.07	1.92			10.03
Class C		1,000.00		1,084.47	1.92			10.03
Hypothetical**
Class I		1,000.00		1,020.31	0.95			4.81
Class A		1,000.00		1,019.05	1.20			6.07
Class B		1,000.00		1,015.44	1.92			9.70
Class C		1,000.00		1,015.44	1.92			9.70
Conservative Allocation Fund
Actual
Class I	$	1,000.00	$	1,065.31	0.33	%	$	1.71
Class A		1,000.00		1,064.09	0.58			3.00
Class B		1,000.00		1,060.20	1.21			6.25
Class C		1,000.00		1,061.17	1.21			6.25
Hypothetical**
Class I		1,000.00		1,023.41	0.33			1.67
Class A		1,000.00		1,022.16	0.58			2.94
Class B		1,000.00		1,019.00	1.21			6.12
Class C		1,000.00		1,019.00	1.21			6.12

* Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (183) in the most recent fiscal half-year, then divided by 365.

** Assumes annual return of 5% before expenses.

7

Allegiant Equity Funds	Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS	For the Six Months Ended November 30 , 2006 (Unaudited)
	and 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
INTERNATIONAL EQUITY FUND
CLASS I
2006*,**	$	14.23	$	0.02		$	1.41		$	—		$	—	$	15.66	10.05	%	$	300,781	1.22	%	0.26	%	1.37	%	0.11	%	16	%
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
2002		10.89		0.06			(1.16	)		(0.04	)		—		9.75	(10.09	)		517,829	1.34		0.63		1.34		0.63		63
CLASS A
2006*,**	$	14.10	$	—		$	1.39		$	—		$	—	$	15.49	9.86	%	$	16,150	1.47	%	0.01	%	1.62	%	(0.14	)%	16	%
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
2002		10.81		0.04			(1.16	)		(0.01	)		—		9.68	(10.35	)		12,143	1.59		0.38		1.59		0.38		63
CLASS B
2006*,**	$	13.73	$	(0.05	)	$	1.36		$	—		$	—	$	15.04	9.54	%	$	1,270	2.18	%	(0.70	)%	2.33	%	(0.85	)%	16	%
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
2002		10.62		(0.04	)		(1.12	)		—			—		9.46	(10.92	)		3,209	2.30		(0.33	)	2.30		(0.33	)	63
CLASS C
2006*,**	$	13.69	$	(0.05	)	$	1.36		$	—		$	—	$	15.00	9.57	%	$	784	2.18	%	(0.70	)%	2.33	%	(0.85	)%	16	%
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
2002		10.63		(0.03	)		(1.14	)		—			—		9.46	(11.01	)		565	2.30		(0.33	)	2.30		(0.33	)	63

† Total return excludes sales charge.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Redemption fees received during the six months ended November 30, 2006 and the year ended May 31, 2006 had no effect on the net asset value.

⁽¹⁾ Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.

8

	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
LARGE CAP CORE EQUITY FUND
CLASS I
2006*	$	12.39	$	0.03		$	1.02		$	(0.03	)	$	—		$	13.41	8.46	%	$	245,177	0.92	%	0.49	%	0.92	%	0.49	%	35	%
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
2002		12.27		0.05			(1.15	)		(0.04	)		(0.26	)		10.87	(8.99	)		141,177	0.97		0.47		0.97		0.47		112
CLASS A
2006*	$	12.26	$	0.01		$	1.00		$	(0.01	)	$	—		$	13.26	8.26	%	$	5,879	1.17	%	0.24	%	1.17	%	0.24	%	35	%
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
2002		12.16		0.02			(1.13	)		(0.02	)		(0.26	)		10.77	(9.19	)		3,313	1.22		0.22		1.22		0.22		112
CLASS B
2006*	$	11.77	$	(0.03	)	$	0.96		$	—		$	—		$	12.70	7.90	%	$	3,113	1.88	%	(0.47	)%	1.88	%	(0.47	)%	35	%
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
2002		11.91		(0.05	)		(1.12	)		—			(0.26	)		10.48	(9.87	)		2,013	1.93		(0.49	)	1.93		(0.49	)	112
CLASS C
2006*	$	11.77	$	(0.03	)	$	0.96		$	—		$	—		$	12.70	7.90	%	$	422	1.88	%	(0.47	)%	1.88	%	(0.47	)%	35	%
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
2002		11.92		(0.04	)		(1.14	)		—			(0.26	)		10.48	(9.94	)		499	1.93		(0.49	)	1.93		(0.49	)	112
LARGE CAP GROWTH FUND
CLASS I
2006*	$	19.77	$	—		$	1.75		$	—		$	—		$	21.52	8.85	%	$	428,099	0.92	%	0.04	%	0.92	%	0.04	%	38	%
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
2002		24.36		0.01			(4.62	)		—			(0.21	)		19.54	(19.03	)		699,863	0.92		0.05		0.92		0.05		52
CLASS A
2006*	$	19.48	$	(0.02	)	$	1.72		$	—		$	—		$	21.18	8.73	%	$	120,403	1.17	%	(0.21	)%	1.17	%	(0.21	)%	38	%
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
2002		24.17		(0.04	)		(4.58	)		—			(0.21	)		19.34	(19.23	)		103,258	1.17		(0.20	)	1.17		(0.20	)	52
CLASS B
2006*	$	18.55	$	(0.09	)	$	1.63		$	—		$	—		$	20.09	8.30	%	$	7,313	1.88	%	(0.92	)%	1.88	%	(0.92	)%	38	%
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
2002		23.67		(0.19	)		(4.46	)		—			(0.21	)		18.81	(19.77	)		2,972	1.88		(0.91	)	1.88		(0.91	)	52
CLASS C
2006*	$	18.58	$	(0.09	)	$	1.63		$	—		$	—		$	20.12	8.29	%	$	930	1.88	%	(0.92	)%	1.88	%	(0.92	)%	38	%
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
2002		23.69		(0.19	)		(4.47	)		—			(0.21	)		18.82	(19.79	)		654	1.88		(0.91	)	1.88		(0.91	)	52

9

Allegiant Equity Funds	Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS	For the Six Months Ended November 30, 2006 (Unaudited)
	and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
LARGE CAP VALUE FUND
CLASS I
2006*	$	18.87	$	0.15	$	2.03		$	(0.14	)	$	—		$	20.91	11.60	%	$	621,246	0.91	%	1.54	%	0.91	%	1.54	%	23	%
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
2002		17.39		0.19		(0.88	)		(0.19	)		(0.68	)		15.83	(3.84	)		743,804	0.92		1.15		0.92		1.15		39
CLASS A
2006*	$	18.81	$	0.13	$	2.01		$	(0.11	)	$	—		$	20.84	11.45	%	$	59,809	1.16	%	1.29	%	1.16	%	1.29	%	23	%
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
2002		17.36		0.15		(0.88	)		(0.15	)		(0.68	)		15.80	(4.10	)		39,511	1.17		0.90		1.17		0.90		39
CLASS B
2006*	$	18.70	$	0.05	$	2.01		$	(0.05	)	$	—		$	20.71	11.02	%	$	9,146	1.87	%	0.58	%	1.87	%	0.58	%	23	%
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
2002		17.29		0.03		(0.88	)		(0.03	)		(0.68	)		15.73	(4.81	)		9,521	1.88		0.19		1.88		0.19		39
CLASS C
2006*	$	18.62	$	0.06	$	1.99		$	(0.05	)	$	—		$	20.62	11.04	%	$	756	1.87	%	0.58	%	1.87	%	0.58	%	23	%
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
2002		17.27		0.04		(0.88	)		(0.05	)		(0.68	)		15.70	(4.77	)		341	1.88		0.19		1.88		0.19		39

† Total return excludes sales charge.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽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.

10

	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
2006*	$	13.73	$	0.05		$	1.47		$	—		$	—		$	15.25	11.07	%	$	121,107	0.92	%	0.65	%	1.17	%	0.40	%	21	%
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
2006*	$	13.57	$	0.03		$	1.46		$	—		$	—		$	15.06	10.98	%	$	56,849	1.17	%	0.40	%	1.42	%	0.15	%	21	%
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
2006*	$	13.36	$	(0.02	)	$	1.44		$	—		$	—		$	14.78	10.63	%	$	4,946	1.88	%	(0.31	)%	2.13	%	(0.56	)%	21	%
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
2006*	$	13.43	$	(0.02	)	$	1.44		$	—		$	—		$	14.85	10.57	%	$	3,289	1.88	%	(0.31	)%	2.13	%	(0.56	)%	21	%
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
2006*	$	7.73	$	0.08		$	0.37		$	—		$	—		$	8.18	5.82	%	$	16,983	0.76	%	1.97	%	1.31	%	1.42	%	91	%
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
2002		8.08		(0.06	)		(1.53	)		—			—			6.49	(19.68	)		143,328	1.27		(0.92	)	1.27		(0.92	)	68
CLASS A
2006*	$	7.38	$	0.06		$	0.37		$	—		$	—		$	7.81	5.83	%	$	16,476	1.01	%	1.72	%	1.56	%	1.17	%	91	%
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
2002		7.80		(0.08	)		(1.46	)		—			—			6.26	(19.74	)		19,943	1.52		(1.17	)	1.52		(1.17	)	68
CLASS B
2006*	$	5.98	$	0.03		$	0.29		$	—		$	—		$	6.30	5.35	%	$	1,045	1.73	%	1.00	%	2.28	%	0.45	%	91	%
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
2002		6.55		(0.11	)		(1.23	)		—			—			5.21	(20.46	)		6,899	2.23		(1.88	)	2.23		(1.88	)	68
CLASS C
2006*	$	6.06	$	0.03		$	0.30		$	—		$	—		$	6.39	5.45	%	$	134	1.73	%	1.00	%	2.28	%	0.45	%	91	%
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
2002		6.64		(0.11	)		(1.24	)		—			—			5.29	(20.33	)		240	2.23		(1.88	)	2.23		(1.88	)	68

11

Allegiant Equity Funds	Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS	For the Six Months Ended November 30, 2006 (Unaudited)
	and 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
2006*	$	11.16	$	0.04		$	0.65		$	—		$	—		$	11.85	6.18	%	$	15,345	0.95	%	0.68	%	1.30	%	0.33	%	63	%
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
2006*	$	11.15	$	0.02		$	0.65		$	—		$	—		$	11.82	6.01	%	$	421	1.20	%	0.43	%	1.55	%	0.08	%	63	%
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
2006*	$	11.15	$	0.01		$	0.45		$	—		$	—		$	11.61	4.13	%	$	6,348	1.17	%	0.20	%	1.40	%	(0.03	)%	33	%
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
2006*	$	11.12	$	—		$	0.45		$	—		$	—		$	11.57	4.05	%	$	172	1.42	%	(0.05	)%	1.65	%	(0.28	)%	33	%
2006(2)		10.00		—			1.12			—			—			11.12	11.20			76	1.31		(0.05	)	1.88		(0.62	)	81
MULTI-FACTOR SMALL CAP GROWTH FUND
CLASS I
2006*	$	10.57	$	(0.02	)	$	0.24		$	—		$	—		$	10.79	2.08	%	$	5,624	0.95	%	(0.36	)%	1.57	%	(0.98	)%	65	%
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
2006*	$	10.56	$	(0.03	)	$	0.24		$	—		$	—		$	10.77	1.99	%	$	29	1.20	%	(0.61	)%	1.82	%	(1.23	)%	65	%
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
2006*,**	$	20.94	$	0.02		$	0.68		$	—		$	—		$	21.64	3.34	%	$	496,467	1.16	%	0.18	%	1.16	%	0.18	%	40	%
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
2002		19.07		0.10			3.38			(0.15	)		(1.76	)		20.64	19.61			932,705	1.16		0.54		1.16		0.54		106
CLASS A
2006*,**	$	19.90	$	(0.01	)	$	0.64		$	—		$	—		$	20.53	3.17	%	$	188,301	1.41	%	(0.07	)%	1.41	%	(0.07	)%	40	%
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
2002		18.57		0.04			3.29			(0.11	)		(1.76	)		20.03	19.31			43,052	1.41		0.29		1.41		0.29		106
CLASS B
2006*,**	$	18.82	$	(0.07	)	$	0.60		$	—		$	—		$	19.35	2.82	%	$	15,049	2.12	%	(0.78	)%	2.12	%	(0.78	)%	40	%
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
2002		18.34		(0.09	)		3.24			(0.05	)		(1.76	)		19.68	18.48			7,465	2.12		(0.42	)	2.12		(0.42	)	106
CLASS C
2006*,**	$	18.78	$	(0.07	)	$	0.60		$	—		$	—		$	19.31	2.82	%	$	16,574	2.12	%	(0.78	)%	2.12	%	(0.78	)%	40	%
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
2002		18.34		(0.12	)		3.27			(0.08	)		(1.76	)		19.65	18.46			5,100	2.12		(0.42	)	2.12		(0.42	)	106

† Total return excludes sales charge.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Redemption fees received during the six months ended November 30, 2006 and/or the year ended May 31, 2006 had no effect on the net asset value.

⁽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.

See Notes to Financial Statements.

12

	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
2006*	$	10.90	$	0.10		$	1.11		$	(0.09	)	$	—	$	12.02	11.19	%	$	160,341	0.34	%	1.72	%	0.49	%	1.57	%	14	%
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
2002		10.84		0.11			(1.63	)		(0.11	)		—		9.21	(14.11	)		311,120	0.33		1.09		0.48		0.94		4
CLASS A
2006*	$	10.88	$	0.08		$	1.11		$	(0.08	)	$	—	$	11.99	10.98	%	$	29,074	0.59	%	1.47	%	0.74	%	1.32	%	14	%
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
2002		10.82		0.08			(1.64	)		(0.08	)		—		9.18	(14.44	)		7,889	0.58		0.84		0.73		0.69		4
CLASS B
2006*	$	10.79	$	0.04		$	1.11		$	(0.04	)	$	—	$	11.90	10.65	%	$	4,072	1.34	%	0.72	%	1.49	%	0.57	%	14	%
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
2002		10.79		0.01			(1.64	)		(0.02	)		—		9.14	(15.16	)		1,470	1.33		0.09		1.48		(0.06	)	4
CLASS C
2006*	$	10.82	$	0.04		$	1.11		$	(0.04	)	$	—	$	11.93	10.62	%	$	1,606	1.34	%	0.72	%	1.49	%	0.57	%	14	%
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
2002		10.79		0.01			(1.64	)		(0.01	)		—		9.15	(15.08	)		885	1.33		0.09		1.48		(0.06	)	4
SMALL CAP CORE FUND
CLASS I
2006*,**	$	12.43	$	—		$	0.32		$	—		$	—	$	12.75	2.58	%	$	227,887	1.17	%	(0.07	)%	1.17	%	(0.07	)%	24	%
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
2006*,**	$	12.35	$	(0.02	)	$	0.33		$	—		$	—	$	12.66	2.51	%	$	3,233	1.42	%	(0.32	)%	1.42	%	(0.32	)%	24	%
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
2006*,**	$	12.18	$	(0.06	)	$	0.33		$	—		$	—	$	12.45	2.22	%	$	448	2.13	%	(1.03	)%	2.13	%	(1.03	)%	24	%
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
2006*,**	$	12.20	$	(0.06	)	$	0.32		$	—		$	—	$	12.46	2.13	%	$	938	2.13	%	(1.03	)%	2.13	%	(1.03	)%	24	%
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

13

Allegiant Equity Funds	Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS	For the Six Months Ended November 30, 2006 (Unaudited)
	and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
2006*	$	9.68	$	(0.02	)	$	0.24		$	—	$	—	$	9.90	2.27	%	$	18,961	0.91	%	(0.36	)%	1.36	%	(0.81	)%	65	%
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
2002		11.56		(0.09	)		(2.29	)		—		—		9.18	(20.59	)		268,485	1.24		(0.88	)	1.24		(0.88	)	122
CLASS A
2006*	$	9.47	$	(0.03	)	$	0.24		$	—	$	—	$	9.68	2.22	%	$	16,356	1.16	%	(0.61	)%	1.61	%	(1.06	)%	65	%
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
2002		11.44		(0.12	)		(2.25	)		—		—		9.07	(20.72	)		21,941	1.49		(1.13	)	1.49		(1.13	)	122
CLASS B
2006*	$	8.93	$	(0.06	)	$	0.22		$	—	$	—	$	9.09	1.79	%	$	1,423	1.88	%	(1.33	)%	2.33	%	(1.78	)%	65	%
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
2002		11.16		(0.18	)		(2.19	)		—		—		8.79	(21.24	)		8,055	2.20		(1.84	)	2.20		(1.84	)	122
CLASS C
2006*	$	8.95	$	(0.06	)	$	0.22		$	—	$	—	$	9.11	1.79	%	$	135	1.88	%	(1.33	)%	2.33	%	(1.78	)%	65	%
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
2002		11.19		(0.18	)		(2.20	)		—		—		8.81	(21.27	)		476	2.20		(1.84	)	2.20		(1.84	)	122

† Total return excludes sales charge.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Redemption fees received during the year ended May 31, 2006 had no effect on the net asset value.

⁽¹⁾ Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.

14

Allegiant Asset Allocation Funds	Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS	For the Six Months Ended November 30, 2006 (Unaudited)
	and 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
AGGRESSIVE ALLOCATION FUND
CLASS I
2006*	$	10.46	$	0.06		$	0.85		$	(0.05	)	$	(0.65	)	$	10.67	8.97	%	$	6,304	0.39	%	1.06	%	0.64	%	0.81	%	0	%
2006		9.84		0.15			0.87			(0.23	)		(0.17	)		10.46	10.49			6,486	0.39		1.49		0.64		1.24		30
2005		9.26		0.08			0.57			(0.07	)		—			9.84	7.00			6,687	0.30		0.87		0.55		0.62		18
2004		8.23		0.07			1.00			(0.04	)		—			9.26	12.98			6,592	0.30		0.61		0.55		0.36		42
2003		9.08		0.02			(0.80	)		(0.07	)(2)		—			8.23	(8.56	)		2,361	0.88		0.23		1.13		(0.02	)	78
2002		9.95		0.10			(0.82	)		(0.15	)(3)		—			9.08	(7.26	)		2,854	1.12		1.15		1.37		0.90		40
CLASS A
2006*	$	10.41	$	0.04		$	0.85		$	(0.03	)	$	(0.65	)	$	10.62	8.80	%	$	646	0.64	%	0.81	%	0.89	%	0.56	%	0	%
2006		9.79		0.11			0.89			(0.21	)		(0.17	)		10.41	10.30			1,408	0.64		1.24		0.89		0.99		30
2005		9.21		0.06			0.57			(0.05	)		—			9.79	6.85			3,965	0.55		0.62		0.80		0.37		18
2004		8.21		0.03			1.00			(0.03	)		—			9.21	12.54			3,519	0.55		0.36		0.80		0.11		42
2003		9.07		—			(0.80	)		(0.06	)(2)		—			8.21	(8.73	)		2,744	1.13		(0.02	)	1.38		(0.27	)	78
2002		9.95		0.08			(0.83	)		(0.13	)(3)		—			9.07	(7.54	)		2,744	1.37		0.90		1.62		0.65		40
CLASS B
2006*	$	10.19	$	0.01		$	0.84		$	(0.01	)	$	(0.65	)	$	10.38	8.50	%	$	1,119	1.27	%	0.18	%	1.52	%	(0.07	)%	0	%
2006		9.61		0.06			0.86			(0.17	)		(0.17	)		10.19	9.64			1,508	1.24		0.64		1.49		0.39		30
2005		9.08		—			0.56			(0.03	)		—			9.61	6.12			1,625	1.15		0.02		1.40		(0.23	)	18
2004		8.13		(0.02	)		0.99			(0.02	)		—			9.08	11.93			1,431	1.15		(0.24	)	1.40		(0.49	)	42
2003		9.03		(0.05	)		(0.80	)		(0.05	)(2)		—			8.13	(9.32	)		610	1.74		(0.63	)	1.99		(0.88	)	78
2002		9.95		0.03			(0.83	)		(0.12	)(3)		—			9.03	(8.12	)		137	1.98		0.29		2.23		0.04		40
CLASS C
2006*	$	10.21	$	0.01		$	0.85		$	(0.01	)	$	(0.65	)	$	10.41	8.61	%	$	297	1.27	%	0.18	%	1.52	%	(0.07	)%	0	%
2006		9.64		0.06			0.85			(0.17	)		(0.17	)		10.21	9.50			940	1.24		0.64		1.49		0.39		30
2005		9.10		—			0.57			(0.03	)		—			9.64	6.22			1,096	1.15		0.02		1.40		(0.23	)	18
2004		8.14		—			0.98			(0.02	)		—			9.10	12.01			1,021	1.15		(0.24	)	1.40		(0.49	)	42
2003		9.04		(0.05	)		(0.80	)		(0.05	)(2)		—			8.14	(9.34	)		241	1.74		(0.63	)	1.99		(0.88	)	78
2002(4)		9.89		0.03			(0.77	)		(0.11	)(3)		—			9.04	(8.37	)		223	1.98		0.29		2.23		0.04		40

† Total return excludes sales charge.

†† Does not include expenses of the investment companies in which Aggressive Allocation Fund and Conservative Allocation Fund invests.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Recognition of net investment income by Aggressive Allocation Fund and Conservative Allocation Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Funds invest.

⁽¹⁾ Per share data calculated using average shares outstanding method.

⁽²⁾ Includes a tax return of capital of $(0.07), $(0.06), $(0.05) and $(0.05) for Class I, Class A, Class B and Class C, respectively, for the Aggressive Allocation Fund.

⁽³⁾ Includes a tax return of capital of $(0.04), $(0.04), $(0.04) and $(0.04) for Class I, Class A, Class B and Class C, respectively, for the Aggressive Allocation Fund.

⁽⁴⁾ Aggressive Allocation Fund Class C commenced operations on June 28, 2001. All ratios for the period have been annualized. Total return for the period has not been annualized.

See Notes to Financial Statements.

15

Allegiant Asset Allocation Funds	Selected Per Share Data and Ratios
FINANCIAL HIGHLIGHTS	For the Six Months Ended November 30, 2006 (Unaudited)
	and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
2006*	$	10.63	$	0.10	$	0.84		$	(0.09	)	$	—	$	11.48	8.95	%	$	141,961	0.95	%	1.82	%	0.95	%	1.82	%	85	%
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
2002		9.72		0.20		(0.71	)		(0.20	)		—		9.01	(5.27	)		157,660	1.00		2.13		1.00		2.13		106
CLASS A
2006*	$	10.64	$	0.09	$	0.84		$	(0.08	)	$	—	$	11.49	8.81	%	$	15,783	1.20	%	1.57	%	1.20	%	1.57	%	85	%
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
2002		9.72		0.17		(0.69	)		(0.18	)		—		9.02	(5.41	)		16,664	1.25		1.88		1.25		1.88		106
CLASS B
2006*	$	10.64	$	0.05	$	0.84		$	(0.04	)	$	—	$	11.49	8.41	%	$	6,182	1.92	%	0.85	%	1.92	%	0.85	%	85	%
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
2002		9.73		0.11		(0.70	)		(0.11	)		—		9.03	(6.06	)		5,721	1.96		1.17		1.96		1.17		106
CLASS C
2006*	$	10.59	$	0.05	$	0.84		$	(0.04	)	$	—	$	11.44	8.45	%	$	2,090	1.92	%	0.85	%	1.92	%	0.85	%	85	%
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
2002		9.72		0.11		(0.71	)		(0.12	)		—		9.00	(6.16	)		747	1.96		1.17		1.96		1.17		106

† Total return excludes sales charge.

†† Does not include expenses of the investment companies in which Aggressive Allocation Fund and Conservative Allocation Fund invests.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Recognition of net investment income by Aggressive Allocation Fund and Conservative Allocation Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Funds invest.

⁽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.

⁽³⁾ Includes a tax return of capital of $(0.03), $(0.03), $(0.02) and $(0.02) for Class I, Class A, Class B and Class C, respectively, for the Conservative Allocation Fund.

⁽⁴⁾ Conservative Allocation Fund Class B commenced operations on July 13, 2001. All ratios for the period have been annualized. Total return for the period has not been annualized.

See Notes to Financial Statements.

16

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
CONSERVATIVE ALLOCATION FUND
CLASS I
2006*	$	10.38	$	0.13	$	0.53		$	(0.12	)	$	(0.51	)	$	10.41	6.53	%	$	7,115	0.33	%	2.47	%	0.58	%	2.22	%	0	%
2006		10.38		0.27		0.25			(0.31	)		(0.21	)		10.38	5.06			7,238	0.35		2.57		0.60		2.32		24
2005		10.00		0.20		0.37			(0.19	)		—			10.38	5.72			5,329	0.27		1.92		0.52		1.67		18
2004		9.57		0.18		0.40			(0.15	)		—			10.00	6.13			4,929	0.28		1.71		0.53		1.46		27
2003		9.66		0.17		(0.07	)		(0.19	)(3)		—			9.57	1.15			2,820	0.70		1.83		0.95		1.58		38
2002		10.04		0.26		(0.36	)		(0.28	)		—			9.66	(0.97	)		2,752	1.02		2.68		1.27		2.43		27
CLASS A
2006*	$	10.37	$	0.12	$	0.52		$	(0.10	)	$	(0.51	)	$	10.40	6.41	%	$	268	0.58	%	2.22	%	0.83	%	1.97	%	0	%
2006		10.37		0.23		0.26			(0.28	)		(0.21	)		10.37	4.74			554	0.60		2.32		0.85		2.07		24
2005		10.00		0.17		0.37			(0.17	)		—			10.37	5.40			3,755	0.52		1.67		0.77		1.42		18
2004		9.57		0.15		0.41			(0.13	)		—			10.00	5.92			3,457	0.53		1.46		0.78		1.21		27
2003		9.66		0.14		(0.06	)		(0.17	)(3)		—			9.57	0.90			3,048	0.95		1.58		1.20		1.33		38
2002		10.04		0.24		(0.36	)		(0.26	)		—			9.66	(1.21	)		2,689	1.27		2.43		1.52		2.18		27
CLASS B
2006*	$	10.32	$	0.08	$	0.52		$	(0.07	)	$	(0.51	)	$	10.34	6.02	%	$	538	1.21	%	1.59	%	1.46	%	1.34	%	0	%
2006		10.32		0.18		0.25			(0.22	)		(0.21	)		10.32	4.20			1,008	1.20		1.72		1.45		1.47		24
2005		9.97		0.11		0.36			(0.12	)		—			10.32	4.70			1,056	1.12		1.07		1.37		0.82		18
2004		9.55		0.09		0.42			(0.09	)		—			9.97	5.36			1,171	1.13		0.86		1.38		0.61		27
2003		9.65		0.06		(0.04	)		(0.12	)(3)		—			9.55	0.27			613	1.56		0.97		1.81		0.72		38
2002(4)		9.97		0.08		(0.22	)		(0.18	)		—			9.65	(1.46	)		163	1.88		1.82		2.13		1.57		27
CLASS C
2006*	$	10.33	$	0.08	$	0.53		$	(0.07	)	$	(0.51	)	$	10.36	6.12	%	$	263	1.21	%	1.59	%	1.46	%	1.34	%	0	%
2006		10.33		0.18		0.25			(0.22	)		(0.21	)		10.33	4.18			566	1.20		1.72		1.45		1.47		24
2005		9.98		0.11		0.36			(0.12	)		—			10.33	4.68			1,041	1.12		1.07		1.37		0.82		18
2004		9.56		0.09		0.42			(0.09	)		—			9.98	5.32			1,395	1.13		0.86		1.38		0.61		27
2003		9.65		0.09		(0.06	)		(0.12	)(3)		—			9.56	0.34			753	1.56		0.97		1.81		0.72		38
2002		10.04		0.10		(0.28	)		(0.21	)		—			9.65	(1.79	)		702	1.88		1.82		2.13		1.57		27

17

Allegiant International Equity Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
FOREIGN COMMON STOCKS — 98.7%
Australia — 2.6%
BHP Billiton, ADR (Materials)	141,860	$	5,877
Cochlear (Healthcare)	26,300		1,169
Woolworths (Consumer Staples)	66,300		1,151
			8,197
Austria — 1.1%
Andritz AG (Industrials)	18,400		3,546
Belgium — 2.6%
Fortis (Financials)	25,000		1,019
KBC Groep NV (Financials)	33,000		3,713
Solvay (Materials)	25,680		3,656
			8,388
Brazil — 0.3%
Companhia Vale do Rio Doce, ADR (Materials)	702		19
Petroleo Brasileiro SA - Petrobras, ADR (Energy)	10,500		989
			1,008
Canada — 1.6%
Cameco (Energy)	30,500		1,159
First Quantum Minerals (Materials)	16,800		880
Methanex (Materials)	124,300		3,075
			5,114
Denmark — 0.3%
Coloplast A/S, Cl B (Healthcare)	12,400		1,091
Finland — 5.4%
Cargotec, Cl B (Industrials)	67,900		3,347
KCI Konecranes Oyj (Industrials)	166,200		4,224
Kone Oyj, Cl B (Industrials)	61,600		3,152
UPM-Kymmene Oyj (Materials)	115,600		2,878
YIT Oyj (Industrials)	135,399		3,518
			17,119
France — 5.8%
Air Liquide (Materials)	3,850		871
Christian Dior (Consumer Discretionary)	26,700		2,806
Compagnie de Saint-Gobain (Industrials)	38,700		3,088
Imerys SA (Materials)#	37,072		3,250
L’Oreal SA (Consumer Staples)	15,050		1,517
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary)	13,000		1,348
Neopost (Information Technology)	8,600		1,105
Peugeot (Consumer Discretionary)	52,029		3,244
Schneider Electric SA (Industrials)	12,040		1,304
			18,533
Germany — 3.1%
Adidas-Salomon (Consumer Discretionary)	23,175		1,141
Bijou Brigitte AG (Consumer Discretionary)	6,556		1,336
Continental (Consumer Discretionary)	29,007		3,294
Fielmann AG (Consumer Discretionary)	21,400		1,168
Rational (Consumer Discretionary)	7,000		1,169
SAP, ADR (Information Technology)	37,200		1,943
			10,051
Greece — 1.1%
IRF European Finance Investments (Financials)* (A)	290,400		1,553
National Bank of Greece SA (Financials)	42,000		1,926
			3,479
Hong Kong — 4.7%
China Mobile, ADR (Telecommunication Services)	27,600		1,165
Espirit Holdings (Consumer Discretionary)	172,000		1,783
Focus Media Holding, ADR (Consumer Discretionary)*	17,900		1,276
FUJI Food and Catering Services Holdings (Consumer Discretionary)#	626,000		1,448
Guangzhou R&F Properties, Cl H (Financials)	532,800		1,082
Hengan International Group (Consumer Staples)#	494,000		1,184
Li & Fung (Consumer Discretionary)	709,000		2,060
Li Ning (Consumer Discretionary)#	960,000		1,281
Wing Hang Bank (Financials)	135,000		1,425
Zijin Mining Group, Cl H (Materials)	3,555,000		2,431
			15,135
India — 1.1%
Bharti Tele-Ventures (Telecommunications)*	135,500		1,910
Infosys Technologies, ADR (Information Technology)	30,500		1,633
			3,543
Ireland — 2.8%
CRH PLC (Materials)	78,058		2,936
FBD Holdings PLC (Financials)	22,800		1,228
Greencore Group PLC (Consumer Staples)	605,769		3,321
Kingspan Group PLC (Industrials)	66,300		1,480
			8,965
Israel — 0.5%
Nice Systems, ADR (Information Technology)*	46,300		1,482
Italy — 1.3%
Azimut Holding (Financials)	120,000		1,537
Banca Italease (Financials)	34,190		1,924
Fiat SpA (Consumer Discretionary)	35,000		649
			4,110
Japan — 17.0%
Asahi Breweries (Consumer Staples)	193,600		2,793
Central Japan Railway (Industrials)	275		2,970
Daiwa Securities Group (Financials)	77,100		884
Denso (Consumer Discretionary)	35,000		1,327
Eisai (Healthcare)	22,300		1,191
Honeys (Consumer Discretionary)	14,912		626
Hoya (Information Technology)	26,370		1,039
Iino Kaiun Kaisha (Industrials)	341,900		3,007
Kansai Electric Power (Utilities)	123,000		3,071
KDDI (Telecommunication Services)	507		3,390
Maruichi Steel Tube (Materials)#	113,000		2,831
Meiji Dairies (Consumer Staples)	479,000		3,542
MISUMI Group (Industrials)	46,000		795
Mitsubishi UFJ Financial Group, ADR (Financials)	316,000		4,026
Nintendo (Information Technology)	4,800		1,144
Nippon Yusen Kabushiki (Industrials)	453,000		3,174
ORIX (Financials)	5,640		1,544
Secom (Industrials)	22,000		1,144
Shiseido (Consumer Staples)#	42,000		847

18

	Number of Shares	Value (000)
FOREIGN COMMON STOCKS — continued
Japan — continued
Showa Denko KK (Materials)	629,000	$	2,494
Sumitomo Realty & Development (Financials)	76,000		2,423
Takeda Pharmaceutical (Healthcare)	24,125		1,576
Takeuchi Manufacturing (Industrials)	15,000		637
Tokuyama (Materials)	100,750		1,349
Tokyo Electric Power (Utilities)	108,400		3,381
Tokyu Land (Financials)	150,850		1,460
Toyota Motor, ADR (Consumer Discretionary)	6,600		792
Yamada Denki (Consumer Discretionary)	8,880		841
			54,298
Malaysia — 0.3%
Resorts World BHD (Consumer Discretionary)	221,000		806
Mexico — 2.4%
America Movil SA de CV, ADR (Telecommunication Services)	71,000		3,158
Cemex SA de CV, ADR (Materials)	88,024		2,864
Fomento Economico Mexicano SA de CV, ADR (Consumer Staples)*	15,300		1,610
			7,632
Netherlands — 2.0%
ABN AMRO Holdings (Financials)#	105,030		3,159
Crucell NV (Healthcare)*#	51,000		1,229
Fugro NV (Energy)	23,000		1,064
TomTom (Information Technology)*#	19,200		922
			6,374
Norway — 4.9%
Aker Seafoods ASA (Consumer Staples)	162,060		737
Austevoll Seafood ASA (Consumer Staples)*	190,210		1,173
Camillo Eitzen (Industrials)	286,800		3,131
DNB (Financials)	208,400		2,832
Eitzen Maritime Services ASA (Industrials)*	59,141		22
Orkla (Industrials)	22,100		1,239
Statoil ASA, ADR (Energy)	39,500		1,102
Telenor ASA (Telecommunication Services)	63,000		1,081
Yara International (Materials)#	204,590		4,260
			15,577
Portugal — 0.9%
Portugal Telecom SGPS (Telecommunication Services)	211,400		2,721
Singapore — 3.4%
Hartford Education (Consumer Discretionary)	112,130		43
Keppel (Industrials)	165,000		1,865
Raffles Education (Consumer Discretionary)	2,426,110		2,664
Singapore Exchange (Financials)	768,000		2,669
STATS ChipPAC, ADR (Information Technology)*#	255,000		2,145
Wilmar International (Healthcare)*	1,320,000		1,501
			10,887
South Africa — 3.8%
Impala Platinum Holdings (Materials)	102,400		2,587
Metorex (Materials)	1,301,651		2,598
Sappi (Materials)	195,000		3,144
Sasol (Energy)	71,300		2,503
Sasol, ADR (Energy)	32,750		1,155
			11,987
South Korea — 2.5%
Samsung Electronics (Information Technology)	4,000		2,746
Samsung SDI (Information Technology)	30,000		2,140
SK Telecom (Telecommunication Services)	13,600		3,161
			8,047
Spain — 3.2%
Banco Bilbao Vizcaya Argentaria (Financials)	137,300		3,318
Inditex SA (Consumer Discretionary)	30,500		1,546
Red Electrica de Espana (Utilities)	44,600		1,940
Repsol YPF (Energy)	99,000		3,553
			10,357
Sweden — 3.0%
Autoliv (Consumer Discretionary)	49,500		2,901
Investor AB, Cl B (Financials)	139,745		3,091
Modern Times Group AB, Cl B (Consumer Discretionary)	28,200		1,717
Telefonaktiebolaget LM Ericsson, ADR (Information Technology)	51,650		2,008
			9,717
Switzerland — 5.9%
ABB, ADR (Industrials)	140,960		2,295
Actelion (Healthcare)*	6,700		1,195
Nestle (Consumer Staples)	9,150		3,230
Nobel Biocare Holding (Healthcare)	5,150		1,401
Novartis AG, ADR (Healthcare)	68,010		3,972
Roche Holdings (Healthcare)	31,850		5,754
SGS SA (Industrials)	780		832
			18,679
United Kingdom — 15.1%
AstraZeneca PLC, ADR (Healthcare)#	40,730		2,358
BAE Systems, ADR (Industrials)	46,300		1,410
Barratt Developments PLC (Consumer Discretionary)	147,400		3,200
Bellway PLC (Consumer Discretionary)	130,000		3,729
BG Group (Energy)	141,300		1,901
Carnival (Consumer Discretionary)#	56,100		2,748
Crest Nicholson PLC (Consumer Discretionary)	313,100		3,878
Diageo PLC, ADR (Consumer Staples)	24,300		1,878
George Wimpey PLC (Consumer Discretionary)	337,828		3,672
ICAP PLC (Financials)	107,200		965
Imperial Tobacco Group PLC (Consumer Staples)	33,700		1,238
Lloyds TSB Group PLC (Financials)	317,661		3,375
Man Group PLC (Financials)	220,800		2,057
Metro International SA, Cl A (Consumer Discretionary)*	60		—	(B)
Metro International SA, Cl B (Consumer Discretionary)*	120		—	(B)
Michael Page International PLC (Industrials)	217,100		1,741
Pennon Group PLC (Utilities)	95,100		1,011
Persimmon PLC (Consumer Discretionary)	123,277		3,538
Reckitt Benckiser PLC (Consumer Staples)	54,000		2,401
Rio Tinto PLC, ADR (Materials)	6,050		1,298
Scottish & Southern Energy (Utilities)	61,000		1,745
Standard Chartered PLC (Financials)	28,850		827
Tesco PLC (Consumer Staples)	188,200		1,448

19

Allegiant International Equity Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
FOREIGN COMMON STOCKS — continued
United Kingdom — continued
Vedanta Resources PLC (Materials)	64,800	$	1,613
			48,031
Total Foreign Common Stocks (Cost $ 243,844)			314,874
FOREIGN RIGHTS — 0.0%
Belgium — 0.0%
Cumerio*	989		—  (B)
Umicore*	989		—  (B)
Total Foreign Rights (Cost $ – )			—  (B)
AFFILIATED MONEY MARKET FUND — 1.4%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $4,321)	4,320,642		4,321
Total Investments Before Collateral for Loaned Securities – 100.1% (Cost $248,165)			319,195
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 6.8%
Non-Registered Investment Company — 6.8%
BlackRock Institutional Money Market Trust (C) (Cost $21,880)‡	21,880		21,880
TOTAL INVESTMENTS — 106.9% (Cost $270,045)**			341,075
Other Assets & Liabilities — (6.9)%
Investment Advisory Fees Payable			(256	)
12b-1 Fees Payable
Class I			(37	)
Class A			(3	)
Administration Fees Payable			(15	)
Custody Fees Payable			(78	)
Trustees’ Fees Payable			(16	)
Payable for Collateral for Loaned Securities			(21,880	)
Payable for Investments Purchased			(350	)
Payable for Shares of Beneficial Interest Redeemed			(297	)
Other			842
Total Other Assets & Liabilities			(22,090	)
TOTAL NET ASSETS — 100.0%		$	318,985

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	331,170
Undistributed Net Investment Income		592
Accumulated Net Realized Loss on Investments		(83,723	)
Net Unrealized Appreciation of Foreign Currency and Translation of Other Assets and Liabilities in
Foreign Currency		9
Net Unrealized Appreciation on Investments and Futures		70,937
Total Net Assets	$	318,985
Net Asset Value, Offering and Redemption Price
Per Share — Class I ($300,780,679 ÷ 19,203,934 outstanding shares of beneficial interest)	$	15.66
Net Asset Value and Redemption Price
Per Share — Class A ($16,149,733 ÷ 1,042,433 outstanding shares of beneficial interest)	$	15.49
Maximum Offering Price Per Share — Class A ($15.49 ÷ 94.50%)	$	16.39
Net Asset Value and Offering Price
Per Share — Class B ($1,270,256 ÷ 84,449 outstanding shares of beneficial interest)	$	15.04
Net Asset Value and Offering Price
Per Share — Class C ($784,353 ÷ 52,306 outstanding shares of beneficial interest)	$	15.00

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $270,059.

Gross unrealized appreciation (000)	$	73,851
Gross unrealized depreciation (000)		(2,835	)
Net unrealized appreciation (000)	$	71,016

† 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) $21,199.

(A) Illiquid Security. Total market value of illiquid securities is (000) $1,553 and represents 0.5% of net assets as of November 30, 2006.

(B) Value is less than $500.

(C) Represents security purchased with cash collateral for securities on loan.

ADR — American Depository Receipt

Cl — Class

PLC — Public Liability Company

20

Futures Contracts:

Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Depreciation (000)
TOPIX Index	25	$	3,471	12/08/06	$	(93	)

Cash in the amount of $114,565 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 open futures contracts have been segregated by the Fund.

At November 30, 2006, sector diversification of the Fund was as follows:

Sector Diversification	% of Net Assets		Value (000)
Foreign Common Stocks
Consumer Discretionary	18.2	%	$	58,032
Consumer Staples	8.8			28,069
Energy	4.2			13,427
Financials	15.1			48,037
Healthcare	7.0			22,435
Industrials	15.0			47,921
Information Technology	5.7			18,307
Materials	16.0			50,911
Telecommunication Services	5.2			16,587
Utilities	3.5			11,148
Total Foreign Common Stocks	98.7			314,874
Affiliated Money Market Fund	1.4			4,321
Total Investments Before Collateral for Loaned Securities	100.1			319,195
Short Term Investments Held as Collateral for Loaned Securities	6.8			21,880
Total Investments	106.9			341,075
Other Assets and Liabilities	(6.9	)		(22,090	)
Net Assets	100.0	%	$	318,985

See Notes to Financial Statements.

21

Allegiant Large Cap Core Equity Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — 99.2%
Consumer Discretionary — 10.3%
Dick’s Sporting Goods*#	56,800	$	3,047
Fortune Brands	79,500		6,431
MGM Grand*	51,190		2,752
Nordstrom	63,000		3,088
Starbucks*#	153,920		5,432
Starwood Hotels & Resorts Worldwide	86,000		5,519
			26,269
Consumer Staples — 9.3%
Bunge#	73,500		5,182
Colgate-Palmolive	78,500		5,106
Constellation Brands, Cl A*	145,922		4,083
Dean Foods*	98,639		4,224
PepsiCo	81,210		5,032
			23,627
Energy — 9.9%
ConocoPhillips	55,800		3,755
EOG Resources	82,000		5,783
Peabody Energy	111,500		5,130
TransOcean*	57,200		4,459
Weatherford International*	134,260		6,030
			25,157
Financials — 21.4%
Allstate	69,540		4,414
American Express	93,490		5,490
American International Group#	124,910		8,784
Bank of America	114,260		6,153
Citigroup	136,700		6,779
Goldman Sachs	26,530		5,168
JPMorgan Chase	120,980		5,599
Merrill Lynch	54,720		4,784
Washington Mutual	69,030		3,015
Wells Fargo	126,000		4,440
			54,626
Healthcare — 12.0%
Amgen*	74,550		5,293
Cardinal Health	85,000		5,493
Genzyme*	68,500		4,411
GlaxoSmithKline PLC, ADR	97,110		5,160
Johnson & Johnson	68,640		4,524
Novartis AG, ADR	96,000		5,607
			30,488
Industrials — 10.8%
3M	60,050		4,892
General Electric	217,430		7,671
Illinois Tool Works#	112,220		5,297
Norfolk Southern	77,000		3,792
United Technologies	88,920		5,738
			27,390
Information Technology — 15.7%
Apple Computer*	62,500		5,730
Cisco Systems*	302,140		8,122
Corning*	156,000		3,363
Microchip Technology#	175,000		5,969
Microsoft	245,620		7,204
Motorola	201,000		4,456
Yahoo!*	188,500		5,088
			39,932
Materials — 3.0%
Ecolab#	72,560		3,218
Newmont Mining	94,000		4,410
			7,628
Telecommunication Services — 3.4%
American Tower, Cl A*	77,000		2,916
NII Holdings*	87,940		5,710
			8,626
Utilities — 3.4%
AES*	197,550		4,617
Equitable Resources	95,920		4,161
			8,778
Total Common Stocks (Cost $201,694)			252,521
AFFILIATED MONEY MARKET FUND — 0.1%
Allegiant Money Market Fund, Class I† (Cost $167)	166,871		167
Total Investments Before Collateral for Loaned Securities – 99.3% (Cost $201,861)			252,688

	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 8.7%
Master Notes — 5.9%
Bank of America
5.383%, 12/01/06	$	5,000	5,000
Bear Stearns
5.463%, 12/06/06		3,000	3,000
JPMorgan
5.393%, 12/15/06		7,000	7,000
			15,000
Medium Term Note — 1.0%
First Tennessee Bank
5.339%, 04/18/07 (A)		2,500	2,501
Repurchase Agreements — 1.8%
Bear Stearns
5.363%, 12/01/06		2,500	2,500
5.413%, 12/01/06		1,000	1,000
Lehman Brothers
5.363%, 12/01/06		1,172	1,173
			4,673
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $22,174)‡			22,174
TOTAL INVESTMENTS — 108.0% (Cost $224,035)**			274,862

22

	Value (000)
Other Assets & Liabilities — (8.0)%
Investment Advisory Fees Payable	$	(156	)
12b-1 Fees Payable
Class I		(58	)
Class A		(2	)
Class B		(1	)
Administration Fees Payable		(12	)
Custody Fees Payable		(3	)
Trustees’ Fees Payable		(14	)
Payable for Collateral for Loaned Securities		(22,174	)
Payable for Investments Purchased		(2,329	)
Payable for Shares of Beneficial Interest Redeemed		(69	)
Other		4,546
Total Other Assets & Liabilities		(20,272	)
TOTAL NET ASSETS — 100.0%	$	254,590
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	190,845
Undistributed Net Investment Income		301
Undistributed Net Realized Gain on Investments		12,549
Net Unrealized Appreciation on Investments and Futures		50,895
Total Net Assets	$	254,590
Net Asset Value, Offering and Redemption Price Per Share — Class I ($245,176,711 ÷ 18,282,166 outstanding shares of beneficial interest)	$	13.41
Net Asset Value and Redemption Price Per Share — Class A ($5,878,779 ÷ 443,244 outstanding shares of beneficial interest)	$	13.26
Maximum Offering Price Per Share — Class A ($13.26 ÷ 94.50%)	$	14.03
Net Asset Value and Offering Price Per Share — Class B ($3,113,033 ÷ 245,062 outstanding shares of beneficial interest)	$	12.70
Net Asset Value and Offering Price Per Share — Class C ($421,659 ÷ 33,204 outstanding shares of beneficial interest)	$	12.70

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $226,003.

Gross unrealized appreciation (000)	$	50,885
Gross unrealized depreciation (000)		(2,026	)
Net unrealized appreciation (000)	$	48,859

† 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) $21,552.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

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)
S&P 500® Composite Index	3	$	1,052	12/15/06	$	68

Cash in the amount of $47,250 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 open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

23

Allegiant Large Cap Growth Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares		Value (000)
COMMON STOCKS — 99.7%
Consumer Discretionary — 14.2%
Coach*		305,056	$	13,182
Johnson Controls		110,220		8,964
MGM Grand*		132,878		7,145
Nike, Cl B		129,906		12,854
Nordstrom#		157,255		7,709
Starbucks*#		406,213		14,335
Starwood Hotels & Resorts Worldwide		232,763		14,936
				79,125
Consumer Staples — 7.2%
Bunge#		145,310		10,244
Colgate-Palmolive#		155,649		10,125
Dean Foods*		183,055		7,839
PepsiCo		187,188		11,600
				39,808
Energy — 4.2%
TransOcean*		127,833		9,965
Weatherford International*		304,110		13,657
				23,622
Financials — 8.1%
American International Group#		205,964		14,483
Citigroup		231,555		11,483
Goldman Sachs#		42,138		8,208
Prudential Financial#		131,132		10,685
				44,859
Healthcare — 16.8%
Abbott Laboratories		260,416		12,151
Amgen*		140,655		9,986
Cardinal Health		162,890		10,526
Genzyme*		149,505		9,628
GlaxoSmithKline PLC, ADR		186,635		9,916
Hologic*#		197,000		9,856
Johnson & Johnson		137,499		9,063
Medtronic#		181,689		9,471
Novartis AG, ADR		224,066		13,088
				93,685
Industrials — 10.6%
Danaher#		161,673		11,821
FedEx		73,324		8,464
General Electric		396,750		13,997
Norfolk Southern		192,479		9,480
United Technologies		235,488		15,196
				58,958
Information Technology — 30.2%
Amdocs*		332,443		12,816
Apple Computer*		142,229		13,039
Cisco Systems*		746,696		20,071
Corning*		407,218		8,780
eBay*		221,842		7,176
First Data		450,025		11,363
Google, Cl A*		29,542		14,325
Marvell Technology Group*		406,000		8,380
Microchip Technology#		321,858		10,979
Microsoft		647,223		18,983
Motorola		502,689		11,145
SAP, ADR#		187,532		9,793
Xilinx#		291,418		7,810
Yahoo!*#		509,170		13,742
				168,402
Materials — 3.7%
Newmont Mining		232,000		10,883
Praxair#		151,697		9,466
				20,349
Telecommunication Services — 3.6%
American Tower, Cl A*		307,587		11,649
NII Holdings*		129,051		8,379
				20,028
Utilities — 1.1%
AES*		270,409		6,320
Total Common Stocks (Cost $ 440,679)				555,156
AFFILIATED MONEY MARKET FUND — 0.2%
Allegiant Money Market Fund, Class I† (Cost $ 1,159)		1,158,614		1,159
Total Investments Before Collateral for Loaned Securities – 99.9% (Cost $ 441,838)				556,315
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 21.4%
Master Notes — 5.9%
Bank of America
5.383%, 12/01/06	$	15,000		15,000
Bear Stearns
5.463%, 12/06/06		7,500		7,500
JPMorgan
5.393%, 12/15/06		10,500		10,500
				33,000
Medium Term Notes — 2.7%
First Tennessee Bank
5.339%, 04/18/07 (A)		5,000		5,002
Morgan Stanley
5.390%, 10/01/07 (A)		5,000		5,000
Natexis Banque NY
5.375%, 05/08/07 (A)		5,000		5,000
				15,002
Repurchase Agreements — 12.8%
Bear Stearns
5.363%, 12/01/06		32,750		32,750
5.413%, 12/01/06		37,000		37,000
Lehman Brothers
5.363%, 12/01/06		1,164		1,164
				70,914
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $118,916)‡				118,916

24

	Value (000)
TOTAL INVESTMENTS — 121.3% (Cost $560,754)**	$	675,231
Other Assets & Liabilities — (21.3)%
Investment Advisory Fees Payable		(343	)
12b-1 Fees Payable
Class I		(80	)
Class A		(29	)
Class B		(2	)
Administration Fees Payable		(27	)
Custody Fees Payable		(5	)
Trustees’ Fees Payable		(38	)
Payable for Collateral for Loaned Securities		(118,916	)
Payable for Investments Purchased		(2,244	)
Payable for Shares of Beneficial Interest Redeemed		(1,157	)
Other		4,355
Total Other Assets & Liabilities		(118,486	)
TOTAL NET ASSETS — 100.0%	$	556,745
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	426,107
Net Investment Loss		(67	)
Accumulated Net Realized Gain on Investments		16,160
Net Unrealized Appreciation on Investments and Futures		114,545
Total Net Assets	$	556,745
Net Asset Value, Offering and Redemption Price Per Share — Class I ($428,098,571 ÷ 19,893,005 outstanding shares of beneficial interest)	$	21.52
Net Asset Value and Redemption Price Per Share — Class A ($120,403,241 ÷ 5,685,471 outstanding shares of beneficial interest)	$	21.18
Maximum Offering Price Per Share — Class A ($ 21.18 ÷ 94.50%)	$	22.41
Net Asset Value and Offering Price Per Share — Class B ($7,312,643 ÷ 363,904 outstanding shares of beneficial interest)	$	20.09
Net Asset Value and Offering Price Per Share — Class C ($930,472 ÷ 46,246 outstanding shares of beneficial interest)	$	20.12

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $565,508.

Gross unrealized appreciation (000)	$	115,177
Gross unrealized depreciation (000)		(5,454	)
Net unrealized appreciation (000)	$	109,723

† 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) $115,806.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

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)
S&P 500® Composite Index	3	$	1,052	12/15/06	$	68

Cash in the amount of $47,250 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 open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

25

Allegiant Large Cap Value Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares		Value (000)
COMMON STOCKS — 98.1%
Consumer Discretionary — 10.1%
CBS, Cl B#		338,672	$	10,076
Comcast, Cl A*#		348,864		14,115
Dow Jones#		360,162		12,998
Sony, ADR#		215,668		8,499
Time Warner		943,941		19,011
Tribune#		174,185		5,539
				70,238
Consumer Staples — 10.7%
Coca-Cola		327,149		15,321
Coca-Cola Enterprises		647,855		13,249
Kraft Foods#		370,848		12,998
Procter & Gamble		245,298		15,402
UST#		109,126		6,109
Wal-Mart Stores		231,391		10,667
				73,746
Energy — 12.7%
BP PLC, ADR		36,913		2,513
Canadian Natural Resources		95,750		5,197
Chevron		335,194		24,241
ConocoPhillips		128,858		8,672
ExxonMobil		437,135		33,576
Halliburton#		399,405		13,476
				87,675
Financials — 32.4%
American International Group		311,910		21,933
Amvescap PLC, ADR#		552,859		11,958
AON#		355,714		12,692
Bank of America		513,883		27,673
Chubb		113,604		5,880
Citigroup		576,950		28,611
Everest Re Group		49,016		4,824
Fannie Mae		263,012		15,000
Goldman Sachs		43,562		8,486
JPMorgan Chase		508,989		23,556
Marsh & McLennan		342,829		10,772
Morgan Stanley		283,778		21,612
Prudential Financial#		63,696		5,190
St. Paul Travelers		138,923		7,198
U.S. Bancorp#		322,983		10,865
Wells Fargo		220,013		7,753
				224,003
Healthcare — 7.4%
Amgen*		72,180		5,125
Bristol-Myers Squibb		180,552		4,483
Johnson & Johnson		155,552		10,252
Pfizer		743,448		20,437
Schering-Plough		206,496		4,545
St Jude Medical*		170,288		6,347
				51,189
Industrials — 4.6%
General Electric		543,448		19,173
Tyco International		197,034		5,968
Union Pacific		35,862		3,246
United Parcel Service, Cl B		46,831		3,649
				32,036
Information Technology — 8.7%
Alcatel SA, ADR#		767,396		10,191
Applied Materials		206,736		3,717
Hewlett-Packard		118,270		4,667
Intel		239,901		5,122
Microsoft		473,640		13,892
Sun Microsystems*		3,236,897		17,544
Yahoo!*		176,650		4,768
				59,901
Materials — 3.9%
E.I. duPont de Nemours#		185,645		8,712
Freeport-McMoRan Copper & Gold, Cl B#		62,098		3,904
Praxair#		106,118		6,622
Smurfit-Stone Container*#		694,600		7,453
				26,691
Telecommunication Services — 5.6%
AT&T		544,092		18,450
BellSouth		151,162		6,740
Verizon Communications		94,193		3,291
Vodafone Group PLC, ADR		383,701		10,115
				38,596
Utilities — 2.0%
DPL#		208,016		5,816
Exelon		83,076		5,045
Mirant*		91,703		2,790
				13,651
Total Common Stocks (Cost $ 547,930)				677,726
AFFILIATED MONEY MARKET FUND — 1.7%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $ 11,546)		11,545,988		11,546
Total Investments Before Collateral for Loaned Securities – 99.8% (Cost $ 559,476)				689,272
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 15.9%
Master Notes — 7.0%
Bank of America
5.383%, 12/01/06	$	20,000		20,000
Bear Stearns
5.463%, 12/06/06		7,500		7,500
JPMorgan
5.393%, 12/15/06		21,000		21,000
				48,500
Medium Term Notes — 1.4%
First Tennessee Bank
5.339%, 04/18/07 (A)		5,000		5,002
Natexis Banque NY
5.375%, 05/08/07 (A)		5,000		5,000
				10,002

26

	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Repurchase Agreements — 7.5%
Bear Stearns
5.363%, 12/01/06	$	10,000	$	10,000
5.413%, 12/01/06		41,500		41,500
Lehman Brothers
5.363%, 12/01/06		20		21
				51,521
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $110,023)‡				110,023
TOTAL INVESTMENTS — 115.7%
(Cost $669,499)**				799,295
Other Assets & Liabilities — (15.7)%
Investment Advisory Fees Payable				(425	)
12b-1 Fees Payable
Class I				(97	)
Class A				(11	)
Class B				(3	)
Administration Fees Payable				(34	)
Custody Fees Payable				(7	)
Trustees’ Fees Payable				(36	)
Payable for Collateral for Loaned Securities				(110,023	)
Payable for Investments Purchased				(1,375	)
Payable for Shares of Beneficial Interest Redeemed				(439	)
Other				4,112
Total Other Assets & Liabilities				(108,338	)
TOTAL NET ASSETS — 100.0%			$	690,957

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	487,512
Undistributed Net Investment Income		2,254
Undistributed Net Realized Gain on Investments		71,395
Net Unrealized Appreciation on Investments		129,796
Total Net Assets	$	690,957
Net Asset Value, Offering and Redemption Price Per Share — Class I ($621,245,560 ÷ 29,713,178 outstanding shares of beneficial interest)	$	20.91
Net Asset Value and Redemption Price Per Share — Class A ($59,808,990 ÷ 2,869,896 outstanding shares of beneficial interest)	$	20.84
Maximum Offering Price Per Share — Class A ($20.84 ÷ 94.50%)	$	22.05
Net Asset Value and Offering Price Per Share — Class B ($9,146,116 ÷ 441,566 outstanding shares of beneficial interest)	$	20.71
Net Asset Value and Offering Price Per Share — Class C ($756,242 ÷ 36,672 outstanding shares of beneficial interest)	$	20.62

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $671,411.

Gross unrealized appreciation (000)	$	133,363
Gross unrealized depreciation (000)		(5,479	)
Net unrealized appreciation (000)	$	127,884

† 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) $106,011.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

ADR — American Depository Receipt

Cl — Class

PLC — Public Liability Company

See Notes to Financial Statements.

27

Allegiant Mid Cap Value Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares		Value (000)
COMMON STOCKS — 94.8%
Consumer Discretionary — 11.6%
Apollo Group, Cl A*		75,700	$	2,936
Autoliv		57,400		3,364
Career Education*		67,400		1,702
Dollar General		375,300		5,832
Idearc*		65,700		1,809
Liz Claiborne#		73,835		3,157
Ross Stores		94,500		2,929
				21,729
Consumer Staples — 5.8%
J.M. Smucker		34,000		1,635
Kroger		70,770		1,519
Smithfield Foods*		142,150		3,750
Tyson Foods, Cl A		239,800		3,810
				10,714
Energy — 6.1%
Arch Coal		106,180		3,812
Hess#		51,830		2,605
Peabody Energy		49,680		2,286
Sunoco		39,400		2,686
				11,389
Financials — 27.5%
Amvescap PLC, ADR#		213,000		4,607
Conseco*#		161,100		3,204
Developers Diversified Realty REIT		31,390		2,033
Endurance Specialty Holdings		72,810		2,733
Equity Residential REIT		33,500		1,784
Genworth Financial, Cl A		82,800		2,716
Marshall & Ilsley		69,070		3,163
Max Re Capital		189,000		4,536
Nationwide Financial Services, Cl A		29,905		1,555
Old Republic International		264,100		5,955
PartnerRe#		29,070		2,027
PMI Group		81,166		3,515
Prologis REIT		28,950		1,887
Radian Group		47,800		2,543
Reinsurance Group of America#		50,131		2,766
UnionBanCal		67,000		3,857
White Mountains Insurance Group		3,830		2,297
				51,178
Healthcare — 7.6%
CIGNA		23,000		2,899
Endo Pharmaceuticals Holdings*		102,800		2,787
Health Management Associates, Cl A#		187,100		3,836
Shire PLC, ADR		15,800		957
Triad Hospitals*		85,493		3,635
				14,114
Industrials — 4.6%
General Cable*		67,600		2,873
Southwest Airlines		203,200		3,193
Spirit Aerosystems Holdings, Cl A*		20,000		583
Union Pacific		20,870		1,889
				8,538
Information Technology — 11.6%
Check Point Software Technologies*		143,500		3,286
Compuware*		350,600		2,942
NCR*		89,590		3,844
Perot Systems, Cl A*		279,700		4,397
Seagate Technology#		113,800		2,931
Tech Data*		51,240		2,143
Tellabs*		201,400		2,022
				21,565
Materials — 7.2%
Abitibi-Consolidated#		536,730		1,267
International Flavors & Fragrances#		80,130		3,775
Louisiana-Pacific		194,100		4,095
MeadWestvaco		77,560		2,288
Rohm & Haas		35,200		1,838
				13,263
Telecommunication Services — 1.5%
Embarq		53,300		2,742
Utilities — 11.3%
CenterPoint Energy#		77,200		1,262
Constellation Energy Group#		26,348		1,808
Edison International		86,600		3,982
Mirant*		104,500		3,179
NRG Energy*#		45,840		2,609
PG&E		81,720		3,754
Sempra Energy		48,000		2,616
Xcel Energy#		78,280		1,797
				21,007
Total Common Stocks (Cost $ 152,498)				176,239
AFFILIATED MONEY MARKET FUND — 4.7%
Allegiant Money Market Fund, Class I† (Cost $8,913)		8,913,075		8,913
Total Investments Before Collateral for Loaned Securities – 99.5% (Cost $161,411)				185,152
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 12.4%
Master Notes — 4.2%
Bear Stearns
5.463%, 12/06/06	$	6,000		6,000
JPMorgan
5.393%, 12/15/06		1,750		1,750
				7,750
Medium Term Notes — 2.6%
First Tennessee Bank
5.339%, 04/18/07 (A)		2,500		2,501
Morgan Stanley
5.391%, 01/19/07 (A)		2,500		2,502
				5,003
Repurchase Agreements — 5.6%
Bear Stearns
5.363%, 12/01/06		1,750		1,750
5.413%, 12/01/06		7,500		7,500

28

	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Repurchase Agreements — continued
Lehman Brothers
5.363%, 12/01/06	$	1,141	$	1,141
				10,391
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $23,144)‡				23,144
TOTAL INVESTMENTS — 111.9% (Cost $184,555)**				208,296
Other Assets & Liabilities — (11.9)%
Investment Advisory Fees Payable				(109	)
12b-1 Fees Payable
Class I				(11	)
Class A				(3	)
Class B				(2	)
Class C				(1	)
Administration Fees Payable				(9	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(4	)
Payable for Collateral for Loaned Securities				(23,144	)
Payable for Shares of Beneficial Interest Redeemed				(143	)
Other				1,322
Total Other Assets & Liabilities				(22,106	)
TOTAL NET ASSETS — 100.0%			$	186,190

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	149,840
Undistributed Net Investment Income		493
Undistributed Net Realized Gain on Investments		12,116
Net Unrealized Appreciation on Investments		23,741
Total Net Assets	$	186,190
Net Asset Value, Offering and Redemption Price Per Share — Class I ($121,106,771 ÷ 7,939,124 outstanding shares of beneficial interest)	$	15.25
Net Asset Value and Redemption Price Per Share — Class A ($56,848,991 ÷ 3,773,793 outstanding shares of beneficial interest)	$	15.06
Maximum Offering Price Per Share — Class A ($15.06 ÷ 94.50%)	$	15.94
Net Asset Value and Offering Price Per Share — Class B ($4,945,790 ÷ 334,691 outstanding shares of beneficial interest)	$	14.78
Net Asset Value and Offering Price Per Share — Class C ($3,288,878 ÷ 221,434 outstanding shares of beneficial interest)	$	14.85

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $184,555.

Gross unrealized appreciation (000)	$	25,869
Gross unrealized depreciation (000)		(2,128	)
Net unrealized appreciation (000)	$	23,741

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) $21,996.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

ADR — American Depository Receipt

Cl — Class

PLC — Public Liability Company

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

29

Allegiant Multi - Factor Mid Cap Growth Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares		Value (000)
COMMON STOCKS — 99.7%
Consumer Discretionary — 21.9%
American Eagle Outfitters		7,400	$	333
Coach*		17,800		769
EchoStar Communications, Cl A*		10,700		385
Hilton Hotels		14,400		473
International Game Technology		3,200		140
JC Penney		5,600		433
Liberty Global, Cl A*		18,900		510
Liberty Media Holding, Cl A*		9,000		205
Limited Brands		18,200		577
Marriott, Cl A		7,600		343
Nordstrom		14,334		703
Office Depot*		12,700		481
Polo Ralph Lauren		7,100		555
Sally Beauty Holdings*		10,100		93
Starwood Hotels & Resorts Worldwide		2,800		180
TJX		25,500		699
Yum! Brands		11,400		698
				7,577
Consumer Staples — 4.0%
Loews Corp—Carolina Group		11,100		693
Supervalu		20,000		685
				1,378
Energy — 7.3%
BJ Services		22,500		760
Cameron International*		12,900		701
El Paso		9,500		139
National Oilwell Varco*		4,400		292
Williams		22,800		633
				2,525
Financials — 9.2%
American Capital Strategies#		13,500		611
CIT Group		6,110		318
E*Trade Financial*		29,500		710
East West Bancorp#		7,500		267
Nationwide Financial Services, Cl A		7,800		406
Northern Trust		4,200		239
T. Rowe Price Group		14,600		633
				3,184
Healthcare — 12.3%
Allergan		1,200		140
Celgene*#		9,100		507
Express Scripts*		3,240		221
Forest Laboratories*		6,900		336
Humana*		11,600		628
Laboratory Corp. of America Holdings*#		10,200		722
Millennium Pharmaceuticals*		28,500		321
Quest Diagnostics#		11,000		585
Resmed*		10,200		510
Thermo Electron*		6,900		302
				4,272
Industrials — 18.4%
Continental Airlines, Cl B*#		7,200		293
Cooper Industries, Cl A		7,400		677
CSX		15,400		552
Dover		2,800		141
Expeditors International Washington		6,900		312
Manpower		7,000		497
PACCAR		10,350		676
Precision Castparts		10,500		792
Republic Services		15,800		655
Rockwell Automation		4,188		273
Rockwell Collins		11,410		688
Roper Industries		9,100		467
Stericycle*#		2,500		181
UAL*		4,200		170
				6,374
Information Technology — 15.6%
Akamai Technologies*		13,500		660
Alliance Data Systems*		11,200		725
Anixter International*		5,800		340
Cognizant Technology Solutions, Cl A*		10,995		897
Fiserv*		9,110		465
Linear Technology		19,700		633
Microchip Technology		17,100		583
Network Appliance*#		3,700		145
NVIDIA*		5,100		189
Paychex		7,100		280
SanDisk*		11,300		502
				5,419
Materials — 6.4%
Ecolab		15,000		665
FMC		4,900		347
Freeport-McMoRan Copper & Gold, Cl B#		6,000		377
Grupo Simec SAB de CV, ADR*#		20,800		429
Lyondell Chemical		16,300		403
				2,221
Telecommunication Services — 3.1%
American Tower, Cl A*		10,500		397
NII Holdings*		10,300		669
				1,066
Utilities — 1.5%
AES*		22,691		530
Total Common Stocks (Cost $30,231)				34,546
AFFILIATED MONEY MARKET FUND — 0.4%
Allegiant Money Market Fund, Class I† (Cost $111)		111,247		111
Total Investments Before Collateral for Loaned Securities – 100.1% (Cost $30,342)				34,657
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 10.8%
Repurchase Agreements — 10.8%
Bear Stearns
5.363%, 12/01/06	$	1,750		1,750
5.413%, 12/01/06		1,000		1,000

30

	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Repurchase Agreements — continued
Lehman Brothers
5.363%, 12/01/06	$	1,005	$	1,005
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $3,755)‡				3,755
TOTAL INVESTMENTS — 110.9% (Cost $34,097)**				38,412
Other Assets & Liabilities — (10.9)%
Investment Advisory Fees Payable				(13	)
12b-1 Fees Payable
Class I				(2	)
Class A				(4	)
Administration Fees Payable				(2	)
Custody Fees Payable				(1	)
Trustees’ Fees Payable				(2	)
Payable for Collateral for Loaned Securities				(3,755	)
Payable for Shares of Beneficial Interest Redeemed				(33	)
Other				37
Total Other Assets & Liabilities				(3,775	)
TOTAL NET ASSETS — 100.0%			$	34,637
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	102,300
Undistributed Net Investment Income				302
Accumulated Net Realized Loss on Investments				(72,280	)
Net Unrealized Appreciation on Investments				4,315
Total Net Assets			$	34,637
Net Asset Value, Offering and Redemption Price Per Share — Class I ($16,982,630 ÷ 2,075,154 outstanding shares of beneficial interest)			$	8.18
Net Asset Value and Redemption Price Per Share — Class A ($16,476,274 ÷ 2,110,585 outstanding shares of beneficial interest)			$	7.81
Maximum Offering Price Per Share — Class A ($7.81 ÷ 94.50%)			$	8.26
Net Asset Value and Offering Price Per Share — Class B ($1,044,906 ÷ 165,863 outstanding shares of beneficial interest)			$	6.30
Net Asset Value and Offering Price Per Share — Class C ($133,584 ÷ 20,901 outstanding shares of beneficial interest)			$	6.39

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $34,206.

Gross unrealized appreciation (000)	$	4,789
Gross unrealized depreciation (000)		(583	)
Net unrealized appreciation (000)	$	4,206

† 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) $3,664.

ADR — American Depository Receipt

Cl — Class

See Notes to Financial Statements.

31

Allegiant Mult-Factor Small Cap Core Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — 98.0%
Consumer Discretionary — 13.1%
Brown Shoe	5,200	$	247
Charlotte Russe Holding*	3,300		99
The Children’s Place Retail Stores*	2,350		152
Chipotle Mexican Grill, Cl A*#	2,600		151
Coldwater Creek*	4,105		103
Deckers Outdoor*	1,600		89
Group 1 Automotive	2,600		133
Interstate Hotels & Resorts*	12,400		97
Jackson Hewitt Tax Service	3,800		137
Movado Group	8,000		200
Phillips-Van Heusen	5,050		249
United Auto Group	6,620		155
Wolverine World Wide	8,800		256
			2,068
Consumer Staples — 5.6%
American Oriental Bioengineering*#	22,300		233
Hain Celestial Group*	7,200		216
J&J Snack Foods	2,200		84
Lancaster Colony	3,100		133
Loews Corp - Carolina Group	1,300		81
Pantry*	2,820		138
			885
Energy — 4.2%
Atwood Oceanics*	3,900		193
Input/Output*#	8,400		91
Penn Virginia	2,300		174
Tesoro Petroleum	1,040		73
World Fuel Services	2,800		136
			667
Financials — 20.3%
Agree Realty REIT	1,800		63
American Home Mortgage Investment REIT	5,950		210
Arch Capital Group*	1,130		76
Ares Capital#	12,200		230
Asta Funding#	3,800		125
Bancfirst	1,100		59
Capital Trust REIT	2,600		116
Corus Bankshares#	6,120		137
DiamondRock Hospitality REIT	5,900		104
Downey Financial#	2,600		189
East West Bancorp#	2,760		98
First Community Bancorp	3,500		189
Hancock Holding	3,300		177
Hanmi Financial	6,230		136
Luminent Mortgage Capital REIT	13,600		140
Ocwen Financial*	10,000		151
Ohio Casualty	8,100		237
Preferred Bank	1,500		85
Presidential Life	2,900		65
Redwood Trust REIT	2,670		153
Safety Insurance Group	2,900		152
Sterling Financial	5,200		175
Tower Group	4,000		132
			3,199
Healthcare — 11.3%
Air Methods*	4,400		116
Allscripts Healthcare Solutions*	5,800		162
AMERIGROUP*	4,900		167
Bio-Reference Labs*	4,000		97
inVentiv Health*	6,940		210
Kendle International*	1,700		60
LifePoint Hospitals*	4,100		142
Medicines*	5,800		166
Molina Healthcare*	4,000		136
Ventana Medical Systems*	1,600		67
WellCare Health Plans*	3,240		209
West Pharmceutical Services	4,900		241
			1,773
Industrials — 14.6%
Applied Industrial Technologies	2,750		78
Commercial Vehicle Group*	5,000		117
Continental Airlines, Cl B*#	3,900		159
Ennis	5,900		135
Genco Shipping & Trading#	7,200		171
Genlyte Group*	1,460		124
Huron Consulting Group*	3,800		156
II-VI*	8,700		225
Kforce*	5,300		71
Layne Christensen*	4,400		135
Orbital Sciences*	7,800		141
PW Eagle	5,200		178
Regal-Beloit	4,600		235
Rush Enterprises, Cl A*	4,200		76
Superior Essex*	4,200		149
Watson Wyatt Worldwide, Cl A	3,300		153
			2,303
Information Technology — 18.5%
Anixter International*	3,320		195
ANSYS*	1,770		83
Blackbaud	4,300		111
Comtech Telecommunications*#	5,300		188
Digital River*	3,770		222
Forrester Research*	6,400		180
Hittite Microwave*	6,200		242
Microsemi*	4,900		101
MicroStrategy, Cl A*	970		115
MPS Group*	10,600		159
Novatel*#	4,000		165
Plexus*	3,900		94
SI International*	3,600		124
SYNNEX*	7,600		172
Technitrol	5,300		146
TIBCO Software*	24,300		226
Transaction Systems Architects*	3,100		105
ValueClick*	8,240		205
Viasat*	3,300		88
			2,921
Materials — 4.8%
AEP Industries*	1,900		98
Chaparral Steel*	3,500		163
Reliance Steel & Aluminum	3,240		125
Rock-Tenn, Cl A	9,600		242
RTI International Metals*	1,700		128
			756

32

	Number of Shares		Value (000)
COMMON STOCKS — continued
Telecommunication Services — 2.8%
Alaska Communications Systems Group		6,200	$	93
NeuStar, Cl A*		5,200		173
SBA Communications, Cl A*		6,300		179
				445
Utilities — 2.8%
AGL Resources		1,730		66
CH Energy Group		1,800		97
Cleco		4,500		115
Laclede Group		4,200		154
				432
Total Common Stocks (Cost $13,520)				15,449
AFFILIATED MONEY MARKET FUND — 2.0%
Allegiant Money Market Fund, Class I† (Cost $314)		313,948		314
Total Investments Before Collateral for Loaned Securities – 100.0% (Cost $13,834)				15,763
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR
LOANED SECURITIES — 12.0%
Repurchase Agreements — 12.0%
Bear Stearns
5.413%, 12/01/06	$	1,000		1,000
Lehman Brothers
5.363%, 12/01/06		895		895
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $1,895)‡				1,895
TOTAL INVESTMENTS — 112.0% (Cost $15,729)**				17,658
Other Assets & Liabilities — (12.0)%
Investment Advisory Fees Payable				(10	)
12b-1 Fees Payable
Class I				(1	)
Administration Fees Payable				(1	)
Custody Fees Payable				(1	)
Payable for Collateral for Loaned Securities				(1,895	)
Payable for Investments Purchased				(551	)
Other				567
Total Other Assets & Liabilities				(1,892	)
TOTAL NET ASSETS — 100.0%			$	15,766

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	13,885
Undistributed Net Investment Income		61
Accumulated Net Realized Loss on Investments		(109	)
Net Unrealized Appreciation on Investments		1,929
Total Net Assets	$	15,766
Net Asset Value, Offering and Redemption Price Per Share — Class I ($15,345,017 ÷ 1,295,228 outstanding shares of beneficial interest)	$	11.85
Net Asset Value and Redemption Price Per Share — Class A ($421,188 ÷ 35,640 outstanding shares of beneficial interest)	$	11.82
Maximum Offering Price Per Share — Class A ($11.82 ÷ 94.50%)	$	12.51

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $15,800.

Gross unrealized appreciation (000)	$	1,954
Gross unrealized depreciation (000)		(96	)
Net unrealized appreciation (000)	$	1,858

† 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) $1,822.

Cl — Class

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

33

Allegiant Multi-Factor Small Cap Focused Value Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — 99.0%
Consumer Discretionary — 8.9%
FTD Group*	3,800	$	67
Group 1 Automotive#	2,500		127
Interstate Hotels & Resorts*	7,900		62
Perry Ellis International*	2,200		84
Wolverine World Wide	8,300		241
			581
Consumer Staples — 8.6%
Del Monte Foods	15,100		170
NBTY*	5,600		204
Performance Food Group*	6,900		187
			561
Energy — 6.3%
Grey Wolf*	29,700		210
World Fuel Services	4,100		199
			409
Financials — 33.3%
Arch Capital Group*	2,900		194
Capital Trust REIT	2,100		94
Central Pacific Financial	3,900		146
CompuCredit*#	2,600		98
Delphi Financial Group, Cl A	5,000		202
DiamondRock Hospitality REIT	6,700		119
FelCor Lodging Trust REIT	7,100		156
Franklin Bank*	7,200		141
Glacier Bancorp#	4,500		160
Inland Real Estate REIT#	4,800		93
Meadowbrook Insurance Group*	9,200		90
MI Developments, Cl A#	2,800		102
Nara Bancorp	4,900		99
New Century Financial REIT#	1,600		58
NorthStar Realty Finance REIT	7,200		114
Republic Bancorp	6,380		87
United Bankshares#	3,300		127
Webster Financial	1,900		91
			2,171
Healthcare — 9.9%
Chemed	3,700		138
HealthExtras*#	2,700		58
Perrigo	11,800		198
Sierra Health Services*	3,000		105
West Pharmceutical Services	3,000		147
			646
Industrials — 13.7%
Accuride*#	11,100		124
Pinnacle Airlines*#	14,100		139
PW Eagle#	3,700		126
Regal-Beloit	2,500		128
Superior Essex*	3,800		134
URS*	3,700		163
Viad	2,000		79
			893
Information Technology — 11.5%
Agilysys	7,700		118
DSP Group*	2,900		62
Informatica*#	6,700		81
LoJack*	5,400		82
MPS Group*	13,000		195
Progress Software*	4,100		111
RealNetworks*	8,600		99
			748
Materials — 3.4%
Commercial Metals	2,500		73
Olympic Steel	1,700		44
PolyOne*	13,700		105
			222
Utilities — 3.4%
Cleco	8,700		223
Total Common Stocks (Cost $ 5,944)			6,454
AFFILIATED MONEY MARKET FUND — 1.1%
Allegiant Money Market Fund, Class I† (Cost $72)	71,809		72
Total Investments Before Collateral for Loaned Securities – 100.1% (Cost $6,016)			6,526

	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 17.3%
Repurchase Agreement — 17.3%
Lehman Brothers
5.363%, 12/01/06	$	1,131		1,131
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $1,131)‡				1,131
TOTAL INVESTMENTS — 117.4% (Cost $7,147)**				7,657
Other Assets & Liabilities — (17.4)%
Investment Advisory Fees Payable				(5	)
12b-1 Fees Payable
Class I				(1	)
Custody Fees Payable				(1	)
Payable for Collateral for Loaned Securities				(1,131	)
Other				1
Total Other Assets & Liabilities				(1,137	)
TOTAL NET ASSETS — 100.0%			$	6,520

34

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	5,624
Undistributed Net Investment Income		18
Undistributed Net Realized Gain on Investments		368
Net Unrealized Appreciation on Investments		510
Total Net Assets	$	6,520
Net Asset Value, Offering and Redemption Price Per Share — Class I ($ 6,347,927 ÷ 546,622 outstanding shares of beneficial interest)	$	11.61
Net Asset Value and Redemption Price Per Share — Class A ($172,325 ÷ 14,899 outstanding shares of beneficial interest)	$	11.57
Maximum Offering Price Per Share — Class A ($11.57 ÷ 94.50%)	$	12.24

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $7,147.

Gross unrealized appreciation (000)	$	743
Gross unrealized depreciation (000)		(233	)
Net unrealized appreciation (000)	$	510

† 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) $1,089.

Cl — Class

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

35

Allegiant Multi-Factor Small Cap Growth Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — 99.6%
Consumer Discretionary — 13.6%
Ambassadors Group	825	$	23
Asbury Automotive Group	1,800		42
Avatar Holdings*#	400		29
Brown Shoe	1,900		90
Christopher & Banks	1,900		36
DSW, Cl A*#	1,900		73
Gymboree*	1,300		52
Hibbett Sporting Goods*	840		26
Jackson Hewitt Tax Service	1,600		58
LKQ*	800		18
Movado Group	800		20
Oakley#	3,710		68
Priceline.com*#	1,300		51
Quiksilver*#	2,670		39
Sonic*	1,100		26
Steiner Leisure*	1,350		61
Zumiez*#	1,800		55
			767
Consumer Staples — 3.5%
American Oriental Bioengineering*#	9,200		96
Lancaster Colony	1,400		60
Longs Drug Stores	1,100		45
			201
Energy — 7.8%
Acergy, ADR*	4,460		88
ATP Oil & Gas*#	1,900		86
Frontier Oil	1,480		47
Holly	1,000		54
Input/Output*#	5,100		55
Universal Compression Holdings*	1,200		76
W-H Energy Services*	700		33
			439
Financials — 9.6%
Advanta, Cl B	1,500		68
Capital Trust REIT	1,000		45
Cascade Bancorp#	2,225		67
City Bank	500		27
EMC Insurance Group	900		31
Hancock Holding	1,600		86
Ocwen Financial*#	4,400		66
Safety Insurance Group#	1,100		58
Sterling Bancshares	1,700		31
Tower Group	1,100		36
Washington Real Estate Investment Trust REIT#	700		30
			545
Healthcare — 18.9%
Amedisys*#	1,400		55
AMN Healthcare Services*	1,600		44
CNS	1,200		45
Digene*	1,300		66
HealthExtras*#	1,202		26
Illumina*#	2,100		81
Immucor*	3,200		86
inVentiv Health*	2,800		85
Kendle International*	700		25
Lifecell*#	1,700		37
LifePoint Hospitals*	2,200		76
OSI Pharmaceuticals*	2,300		84
Parexel International*	2,600		72
Per-Se Technologies*#	1,600		44
Psychiatric Solutions*	1,440		52
Ventana Medical Systems*	1,380		58
Viasys Healthcare*	1,900		54
WellCare Health Plans*	1,200		78
			1,068
Industrials — 13.9%
American Reprographics*	700		22
Comfort Systems USA	2,500		34
Ennis	2,100		48
Freightcar America#	1,500		83
Gardner Denver*	800		30
Genesee & Wyoming, Cl A*	2,300		62
Genlyte Group*	800		68
Heartland Express#	1,800		28
Kaydon	1,400		56
Kenexa*	900		28
Kforce*	2,300		30
Labor Ready*	1,690		32
Landstar System	670		30
Regal-Beloit	1,700		87
Rush Enterprises, Cl A*	1,500		27
Waste Connections*#	760		31
Watson Wyatt Worldwide, Cl A	1,900		88
			784
Information Technology — 23.0%
Actions Semiconductor, ADR*#	2,500		23
Anaren*	1,300		27
ANSYS*#	1,130		53
CACI International, Cl A*	650		39
CommScope*	700		21
CSG Systems International*	800		22
Cybersource*	2,600		27
Daktronics	2,400		87
Digital Insight*	1,400		53
Diodes*	700		29
Forrester Research*	2,000		56
Global Imaging Systems*	2,700		58
Hittite Microwave*	2,100		82
Ibasis*	5,200		42
Informatica*#	3,350		40
InterDigital Communications*	1,800		58
j2 Global Communications*	1,500		42
Merix*#	3,100		29
Microsemi*	4,500		93
MPS Group*	4,300		64
Net 1 UEPS Technologies*#	3,000		72
Open Solutions*	1,200		45
Plexus*	1,800		44
SYNNEX*	2,600		59
TheStreet.com	3,500		34
Trident Microsystems Inc*	2,500		52
Zoran*	3,300		49
			1,300
Materials — 5.9%
AEP Industries*	1,100		57
Airgas	1,510		64
Chaparral Steel*	800		37

36

	Number of Shares		Value (000)
COMMON STOCKS — continued
Materials — continued
Rock-Tenn, Cl A		2,700	$	68
RTI International Metals*		1,000		76
Silgan Holdings		760		33
				335
Telecommunication Services — 1.6%
iPCS*		900		48
SBA Communications, Cl A*		1,600		45
				93
Utilities — 1.8%
Avista#		1,500		40
Idacorp		1,500		60
				100
Total Common Stocks (Cost $5,021)				5,632
AFFILIATED MONEY MARKET FUND — 0.1%
Allegiant Money Market Fund, Class I† (Cost $3)		2,803		3
Total Investments Before Collateral for Loaned Securities – 99.7% (Cost $5,024)				5,635
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 23.9%
Repurchase Agreements — 23.9%
Bear Stearns
5.413%, 12/01/06	$	500		500
Lehman Brothers
5.363%, 12/01/06		850		850
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $1,350)‡				1,350
TOTAL INVESTMENTS — 123.6% (Cost $6,374)**				6,985
Other Assets & Liabilities — (23.6)%
Investment Advisory Fees Payable				(2	)
12b-1 Fees Payable
Class I				(1	)
Custody Fees Payable				(1	)
Payable for Collateral for Loaned Securities				(1,350	)
Other				22
Total Other Assets & Liabilities				(1,332	)
TOTAL NET ASSETS — 100.0%			$	5,653

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	5,226
Net Investment Loss		(10	)
Accumulated Net Realized Loss on Investments		(174	)
Net Unrealized Appreciation on Investments		611
Total Net Assets	$	5,653
Net Asset Value, Offering and Redemption Price Per Share — Class I ($5,623,769 ÷ 521,302 outstanding shares of beneficial interest)	$	10.79
Net Asset Value and Redemption Price Per Share — Class A ($29,378 ÷ 2,728 outstanding shares of beneficial interest)	$	10.77
Maximum Offering Price Per Share — Class A ($10.77 ÷ 94.50%)	$	11.40

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $6,380.

Gross unrealized appreciation (000)	$	769
Gross unrealized depreciation (000)		(164	)
Net unrealized appreciation (000)	$	605

† 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) $1,309.

ADR — American Depository Receipt

Cl — Class

REIT — Real Estate Investment Trust

See Notes to Financial Statements.

37

Allegiant Multi-Factor Small Cap Value Fund

STATEMENT OF NET ASSETS

November 3 0, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — 98.3%
Consumer Discretionary — 16.5%
Aftermarket Technology*	181,100	$	3,517
Asbury Automotive Group	388,011		9,134
Building Material Holding#	72,200		1,779
CEC Entertainment*	65,220		2,597
Charming Shoppes*	782,255		10,584
FTD Group*	190,100		3,331
Group 1 Automotive#	223,600		11,401
Guess?*	44,400		2,760
Interstate Hotels & Resorts*	273,789		2,138
Maidenform Brands*	341,309		6,526
Matthews International#	104,860		4,210
Oakley#	560,300		10,321
Oxford Industries	142,680		7,251
Perry Ellis International*	153,400		5,821
RC2*	297,102		12,737
Regis	187,000		7,164
Shoe Carnival*	138,200		3,726
True Religion Apparel*#	198,301		3,014
United Retail Group*	93,700		1,366
Wolverine World Wide	298,200		8,666
			118,043
Consumer Staples — 5.2%
Chattem*	190,000		9,261
Del Monte Foods	206,100		2,327
Inter Parfums	24,961		503
Nash Finch#	106,840		2,826
NBTY*	191,400		6,957
Performance Food Group*	357,200		9,666
Seaboard	3,475		5,831
			37,371
Energy — 6.0%
BP Prudhoe Bay Royalty Trust#	9,800		747
Grey Wolf*#	1,332,800		9,436
Oceaneering International*	160,980		7,020
OMI#	413,861		9,668
Permian Basin Royalty Trust#	11,100		184
Sabine Royalty Trust#	29,000		1,588
St. Mary Land & Exploration#	135,530		5,432
Vaalco Energy*	1,090,493		9,149
			43,224
Financials — 31.3%
Agree Realty REIT	39,800		1,392
American Home Mortgage Investment REIT#	133,300		4,715
Ashford Hospitality Trust REIT	734,831		9,641
Assured Guaranty	156,200		4,038
BioMed Realty Trust REIT	214,254		6,471
Bristol West Holdings	287,030		4,446
Central Pacific Financial	8,150		305
City Holding	32,052		1,266
Corporate Office Properties Trust REIT#	236,548		11,759
Delphi Financial Group, Cl A	266,900		10,810
Digital Realty Trust REIT	385,439		14,045
Downey Financial#	21,800		1,587
EMC Insurance Group	109,300		3,769
FBL Financial Group, Cl A	55,500		2,187
First Indiana	20,978		521
First Niagara Financial Group	735,977		10,576
First Potomac Realty Trust REIT#	165,455		5,081
First Regional Bancorp*	40,400		1,360
First Republic Bank#	165,960		6,658
Glacier Bancorp#	199,602		7,094
Hanmi Financial	133,514		2,915
Highland Hospitality REIT	642,391		9,109
IBERIABANK (A)	111,192		6,341
Intervest Bancshares*	91,200		3,181
MAF Bancorp#	126,448		5,562
Meadowbrook Insurance Group*	412,034		4,017
Nara Bancorp	212,100		4,301
NewAlliance Bancshares	355,176		5,807
NorthStar Realty Finance REIT	244,192		3,875
Ocwen Financial*#	616,215		9,274
Primus Guaranty*	178,400		2,157
Republic Bancorp	242,900		3,318
SeaBright Insurance Holdings*	224,600		3,582
South Financial Group#	252,843		6,571
Southwest Bancorp	73,500		1,963
Sterling Bancshares	539,770		9,943
Sterling Financial#	230,700		7,740
Tower Group#	203,879		6,716
United America Indemnity* (A)	327,264		8,211
United Bankshares#	212,793		8,210
Washington Real Estate Investment Trust REIT#	79,500		3,408
			223,922
Healthcare — 7.3%
Air Methods*	184,300		4,841
Amsurg*	58,900		1,209
Aspreva Pharmaceuticals*#	240,685		4,783
HealthTronics*	327,300		2,199
ICU Medical*	91,700		3,706
inVentiv Health*#	189,400		5,741
LifePoint Hospitals*	87,000		3,020
Molina Healthcare*	126,000		4,283
Owens & Minor	187,630		5,822
Perrigo	506,100		8,477
Res-Care*	176,100		3,238
United Surgical Partners International*#	184,500		4,695
			52,014
Industrials — 11.8%
Accuride*#	259,300		2,920
Commercial Vehicle Group*	138,700		3,246
ExpressJet Holdings*	626,500		4,949
Freightcar America#	30,600		1,686
Heartland Express#	459,873		7,096
Hurco*	83,100		2,140
Insteel Industries#	330,200		6,353
Korn/Ferry International*	422,500		9,848
Labor Ready*#	629,746		11,915
M&F Worldwide*	127,900		2,099
Old Dominion Freight Line*#	113,857		3,052
Pinnacle Airlines*#	355,200		3,492
PW Eagle#	111,903		3,820
Rush Enterprises, Cl A*	245,500		4,463
Viad	229,000		9,002
Waste Connections*#	206,880		8,348
			84,429
Information Technology — 12.2%
Ciber*	226,000		1,568
Global Imaging Systems*	326,392		6,955

38

	Number of Shares		Value (000)
COMMON STOCKS — continued
Information Technology — continued
Informatica*#		56,800	$	685
Interwoven*		146,900		2,082
Mantech International, Cl A*		124,900		4,531
MPS Group*		852,900		12,785
Perot Systems, Cl A*		163,800		2,575
RealNetworks*#		655,900		7,543
SI International*#		242,600		8,353
SonicWALL*		619,917		6,230
Sybase*		180,370		4,318
SYNNEX*		240,300		5,457
Tech Data*		136,580		5,712
TIBCO Software*		743,500		6,922
TTM Technologies*		700,981		8,839
Zygo*		181,100		2,983
				87,538
Materials — 2.6%
Gerdau Ameristeel#		335,600		3,339
Headwaters*#		146,853		3,513
Olympic Steel#		216,399		5,613
PolyOne*		814,700		6,257
				18,722
Telecommunication Services — 1.3%
CT Communications#		226,300		4,612
Premiere Global Services*		598,420		4,877
				9,489
Utilities — 4.1%
Cleco		414,300		10,619
New Jersey Resources#		179,118		9,269
WGL Holdings		300,000		9,915
				29,803
Total Common Stocks (Cost $620,085)				704,555
AFFILIATED MONEY MARKET FUND — 1.8%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $11,962)		11,962,131		11,962
Total Investments Before Collateral for Loaned Securities – 100.1% (Cost $632,047)				716,517
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 22.6%
Master Notes — 9.4%
Bank of America
5.383%, 12/01/06	$	30,000		30,000
Bear Stearns
5.463%, 12/06/06		19,500		19,500
JPMorgan
5.393%, 12/15/06		17,500		17,500
				67,000
	Par (000)		Value (000)
Medium Term Notes — 5.1%
First Tennessee Bank
5.339%, 04/18/07 (B)	$	15,000	$	15,006
Liquid Funding LLC
5.350%, 11/30/07 (B)		5,000		4,999
Morgan Stanley
5.391%, 01/19/07 (B)		7,500		7,505
5.390%, 10/01/07 (B)		5,000		5,000
Natexis Banque NY
5.375%, 05/08/07 (B)		5,000		5,000
				37,510
Repurchase Agreements — 8.1%
Bear Stearns
5.363%, 12/01/06		40,750		40,750
5.413%, 12/01/06		16,000		16,000
Lehman Brothers
5.363%, 12/01/06		971		971
				57,721
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $162,231)‡				162,231
TOTAL INVESTMENTS — 122.7% (Cost $794,278)**				878,748
Other Assets & Liabilities — (22.7)%
Investment Advisory Fees Payable				(585	)
12b-1 Fees Payable
Class I				(110	)
Class A				(48	)
Class B				(5	)
Class C				(5	)
Administration Fees Payable				(36	)
Custody Fees Payable				(6	)
Trustees’ Fees Payable				(60	)
Payable for Collateral for Loaned Securities				(162,231	)
Payable for Investments Purchased				(11,576	)
Payable for Shares of Beneficial Interest Redeemed				(6,406	)
Other				18,711
Total Other Assets & Liabilities				(162,357	)
TOTAL NET ASSETS — 100.0%			$	716,391

39

Allegiant Multi-Factor Small Cap Value Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	522,110
Net Investment Income		282
Undistributed Net Realized Gain on Investments		109,062
Net Unrealized Appreciation on Investments and Futures		84,937
Total Net Assets	$	716,391
Net Asset Value, Offering and Redemption Price Per Share — Class I ($496,467,172 ÷ 22,947,370 outstanding shares of beneficial interest)	$	21.64
Net Asset Value and Redemption Price Per Share — Class A ($188,301,389 ÷ 9,169,836 outstanding shares of beneficial interest)	$	20.53
Maximum Offering Price Per Share — Class A ($20.53 ÷ 94.50%)	$	21.72
Net Asset Value and Offering Price Per Share — Class B ($15,048,982 ÷ 777,583 outstanding shares of beneficial interest)	$	19.35
Net Asset Value and Offering Price Per Share — Class C ($16,573,718 ÷ 858,302 outstanding shares of beneficial interest)	$	19.31

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $795,330.

Gross unrealized appreciation (000)	$	98,550
Gross unrealized depreciation (000)		(15,132	)
Net unrealized appreciation (000)	$	83,418

† 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) $156,415.

(A) Illiquid Security. Total market value of illiquid securities is (000) $14,552 and represents 2.0% of net assets as of November 30, 2006.

(B) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

Cl — Class

REIT — Real Estate Investment Trust

Futures Contracts:

Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
Russell 2000® Index	27	$	10,631	12/15/06	$	467

Cash in the amount of $364,500 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 open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

40

Allegiant S&P 500^® Index Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — 99.0%
Consumer Discretionary — 10.3%
Amazon.com*#	5,047	$	204
Apollo Group, Cl A*	2,305		89
AutoNation*	2,133		44
AutoZone*	933		106
Bed Bath & Beyond*	4,512		175
Best Buy	6,282		345
Big Lots*	1,217		27
Black & Decker	1,162		100
Brunswick	1,411		46
Carnival#	6,810		334
CBS, Cl B	11,947		355
Centex	1,913		106
Circuit City Stores	1,922		48
Clear Channel Communications	7,642		269
Coach*	5,866		253
Comcast, Cl A*	32,028		1,296
D. R. Horton	4,388		117
Darden Restaurants	2,355		95
Dillard’s, Cl A	524		19
Dollar General	4,774		74
Dow Jones#	1,116		40
Eastman Kodak#	4,293		112
EW Scripps, Cl A	1,275		62
Family Dollar Stores	2,321		65
Federated Department Stores	8,397		353
Ford Motor*#	28,258		230
Fortune Brands	2,360		191
Gannett	3,617		215
Gap	8,242		154
General Motors#	8,491		248
Genuine Parts	2,622		123
Goodyear Tire & Rubber*#	3,205		54
H&R Block	5,241		126
Harley-Davidson#	4,128		305
Harman International Industries#	1,032		107
Harrah’s Entertainment	2,844		224
Hasbro	2,503		67
Hilton Hotels	5,904		194
Home Depot	31,103		1,181
IAC/InterActiveCorp*	3,410		124
International Game Technology	5,629		246
Interpublic Group*#	6,746		81
JC Penney	3,431		265
Johnson Controls	2,980		242
Jones Apparel Group	1,583		53
KB Home#	1,202		62
Kohl’s*	5,065		353
Leggett & Platt	2,706		64
Lennar, Cl A#	2,269		119
Limited Brands	5,153		163
Liz Claiborne	1,679		72
Lowe’s	23,128		698
Marriott, Cl A	5,258		237
Mattel	5,785		127
McDonald’s	18,768		788
McGraw-Hill	5,385		359
Meredith#	596		32
New York Times, Cl A#	2,211		53
Newell Rubbermaid	4,208		120
News	35,760		737
Nike, Cl B	2,909		288
Nordstrom	3,520		173
Office Depot*	4,335		164
OfficeMax	925		44
Omnicom Group	2,648		271
Pulte Homes#	3,180		107
RadioShack	2,278		40
Sears Holdings*	1,280		219
Sherwin-Williams	1,725		108
Snap-On Tools	831		39
Stanley Works	1,238		63
Staples	11,118		283
Starbucks*	11,660		412
Starwood Hotels & Resorts Worldwide	3,329		214
Target	12,939		752
Tiffany#	2,163		83
Time Warner	62,240		1,254
TJX	7,246		199
Tribune#	2,918		93
Univision Communications, Cl A*	3,881		138
VF	1,358		106
Viacom, Cl B*	10,858		407
Walt Disney	31,987		1,057
Wendy’s	1,592		52
Whirlpool	1,158		99
Wyndham Worldwide*	3,066		97
Yum! Brands	4,174		255
			20,165
Consumer Staples — 9.1%
Altria Group	32,038		2,698
Anheuser-Busch	11,813		561
Archer-Daniels-Midland	10,018		352
Avon Products	6,851		224
Brown-Forman, Cl B	1,202		83
Campbell Soup	3,400		129
Clorox	2,229		143
Coca-Cola	31,188		1,461
Coca-Cola Enterprises	4,385		90
Colgate-Palmolive	7,925		515
ConAgra Foods	7,843		202
Constellation Brands, Cl A*	3,268		91
Costco Wholesale	7,081		370
CVS	12,462		358
Dean Foods*	2,043		87
Estee Lauder, Cl A#	1,977		82
General Mills	5,336		299
H.J. Heinz	5,073		225
Hershey	2,688		142
Kellogg	3,789		189
Kimberly-Clark	7,012		466
Kroger	11,057		237
McCormick & Company	1,934		75
Molson Coors Brewing	778		55
Pepsi Bottling Group	2,079		65
PepsiCo	25,686		1,592
Procter & Gamble	49,365		3,100
Reynolds American#	2,662		171
Safeway	6,868		212
Sara Lee	11,633		193
Supervalu	3,413		117
SYSCO	9,472		340
Tyson Foods, Cl A	4,158		66
UST#	2,367		132
Walgreen	15,617		632

41

Allegiant S&P 500^® Index Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — continued
Consumer Staples — continued
Wal-Mart Stores	38,281	$	1,765
Whole Foods Market	2,145		105
Wm. Wrigley Jr.	3,363		176
			17,800
Energy — 10.1%
Anadarko Petroleum	7,093		350
Apache	5,078		355
Baker Hughes	5,034		370
BJ Services	4,623		156
Chesapeake Energy#	5,936		202
Chevron	33,638		2,433
ConocoPhillips	25,588		1,722
Consol Energy	2,806		103
Devon Energy	6,823		501
El Paso	10,604		155
EOG Resources	3,750		264
ExxonMobil	90,981		6,988
Halliburton	15,781		532
Hess	3,692		186
Kinder Morgan	1,640		172
Marathon Oil	5,535		522
Murphy Oil	2,859		155
Nabors Industries*#	4,805		162
National Oilwell Varco*	2,684		179
Noble	2,099		162
Occidental Petroleum	13,185		664
Peabody Energy	4,045		186
Rowan	1,689		61
Schlumberger#	18,120		1,241
Smith International	3,068		130
Sunoco	1,847		126
TransOcean*	4,475		349
Valero Energy	9,358		515
Weatherford International*	5,295		238
Williams	9,118		253
XTO Enegy	5,889		298
			19,730
Financials — 21.4%
ACE	5,006		285
AFLAC	7,595		335
Allstate	9,500		603
Ambac Financial Group	1,573		135
American Express	18,918		1,111
American International Group	39,771		2,797
Ameriprise Financial	3,730		202
AON	4,791		171
Apartment Investment & Management, Cl A REIT#	1,561		90
Archstone-Smith Trust REIT	3,248		195
Bank of America	69,264		3,730
Bank of New York	11,679		415
BB&T#	8,112		349
Bear Stearns	1,821		278
Boston Properties REIT	1,749		205
Capital One Financial	4,642		361
CB Richard Ellis Group, Cl A*	2,807		92
Charles Schwab	15,826		290
Chicago Mercantile Exchange Holdings	526		282
Chubb	6,265		324
Cincinnati Financial	2,651		117
CIT Group	3,037		158
Citigroup	74,951		3,717
Comerica	2,462		143
Commerce Bancorp#	2,761		96
Compass Bancshares	1,980		113
Countrywide Financial	9,222		366
E*Trade Financial*	6,538		157
Equity Office Properties Trust REIT#	5,377		259
Equity Residential REIT	4,400		234
Fannie Mae	14,813		845
Federated Investors, Cl B	1,125		37
Fifth Third Bancorp	8,538		337
First Horizon National	1,971		79
Franklin Resources	2,551		272
Freddie Mac	10,623		713
Genworth Financial, Cl A	6,955		228
Goldman Sachs	6,607		1,287
Hartford Financial Services	4,594		394
Huntington Bancshares	3,703		90
Janus Capital Group	2,993		61
JPMorgan Chase	52,204		2,416
KeyCorp	6,144		222
Kimco Realty REIT	3,329		154
Legg Mason	2,021		193
Lehman Brothers Holdings	8,221		606
Lincoln National	4,368		278
Loews	6,937		277
M&T Bank	1,189		141
Marsh & McLennan	8,423		265
Marshall & Ilsley	3,892		178
MBIA	2,062		144
Mellon Financial	6,297		253
Merrill Lynch	13,566		1,186
MetLife#	11,463		673
MGIC Investment	1,219		71
Moody’s#	3,624		252
Morgan Stanley	16,114		1,227
National City	9,166		331
North Fork Bancorp#	7,097		199
Northern Trust	2,868		163
Plum Creek Timber REIT	2,743		102
PNC Financial Services Group	4,454		315
Principal Financial Group	4,121		238
Progressive	11,722		264
Prologis REIT	3,751		244
Prudential Financial#	7,422		605
Public Storage REIT	1,856		179
Realogy*	3,267		85
Regions Financial	11,010		403
Safeco	1,649		100
Simon Property Group REIT	3,385		345
SLM	6,216		285
Sovereign Bancorp#	5,488		137
St. Paul Travelers	10,471		542
State Street	5,068		315
SunTrust Banks	5,513		450
Synovus Financial	4,959		149
T. Rowe Price Group	4,005		174
Torchmark	1,514		96
U.S. Bancorp#	26,710		899
UnumProvident	5,453		112
Vornado Realty Trust REIT#	1,865		235
Wachovia	28,745		1,558

42

	Number of Shares	Value (000)
COMMON STOCKS — continued
Financials — continued
Washington Mutual#	14,557	$	636
Wells Fargo	50,563		1,782
XL Capital, Cl A#	2,805		199
Zions Bancorp	1,633		128
			41,759
Healthcare — 11.9%
Abbott Laboratories	23,381		1,091
Aetna	8,382		346
Allergan	2,308		269
AmerisourceBergen	2,875		132
Amgen*	18,229		1,294
Applied Biosystems Group - Applera	2,789		102
Barr Pharmaceuticals*	1,505		77
Bausch & Lomb	823		40
Baxter International	9,984		447
Becton Dickinson	3,770		270
Biogen Idec*	5,258		275
Biomet	3,639		138
Boston Scientific*	18,182		288
Bristol-Myers Squibb	30,096		747
C.R. Bard	1,584		130
Cardinal Health	6,227		402
Caremark Rx	6,496		307
Celgene*	5,690		317
CIGNA	1,570		198
Coventry Health Care*	2,288		110
Eli Lilly	15,301		820
Express Scripts*	1,985		135
Forest Laboratories*	4,648		226
Genzyme*	4,000		258
Gilead Sciences*	7,038		464
Health Management Associates, Cl A	3,481		71
Hospira*	2,212		73
Humana*	2,418		131
IMS Health	2,864		79
Johnson & Johnson	45,285		2,985
King Pharmaceuticals*	3,321		55
Laboratory Corp. of America Holdings*#	1,909		135
Manor Care	936		44
McKesson	4,527		224
Medco Health Solutions*	4,498		226
Medimmune*	3,639		119
Medtronic	17,838		930
Merck	33,303		1,482
Millipore*	785		54
Mylan Laboratories	3,026		61
Patterson*	1,990		74
PerkinElmer	1,922		42
Pfizer	113,108		3,109
Quest Diagnostics#	2,395		127
Schering-Plough	22,878		504
St Jude Medical*	5,373		200
Stryker	4,411		229
Tenet Healthcare*	7,325		52
Thermo Electron*	6,220		273
UnitedHealth Group	20,820		1,022
Waters*	1,427		71
Watson Pharmaceuticals*	1,507		39
WellPoint*	9,347		707
Wyeth Pharmaceuticals	20,941		1,011
Zimmer Holdings*	3,624		264
			23,276
Industrials — 10.8%
3M	11,527		939
Allied Waste Industries*#	4,578		58
American Power Conversion	2,594		79
American Standard	2,670		120
Avery Dennison	1,449		98
Boeing	12,165		1,077
Burlington Northern Santa Fe	5,539		416
Caterpillar	9,889		613
Cintas	2,061		87
Cooper Industries, Cl A	1,401		128
CSX	6,760		242
Cummins#	821		98
Danaher#	3,628		265
Deere	3,519		338
Dover	3,115		157
Eaton	2,296		177
Emerson Electric	6,239		541
Equifax	1,894		72
FedEx	4,689		541
Fluor	1,340		117
General Dynamics	6,205		464
General Electric	157,988		5,574
Goodrich	1,909		86
Honeywell International	12,533		539
Illinois Tool Works#	6,431		303
Ingersoll-Rand, Cl A	4,942		193
ITT Industries	2,792		151
L-3 Communications Holdings	1,837		151
Lockheed Martin	5,449		493
Masco	6,032		173
Monster Worldwide*	1,965		86
Navistar*	979		31
Norfolk Southern	6,333		312
Northrop Grumman	5,240		351
PACCAR#	3,815		249
Pall	1,910		60
Parker Hannifin	1,840		154
Pitney Bowes	3,390		156
Raytheon	6,791		347
Robert Half	2,622		101
Rockwell Automation	2,693		175
Rockwell Collins	2,623		158
RR Donnelley & Sons	3,345		118
Ryder System	1,167		61
Southwest Airlines	12,030		189
Textron	1,913		186
Tyco International	30,833		934
Union Pacific	4,085		370
United Parcel Service, Cl B	16,544		1,289
United Technologies	15,248		984
W.W. Grainger	1,152		83
Waste Management	8,272		303
			20,987
Information Technology — 15.5%
ADC Telecommunications*	1,794		25
Adobe Systems*	8,971		360
Advanced Micro Devices*	8,301		179
Affiliated Computer Services, Cl A*#	1,896		96

43

Allegiant S&P500 ^® Index Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — continued
Information Technology — continued
Agilent Technologies*	6,254	$	199
Altera*	5,499		109
Analog Devices	5,400		176
Apple Computer*	13,016		1,193
Applied Materials	21,256		382
Autodesk*	3,546		146
Automatic Data Processing	8,502		410
Avaya*	6,993		89
BMC Software*	3,137		102
Broadcom, Cl A*	7,101		233
CA#	6,285		136
Ciena*	1,292		33
Cisco Systems*	91,679		2,464
Citrix Systems*	2,975		86
Cognizant Technology Solutions, Cl A*	2,321		189
Computer Sciences*	2,567		134
Compuware*	5,391		45
Comverse Technology*	3,091		60
Convergys*	2,125		51
Corning*	23,871		515
Dell*	34,373		936
eBay*	17,930		580
Electronic Arts*	4,716		263
Electronic Data Systems	7,860		213
EMC*	35,176		461
Fidelity National Information Services	2,684		107
First Data	11,813		298
Fiserv*	2,749		141
Freescale Semiconductor*	6,208		248
Google, Cl A*	3,238		1,570
Hewlett-Packard	41,917		1,654
Intel#	88,273		1,885
International Business Machines	22,867		2,102
Intuit*	5,241		165
Jabil Circuit	2,861		81
JDS Uniphase*#	3,223		60
Juniper Networks Inc*	8,658		184
KLA-Tencor	3,047		158
Lexmark International, Cl A*	1,642		113
Linear Technology	4,610		148
LSI Logic*	6,115		65
Maxim Integrated Products	4,900		154
Micron Technology*	11,133		163
Microsoft	130,699		3,834
Molex	2,164		69
Motorola	37,495		831
National Semiconductor	4,556		110
NCR*	2,758		118
Network Appliance*	5,813		228
Novell*	5,188		33
Novellus Systems*	1,886		59
NVIDIA*	5,620		208
Oracle*#	60,971		1,160
Parametric Technology*	1,709		33
Paychex	5,180		204
PMC-Sierra*#	3,198		24
QLogic*	2,867		64
Qualcomm	25,280		925
Sabre Holdings, Cl A	1,913		53
SanDisk*#	3,501		156
Sanmina*	7,049		26
Solectron*	13,170		44
Sun Microsystems*	53,705		291
Symantec*#	15,078		320
Symbol Technologies	3,886		58
Tektronix	1,281		39
Tellabs*	6,852		69
Teradyne*	3,015		45
Texas Instruments	23,455		693
Unisys*	4,447		32
VeriSign*	3,853		101
Western Union	11,710		267
Xerox*	14,971		247
Xilinx#	5,201		139
Yahoo!*	18,916		511
			30,152
Materials — 3.0%
Air Products & Chemicals	3,372		233
Alcoa	13,113		409
Allegheny Technologies	1,539		138
Ashland	1,045		71
Ball#	1,376		59
Bemis	1,695		58
Dow Chemical	14,430		577
E.I. duPont de Nemours	13,879		651
Eastman Chemical	1,324		79
Ecolab	2,623		116
Freeport-McMoRan Copper & Gold, Cl B#	3,007		189
Hercules*	1,734		32
International Flavors & Fragrances	1,207		57
International Paper	7,010		232
MeadWestvaco	2,916		86
Monsanto	8,307		399
Newmont Mining	6,882		323
Nucor	4,676		280
Pactiv*	2,112		73
Phelps Dodge	3,091		380
PPG Industries	2,507		161
Praxair	4,933		308
Rohm & Haas	2,199		115
Sealed Air	1,241		74
Sigma-Aldrich	972		74
Temple-Inland	1,709		67
United States Steel	2,020		151
Vulcan Materials#	1,477		131
Weyerhaeuser	3,778		244
			5,767
Telecommunication Services — 3.4%
Alltel	5,940		337
AT&T	58,702		1,991
BellSouth	27,390		1,221
CenturyTel	1,828		78
Citizens Communications#	5,142		73
Embarq	2,316		119
Qwest Communications*	24,619		189
Sprint Nextel	45,719		892
Verizon Communications	43,887		1,534
Windstream	7,416		103
			6,537
Utilities — 3.5%
AES*	10,122		237
Allegheny Energy*	2,519		112

44

	Number of Shares		Value (000)
COMMON STOCKS — continued
Utilities — continued
Ameren#		3,163	$	173
American Electric Power		6,030		250
CenterPoint Energy#		4,955		81
CMS Energy*		3,670		60
Consolidated Edison		3,812		184
Constellation Energy Group		2,746		188
Dominion Resources		5,321		430
DTE Energy		2,788		131
Duke Energy		18,978		602
Dynegy, Cl A*		6,935		47
Edison International		4,986		229
Entergy		3,170		290
Exelon		10,246		622
FirstEnergy		5,000		299
FPL Group#		6,124		326
KeySpan		2,805		115
Nicor		798		40
NiSource		4,356		107
Peoples Energy		743		32
PG&E		5,326		245
Pinnacle West Capital		1,603		79
PPL		5,920		215
Progress Energy#		3,963		189
Progress Energy CVO* (A) (B)		2,575		–
Public Service Enterprise Group		3,807		256
Questar		1,311		113
Sempra Energy		3,986		217
Southern		11,215		407
TECO Energy#		3,216		55
TXU		7,061		405
Xcel Energy#		6,379		147
				6,883
Total Common Stocks (Cost $139,494)				193,056
RIGHTS — 0.0%
Information Technology — 0.0%
Seagate* (A) (B)		5,934		—
(Cost $– )
	Number of Shares
AFFILIATED MONEY MARKET FUND — 0.0%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $15)		14,987		15
Total Investments Before Collateralfor Loaned Securities – 99.0% (Cost $139,509)				193,071
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 6.2%
Medium Term Notes — 5.4%
Liquid Funding LLC
5.350%, 11/30/07 (C)	$	7,500		7,499
SLM Student Loan Trust
5.320%, 12/07/06 (C)		3,000		3,000
				10,499
Repurchase Agreements — 0.8%
Bear Stearns
5.413%, 12/01/06		500		500
Lehman Brothers
5.363%, 12/01/06		1,088		1,088
				1,588
Total Short Term Investments Held as Collateralfor Loaned Securities (Cost $12,087)‡				12,087
TOTAL INVESTMENTS — 105.2% (Cost $151,596)**				205,158
Other Assets & Liabilities – (5.2)%				(10,065	)
TOTAL NET ASSETS — 100.0%			$	195,093

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $154,759.

Gross unrealized appreciation (000)	$	53,524
Gross unrealized depreciation (000)		(3,125	)
Net unrealized appreciation (000)	$	50,399

† 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) $9,530.

(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 November 30, 2006.

Cl — Class

CVO — Contingent Value Obligation

REIT — Real Estate Investment Trust

Futures Contracts:

Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
S&P 500® Composite Index	8	$	2,806	12/15/06	$	145
S&P 500® Composite Index	7		2,476	03/16/07		2
		$	5,282		$	147

Cash in the amount of $236,250 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 open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

45

Allegiant S&P 500^® Index Fund

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2006 (Unaudited)

	Value (000)
ASSETS
Investments in non-affiliates at value, (Cost $139,494)	$	193,056
Investments in affiliates at value, (Cost $15)		15
Short term investments held as collateral forloaned securities, (Cost $12,087)		12,087
Receivable for investments sold		10,627
Receivable for shares of beneficial interest sold		64
Futures variation margin receivable		239
Dividends and interest receivable		455
Prepaid expenses		3
Total Assets		216,546
LIABILITIES
Payable for collateral for loaned securities		12,087
Payable for shares of beneficial interest redeemed		7,846
Payable for investment securities purchased		1,403
Investment advisory fees payable		33
12b-1 fees payable
Class I		4
Class B		1
Administration fees payable		10
Custody fees payable		3
Trustees’ fees payable		25
Transfer agent fees payable		9
Other liabilities		32
Total Liabilities		21,453
TOTAL NET ASSETS	$	195,093
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	142,666
Undistributed Net Investment Income		624
Accumulated Net Realized Loss on Investments		(1,906	)
Net Unrealized Appreciation on Investments and Futures		53,709
Total Net Assets	$	195,093
Net Asset Value, Offering and Redemption Price Per Share — Class I ($160,341,032 ÷ 13,335,326 outstanding shares of beneficial interest)	$	12.02
Net Asset Value and Redemption Price Per Share — Class A ($29,074,037 ÷ 2,424,574 outstanding shares of beneficial interest)	$	11.99
Maximum Offering Price Per Share — Class A ($11.99 ÷ 97.50%)	$	12.30
Net Asset Value and Offering Price Per Share — Class B ($4,071,919 ÷ 342,106 outstanding shares of beneficial interest)	$	11.90
Net Asset Value and Offering Price Per Share — Class C ($1,605,786 ÷ 134,629 outstanding shares of beneficial interest)	$	11.93

See Notes to Financial Statements.

46

Allegiant Small Cap Core Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares		Value (000)
COMMON STOCKS — 96.2%
Consumer Discretionary — 20.0%
Ambassadors Group		157,000	$	4,446
Bluegreen*#		264,000		3,593
Carter’s*		77,000		2,122
Dixie Group*		63,130		878
Genesco*#		101,000		3,870
Jackson Hewitt Tax Service		68,000		2,460
Jos A Bank Clothiers*#		54,250		1,627
Movado Group		87,100		2,179
Penn National Gaming*#		137,900		5,098
Pool#		56,000		2,294
Steiner Leisure*		140,300		6,286
Strayer Education		63,250		6,961
Thor Industries#		104,500		4,730
				46,544
Consumer Staples — 3.1%
Elizabeth Arden*		132,000		2,429
USANA Health Sciences*#		97,000		4,693
				7,122
Energy — 6.8%
Alliance Resource Partners LP#		77,600		2,657
Encore Acquisition*#		123,450		3,353
Oil States International*#		164,000		5,709
OMI#		172,700		4,034
				15,753
Financials — 24.1%
Affiliated Managers Group*#		45,000		4,595
Corus Bankshares#		162,000		3,630
Eaton Vance		102,500		3,270
First Marblehead#		90,030		6,738
IndyMac Bancorp		80,100		3,681
Lazard, Cl A#		80,500		3,656
Montpelier Re Holdings		125,000		2,380
Philadelphia Consolidated Holding*		56,500		2,517
Portfolio Recovery Associates*#		154,400		7,048
Safety Insurance Group#		129,000		6,757
Southwest Bancorp		153,000		4,087
United Fire & Casualty#		95,200		3,360
Wilshire Bancorp#		222,800		4,258
				55,977
Healthcare — 6.2%
Bio-Reference Labs*		26,288		639
Biosite*#		86,500		4,223
Pharmaceutical Product Development		194,800		6,153
Syneron Medical*#		150,700		3,495
				14,510
Industrials — 14.6%
Esterline Technologies*#		150,800		5,872
FirstService*		169,100		4,077
Forward Air		125,378		4,175
Greenbrier#		59,500		2,200
Marten Transport*#		201,250		3,685
Old Dominion Freight Line*		112,200		3,008
Oshkosh Truck, Cl B		90,500		4,345
Simpson Manufacturing#		81,400		2,521
Universal Forest Products		87,500		4,081
				33,964
Information Technology — 20.4%
ANSYS*#		84,700		3,977
Comtech Telecommunications*#		129,000		4,582
Cryptologic#		191,500		3,899
Digital River*		107,500		6,333
Flir Systems*#		82,000		2,641
infoUSA		101,150		1,228
j2 Global Communications*#		237,000		6,619
Kronos*		139,300		4,912
Rofin-Sinar Technologies*		77,500		4,504
TALX		125,530		3,132
Trimble Navigation*		118,700		5,694
				47,521
Materials — 1.0%
Scotts Miracle-Gro		45,600		2,256
Total Common Stocks (Cost $190,713)				223,647
AFFILIATED MONEY MARKET FUND — 3.8%
Allegiant Money Market Fund, Class I† (Cost $8,694)		8,694,364		8,694
Total Investments Before Collateral for Loaned Securities – 100.0% (Cost $ 199,407)				232,341
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 38.1%
Master Notes — 12.7%
Bank of America
5.383%, 12/01/06	$	10,000		10,000
Bear Stearns
5.463%, 12/06/06		9,000		9,000
JPMorgan
5.393%, 12/15/06		10,500		10,500
				29,500
Medium Term Notes — 4.3%
First Tennessee Bank
5.339%, 04/18/07 (A)		5,000		5,002
Natexis Banque NY
5.375%, 05/08/07 (A)		5,000		5,000
				10,002
Repurchase Agreements — 21.1%
Bear Stearns
5.363%, 12/01/06		33,000		33,000
5.413%, 12/01/06		15,500		15,500
Lehman Brothers
5.363%, 12/01/06		685		686
				49,186
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $88,688)‡				88,688
TOTAL INVESTMENTS — 138.1% (Cost $288,095)**				321,029

47

Allegiant Small Cap Core Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Value (000)
Other Assets & Liabilities — (38.1)%
Investment Advisory Fees Payable	$	(189	)
12b-1 Fees Payable
Class I		(34	)
Class A		(1	)
Administration Fees Payable		(11	)
Custody Fees Payable		(3	)
Trustees’ Fees Payable		(9	)
Payable for Collateral for Loaned Securities		(88,688	)
Payable for Shares of Beneficial Interest Redeemed		(65	)
Other		477
Total Other Assets & Liabilities		(88,523	)
TOTAL NET ASSETS — 100.0%	$	232,506
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	189,239
Net Investment Loss		(86	)
Undistributed Net Realized Gain on Investments		10,115
Net Unrealized Appreciation on Investments and Futures		33,238
Total Net Assets	$	232,506
Net Asset Value, Offering and Redemption Price Per Share — Class I ($227,886,766 ÷ 17,868,714 outstanding shares of beneficial interest)	$	12.75
Net Asset Value and Redemption Price Per Share — Class A ($3,233,338 ÷ 255,331 outstanding shares of beneficial interest)	$	12.66
Maximum Offering Price Per Share — Class A ($12.66 ÷ 94.50%)	$	13.40
Net Asset Value and Offering Price Per Share — Class B ($448,435 ÷ 36,032 outstanding shares of beneficial interest)	$	12.45
Net Asset Value and Offering Price Per Share — Class C ($937,820 ÷ 75,281 outstanding shares of beneficial interest)	$	12.46

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $288,193.

Gross unrealized appreciation (000)	$	38,419
Gross unrealized depreciation (000)		(5,583	)
Net unrealized appreciation (000)	$	32,836

† 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) $85,868.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

Cl — Class

LP — Limited Partnership

Futures Contracts:

Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
Russell 2000® Index	14	$	5,513	12/15/06	$	304

Cash in the amount of $189,000 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 open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

48

Allegiant Small Cap Growth Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
COMMON STOCKS — 100.2%
Consumer Discretionary — 13.7%
Ambassadors Group	5,661	$	160
Asbury Automotive Group	11,900		280
Avatar Holdings*#	2,400		171
Brown Shoe	12,700		603
Christopher & Banks	12,300		231
DSW, Cl A*#	12,300		471
Gymboree*	8,400		334
Hibbett Sporting Goods*	5,290		167
Jackson Hewitt Tax Service	10,500		380
LKQ*	5,500		126
Movado Group	5,100		128
Oakley	24,500		451
Priceline.com*#	9,200		363
Quiksilver*#	17,520		255
Sonic*	6,900		162
Steiner Leisure*	9,000		403
Zumiez*#	11,900		366
			5,051
Consumer Staples — 3.6%
American Oriental Bioengineering*#	60,700		634
Lancaster Colony	9,200		393
Longs Drug Stores	7,200		296
			1,323
Energy — 7.8%
Acergy, ADR*	29,500		581
ATP Oil & Gas*#	12,500		566
Frontier Oil	9,280		294
Holly	6,600		356
Input/Output*#	33,500		364
Universal Compression Holdings*	7,600		478
W-H Energy Services*	4,800		229
			2,868
Financials — 9.7%
Advanta, Cl B	10,200		465
Capital Trust REIT	6,500		290
Cascade Bancorp#	14,350		434
City Bank	3,200		171
EMC Insurance Group	6,000		207
Hancock Holding	10,700		575
Ocwen Financial*	29,100		438
Safety Insurance Group#	7,000		367
Sterling Bancshares	11,000		202
Tower Group	6,700		221
Washington Real Estate Investment Trust REIT#	4,400		189
			3,559
Healthcare — 18.7%
Amedisys*#	9,100		356
AMN Healthcare Services*	10,800		300
CNS	8,200		306
Digene*	8,500		434
HealthExtras*#	198		4
Illumina*#	13,700		528
Immucor*	21,175		570
inVentiv Health*	18,200		552
Kendle International*	4,700		165
Lifecell*#	11,200		244
LifePoint Hospitals*	14,500		503
OSI Pharmaceuticals*#	15,400		565
Parexel International*	16,800		467
Per-Se Technologies*#	10,800		298
Psychiatric Solutions*	9,780		356
Ventana Medical Systems*	9,370		394
Viasys Healthcare*	12,700		358
WellCare Health Plans*	7,600		491
			6,891
Industrials — 13.9%
American Reprographics*	4,600		144
Comfort Systems USA	16,300		220
Ennis	13,800		315
Freightcar America#	10,100		556
Gardner Denver*	5,200		199
Genesee & Wyoming, Cl A*	15,400		414
Genlyte Group*	5,000		424
Heartland Express	11,513		178
Kaydon	9,300		372
Kenexa*	6,200		191
Kforce*	15,100		201
Labor Ready*	11,320		214
Landstar System	4,070		183
Regal-Beloit	11,400		583
Rush Enterprises, Cl A*	9,600		174
Waste Connections*	5,080		205
Watson Wyatt Worldwide, Cl A	12,200		566
			5,139
Information Technology — 23.5%
Actions Semiconductor, ADR*#	16,600		149
Anaren*	8,800		181
ANSYS*#	7,180		337
CACI International, Cl A*	4,560		273
CommScope*	4,700		142
CSG Systems International*	5,300		147
Cybersource*	17,300		181
Daktronics	16,000		579
Digital Insight*	8,900		340
Diodes*	4,400		182
Forrester Research*	13,200		371
Global Imaging Systems*	17,500		373
Hittite Microwave*	13,600		531
Ibasis*	34,300		278
Informatica*#	22,340		269
InterDigital Communications*	12,100		387
j2 Global Communications*#	9,700		271
Merix*#	20,300		187
Microsemi*	30,000		619
MPS Group*	28,200		423
Net 1 UEPS Technologies*#	19,800		475
Open Solutions*	7,700		287
Plexus*	11,900		287
SYNNEX*	16,800		381
TheStreet.com	22,800		223
Trident Microsystems Inc*	16,200		340
Wright Express*	4,400		136
Zoran*	21,900		327
			8,676
Materials — 5.9%
AEP Industries*	6,900		355
Airgas	10,000		426

49

Allegiant Small Cap Growth Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares		Value (000)
COMMON STOCKS — continued
Materials — continued
Chaparral Steel*		5,000	$	233
Rock-Tenn, Cl A		17,500		441
RTI International Metals*		6,900		522
Silgan Holdings		5,040		217
				2,194
Telecommunication Services — 1.6%
iPCS*		5,900		312
SBA Communications, Cl A*		10,100		286
				598
Utilities — 1.8%
Avista#		9,700		261
Idacorp		9,600		384
				645
Total Common Stocks (Cost $32,437)				36,944
AFFILIATED MONEY MARKET FUND — 0.0%
Allegiant Money Market Fund, Class I† (Cost $6)		6,356		6
Total Investments Before Collateralfor Loaned Securities – 100.2% (Cost $32,443)				36,950
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 22.1%
Repurchase Agreements — 22.1%
Bear Stearns
5.363%, 12/01/06	$	6,500		6,500
5.413%, 12/01/06		500		500
Lehman Brothers
5.363%, 12/01/06		1,138		1,138
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $8,138)‡				8,138
TOTAL INVESTMENTS — 122.3% (Cost $40,581)**				45,088
Other Assets & Liabilities — (22.3)%
Investment Advisory Fees Payable				(17	)
12b-1 Fees Payable
Class I				(2	)
Class A				(4	)
Administration Fees Payable				(2	)
Custody Fees Payable				(1	)
Trustees’ Fees Payable				(4	)
Payable for Collateral for Loaned Securities				(8,138	)
Payable for Shares of Beneficial Interest Redeemed				(53	)
Other				8
Total Other Assets & Liabilities				(8,213	)
TOTAL NET ASSETS — 100.0%			$	36,875

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	115,752
Net Investment Loss		(95	)
Accumulated Net Realized Loss on Investments		(83,289	)
Net Unrealized Appreciation on Investments		4,507
Total Net Assets	$	36,875
Net Asset Value, Offering and Redemption Price Per Share — Class I ($18,960,820 ÷ 1,914,657 outstanding shares of beneficial interest)	$	9.90
Net Asset Value and Redemption Price Per Share — Class A ($16,356,119 ÷ 1,690,512 outstanding shares of beneficial interest)	$	9.68
Maximum Offering Price Per Share — Class A ($9.68 ÷ 94.50%)	$	10.24
Net Asset Value and Offering Price Per Share — Class B ($1,422,965 ÷ 156,547 outstanding shares of beneficial interest)	$	9.09
Net Asset Value and Offering Price Per Share — Class C ($135,114 ÷ 14,833 outstanding shares of beneficial interest)	$	9.11

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $40,612.

Gross unrealized appreciation (000)	$	5,438
Gross unrealized depreciation (000)		(962	)
Net unrealized appreciation (000)	$	4,476

† 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) $7,907.

ADR  — American Depository Receipt

Cl — Class

REIT  — Real Estate Investment Trust

See Notes to Financial Statements.

50

Allegiant Aggressive Allocation Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
AFFILIATED EQUITY FUNDS — 81.2%
Allegiant International Equity Fund, Class I	55,245	$	865
Allegiant Large Cap Growth Fund, Class I	137,247		2,954
Allegiant Large Cap Value Fund, Class I	142,184		2,973
Total Affiliated Equity Funds (Cost $5,716)			6,792
AFFILIATED FIXED INCOME FUND — 6.9%
Allegiant Bond Fund, Class I (Cost $587)	57,899		581
AFFILIATED MONEY MARKET FUND — 12.6%
Allegiant Money Market Fund, Class I (Cost $1,052)	1,052,177		1,052
TOTAL INVESTMENTS† — 100.7% (Cost $7,355)*			8,425
Other Assets & Liabilities – (0.7)%			(58	)
TOTAL NET ASSETS — 100.0%		$	8,367

* Aggregate cost for Federal income tax purposes is (000) $7,355.

Gross unrealized appreciation (000)	$	1,076
Gross unrealized depreciation (000)		(6	)
Net unrealized appreciation (000)	$	1,070

† See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

STATEMENT OF

ASSETS AND LIABILITIES

November 30, 2006 (Unaudited)

	Value (000)
ASSETS
Investments in affiliates at value, (Cost $7,355)	$	8,425
Dividends and interest receivable		7
Prepaid expenses		1
Total Assets		8,433
LIABILITIES
Payable for shares of beneficial interest redeemed		60
12b-1 Fees Payable
Class I		1
Custody fees payable		1
Transfer agent fees payable		1
Trustees’ fees payable		1
Other liabilities		2
Total Liabilities		66
TOTAL NET ASSETS	$	8,367
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	6,964
Undistributed Net Investment Income		9
Undistributed Net Realized Gain on Investments		324
Net Unrealized Appreciation on Investments		1,070
Total Net Assets	$	8,367
Net Asset Value, Offering and Redemption Price Per Share — Class I ($6,304,475 ÷ 590,904 outstanding shares of beneficial interest)	$	10.67
Net Asset Value and Redemption Price Per Share — Class A ($646,402 ÷ 60,871 outstanding shares of beneficial interest)	$	10.62
Maximum Offering Price Per Share- Class A ($10.62 ÷ 95.25%)	$	11.15
Net Asset Value and Offering Price Per Share — Class B ($1,119,236 ÷ 107,871 outstanding shares of beneficial interest)	$	10.38
Net Asset Value and Offering Price Per Share — Class C ($296,945 ÷ 28,538 outstanding shares of beneficial interest)	$	10.41

See Notes to Financial Statements.

51

Allegiant Balanced Allocation Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
U.S. COMMON STOCKS — 44.5%
Consumer Discretionary — 5.9%
CBS, Cl B	19,400	$	577
Coach*	22,000		951
Comcast, Cl A*	19,979		808
Dow Jones#	20,630		745
eBay*	16,140		522
Johnson Controls	7,650		622
MGM Grand*	9,767		525
Nike, Cl B	9,260		916
Nordstrom	11,400		559
Starbucks*	30,260		1,068
Starwood Hotels & Resorts Worldwide	16,530		1,061
Time Warner	54,080		1,089
Tribune	9,983		317
			9,760
Consumer Staples — 4.3%
Bunge#	11,060		780
Coca-Cola	18,740		878
Coca-Cola Enterprises	37,109		759
Colgate-Palmolive	11,160		726
Dean Foods*	13,626		583
Kraft Foods#	21,239		744
PepsiCo	13,390		830
Procter & Gamble	14,050		882
UST	6,247		350
Wal-Mart Stores	13,260		611
			7,143
Energy — 3.8%
Chevron	19,210		1,389
ConocoPhillips	7,380		497
ExxonMobil	25,040		1,923
Halliburton	22,884		772
TransOcean*	9,170		715
Weatherford International*	21,750		977
			6,273
Financials — 9.3%
American International Group	33,036		2,323
AON	20,372		727
Bank of America	29,440		1,585
Chubb	6,510		337
Citigroup	50,060		2,483
Everest Re Group	2,840		280
Fannie Mae	15,067		859
Goldman Sachs	5,560		1,083
JPMorgan Chase	28,910		1,338
Marsh & McLennan	19,638		617
Morgan Stanley	16,254		1,238
Prudential Financial#	13,110		1,068
St. Paul Travelers	7,953		412
U.S. Bancorp#	18,650		627
Wells Fargo	12,590		444
			15,421
Health Care — 4.8%
Abbott Laboratories	18,810		878
Amgen*	14,260		1,012
Bristol-Myers Squibb	10,340		257
Cardinal Health	11,685		755
Genzyme*	10,860		699
Hologic*#	14,200		710
Johnson & Johnson	18,840		1,242
Medtronic#	13,220		689
Pfizer	42,690		1,174
Schering-Plough	11,580		255
St Jude Medical*	9,760		364
			8,035
Industrials — 3.7%
Danaher	11,650		852
FedEx	5,270		608
General Electric	59,929		2,114
Norfolk Southern	13,780		679
Tyco International	11,290		342
Union Pacific	2,050		185
United Parcel Service, Cl B	2,680		209
United Technologies	17,000		1,097
			6,086
Information Technology — 8.3%
Amdocs*	23,870		920
Apple Computer*	10,430		956
Applied Materials	11,840		213
Cisco Systems*	54,590		1,467
Corning*	28,340		611
First Data	33,290		841
Google, Cl A*	2,125		1,031
Hewlett-Packard	6,780		268
Intel	13,740		293
Marvell Technology Group*	29,500		609
Microchip Technology	23,150		790
Microsoft	73,690		2,161
Motorola	36,430		808
Sun Microsystems*	185,447		1,005
Xilinx#	21,080		565
Yahoo!*	47,440		1,280
			13,818
Materials — 1.8%
E.I. duPont de Nemours	10,610		498
Freeport-McMoRan Copper & Gold, Cl B#	3,561		224
Newmont Mining	16,700		783
Praxair	17,252		1,077
Smurfit-Stone Container*	39,830		427
			3,009
Telecommunication Services — 1.9%
American Tower, Cl A*	22,550		854
AT&T	31,170		1,057
BellSouth	8,660		386
NII Holdings*	9,250		600
Verizon Communications	5,400		189
			3,086
Utilities — 0.7%
AES*	20,300		475
DPL	11,918		333
Exelon	4,760		289

52

	Number of Shares	Value (000)
U.S. COMMON STOCKS — continued
Utilities — continued
Mirant*	5,254	$	160
			1,257
Total U.S. Common Stocks (Cost $56,984)			73,888
FOREIGN COMMON STOCKS — 7.8%
Australia — 0.2%
BHP Billiton, ADR (Materials)	3,590		149
Cochlear (Healthcare)	1,375		61
Woolworths (Consumer Staples)	3,500		61
			271
Belgium — 0.1%
Fortis (Financials)	1,300		53
KBC Groep NV (Financials)	550		62
			115
Brazil — 0.0%
Companhia Vale do Rio Doce, ADR (Materials)	30		1
Petroleo Brasileiro SA - Petrobras, ADR (Energy)	550		52
			53
Canada — 0.3%
Cameco (Energy)	1,405		53
Canadian Natural Resources (Energy)	5,491		298
First Quantum Minerals (Materials)	850		45
			396
Denmark — 0.0%
Coloplast A/S, Cl B (Healthcare)	550		48
France — 0.5%
Air Liquide (Materials)	200		45
Alcatel SA, ADR (Information Technology)#	43,964		584
L’Oreal SA (Consumer Staples)	650		66
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary)	600		62
Neopost (Information Technology)	450		58
Schneider Electric SA (Industrials)	620		67
			882
Germany — 0.6%
Adidas-Salomon (Consumer Discretionary)	990		48
Bijou Brigitte AG (Consumer Discretionary)	308		63
Fielmann AG (Consumer Discretionary)	1,170		64
Rational (Consumer Discretionary)	370		62
SAP, ADR (Information Technology)	15,260		797
			1,034
Greece — 0.2%
IRF European Finance Investments (Financials)*	32,267		172
National Bank of Greece SA (Financials)	1,850		85
			257
Hong Kong — 0.4%
China Mobile, ADR (Telecommunication Services)	1,050		44
Espirit Holdings (Consumer Discretionary)	8,700		90
Focus Media Holding, ADR (Consumer Discretionary)*	860		61
FUJI Food and Catering Services Holdings (Consumer Discretionary)	30,780		71
Guangzhou R&F Properties, Cl H (Financials)	27,820		57
Hengan International Group (Consumer Staples)	26,500		63
Li & Fung (Consumer Discretionary)	30,320		88
Li Ning (Consumer Discretionary)	50,000		67
Wing Hang Bank (Financials)	7,000		74
Zijin Mining Group, Cl H (Materials)	175,100		120
			735
India — 0.1%
Bharti Tele-Ventures (Telecommunications)*	7,085		100
Infosys Technologies, ADR (InformationTechnology)	1,500		80
			180
Ireland — 0.1%
FBD Holdings PLC (Financials)	1,190		64
Kingspan Group PLC (Industrials)	3,490		78
			142
Israel — 0.1%
Nice Systems, ADR (Information Technology)*	2,305		74
Italy — 0.1%
Azimut Holding (Financials)	6,300		81
Banca Italease (Financials)	1,750		98
Fiat SpA (Consumer Discretionary)	2,000		37
			216
Japan — 1.0%
Daiwa Securities Group (Financials)	3,900		45
Denso (Consumer Discretionary)	1,800		68
Eisai (Healthcare)	1,050		56
Honeys (Consumer Discretionary)	768		32
Hoya (Information Technology)	1,380		54
MISUMI Group (Industrials)	2,400		42
Mitsubishi UFJ Financial Group, ADR (Financials)	16,550		211
Nintendo (Information Technology)	210		50
ORIX (Financials)	290		80
Secom (Industrials)	1,150		60
Shiseido (Consumer Staples)#	2,150		43
Sony, ADR (Consumer Discretionary)	12,350		487
Sumitomo Realty & Development (Financials)	3,900		124
Takeda Pharmaceutical (Healthcare)	1,275		83
Takeuchi Manufacturing (Industrials)	780		33
Tokuyama (Materials)	5,250		70
Tokyu Land (Financials)	7,850		76
Toyota Motor, ADR (Consumer Discretionary)	345		41
Yamada Denki (Consumer Discretionary)	470		45
			1,700
Malaysia — 0.0%
Resorts World BHD (Consumer Discretionary)	11,600		42
Mexico — 0.2%
America Movil SA de CV, ADR (Telecommunication Services)	3,725		166

53

Allegiant Balanced Allocation Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares		Value (000)
FOREIGN COMMON STOCKS — continued
Mexico — continued
Fomento Economico Mexicano SA de CV, ADR (Consumer Staples)*		810	$	85
				251
Netherlands — 0.1%
Crucell NV (Healthcare)*#		1,800		43
Fugro NV (Energy)		1,200		56
TomTom (Information Technology)*#		985		47
				146
Norway — 0.1%
Orkla (Industrials)		1,150		64
Statoil ASA, ADR (Energy)		2,075		58
Telenor ASA (Telecommunication Services)		3,500		60
				182
Singapore — 0.3%
Hartford Education (Consumer Discretionary)		5,870		2
Keppel (Industrials)		8,635		98
Raffles Education (Consumer Discretionary)		125,890		138
Singapore Exchange (Financials)		40,250		140
STATS ChipPAC, ADR (Information Technology)*#		11,179		94
Wilmar International (Healthcare)*		51,000		58
				530
South Africa — 0.0%
Sasol, ADR (Energy)		1,720		61
Spain — 0.1%
Inditex SA (Consumer Discretionary)		1,600		81
Red Electrica de Espana (Utilities)		2,335		102
				183
Sweden — 0.1%
Modern Times Group AB, Cl B (Consumer Discretionary)		1,480		90
Telefonaktiebolaget LM Ericsson, ADR(Information Technology)		2,790		109
				199
Switzerland — 1.2%
ABB, ADR (Industrials)		7,400		120
Actelion (Healthcare)*		350		62
Nestle (Consumer Staples)		479		169
Nobel Biocare Holding (Healthcare)		208		57
Novartis AG, ADR (Healthcare)		20,113		1,175
Roche Holdings (Healthcare)		1,565		283
SGS SA (Industrials)		41		44
				1,910
United Kingdom — 2.0%
Amvescap PLC, ADR (Financials)		31,668		685
AstraZeneca PLC, ADR (Healthcare)		2,090		121
BAE Systems, ADR (Industrials)		2,400		73
BG Group (Energy)		7,425		100
BP PLC, ADR (Energy)		2,110		144
Carnival (Consumer Discretionary)#		2,310		113
Diageo PLC, ADR (Consumer Staples)		1,000		77
GlaxoSmithKline PLC, ADR (Healthcare)		13,360		710
ICAP PLC (Financials)		4,550		41
Imperial Tobacco Group PLC (Consumer Staples)		1,765		65
Man Group PLC (Financials)		11,520		107
Metro International SA, Cl A (ConsumerDiscretionary)*		295		—  (A)
Metro International SA, Cl B (ConsumerDiscretionary)*		590		1
Michael Page International PLC (Industrials)		9,640		77
Pennon Group PLC (Utilities)		4,983		53
Reckitt Benckiser PLC (Consumer Staples)		2,105		94
Rio Tinto PLC, ADR (Materials)		320		69
Scottish & Southern Energy (Utilities)		3,200		91
Standard Chartered PLC (Financials)		1,520		44
Tesco PLC (Consumer Staples)		9,790		75
Vedanta Resources PLC (Materials)		2,500		62
Vodafone Group PLC, ADR (Telecommunication Services)		21,986		580
				3,382
Total Foreign Common Stocks (Cost $10,214)				12,989
EXCHANGE TRADED FUNDS — 12.7%
iShares FTSE/Xinhua China 25 Index Fund#		19,390		1,846
iShares MSCI Brazil Index Fund#		19,890		883
iShares MSCI EAFE Value Index Fund#		118,200		8,346
iShares MSCI Emerging Markets Index Fund#		15,080		1,656
iShares MSCI South Korea Index Fund#		16,200		803
S&P Depository Receipt, Trust Series 1#		53,400		7,503
Total Exchange Traded Funds (Cost $17,967)				21,037
	Par (000)
U.S. TREASURY OBLIGATIONS — 12.1%
U.S. Treasury Bonds — 2.3%
6.250%, 08/15/23	$	3,205		3,790
5.375%, 02/15/31		25		28
				3,818
U.S. Treasury Notes — 9.8%
4.875%, 05/31/08#		1,885		1,890
4.875%, 07/31/11#		9,030		9,193
4.875%, 08/15/16#		1,800		1,857
4.750%, 05/15/14#		940		958
3.625%, 06/30/07		735		730
3.250%, 08/15/08#		1,695		1,658
				16,286
Total U.S. Treasury Obligations
(Cost $19,772)				20,104
U.S. GOVERNMENT AGENCY MORTGAGE-
BACKED OBLIGATIONS — 8.5%
Federal National Mortgage Association — 8.1%
Federal National Mortgage Association
7.000%, 06/01/31		16		16
7.000%, 01/01/33		68		70
7.000%, 10/01/33		17		17
6.500%, 12/01/36 (TBA)		1,400		1,429
6.000%, 09/01/32		52		53
6.000%, 09/01/36		1,663		1,682

54

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY MORTGAGE-
BACKED OBLIGATIONS — continued
Federal National Mortgage Association — continued
6.000%, 12/01/36 (TBA)	$	1,330	$	1,344
5.500%, 02/01/32		224		224
5.500%, 07/01/33		23		23
5.500%, 12/01/33		347		347
5.500%, 05/01/35		226		225
5.500%, 12/01/35		71		71
5.500%, 12/01/36 (TBA)		3,170		3,159
5.467%, 01/01/36 (B)		1,033		1,039
5.000%, 06/01/20		692		686
5.000%, 07/01/20		208		206
5.000%, 09/01/33		54		53
5.000%, 10/01/33		112		110
5.000%, 11/01/33		595		583
5.000%, 08/01/35		53		52
5.000%, 10/01/35		570		557
5.000%, 11/01/35		545		533
5.000%, 12/01/35		475		464
4.500%, 09/01/35		611		582
				13,525
Government National Mortgage Association — 0.4%
Government National Mortgage Association
7.500%, 11/15/29		1		1
6.500%, 09/15/28		21		21
6.500%, 07/15/32		42		43
6.500%, 10/15/33		24		25
6.000%, 08/15/32		25		26
6.000%, 02/15/33		114		116
6.000%, 11/15/33		43		44
6.000%, 06/15/35		262		266
				542
Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $14,035)				14,067
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.5%
Federal Farm Credit Bank — 1.2%
Federal Farm Credit Bank (FRN)
5.218%, 03/01/07		2,000		2,000
Federal Home Loan Mortgage Corporation — 0.3%
Federal Home Loan Mortgage Corporation (DN)
5.155%, 12/12/06 (C)		400		400
Total U.S. Government Agency Obligations
(Cost $2,400)				2,400
CORPORATE BONDS — 3.5%
Banks — 0.1%
Lloyds TSB Group PLC
6.267%, 11/14/16 (B) (D)		125		127
Cable — 0.1%
Comcast
5.875%, 02/15/18		50		51
Comcast Cable
8.375%, 03/15/13		100		115
				166
Consumer Non-Cyclical — 0.1%
Walt Disney
5.625%, 09/15/16		140		144
Energy — 0.2%
ConocoPhillips Canada Funding
5.625%, 10/15/16		115		118
Energy Transfer Partners
6.125%, 02/15/17		115		119
Southwestern Public Service
6.000%, 10/01/36		120		123
				360
Financials — 2.0%
Bank of America
7.800%, 09/15/16		200		238
Capital One Financial (MTN)
5.700%, 09/15/11		115		118
Citigroup
7.250%, 10/01/10		560		603
General Electric Capital, Cl A
5.450%, 01/15/13		200		205
Goldman Sachs
6.450%, 05/01/36		140		151
HSBC Finance
6.750%, 05/15/11		320		342
6.375%, 10/15/11		120		127
HSBC Holdings
6.500%, 05/02/36		100		111
International Lease Finance
5.000%, 04/15/10		125		125
JPMorgan Chase
5.125%, 09/15/14		250		249
KeyBank
5.800%, 07/01/14		100		103
Lehman Brothers Holdings (MTN)
5.750%, 05/17/13		100		103
MUFG Capital Finance 1
6.346%, 07/25/16 (B)		100		103
Residential Capital
6.375%, 06/30/10		130		133
6.500%, 04/17/13		25		26
UBS Preferred Funding Trust V
6.243%, 05/15/16 (B)		75		79
USB Capital IX
6.189%, 04/15/11(B)		85		87
Wachovia Capital Trust III
5.800%, 08/29/49 (B)		125		127
Wells Fargo
4.950%, 10/16/13		225		222
Xstrata Finance Canada
5.800%, 11/15/16 (D)		40		40
				3,292
Healthcare — 0.1%
WellPoint
5.000%, 12/15/14		150		147
Insurance — 0.3%
American General Finance (MTN)
3.875%, 10/01/09		275		266
Assurant
6.750%, 02/15/34		120		134

55

Allegiant Balanced Allocation Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
CORPORATE BONDS — continued
Insurance — continued
Protective Life Secured Trust
4.850%, 08/16/10	$	150	$	150
				550
Real Estate — 0.1%
WEA Finance LLC
5.700%, 10/01/16 (D)		150		153
Real Estate Investment Trusts — 0.1%
iStar Financial
5.950%, 10/15/13 (D)		165		168
Telecommunications — 0.2%
GTE
6.940%, 04/15/28		225		241
Telecom Italia Capital SA
5.250%, 11/15/13		155		150
				391
Transportation — 0.0%
Canadian National Railway
6.200%, 06/01/36		75		82
Utilities — 0.2%
Midamerican Energy Holdings
6.125%, 04/01/36		150		158
Tampa Electric
6.550%, 05/15/36		115		126
				284
Total Corporate Bonds (Cost $5,804)				5,864
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.1%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Cl A4A
4.871%, 09/11/42		600		591
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Cl A4
5.400%, 07/15/44 (B)		875		886
CS First Boston Mortgage Securities, Series 2005-C6, Cl A4
5.230%, 12/15/40 (B)		730		736
Fannie Mae, Series 2003-84, Cl PG
5.000%, 03/25/32		1,284		1,254
Freddie Mac, Series 2772, Cl GH
5.000%, 07/15/32		1,000		976
Freddie Mac, Series 2773, Cl CD
4.500%, 04/15/24		700		658
Total Collateralized Mortgage Obligations (Cost $5,015)				5,101
ASSET BACKED SECURITIES — 3.0%
Automotive — 0.3%
Honda Auto Receivables Owner Trust, Series 2005-4, Cl A3
4.460%, 05/21/09		500		497
Credit Cards — 2.0%
Bank One Issuance Trust, Series 2004-A4, Cl A4
5.360%, 02/16/10 (B)		800		801
Chase Credit Card Master Trust, Series 2004-1, Cl A
5.350%, 05/15/09 (B)		870		870
Citibank Credit Card Issuance Trust, Series 2006-A5, Cl A5
5.300%, 05/20/11		870		879
MBNA Credit Card Master Note Trust, Series 2002-A4, Cl A4
5.430%, 08/17/09 (B)		800		801
				3,351
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		639
Total Asset Backed Securities (Cost $4,977)				5,045
COMMERCIAL PAPER — 0.6%
Kitty Hawk Funding
5.250%, 12/12/06		400		399
Liberty Street Funding
5.260%, 12/11/06		400		399
Variable Funding Capital
5.250%, 12/11/06		250		250
Total Commercial Paper (Cost $1,048)				1,048
	Number of Shares
AFFILIATED MONEY MARKET FUND — 5.9%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $9,775)		9,774,559		9,775
Total Investments Before Collateral for Loaned Securities – 103.2% (Cost $147,991)				171,318
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 17.5%
Master Notes — 5.9%
Bank of America
5.383%, 12/01/06	$	2,500		2,500
Bear Stearns
5.463%, 12/06/06		3,750		3,750
JPMorgan
5.393%, 12/15/06		3,500		3,500
				9,750

56

Allegiant Balanced Allocation Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)	Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR
LOANED SECURITIES — continued
Repurchase Agreements — 11.5%
Bear Stearns
5.363%, 12/01/06	9,000	$	9,000
5.413%, 12/01/06	3,500		3,500
Lehman Brothers
5.363%, 12/01/06	6,625		6,625
			19,125
Non-Registered Investment Company — 0.1%
BlackRock Institutional Money
Market Trust (E)	124		124
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $28,999)‡			28,999
TOTAL INVESTMENTS — 120.7% (Cost $176,990)**			200,317
Other Assets & Liabilities – (20.7)%			(34,301	)
TOTAL NET ASSETS — 100.0%		$	166,016

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $177,808.

Gross unrealized appreciation (000)	$	23,157
Gross unrealized depreciation (000)		(648	)
Net unrealized appreciation (000)	$	22,509

† 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) $28,278.

(A) Value is less than $500.

(B) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

(C) Zero Coupon Bond — the rate shown is the effective yield at purchase date.

(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) $488 and represents 0.3% of net assets as of November 30, 2006.

(E) Represents security purchased with cash collateral for securities on loan.

ADR — American Depository Receipt

Cl — Class

DN — Discount Note

FRN — Floating Rate Note

LLC — Limited Liability Company

MTN — Medium Term Note

PLC — Public Liability Company

TBA — To Be Announced

Assets in an amount at least equal to the market value of when-issued and delayed delivery securities have been segregated by the Fund.

Futures Contracts:

Description	Number of Contracts	Notional Cost Amount (000)	Expiration Date	Unrealized Depreciation (000)
TOPIX Index	1	$139	12/08/06	$(3)

Cash in the amount of $4,583 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 open futures contracts have been segregated by the Fund.

See Notes to Financial Statements.

STATEMENT OF

ASSETS AND LIABILITIES

November 30, 2006 (Unaudited)

	Value (000)
ASSETS
Investments in non-affiliates at value, (Cost $138,216)	$	161,543
Investments in affiliates at value, (Cost $9,775)		9,775
Short term investments held as collateral for loaned securities, (Cost $28,999)		28,999
Receivable for investments sold		369
Receivable for shares of beneficial interest sold		254
Futures variation margin receivable		7
Dividends and interest receivable		619
Prepaid expenses		3
Total Assets		201,569
LIABILITIES
Payable for collateral for loaned securities		28,999
Payable for shares of beneficial interest redeemed		75
Payable for investment securities purchased		6,293
Investment advisory fees payable		100
12b-1 fees payable
Class I		17
Class A		3
Class B		2
Administration fees payable		8
Custody fees payable		20
Trustees’ fees payable		9
Other liabilities		27
Total Liabilities		35,553
TOTAL NET ASSETS	$	166,016
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	140,115
Undistributed Net Investment Income		397
Undistributed Net Realized Gain on Investments		2,180
Net Unrealized Appreciation on Investments and Futures		23,324
Total Net Assets	$	166,016
Net Asset Value, Offering and Redemption Price Per Share — Class I ($141,960,881 ÷ 12,369,515 outstanding shares of beneficial interest)	$	11.48
Net Asset Value and Redemption Price Per Share — Class A ($15,782,513 ÷ 1,373,291 outstanding shares of beneficial interest)	$	11.49
Maximum Offering Price Per Share — Class A ($11.49 ÷ 95.25%)	$	12.06
Net Asset Value and Offering Price Per Share — Class B ($6,182,306 ÷ 537,848 outstanding shares of beneficial interest)	$	11.49
Net Asset Value and Offering Price Per Share — Class C ($2,089,830 ÷ 182,707 outstanding shares of beneficial interest)	$	11.44

See Notes to Financial Statements.

57

Allegiant Conservative Allocation Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Number of Shares	Value (000)
AFFILIATED EQUITY FUNDS — 40.8%
Allegiant International Equity Fund, Class I	26,800	$	420
Allegiant Large Cap Growth Fund, Class I	67,401		1,450
Allegiant Large Cap Value Fund, Class I	70,166		1,467
Total Affiliated Equity Funds (Cost $2,799)			3,337
AFFILIATED FIXED INCOME FUND — 45.3%
Allegiant Intermediate Bond Fund, Class I (Cost $3,770)	349,939		3,706
AFFILIATED MONEY MARKET FUND — 10.4%
Allegiant Money Market Fund, Class I (Cost $857)	857,298		857
TOTAL INVESTMENTS† — 96.5% (Cost $7,426)*			7,900
Other Assets & Liabilities – 3.5%			283
TOTAL NET ASSETS — 100.0%		$	8,183

* Aggregate cost for Federal income tax purposes is (000) $7,426.

Gross unrealized appreciation (000)	$	538
Gross unrealized depreciation (000)		(64	)
Net unrealized appreciation (000)	$	474

† See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

STATEMENT OF

ASSETS AND LIABILITIES

November 30, 2006 (Unaudited)

	Value (000)
ASSETS
Investments in affiliates at value, (Cost $7,426)	$	7,900
Receivable for investments sold		301
Dividends and interest receivable		18
Total Assets		8,219
LIABILITIES
Payable for shares of beneficial interest redeemed		31
12b-1 fees payable
Class I		1
Custody fees payable		1
Trustees’ fees payable		1
Other liabilities		2
Total Liabilities		36
TOTAL NET ASSETS	$	8,183
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	7,593
Undistributed Net Investment Income		23
Undistributed Net Realized Gain on Investments		93
Net Unrealized Appreciation on Investments		474
Total Net Assets	$	8,183
Net Asset Value, Offering and Redemption Price Per Share — Class I ($7,114,580 ÷ 683,470 outstanding shares of beneficial interest)	$	10.41
Net Asset Value and Redemption Price Per Share — Class A ($267,781 ÷ 25,756 outstanding shares of beneficial interest)	$	10.40
Maximum Offering Price Per Share- Class A ($10.40 ÷ 95.25%)	$	10.92
Net Asset Value and Offering Price Per Share — Class B ($538,272 ÷ 52,042 outstanding shares of beneficial interest)	$	10.34
Net Asset Value and Offering Price Per Share — Class C ($262,720 ÷ 25,370 outstanding shares of beneficial interest)	$	10.36

See Notes to Financial Statements.

58

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Allegiant Equity Funds

STATEMENTS OF OPERATIONS (000)

Six Months Ended November 30, 2006 (Unaudited)

	International Equity Fund			Large Cap Core Equity Fund			Large Cap Growth Fund
Investment Income:
Dividends	$	2,040		$	1,622		$	2,552
Interest		—			—			1
Income from affiliated funds(1)		178			34			47
Security lending income		49			30			80
Less: foreign taxes withheld		(120	)		—			—
Total Investment Income		2,147			1,686			2,680
Expenses:
Investment advisory fees		1,667			896			2,094
Administration fees		96			72			168
12b-1 fees:
Class I		59			50			94
Class A		3			1			25
Class B		5			11			27
Class C		3			2			3
Shareholder services fees:
Class A		18			7			146
Class B		2			4			9
Class C		1			1			1
Transfer agent fees		34			25			71
Custodian fees		68			7			13
Professional fees		14			13			30
Pricing service fees		12			1			1
Printing and shareholder reports		9			7			19
Registration and filing fees		12			14			15
Trustees’ fees		7			6			14
Miscellaneous		8			7			17
Total Expenses		2,018			1,124			2,747
Less:
Waiver of investment advisory fees(1)		(217	)		—			—
Net Expenses		1,801			1,124			2,747
Net Investment Income (Loss)		346			562			(67	)
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold		2,972			3,519			18,433
Net realized gain (loss) on futures		(155	)		(15	)		(44	)
Net realized loss on foreign currency transactions		(44	)		—			—
Net change in unrealized appreciation (depreciation) on investments		26,246			15,675			27,734
Net change in unrealized appreciation (depreciation) on futures		19			95			150
Net change in unrealized appreciation (depreciation) on foreign currency translation		(12	)		—			—
Net Gain on Investments		29,026			19,274			46,273
Net Increase in Net Assets Resulting from Operations	$	29,372		$	19,836		$	46,206

⁽¹⁾ See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

60

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
$	7,757		$	890		$	432		$	72		$	37		$	12		$	4,116
	—			—			—			—			—			—			10
	358			174			18			18			2			2			371
	83			19			4			5			3			1			617
	(45	)		—			—			—			—			—			(2	)
	8,153			1,083			454			95			42			15			5,112
	2,491			691			167			59			31			27			3,770
	199			41			10			4			2			2			230
	129			23			2			1			1			1			119
	12			5			2			—			—			—			41
	33			17			4			—			—			—			58
	3			8			1			—			—			—			67
	71			33			20			—			—			—			236
	11			6			1			—			—			—			19
	1			3			—			—			—			—			22
	76			16			14			1			(1	)		—			105
	14			5			4			4			2			4			18
	33			7			4			2			2			2			44
	1			1			2			2			1			2			2
	22			3			1			—			—			—			30
	15			14			9			4			5			4			21
	15			2			1			—			—			—			23
	18			3			2			—			—			—			25
	3,144			878			244			77			43			42			4,830
	—			(174	)		(92	)		(21	)		(7	)		(17	)		—
	3,144			704			152			56			36			25			4,830
	5,009			379			302			39			6			(10	)		282
	42,194			6,853			1,537			(369	)		51			(174	)		36,617
	—			(19	)		(23	)		181			—			—			106
	—			—			—			—			—			—			—
	26,244			9,480			41			1,406			203			303			(19,459	)
	—			—			20			—			—			—			1,009
	—			—			—			—			—			—			—
	68,438			16,314			1,575			1,218			254			129			18,273
$	73,447		$	16,693		$	1,877		$	1,257		$	260		$	119		$	18,555

61

Allegiant Equity Funds

STATEMENTS OF OPERATIONS (000)

Six Months Ended November 30, 2006 (Unaudited)

	S&P 500® Index Fund			Small Cap Core Fund			Small Cap Growth Fund
Investment Income:
Dividends	$	1,850		$	844		$	87
Interest		43			4			—
Income from affiliated funds(1)		141			223			6
Security lending income		16			177			8
Less: foreign taxes withheld		—			(9	)		—
Total Investment Income		2,050			1,239			101
Expenses:
Investment advisory fees		348			1,122			185
Administration fees		60			67			11
12b-1 fees:
Class I		4			48			3
Class A		1			1			2
Class B		16			2			5
Class C		6			3			1
Shareholder services fees:
Class A		33			4			20
Class B		5			1			2
Class C		2			1			–
Transfer agent fees		20			21			26
Custodian fees		11			7			5
Professional fees		12			13			7
Pricing service fees		8			1			2
Printing and shareholder reports		6			7			(7	)
Registration and filing fees		11			19			13
Trustees’ fees		4			5			1
Miscellaneous		7			5			3
Total Expenses		554			1,327			279
Less:
Waiver of investment advisory fees(1)		(149	)		(2	)		(83	)
Net Expenses		405			1,325			196
Net Investment Income (Loss)		1,645			(86	)		(95	)
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments sold		5,331			2,191			747
Net realized gain (loss) on futures		(159	)		128			(43	)
Net change in unrealized appreciation (depreciation) on investments		13,419			3,717			57
Net change in unrealized appreciation (depreciation) on futures		583			398			25
Net Gain on Investments		19,174			6,434			786
Net Increase in Net Assets Resulting from Operations	$	20,819		$	6,348		$	691

⁽¹⁾ See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

62

Allegiant Asset Allocation Funds

STATEMENTS OF OPERATIONS (000)

Six Months Ended November 30, 2006 (Unaudited)

	Aggressive Allocation Fund			Balanced Allocation Fund			Conservative Allocation Fund
Investment Income:
Dividends	$	—		$	734		$	—
Interest		—			1,158			—
Income from affiliated funds(1)		74			182			130
Security lending income		—			53			—
Less: foreign taxes withheld		—			(7	)		—
Total Investment Income		74			2,120			130
Expenses:
Investment advisory fees		13			573			12
Administration fees		3			46			3
12b-1 fees:
Class I		—			20			—
Class A		—			2			—
Class B		4			21			3
Class C		3			5			2
Shareholder services fees:
Class A		2			18			1
Class B		2			7			1
Class C		1			2			1
Transfer agent fees		3			21			2
Custodian fees		2			16			2
Professional fees		1			8			1
Pricing service fees		—			17			—
Printing and shareholder reports		1			5			1
Registration and filing fees		7			11			5
Trustees’ fees		—			4			—
Miscellaneous		3			3			1
Total Expenses		45			779			35
Less:
Waiver of investment advisory fees(1)		(13	)		—			(12	)
Net Expenses		32			779			23
Net Investment Income		42			1,341			107
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments sold		327			3,208			115
Net realized gain on futures		—			3			—
Net realized loss on foreign currency transactions		—			(1	)		—
Net change in unrealized appreciation (depreciation) on investments(2)		489			8,925			353
Net change in unrealized appreciation (depreciation) on futures		—			1			—
Net Gain on Investments		816			12,136			468
Net Increase in Net Assets Resulting from Operations	$	858		$	13,477		$	575

⁽¹⁾ See Note 3 in Notes to Financial Statements.

⁽²⁾ Represents investments in affiliated funds for Aggressive Allocation and Conservative Allocation Funds.

See Notes to Financial Statements.

63

Allegiant Equity Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)

	International Equity Fund						Large Cap Core Equity Fund
	For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
Investment Activities:
Net investment income (loss)	$	346		$	2,631		$	562		$	960
Net realized gain on investments sold, futures and foreign currency transactions		2,773			22,801			3,504			13,026
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation		26,253			36,220			15,770			8,593
Net increase in net assets resulting from operations		29,372			61,652			19,836			22,579
Dividends and Distributions to Shareholders
Dividends from net investment income:
Class I		—			(4,603	)		(487	)		(859	)
Class A		—			(241	)		(5	)		(9	)
Class B		—			(12	)		—			—
Class C		—			(9	)		—			—
Class R(1)		—			(1	)		—			—
Distributions from net realized capital gains
Class I		—			—			—			(4,649	)
Class A		—			—			—			(138	)
Class B		—			—			—			(72	)
Class C		—			—			—			(11	)
Class R(1)		—			—			—			(11	)
Total dividends and distributions		—			(4,866	)		(492	)		(5,749	)
Share Transactions:
Proceeds from shares issued:
Class I		24,904			55,008			6,080			12,819
Class A		2,011			2,933			236			1,270
Class B		107			224			9			171
Class C		30			126			33			71
Class R(1)		—			36			—			55
Reinvestment of dividends and distributions:
Class I		—			751			412			4,732
Class A		—			224			5			142
Class B		—			12			—			71
Class C		—			7			—			11
Class R(1)		—			1			—			11
Total proceeds from shares issued and reinvested		27,052			59,322			6,775			19,353
Value of shares redeemed:
Class I(2)		(16,332	)		(53,598	)		(7,118	)		(17,814	)
Class A		(1,398	)		(3,418	)		(676	)		(3,980	)
Class B		(181	)		(663	)		(278	)		(866	)
Class C		(303	)		(685	)		(52	)		(453	)
Class R(1)		—			(436	)		—			(866	)
Total value of shares redeemed		(18,214	)		(58,800	)		(8,124	)		(23,979	)
Increase (decrease) in net assets from share transactions		8,838			522			(1,349	)		(4,626	)
Redemption Fees(3)		3			3			—			—
Total increase (decrease) in net assets		38,213			57,311			17,995			12,204
Net Assets:
Beginning of period		280,772			223,461			236,595			224,391
End of period*	$	318,985		$	280,772		$	254,590		$	236,595
*Including undistributed (distributions in excess of ) net investment income	$	592		$	246		$	301		$	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.

64

Large Cap Growth Fund						Large Cap Value Fund						Mid Cap Value Fund						Multi-Factor Mid Cap Growth Fund
For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
$	(67	)	$	(471	)	$	5,009		$	8,079		$	379		$	418		$	302		$	(80	)
	18,389			57,489			42,194			68,098			6,834			7,912			1,514			2,607
	27,884			(7,959	)		26,244			21,738			9,480			5,862			61			819
	46,206			49,059			73,447			97,915			16,693			14,192			1,877			3,346
	—			(4,467	)		(4,201	)		(6,924	)		—			(491	)		—			—
	—			(778	)		(334	)		(501	)		—			(46	)		—			—
	—			—			(21	)		(26	)		—			—			—			—
	—			—			(2	)		(2	)		—			—			—			—
	—			—			—			(2	)		—			(1	)		—			—
	—			(15,123	)		—			(40,050	)		—			(5,586	)		—			—
	—			(4,017	)		—			(3,604	)		—			(715	)		—			—
	—			(301	)		—			(636	)		—			(408	)		—			—
	—			(27	)		—			(43	)		—			(89	)		—			—
	—			(8	)		—			(28	)		—			(37	)		—			—
	—			(24,721	)		(4,558	)		(51,816	)		—			(7,373	)		—			—
	16,538			55,119			43,712			77,256			29,073			51,079			3,116			8,656
	3,796			7,497			4,312			11,112			44,657			5,092			380			1,048
	1			272			129			569			70			412			2			69
	95			392			114			284			1,351			756			7			58
	—			50			—			42			—			61			—			—
	—			13,901			1,445			23,768			—			2,144			—			—
	1			4,663			302			3,697			—			724			—			—
	—			298			19			654			—			406			—			—
	—			27			2			45			—			89			—			—
	—			9			—			30			—			45			—			—
	20,431			82,228			50,035			117,457			75,151			60,808			3,505			9,831
	(77,747	)		(117,048	)		(68,086	)		(109,428	)		(13,771	)		(10,752	)		(2,606	)		(7,528	)
	(12,019	)		(27,429	)		(5,160	)		(12,327	)		(2,657	)		(1,768	)		(1,571	)		(4,055	)
	(1,628	)		(1,774	)		(684	)		(2,939	)		(231	)		(656	)		(240	)		(1,050	)
	(64	)		(897	)		(18	)		(583	)		(48	)		(177	)		(18	)		(256	)
	—			(609	)		—			(730	)		—			(695	)		—			—
	(91,458	)		(147,757	)		(73,948	)		(126,007	)		(16,707	)		(14,048	)		(4,435	)		(12,889	)
	(71,027	)		(65,529	)		(23,913	)		(8,550	)		58,444			46,760			(930	)		(3,058	)
	—			—			—			—			—			—			—			—
	(24,821	)		(41,191	)		44,976			37,549			75,137			53,579			947			288
	581,566			622,757			645,981			608,432			111,053			57,474			33,690			33,402
$	556,745		$	581,566		$	690,957		$	645,981		$	186,190		$	111,053		$	34,637		$	33,690
$	(67	)	$	—		$	2,254		$	1,803		$	493		$	114		$	302		$	—

65

Allegiant Equity Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)

	Multi-Factor Small Cap Core Fund						Multi-Factor Small Cap Focused Value Fund
	For the Six Months Ended November 30, 2006 (Unaudited)			For the Period September 30,** 2005 — May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Period September 30,** 2005 — May 31, 2006
Investment Activities:
Net investment income (loss)	$	39		$	17		$	6		$	7
Net realized gain (loss) on investments sold and futures		(188	)		79			51			317
Net change in unrealized appreciation (depreciation) on investments and futures		1,406			523			203			307
Net increase in net assets resulting from operations		1,257			619			260			631
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		—			—			—			—
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R(1)		—			—			—			—
Distributions from net realized capital gains:
Class I		—			—			—			—
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Total dividends and distributions		—			—			—			—
Share Transactions:
Proceeds from shares issued:
Class I		7,589			5,984			1			5,468
Class A		312			113			90			75
Class B		—			—			—			—
Class C		—			—			—			—
Class R(1)		—			—			—			—
Reinvestment of dividends and distributions:
Class I		—			—			—			—
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R(1)		—			—			—			—
Total proceeds from shares issued and reinvested		7,901			6,097			91			5,543
Value of shares redeemed:
Class I		(75	)		(2	)		—			(3	)
Class A		(31	)		—			(2	)		—
Class B		—			—			—			—
Class C		—			—			—			—
Class R(1)		—			—			—			—
Total value of shares redeemed		(106	)		(2	)		(2	)		(3	)
Increase (decrease) in net assets from share transactions		7,795			6,095			89			5,540
Redemption Fees(2)		—			—			—			—
Total increase (decrease) in net assets		9,052			6,714			349			6,171
Net Assets:
Beginning of period		6,714			—			6,171			—
End of period*	$	15,766		$	6,714		$	6,520		$	6,171
*Including undistributed (distributions in excess of ) net investment income	$	61		$	22		$	18		$	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.

66

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
For the Six Months Ended May 31, 2006 (Unaudited)			For the Period September 30,** 2005 — May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
$	(10	)	$	(16	)	$	282		$	(859	)	$	1,645		$	5,278		$	(86	)	$	(924	)	$	(95	)	$	(330	)
	(174	)		3			36,723			98,261			5,172			41,907			2,319			14,347			704			3,919
	303			308			(18,450	)		36,150			14,002			(14,911	)		4,115			8,779			82			1,286
	119			295			18,555			133,552			20,819			32,274			6,348			22,202			691			4,875
	—			—			—			(1,132	)		(1,365	)		(5,072	)		—			—			—			—
	—			—			—			—			(187	)		(393	)		—			—			—			—
	—			—			—			—			(14	)		(36	)		—			—			—			—
	—			—			—			—			(5	)		(15	)		—			—			—			—
	—			—			—			—			—			(13	)		—			—			—			—
	—			—			—			(79,372	)		—			—			—			—			—			—
	—			—			—			(26,771	)		—			—			—			—			—			—
	—			—			—			(2,241	)		—			—			—			—			—			—
	—			—			—			(2,952	)		—			—			—			—			—			—
	—			—			—			(112,468	)		(1,571	)		(5,529	)		—			—			—			—
	71			5,223			33,320			87,339			16,819			56,980			18,052			101,167			907			4,634
	8			21			11,785			40,108			3,604			9,058			319			1,636			142			1,390
	—			—			13			798			5			802			12			174			—			77
	—			—			273			2,542			112			555			69			558			1			45
	—			—			—			—			—			789			—			—			—			66
	—			—			—			58,696			978			4,281			—			—			—			—
	—			—			1			26,229			180			371			—			—			—			—
	—			—			—			2,080			11			29			—			—			—			—
	—			—			—			2,692			5			15			—			—			—			—
	—			—			—			—			—			14			—			—			—			—
	79			5,244			45,392			220,484			21,714			72,894			18,452			103,535			1,050			6,212
	(83	)		—			(180,231	)		(299,093	)		(45,497	)		(253,888	)		(16,563	)		(54,397	)		(3,004	)		(14,437	)
	(1	)		—			(27,690	)		(105,111	)		(2,647	)		(7,791	)		(667	)		(1,014	)		(1,388	)		(4,628	)
	—			—			(1,770	)		(4,479	)		(601	)		(1,015	)		(27	)		(18	)		(199	)		(1,338	)
	—			—			(3,378	)		(13,076	)		(260	)		(1,309	)		(99	)		(371	)		(2	)		(615	)
	—			—			—			—			—			(2,050	)		—			—			—			(206	)
	(84	)		—			(213,069	)		(421,759	)		(49,005	)		(266,053	)		(17,356	)		(55,800	)		(4,593	)		(21,224	)
	(5	)		5,244			(167,677	)		(201,275	)		(27,291	)		(193,159	)		1,096			47,735			(3,543	)		(15,012	)
	—			—			75			41			—			—			2			—			—			3
	114			5,539			(149,047	)		(180,150	)		(8,043	)		(166,414	)		7,446			69,937			(2,852	)		(10,134	)
	5,539			—			865,438			1,045,588			203,136			369,550			225,060			155,123			39,727			49,861
$	5,653		$	5,539		$	716,391		$	865,438		$	195,093		$	203,136		$	232,506		$	225,060		$	36,875		$	39,727
$	(10	)	$	—		$	282		$	—		$	624		$	550		$	(86	)	$	—		$	(95	)	$	—

67

Allegiant Asset Allocation Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)

	Aggressive Allocation Fund
	For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
Investment Activities:
Net investment income	$	42		$	128
Net realized gain on investments sold, futures, foreign currency transactions, swap agreements and capital distributions received from affiliated funds		327			1,361
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation		489			(386	)
Net increase in net assets resulting from operations		858			1,103
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(34	)		(125	)
Class A		(4	)		(47	)
Class B		(1	)		(28	)
Class C		(1	)		(19	)
Distributions from net realized capital gains:
Class I		(382	)		(102	)
Class A		(89	)		(22	)
Class B		(81	)		(27	)
Class C		(58	)		(19	)
Total dividends and distributions		(650	)		(389	)
Share Transactions:
Proceeds from shares issued:
Class I		—			2,567
Class A		104			371
Class B		35			107
Class C		5			174
Reinvestment of dividends and distributions:
Class I		392			195
Class A		93			69
Class B		83			55
Class C		58			37
Total proceeds from shares issued and reinvested		770			3,575
Value of shares redeemed:
Class I		(722	)		(3,403	)
Class A		(980	)		(3,106	)
Class B		(534	)		(376	)
Class C		(718	)		(434	)
Total value of shares redeemed		(2,954	)		(7,319	)
Increase (decrease) in net assets from share transactions		(2,184	)		(3,744	)
Total increase (decrease) in net assets		(1,976	)		(3,030	)
Net Assets:
Beginning of period		10,343			13,373
End of period*	$	8,367		$	10,343
*Including undistributed (distributions in excess of ) net investment income	$	9		$	7

See Notes to Financial Statements.

68

Balanced Allocation Fund						Conservative Allocation Fund
For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
$	1,341		$	2,430		$	107		$	250
	3,210			8,305			115			643
	8,926			2,182			353			(369	)
	13,477			12,917			575			524
	(1,113	)		(2,223	)		(81	)		(201	)
	(107	)		(224	)		(5	)		(51	)
	(22	)		(44	)		(7	)		(22	)
	(5	)		(11	)		(4	)		(19	)
	—			—			(348	)		(159	)
	—			—			(25	)		(18	)
	—			—			(45	)		(21	)
	—			—			(27	)		(19	)
	(1,247	)		(2,502	)		(542	)		(510	)
	18,805			16,653			4			2,903
	1,578			3,239			16			85
	493			267			—			41
	835			256			6			60
	1,013			1,966			412			296
	103			210			52			60
	21			43			26			43
	5			11			30			35
	22,853			22,645			546			3,523
	(11,343	)		(38,530	)		(570	)		(1,310	)
	(1,346	)		(8,000	)		(330	)		(3,336	)
	(545	)		(1,399	)		(524	)		(133	)
	(99	)		(821	)		(338	)		(573	)
	(13,333	)		(48,750	)		(1,762	)		(5,352	)
	9,520			(26,105	)		(1,216	)		(1,829	)
	21,750			(15,690	)		(1,183	)		(1,815	)
	144,266			159,956			9,366			11,181
$	166,016		$	144,266		$	8,183		$	9,366
$	397		$	303		$	23		$	13

69

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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 November 30, 2006, 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.

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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.

The Aggressive Allocation and Conservative Allocation Funds invest in underlying Allegiant Funds. 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.

71

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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, Aggressive Allocation 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. Dividends from net investment income of the Conservative Allocation Fund, if any, are declared and paid monthly. 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. Details of forward foreign currency contracts open at year end are included in the respective Fund’s Statement of Net Assets.

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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 unrealized gain or loss. The Fund recognizes a realized gain or loss when the contract is closed. Details of futures contracts open on November 30, 2006 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 on November 30, 2006.

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Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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 November 30, 2006.

	Advisory Fee on Net Assets						Advisory Fee Waiver
International Equity Fund			1.15	%			0.15	%
S&P 500® Index Fund			0.35	%			0.15	%
Aggressive Allocation Fund			0.25	%			0.25	%
Balanced Allocation Fund			0.75	%			—
Conservative Allocation Fund			0.25	%			0.25	%
	First $1 Billion		Next $500 Million		In Excess of $ 1.5 Billion		Advisory 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		Advisory Fee Waiver
Multi-Factor Small Cap Core Fund	1.00	%	0.95	%	0.90	%	0.35	%*
Multi-Factor Small Cap Focused Value Fund	1.00	%	0.95	%	0.90	%	0.23	%*
Multi-Factor Small Cap Growth Fund	1.00	%	0.95	%	0.90	%	0.62	%*
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 six months ended November 30, 2006, 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.

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

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

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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.

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 October 1, 2006, the 12b-1 fee accrual rates with respect to Class I and Class A Shares of the Aggressive Allocation and Conservative Allocation Funds were reduced from 0.02% to 0.00%. The 12b-1 fee accrual rates with respect to Class I and Class A Shares of the other Equity and Asset Allocation Funds were unchanged during the six months ended November 30, 2006 and are also shown in the table below. As of November 30, 2006, the 12b-1 fee accrual rate were as shown in the table below:

	Annual Rate
	Class I		Class A
International Equity Fund	0.04	%	0.04	%
Large Cap Core Equity Fund	0.04	%	0.04	%
Large Cap Growth Fund	0.04	%	0.04	%
Large Cap Value Fund	0.04	%	0.04	%
Mid Cap Value Fund	0.04	%	0.04	%
Multi-Factor Mid Cap Growth Fund	0.03	%	0.03	%
Multi-Factor Small Cap Core Fund	0.02	%	0.02	%
Multi-Factor Small Cap Focused Value Fund	0.02	%	0.02	%
Multi-Factor Small Cap Growth Fund	0.02	%	0.02	%
Multi-Factor Small Cap Value Fund	0.04	%	0.04	%
S&P 500® Index Fund	0.005	%	0.005	%
Small Cap Core Fund	0.04	%	0.04	%
Small Cap Growth Fund	0.03	%	0.03	%
Aggressive Allocation Fund	—		—
Balanced Allocation Fund	0.03	%	0.03	%
Conservative Allocation Fund	—		—

The Trust also has adopted plans under Rule 12b-1 with respect to Class B and Class C Shares pursuant to which the Funds, excluding the Aggressive Allocation and Conservative Allocation 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. The Aggressive Allocation and Conservative Allocation Funds compensate the Distributor for distribution services in an amount up to 0.65% per annum of the average daily net assets of the Funds’ Class B and Class C Shares.

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 $4,000 for each combined Board meeting attended 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

75

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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.

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 advisor, 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 0.0254% was allocated to PFPC and approximately 0.0346% 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 November 30, 2006, approximately 0.0290% was allocated to PFPC and approximately 0.0310% was allocated to NCB.

Legal Fees

Expenses paid by the Trust for the year ended November 30, 2006, include legal fees of $210,936 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 six months ended November 30, 2006, PFPC received $286,599 from the Funds in aggregate fees and expenses for services rendered under the various agreements described above.

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. The Aggressive Allocation and Conservative Allocation Funds only invest in certain other Allegiant Funds from whom they derive their dividend income, capital gain distributions and realized capital gains (losses).

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.

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4. Investments

During the six months ended November 30, 2006, 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	$	57,239	$	44,766
Large Cap Core Equity Fund		84,304		86,126
Large Cap Growth Fund		213,057		270,355
Large Cap Value Fund		151,052		164,685
Mid Cap Value Fund		82,505		27,811
Multi-Factor Mid Cap Growth Fund		29,908		29,865
Multi-Factor Small Cap Core Fund		14,565		6,769
Multi-Factor Small Cap Focused Value Fund		2,125		2,016
Multi-Factor Small Cap Growth Fund		3,496		3,517
Multi-Factor Small Cap Value Fund		298,016		456,238
S&P 500® Index Fund		26,810		42,247
Small Cap Core Fund		54,241		51,502
Small Cap Growth Fund		24,227		27,253
Aggressive Allocation Fund		—		3,586
Balanced Allocation Fund		33,484		31,951
Conservative Allocation Fund		—		2,610

During the six months ended November 30, 2006, the cost of purchases and proceeds from sales of long-term U.S. government obligations were:

	Purchases (000)		Sales (000)
Balanced Allocation Fund	$	97,947	$	93,431

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, and dividends deemed paid upon shareholder redemption of fund shares.

77

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. At May 31, 2006, the Funds had capital loss carryforwards (in thousands) available to offset future realized capital gains through the indicated expiration dates:

	Expiring May 31,
	2007		2009		2010		2011		2013		Total
International Equity Fund	$	—	$	—	$	—	$	86,454	$	—	$	86,454
Large Cap Growth Fund*,**		—		6,821		26,740		—		—		33,561
Large Cap Value Fund**		750		2,561		7,279		—		—		10,590
Multi-Factor Mid Cap Growth Fund		—		—		35,696		37,879		—		73,575
S&P 500® Index Fund		—		—		—		3,567		—		3,567
Small Cap Growth Fund**		—		—		8,227		68,841		6,907		83,975
Balanced Allocation Fund**		—		213		2,048		—		—		2,261

* 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.

** A portion of the amount of this loss may be utilized in subsequent years. The amounts are subject to a substantial annual limitation due to the Fund’s merger with its respectiveRiverfront Fund on October 11, 2004.

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
	Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06
International Equity Fund
Shares issued	1,740		4,100		142		227		7		18		2		10
Share reinvested	—		60		—		18		—		1		—		1
Shares redeemed	(1,116	)	(4,357	)	(99	)	(273	)	(13	)	(57	)	(23	)	(58	)
Net increase (decrease)	624		(197	)	43		(28	)	(6	)	(38	)	(21	)	(47	)
Large Cap Core Equity Fund
Shares issued	469		1,063		19		106		1		15		2		6
Shares reinvested	33		385		—		12		—		6		—		1
Shares redeemed	(552	)	(1,448	)	(54	)	(331	)	(24	)	(74	)	(4	)	(38	)
Net increase (decrease)	(50	)	—		(35	)	(213	)	(23	)	(53	)	(2	)	(31	)
Large Cap Growth Fund
Shares issued	844		2,769		195		381		—		15		5		21
Shares reinvested	—		696		—		237		—		16		—		1
Shares redeemed	(3,886	)	(5,843	)	(610	)	(1,397	)	(89	)	(95	)	(3	)	(47	)
Net increase (decrease)	(3,042	)	(2,378	)	(415	)	(779	)	(89	)	(64	)	2		(25	)
Large Cap Value Fund
Shares issued	2,227		4,145		221		599		7		31		6		15
Shares reinvested	74		1,318		15		205		1		37		—		3
Shares redeemed	(3,438	)	(5,842	)	(261	)	(665	)	(36	)	(159	)	(1	)	(31	)
Net increase (decrease)	(1,137	)	(379	)	(25	)	139		(28	)	(91	)	5		(13	)

78

	Class I				Class A				Class B				Class C
	Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06
Mid Cap Value Fund
Shares issued	2,065		3,793		3,169		381		5		31		95		58
Shares reinvested	—		168		—		57		—		33		—		7
Shares redeemed	(967	)	(799	)	(189	)	(133	)	(17	)	(50	)	(4	)	(13	)
Net increase (decrease)	1,098		3,162		2,980		305		(12	)	14		91		52
Multi-Factor Mid Cap Growth Fund
Shares issued	394		1,106		52		145		—		12		1		9
Shares reinvested	—		—		—		—		—		—		—		—
Shares redeemed	(331	)	(1,007	)	(215	)	(561	)	(40	)	(178	)	(3	)	(42	)
Net increase (decrease)	63		99		(163	)	(416	)	(40	)	(166	)	(2	)	(33	)
Multi-Factor Small Cap Core Fund*
Shares issued	711		591		28		10		—		—		—		—
Shares reinvested	—		—		—		—		—		—		—		—
Shares redeemed	(7	)	—		(2	)	—		—		—		—		—
Net increase	704		591		26		10		—		—		—		—
Multi-Factor Small Cap Focused Value Fund*
Shares issued	—		547		8		7		—		—		—		—
Shares reinvested	—		—		—		—		—		—		—		—
Shares redeemed	—		—		—		—		—		—		—		—
Net increase	—		547		8		7		—		—		—		—
Multi-Factor Small Cap Growth Fund*
Shares issued	7		522		1		2		—		—		—		—
Shares reinvested	—		—		—		—		—		—		—		—
Shares redeemed	(8	)	—		—		—		—		—		—		—
Net increase	(1	)	522		1		2		—		—		—		—
Multi-Factor Small Cap Value Fund
Shares issued	1,617		4,070		603		1,956		1		40		15		129
Shares reinvested	—		3,033		—		1,425		—		119		—		154
Shares redeemed	(8,816	)	(13,960	)	(1,411	)	(5,166	)	(95	)	(232	)	(181	)	(677	)
Net decrease	(7,199	)	(6,857	)	(808	)	(1,785	)	(94	)	(73	)	(166	)	(394	)
S&P 500® Index Fund
Shares issued	1,485		5,313		319		851		—		76		10		53
Shares reinvested	88		401		16		34		1		3		—		1
Shares redeemed	(4,012	)	(23,065	)	(235	)	(727	)	(54	)	(96	)	(23	)	(122	)
Net increase (decrease)	(2,439	)	(17,351	)	100		158		(53	)	(17	)	(13	)	(68	)
Small Cap Core Fund
Shares issued	1,504		8,592		26		141		1		14		5		48
Shares reinvested	—		—		—		—		—		—		—		—
Shares redeemed	(1,352	)	(4,628	)	(55	)	(87	)	(2	)	(1	)	(8	)	(34	)
Net increase (decrease)	152		3,964		(29	)	54		(1	)	13		(3	)	14

* Commenced operations on September 30, 2005.

79

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

	Class I				Class A				Class B				Class C
	Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06
Small Cap Growth Fund
Shares issued	99		481		16		153		—		9		—		5
Shares reinvested	—		—		—		—		—		—		—		—
Shares redeemed	(320	)	(1,592	)	(152	)	(500	)	(23	)	(156	)	—		(71	)
Net decrease	(221	)	(1,111	)	(136	)	(347	)	(23	)	(147	)	—		(66	)
Aggressive Allocation Fund
Shares issued	—		259		10		36		4		11		1		17
Shares reinvested	38		19		9		7		8		5		6		4
Shares redeemed	(67	)	(337	)	(93	)	(313	)	(52	)	(37	)	(70	)	(43	)
Net decrease.	(29	)	(59	)	(74	)	(270	)	(40	)	(21	)	(63	)	(22	)
Balanced Allocation Fund
Shares issued	1,758		1,599		143		310		43		25		74		25
Shares reinvested	94		189		10		20		2		4		—		1
Shares redeemed	(1,049	)	(3,684	)	(126	)	(777	)	(50	)	(134	)	(9	)	(78	)
Net increase (decrease)	803		(1,896	)	27		(447	)	(5	)	(105	)	65		(52	)
Conservative Allocation Fund
Shares issued	—		282		2		8		—		4		1		6
Shares reinvested	40		28		3		6		5		4		2		3
Shares redeemed	(54	)	(126	)	(32	)	(323	)	(51	)	(12	)	(33	)	(55	)
Net increase (decrease)	(14	)	184		(27	)	(309	)	(46	)	(4	)	(30	)	(46	)

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, Aggressive Allocation and Conservative Allocation Funds) 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

80

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 six months ended November 30, 2006, 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.

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. The Funds are in the process of evaluating the effect, if any, that the adoption of FIN 48 will have on 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 in generally accepted accounting principles, clarifies the definition of fair value within that framework, 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. Due to the preliminary stage of this investigation, the Adviser is not able to predict the outcome of this

81

Allegiant Equity and Asset Allocation Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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.

82

TRUSTEES REVIEW AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

The Trust’s Board of Trustees, including all of the independent Trustees, approved the continuation of each of the Advisory Agreements for the Funds covered in this report, pursuant to which Allegiant Asset Management Company (“Adviser”) provides investment advisory services, and the Sub-Advisory Agreement between the Adviser and Polaris Capital Management, Inc. (“Polaris” or “Sub-Adviser”), pursuant to which Polaris provides advisory services to the value component of the International Equity Fund, for an additional one-year period.

In connection with such approvals, the Trustees considered, with the assistance of independent counsel, their legal responsibilities and reviewed the nature and quality of the Adviser’s and Sub-Adviser’s services, experience and qualifications. Counsel provided the Trustees with a memorandum related to their consideration of the Agreements. The information considered by the Trustees at their meetings, and in supplemental information provided to the Trustees with regard to the Adviser or Sub-Adviser, as applicable, included: (i) the history, organization and client base of the Adviser and Sub-Adviser, (ii) fees under the advisory and sub-advisory agreements and fee waivers for the Funds and, for the Adviser and Sub-Adviser, comparative industry fee and expense data, (iii) any incidental non-monetary benefits realized through the Adviser’s and Sub-Adviser’s relationships with the Funds, (iv) the investment performance of the Funds (or of the Adviser and Sub-Adviser in connection with new funds or agreements), (v) ancillary services provided by the Adviser and Sub-Adviser and their affiliates, (vi) any economies of scale realized by the Adviser, Sub-Adviser and the Funds, and (vii) the Adviser’s and Sub-Adviser’s direct and indirect costs incurred in providing advisory services. The Trustees reviewed additional information concerning the investment philosophy, techniques and strategies employed by the Adviser and Sub-Adviser in managing the Funds and the Adviser’s and Sub-Adviser’s compliance procedures and controls. The Board considered analyses comparing each Fund’s advisory fees and total expenses to averages for the universe of mutual funds for each Fund’s asset class. The Board also considered a report from the Adviser on soft dollar commissions which included information on brokers, the recent fiscal period total commissions paid for each Fund, the various research and other services obtained with soft dollar commissions, and the Adviser’s and Sub-Adviser’s policies for budgeting and allocating soft dollar payments. In addition to this annual review, the Trustees oversee and evaluate the Adviser’s and Sub-Adviser’s services at their quarterly meetings.

After reviewing this information and such other matters as the Trustees considered necessary to the exercise of their reasonable business judgment, the Board and independent Trustees concluded that the compensation payable under the Advisory Agreements and the Sub-Advisory Agreement was fair and equitable with respect to each Fund and approved the continuation of the Advisory Agreements for the Funds and the Polaris Sub-Advisory Agreement.

The Trust’s Board of Trustees, including all of the independent Trustees, also received presentations from representatives of the Adviser and the Sub-Adviser and discussed the written materials that had been provided by the Adviser and the Sub-Adviser with respect to the proposed reapprovals of the Advisory and Sub-Advisory Agreements, as discussed below.

Nature, Extent and Quality of Services Provided by the Adviser and Sub-Adviser

The Board considered the Adviser’s portfolio management services and activities related to portfolio management. The Board reviewed the Adviser’s and Sub-Adviser’s use of technology, research capabilities, and investment management staff. The Board discussed the Adviser’s and Sub-Adviser’s experience and qualifications of the personnel providing services, including the background and experience of the members of the portfolio management teams. Brokerage commissions and trading policies were reviewed, including soft dollar payments, execution, commission payments and electronic trading. The Board’s review included the Adviser’s and Sub-Adviser’s trade allocation practices and criteria used to select brokers, including any soft dollar benefits the Adviser and Sub-Adviser may realize from allocating brokerage transactions in exchange for research. The Board also considered information that disclosed that all trades made on behalf of the Funds, including those in connection with soft dollar commissions, would receive best execution. Senior management of the Adviser discussed the structure and operations of the asset management business of the Adviser. The Board also considered its periodic meetings with the portfolio managers and other employees of the Adviser and Sub-Adviser. The Board reviewed the Adviser’s and Sub-Adviser’s management structure, assets under management and investment philosophies and processes. The Board discussed its relationship with the Adviser, noting that the Adviser communicated well with the Board and was always responsive to the Board’s requests for information. The Board reviewed the profitability reports for the Funds, and discussed the other benefits that may accrue to the Adviser and its affiliates and the Sub-Adviser and affiliates, if any, due to the relationships with the Funds, including any non-monetary benefits accruing to the Adviser and/or its affiliates as a result of the Adviser’s advisory position with the Funds. Among the factors reviewed, the Board considered that the Adviser’s management of the Funds could generate economies of scale as assets increase. The compliance policies and procedures of the Adviser and Sub-Adviser,

83

TRUSTEES REVIEW AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

including interaction by the parties with the Trust’s chief compliance officer and compliance with each Fund’s investment objective and investment restrictions, were reviewed and discussed.

Investment Performance of the Funds

In considering the investment performance of the Adviser and the Sub-Adviser, the Board compared the investment performance of the Adviser and Sub-Adviser to the performance of comparable fund peer groups and benchmark indices and the investment performance of similar accounts or Funds managed by the Adviser and Sub-Adviser, where applicable. The Trustees considered the short- and long-term performance of the Funds, including any periods of outperformance or underperformance of relevant benchmarks and peer groups. The Trustees concluded that the continuation of the Agreements was not an indication that the Trustees did not believe that investment performance of any specific fund might not be improved. The Trustees discussed with the Adviser and Sub-Adviser actions that might be taken to improve performance. The Trustees considered that the Adviser has made changes in its portfolio management personnel and processes to improve long-term performance. The Board also reviewed the Adviser’s proposed investment approach for each Fund, including the Adviser’s and Sub-Adviser’s investment philosophy, policies, techniques and strategies.

Costs of the Services, Profitability and Economies of Scale

The Board reviewed and discussed detailed information concerning revenues received by the Adviser and Sub-Adviser under the agreements and expenses they incurred in managing the Funds. The Board reviewed profitability reports for the Funds presented by the Adviser. The Board discussed the other benefits that may accrue to the Adviser and its affiliates and the Sub-Adviser and its affiliates due to their relationships with the Funds, including research received under soft dollar arrangements. The Board concluded that the profits were reasonable in view of the services provided to the Funds. The Board discussed whether the Funds have benefited from economies of scale and the potential for realization of economies of scale through fee waivers or reimbursement, or through fee and expense reduction, and concluded that the Adviser’s management of the Trust could generate economies of scale.

Fees

The Board reviewed each Fund’s proposed advisory fee structure, each Fund’s total operating expense ratios and the Adviser’s proposed voluntary fee waivers for each Fund. In so doing, the Board examined each Fund’s fees and expenses as compared to its respective comparable fund peer group. Those comparisons aided the Board in evaluating the reasonableness of the investment advisory fees to be paid by each of the Funds. The Board also was provided with information pertaining to fees charged by the Adviser for private accounts managed by it and on the brokerage and research services received by the Adviser in connection with the placement of brokerage transactions for the Funds.

Approval of the Agreements

The Board weighed and balanced the information presented and based its decision on the totality of the circumstances. In addition to meetings specifically devoted to the review of advisory contracts, the Board meets regularly, at least each quarter, and considers matters related to the Trust’s Advisory and Sub-Advisory Agreements including performance, advisory personnel and compliance, among other relevant issues. Based upon the information reviewed and material factors considered, without any one factor being dispositive, or considered in isolation, the Board, including all of the independent Trustees, concluded that the proposed investment advisory fees to be paid by each Fund to the Adviser, including the fees paid to the Sub-Adviser, were reasonable in light of the services to be provided by the Adviser and the Sub-Adviser, that the proposed Advisory and Sub-Advisory Agreements were fair and in the best interests of the Funds and that the Advisory and Sub-Advisory Agreements should be approved.

84

Allegiant Equity and Asset Allocation Funds

SHAREHOLDER VOTING RESULTS

(Unaudited)

On June 26, 2006, at a special meeting of the Trust (the “Meeting”), the Shareholders of the Funds were asked to (i) elect seven existing Trustees and elect three new Trustees (“Proposal 1”) and (ii) authorize the Adviser, upon approval of the Board of Trustees, to enter into or amend sub-advisory agreements without shareholder approval, subject to receipt of an Exemptive Order from the Securities and Exchange Commission (“Proposal 2”). A majority of the total number of outstanding shares of the Trust entitled to vote was not represented at the Meeting. The Trust’s quorum requirement was therefore not met and the Meeting, with respect to Proposal 1, was adjourned until July 20, 2006. A majority of the total number of outstanding shares of each of the Large 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 and Balanced Allocation Fund entitled to vote was not represented at the Meeting. The quorum requirement of each of the aforementioned Funds was therefore not met and the Meeting, with respect to Proposal 2, for these Funds, was also adjourned until July 20, 2006. A majority of the total number of outstanding shares of each of the International Equity Fund, Large Cap Core Equity Fund, Large Cap Value Fund, Fund, Mid Cap Value Fund, Multi-Factor Mid Cap Growth Fund, Small Cap Core Fund, Small Cap Growth Fund, Aggressive Allocation Fund and Conservative Allocation Fund entitled to vote was represented at the Meeting. Accordingly, the tabulations with respect to Proposal 2 for the aforementioned Funds were recorded. Proposal 2 was not approved by any of the aforementioned Funds. The results of the voting on Proposal 2 on June 26, 2006 were as follows:

	Number of Shares	% of Outstanding Shares		% of Shares Voted
International Equity Fund
Affirmative	324,707	1.667	%	2.190	%
Against	13,790,966	70.781		93.011
Abstain	3,241	0.016		0.022
Broker Non-Votes	708,344	3.636		4.777
Total	14,827,258	76.100		100.000
Large Cap Core Equity Fund
Affirmative	164,460	0.858		0.919
Against	17,119,915	89.301		95.659
Abstain	2,538	0.013		0.014
Broker Non-Votes	609,915	3.181		3.408
Total	17,896,828	93.353		100.000
Large Cap Value Fund
Affirmative	603,931	1.763		1.901
Against	28,522,455	83.243		89.790
Abstain	29,968	0.088		0.094
Broker Non-Votes	2,609,529	7.616		8.215
Total	31,765,883	92.710		100.000
Mid Cap Value Fund
Affirmative	362,149	4.632		4.841
Against	6,157,293	78.753		82.310
Abstain	32,823	0.420		0.439
Broker Non-Votes	928,321	11.874		12.410
Total	7,480,586	95.679		100.000
Multi-Factor Mid Cap Growth Fund
Affirmative	502,086	11.197		17.402
Against	906,553	20.216		31.420
Abstain	12,434	0.277		0.431
Broker Non-Votes	1,464,154	32.651		50.747
Total	2,885,227	64.341		100.000
Small Cap Core Fund
Affirmative	58,006	0.327		0.335
Against	16,925,010	95.328		97.871
Abstain	190	0.001		0.001
Broker Non-Votes	310,023	1.746		1.793
Total	17,293,229	97.402		100.000

85

Allegiant Equity and Asset Allocation Funds

SHAREHOLDER VOTING RESULTS

(Unaudited)

	Number of Shares	% of Outstanding Shares	% of Shares Voted
Small Cap Growth Fund
Affirmative	277,439	6.583	11.503
Against	865,393	20.534	35.879
Abstain	14,411	0.342	0.598
Broker Non-Votes	1,254,697	29.771	52.020
Total	2,411,940	57.230	100.000
Aggressive Allocation Fund
Affirmative	301,885	30.125	47.225
Against	73,006	7.285	11.421
Abstain	0	0.000	0.000
Broker Non-Votes	264,355	26.380	41.354
Total	639,246	63.790	100.000
Conservative Allocation Fund
Affirmative	311,670	33.170	56.218
Against	61,285	6.522	11.054
Abstain	977	0.104	0.177
Broker Non-Votes	180,465	19.206	32.552
Total	554,397	59.002	100.000

The Meeting was reconvened on Thursday, July 20, 2006 and the Shareholders of the Trust elected seven existing Trustees and three new Trustees. The results of the voting on Proposal 1 were as follows:

	Number of Shares	% of Outstanding Shares		% of Shares Voted
John G. Breen
Affirmative	2,924,890,601	52.973	%	99.242	%
Withhold	22,326,722	0.405		0.758
Total	2,947,217,323	53.378		100.000
John F. Durkott
Affirmative	2,924,873,882	52.973		99.242
Withhold	22,343,441	0.405		0.758
Total	2,947,217,323	53.378		100.000
Richard W. Furst
Affirmative	2,924,871,702	52.973		99.242
Withhold	22,345,621	0.405		0.758
Total	2,947,217,323	53.378		100.000
Gerald L. Gherlein
Affirmative	2,924,871,613	52.973		99.242
Withhold	22,345,710	0.405		0.758
Total	2,947,217,323	53.378		100.000
Dale C. LaPorte
Affirmative	2,924,871,963	52.973		99.242
Withhold	22,345,360	0.405		0.758
Total	2,947,217,323	53.378		100.000
Robert D. Neary
Affirmative	2,924,849,649	52.972		99.241
Withhold	22,367,674	0.406		0.759
Total	2,947,217,323	53.378		100.000
Kathleen A. Obert
Affirmative	2,924,863,922	52.973		99.242
Withhold	22,353,401	0.405		0.758
Total	2,947,217,323	53.378		100.000
Timothy L. Swanson
Affirmative	2,924,877,625	52.973		99.242
Withhold	22,339,698	0.405		0.758
Total	2,947,217,323	53.378		100.000

86

	Number of Shares	% of Outstanding Shares	% of Shares Voted
Kelley J. Brennan
Affirmative	2,924,896,310	52.973	99.243
Withhold	22,321,013	0.405	0.757
Total	2,947,217,323	53.378	100.000
Dorothy A. Berry
Affirmative	2,924,880,972	52.973	99.242
Withhold	22,336,351	0.405	0.758
Total	2,947,217,323	53.378	100.000

At the Meeting, Proposal 2 was tabled. The Adviser intends to further review Proposal 2.

87

Proxy Voting

(Unaudited)

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

(Unaudited)

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 Advisor

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

Custodian

PFPC Trust Company

8100 Tinicum Boulevard, 4th Floor

Philadelphia, Pennsylvania 19153

760 Moore Road

King of Prussia, PA 19406

INVESTMENT ADVISER:

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, OH 44114

ALL-SA-002-1206

SEMI-ANNUAL REPORT

November 30, 2006

(Unaudited)

FIXED INCOME FUNDS

TAX EXEMPT BOND FUNDS

The Discipline of Investing, a Commitment to Results

ALLEGIANT FIXED INCOME AND TAX EXEMPT BOND FUNDS

SEMI - 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

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 FUNDS

Aggressive Allocation Fund

(liquidated on 12/14/06)

Balanced Allocation Fund

Conservative Allocation Fund

(liquidated on 12/14/06)

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
Summary of Portfolio Holdings	4
Expense Tables	5

	Financial Highlights	Statements of Net Assets
Bond Fund	7	15
Government Mortgage Fund	8	19
Intermediate Bond Fund	9	21
Limited Maturity Bond Fund	9	24
Total Return Advantage Fund	10	27
Ultra Short Bond Fund	10	31
Intermediate Tax Exempt Bond Fund	11	33
Michigan Intermediate Municipal Bond Fund	12	37
Ohio Intermediate Tax Exempt Bond Fund	13	40
Pennsylvania Intermediate Municipal Bond Fund	14	45
Statements of Operations		46
Statements of Changes in Net Assets		49
Notes to Financial Statements		53
Trustees Review and Approval of Advisory Agreements		64
Shareholder Voting Results		66

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

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 Fixed Income and Tax Exempt Bond Funds

CHAIRMAN’S MESSAGE

JANUARY 2007

Dear Shareholders:

We are pleased to provide you with important semi-annual information about Allegiant Funds, as well as a review of the financial markets and the events shaping the global markets. During the six month period, total assets of the Allegiant Funds increased by $409 million to $10.9 billion due primarily to money market fund inflows.

Allegiant Funds is committed to attaining competitive performance and offering a broad range of investment styles. With the start of a new year, it is a good time for investors to critically evaluate their investment portfolios and overall diversification mix. We encourage our shareholders to review the information included in this semi-annual report as a part of the process. For your convenience, this report, performance updates and commentaries from the portfolio management teams, as well as e-delivery options, are all available at www.allegiantfunds.com. We welcome you to utilize these services to assist you in the decision making process.

If you have any questions regarding Allegiant Funds, please contact your investment professional or call Investor Services at 1-800-622-FUND (3863). Thank you for your continued confidence in Allegiant Funds and we look forward to serving your investment needs in the year ahead. Best wishes for a happy, healthy and prosperous New Year.

Sincerely,

Robert D. Neary

Chairman

1

Allegiant Fixed Income and Tax Exempt Bond Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

“...the Fed adjourned for the first time in more than two years without pushing their interest rate target higher...”

The past year has brought many changes, not only for the industry, but for Allegiant Asset Management as well. As we mentioned in our May letter, we continue our transformation as a firm with refinements to our investment processes, the retention of talented professionals and our ongoing focus on delivering competitive products to our shareholders. While still early, we are seeing improvements in relative performance and the creation of consistent, long-term track records across the major asset classes and styles. As the investment management industry continues to change, so will we as a firm, utilizing our capabilities to stay on the forefront of the business by offering new products, innovative strategies, and prudent risk management techniques. Economic and Market Overview From an economic perspective, the dominant headlines over the last six months have been the Federal Reserve Board (“Fed”), housing, and inflation. To keep core inflation within their desired range of 2%, the Fed gradually raised the Fed Funds target to 5.25%. The Fed pushed monetary policy beyond neutral to slightly restrictive in the hope that a tighter monetary environment would slowly deflate the housing market, which some believed was overextended. When the Fed met on August 8, 2006, they adjourned for the first time in more than two years without pushing their interest rate target higher. Within weeks of the Fed’s pause at 5.25%, most of the major gauges of inflation began to decline. One major force behind the housing boom was inexpensive financing, brought on by the Fed itself, with a 1% Fed Funds target rate that greatly increased housing affordability. With the rate increases of the last two years, it appears the housing market is beginning to slow moderately, minimally affecting other related sectors of the economy. Looking forward to 2007, we believe that housing still poses the single greatest risk to the financials market and the economy. Housing was not the only source of inflation in the economy as the threat of increasing prices also was fueled by rising energy costs. Some of the sharp increase in energy prices was due to strong global economic growth. This was compounded by the destruction caused by a record hurricane season in 2005. Energy prices peaked in the summer of 2006, as peak driving months, hurricane season and the Israel-Lebanon crisis in the Middle East occurred simultaneously. Fortunately, the 2006 hurricane season proved uneventful and Israel and Lebanon ceased military operations. Thereafter, oil prices fell sharply and most measures of headline inflation followed suit. The downside to the Fed’s battle against inflation has been the impact on economic growth. Second quarter GDP growth was 2.6% and third quarter was 2.2% which were both slower than earlier levels but still positive. The slowdown was principally attributed to the housing sector. However, many analysts and economists believe housing will continue to deteriorate and lead to further declines in GDP growth.

Commentary provided by Allegiant Asset Management Company

The U.S. dollar has fallen approximately 11% versus the euro, 3% versus the yen, and 13% versus the pound over the last year, as a result of growing budget and trade deficits as well as growing expectations that the Fed would lower their interest rate target. Furthermore, slower U.S. growth and the diversification of dollar reserves by foreign central banks (specifically China) also contributed to the sell off. However, dollar weakness should be beneficial in lowering the trade deficit as it increases the attractiveness of dollar-denominated goods abroad.

2

Equity Markets	“...fixed income investors are anticipating that the Fed will move to a less restrictive stance in order to engineer the desired soft landing...”
Despite economic headwinds, corporate earnings continued to deliver double-digit quarterly earnings’ growth and the welcome news that the Fed might be finished raising interest rates caused a sharp market rally. The Dow Jones Industrial Average celebrated the Fed’s pause by moving steadily higher, reaching historical highs in November as other major indices followed suit. While the markets were fond of earnings growth, they seemed to like the prospect of steady — or perhaps even falling — interest rates even more.
According to market watchers, 2006 was expected to be the year that growth beat value and large caps beat small caps reversing years of lagging. Investors, however, continued to reward value-oriented companies, specifically oil, utilities, and consumer stocks. Small cap stocks continued strong earnings growth as reported by the Russell 2000® index, and returned 18.37% for the year. This trumped large caps as reported by the Russell 1000® index, which ended the year at a 15.46% gain.
Bond Markets
As the Fed continued to raise rates higher in both May and June to the current level of 5.25%, the bond markets moved up in step, with the 10-year Treasury yielding 5.136% on June 30. As previously noted, in August, the Fed left the target on the Fed Funds unchanged for the first time in over two years. Subsequently, the bond yields declined and as of November 30, the 10-year Treasury yield had declined to 4.458%.
The conundrum for the bond markets has been the inverted yield curve where short term rates are higher than longer term rates. Historically, an inverted yield curve is a reliable predictor of economic slowdown or recession as longer term interest rates adjust to factor in expectations that the Fed may soon lower rates to revive the economy. If interpreted this way, bond investors appear to be economically bearish going into next year due to the deflating housing bubble and subsequent retrenchment in consumer spending. Hence, fixed income investors are anticipating that the Fed will move to a less restrictive stance by lowering the Fed Funds target in order to engineer the desired soft landing. This differs markedly from the optimistic outlook of the equity markets, which continued to reward lower quality, smaller companies.
Looking Ahead
Going into 2007, investors should focus on three critical factors: the housing market, international growth and the yield curve. If the worst in the housing slowdown is past, the economy may grow at slower, but still strong, levels. If housing continues to slow, the U.S. economy may dip into recession. International growth should continue to be strong and this will benefit U.S. companies, perhaps picking up the slack of a slowing domestic marketplace. An inverted yield curve for an extended period of time increases the chances of a recession and is something that should warrant investors’ attention. However, as the next economic cycle emerges, patience and a solid asset allocation strategy may be keys to success for investors.

3

Allegiant Fixed Income and Tax Exempt Bond Funds

SUMMARY OF PORTFOLIO HOLDINGS

The tables below present portfolio holdings as a percentage of total investments before collateral for loaned securities for each of the Allegiant Fixed Income and Tax Exempt Bond Funds as of November 30, 2006.

Bond Fund
U.S. Treasury Notes	26.7	%
Federal National Mortgage Association	26.5
Corporate Bonds	11.1
Asset Backed Securities	10.0
Collateralized Mortgage Obligations	9.2
U.S. Treasury Bonds	6.5
Federal Home Loan Bank	3.3
Federal Farm Credit Bank	2.2
Affiliated Money Market Fund	1.7
Commercial Paper	1.7
Government National Mortgage Association	0.8
Federal Home Loan Mortgage Corporation	0.3
	100.0	%
Government Mortgage Fund
Federal National Mortgage Association	60.2	%
Commercial Paper	11.3
Federal Home Loan Mortgage Corporation	4.8
Government National Mortgage Association	4.4
Collateralized Mortgage Obligations	4.0
Asset Backed Securities	3.5
U.S. Treasury Note	3.4
Federal Farm Credit Bank	3.0
Federal Home Loan Bank	3.0
Affiliated Money Market Fund	2.4
	100.0	%
Intermediate Bond Fund
U.S. Treasury Notes	51.0	%
Corporate Bonds	20.0
Collateralized Mortgage Obligations	11.5
Asset Backed Securities	7.8
Federal Home Loan Bank	4.2
Federal National Mortgage Association	2.7
Affiliated Money Market Fund	2.1
Federal Home Loan Mortgage Corporation	0.7
	100.0	%
Limited Maturity Bond Fund
Collateralized Mortgage Obligations	23.0	%
Asset Backed Securities	22.3
U.S. Treasury Notes	22.2
Corporate Bonds	16.4
Federal National Mortgage Association	10.7
Federal Home Loan Mortgage Corporation	4.4
Affiliated Money Market Fund	1.0
	100.0	%
Total Return Advantage Fund
U.S. Treasury Notes	44.2	%
Corporate Bonds	17.2
Collateralized Mortgage Obligations	10.9
Federal National Mortgage Association	9.1
U.S. Treasury Bonds	7.6
Asset Backed Securities	4.8
Federal Home Loan Bank	4.0
Affiliated Money Market Fund	2.2
	100.0	%
Ultra Short Bond Fund
Asset Backed Securities	25.3	%
Collateralized Mortgage Obligations	24.5
U.S. Treasury Notes	20.5
Federal National Mortgage Association	12.6
Corporate Bonds	9.3
Federal Home Loan Mortgage Corporation	6.5
Affiliated Money Market Fund	1.3
	100.0	%

	Intermediate Tax Exempt Bond Fund		Michigan Intermediate Municipal Bond Fund		Ohio Intermediate Tax Exempt Bond Fund		Pennsylvania Intermediate Municipal Bond Fund
General Obligations	48.3	%	66.2	%	67.4	%	58.5	%
Agency Obligations	39.8		17.5		19.8		30.5
Utility Bonds	9.6		—		7.0		4.9
Prerefunded & Escrowed to Maturity Bonds	2.0		3.1		—		2.3
Affiliated Money Market Funds	0.3		—		0.2		0.2
Non-affiliated Money Markets	—		0.1		—		—
Revenue Bonds	—		—		2.3		—
Hospital Bonds	—		13.1		2.5		1.1
Transportation Bonds	—		—		0.8		2.5
	100.0	%	100.0	%	100.0	%	100.0	%

4

Allegiant Fixed Income Funds and Tax Exempt Bond Funds

EXPENSE TABLES

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 (June 1, 2006 to November 30, 2006).	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 Expense Table that appears for your Fund below 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.”
•     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.

	Beginning Account Value 6/1/06		Ending Account Value 11/30/06		Annualized Expense Ratio		Expenses Paid During Period*
Bond Fund
Actual
Class I	$	1,000.00	$	1,056.35	0.60	%	$	3.09
Class A		1,000.00		1,054.96	0.85			4.38
Class B		1,000.00		1,051.20	1.58			8.12
Class C		1,000.00		1,051.21	1.58			8.12
Hypothetical**
Class I		1,000.00		1,022.06	0.60			3.04
Class A		1,000.00		1,020.81	0.85			4.31
Class B		1,000.00		1,017.15	1.58			7.99
Class C		1,000.00		1,017.15	1.58			7.99
Government Mortgage Fund
Actual
Class I	$	1,000.00	$	1,055.55	0.58	%	$	2.99
Class A		1,000.00		1,053.10	0.83			4.27
Class B		1,000.00		1,050.54	1.56			8.02
Class C		1,000.00		1,049.32	1.56			8.01
Hypothetical**
Class I		1,000.00		1,022.16	0.58			2.94
Class A		1,000.00		1,020.91	0.83			4.20
Class B		1,000.00		1,017.25	1.56			7.89
Class C		1,000.00		1,017.25	1.56			7.89
Intermediate Bond Fund
Actual
Class I	$	1,000.00	$	1,045.79	0.55	%	$	2.82
Class A		1,000.00		1,044.44	0.80			4.10
Class B		1,000.00		1,040.64	1.53			7.83
Class C		1,000.00		1,040.59	1.53			7.83
Hypothetical**
Class I		1,000.00		1,022.31	0.55			2.79
Class A		1,000.00		1,021.06	0.80			4.05
Class B		1,000.00		1,017.40	1.53			7.74
Class C		1,000.00		1,017.40	1.53			7.74
Limited Maturity Bond Fund
Actual
Class I	$	1,000.00	$	1,032.19	0.51	%	$	2.60
Class A		1,000.00		1,030.86	0.76			3.87
Class B		1,000.00		1,027.12	1.49			7.57
Class C		1,000.00		1,027.11	1.49			7.57
Hypothetical**
Class I		1,000.00		1,022.51	0.51			2.59
Class A		1,000.00		1,021.26	0.76			3.85
Class B		1,000.00		1,017.60	1.49			7.54
Class C		1,00000		1,017.60	1.49			7.54
Total Return Advantage Fund
Actual
Class I	$	1,000.00	$	1,057.09	0.56	%	$	2.89
Class A		1,000.00		1,054.69	0.81			4.17
Class B		1,000.00		1,050.79	1.54			7.92
Class C		1,000.00		1,051.88	1.54			7.92
Hypothetical**
Class I		1,000.00		1,022.26	0.56			2.84
Class A		1,000.00		1,021.01	0.81			4.10
Class B		1,000.00		1,017.35	1.54			7.79
Class C		1,000.00		1,017.35	1.54			7.79
Ultra Short Bond Fund
Actual
Class I	$	1,000.00	$	1,026.69	0.36	%	$	1.83
Class A		1,000.00		1,025.41	0.61			3.10
Hypothetical**
Class I		1,000.00		1,023.26	0.36			1.83
Class A		1,000.00		1,022.01	0.61			3.09

* Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (183) in the most recent fiscal half-year, then divided by 365.

** Assumes annual return of 5% before expenses.

5

Allegiant Fixed Income Funds and Tax Exempt Bond Funds

EXPENSE TABLES

	Beginning Account Value 6/1/06		Ending Account Value 11/30/06		Annualized Expense Ratio		Expenses Paid During Period*
Intermediate Tax Exempt Bond Fund
Actual
Class I	$	1,000.00	$	1,037.74	0.57	%	$	2.91
Class A		1,000.00		1,036.41	0.82			4.19
Class B		1,000.00		1,036.67	1.55			7.91
Class C		1,000.00		1,032.70	1.55			7.90
Hypothetical**
Class I		1,000.00		1,022.21	0.57			2.89
Class A		1,000.00		1,020.96	0.82			4.15
Class B		1,000.00		1,017.30	1.55			7.84
Class C		1,000.00		1,017.30	1.55			7.84
Michigan Intermediate Municipal Bond Fund
Actual
Class I	$	1,000.00	$	1,035.46	0.57	%	$	2.91
Class A		1,000.00		1,035.16	0.82			4.18
Class B		1,000.00		1,031.42	1.55			7.89
Class C		1,000.00		1,031.47	1.55			7.89
Hypothetical
Class I		1,000.00		1,022.21	0.57			2.89
Class A		1,000.00		1,020.96	0.82			4.15
Class B		1,000.00		1,017.30	1.55			7.84
Class C		1,000.00		1,017.30	1.55			7.84
Ohio Intermediate Tax Exempt Bond Fund
Actual
Class I	$	1,000.00	$	1,038.24	0.57	%	$	2.91
Class A		1,000.00		1,036.06	0.82			4.19
Class B		1,000.00		1,033.32	1.55			7.90
Class C		1,000.00		1,033.30	1.55			7.90
Hypothetical**
Class I		1,000.00		1,022.21	0.57			2.89
Class A		1,000.00		1,020.96	0.82			4.15
Class B		1,000.00		1,017.30	1.55			7.84
Class C		1,000.00		1,017.30	1.55			7.84
Pennsylvania Intermediate Municipal Bond Fund
Actual
Class I	$	1,000.00	$	1,038.70	0.58	%	$	2.96
Class A		1,000.00		1,037.35	0.83			4.24
Class C		1,000.00		1,032.61	1.56			7.95
Hypothetical**
Class I		1,000.00		1,022.16	0.58			2.94
Class A		1,000.00		1,020.91	0.83			4.20
Class C		1,000.00		1,017.25	1.56			7.89

* Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (183) in the most recent fiscal half-year, then divided by 365.

** Assumes annual return of 5% before expenses.

6

Allegiant Fixed Income Funds FINANCIAL HIGHLIGHTS Selected Per Share Data and Ratios For the Six Months Ended November 30, 2006 (Unaudited) and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
2006*	$	9.71	$	0.23	$	0.31		$	(0.22	)	$	—	$	10.03	5.64	%	$	350,296	0.60	%	4.72	%	0.70	%	4.62	%	178	%
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
2002		9.71		0.56		0.14			(0.55	)		—		9.86	7.40			798,688	0.71		5.70		0.71		5.70		98
CLASS A
2006*	$	9.73	$	0.22	$	0.31		$	(0.21	)	$	—	$	10.05	5.50	%	$	7,055	0.85	%	4.47	%	0.95	%	4.37	%	178	%
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
2002		9.73		0.54		0.14			(0.53	)		—		9.88	7.13			9,530	0.96		5.45		0.96		5.45		98
CLASS B
2006*	$	9.72	$	0.18	$	0.31		$	(0.17	)	$	—	$	10.04	5.12	%	$	676	1.58	%	3.74	%	1.68	%	3.64	%	178	%
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
2002		9.72		0.47		0.14			(0.46	)		—		9.87	6.39			2,133	1.67		4.74		1.67		4.74		98
CLASS C
2006*	$	9.71	$	0.18	$	0.31		$	(0.17	)	$	—	$	10.03	5.12	%	$	181	1.58	%	3.74	%	1.68	%	3.64	%	178	%
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
2002		9.71		0.45		0.16			(0.46	)		—		9.86	6.39			150	1.67		4.74		1.67		4.74		98

† Total return excludes sales charge.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾ Per share data calculated using average shares outstanding method.

⁽²⁾ Due to its investment strategy, 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.

7

Allegiant Fixed Income Funds FINANCIAL HIGHLIGHTS Selected Per Share Data and Ratios For the Six Months Ended November 30, 2006 (Unaudited) and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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)
GOVERNMENT MORTGAGE FUND
CLASS I
2006*	$	8.90	$	0.23	$	0.26		$	(0.23	)	$	—	$	9.16	5.56	%	$	251,739	0.58	%	5.06	%	0.73	%	4.91	%	217	%
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
2002		9.22		0.50		0.22			(0.49	)		—		9.45	7.94			185,755	0.76		5.29		0.76		5.29		219
CLASS A
2006*	$	8.90	$	0.22	$	0.25		$	(0.22	)	$	—	$	9.15	5.31	%	$	15,548	0.83	%	4.81	%	0.98	%	4.66	%	217	%
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
2002		9.22		0.47		0.22			(0.46	)		—		9.45	7.67			13,387	1.01		5.04		1.01		5.04		219
CLASS B
2006*	$	8.87	$	0.18	$	0.26		$	(0.18	)	$	—	$	9.13	5.05	%	$	3,440	1.56	%	4.08	%	1.71	%	3.93	%	217	%
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
2002		9.19		0.41		0.22			(0.40	)		—		9.42	6.93			6,801	1.72		4.33		1.72		4.33		219
CLASS C
2006*	$	8.89	$	0.18	$	0.25		$	(0.18	)	$	—	$	9.14	4.93	%	$	1,811	1.56	%	4.08	%	1.71	%	3.93	%	217	%
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
2002		9.20		0.41		0.22			(0.40	)		—		9.43	6.93			752	1.72		4.33		1.72		4.33		219

† Total return excludes sales charge.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾ Per share data calculated using average shares outstanding method.

⁽²⁾ Due to their investment strategy, Government Mortgage Fund and Intermediate 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.

8

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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)
INTERMEDIATE BOND FUND
CLASS I
2006*	$	10.34	$	0.23	$	0.24		$	(0.22	)	$	—	$	10.59	4.58	%	$	368,721	0.55	%	4.41	%	0.70	%	4.26	%	112	%
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
2002		10.24		0.55		0.16			(0.55	)		—		10.40	7.05			346,788	0.57		5.27		0.72		5.12		141
CLASS A
2006*	$	10.36	$	0.22	$	0.24		$	(0.21	)	$	—	$	10.61	4.44	%	$	8,986	0.80	%	4.16	%	0.95	%	4.01	%	112	%
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
2002		10.26		0.52		0.16			(0.52	)		—		10.42	6.78			8,926	0.82		5.02		0.97		4.87		141
CLASS B
2006*	$	10.37	$	0.18	$	0.24		$	(0.17	)	$	—	$	10.62	4.06	%	$	5,038	1.53	%	3.43	%	1.68	%	3.28	%	112	%
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
2002		10.26		0.45		0.16			(0.45	)		—		10.42	6.03			1,445	1.53		4.31		1.68		4.16		141
CLASS C
2006*	$	10.39	$	0.18	$	0.24		$	(0.17	)	$	—	$	10.64	4.06	%	$	391	1.53	%	3.43	%	1.68	%	3.28	%	112	%
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
2002		10.28		0.44		0.17			(0.45	)		—		10.44	6.03			413	1.53		4.31		1.68		4.16		141
LIMITED MATURITY BOND FUND
CLASS I
2006*	$	9.70	$	0.18	$	0.13		$	(0.20	)	$	—	$	9.81	3.22	%	$	159,864	0.51	%	3.58	%	0.61	%	3.48	%	58	%
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
2002		9.87		0.49		0.10			(0.49	)		—		9.97	6.09			213,322	0.53		4.89		0.63		4.79		110
CLASS A
2006*	$	9.73	$	0.16	$	0.14		$	(0.19	)	$	—	$	9.84	3.09	%	$	3,834	0.76	%	3.33	%	0.86	%	3.23	%	58	%
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
2002		9.90		0.47		0.10			(0.47	)		—		10.00	5.87			7,039	0.73		4.69		0.83		4.59		110
CLASS B
2006*	$	9.73	$	0.13	$	0.13		$	(0.15	)	$	—	$	9.84	2.71	%	$	691	1.49	%	2.60	%	1.59	%	2.50	%	58	%
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
2002		9.90		0.39		0.11			(0.40	)		—		10.00	5.07			1,329	1.49		3.93		1.59		3.83		110
CLASS C
2006*	$	9.73	$	0.13	$	0.13		$	(0.15	)	$	—	$	9.84	2.71	%	$	498	1.49	%	2.60	%	1.59	%	2.50	%	58	%
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
2002		9.89		0.36		0.15			(0.40	)		—		10.00	5.19			888	1.49		3.93		1.59		3.83		110

9

A llegiant Fixed Income Funds FINANCIAL HIGHLIGHTS Selected Per Share Data and Ratios For the Six Months Ended November 30, 2006 (Unaudited) and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
TOTAL RETURN ADVANTAGE FUND
CLASS I
2006*	$	9.86	$	0.24	$	0.32		$	(0.23	)	$	—		$	10.19	5.71	%	$	377,456	0.56	%	4.71	%	0.71	%	4.56	%	109	%
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
2002		10.02		0.55		0.21			(0.55	)		—			10.23	7.76			259,402	0.55		5.42		0.72		5.25		88
CLASS A
2006*	$	9.87	$	0.22	$	0.31		$	(0.21	)	$	—		$	10.19	5.47	%	$	8,653	0.81	%	4.46	%	0.96	%	4.31	%	109	%
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
2002		10.02		0.53		0.22			(0.53	)		—			10.24	7.60			1,350	0.80		5.17		0.97		5.00		88
CLASS B
2006*	$	9.90	$	0.19	$	0.31		$	(0.18	)	$	—		$	10.22	5.08	%	$	1,227	1.54	%	3.73	%	1.69	%	3.58	%	109	%
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
2002		10.05		0.46		0.21			(0.45	)		—			10.27	6.83			301	1.51		4.46		1.68		4.29		88
CLASS C
2006*	$	9.88	$	0.19	$	0.32		$	(0.18	)	$	—		$	10.21	5.19	%	$	280	1.54	%	3.73	%	1.69	%	3.58	%	109	%
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
2002		10.04		0.46		0.20			(0.45	)		—			10.25	6.73			38	1.51		4.46		1.68		4.29		88
ULTRA SHORT BOND FUND
CLASS I
2006*	$	9.84	$	0.21	$	0.05		$	(0.21	)	$	—		$	9.89	2.67	%	$	77,588	0.36	%	4.23	%	0.56	%	4.03	%	56	%
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(2)		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
2006*	$	9.83	$	0.20	$	0.05		$	(0.20	)	$	—		$	9.88	2.54	%	$	1,445	0.61	%	3.98	%	0.81	%	3.78	%	56	%
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(2)		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.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾ Per share data calculated using average shares outstanding method.

⁽²⁾ 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.

10

Allegiant Tax Exempt Bond Funds FINANCIAL HIGHLIGHTS Selected Per Share Data and Ratios For the Six Months Ended November 30, 2006 (Unaudited) and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
2006*	$	9.90	$	0.19	$	0.18		$	(0.19	)	$	—	$	10.08	3.77	%	$	109,895	0.57	%	3.81	%	0.72	%	3.66	%	34	%
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
2002		10.01		0.42		0.16			(0.42	)		—		10.17	5.86			167,578	0.60		4.19		0.75		4.04		19
CLASS A
2006*	$	9.93	$	0.18	$	0.18		$	(0.18	)	$	—	$	10.11	3.64	%	$	5,925	0.82	%	3.56	%	0.97	%	3.41	%	34	%
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
2002		10.05		0.41		0.15			(0.40	)		—		10.21	5.65			7,385	0.80		3.99		0.95		3.84		19
CLASS B
2006*	$	9.90	$	0.14	$	0.17		$	(0.14	)	$	—	$	10.07	3.17	%	$	421	1.55	%	2.83	%	1.70	%	2.68	%	34	%
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
2002		10.00		0.33		0.16			(0.33	)		—		10.16	4.92			749	1.51		3.28		1.66		3.13		19
CLASS C
2006*	$	9.89	$	0.14	$	0.18		$	(0.14	)	$	—	$	10.07	3.27	%	$	6	1.55	%	2.83	%	1.70	%	2.68	%	34	%
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
2002		10.01		0.33		0.15			(0.32	)		—		10.17	4.86			19	1.56		3.23		1.71		3.08		19

^† Total return excludes sales charge.

^* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾ Per share data calculated using average shares outstanding method. See Notes to Financial Statements.

See Notes to Financial Statements.

11

Allegiant Tax Exempt Bond Funds FINANCIAL HIGHLIGHTS Selected Per Share Data and Ratios For the Six Months Ended November 30, 2006 (Unaudited) and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
MICHIGAN INTERMEDIATE MUNICIPAL BOND FUND
CLASS I
2006*	$	10.38	$	0.22	$	0.14		$	(0.22	)	$	—		$	10.52	3.55	%	$	56,174	0.57	%	4.29	%	0.72	%	4.14	%	33	%
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
2002		10.94		0.49		0.10			(0.49	)		(0.01	)		11.03	5.54			137,902	0.59		4.47		0.74		4.32		6
CLASS A
2006*	$	10.37	$	0.21	$	0.15		$	(0.21	)	$	—		$	10.52	3.52	%	$	18,171	0.82	%	4.04	%	0.97	%	3.89	%	33	%
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
2002		10.93		0.47		0.10			(0.47	)		(0.01	)		11.02	5.33			15,638	0.79		4.27		0.94		4.12		6
CLASS B
2006*	$	10.38	$	0.17	$	0.15		$	(0.17	)	$	—		$	10.53	3.14	%	$	520	1.55	%	3.31	%	1.70	%	3.16	%	33	%
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
2002		10.95		0.39		0.09			(0.39	)		(0.01	)		11.03	4.44			1,960	1.50		3.56		1.65		3.41		6
CLASS C
2006*	$	10.39	$	0.18	$	0.15		$	(0.18	)	$	—		$	10.54	3.15	%	$	53	1.55	%	3.31	%	1.70	%	3.16	%	33	%
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
2002(2)		11.05		0.32		(0.02	)		(0.31	)		(0.01	)		11.03	2.81			283	1.55		3.51		1.70		3.36		6

† Total return excludes sales charge.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾ Per share data calculated using average shares outstanding method.

⁽²⁾ Michigan Intermediate Municipal Bond Fund Class C commenced operations on August 6, 2001. Ohio Intermediate Tax Exempt Bond Fund Class B commenced operations on December 4, 2001. All ratios for the period have been annualized. Total return for the period has not been annualized.

See Notes to Financial Statements.

12

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
2006*	$	10.94	$	0.20	$	0.21		$	(0.20	)	$	—	$	11.15	3.82	%	$	131,516	0.57	%	3.71	%	0.72	%	3.56	%	21	%
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
2002		11.04		0.47		0.16			(0.47	)		—		11.20	5.81			154,461	0.60		4.20		0.75		4.05		19
CLASS A
2006*	$	10.91	$	0.19	$	0.20		$	(0.19	)	$	—	$	11.11	3.61	%	$	10,433	0.82	%	3.46	%	0.97	%	3.31	%	21	%
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
2002		11.00		0.44		0.18			(0.45	)		—		11.17	5.70			11,639	0.80		4.00		0.95		3.85		19
CLASS B
2006*	$	10.88	$	0.15	$	0.21		$	(0.15	)	$	—	$	11.09	3.33	%	$	837	1.55	%	2.73	%	1.70	%	2.58	%	21	%
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
2002(2)		11.10		0.18		0.04			(0.18	)		—		11.14	1.99			161	1.51		3.29		1.66		3.14		19
CLASS C
2006*	$	10.89	$	0.15	$	0.21		$	(0.15	)	$	—	$	11.10	3.33	%	$	645	1.55	%	2.73	%	1.70	%	2.58	%	21	%
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
2002		11.00		0.36		0.15			(0.36	)		—		11.15	4.72			1,025	1.56		3.24		1.71		3.09		19

13

Allegiant Tax Exempt Bond Funds FINANCIAL HIGHLIGHTS Selected Per Share Data and Ratios For the Six Months Ended November 30, 2006 (Unaudited) and For the Years Ended May 31, unless otherwise indicated

	Net Asset Value, Beginning of Period		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 Period		Total Return†		Net Assets End of Period (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
PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
CLASS I
2006*	$	10.28	$	0.18	$	0.21		$	(0.18	)	$	—	$	10.49	3.87	%	$	41,391	0.58	%	3.55	%	0.73	%	3.40	%	17	%
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
2002		10.36		0.46		0.11			(0.46	)		—		10.47	5.57			51,319	0.64		4.40		0.79		4.25		13
CLASS A
2006*	$	10.30	$	0.17	$	0.21		$	(0.17	)	$	—	$	10.51	3.74	%	$	2,171	0.83	%	3.30	%	0.98	%	3.15	%	17	%
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
2002		10.38		0.44		0.11			(0.44	)		—		10.49	5.36			1,015	0.84		4.20		0.99		4.05		13
CLASS C
2006*	$	10.30	$	0.13	$	0.20		$	(0.13	)	$	—	$	10.50	3.26	%	$	527	1.56	%	2.57	%	1.71	%	2.42	%	17	%
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
2002		10.38		0.35		0.11			(0.36	)		—		10.48	4.46			463	1.60		3.44		1.75		3.29		13

† Total return excludes sales charge.

* For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾ Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.

14

Allegiant Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 36.9%
U.S. Treasury Bond — 7.2%
6.250%, 08/15/23#	$	21,985	$	26,000
U.S. Treasury Notes — 29.7%
4.875%, 05/31/08#		16,270		16,317
4.875%, 07/31/11#		69,950		71,212
4.875%, 08/15/16#		7,635		7,878
4.750%, 05/15/14#		3,370		3,435
3.625%, 06/30/07#		4,930		4,893
3.250%, 08/15/08#		2,640		2,582
				106,317
Total U.S. Treasury Obligations (Cost $ 130,441)				132,317
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 30.8%
Federal Home Loan Mortgage Corporation — 0.4%
9.500%, 10/01/20		157		169
9.000%, 05/01/20		49		49
8.500%, 09/01/16		3		3
8.000%, 07/01/25		125		132
7.500%, 07/01/10		1		1
7.500%, 11/01/10		7		7
7.500%, 05/01/11		79		82
7.000%, 11/01/10		127		130
7.000%, 11/01/28		632		654
6.500%, 10/01/07		5		5
6.500%, 09/01/08		28		28
6.500%, 11/01/10		28		29
				1,289
Federal National Mortgage Association — 29.5%
9.500%, 05/01/18		22		24
9.000%, 07/01/09		2		2
9.000%, 11/01/24		204		222
7.000%, 01/01/33		725		747
7.000%, 10/01/33		227		234
6.500%, 12/01/08		40		40
6.500%, 12/01/36 (TBA)		12,000		12,248
6.000%, 07/01/28		2		2
6.000%, 01/01/34		254		257
6.000%, 11/01/35		341		345
6.000%, 09/01/36		12,936		13,081
6.000%, 12/01/36 (TBA)		9,670		9,776
5.500%, 12/01/33		10,113		10,101
5.500%, 05/01/35		2,067		2,061
5.500%, 12/01/36 (TBA)		19,400		19,333
5.467%, 01/01/36 (A)		9,085		9,138
5.000%, 06/01/20		6,637		6,580
5.000%, 10/01/35		11,604		11,343
5.000%, 11/01/35		3,309		3,234
5.000%, 12/01/35		3,151		3,080
4.500%, 09/01/35		4,231		4,028
				105,876
Government National Mortgage Association — 0.9%
8.500%, 09/15/21		3		3
8.500%, 11/15/21		41		44
8.500%, 07/15/22		17		19
8.500%, 08/15/22		8		9
8.250%, 04/20/17		4		4
8.000%, 03/15/08		6		6
8.000%, 01/15/30	$	254	$	270
7.500%, 12/15/29		53		56
6.500%, 06/15/32		322		332
6.500%, 10/15/33		404		417
6.000%, 08/15/32		170		173
6.000%, 02/15/33		1,409		1,435
6.000%, 11/15/33		295		300
6.000%, 11/15/34		22		23
				3,091
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $110,139)				110,256
CORPORATE BONDS — 12.3%
Banks — 0.3%
Lloyds TSB Group PLC 6.267%, 11/14/16 (A) (B)		975		990
Cable — 0.4%
Comcast 5.875%, 02/15/18		150		151
Comcast Cable 8.375%, 03/15/13		950		1,094
				1,245
Consumer Non-Cyclical — 0.3%
Walt Disney 5.625%, 09/15/16		1,100		1,130
Energy — 0.7%
ConocoPhillips Canada Funding 5.625%, 10/15/16		850		872
Energy Transfer Partners 6.125%, 02/15/17		840		868
Southwestern Public Service 6.000%, 10/01/36		860		885
				2,625
Financials — 7.1%
Bank of America 7.800%, 09/15/16		1,250		1,486
Capital One Financial (MTN) 5.700%, 09/15/11		900		921
Citigroup 7.250%, 10/01/10		3,200		3,446
General Electric Capital, Cl A 6.000%, 06/15/12		2,630		2,755
Goldman Sachs 6.450%, 05/01/36		1,400		1,507
HSBC Finance 6.750%, 05/15/11		1,375		1,468
6.375%, 10/15/11		1,250		1,320
HSBC Holdings 6.500%, 05/02/36		775		862
Inter-American Development Bank 7.375%, 01/15/10		1,200		1,292
International Lease Finance 5.000%, 04/15/10		900		897
JPMorgan Chase 5.125%, 09/15/14		2,000		1,991
KeyBank 5.800%, 07/01/14		985		1,017

15

Allegiant Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
CORPORATE BONDS — continued
Financials — continued
Lehman Brothers Holdings (MTN) 5.750%, 05/17/13	$	450	$	463
MUFG Capital Finance 1 6.346%, 07/25/16 (A)		825		854
Residential Capital 6.375%, 06/30/10		1,100		1,127
6.500%, 04/17/13		300		312
UBS Preferred Funding Trust V 6.243%, 05/15/16 (A)		625		658
USB Capital IX 6.189%, 04/15/11 (A)		750		771
Wachovia Capital Trust III 5.800%, 08/29/49 (A)		1,000		1,014
Wells Fargo 4.950%, 10/16/13		1,135		1,122
Xstrata Finance Canada 5.800%, 11/15/16 (B)		300		303
				25,586
Healthcare — 0.2%
WellPoint 5.000%, 12/15/14		900		886
Insurance — 0.9%
American General Finance (MTN) 3.875%, 10/01/09#		1,195		1,158
Assurant 6.750%, 02/15/34		1,000		1,115
Protective Life Secured Trust 4.850%, 08/16/10		1,000		996
				3,269
Real Estate — 0.3%
WEA Finance LLC 5.700%, 10/01/16 (B)		1,200		1,222
Real Estate Investment Trusts — 0.4%
iStar Financial 5.950%, 10/15/13 (B)		1,250		1,275
Telecommunications — 0.9%
GTE 6.940%, 04/15/28		1,800		1,926
Telecom Italia Capital SA 5.250%, 11/15/13		1,210		1,171
				3,097
Transportation — 0.2%
Canadian National Railway 6.200%, 06/01/36		675		744
Utilities — 0.6%
Midamerican Energy Holdings 6.125%, 04/01/36#		1,075		1,131
Tampa Electric 6.550%, 05/15/36		900		990
				2,121
Total Corporate Bonds (Cost $43,508)				44,190
ASSET BACKED SECURITIES — 11.2%
Automotive — 1.1%
Honda Auto Receivables Owner Trust, Series 2005-4, Cl A3 4.460%, 05/21/09	$	3,875	$	3,853
Credit Cards — 7.0%
Bank One Issuance Trust, Series 2004-A4, Cl A4 5.360%, 02/16/10 (A)		6,700		6,706
Chase Credit Card Master Trust, Series 2004-1, Cl A 5.350%, 05/15/09 (A)		5,000		5,003
Citibank Credit Card Issuance Trust, Series 2006-A5, Cl A5 5.300%, 05/20/11		7,400		7,479
MBNA Credit Card Master Note Trust, Series 2002-A4, Cl A4 5.430%, 08/17/09 (A)		6,000		6,006
				25,194
Mortgage Related — 1.5%
Bear Stearns, Series 1999-2, Cl AF2 7.910%, 10/25/29 (C)		426		430
Chase Funding Mortgage Loan, Series 2003-6, Cl 1A4 4.499%, 08/25/30		4,700		4,595
				5,025
Utilities — 1.6%
Export Funding Trust, Series 1995-A, Cl A 8.210%, 12/29/06		196		197
PSE&G Transition Funding LLC, Series 2001-1, Cl A8 6.890%, 12/15/17		5,050		5,713
				5,910
Total Asset Backed Securities (Cost $ 39,340)				39,982
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.2%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Cl A4A 4.871%, 09/11/42		4,800		4,724
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Cl A4 5.400%, 07/15/44# (A)		6,600		6,686
CS First Boston Mortgage Securities, Series 2005-C6, Cl A4 5.230%, 12/15/40 (A)		5,650		5,695
Fannie Mae, Series 2003-84, Cl PG 5.000%, 03/25/32		10,000		9,766
Fannie Mae, Series 2005-34, Cl PC 5.500%, 06/25/32		4,085		4,107
Freddie Mac, Series 2773, Cl CD 4.500%, 04/15/24		6,000		5,639
Total Collateralized Mortgage Obligations (Cost $ 35,890)				36,617
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.1%
Federal Farm Credit Bank — 2.5%
5.218%, 03/01/07# (A)		8,710		8,711

16

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — continued
Federal Home Loan Bank — 3.6%
6.500%, 08/15/07	$	2,245	$	2,266
5.100%, 12/11/06 (DN) (D)		7,750		7,739
3.875%, 06/08/07		3,010		2,991
				12,996
Total U.S. Government Agency Obligations (Cost $21,741)				21,707
COMMERCIAL PAPER† — 1.9%
Liberty Street Funding 5.260%, 12/11/06		5,000		4,993
Variable Funding Capital 5.250%, 12/11/06		2,000		1,997
Total Commercial Paper (Cost $6,990)				6,990
	Number of Shares
AFFILIATED MONEY MARKET FUND — 1.9%
Allegiant Advantage Institutional Money Market Fund, Class I†† (Cost $6,706)		6,706,313		6,706
Total Investments Before Collateral for Loaned Securities – 111.3% (Cost $394,755)				398,765
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 39.7%
Master Notes — 11.2%
Bank of America 5.383%, 12/01/06	$	15,000		15,000
Bear Stearns 5.463%, 12/06/06		7,500		7,500
JPMorgan 5.393%, 12/15/06		17,500		17,500
				40,000
Medium Term Notes — 3.9%
First Tennessee Bank 5.339%, 04/18/07 (A)		5,000		5,002
Morgan Stanley 5.391%, 01/19/07 (A)		5,000		5,003
SLM Student Loan Trust 5.320%, 12/07/06 (A)		4,000		4,001
				14,006
Repurchase Agreement — 24.6%
Lehman Brothers 5.363%, 12/01/06		88,048		88,048
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $142,054)‡				142,054

TOTAL INVESTMENTS — 151.0% (Cost $536,809)*	$	540,819
Other Assets & Liabilities — (51.0)%
Dividends Payable
Class I		(1,034	)
Class A		(7	)
Investment Advisory Fees Payable		(133	)
12b-1 Fees Payable
Class I		(45	)
Class A		(2	)
Administration Fees Payable		(18	)
Custody Fees Payable		(4	)
Trustees’ Fees Payable		(23	)
Payable for Collateral for Loaned Securities		(142,054	)
Payable for Investments Purchased		(41,058	)
Payable for Shares of Beneficial Interest Redeemed		(1,542	)
Other		3,309
Total Other Assets & Liabilities		(182,611	)
TOTAL NET ASSETS — 100.0%	$	358,208

17

Allegiant Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	383,907
Distributions in Excess of Net Investment Income		(282	)
Accumulated Net Realized Loss on Investments		(29,427	)
Net Unrealized Appreciation on Investments		4,010
Total Net Assets	$	358,208
Net Asset Value, Offering and Redemption Price Per Share — Class I ($350,296,506 ÷ 34,933,059 outstanding shares of beneficial interest)	$	10.03
Net Asset Value and Redemption Price Per Share — Class A ($7,054,989 ÷ 701,879 outstanding shares of beneficial interest)	$	10.05
Maximum Offering Price Per Share — Class A ($10.05 ÷ 95.50%)	$	10.52
Net Asset Value and Offering Price Per Share — Class B ($675,861 ÷ 67,317 outstanding shares of beneficial interest)	$	10.04
Net Asset Value and Offering Price Per Share — Class C ($180,595 ÷ 18,013 outstanding shares of beneficial interest)	$	10.03

* Aggregate cost for Federal income tax purposes is (000) $536,818.

Gross unrealized appreciation (000)	$	5,074
Gross unrealized depreciation (000)		(1,073	)
Net unrealized appreciation (000)	$	4,001

† 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) $138,914.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

(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) $3,790 and represents 1.1% of net assets as of November 30, 2006.

(C) Stepped Coupon Bond — the rate shown is the rate in effect on November 30, 2006.

(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

Assets in an amount at least equal to the market value of when-issued and delayed delivery securities have been segregated by the Fund.

See Notes to Financial Statements.

18

Allegiant Government Mortgage Fund

STATEMENT OF NET ASSETS

November 30 , 2006 (Unaudited)

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 87.0%
Federal Home Loan Mortgage Corporation — 0.9%
12.250%, 08/01/15	$	102	$	111
9.750%, 11/01/08 to 04/01/09		25		25
9.250%, 08/01/13		2		2
9.000%, 06/01/09 to 09/01/20		276		292
8.750%, 06/01/16 to 05/01/17		57		60
8.500%, 09/01/17 to 01/01/22		177		187
8.000%, 07/01/09 to 03/01/22		134		140
7.000%, 05/01/31		226		233
6.000%, 10/01/32		1,322		1,342
				2,392
Federal National Mortgage Association — 80.3%
12.500%, 05/01/15		123		138
11.250%, 05/01/14		16		18
10.000%, 06/01/21		17		19
9.500%, 09/01/11		4		4
9.000%, 06/01/09 to 10/01/19		35		37
8.500%, 11/01/21 to 09/01/23		48		51
8.000%, 12/01/17 to 03/01/23		26		27
7.500%, 09/01/22 to 05/01/32		1,180		1,230
7.000%, 12/01/15 to 10/01/32		1,261		1,300
6.500%, 12/01/12 to 05/01/33		2,759		2,829
6.000%, 09/01/17 to 11/01/36		22,695		22,977
6.000%, 12/01/36 (TBA)		27,500		27,801
5.500%, 11/01/09 to 03/01/36		38,724		38,717
5.500%, 12/01/36 (TBA)		52,000		51,821
5.000%, 06/01/18 to 11/01/35		51,286		50,296
4.500%, 04/01/18 to 09/01/35		22,210		21,449
				218,714
Government National Mortgage Association — 5.8%
17.000%, 11/15/11		54		64
16.000%, 11/15/11		2		2
15.000%, 06/15/11 to 01/15/13		758		870
14.500%, 09/15/12 to 08/15/14		6		6
14.000%, 05/15/11 to 02/15/15		258		293
13.500%, 05/15/10 to 01/20/15		296		334
13.000%, 11/15/10 to 06/20/15		273		305
12.750%, 09/20/13		34		38
12.500%, 04/15/10 to 01/20/16		672		747
12.000%, 08/15/12 to 09/15/15		266		300
11.500%, 02/15/13 to 08/15/14		75		83
9.250%, 12/15/16 to 05/15/21		70		76
9.000%, 09/15/08 to 11/15/24		627		665
8.750%, 08/15/08 to 12/15/16		62		66
8.500%, 01/15/17 to 09/15/24		414		444
8.250%, 06/15/08 to 07/15/08		9		9
8.000%, 04/15/17 to 05/20/30		1,147		1,216
7.500%, 09/20/15 to 09/20/30		2,203		2,300
7.000%, 12/15/10 to 06/15/32		4,101		4,238
6.500%, 10/15/22 to 09/15/31		2,721		2,804
6.000%, 07/20/29		1,018		1,035
				15,895
Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $236,287)				237,001
U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.6%
Federal Farm Credit Bank — 4.1%
5.218%, 03/01/07# (B)		11,000		11,002
Federal Home Loan Bank — 4.0%
5.100%, 12/11/06 (DN) (A)	$	11,000	$	10,985
Federal Home Loan Mortgage Corporation — 5.5%
5.155%, 12/12/06 (DN)# (A)		15,000		14,976
Total U.S. Government Agency Obligations (Cost $36,961)				36,963
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.3%
Fannie Mae, Series 1992-29, Cl Z 8.000%, 02/25/22		78		79
Freddie Mac, Series 1273, Cl Z 7.500%, 05/15/22		102		102
Freddie Mac, Series 2003-2617, Cl TH 4.500%, 05/15/15		7,000		6,918
Freddie Mac, Series 2869, Cl MD 5.000%, 02/15/29		7,000		6,931
Security Mortgage Acceptance Corporation II, Series B, Cl 4 9.000%, 12/01/16		223		228
Structured Mortgage Asset Residential Trust, Series 1992-2, Cl I 8.250%, 06/25/19		245		246
Total Collateralized Mortgage Obligations (Cost $14,206)				14,504
ASSET BACKED SECURITIES — 4.6%
Credit Cards — 4.6%
Bank One Issuance Trust, Series 2004-A4, Cl A4 5.360%, 02/16/10 (B)		5,000		5,005
Chase Credit Card Master Trust, Series 2004-1, Cl A 5.350%, 05/15/09 (B)		3,000		3,002
MBNA Credit Card Master Note Trust, Series 2002-A4, Cl A4 5.430%, 08/17/09 (B)		4,550		4,554
Total Asset Backed Securities (Cost $12,560)				12,561
U.S. TREASURY OBLIGATION — 4.5%
U.S. Treasury Note — 4.5%
4.750%, 05/15/14#		12,000		12,232
(Cost $12,153)
COMMERCIAL PAPER† — 15.1%
Alpine Securitization 5.250%, 12/12/06		4,000		3,994
Cancara Asset Securitization 5.260%, 12/12/06		6,000		5,990
Clipper Receivables 5.250%, 12/12/06		4,500		4,493
Gemini Securitization 5.260%, 12/11/06		5,500		5,492
Kitty Hawk Funding 5.250%, 12/12/06		5,000		4,992
Liberty Street Funding 5.260%, 12/11/06		5,200		5,192
Sheffield Receivables 5.260%, 12/12/06		5,000		4,992

19

Allegiant Government Mortgage Fund

STATEMENT OF NET ASSETS

November 3 0, 2006 (Unaudited)

	Par (000)		Value (000)
COMMERCIAL PAPER† — continued
Variable Funding Capital 5.250%, 12/11/06	$	6,000	$	5,991
Total Commercial Paper (Cost $41,136)				41,136
	Number of Shares
AFFILIATED MONEY MARKET FUND — 3.1%
Allegiant Advantage Institutional Money Market
Fund, Class I††		8,661,235		8,661
(Cost $8,661)
Total Investments Before Collateral for Loaned Securities — 133.2% (Cost $361,964)				363,058
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 14.3%
Medium Term Notes — 3.5%
Liquid Funding LLC 5.350%, 11/30/07 (B)	$	5,000		4,999
SLM Student Loan Trust 5.320%, 12/07/06 (B)		4,550		4,551
				9,550
Repurchase Agreements — 10.8%
Bear Stearns
5.363%, 12/01/06		9,000		9,000
5.413%, 12/01/06		7,000		7,000
Lehman Brothers 5.363%, 12/01/06		13,317		13,318
				29,318
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $38,868)‡				38,868
TOTAL INVESTMENTS — 147.5% (Cost $400,832)*				401,926
Other Assets & Liabilities — (47.5)%
Dividends Payable
Class I				(848	)
Class A				(16	)
Class B				(3	)
Class C				(1	)
Investment Advisory Fees Payable				(89	)
12b-1 Fees Payable
Class I				(29	)
Class A				(3	)
Class B				(1	)
Class C				(1	)
Administration Fees Payable				(13	)
Custody Fees Payable				(3	)
Trustees’ Fees Payable				(16	)
Payable for Collateral for Loaned Securities				(38,868	)
Payable for Investments Purchased				(102,207	)
Payable for Shares of Beneficial Interest Redeemed				(280	)
Other				12,990
Total Other Assets & Liabilities				(129,388	)

TOTAL NET ASSETS — 100.0%	$	272,538
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)		282,264
Distributions in Excess of Net Investment Income		(114	)
Accumulated Net Realized Loss on Investments		(10,706	)
Net Unrealized Appreciation on Investments		1,094
Total Net Assets	$	272,538
Net Asset Value, Offering and Redemption Price Per Share — Class I ($251,739,394 ÷ 27,497,063 outstanding shares of beneficial interest)	$	9.16
Net Asset Value and Redemption Price Per Share — Class A ($15,547,447 ÷ 1,698,491 outstanding shares of beneficial interest)	$	9.15
Maximum Offering Price Per Share — Class A ($9.15 ÷ 95.50%)	$	9.58
Net Asset Value and Offering Price Per Share — Class B ($3,439,972 ÷ 376,845 outstanding shares of beneficial interest)	$	9.13
Net Asset Value and Offering Price Per Share — Class C ($1,811,376 ÷ 198,148 outstanding shares of beneficial interest)	$	9.14

* Aggregate cost for Federal income tax purposes is (000) $400,832.

Gross unrealized appreciation (000)	$	2,295
Gross unrealized depreciation (000)		(1,201)
Net unrealized appreciation (000)	$	1,094

† 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) $38,210.

(A) Zero Coupon Bond — the rate shown is the effective yield at purchase date.

(B) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

Cl — Class

DN — Discount Note

LLC — Limited Liability Company

TBA — To Be Announced

Assets in an amount at least equal to the market value of when-issued and delayed delivery securities have been segregated by the Fund.

See Notes to Financial Statements.

20

Allegiant Intermediate Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 50.6%
U.S. Treasury Notes — 50.6%
6.500%, 02/15/10	$	10	$	11
4.875%, 05/31/08#		3,080		3,089
4.875%, 07/31/11#		108,200		110,153
4.875%, 08/15/16#		6,550		6,758
4.750%, 05/15/14#		18,010		18,358
4.250%, 10/31/07#		27,000		26,847
3.875%, 05/15/09#		6,245		6,152
3.625%, 06/30/07#		9,015		8,947
3.250%, 08/15/08#		13,860		13,553
Total U.S. Treasury Obligations (Cost $192,111)				193,868
CORPORATE BONDS — 19.8%
Basic Materials — 0.5%
Alcoa 6.000%, 01/15/12		2,000		2,079
Cable — 0.3%
Comcast Cable 8.375%, 03/15/13		1,000		1,152
Consumer Non-Cyclical — 0.3%
Walt Disney 5.625%, 09/15/16		1,200		1,232
Energy — 1.2%
ConocoPhillips Canada Funding 5.625%, 10/15/16		1,350		1,385
Energy Transfer Partners 6.125%, 02/15/17		1,040		1,075
Pacificorp 5.450%, 09/15/13		1,040		1,055
XTO Energy 4.900%, 02/01/14		1,160		1,123
				4,638
Financials — 12.1%
Bank of America 7.400%, 01/15/11		2,735		2,981
BB&T 4.750%, 10/01/12		1,625		1,597
Bear Stearns 7.625%, 12/07/09		3,794		4,073
Capital One Financial (MTN) 5.700%, 09/15/11		950		972
Citigroup 7.250%, 10/01/10		6,019		6,481
General Electric Capital, Cl A 6.000%, 06/15/12 5.450%, 01/15/13		3,565 590		3,735 604
Goldman Sachs 5.150%, 01/15/14		2,900		2,890
HSBC Finance
6.750%, 05/15/1 6.375%, 10/15/11		3,275 625		3,497 660
International Lease Finance (MTN) 5.450%, 03/24/11		1,300		1,316
JPMorgan Chase 5.600%, 06/01/11		2,900		2,968
JPMorgan Chase (MTN) 6.000%, 01/15/09		1,520		1,549
KeyBank 5.800%, 07/01/14		980		1,012
Lehman Brothers Holdings (MTN) 5.750%, 05/17/13		1,160		1,193
Merrill Lynch 6.050%, 05/16/16		2,000		2,104
Merrill Lynch (MTN) 3.700%, 04/21/08		2		2
Morgan Stanley 4.750%, 04/01/14		2,000		1,938
Republic New York 7.750%, 05/15/09		1,810		1,928
Residential Capital 6.375%, 06/30/10		1,310		1,342
6.500%, 04/17/13		340		353
SLM (MTN) 5.000%, 10/01/13		2,070		2,049
Wells Fargo 4.950%, 10/16/13		1,000		989
Xstrata Finance Canada 5.800%, 11/15/16 (A) (B)		310		314
				46,547
Healthcare — 0.3%
WellPoint 5.000%, 12/15/14		1,000		984
Insurance — 1.4%
American General Finance (MTN) 3.875%, 10/01/09		1,415		1,371
Assurant 5.625%, 02/15/14		1,500		1,520
Hartford Financial Services Group 5.250%, 10/15/11		1,100		1,109
Protective Life Secured Trust 4.850%, 08/16/10		1,505		1,500
				5,500
Real Estate — 0.4%
WEA Finance LLC 5.700%, 10/01/16 (A)		1,300		1,324
Real Estate Investment Trusts — 0.6%
Equity Office Properties Trust 4.750%, 03/15/14		1,240		1,231
iStar Financial 5.950%, 10/15/13(A)		1,000		1,020
				2,251
Telecommunications — 0.8%
Telecom Italia Capital SA 5.250%, 11/15/13		1,395		1,350
Verizon Communications 5.550%, 02/15/16		1,725		1,744
				3,094
Utilities — 1.9%
FPL Group Capital 5.625%, 09/01/11		760		777
National Grid PLC 6.300%, 08/01/16#		1,145		1,211
PSI Energy 6.050%, 06/15/16		1,225		1,280

21

Allegiant Intermediate Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
CORPORATE BONDS — continued
Utilities — continued
Virginia Electric & Power 4.750%, 03/01/13	$	1,835	$	1,790
Xcel Energy 7.000%, 12/01/10		2,027		2,161
				7,219
Total Corporate Bonds (Cost $ 75,425)				76,020
COLLATERALIZED MORTGAGE OBLIGATIONS — 11.4%
Freddie Mac, Series 2004-2812, Cl OD 5.000%, 12/15/29		12,192		12,027
Freddie Mac, Series 2635, Cl DT 3.500%, 01/15/18		1,125		1,057
Freddie Mac, Series 2825, Cl PM 5.500%, 03/15/30		6,845		6,872
Freddie Mac, Series 2854, Cl DL 4.000%, 09/15/19		5,700		5,240
Freddie Mac, Series 2904, Cl PC 5.500%, 05/15/31		7,214		7,259
Ginnie Mae, Series 2003-113, Cl VB 4.500%, 02/16/22		5,035		4,803
Ginnie Mae, Series 2003-42, Cl A 4.000%, 01/16/30		1,051		1,007
Wells Fargo Securities Trust, Series 2004-K, Cl 2A11 4.733%, 07/25/34 (C)		5,530		5,371
Total Collateralized Mortgage Obligations (Cost $43,013)				43,636
ASSET BACKED SECURITIES — 7.8%
Automotive — 2.7%
Chase Manhattan Auto Owner Trust, Series 2006-B, Cl A3 5.130%, 05/15/11		6,000		6,026
WFS Financial Owner Trust, Series 2005-3, Cl A4 4.390%, 05/17/13		4,500		4,462
				10,488
Credit Cards — 3.3%
Citibank Credit Card Issuance Trust, Series 2006-A5, Cl A5 5.300%, 05/20/11		8,500		8,591
MBNA Credit Card Master Note, Series 2002-A1, Cl A1 4.950%, 06/15/09		4,000		4,001
				12,592
Utilities — 1.8%
PSE&G Transition Funding LLC, Series 2001-1, Cl A8 6.890%, 12/15/17		6,000		6,788
Total Asset Backed Securities (Cost $29,712)				29,868
U.S. GOVERNMENT AGENCYOBLIGATIONS — 4.1%
Federal Home Loan Bank — 4.1%
6.500%, 08/15/07		4,000		4,038
3.875%, 06/08/07		5,245		5,210
3.875%, 09/14/07		6,685		6,621
Total U.S. Government Agency Obligations (Cost $15,989)				15,869
U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 3.5%
Federal Home Loan Mortgage Corporation — 0.8%
5.500%, 01/01/07		105		105
3.500%, 05/01/11		2,820		2,681
				2,786
Federal National Mortgage Association — 2.7%
5.500%, 10/01/09		9		9
5.467%, 01/01/36 (C)		10,329		10,389
				10,398
Government National Mortgage Association — 0.0%
9.000%, 09/15/08		4		4
9.000%, 10/15/08		5		5
9.000%, 11/15/08		7		7
9.000%, 12/15/08		8		9
9.000%, 02/15/09		9		9
9.000%, 03/15/09		1		1
9.000%, 04/15/09		20		21
9.000%, 05/15/09		30		31
9.000%, 07/15/09		3		3
				90
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $13,319)				13,274
	Number of Shares
AFFILIATED MONEY MARKET FUND — 2.1%
Allegiant Advantage Institutional Money Market Fund, Class I†		7,888,987
(Cost $7,889)				7,889
Total Investments Before Collateral for Loaned Securities – 99.3% (Cost $377,458)				380,424
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 45.5%
Master Notes — 12.9%
Bank of America 5.383%, 12/01/06	$	15,000		15,000
Bear Stearns 5.463%, 12/06/06		16,500		16,500
JPMorgan 5.393%, 12/15/06		17,500		17,500
				49,000

22

	Par (000)		Value (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued
Medium Term Notes — 5.7%
First Tennessee Bank 5.339%, 04/18/07 (C)	$	7,500	$	7,503
Liquid Funding LLC 5.350%, 11/30/07 (C)		5,000		4,999
SLM Student Loan Trust 5.320%, 12/07/06 (C)		9,500		9,501
				22,003
Repurchase Agreements — 26.9%
Bear Stearns 5.363%, 12/01/06		3,000		3,000
5.413%, 12/01/06		17,500		17,500
Lehman Brothers 5.363%, 12/01/06		82,716		82,716
				103,216
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $174,219)‡				174,219
TOTAL INVESTMENTS — 144.8% (Cost $551,677)*				554,643
Other Assets & Liabilities — (44.8)%
Dividends Payable
Class I				(862	)
Class A				(4	)
Class B				(1	)
Investment Advisory Fees Payable				(126	)
12b-1 Fees Payable
Class I				(53	)
Class A				(2	)
Class B				(2	)
Administration Fees Payable				(19	)
Custody Fees Payable				(4	)
Trustees’ Fees Payable				(27	)
Payable for Collateral for Loaned Securities				(174,219	)
Payable for Investments Purchased				(8,338	)
Payable for Shares of Beneficial Interest Redeemed				(414	)
Other				12,564
Total Other Assets & Liabilities				(171,507	)
TOTAL NET ASSETS — 100.0%			$	383,136

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	393,055
Distributions in Excess of Net Investment Income		(259	)
Accumulated Net Realized Loss on Investments		(12,626	)
Net Unrealized Appreciation on Investments		2,966
Total Net Assets	$	383,136
Net Asset Value, Offering and Redemption Price Per Share — Class I ($ 368,721,206 ÷ 34,807,335 outstanding shares of beneficial interest)	$	10.59
Net Asset Value and Redemption Price Per Share — Class A ($8,985,995 ÷ 847,055 outstanding shares of beneficial interest)	$	10.61
Maximum Offering Price Per Share — Class A ($10.61 ÷ 95.50%)	$	11.11
Net Asset Value and Offering Price Per Share — Class B ($5,038,101 ÷ 474,569 outstanding shares of beneficial interest)	$	10.62
Net Asset Value and Offering Price Per Share — Class C ($390,869 ÷ 36,746 outstanding shares of beneficial interest)	$	10.64

* Aggregate cost for Federal income tax purposes is (000) $551,874.

Gross unrealized appreciation (000)	$	3,916
Gross unrealized depreciation (000)		(1,147)
Net unrealized appreciation (000)	$	2,769

† 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) $170,356.

(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) $2,658 and represents 0.7% of net assets as of November 30, 2006.

(B) Illiquid Security. Total market value of illiquid securities is (000) $314 and represents 0.1% of net assets as of November 30, 2006.

(C) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

Cl — Class

LLC — Limited Liability Company

MTN — Medium Term Note

PLC — Public Liability Company

See Notes to Financial Statements.

23

Allegiant Limited Maturity Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 22.9%
Bank of America Mortgage Securities, Series 2003-A, Cl 2A1 3.983%, 02/25/33 (A)	$	470	$	470
Bank of America Mortgage Securities, Series 2003-E, Cl 2A1 4.033%, 06/25/33 (A)		1,067		1,054
Chase Mortgage Finance, Series 2003-S4, Cl 2A2 5.000%, 04/25/18		1,246		1,239
Countrywide Alternative Loan Trust, Series 2004-29CB, Cl A6 4.000%, 01/25/35		920		903
Countrywide Home Loans, Series 2004-HYB4, Cl 3A 4.582%, 09/20/34 (A)		1,727		1,703
Credit Suisse First Boston Mortgage Securities, Series 2004-C1, Cl A2 3.516%, 01/15/37		3,725		3,632
Fannie Mae, Series 2002-74, Cl KD 5.500%, 02/25/17		1,178		1,179
Fannie Mae, Series 2002-94, Cl BA 5.000%, 05/25/27		2,052		2,041
Freddie Mac, Series 2003-2590, Cl PC 4.500%, 02/15/26		5,000		4,946
Freddie Mac, Series 2003-2617, Cl TH 4.500%, 05/15/15		4,000		3,953
Freddie Mac, Series 2004-H017, Cl A3 4.178%, 07/15/11 (A)		2,800		2,767
Freddie Mac, Series 2492, Cl A 5.250%, 05/15/29		235		235
Freddie Mac, Series 2523, Cl JB 5.000%, 06/15/15		597		595
Freddie Mac, Series 2608, Cl PF 5.500%, 09/15/27		2,000		2,017
Freddie Mac, Series 2712, Cl PV 4.500%, 03/15/11		2,054		2,038
Ginnie Mae, Series 2002-20, Cl PM 4.500%, 03/20/32		457		448
Ginnie Mae, Series 2002-58, Cl QA 6.000%, 02/16/29		72		72
Ginnie Mae, Series 2002-76, Cl TA 4.500%, 12/16/29		528		517
Ginnie Mae, Series 2004-76, Cl NA 4.500%, 08/20/27		2,094		2,072
Golden National Mortgage, Series 1998-GN1, Cl A 7.110%, 08/25/27 (B)		—		—
Residential Funding Mortgage Securities, Series 2003-S11, Cl A7 3.500%, 06/25/18		1,722		1,667
Structured Asset Securities, Series, 2003-1, Cl 2A1 6.000%, 02/25/18		1,534		1,539
Washington Mutual, Series 2002-S8, Cl 2A1 4.500%, 01/25/18		343		341
Wells Fargo MBS Trust, Series 2003-11, Cl A1 3.500%, 10/25/18		2,418		2,379
Total Collateralized Mortgage Obligations (Cost $37,877)				37,807
ASSET BACKED SECURITIES — 22.3%
Automotive — 15.3%
Carmax Auto Owner Trust, Series 2005-2, Cl A4 4.340%, 09/15/10		1,900		1,877
Chase Manhattan Auto Owner Trust, Series 2006-A, Cl A3 5.340%, 07/15/10		2,000		2,011
DaimlerChrysler Auto Trust, Series 2005-B, Cl A3 4.040%, 09/08/09		1,808		1,797
DaimlerChrysler Auto Trust, Series 2005-B, Cl A4 4.200%, 07/08/10		2,700		2,669
Hyundai Auto Receivables Trust, Series 2004-A, Cl A3 2.970%, 05/15/09		1,272		1,259
Morgan Stanley Auto Loan Trust, Series 2003, Cl HB1 2.170%, 04/15/11		2,363		2,355
Nissan Auto Receivables Owner Trust, Series 2005-A4, Cl A 3.820%, 07/15/10		2,400		2,362
USAA Auto Owner Trust, Series 2006-1, Cl A3 5.010%, 09/15/10		2,975		2,977
USAA Auto Owner Trust, Series 2004-1, Cl A3 2.060%, 04/15/08		100		99
Wachovia Auto Owner Trust, Series 2005-A, Cl A3 4.060%, 09/21/09		3,000		2,979
WFS Financial Owner Trust, Series 2005-3, Cl A4 4.390%, 05/17/13		2,350		2,330
World Omni Auto Receivables Trust, Series 2005-A, Cl A3 3.540%, 06/12/09		2,577		2,557
				25,272
Credit Cards — 5.2%
Bank One Issuance Trust, Series 2003-A7, Cl A7 3.350%, 03/15/11		3,000		2,933
Citibank Credit Card Issuance Trust, Series 2003-A3, Cl A3 3.100%, 03/10/10		1,900		1,855
MBNA Credit Card Master Note Trust, Series 2003-A11, Cl A11 3.650%, 03/15/11		3,800		3,719
				8,507
Mortgage Related — 1.8%
Bear Stearns, Series 1999-2, Cl AF2 7.910%, 10/25/29 (C)		259		261
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2002-2, Cl 1A6 5.214%, 08/25/13		2,407		2,406

24

	Par (000)		Value (000)
ASSET BACKED SECURITIES — continued
Mortgage Related — continued
GE Capital Mortgage Services, Series 1999-HE1, Cl A7 6.265%, 04/25/29	$	354	$	356
				3,023
Total Asset Backed Securities (Cost $ 36,717)				36,802
U.S. TREASURY OBLIGATIONS — 22.2%
U.S. Treasury Notes — 22.2%
4.875%, 10/31/08#		15,845		15,919
4.875%, 05/15/09#		20,555		20,721
Total U.S. Treasury Obligations (Cost $ 36,564)				36,640
CORPORATE BONDS — 16.3%
Automotive — 0.3%
DaimlerChrysler NA Holdings 5.640%, 03/07/07 (A)		440		440
Banks — 0.3%
National Westminster Bank PLC 7.375%, 10/01/09		538		572
Energy — 0.3%
Dominion Resources 5.125%, 12/15/09		550		550
Financials — 11.9%
Associates Corp. of North America 8.550%, 07/15/09		1,250		1,356
Bank of America 6.625%, 08/01/07		1,525		1,536
Bear Stearns 2.875%, 07/02/08		1,000		967
Caterpillar Financial Services (MTN) 4.500%, 09/01/08		1,480		1,465
CIT Group 5.000%, 11/24/08		1,000		999
General Electric Capital (MTN) 5.250%, 10/27/09		2,000		2,019
Goldman Sachs 6.650%, 05/15/09		1,045		1,086
HSBC Finance 5.875%, 02/01/09#		1,715		1,744
International Lease Finance (MTN) 3.125%, 05/03/07		1,250		1,239
JPMorgan Chase 6.375%, 04/01/08		1,750		1,774
Merrill Lynch (MTN) 4.831%, 10/27/08		735		732
Republic New York 7.750%, 05/15/09		720		767
Residential Capital 6.125%, 11/21/08		410		415
SLM (MTN) 4.000%, 01/15/09		1,022		999
US Bancorp 6.875%, 09/15/07		715		722
Wachovia 6.400%, 04/01/08	$	1,700	$	1,727
				19,547
Insurance — 0.9%
Allstate Life Global Funding Trusts 3.850%, 01/25/08		1,000		986
Reliastar Financial 6.500%, 11/15/08		425		435
				1,421
Real Estate Investment Trusts — 0.9%
EOP Operating 7.750%, 11/15/07		475		486
iStar Financial 5.788%, 03/03/08 (A)		650		652
Simon Property Group LP 6.375%, 11/15/07		425		429
				1,567
Telecommunications — 1.0%
GTE 6.460%, 04/15/08		1,255		1,273
Sprint Capital 6.000%, 01/15/07		400		400
				1,673
Transportation — 0.3%
FedEx 5.500%, 08/15/09		500		505
Utilities — 0.4%
MidAmerican Energy Holdings 4.625%, 10/01/07		665		661
Total Corporate Bonds (Cost $ 27,030)				26,936
U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 15.1%
Federal Home Loan Mortgage Corporation — 4.3%
6.000%, 05/01/21		3,367		3,429
5.500%, 01/01/07		116		116
5.500%, 02/01/10		400		402
5.500%, 06/01/10		450		452
5.000%, 10/01/09		972		966
3.500%, 09/01/08		1,848		1,798
				7,163
Federal National Mortgage Association — 10.8%
7.500%, 07/01/08		15		15
5.563%, 09/01/36 (A)		2,387		2,406
5.500%, 10/01/09		373		375
5.500%, 09/01/17		2,318		2,336
5.225%, 12/01/34 (A)		1,295		1,290
5.000%, 11/01/12		1,545		1,540
4.880%, 07/01/34 (A)		2,334		2,324
4.876%, 04/01/35 (A)		3,294		3,259
4.657%, 11/01/32 (A)		671		679
4.338%, 10/01/33 (A)		1,343		1,337

25

Allegiant Limited Maturity Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — continued
Federal National Mortgage Association — continued
3.992%, 08/01/33 (A)	$	2,187	$	2,139
				17,700
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $25,064)				24,863
	Number of Shares
AFFILIATED MONEY MARKET FUND — 1.1%
Allegiant Advantage Institutional Money Market Fund, Class I† (Cost $1,658)		1,657,910		1,658
Total Investments Before Collateral for Loaned Securities – 99.9% (Cost $164,910)‡				164,706
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 23.7%
Master Note — 3.0%
Bank of America 5.383%, 12/01/06	$	5,000		5,000
Medium Term Notes — 5.7%
First Tennessee Bank 5.339%, 04/18/07 (A)		5,000		5,002
SLM Student Loan Trust 5.320%, 12/07/06 (A)		4,450		4,451
				9,453
Repurchase Agreement — 15.0%
Lehman Brothers 5.363%, 12/01/06		24,697		24,697
Total Short Term Investments Held as Collateralfor Loaned Securities (Cost $39,150)				39,150
TOTAL INVESTMENTS — 123.6% (Cost $204,060)*				203,856
Other Assets & Liabilities — (23.6)%
Dividends Payable
Class I				(294	)
Class A				(3	)
Investment Advisory Fees Payable				(48	)
12b-1 Fees Payable
Class I				(23	)
Class A				(1	)
Administration Fees Payable				(8	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(15	)
Payable for Collateral for Loaned Securities				(39,150	)
Payable for Shares of Beneficial Interest Redeemed				(232	)
Other				807
Total Other Assets & Liabilities				(38,969	)
TOTAL NET ASSETS — 100.0%			$	164,887

Net Assets:
Shares of Beneficial Interest (Unlimited
Authorization — No Par Value)		175,550
Distributions in Excess of Net Investment Income		(369	)
Accumulated Net Realized Loss on Investments		(10,090	)
Net Unrealized Depreciation on Investments		(204	)
Total Net Assets	$	164,887
Net Asset Value, Offering and Redemption Price Per
Share — Class I ($159,863,700 ÷ 16,291,294 outstanding shares of beneficial interest)	$	9.81
Net Asset Value and Redemption Price Per
Share — Class A ($3,834,088 ÷ 389,609 outstanding shares of beneficial interest)	$	9.84
Maximum Offering Price Per Share — Class A ($9.84 ÷ 98.00%)	$	10.04
Net Asset Value and Offering Price Per
Share — Class B ($690,912 ÷ 70,208 outstanding shares of beneficial interest)	$	9.84
Net Asset Value and Offering Price Per
Share — Class C ($497,805 ÷ 50,603 outstandingshares of beneficial interest)	$	9.84

* Aggregate cost for Federal income tax purposes is (000) $204,061.

Gross unrealized appreciation (000)	$	551
Gross unrealized depreciation (000)		(756	)
Net unrealized depreciation (000)	$	(205	)

† 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) $38,350.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

(B) Par and Value are less than $500.

(C) Stepped Coupon Bond — the rate shown is the rate in effect on November 30, 2006.

Cl — Class

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Liability Company

See Notes to Financial Statements.

26

Allegiant Total Return Advantage Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 51.6%
U.S. Treasury Bonds — 7.6%
6.250%, 08/15/23	$	16,750	$	19,809
5.375%, 02/15/31#		8,630		9,570
				29,379
U.S. Treasury Notes — 44.0%
5.500%, 05/15/09#		6,000		6,138
4.875%, 05/31/08#		9,580		9,608
4.875%, 07/31/11#		76,075		77,448
4.875%, 08/15/16#		20,000		20,635
4.750%, 05/15/14#		21,790		22,211
3.250%, 08/15/08#		35,175		34,397
				170,437
Total U.S. Treasury Obligations (Cost $196,523)				199,816
CORPORATE BONDS — 17.1%
Aerospace — 0.1%
TransDigm 7.750%, 07/15/14 (A)		300		310
Automotive — 0.3%
Ford Motor 7.000%, 10/01/13		750		720
General Motors Acceptance Corporation 6.750%, 12/01/14		500		514
				1,234
Banks — 0.3%
Lloyds TSB Group PLC 6.267%, 11/14/16 (A) (B)		950		965
Cable — 0.5%
Comcast 5.875%, 02/15/18		1,215		1,223
CSC Holdings, Cl B 8.125%, 08/15/09		390		405
Rogers Cable 6.750%, 03/15/15		300		306
				1,934
Chemicals — 0.1%
Lyondell Chemical 8.250%, 09/15/16		425		444
Commercial Services — 0.4%
Beazer Homes USA 8.625%, 05/15/11		450		464
Time Warner 6.500%, 11/15/36		935		958
				1,422
Consumer Non-Cyclical — 0.7%
ACCO Brands 7.625%, 08/15/15		400		395
GSC Holdings 8.000%, 10/01/12#		590		618
Iron Mountain 7.750%, 01/15/15		390		400
Quiksilver 6.875%, 04/15/15		350		343
Walt Disney 5.625%, 09/15/16		1,045		1,073
				2,829
Consumer Services — 1.5%
Avis Budget Car Rental 7.750%, 05/15/16 (A)		675		652
Caesars Entertainment 8.125%, 05/15/11		345		358
Clear Channel Communications 5.500%, 12/15/16#		800		662
Education Management 8 .750%, 06/01/14 (A)		500		518
H&E Equipment Services 8.375%, 07/15/16		300		311
Hertz 8 .875%, 01/01/14 (A)		300		313
Mandalay Resort Group 6.500%, 07/31/09		250		254
MGM Mirage 8.375%, 02/01/11		800		836
Mohegan Tribal Gaming Authority 8.000%, 04/01/12		155		162
Royal Caribbean Cruises 7.250%, 06/15/16		400		411
Station Casinos 6.000%, 04/01/12 (C)		740		714
Vail Resorts 6.750%, 02/15/14		380		379
Wynn Las Vegas LLC 6.625%, 12/01/14		225		223
				5,793
Consumer Staples — 0.2%
Del Monte 8.625%, 12/15/12		560		594
Energy — 1.0%
Chesapeake Energy 7 .500%, 06/15/14		740		768
ConocoPhillips Canada Funding 5.950%, 10/15/36		1,000		1,057
Denbury Resources 7.500%, 04/01/13		725		739
MarkWest Energy Partners 8.500%, 07/15/16 (A)		300		304
PHI 7.125%, 04/15/13 (A)		300		290
Southern Union 7.200%, 11/01/45 (B)		720		729
				3,887
Financials — 7.1%
Bank of America 7.800%, 09/15/16		3,300		3,923
Citigroup 7.250%, 10/01/10		3,045		3,279
General Electric Capital 6.750%, 03/15/32		3,000		3,557
Global Cash Access LLC 8.750%, 03/15/12		420		446
Goldman Sachs 6.450%, 05/01/36		1,340		1,442

27

Allegiant Total Return Advantage Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
CORPORATE BONDS — continued
Financials — continued
HSBC Finance 6.375%, 10/15/11	$	2,175	$	2,297
HSBC Holdings 6.500%, 05/02/36		700		779
International Lease Finance 5.000%, 04/15/10		875		872
JPMorgan Chase Capital 5.875%, 03/15/35#		1,925		1,933
KeyBank 5.800%, 07/01/14		800		826
Lehman Brothers Holdings (MTN) 5.750%, 05/17/13		600		617
Merrill Lynch 6.050%, 05/16/16		1,250		1,315
Morgan Stanley 4.750%, 04/01/14		1,635		1,584
MUFG Capital Finance 1 6.346%, 07/25/16(B)		725		750
NRG Energy 7.250%, 02/01/14		740		742
Residential Capital 6.500%, 04/17/13		1,100		1,143
UBS Preferred Funding Trust V 6.243%, 05/15/16(B)		550		579
USB Capital IX 6.189%, 04/15/11(B)		660		679
Wachovia Capital Trust III 5.800%, 08/29/49(B)		925		938
				27,701
Industrials — 1.0%
Ball 6.625%, 03/15/18		200		198
Caterpillar 6.050%, 08/15/36		925		994
Freescale Semiconductor 10.125%, 12/15/16(A)		500		508
K. Hovnanian Enterprises 8.625%, 01/15/17#		950		1,002
Stanley Works Capital Trust I 5.902%, 12/01/45(B)		750		711
Terex 9.250%, 07/15/11		390		409
				3,822
Insurance — 1.1%
American General Finance (MTN) 3.875%, 10/01/09#		805		780
Assurant 6.750%, 02/15/34		950		1,059
ING Groep NV 5.775%, 12/29/49(B)		1,500		1,512
Protective Life Secured Trust 4.850%, 08/16/10		950		947
				4,298
Media — 0.4%
DIRECTV Group 8.375%, 03/15/13		736		768
Echostar DBS 7.125%, 02/01/16		500		499
Sinclair Broadcast Group 8.750%, 12/15/11		285		298
				1,565
Real Estate — 0.3%
WEA Finance LLC 5.700%, 10/01/16 (A)		1,150		1,171
Real Estate Investment Trusts — 0.3%
iStar Financial 5.950%, 10/15/13 (A)		1,250		1,275
Sovereign Agency — 0.0%
Idearc 8.000%, 11/15/16 (A)		150		153
Technology — 0.1%
Sungard Data Systems 10.250%, 08/15/15		400		426
Telecommunications — 0.7%
GTE 6.940%, 04/15/28		1,660		1,776
Telecom Italia Capital SA 5.250%, 11/15/13		1,085		1,050
				2,826
Transportation — 0.4%
FedEx 6.720%, 01/15/22		1,347		1,467
Utilities — 0.6%
Midamerican Energy Holdings 6.125%, 04/01/36		1,125		1,184
Tampa Electric 6.550%, 05/15/36		925		1,017
				2,201
Total Corporate Bonds (Cost $64,874)				66,317
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.8%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Cl A4A 4.871%, 09/11/42		4,100		4,035
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Cl A4 5.400%, 07/15/44# (B)		5,300		5,369
CS First Boston Mortgage Securities, Series 2005-C6, Cl A4 5.230%, 12/15/40 (B)		4,500		4,535
Fannie Mae, Series 2003-69, Cl PM 3.500%, 07/25/33		4,384		3,994
Fannie Mae, Series 2005-87, Cl NH 5.000%, 10/25/25		9,750		9,333
First Horizon Mortgage Trust, Series 2004-4, Cl 2A3 4.500%, 07/25/19		4,294		4,051
Residential Funding Mortgage Securities, Series 2004-S6, Cl 3A2 4.500%, 06/25/19		7,200		6,745

28

	Par (000)			Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Wells Fargo Securities Trust, Series 2004-K, Cl 2A11 4.733%, 07/25/34 (B)	$	4,000		$	3,885
Total Collateralized Mortgage Obligations (Cost $41,349)					41,947
U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 8.6%
Federal Home Loan Mortgage Corporation — 0.0%
8.750%, 05/01/08		—	(D)		—	(D)
7.500%, 12/01/10		—	(D)		—	(D)
					—
Federal National Mortgage Association — 8.6%
5.500%, 09/01/17		4,310			4,345
5.500%, 11/01/21		2,550			2,563
5.000%, 06/01/20		4,886			4,844
5.000%, 11/01/21		2,125			2,106
4.876%, 04/01/35 (B)		9,059			8,961
4.500%, 09/01/35		11,202			10,664
					33,483
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $33,686)					33,483
ASSET BACKED SECURITIES — 4.7%
Automotive — 0.8%
WFS Financial Owner Trust, Series 2005-3, Cl A4 4.390%, 05/17/13		3,325			3,297
Credit Cards — 3.0%
Bank One Issuance Trust, Series 2002-A1, Cl A1 5.430%, 01/15/10 (B)		5,000			5,006
Citibank Credit Card Issuance Trust, Series 2006-A5, Cl A5 5.300%, 05/20/11		6,700			6,772
					11,778
Other — 0.9%
Atlantic City Electric Transition Funding LLC, Series 2002-1, Cl A4 5.550%, 10/20/23		3,175			3,312
Total Asset Backed Securities (Cost $18,124)					18,387
U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.5%
Federal Home Loan Bank — 4.0%
6.500%, 08/15/07		3,800			3,836
5.147%, 12/01/06 (DN) (E)		500			500
4.750%, 03/14/08		11,300			11,282
					15,618
Federal Home Loan Mortgage Corporation — 0.0%
4.000%, 08/17/07		95			94
Federal National Mortgage Association — 0.5%
4.750%, 08/03/07		1,725			1,721
Total U.S. Government Agency Obligations (Cost $17,428)					17,433
NON-AGENCY MORTGAGE-BACKED SECURITY — 0.0%
Thirty-Seventh FHA Insurance Project 7.430%, 05/01/22 (C) (F)		46			46
(Cost $46)
	Number of Shares
AFFILIATED MONEY MARKET FUND — 2.3%
Allegiant Advantage Institutional Money Market Fund, Class I†		8,585,447			8,585
(Cost $8,585)
Total Investments Before Collateral for Loaned Securities – 99.6% (Cost $380,615)					386,014
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 45.5%
Master Notes — 12.0%
Bank of America 5.383%, 12/01/06		12,500			12,500
Bear Stearns 5.463%, 12/06/06		16,500			16,500
JPMorgan 5.393%, 12/15/06		17,500			17,500
					46,500
Medium Term Notes — 7.1%
First Tennessee Bank 5.339%, 04/18/07 (B)		7,500			7,503
Liquid Funding LLC 5.350%, 11/30/07 (B)		5,000			4,999
Natexis Banque NY 5.375%, 05/08/07 (B)		5,000			5,000
SLM Student Loan Trust 5.320%, 12/07/06 (B)		10,000			10,001
					27,503
Repurchase Agreement — 26.4%
Lehman Brothers 5.363%, 12/01/06		102,602			102,603
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $176,606)‡					176,606
TOTAL INVESTMENTS — 145.1% (Cost $557,221)*				$	562,620

29

Allegiant Total Return Advantage Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Value (000)
Other Assets & Liabilities — (45.1)%
Dividends Payable
Class I	$	(978	)
Class A		(5	)
Class B		(1	)
Investment Advisory Fees Payable		(126	)
12b-1 Fees Payable
Class I		(39	)
Class A		(1	)
Administration Fees Payable		(19	)
Custody Fees Payable		(2	)
Trustees’ Fees Payable		(20	)
Payable for Collateral for Loaned Securities		(176,606	)
Payable for Investments Purchased		(1,941	)
Payable for Shares of Beneficial Interest Redeemed		(290	)
Other		5,024
Total Other Assets & Liabilities		(175,004	)
TOTAL NET ASSETS — 100.0%	$	387,616
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	386,444
Distributions in Excess of Net Investment Income		(413	)
Accumulated Net Realized Loss on Investments		(3,831	)
Net Unrealized Appreciation on Investments		5,416
Total Net Assets	$	387,616
Net Asset Value and Redemption Price Per Share — Class I($377,456,293 ÷ 37,046,516 outstanding shares of beneficial interest)	$	10.19
Net Asset Value and Redemption Price Per Share — Class A($8,653,561 ÷ 848,944 outstanding shares of beneficial interest)	$	10.19
Maximum Offering Price Per Share- Class A ($10.19 ÷ 95.50%)	$	10.67
Net Asset Value and Redemption Price Per Share — Class B($1,226,876 ÷ 120,002 outstanding shares of beneficial interest)	$	10.22
Net Asset Value and Redemption Price Per Share — Class C($279,513 ÷ 27,378 outstanding shares of beneficial interest)	$	10.21

* Aggregate cost for Federal income tax purposes is (000) $557,567.

Gross unrealized appreciation (000)	$	5,703
Gross unrealized depreciation (000)		(650	)
Net unrealized appreciation (000)	$	5,053

† 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) $172,979.

(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) $6,459 and represents 1.7% of net assets as of November 30, 2006.

(B) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

(C) Illiquid Security. Total market value of illiquid securities is (000) $760 and represents 0.2% of net assets as of November 30, 2006.

(D) Par and Value are less than $500.

(E) Zero Coupon Bond — the rate shown is the effective yield at purchase date.

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

Cl — Class

DN — Discount Note

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 Appreciation (000)
12/07	Buy	JPY 720,000	$	6,228	$	6,245	$	17

JPY — Japanese Yen

Total Return Swap Agreement:

	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation) (000)
Agreement with Lehman Brothers to receive monthly total returns on Lehman High Yield Index and pay monthly a floating rate based on 1–month LIBOR minus 0.20%	04/01/07	$	5,000	$	—

Assets in an amount at least equal to the Notional Cost Amount of the Total Return Swap Agreement have been segregated by the Fund.

See Notes to Financial Statements.

30

Allegiant Ultra Short Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
ASSET BACKED SECURITIES — 25.2%
Automotive — 18.5%
BMW Vehicle Owner Trust, Series 2005-A, Cl A3 4.040%, 02/25/09	$	1,798	$	1,789
Carmax Auto Owner Trust, Series 2005-2, Cl A2 4.100%, 05/15/08		662		662
Chase Manhattan Auto Owner Trust, Series 2006-B, Cl A2 5.280%, 10/15/09		1,520		1,522
DaimlerChrysler Auto Trust, Series 2005-B, Cl A3 4.040%, 09/08/09		1,808		1,797
Nissan Auto Receivables Owner Trust, Series 2005-B, Cl A3 3.990%, 07/15/09		1,374		1,364
Nissan Auto Receivables Owner Trust, Series 2004-B, Cl A3 3.350%, 05/15/08		927		921
USAA Auto Owner Trust, Series 2004-3, Cl A3 3.160%, 02/17/09		898		891
Wachovia Auto Owner Trust, Series 2005-A, Cl A3 4.060%, 09/21/09		2,250		2,234
WFS Financial Owner Trust, Series 2003-3, Cl A4 3.250%, 05/20/11		1,311		1,297
World Omni Auto Receivables Trust, Series 2004-A, Cl A3 3.290%, 11/12/08		735		732
World Omni Auto Receivables Trust, Series 2005-A, Cl A3 3.540%, 06/12/09		1,452		1,441
				14,650
Credit Cards — 4.4%
Bank One Issuance Trust, Series 2002-A3, Cl A3 3.590%, 05/17/10		2,000		1,976
Citibank Credit Card Issuance Trust, Series 2003-A3, Cl A3 3.100%, 03/10/10		1,500		1,464
				3,440
Energy — 1.9%
Peco Energy Transition Trust, Series 1999-A, Cl A7 6.130%, 03/01/09		1,480		1,497
Utilities — 0.4%
Oncor Electric Delivery, Transition Bond, Series 2003-1, Cl A1 2.260%, 02/15/09		315		314
Total Asset Backed Securities (Cost $19,861)				19,901
COLLATERALIZED MORTGAGE OBLIGATIONS — 24.4%
Bank of America Mortgage Securities, Series 2003-A, Cl 1A1 6.487%, 02/25/33 (A)		45		46
Chase Mortgage Finance, Series 2004-S3, Cl 2A1 5.250%, 03/25/34		2,046		2,033
Credit Suisse First Boston Mortgage Securities, Series 2004-C1, Cl A2 3.516%, 01/15/37		2,000		1,950
Fannie Mae, Series 2002-61, Cl PE 5.500%, 05/25/16		1,813		1,812
Fannie Mae, Series 2003-35, Cl MB 4.500%, 06/25/13		2,773		2,753
Fannie Mae, Series 2003-60, Cl PA 3.500%, 04/25/19		1,338		1,315
Fannie Mae, Series 2005-51, Cl PA 5.500%, 01/25/25		2,278		2,283
Freddie Mac, Series 1602, Cl PH 6.000%, 04/15/23		1,481		1,482
Freddie Mac, Series 2513, Cl JC 5.000%, 06/15/14		1,385		1,381
Freddie Mac, Series 2527, Cl BN 5.000%, 02/15/16		1,662		1,651
Freddie Mac, Series 2660, Cl MH 3.500%, 05/15/18		120		120
Freddie Mac, Series 2714 Cl CK 4.000%, 06/15/24		907		897
Ginnie Mae, Series 2002-76, Cl TA 4.500%, 12/16/29		168		165
Washington Mutual, Series 2002-AR10, Cl A6 4.816%, 10/25/32 (A)		1,402		1,395
Total Collateralized Mortgage Obligations (Cost $19,338)				19,283
U.S. TREASURY OBLIGATIONS — 20.4%
U.S. Treasury Notes — 20.4%
4.375%, 01/31/08#		9,960		9,914
3.250%, 08/15/08#		6,325		6,185
Total U.S. Treasury Obligations (Cost $16,084)				16,099
U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.2%
Federal Home Loan Mortgage Corporation — 6.4%
4.625%, 02/21/08		5,100		5,083
Federal National Mortgage Association — 6.8%
2.375%, 02/15/07 #		5,360		5,330
Total U.S. Government Agency Obligations (Cost $10,395)				10,413
CORPORATE BONDS — 9.2%
Automotive — 0.4%
DaimlerChrysler NA Holdings 5.640%, 03/07/07 (A)		315		315
Banks — 0.6%
Republic New York 5.875%, 10/15/08		445		450

31

Allegiant Ultra Short Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
CORPORATE BONDS — continued
Financials — 6.0%
Bank of America 6.625%, 08/01/07	$	887	$	894
Citigroup 5.431%, 11/01/07 (A)		1,000		1,002
JPMorgan Chase 6.700%, 11/01/07		1,250		1,267
SLM (MTN) 3.625%, 03/17/08		865		846
UBS Paine Webber Group 7.625%, 10/15/08		740		779
				4,788
Insurance — 0.6%
Reliastar Financial 6.500%, 11/15/08		500		512
Real Estate Investment Trusts — 1.1%
EOP Operating 7.750%, 11/15/07		575		589
Simon Property Group LP 6.375%, 11/15/07		250		252
				841
Utilities — 0.5%
MidAmerican Energy Holdings 4.625%, 10/01/07		400		398
Total Corporate Bonds (Cost $7,316)				7,304
U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 5.8%
Federal National Mortgage Association — 5.8%
5.500%, 12/01/11		2,295		2,307
5.146%, 01/01/36 (A)		2,307		2,308
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $4,632)				4,615
	Number of Shares
AFFILIATED MONEY MARKET FUND — 1.3%
Allegiant Money Market Fund, Class I† (Cost $1,035)		1,035,381		1,035
Total Investments Before Collateral for Loaned Securities – 99.5% (Cost $78,661)				78,650
	Par (000)
SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 21.8%
Master Notes — 9.2%
Bank of America 5.383%, 12/01/06	$	2,500		2,500
Bear Stearns 5.463%, 12/06/06		3,000		3,000
JPMorgan 5.393%, 12/15/06		1,750		1,750
				7,250
Repurchase Agreement — 12.6%
Lehman Brothers 5.363%, 12/01/06		9,983		9,983
Total Short Term Investments Held as Collateral for Loaned Securities (Cost $17,233)‡				17,233
TOTAL INVESTMENTS — 121.3%
(Cost $95,894)*				95,883
Other Assets & Liabilities — (21.3)%
Dividends Payable Class I				(111	)
Investment Advisory Fees Payable				(13	)
12b-1 Fees Payable Class I				(8	)
Administration Fees Payable				(4	)
Custody Fees Payable				(1	)
Trustees’ Fees Payable				(11	)
Payable for Collateral for Loaned Securities				(17,233	)
Other				531
Total Other Assets & Liabilities				(16,850	)
TOTAL NET ASSETS — 100.0%			$	79,033
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	82,129
Undistributed Net Investment Income				285
Accumulated Net Realized Loss on Investments				(3,370	)
Net Unrealized Depreciation on Investments				(11	)
Total Net Assets			$	79,033
Net Asset Value, Offering and Redemption Price Per Share — Class I ($ 77,588,213 ÷ 7,842,101 outstanding shares of beneficial interest)			$	9.89
Net Asset Value and Redemption Price Per Share — Class A ($1,444,634 ÷ 146,174outstanding 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) $95,895.

Gross unrealized appreciation (000)	$	159
Gross unrealized depreciation (000)	$	(171	)
Net unrealized depreciation (000)	$	(12	)

† 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) $16,753.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2006.

Cl — Class

LP — Limited Partnership

MTN — Medium Term Note

See Notes to Financial Statements.

32

Allegiant Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL BONDS — 99.1%
Arizona — 1.5%
Tucson Street & Highway User Authority (RB) Series A (MBIA) 7.000%, 07/01/11	$	1,500	$	1,718
California — 0.3%
Foothill/Eastern Corridor Capital Appreciation (RB) (ETM) (FSA) 4.894%, 01/01/29 (A)		1,000		391
Colorado — 1.6%
Colorado Water Resource Power Development Authority (RB) Series A 6.300%, 09/01/14		35		35
El Paso County Colonial Falcon School District Number 49, Prerefunded 12/01/11 @ 100 (GO) (FGIC) 5.750%, 12/01/15		1,665		1,834
				1,869
Florida — 5.1%
Florida Board of Education (GO) (ETM) 9.125%, 06/01/14		135		180
Florida Board of Education Capital Outlay (GO) Series D 5.750%, 06/01/22		1,000		1,075
Gulf Breeze Capital Funding (RB) Series A (MBIA) (VRDN) 3.800%, 12/01/17		1,000		1,092
Hillsborough County Capital Improvement, Mosi & County Center Project (RB) (MBIA) 5.000%, 07/01/16		1,750		1,937
Orlando & Orange County Expressway Authority (RB) Series A (AMBAC) 5.250%, 07/01/16		1,500		1,642
				5,926
Georgia — 6.3%
Atlanta Water & Waste Water Authority (RB) Series A (FGIC) 5.500%, 11/01/13		2,000		2,221
Fulton County Development Authority, Georgia Tech Athletic Association (RB) (AMBAC) 5.500%, 10/01/17		1,750		1,930
Georgia Municipal Electric Authority (RB) Series X (MBIA) 6.500%, 01/01/12		2,000		2,162
Georgia State (GO) Series B 6.650%, 03/01/09		1,000		1,068
				7,381
Hawaii — 1.9%
Honolulu City & County (GO) Series C (MBIA) 5.000%, 07/01/20		2,000		2,173
Illinois — 8.4%
Champaign County Community United School District Number 116 Urbana (GO) (FGIC) 5.375%, 01/01/15		1,735		1,944
Chicago (GO) Series A (MBIA) 5.500%, 01/01/14		160		173
Chicago, Prerefunded 01/01/11 @ 101 (GO) Series A (MBIA) 5.500%, 01/01/14		740		801
Illinois Highway Toll Authority (RB) Series A (FSA) 5.500%, 01/01/13		1,000		1,104
Illinois Sales Tax Program (RB) Series Q 6.000%, 06/15/12		1,000		1,091
Illinois State (GO) (FGIC) 5.500%, 02/01/16		1,000		1,087
Lake County Community Consolidated School District Number 50, Prerefunded 12/01/08 @ 100 (GO) Series A (FGIC) 6.000%, 12/01/20		1,000		1,048
Lake County Community Consolidated School District Number 50, Woodland (GO) (FSA) 5.000%, 01/01/19		1,280		1,400
University of Illinois (RB) (MBIA) 5.000%, 04/01/18		1,000		1,095
				9,743
Indiana — 14.7%
Ball State University, Housing and Dining System (RB) (FSA) 5.000%, 07/01/21		2,190		2,376
East Chicago Elementary School Building Corporation, First Mortgage (RB) 6.250%, 01/05/16		1,750		1,958
Fort Wayne South Side School Building Corporation, First Mortgage (RB) (FSA) 4.750%, 07/15/11		500		509
Hammond Multi-School Building Corporation, First Mortgage (RB) Series B (ETM) 6.000%, 01/15/18		1,000		1,165
Indiana Transportation Finance Authority (RB) Series C (FGIC) 5.500%, 12/01/15		1,000		1,138
Indiana University (RB) Series 0 (FGIC) 5.000%, 08/01/21		1,375		1,469
Indianapolis Local Improvement Project (RB) Series D (AMBAC) 5.375%, 02/01/17		1,250		1,326
Purdue University (COP) 5.250%, 07/01/21		3,240		3,711
Wawasee Community School Corporation (RB) (FSA) 5.000%, 07/15/18		1,000		1,111
Westfield High School Building Corporation (RB) (FSA) 5.000%, 07/15/18		2,135		2,352
				17,115
Massachusetts — 2.4%
Massachusetts Bay Transportation Authority, General Transportation Systems Project (RB) Series A 5.750%, 03/01/18		655		658

33

Allegiant Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

November 30,2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Massachusetts — continued
Massachusetts, Prerefunded 08/01/12 @ 100 (GO) Series D (MBIA) 5.375%, 08/01/20	$	2,000	$	2,182
				2,840
Michigan — 4.5%
Byron Center Public School (GO) (MBIA) 8.250%, 05/01/08		1,380		1,469
Goodrich Area School District (GO) Series A (FSA) 5.750%, 05/01/12		600		665
Grand Valley State University, Prerefunded 12/01/10 @ 100 (RB) (FGIC) 5.750%, 12/01/14		1,370		1,483
Michigan Municipal Bond Authority (RB) Series A 5.250%, 06/01/12		1,470		1,591
				5,208
Mississippi — 1.1%
Mississippi Development Bank Special Obligation, Biloxi Mississippi Project (RB) Series A (AMBAC) 5.000%, 11/01/14		1,190		1,304
Missouri — 3.2%
Missouri Environmental Improvement Authority, Revolving Fund Program (RB) Series B 5.500%, 07/01/16		1,000		1,144
Missouri State Health and Educational Facilities Authority, St. Louis University Project (RB) Series A (MBIA) (VRDN) 3.720%, 10/01/35		2,600		2,600
				3,744
Nevada — 3.8%
Clark County (GO) (AMBAC) 5.000%, 11/01/18		2,000		2,198
Clark County School District, Prerefunded 12/15/11 @ 100 (GO) Series F (FSA) 5.500%, 06/15/17		1,000		1,091
Nevada (GO) Series A-1 6.000%, 05/15/09		1,000		1,056
				4,345
New Jersey — 1.0%
New Jersey State Transportation Trust Fund Authority, Transportation System (RB) Series B (FGIC) 5.250%, 12/15/14		1,000		1,111
New Mexico — 1.2%
New Mexico Finance Authority (RB) (MBIA) 5.000%, 06/15/19		1,310		1,435
New York — 2.2%
Buffalo Sewer Authority (RB) Series F (FGIC) 6.000%, 07/01/13		1,300		1,487
New York State Power Authority, Prerefunded 01/01/10 @ 100 (RB) 7.000%, 01/01/18		1,000		1,102
				2,589
North Carolina — 1.1%
Iredell County, Iredell County School Project (COP) (AMBAC) 5.000%, 06/01/14		1,140		1,252
Ohio — 8.4%
Butler County Transportation Improvement, Prerefunded 04/01/08 @ 102 (RB) Series A (FSA) 6.000%, 04/01/10		1,000		1,051
5.500%, 04/01/09		1,150		1,202
Cleveland Public Power Systems, First Mortgage (RB) Series 1 (MBIA) 6.000%, 11/15/10		995		1,084
Delaware County Capital Facilities, Prerefunded 12/01/10 @ 101 (GO) 6.000%, 12/01/12		545		600
Forest Hills Local School District (GO) (MBIA) 6.000%, 12/01/09		830		889
Ohio Department of Administrative Services Office Project (COP) (AMBAC) 5.000%, 12/15/12		1,010		1,044
Ohio Housing Finance Agency, Single-Family Housing Mortgage, Prerefunded 01/15/13 @ 81.88 (RB) (FGIC) | 6.399%, 01/15/15 (A)		1,340		872
Ohio State Higher Educational Facilities Commission, Case Western Reserve University Project (RB) 6.250%, 10/01/17		1,310		1,594
Ohio State Higher Educational Facilities Commission, University of Dayton 2001 Project (RB) (AMBAC) 5.500%, 12/01/11		300		327
Perrysburg Exempted Village School District (GO) 5.350%, 12/01/25		1,000		1,063
				9,726
Oklahoma — 2.4%
Grand River Dam Authority (RB) (AMBAC) 6.250%, 06/01/11		2,500		2,777
Pennsylvania — 0.7%
State Public School Building Authority, Montgomery County Community College Project (RB) 4.600%, 05/01/12		160		168
Westmoreland County Capital Appreciation (RB) Series A (MBIA) 5.041%, 08/15/23 (A)		1,345		665
				833
South Carolina — 2.1%
Charleston County Public Improvement (GO) 6.000%, 09/01/09		1,000		1,065

34

	Par (000)		Value (000)
MUNICIPAL BONDS — continued
South Carolina — continued
South Carolina State Public Service Authority (RB) Series B (MBIA) 5.000%, 01/01/19	$	1,200	$	1,312
				2,377
Tennessee — 1.8%
Memphis Electrical System (RB) Series A (MBIA) 5.000%, 12/01/11		2,000		2,135
Texas — 11.1%
Alamo Community College District (GO) Series A (MBIA) 5.000%, 08/15/18		1,405		1,533
Austin Water & Wastewater System (RB) (MBIA) 5.000%, 11/15/17		1,430		1,580
Austin Water & Wastewater System (RB) Series A (AMBAC) 5.500%, 11/15/14		1,000		1,130
Comal Independent School District (GO) (PSF-GTD) 5.500%, 02/01/19		500		535
Conroe Independent School District (GO) 5.500%, 02/15/15		195		203
Houston (GO) Series E (AMBAC) 5.000%, 03/01/15		1,500		1,642
Houston Water & Sewer System, Prerefunded 12/01/11 @ 100 (RB) Series A (FSA) 5.500%, 12/01/13		700		761
Houston Water & Sewer System (RB) Series A (FSA) 5.500%, 12/01/13		800		875
Lewisville Independent School District (GO) (PSF-GTD) 5.000%, 08/15/16		1,000		1,103
Robinson Independent School District (GO) (PSF-GTD) 5.750%, 08/15/12		575		608
Texas State Water Financial Assistance (GO) 5.500%, 08/01/17		1,125		1,214
United Independent School District, Prerefunded 08/15/12 @ 100 (GO) (PSF-GTD) 5.375%, 08/15/16		1,585		1,735
				12,919
Utah — 1.8%
Intermountain Power Agency (RB) Series E (FSA) 6.250%, 07/01/09		2,000		2,132
Virginia — 1.9%
Virginia College Building Authority, Higher Education Financing Program (RB) Series A 5.000%, 09/01/15		1,975		2,184
Washington — 6.3%
King County School District Number 406 South Central (GO) (FSA) 5.000%, 12/01/17		2,000		2,181
King County School District Number 412 Shoreline (GO) (FSA) 5.250%, 12/01/17		1,000		1,110
Seattle Municipal Light & Power (RB) 5.625%, 12/01/18		2,000		2,135
Washington State (GO) Series D (AMBAC) 5.000%, 01/01/15		1,700		1,862
				7,288
Wisconsin — 2.3%
Milwaukee (GO) Series B10 (AMBAC) 5.000%, 02/15/18		2,485		2,715
Total Municipal Bonds (Cost $111,169)				115,230
	Number of Shares
AFFILIATED MONEY MARKET FUND — 0.3%
Allegiant Tax-Exempt Money Market Fund, Class I† (Cost $363)		363,154		363
TOTAL INVESTMENTS — 99.4% (Cost $111,532)*				115,593
Other Assets & Liabilities — 0.6%
Dividends Payable
Class I				(337	)
Class A				(7	)
Investment Advisory Fees Payable				(38	)
12b-1 Fees Payable
Class I				(14	)
Class A				(1	)
Administration Fees Payable				(6	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(9	)
Payable for Investments Purchased				(3,669	)
Payable for Shares of Beneficial Interest Redeemed				(50	)
Other				4,787
Total Other Assets & Liabilities				654
TOTAL NET ASSETS — 100.0%			$	116,247

35

Allegiant Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

November 3 0, 2006 (Unaudited)

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	110,891
Distributions in Excess of Net Investment Income		(384	)
Undistributed Net Realized Gain on Investments		1,679
Net Unrealized Appreciation on Investments		4,061
Total Net Assets	$	116,247
Net Asset Value, Offering and Redemption Price Per Share — Class I ($ 109,895,248 ÷ 10,906,834 outstanding shares of beneficial interest)	$	10.08
Net Asset Value and Redemption Price Per Share — Class A ($5,924,709 ÷ 586,228 outstanding shares of beneficial interest)	$	10.11
Maximum Offering Price Per Share — Class A ($10.11 ÷ 97.00%)	$	10.42
Net Asset Value and Offering Price Per Share — Class B ($421,330 ÷ 41,839 outstanding shares of beneficial interest)	$	10.07
Net Asset Value and Offering Price Per Share — Class C ($6,032 ÷ 599 outstanding shares of beneficial interest)	$	10.07

* Aggregate cost for Federal income tax purposes is (000) $111,532.

Gross unrealized appreciation (000)	$	4,077
Gross unrealized depreciation (000)		(16)
Net unrealized appreciation (000)	$	4,061

† 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 — Federal 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 November 30, 2006, and the date shown is the final maturity date, not the next reset or put date.

Assets in an amount at least equal to the market value of when-issued and delayed delivery securities have been segregated by the Fund.

See Notes to Financial Statements.

36

Allegiant Michigan Intermediate Municipal Bond Fund

STATEMENT OF NET ASSETS

November 30,2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL BONDS — 97.8%
Michigan — 93.9%
Anchor Bay School District (GO) Series II (FGIC) 6.125%, 05/01/11	$	350	$	386
Byron Center Public School (GO) (MBIA) 8.250%, 05/01/09		1,380		1,527
Central Michigan University (RB) (FGIC) 5.000%, 10/01/18		1,000		1,025
Chippewa Valley School District, Prerefunded 05/01/12 @ 100 (GO) 5.500%, 05/01/16		1,000		1,096
Clarkston Community Schools (GO) (MBIA) 5.000%, 05/01/16		1,000		1,107
Detroit Downtown Development (GO) Series A (AMBAC) 6.250%, 07/15/11		1,600		1,774
Detroit Sewer Disposal (RB) Series C (FGIC) 5.250%, 07/01/16		1,600		1,807
Detroit Water Supply System (RB) (FGIC) 6.500%, 07/01/15		1,000		1,204
Detroit Water Supply System (RB) Series A (MBIA) 6.000%, 07/01/13		1,000		1,140
Detroit Water Supply System (RB) Series B (MBIA) 5.550%, 07/01/12		2,000		2,195
East Lansing Public Schools (GO) Series B (MBIA) 5.000%, 05/01/20		1,750		1,893
Forest Hills Public Schools (GO) 5.000%, 05/01/12		1,000		1,068
Goodrich Area School District (GO) Series A (FSA) 5.750%, 05/01/12		420		466
Grand Rapids Building Authority (RB) 5.000%, 04/01/15		1,570		1,721
Grand Rapids Community College (GO) (FSA) 5.000%, 05/01/17		1,315		1,452
Grand Rapids Sanitation & Sewer Systems (RB) Series A (FGIC) 5.375%, 01/01/16		1,535		1,739
Haslett Public School District (GO) (MBIA) 5.000%, 05/01/15		1,030		1,134
Ingham County Building Authority (GO) (MBIA) 5.000%, 07/01/16		1,010		1,110
Jenison Public Schools (GO) (FGIC) 5.250%, 05/01/12		1,000		1,084
Kalamazoo Hospital Finance Authority, Borgess Medical Center (RB) (ETM) Series A (FGIC) 6.125%, 07/01/07		520		521
Kalamazoo Public Schools (GO) (FSA) 5.000%, 05/01/17		1,000		1,104
Kent County Hospital Finance Authority, Butterworth Hospital Project (RB) Series A 7.250%, 01/15/13		5,000		5,517
Lake Orion Community School District (GO) (MBIA) 5.000%, 05/01/20		1,000		1,094
Lansing Building Authority (GO) (AMBAC) 5.000%, 06/01/19		1,130		1,235
Lansing Community College, College Building & Site (GO) (AMBAC) 5.000%, 05/01/16		1,000		1,107
Michigan State Building Authority, Facilities Program (RB) Series II (AMBAC) 5.000%, 10/15/15		2,350		2,598
Michigan State Environmental Protection Program (GO) 6.250%, 11/01/12		3,250		3,573
Michigan State Hospital Finance Authority, Harper-Grace Hospitals (RB) (ETM) 7.125%, 05/01/09		430		450
Michigan State Hospital Finance Authority, Henry Ford Health System (RB) (ETM) (AMBAC)
6.000%, 09/01/11		500		550
6.000%, 09/01/12		2,000		2,238
Michigan State Hospital Finance Authority (RB) (ETM) Series P (MBIA) 5.375%, 08/15/14		285		304
Michigan State Strategic Fund Limited Obligation, Detroit Edison Project (RB) Series AA (FGIC) 6.950%, 05/01/11		2,000		2,270
Michigan State Trunk Line (RB) (FSA) 5.250%, 11/01/16		1,170		1,325
Michigan State Trunk Line (RB) Series A (MBIA) 5.250%, 11/01/15		2,000		2,249
Mona Shores School District (GO) (FGIC) 6.750%, 05/01/09		2,075		2,225
Northwestern Michigan College (GO) (AMBAC) 5.000%, 04/01/18		1,035		1,127
Oakland County Economic Development Authority, Cranbrook Community Project (RB) 5.000%, 11/01/17		4,550		4,704
Paw Paw Public School District (GO) (FGIC) 6.500%, 05/01/09		1,000		1,037
Plainwell Community Schools (GO) (FSA) 5.000%, 05/01/18		1,000		1,090
South Lyon Community Schools (GO) (FGIC) 5.000%, 05/01/16		750		831
Troy City School District (GO) (MBIA) 5.000%, 05/01/14 5.000%, 05/01/17		1,525 1,175		1,668 1,297
Utica Community Schools, School Building and Site (GO) 5.500%, 05/01/17		500		557
Warren Woods Public Schools (GO) (FSA) 5.000%, 05/01/17		1,645		1,816
West Branch Rose City Area School District (GO) (FSA) 5.000%, 05/01/19		1,030		1,117
Western School District (GO) (MBIA) 5.900%, 05/01/10		1,680		1,809
				70,341

37

Allegiant Michigan Intermediate Municipal Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
Puerto Rico — 3.9%
Commonwealth of Puerto Rico Infrastructure Financing Authority (RB) Series C (AMBAC) 5.500%, 07/01/17	$	1,000	$	1,160
Commonwealth of Puerto Rico (GO) Series A (FSA) 5.500%, 07/01/17		1,500		1,740
				2,900
Total Municipal Bonds (Cost $69,174)				73,241
	Number of Shares
MONEY MARKET FUND — 0.1%
JPMorgan Michigan Municipal Money Market Fund (Cost $117)		116,868		117
TOTAL INVESTMENTS — 97.9% (Cost $69,291)*				73,358
Other Assets & Liabilities – 2.1%				1,560
TOTAL NET ASSETS — 100.0%			$	74,918

* Aggregate cost for Federal income tax purposes is (000) $69,305.

Gross unrealized appreciation (000)	$	4,053
Gross unrealized depreciation (000)		—
Net unrealized appreciation (000)	$	4,053

AMBAC — American Municipal Bond Assurance Corporation

ETM — Escrowed to Maturity

FGIC — Federal Guaranty Insurance Corporation

FSA — Federal Security Assurance

GO — General Obligation

MBIA — Municipal Bond Insurance Association

RB — Revenue Bond

See Notes to Financial Statements.

STATEMENT OF

ASSETS AND LIABILITIES

November 30, 2006 (Unaudited)

	Value (000)
ASSETS
Investments in non-affiliates at value, (Cost $69,291)	$	73,358
Receivable for investments sold		3,239
Interest receivable		734
Prepaid expenses		5
Total Assets		77,336
LIABILITIES
Payable for investment securities purchased		2,161
Payable for shares of beneficial interest purchased		1
Dividends Payable
Class I		184
Class A		10
Investment advisory fees payable		25
12b-1 Fees Payable
Class I		9
Class A		3
Administration fees payable		4
Custody fees payable		1
Trustee fees payable		6
Other liabilities		14
Total Liabilities		2,418
TOTAL NET ASSETS	$	74,918
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	69,615
Distributions in Excess of Net Investment Income		(217	)
Undistributed Net Realized Gain on Investments		1,453
Net Unrealized Appreciation on Investments and Foreign Currency		4,067
Total Net Assets	$	74,918
Net Asset Value, Offering and Redemption Price Per Share — Class I ($ 56,173,563 ÷ 5,338,493 outstanding shares of beneficial interest)	$	10.52
Net Asset Value and Redemption Price Per Share — Class A ($18,171,158 ÷ 1,727,995 outstanding shares of beneficial interest)	$	10.52
Maximum Offering Price Per Share — Class A ($10.52 ÷ 95.50%)	$	11.02
Net Asset Value and Offering Price Per Share — Class B ($520,289 ÷ 49,402 outstanding shares of beneficial interest)	$	10.53
Net Asset Value and Offering Price Per Share — Class C ($53,274 ÷ 5,053 outstanding shares of beneficial interest)	$	10.54

See Notes to Financial Statements.

38

Allegiant Ohio Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL BONDS — 99.0%
Ohio — 98.1%
Akron (GO) (ETM) 6.000%, 12/01/12	$	1,000	$	1,089
Akron Economic Development (RB) (MBIA) 6.000%, 12/01/12		935		1,056
5.750%, 12/01/09		1,680		1,748
Akron Sewer System (RB) (AMBAC) 5.000%, 12/01/16		1,500		1,670
Ashland City School District, Elementary Schools Facilities Project (COP) (AMBAC)
5.100%, 12/01/09		245		256
5.000%, 12/01/08		200		206
Belle Fontaine City School District, Prerefunded 12/01/09 @ 101 (GO) (MBIA)
5.750%, 12/01/18		505		542
Bowling Green State University, Prerefunded 06/01/10 @ 101 (RB) (FGIC)
5.750%, 06/01/12		1,000		1,082
Brecksville-Broadview Heights City School District (GO) (FGIC)
6.500%, 12/01/16		1,750		1,789
Centerville Capital Facilities (GO) (MBIA) 5.650%, 12/01/18		45		46
Chesapeake-Union Exempted Village School District, Prerefunded 12/01/09 @ 102 (GO) (AMBAC)
6.250%, 12/01/22		1,000		1,096
Cincinnati City School District, Prerefunded 12/01/11 @ 100 (GO) (MBIA)
5.375%, 12/01/16		1,000		1,084
Cincinnati Water System (RB) 5.000%, 12/01/16		1,200		1,294
Clermont County Water Works, Sewer District Project (RB) (AMBAC)
5.250%, 08/01/15		2,830		3,118
Cleveland Packaging Facilities (RB) (FSA) 5.250%, 09/15/20		1,220		1,408
5.250%, 09/15/22		1,790		2,089
Cleveland Waterworks (RB) Series N (MBIA) 5.000%, 01/01/18		2,190		2,401
Cleveland Waterworks, Refunding & Improvement Project, Prerefunded
01/01/06 @ 102 (RB) Series H (MBIA)
5.625%, 01/01/13		35		35
Columbus (GO) Series C
5.000%, 07/15/14		1,270		1,393
Cuyahoga County (GO)
5.650%, 05/15/18		600		697
Cuyahoga County Economic Development Authority (RB) (LOC - Key Bank)
2.750%, 12/01/29		1,000		1,000
Cuyahoga County Hospital Facilities Authority, University Hospital Systems Health Project (RB) Series A (MBIA)
5.250%, 01/15/08		2,000		2,023
Delaware County, Prerefunded 12/01/10 @ 101 (GO)
6.000%, 12/01/13		575		633
Dublin City School District (GO) (MBIA)
5.000%, 12/01/18		1,000		1,100
Erie County Garbage & Refuse Landfill Improvement (GO) (FSA)
5.500%, 12/01/20		1,305		1,471
Fairfield City School District Improvement (GO) (FGIC)
5.500%, 12/01/15		1,000		1,079
Franklin County (GO) 5.000%, 12/01/15		1,875		2,077
5.000%, 12/01/16		1,000		1,104
Greater Cleveland Regional Transportation Authority, Prerefunded 12/01/11 @ 100 (GO) Series A (MBIA)
5.000%, 12/01/18		570		608
5.000%, 12/01/19		495		528
Greene County Sewer System (RB) (AMBAC)
5.000%, 12/01/16		1,500		1,655
Groveport-Madison Local School District (GO)
2.200%, 12/01/06		1,008		1,008
Hamilton City School District (GO) (MBIA)
5.000%, 12/01/18		2,100		2,291
Hamilton City School District (GO) Series A
6.150%, 12/01/13		1,000		1,157
Hamilton County Sales Tax (RB) Series A (AMBAC)
5.000%, 12/01/17		2,000		2,219
Hamilton County Sewer System (RB) Series A (MBIA)
5.000%, 12/01/17		1,500		1,643
Hamilton County Sewer System, Metropolitan Sewer District (RB) Series B (MBIA)
5.000%, 12/01/17		1,325		1,458
Hilliard (GO) (MBIA)
5.000%, 12/01/21		1,000		1,088
Indian Hill Exempted Village School District, Prerefunded 12/01/11 @ 100 (GO)
5.500%, 12/01/16		1,300		1,417
Lakota Local School District (GO) (FGIC)
5.500%, 12/01/15		1,245		1,425
5.500%, 12/01/16		1,380		1,593
5.000%, 12/01/12		1,000		1,039
Lebanon City School District, Prerefunded 12/01/11 @ 100 (GO) (FSA)
5.500%, 12/01/16		2,000		2,180
Licking County Joint Vocational School District (GO) (MBIA)
5.375%, 12/01/17		1,670		1,841
Lima City School District, Prerefunded 12/01/10 @ 102 (GO) (AMBAC)
5.500%, 12/01/22		1,000		1,091
Mad River Local School District (GO) (FGIC)
5.750%, 12/01/14		1,060		1,221
5.750%, 12/01/19		1,020		1,141
Massillon (GO) (AMBAC)
5.500%, 12/01/18		1,405		1,552
Miami University General Receipts (RB) (AMBAC)
5.500%, 12/01/13		2,125		2,381
5.000%, 09/01/15		1,695		1,871
Middletown (GO) (FGIC)
5.750%, 12/01/12		650		697
5.750%, 12/01/13		640		686

39

Allegiant Ohio Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Ohio — continued
Montgomery County (GO)
5.500%, 12/01/20	$	1,515	$	1,623
5.375%, 12/01/16		1,250		1,354
Montgomery County Solid Waste Authority (RB) (MBIA)
5.350%, 11/01/10		900		910
5.300%, 11/01/07		1,000		1,016
5.125%, 11/01/08		500		505
Oak Hills Local School District (GO) (MBIA)
5.650%, 12/01/07		350		357
Ohio Building Authority, Arts Facility Project (RB) Series A
5.500%, 04/01/16		1,000		1,071
Ohio Capital Corp. for Housing Mortgage (RB)
Series D (FHA)
5.350%, 02/01/07		135		140
Ohio Capital Corp. for Housing Mortgage,
Unrefunded (RB) Series D (FHA)
5.350%, 02/01/07		490		507
Ohio Common School Capital Facility
(GO) Series B
5.500%, 09/15/13		2,640		2,948
Ohio Conservation Projects (GO) Series A
5.250%, 09/01/16		1,600		1,708
Ohio Department of Administrative Services
Office Project (COP) (AMBAC)
5.000%, 12/15/12		200		207
Ohio Housing Finance Agency, Single-Family Housing Mortgage (RB) Series A (VRDN)
5.766%, 04/01/17		5		5
Ohio Infrastructure Improvement, Prerefunded
02/01/10 @ 101 (GO) Series A
5.750%, 02/01/12		1,000		1,075
Ohio State Higher Education (GO) Series A
5.375%, 08/01/18		1,000		1,086
Ohio State Higher Education (GO) Series B
5.250%, 11/01/12		1,000		1,090
Ohio State Higher Educational Facilities Commission, Case Western Reserve University
Project (RB)
6.250%, 10/01/17		3,000		3,650
Ohio State Higher Educational Facilities Commission, Case Western Reserve University
Project (RB) Series C
5.000%, 10/01/10		905		925
Ohio State Higher Educational Facilities Commission, Kenyon College Project
(RB) (VRDN)
5.050%, 07/01/37		1,500		1,627
Ohio State Higher Educational Facilities Commission, Oberlin College Project (RB)
5.250%, 10/01/14		1,045		1,162
Ohio State Higher Educational Facilities Commission, University of Dayton 2001
Project (RB) (AMBAC)
5.500%, 12/01/11		2,200		2,397
Ohio State Higher Educational Facilities Commission, Wittenberg University Project (RB)
5.500%, 12/01/18		1,870		2,002
Ohio State University General Receipts, Prerefunded 12/01/09 @ 101 (RB) Series A
5.750%, 12/01/13		615		659
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		1,483
5.000%, 12/01/15		1,260		1,395
Ohio State Water Development Authority, FirstEnergy Project (RB) Series A (LOC - Barclays Bank PLC) (VRDN)
3.640%, 05/15/19		1,000		1,000
Ohio State Water Development Authority, Fresh Water Project (RB) (ETM) (AMBAC)
5.600%, 06/01/07		1,500		1,516
Ohio State Water Development Authority, Fresh Water Project (RB) Series B (FSA)
5.500%, 12/01/20		1,835		2,171
Ohio State Water Development Authority, Pure Water Project (RB) (ETM) Series I (AMBAC)
7.250%, 12/01/08		140		145
Ohio Turnpike Commission Authority (RB) Series A (FGIC)
5.500%, 02/15/17		2,000		2,307
5.500%, 02/15/18		1,000		1,160
Ohio Turnpike Commission Authority (RB) Series B (FSA)
5.500%, 02/15/13		1,000		1,108
Olentangy Local School District, Prerefunded 06/01/12 @ 100 (GO) (FSA)
5.500%, 12/01/19		1,210		1,328
Olentangy Local School District, Unrefunded (GO) (FSA)
5.500%, 12/01/19		35		38
Ottawa County (GO) (MBIA)
5.400%, 09/01/11		500		525
Perrysburg Exempted Village School District (GO) Series B (FSA)
5.750%, 12/01/12		1,225		1,371
Princeton City School District (GO) (MBIA)
5.250%, 12/01/17		2,025		2,232
Richland County (GO) (AMBAC)
5.200%, 12/01/08		465		470
Sharonville (GO) (FGIC)
5.250%, 06/01/13		1,000		1,098
Southwest Licking Local School District (GO) (FGIC)
5.750%, 12/01/15		550		640
5.750%, 12/01/16		400		470
Springboro Sewer System (RB) (MBIA)
5.700%, 06/01/18		1,260		1,286
Strongsville City School District (GO) (MBIA)
5.200%, 12/01/09		670		702
Summit County, Prerefunded 12/01/10 @ 101 (GO) (FGIC)
6.250%, 12/01/11		1,235		1,371

40

	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Ohio — continued
Teays Valley Local School District, Facilities Construction & Improvement (GO) (MBIA)
5.375%, 12/01/20	$	1,000	$	1,069
Teays Valley Local School District, Prerefunded 12/01/10 @ 100 (GO) (MBIA)
5.000%, 12/01/19		1,070		1,170
Troy City School District (GO) (FSA)
5.000%, 12/01/18		1,065		1,157
University of Cincinnati General Receipts (RB) Series D (AMBAC)
5.000%, 06/01/16		2,000		2,197
University of Cincinnati General Receipts (RB) Series T
5.500%, 06/01/11		1,110		1,197
Upper Arlington City School District (GO)(FSA)
5.000%, 12/01/15		2,000		2,204
Valley View Village Street Improvement (GO) (AMBAC)
5.550%, 12/01/20		450		489
Warrensville Height City School District (GO) (FGIC)
5.625%, 12/01/20		1,400		1,508
Washington County Hospital Facility Authority, Marietta Area Health Care Project (RB) (FSA)
5.375%, 09/01/18		1,500		1,578
West Chester Township (GO) (AMBAC)
5.750%, 12/01/15		2,145		2,496
West Geauga Local School District (GO) (AMBAC)
8.250%, 11/01/12		710		883
Westerville (GO)
5.250%, 12/01/12		1,205		1,276
Wyoming City School District (GO) Series B (FGIC)
5.750%, 12/01/13		135		153
5.750%, 12/01/14		690		795
5.750%, 12/01/15		740		861
5.750%, 12/01/16		800		940
5.750%, 12/01/17		400		474
				140,704
Puerto Rico — 0.9%
Commonwealth of Puerto Rico (GO) (MBIA)
6.250%, 07/01/12		100		114
Commonwealth of Puerto Rico Infrastructure Financing Authority (RB) Series C (AMBAC) 5.500%, 07/01/16		1,000		1,152
				1,266
Total Municipal Bonds (Cost $136,674)				141,970
	Number of Shares
AFFILIATED MONEY MARKET FUND — 0.2%
Allegiant Ohio Municipal Money Market Fund, Class I† (Cost $294)		294,096		294
TOTAL INVESTMENTS — 99.2% (Cost $136,968)*				142,264
Other Assets & Liabilities — 0.8%
Dividends Payable
Class I				(383	)
Class A				(6	)
Class B				(1	)
Class C				(1	)
Investment Advisory Fees Payable				(47	)
12b-1 Fees Payable
Class I				(17	)
Class A				(2	)
Administration Fees Payable				(7	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(10	)
Payable for Investments Purchased				(2,203	)
Payable for Shares of Beneficial Interest Redeemed				(78	)
Other				3,924
Total Other Assets & Liabilities				1,167
TOTAL NET ASSETS — 100.0%			$	143,431

41

Allegiant Ohio Intermediate Tax Exempt Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Value (000)
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	139,093
Distributions in Excess of Net Investment Income		(65	)
Accumulated Net Realized Loss on Investments		(893	)
Net Unrealized Appreciation on Investments		5,296
Total Net Assets	$	143,431
Net Asset Value, Offering and Redemption Price Per Share — Class I ($131,516,098 ÷ 11,791,989 outstanding shares of beneficial interest)	$	11.15
Net Asset Value and Redemption Price Per Share — Class A ($10,433,533 ÷ 938,711 outstanding shares of beneficial interest)	$	11.11
Maximum Offering Price Per Share — Class A ($11.11 ÷ 97.00%)	$	11.45
Net Asset Value and Offering Price Per Share — Class B ($836,707 ÷ 75,426 outstanding shares of beneficial interest)	$	11.09
Net Asset Value and Offering Price Per Share — Class C ($645,037 ÷ 58,110 outstanding shares of beneficial interest)	$	11.10

* Aggregate cost for Federal income tax purposes is (000) $136,968.

Gross unrealized appreciation (000)	$	5,339
Gross unrealized depreciation (000)		(43)
Net unrealized appreciation (000)	$	5,296

† 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 — Federal Security Assurance

GO — General Obligation

LOC — Letter of Credit

MBIA — Municipal Bond Insurance Association

PLC — Public Liability Company

RB — Revenue Bond

VRDN — Variable Rate Demand Note: the rate shown is the rate in effect on November 30, 2006, and the date shown is the final maturity date, not the next reset or put date.

Assets in an amount at least equal to the market value of when-issued and delayed delivery securities have been segregated by the Fund.

See Notes to Financial Statements.

42

Allegiant Pennsylvania Intermediate Municipal Bond Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL BONDS — 97.8%
Pennsylvania — 96.7%
Allegheny County Higher Education Authority, Duquesne University Project (RB) (AMBAC)
6.500%, 03/01/10	$	380	$	413
Allegheny County Higher Education Authority, Duquesne University Project (RB) (ETM) Series A (AMBAC)
5.000%, 04/01/19		500		523
Allegheny County Port Authority, Prerefunded 03/01/09 @ 101 (RB) (MBIA)
6.250%, 03/01/17		685		732
Allegheny County Sewer Sanitation Authority (RB) (MBIA)
5.750%, 12/01/09		225		239
Blair County (GO) Series A (AMBAC)
5.375%, 08/01/13		270		299
5.000%, 08/01/12		500		537
Blair County Hospital Authority, Altoona Hospital Project (RB) Series A (AMBAC)
5.250%, 07/01/09		300		311
Bradford County School District (GO) (FGIC)
5.250%, 10/01/07		700		700
Central Dauphin School District (GO) (FSA)
5.000%, 12/01/20		1,000		1,078
Chester County, Prerefunded 06/15/08 @ 100 (GO)
5.100%, 06/15/18		1,000		1,024
Danville Area School District (GO) (FGIC)
5.000%, 05/15/11		545		578
Delaware County (GO)
5.125%, 11/15/16		425		432
Delaware River Port Authority, Pennsylvania & New Jersey Bridges Project (RB) (FSA)
5.500%, 01/01/10		500		530
Erie County (GO) Series B (FGIC)
5.000%, 09/01/21		920		999
Garnet Valley School District (GO) (FGIC)
5.375%, 04/01/13		500		545
Gettysburg College Municipal Authority (RB) (MBIA)
5.375%, 08/15/13		1,000		1,108
Hempfield Township Municipal Authority, Westmoreland County (RB) (FSA)
5.000%, 09/01/16		1,550		1,706
Montgomery County (GO) Series B
5.250%, 10/15/17		1,465		1,667
Moon Area School District (GO) Series A (FGIC)
5.204%, 11/15/11 (A)		1,070		889
North Hills School District (GO) (FSA)
5.000%, 12/15/19		1,055		1,153
North Huntingdon Township (RB) (AMBAC)
5.500%, 04/01/15		1,025		1,095
North Wales Water Authority (RB) (FGIC)
5.000%, 11/01/13		400		405
Northampton County (GO)
5.125%, 08/15/17		255		266
Northampton County General Purpose Authority (RB)
5.250%, 10/01/15		1,000		1,124
Northampton County, Prerefunded 08/15/09 @ 100 (GO)
5.125%, 08/15/17		480		500
Oxford Area School District, Prerefunded 02/15/12 @ 100 (GO) Series A (FGIC)
5.500%, 02/15/13		690		754
Parkland School District (GO) (FGIC)
5.375%, 09/01/14		1,000		1,122
Pennsbury School District (GO) (FSA)
5.000%, 01/15/17		1,250		1,383
Pennsylvania Convention Center Authority (RB) (ETM) Series A (FGIC)
6.000%, 09/01/19		3,000		3,622
Pennsylvania State Higher Educational Facilities Authority, La Salle University Project (RB) (MBIA)
5.625%, 05/01/17		500		505
Pennsylvania State Industrial Development Authority, Economic Development Project (RB) (AMBAC)
5.800%, 07/01/09		700		739
Pennsylvania State Intergovernmental Cooperative Authority, Special Tax, City of Philadelphia Funding Program (RB) (FGIC)
5.250%, 06/15/17		500		520
Pennsylvania State Turnpike Commission (RB) Series A (FSA)
5.000%, 07/15/12		1,000		1,074
5.000%, 07/15/15		915		1,009
Pennsylvania State University (RB)
5.250%, 08/15/11		475		511
5.250%, 08/15/13		1,000		1,102
5.000%, 03/01/13		1,000		1,082
Perkiomen Valley School District (GO) (FSA)
5.000%, 02/01/17		100		102
Philadelphia Hospital Authority, Graduate Hospital Project (RB) (ETM)
7.000%, 07/01/10		170		181
Philadelphia Parking Authority (RB) (AMBAC)
5.125%, 02/01/09		250		258
Philadelphia Water & Waste Water Authority (RB) (MBIA)
6.250%, 08/01/11		200		223
Pittsburgh Area School District (GO) Series A (FSA)
5.250%, 09/01/12		2,000		2,177
Pittsburgh Public Parking Authority (RB) (ETM) (AMBAC)
6.000%, 12/01/09		945		1,012
Pittsburgh Water & Sewer Authority (RB) (AMBAC)
5.000%, 12/01/14		185		198
Pittsburgh Water & Sewer Authority (RB) Series A (FGIC)
5.000%, 09/01/18		570		581
Southeastern Transportation Authority (RB) Series A (FGIC)
5.250%, 03/01/17		1,070		1,122
State Public School Building Authority, Delaware County Community College Project, Prerefunded 10/01/10 @ 100 (RB) (MBIA)
5.750%, 10/01/16		150		161
Tredyffrin-Easttown School District (GO)
5.000%, 02/15/15		500		550

43

Allegiant Pennsylvania Intermediate Municipal Bond Fund

STATEMENT OF NETASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Pennsylvania — continued
Washington County Lease Authority, Special Sub-Series (RB) (ETM)
7.875%, 12/15/18	$	1,000	$	1,387
West Whiteland Municipal Sewer Authority (RB) (ETM)
6.400%, 09/15/13		240		266
York County (GO) (MBIA)
5.000%, 06/01/17		1,000		1,100
York County School of Technology (RB) (FGIC)
5.000%, 02/15/11		1,000		1,058
				42,652
Puerto Rico — 1.1%
Commonwealth of Puerto Rico (GO) (MBIA)
6.250%, 07/01/12		400		456
Total Municipal Bonds (Cost $41,254)				43,108
	Number of Shares
AFFILIATED MONEY MARKET FUND — 0.1%
Allegiant Pennsylvania Tax-Exempt Money Market Fund, Class I† (Cost $70)		69,777		70
TOTAL INVESTMENTS — 97.9% (Cost $41,324)*				43,178
Other Assets & Liabilities — 2.1%
Dividends Payable
Class I				(119	)
Class A				(2	)
Investment Advisory Fees Payable				(15	)
12b-1 Fees Payable
Class I				(6	)
Administration Fees Payable				(2	)
Custody Fees Payable				(1	)
Trustees’ Fees Payable				(3	)
Payable for Shares of Beneficial Interest Redeemed				(6	)
Other				1,065
Total Other Assets & Liabilities				911
TOTAL NET ASSETS — 100.0%			$	44,089

Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	42,140
Distributions in Excess of Net Investment Income		(70	)
Undistributed Net Realized Gain on Investments		165
Net Unrealized Appreciation on Investments		1,854
Total Net Assets	$	44,089
Net Asset Value, Offering and Redemption Price Per Share — Class I ($41,391,234 ÷ 3,947,161 outstanding shares of beneficial interest)	$	10.49
Net Asset Value and Redemption Price Per Share — Class A ($2,171,069 ÷ 206,660 outstanding shares of beneficial interest)	$	10.51
Maximum Offering Price Per Share — Class A ($10.51 ÷ 97.00%)	$	10.84
Net Asset Value and Offering Price Per Share — Class C ($527,003 ÷ 50,200 outstanding shares of beneficial interest)	$	10.50

* Aggregate cost for Federal income tax purposes is (000) $41,324.

Gross unrealized appreciation (000)	$	1,887
Gross unrealized depreciation (000)		(33)
Net unrealized appreciation (000)	$	1,854

† 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 — Federal Security Assurance

GO — General Obligation

MBIA — Municipal Bond Insurance Association

RB — Revenue Bond

See Notes to Financial Statements.

44

Allegiant Fixed Income Funds

STATEMENTS OF OPERATIONS (000)

Six Months Ended November 30, 2006 (Unaudited)

	Bond Fund			Government Mortgage Fund			Intermediate Bond Fund
Investment Income:
Interest	$	9,400		$	7,447		$	9,709
Income from affiliate(1)		124			148			125
Security lending income		99			7			135
Total Investment Income		9,623			7,602			9,969
Expenses:
Investment advisory fees		996			741			1,106
Administration fees		109			81			121
12b-1 fees:
Class I		41			29			45
Class A		1			2			1
Class B		2			13			19
Class C		1			7			2
Shareholder services fees:
Class A		9			20			12
Class B		1			4			6
Class C		—			2			1
Transfer agent fees		34			28			40
Custodian fees		12			19			12
Professional fees		20			19			23
Pricing service fees		7			44			6
Printing and shareholder reports		10			6			12
Registration and filing fees		13			9			13
Trustees’ fees		9			7			11
Miscellaneous		8			6			9
Total Expenses		1,273			1,037			1,439
Less:
Waiver of investment advisory fees		(181	)		(202	)		(302	)
Net Expenses		1,092			835			1,137
Net Investment Income		8,531			6,767			8,832
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold		(300	)		1,635			(1,121	)
Net change in unrealized appreciation (depreciation) on investments and swap agreements		11,571			5,974			10,159
Net Gain on Investments		11,271			7,609			9,038
Net Increase in Net Assets Resulting from Operations	$	19,802		$	14,376		$	17,870

⁽¹⁾ See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

45

Allegiant Fixed Income Funds

STATEMENTS OF OPERATIONS (000)

Six Months Ended November 30, 2006 (Unaudited)

	Limited Maturity Bond Fund			Total Return Advantage Fund			Ultra Short Bond Fund
Investment Income:
Interest	$	3,828		$	8,936		$	2,012
Income from affiliate(1)		63			200			50
Security lending income		25			119			13
Less: foreign taxes withheld		—			(2	)		—
Total Investment Income		3,916			9,253			2,075
Expenses:
Investment advisory fees		385			967			181
Administration fees		51			106			27
12b-1 fees:
Class I		19			40			9
Class A		1			1			—
Class B		3			5			—
Class C		2			1			—
Shareholder services fees:
Class A		6			10			2
Class B		1			1			—
Class C		1			—			—
Transfer agent fees		16			55			8
Custodian fees		7			10			5
Professional fees		11			21			7
Pricing service fees		6			6			5
Printing and shareholder reports		5			10			1
Registration and filing fees		12			12			5
Trustees’ fees		5			8			2
Miscellaneous		4			8			3
Total Expenses		535			1,261			255
Less:
Waiver of investment advisory fees		(86	)		(264	)		(91	)
Net Expenses		449			997			164
Net Investment Income		3,467			8,256			1,911
Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments sold		(196	)		(319	)		(104	)
Net realized loss on foreign currency transactions		—			(345	)		—
Net realized gain on swap agreements		—			216			—
Net change in unrealized appreciation (depreciation) on investments and swap agreements		2,071			11,922			637
Net change in unrealized appreciation (depreciation) on foreign currency translation		—			49			—
Net Gain on Investments		1,875			11,523			533
Net Increase in Net Assets Resulting from Operations	$	5,342		$	19,779		$	2,444

⁽¹⁾ See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

46

Allegiant Tax Exem pt Bon d Funds

STATEMENTS OF OPERATIONS (000)

Six Months Ended November 30 , 2006 (Unaudited)

	Intermediate Tax Exempt Bond Fund			Michigan Intermediate Municipal Bond Fund			Ohio Intermediate Tax Exempt Bond Fund			Pennsylvania Intermediate Municipal Bond Fund
Investment Income:
Interest	$	2,598		$	1,914		$	3,125		$	934
Income from affiliate(1)		8			5			7			5
Total Investment Income		2,606			1,919			3,132			939
Expenses:
Investment advisory fees		327			217			403			125
Administration fees		36			24			44			14
12b-1 fees:
Class I		13			7			16			4
Class A		1			2			1			—
Class B		2			2			3			—
Class C		—			1			2			2
Shareholder services fees:
Class A		8			23			13			3
Class B		—			1			1			—
Class C		—			—			1			1
Transfer agent fees		10			8			13			4
Custodian fees		4			3			6			3
Professional fees		11			7			20			5
Pricing service fees		7			4			10			5
Printing and shareholder reports		3			2			4			1
Registration and filing fees		12			4			4			2
Trustees’ fees		3			2			4			1
Miscellaneous		3			2			3			1
Total Expenses		440			309			548			171
Less:
Waiver of investment advisory fees		(89	)		(59	)		(110	)		(34	)
Net Expenses		351			250			438			137
Net Investment Income		2,255			1,669			2,694			802
Realized and Unrealized Gain on Investments:
Net realized gain on investments sold		741			842			402			66
Net change in unrealized appreciation (depreciation) on investments		1,326			233			2,320			805
Net Gain on Investments		2,067			1,075			2,722			871
Net Increase in Net Assets Resulting from Operations	$	4,322		$	2,744		$	5,416		$	1,673

⁽¹⁾ See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

47

Allegiant Fixed Income Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)

	Bond Fund						Government Mortgage Fund
	For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
Investment Activities:
Net investment income	$	8,531		$	16,310		$	6,767		$	12,530
Net realized gain (loss) on investments sold, futures, foreign currency transactions and swap agreements		(300	)		(6,467	)		1,635			(4,735	)
Net change in unrealized appreciation (depreciation) on investments, swap agreements and foreign currency translation		11,571			(12,716	)		5,974			(7,636	)
Net increase (decrease) in net assets resulting from operations		19,802			(2,873	)		14,376			159
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(7,956	)		(16,221	)		(6,292	)		(11,945	)
Class A		(156	)		(379	)		(377	)		(878	)
Class B		(12	)		(28	)		(73	)		(169	)
Class C		(3	)		(8	)		(40	)		(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		(8,127	)		(16,636	)		(6,782	)		(13,080	)
Share Transactions:
Proceeds from shares issued:
Class I		13,891			72,445			23,917			65,615
Class A		178			917			882			2,879
Class B		19			72			30			196
Class C		—			16			10			976
Class R(1)		—			—			—			20
Reinvestment of dividends and distributions:
Class I		1,356			2,743			915			1,395
Class A		105			252			274			627
Class B		10			23			54			125
Class C		3			8			32			62
Class R(1)		—			—			—			3
Total proceeds from shares issued and reinvested		15,562			76,476			26,114			71,898
Value of shares redeemed:
Class I		(35,863	)		(71,603	)		(25,259	)		(49,857	)
Class A		(982	)		(4,095	)		(2,204	)		(7,750	)
Class B		(92	)		(271	)		(469	)		(1,398	)
Class C		(12	)		(106	)		(339	)		(976	)
Class R(1)		—			—			—			(218	)
Total value of shares redeemed		(36,949	)		(76,075	)		(28,271	)		(60,199	)
Increase (decrease) in net assets from share transactions		(21,387	)		401			(2,157	)		11,699
Total increase (decrease) in net assets		(9,712	)		(19,108	)		5,437			(1,222	)
Net Assets:
Beginning of period		367,920			387,028			267,101			268,323
End of period*	$	358,208		$	367,920		$	272,538		$	267,101
*  Including undistributed (distributions in excess of) net investment income	$	(282	)	$	(686	)	$	(114	)	$	(99	)

⁽¹⁾ See Note 1 in Notes to Financial Statements.

See Notes to Financial Statements.

48

	Intermediate Bond Fund						Limited Maturity Bond Fund						Total Return Advantage Fund						Ultra Short Bond Fund
	For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
Investment Activities:
Net investment income	$	8,832		$	18,046		$	3,467		$	6,440		$	8,256		$	13,628		$	1,911		$	4,759
Net realized gain (loss) on investments sold, futures, foreign currency transactions and swap agreements		(1,121	)		(9,328	)		(196	)		(2,423	)		(448	)		(3,500	)		(104	)		(1,044	)
Net change in unrealized appreciation (depreciation) on investments, swap agreements and foreign currency translation		10,159			(9,578	)		2,071			(162	)		11,971			(13,387	)		637			(8	)
Net increase (decrease) in net assets resulting from operations		17,870			(860	)		5,342			3,855			19,779			(3,259	)		2,444			3,707
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(8,101	)		(17,375	)		(3,369	)		(6,630	)		(7,763	)		(13,330	)		(1,885	)		(4,820	)
Class A		(192	)		(468	)		(86	)		(181	)		(162	)		(191	)		(30	)		(54	)
Class B		(81	)		(176	)		(12	)		(25	)		(21	)		(37	)		—			—
Class C		(7	)		(12	)		(8	)		(17	)		(4	)		(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		(8,381	)		(18,031	)		(3,475	)		(6,855	)		(7,950	)		(15,640	)		(1,915	)		(4,874	)
Share Transactions:
Proceeds from shares issued:
Class I		22,802			64,032			4,549			22,136			63,223			112,970			777			15,469
Class A		200			880			55			482			2,880			3,901			19			226
Class B		1			60			—			10			58			270			—			—
Class C		14			205			—			8			70			151			—			—
Class R(1)		—			—			—			17			—			103			—			—
Reinvestment of dividends and distributions:
Class I		2,057			4,118			1,360			2,277			2,375			5,194			1,027			2,400
Class A		160			377			57			113			126			132			28			50
Class B		75			160			10			22			15			35			—			—
Class C		7			11			6			13			4			9			—			—
Class R(1)		—			—			—			1			—			9			—			—
Total proceeds from shares issued and reinvested		25,316			69,843			6,037			25,079			68,751			122,774			1,851			18,145
Value of shares redeemed:
Class I		(70,083	)		(106,842	)		(19,040	)		(62,907	)		(25,791	)		(93,326	)		(22,855	)		(97,270	)
Class A		(2,242	)		(4,207	)		(1,091	)		(2,543	)		(738	)		(1,999	)		(153	)		(384	)
Class B		(237	)		(1,370	)		(160	)		(371	)		(40	)		(263	)		—			—
Class C		(82	)		(199	)		(31	)		(363	)		(17	)		(281	)		—			—
Class R(1)		—			—			—			(187	)		—			(660	)		—			—
Total value of shares redeemed		(72,644	)		(112,618	)		(20,322	)		(66,371	)		(26,586	)		(96,529	)		(23,008	)		(97,654	)
Increase (decrease) in net assets from share transactions		(47,328	)		(42,775	)		(14,285	)		(41,292	)		42,165			26,245			(21,157	)		(79,509	)
Total increase (decrease) in net assets		(37,839	)		(61,666	)		(12,418	)		(44,292	)		53,994			7,346			(20,628	)		(80,676	)
Net Assets:
Beginning of period		420,975			482,641			177,305			221,597			333,622			326,276			99,661			180,337
End of period*	$	383,136		$	420,975		$	164,887		$	177,305		$	387,616		$	333,622		$	79,033		$	99,661
*  Including undistributed (distributions in excess of) net investment income	$	(259	)	$	(710	)	$	(369	)	$	(361	)	$	(413	)	$	(719	)	$	285		$	289

49

Allegiant Tax Exempt Bond Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)

	Intermediate Tax Exempt Bond Fund
	For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
Investment Activities:
Net investment income	$	2,255		$	4,968
Net realized gain on investments sold		741			958
Net change in unrealized appreciation (depreciation) on investments		1,326			(4,726	)
Net increase in net assets resulting from operations		4,322			1,200
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(2,134	)		(4,699	)
Class A		(114	)		(253	)
Class B		(6	)		(15	)
Class C		—			(1	)
Distributions from net realized capital gains:
Class I		—			—
Class A		—			—
Class B		—			—
Class C		—			—
Total dividends and distributions		(2,254	)		(4,968	)
Share Transactions:
Proceeds from shares issued:
Class I		4,415			11,724
Class A		1,183			3,139
Class B		—			21
Class C		—			—
Reinvestment of dividends and distributions:
Class I		39			143
Class A		65			126
Class B		5			6
Class C		—			1
Total proceeds from shares issued and reinvested		5,707			15,160
Value of shares redeemed:
Class I		(11,446	)		(24,862	)
Class A		(1,470	)		(6,963	)
Class B		(9	)		(135	)
Class C		(34	)		(1	)
Total value of shares redeemed		(12,959	)		(31,961	)
Decrease in net assets from share transactions		(7,252	)		(16,801	)
Total decrease in net assets		(5,184	)		(20,569	)
Net Assets:
Beginning of period		121,431			142,000
End of period*	$	116,247		$	121,431
*  Including undistributed (distributions in excess of ) net investment income	$	(384	)	$	(385	)

See Notes to Financial Statements.

50

	Michigan Intermediate Municipal Bond Fund						Ohio Intermediate Tax Exempt Bond Fund						Pennsylvania Intermediate Municipal Bond Fund
	For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
Investment Activities:
Net investment income	$	1,669		$	3,948		$	2,694		$	5,787		$	802		$	1,745
Net realized gain on investments sold		842			632			402			61			66			71
Net change in unrealized appreciation (depreciation) on investments		233			(3,858	)		2,320			(4,189	)		805			(1,350	)
Net increase in net assets resulting from operations		2,744			722			5,416			1,659			1,673			466
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(1,287	)		(3,258	)		(2,490	)		(5,317	)		(760	)		(1,676	)
Class A		(369	)		(647	)		(183	)		(423	)		(35	)		(48	)
Class B		(10	)		(34	)		(13	)		(28	)		—			—
Class C		(3	)		(9	)		(9	)		(18	)		(8	)		(21	)
Distributions from net realized capital gains:
Class I		—			(302	)		—			—			—			—
Class A		—			(69	)		—			—			—			—
Class B		—			(4	)		—			—			—			—
Class C		—			(1	)		—			—			—			—
Total dividends and distributions		(1,669	)		(4,324	)		(2,695	)		(5,786	)		(803	)		(1,745	)
Share Transactions:
Proceeds from shares issued:
Class I		454			7,288			8,100			24,701			1,458			6,263
Class A		784			11,717			1,059			3,914			346			1,221
Class B		—			23			—			134			—			—
Class C		—			8			4			42			10			89
Reinvestment of dividends and distributions:
Class I		144			460			62			156			9			27
Class A		301			542			144			339			22			23
Class B		8			23			9			24			—			—
Class C		2			7			5			11			6			11
Total proceeds from shares issued and reinvested		1,693			20,068			9,383			29,321			1,851			7,634
Value of shares redeemed:
Class I		(9,290	)		(29,346	)		(19,800	)		(24,779	)		(5,323	)		(9,671	)
Class A		(1,365	)		(6,086	)		(1,475	)		(5,511	)		(180	)		(435	)
Class B		(226	)		(608	)		(169	)		(127	)		—			—
Class C		(122	)		(134	)		(22	)		(42	)		(288	)		(93	)
Total value of shares redeemed		(11,003	)		(36,174	)		(21,466	)		(30,459	)		(5,791	)		(10,199	)
Decrease in net assets from share transactions		(9,310	)		(16,106	)		(12,083	)		(1,138	)		(3,940	)		(2,565	)
Total decrease in net assets		(8,235	)		(19,708	)		(9,362	)		(5,265	)		(3,070	)		(3,844	)
Net Assets:
Beginning of period		83,153			102,861			152,793			158,058			47,159			51,003
End of period*	$	74,918		$	83,153		$	143,431		$	152,793		$	44,089		$	47,159
*  Including undistributed (distributions in excess of ) net investment income	$	(217	)	$	(217	)	$	(65	)	$	(64	)	$	(70	)	$	(69	)

51

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

November 30,2006 (Unaudited)

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 November 30, 2006, 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

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 Funds

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 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 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

52

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^th day 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.

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. When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value 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. 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

53

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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 unrealized gain or loss. The Fund recognizes a realized gain or loss when the contract is closed.

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

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.

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. Details of swap agreements open on November 30, 2006 are included in the Fund’s respective Statements of Net Assets.

54

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 six months ended November 30, 2006.

	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

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

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.

55

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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%. As of November 30, 2006, 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	0.02	%	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

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 $4,000 for each combined Board meeting attended 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.

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 advisor, 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 0.0254% was allocated to PFPC and approximately 0.0346% 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 November 30, 2006, approximately 0.0290% was allocated to PFPC and approximately 0.0310% was allocated to NCB.

56

Legal Fees

Expenses paid by the Trust during the six months ended November 30, 2006, include legal fees of $210,936 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 six months ended November 30, 2006, PFPC received $119,404 from the Funds in aggregate fees and expenses for services rendered under the various agreements described above.

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 six months ended November 30, 2006, 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	$	14,335	$	25,564
Government Mortgage Fund		—		2,535
Intermediate Bond Fund		29,070		39,351
Limited Maturity Bond Fund		15,898		20,348
Total Return Advantage Fund		26,374		31,568
Ultra Short Bond Fund		13,878		13,417
Intermediate Tax Exempt Bond Fund		41,200		47,386
Michigan Intermediate Municipal Bond Fund		25,762		32,913
Ohio Intermediate Tax Exempt Bond Fund		29,791		41,461
Pennsylvania Intermediate Municipal Bond Fund		7,609		10,141

During the six months ended November 30, 2006, the cost of purchases and proceeds from sales of long-term U.S. government obligations were:

	Purchases (000)		Sales (000)
Bond Fund	$	652,118	$	672,486
Government Mortgage Fund		607,705		602,924
Intermediate Bond Fund		418,056		474,090
Limited Maturity Bond Fund		83,350		76,293
Total Return Advantage Fund		381,275		339,455
Ultra Short Bond Fund		33,978		36,659

57

Allegiant Fixed Income and Tax Exem pt Bond Funds

NOTES TO FINANCIAL STATEMENTS

November 30 , 2006 (Unaudited)

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.

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. At May 31, 2006, 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		Total
Bond Fund	$	—	$	11,132	$	11,953	$	—	$	—	$	1,212	$	24,297
Government Mortgage Fund*		1,987		2,228		—		2,107		—		2,274		8,596
Intermediate Bond Fund		—		1,034		1,169		—		—		2,120		4,323
Limited Maturity Bond Fund		1,834		755		1,650		233		773		3,290		8,535
Total Return Advantage Fund		—		—		—		—		—		559		559
Ultra Short Bond Fund		—		—		—		315		681		1,609		2,605
Ohio Intermediate Tax Exempt Bond Fund		—		1,249		—		—		—		—		1,249

* 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.

58

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 Fixed Income and Tax Exempt Bond Funds.

	Class I				Class A				Class B				Class C
	Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06
Bond Fund
Shares issued	1,412		7,259		18		91		2		7		—		2
Share reinvested	137		275		11		25		1		2		—		1
Shares redeemed	(3,651	)	(7,176	)	(100	)	(408	)	(10	)	(26	)	(1	)	(11	)
Net increase (decrease)	(2,102	)	358		(71	)	(292	)	(7	)	(17	)	(1	)	(8	)
Government Mortgage Fund
Shares issued	2,657		7,179		98		315		3		22		1		107
Share reinvested	101		153		30		69		6		14		4		6
Shares redeemed	(2,807	)	(5,464	)	(246	)	(850	)	(52	)	(154	)	(38	)	(107	)
Net increase (decrease)	(49	)	1,868		(118	)	(466	)	(43	)	(118	)	(33	)	6
Intermediate Bond Fund
Shares issued	2,189		6,045		19		83		—		6		1		19
Share reinvested	196		390		15		36		7		15		1		2
Shares redeemed	(6,715	)	(10,119	)	(214	)	(399	)	(22	)	(130	)	(8	)	(19	)
Net increase (decrease)	(4,330	)	(3,684	)	(180	)	(280	)	(15	)	(109	)	(6	)	2
Limited Maturity Bond Fund
Shares issued	466		2,263		5		49		—		1		—		1
Share reinvested	139		233		6		12		1		2		1		1
Shares redeemed	(1,954	)	(6,435	)	(111	)	(259	)	(17	)	(37	)	(3	)	(37	)
Net decrease	(1,349	)	(3,939	)	(100	)	(198	)	(16	)	(34	)	(2	)	(35	)
Total Return Advantage Fund
Shares issued	6,332		11,138		289		386		6		26		7		15
Share reinvested	237		511		13		13		1		4		—		1
Shares redeemed	(2,587	)	(9,180	)	(74	)	(197	)	(4	)	(26	)	(2	)	(28	)
Net increase (decrease)	3,982		2,469		228		202		3		4		5		(12	)
Ultra Short Bond Fund
Shares issued	79		1,566		2		23		—		—		—		—
Share reinvested	104		243		3		5		—		—		—		—
Shares redeemed	(2,316	)	(9,856	)	(16	)	(39	)	—		—		—		—
Net decrease	(2,133	)	(8,047	)	(11	)	(11	)	—		—		—		—
Intermediate Tax Exempt Bond Fund
Shares issued	444		1,168		119		312		—		2		—		—
Share reinvested	4		14		7		13		1		1		—		—
Shares redeemed	(1,151	)	(2,470	)	(147	)	(691	)	(1	)	(14	)	(3	)	—
Net decrease	(703	)	(1,288	)	(21	)	(366	)	—		(11	)	(3	)	—

59

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

November 30,2006 (Unaudited)

	Class I				Class A				Class B				Class C
	Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06		Six Months Ended 11/30/06		Year Ended 5/31/06
Michigan Intermediate Municipal Bond Fund
Shares issued	43		691		76		1,104		—		2		—		1
Share reinvested	14		44		29		51		1		2		—		1
Shares redeemed	(893	)	(2,764	)	(132	)	(572	)	(22	)	(57	)	(12	)	(13	)
Net increase (decrease)	(836	)	(2,029	)	(27	)	583		(21	)	(53	)	(12	)	(11	)
Ohio Intermediate Tax Exempt Bond Fund
Shares issued	734		2,232		96		353		—		12		—		4
Share reinvested	6		14		13		31		1		2		1		1
Shares redeemed	(1,802	)	(2,237	)	(134	)	(500	)	(16	)	(11	)	(2	)	(4	)
Net increase (decrease)	(1,062	)	9		(25	)	(116	)	(15	)	3		(1	)	1
Pennsylvania Intermediate Municipal Bond Fund
Shares issued	141		600		34		118		—		—		1		9
Share reinvested	1		3		2		2		—		—		—		1
Shares redeemed	(515	)	(928	)	(17	)	(43	)	—		—		(28	)	(9	)
Net increase (decrease)	(373	)	(325	)	19		77		—		—		(27	)	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 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 the Fund may be inhibited.

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.

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.

60

The rating of long-term debt as a percentage of total value of investments on November 30, 2006, 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	81.6	%	75.1	%	76.8	%	88.4	%
AA/Aa	12.5	%	24.9	%	14.4	%	11.6	%
A/A	5.9	%	0.0	%	6.7	%	0.0	%
BBB/Baa	0.0	%	0.0	%	1.4	%	0.0	%
NR	0.0	%	0.0	%	0.7	%	0.0	%
	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.

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. Indemnifications

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.

10. 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. The Funds are in the process of evaluating the effect, if any, that the adoption of FIN 48 will have on 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 in generally accepted within that framework, 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.

61

Allegiant Fixed Income and Tax Exempt Bond Funds

NOTES TO FINANCIAL STATEMENTS

November 30,2006 (Unaudited)

11. 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. Due to the preliminary stage of this 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.

62

TRUSTEES REVIEW AND APPROVAL OF ADVISORY AGREEMENTS

The Trust’s Board of Trustees, including all of the independent Trustees, approved the continuation of the Advisory Agreements for the Allegiant Fixed Income and Tax Exempt Bond Funds (the “Funds”) covered in this report, pursuant to which the Adviser provides the Trust with investment advisory services for an additional one-year period.

In connection with such approvals, the Trustees considered, with the assistance of independent counsel, their legal responsibilities and reviewed the nature and quality of the Adviser’s services, experience and qualifications. Counsel provided the Trustees with a memorandum related to their consideration of the Agreements. The information considered by the Trustees at their meetings, and in supplemental information provided to the Trustees with regard to the Adviser included: (i) the history, organization and client base of the Adviser, (ii) fees under the advisory agreements and fee waivers for the Funds and, for the Adviser, comparative industry fee and expense data, (iii) any incidental non-monetary benefits realized through the Adviser’s relationship with the Funds, (iv) the investment performance of the Funds, (v) ancillary services provided by the Adviser and their affiliates, (vi) any economies of scale realized by the Adviser and the Funds, and (vii) the Adviser’s direct and indirect costs incurred in providing advisory services. The Trustees reviewed additional information concerning the investment philosophy, techniques and strategies employed by the Adviser in managing the Funds and the Adviser’s compliance procedures and controls. The Board considered analyses comparing each Fund’s advisory fees and total expenses to averages for the universe of mutual funds for each Fund’s asset class. In addition to this annual review, the Trustees oversee and evaluate the Adviser’s services at their quarterly meetings.

After reviewing this information and such other matters as the Trustees considered necessary to the exercise of their reasonable business judgment, the Board and independent Trustees concluded that the compensation payable under the Advisory Agreements was fair and equitable with respect to each Fund and approved the continuation of the Advisory Agreements for the Funds.

The Trust’s Board of Trustees, including all of the independent Trustees, also received presentations from representatives of the Adviser and discussed the written materials that had been provided by the Adviser with respect to the proposed reapprovals of the Advisory Agreements, as discussed below.

Nature, Extent and Quality of Services Provided by the Adviser

The Board considered the Adviser’s portfolio management services and activities related to portfolio management. The Board reviewed the Adviser’s use of technology, research capabilities, and investment management staff. The Board discussed the Adviser’s experience and qualifications of the personnel providing services, including the background and experience of the members of the portfolio management teams. Senior management of the Adviser discussed the structure and operations of the asset management business of the Adviser. The Board also considered its periodic meetings with the portfolio managers and other employees of the Adviser. The Board reviewed the Adviser’s management structure, assets under management and investment philosophies and processes. The Board discussed its relationship with the Adviser, noting that the Adviser communicated well with the Board and was always responsive to the Board’s requests for information. The Board reviewed the profitability reports for the Funds, and discussed the other benefits that may accrue to the Adviser and its affiliates, if any, due to the relationships with the Funds, including any non-monetary benefits accruing to the Adviser and/or its affiliates as a result of the Adviser’s advisory position with the Funds. The compliance policies and procedures of the Adviser, including interaction by the parties with the Trust’s chief compliance officer and compliance with each Fund’s investment objective and investment restrictions were reviewed and discussed.

Investment Performance of the Funds

In considering the investment performance of the Adviser, the Board compared the investment performance of the Adviser to the performance of comparable fund peer groups and benchmark indices and the investment performance of similar accounts or funds managed by the Adviser, where applicable. The Trustees considered the short-and long-term performance of the Funds, including any periods of outperformance or underperformance of relevant benchmarks or peer groups. The Trustees concluded that the continuation of the Agreements was not an indication that the Trustees believed performance of any specific fund might not be improved. The Trustees discussed with the Adviser actions that might be taken to improve performance. The Trustees considered that the Adviser has made changes in its portfolio management personnel and processes to improve long-term performance. The Board also reviewed the Adviser’s proposed investment approach for each Fund, including the Adviser’s investment philosophy, policies, techniques and strategies.

63

TRUSTEES REVIEW AND APPROVAL OF ADVISORY AGREEMENTS

Costs of the Services, Profitability and Economies of Scale

The Board reviewed and discussed detailed information concerning revenues received by the Adviser under the agreements and expenses it incurred in managing the Funds. The Board reviewed profitability reports for the Funds presented by the Adviser. The Board discussed the other benefits that may accrue to the Adviser and its affiliates due to their relationships with the Funds. The Board concluded that the profits were reasonable in view of the services provided to the Funds. The Board discussed whether the Funds have benefited from economies of scale and the potential for realization of economies of scale through fee waivers or reimbursement, or through fee and expense reduction, and concluded that the Adviser’s management of the Trust could generate economies of scale as assets increase.

Fees

The Board reviewed each Fund’s proposed advisory fee structure, each Fund’s total operating expense ratios and the Adviser’s proposed voluntary fee waivers for each Fund. In so doing, the Board examined each Fund’s fees and expenses as compared to its respective comparable fund peer group. Those comparisons aided the Board in evaluating the reasonableness of the investment advisory fees to be paid by each of the Funds. The Board also was provided with information pertaining to fees charged by the Adviser for private accounts managed by it.

Approval of the Agreements

The Board weighed and balanced the information presented and based its decision on the totality of the circumstances. In addition to meetings specifically devoted to the review of advisory contracts, the Board meets regularly, at least each quarter, and considers matters related to the Trust’s Advisory Agreements including performance, advisory personnel and compliance, among other relevant issues. Based upon the information reviewed and material factors considered, without any one factor being dispositive, or considered in isolation, the Board, including all of the independent Trustees, concluded that the proposed investment advisory fees to be paid by each Fund to the Adviser, were reasonable in light of the services to be provided by the Adviser, that the proposed Advisory Agreements were fair and in the best interests of the Funds and that the Advisory Agreements should be approved.

Proxy Voting

(Unaudited)

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

(Unaudited)

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).

64

Allegiant Fixed Income and Tax Exempt Bond Funds

SHAREHOLDER VOTING RESULTS

(Unaudited)

On June 26, 2006, at a special meeting of the Trust (the “Meeting”), the Shareholders of the Funds were asked to (i) elect seven existing Trustees and elect three new Trustees (“Proposal 1”) and (ii) authorize the Adviser, upon approval of the Board of Trustees, to enter into or amend sub-advisory agreements without shareholder approval, subject to receipt of an Exemptive Order from the Securities and Exchange Commission (“Proposal 2”). A majority of the total number of outstanding shares of the Trust entitled to vote was not represented at the Meeting. The Trust’s quorum requirement was therefore not met and the Meeting, with respect to Proposal 1, was adjourned until July 20, 2006. A majority of the total number of outstanding shares of each 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 entitled to vote was represented at the Meeting. Accordingly, the tabulations with respect to Proposal 2 for the aforementioned Funds were recorded. Proposal 2 was not approved by any of the aforementioned Funds. The results of the voting on Proposal 2 on June 26, 2006 were as follows:

	Number of Shares	% of Outstanding Shares		% of Shares Voted
Bond Fund
Affirmative	433,812	1.139	%	1.353	%
Against	30,997,120	81.390		96.653
Abstain	32,553	0.086		0.101
Broker Non-Votes	607,057	1.594		1.893
Total	32,070,542	84.209		100.000
Government Mortgage Fund
Affirmative	982,668	3.295		3.626
Against	24,457,833	81.998		90.255
Abstain	8,972	0.030		0.033
Broker Non-Votes	1,649,347	5.530		6.086
Total	27,098,820	90.853		100.000
Intermediate Bond Fund
Affirmative	625,273	1.543		1.731
Against	34,171,293	84.333		94.606
Abstain	9,389	0.023		0.026
Broker Non-Votes	1,313,739	3.242		3.637
Total	36,119,694	89.141		100.000
Limited Maturity Bond Fund
Affirmative	143,959	0.764		0.865
Against	15,371,339	81.546		92.332
Abstain	10,954	0.058		0.066
Broker Non-Votes	1,121,659	5.950		6.737
Total	16,647,911	88.318		100.000
Total Return Advantage Fund
Affirmative	2,631,269	7.940		12.847
Against	17,225,924	51.977		84.108
Abstain	1,835	0.005		0.009
Broker Non-Votes	621,802	1.876		3.036
Total	20,480,830	61.798		100.000
Ultra Short Bond Fund
Affirmative	8,833	0.084		0.111
Against	7,808,228	74.053		98.071
Abstain	106	0.002		0.002
Broker Non-Votes	144,622	1.372		1.816
Total	7,961,789	75.511		100.000
Intermediate Tax Exempt Bond Fund
Affirmative	238,688	1.928		1.976
Against	11,427,621	92.307		94.606
Abstain	1,309	0.011		0.011
Broker Non-Votes	411,576	3.325		3.407
Total	12,079,194	97.571		100.000

65

Allegiant Fixed Incomev and Tax Exempt Bond Funds

SHAREHOLDER VOTING RESULTS

(Unaudited)

	Number of Shares	% of Outstanding Shares	% of Shares Voted
Michigan Intermediate Municipal Bond Fund
Affirmative	274,460	3.391	3.582
Against	5,917,022	73.095	77.228
Abstain	8,424	0.104	0.109
Broker Non-Votes	1,461,996	18.061	19.081
Total	7,661,902	94.651	100.000
Ohio Intermediate Tax Exempt Bond Fund
Affirmative	542,265	3.818	3.918
Against	12,282,883	86.485	88.749
Abstain	21,716	0.153	0.157
Broker Non-Votes	993,154	6.993	7.176
Total	13,840,018	97.449	100.000
Pennsylvania Intermediate Municipal Bond Fund
Affirmative	157,463	3.450	3.631
Against	4,055,543	88.845	93.529
Abstain	1,396	0.031	0.032
Broker Non-Votes	121,758	2.667	2.808
Total	4,336,160	94.993	100.000

The Meeting was reconvened on Thursday, July 20, 2006 and the Shareholders of the Trust elected seven existing Trustees and three new Trustees. The results of the voting on Proposal 1 were as follows:

	Number of Shares	% of Outstanding Shares		% of Shares Voted
John G. Breen
Affirmative	2,924,890,601	52.973	%	99.242	%
Withhold	22,326,722	0.405		0.758
Total	2,947,217,323	53.378		100.000
John F. Durkott
Affirmative	2,924,873,882	52.973		99.242
Withhold	22,343,441	0.405		0.758
Total	2,947,217,323	53.378		100.000
Richard W. Furst
Affirmative	2,924,871,702	52.973		99.242
Withhold	22,345,621	0.405		07.58
Total	2,947,217,323	53.378		100.000
Gerald L. Gherlein
Affirmative	2,924,871,613	52.973		99.242
Withhold	22,345,710	0.405		0.758
Total	2,947,217,323	53.378		100.000
Dale C. LaPorte
Affirmative	2,924,871,963	52.973		99.242
Withhold	22,345,360	0.405		0.758
Total	2,947,217,323	53.378		100.000
Robert D. Neary
Affirmative	2,924,849,649	52.972		99.241
Withhold	22,367,674	0.406		0.759
Total	2,947,217,323	53.378		100.000

66

	Number of Shares	% of Outstanding Shares	% of Shares Voted
Kathleen A. Obert
Affirmative	2,924,863,922	52.973	99.242
Withhold	22,353,401	0.405	0.758
Total	2,947,217,323	53.378	100.000
Timothy L. Swanson
Affirmative	2,924,877,625	52.973	99.242
Withhold	22,339,698	0.405	0.758
Total	2,947,217,323	53.378	100.000
Kelley J. Brennan
Affirmative	2,924,896,310	52.973	99.243
Withhold	22,321,013	0.405	0.757
Total	2,947,217,323	53.378	100.000
Dorothy A. Berry
Affirmative	2,924,880,972	52.973	99.242
Withhold	22,336,351	0.405	0.758
Total	2,947,217,323	53.378	100.000

At the Meeting, Proposal 2 was tabled. The Adviser intends to further review Proposal 2.

67

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

Custodian

PFPC Trust Co.

8800 Tinicum Boulevard, 4th Floor

Philadelphia, Pennsylvania 19153

760 Moore Road

King of Prussia, PA 19406

INVESTMENT ADVISER:

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, OH 44114

ALL-SA-003-1206

ALLEGIANT MONEY MARKET FUNDS

SEMI-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

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 FUNDS

Aggressive Allocation Fund (liquidated on 12/14/06)

Balanced Allocation Fund

Conservative Allocation Fund (liquidated on 12/14/06)

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	4
Expense Tables	5

	Financial Highlights	Statements of Net Assets
Government Money Market Fund	6	8
Money Mar ket Fund	6	10
Ohio Municipal Mo ney Market Fund	7	13
Pennsylvania Tax Exempt Money Market Fund	7	17
Tax Exempt Mo ney Market Fund	7	20
Treasury Money Market Fund	7	26
Statements of Operations		28
Statements of Changes in Net Assets		30
Notes to Financial Statements		32
Trustees Review and Approval of Advisory Agreements		37
Shareholder Voting Results		39

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

JANUARY 2007

Dear Shareholders:

We are pleased to provide you with important semi-annual information about Allegiant Funds, as well as a review of the financial markets and the events shaping the global markets. During the six month period, total assets of the Allegiant Funds increased by $409 million to $10.9 billion due primarily to money market fund inflows.

Allegiant Funds is committed to attaining competitive performance and offering a broad range of investment styles. With the start of a new year, it is a good time for investors to critically evaluate their investment portfolios and overall diversification mix. We encourage our shareholders to review the information included in this semi-annual report as a part of the process. For your convenience, this report, performance updates and commentaries from the portfolio management teams, as well as e-delivery options, are all available at www.allegiantfunds.com. We welcome you to utilize these services to assist you in the decision making process.

If you have any questions regarding Allegiant Funds, please contact your investment professional or call Investor Services at 1-800-622-FUND (3863). Thank you for your continued confidence in Allegiant Funds and we look forward to serving your investment needs in the year ahead. Best wishes for a happy, healthy and prosperous New Year.

Sincerely,

Robert D. Neary

Chairman

1

Allegiant Money Market Funds

REPORT FROM ALLEGIANT ASSET MANAGEMENT COMPANY

“...the Fed adjourned for the first time in more than two years without pushing their interest rate target higher...”	The past year has brought many changes, not only for the industry, but for Allegiant Asset Management as well. As we mentioned in our May letter, we continue our transformation as a firm with refinements to our investment processes, the retention of talented professionals and our ongoing focus on delivering competitive products to our shareholders. While still early, we are seeing improvements in relative performance and the creation of consistent, long-term track records across the major asset classes and styles. As the investment management industry continues to change, so will we as a firm, utilizing our capabilities to stay on the forefront of the business by offering new products, innovative strategies, and prudent risk management techniques.
	Economic and Market Overview From an economic perspective, the dominant headlines over the last six months have been the Federal Reserve Board (“Fed”), housing, and inflation. To keep core inflation within their desired range of 2%, the Fed gradually raised the Fed Funds target to 5.25%. The Fed pushed monetary policy beyond neutral to slightly restrictive in the hope that a tighter monetary environment would slowly deflate the housing market, which some believed was overextended. When the Fed met on August 8, 2006, they adjourned for the first time in more than two years without pushing their interest rate target higher. Within weeks of the Fed’s pause at 5.25%, most of the major gauges of inflation began to decline.
	One major force behind the housing boom was inexpensive financing, brought on by the Fed itself, with a 1% Fed Funds target rate that greatly increased housing affordability. With the rate increases of the last two years, it appears the housing market is beginning to slow moderately, minimally affecting other related sectors of the economy. Looking forward to 2007, we believe that housing still poses the single greatest risk to the financials market and the economy.
	Housing was not the only source of inflation in the economy as the threat of increasing prices also was fueled by rising energy costs. Some of the sharp increase in energy prices was due to strong global economic growth. This was compounded by the destruction caused by a record hurricane season in 2005. Energy prices peaked in the summer of 2006, as peak driving months, hurricane season and the Israel-Lebanon crisis in the Middle East occurred simultaneously. Fortunately, the 2006 hurricane season proved uneventful and Israel and Lebanon ceased military operations. Thereafter, oil prices fell sharply and most measures of headline inflation followed suit.
	The downside to the Fed’s battle against inflation has been the impact on economic growth. Second quarter GDP growth was 2.6% and third quarter was 2.2% which were both slower than earlier levels but still positive. The slowdown was principally attributed to the housing sector. However, many analysts and economists believe housing will continue to deteriorate and lead to further declines in GDP growth.
Commentary provided by Allegiant Asset Management Company	The U.S. dollar has fallen approximately 11% versus the euro, 3% versus the yen, and 13% versus the pound over the last year, as a result of growing budget and trade deficits as well as growing expectations that the Fed would lower their interest rate target. Furthermore, slower U.S. growth and the diversification of dollar reserves by foreign central banks (specifically China) also contributed to the sell off. However, dollar weakness should be beneficial in lowering the trade deficit as it increases the attractiveness of dollar-denominated goods abroad.

2

Equity Markets Despite economic headwinds, corporate earnings continued to deliver double-digit quarterly earnings’ growth and the welcome news that the Fed might be finished raising interest rates caused a sharp market rally. The Dow Jones Industrial Average celebrated the Fed’s pause by moving steadily higher, reaching historical highs in November as other major indices followed suit. While the markets were fond of earnings growth, they seemed to like the prospect of steady — or perhaps even falling — interest rates even more.	“...fixed income investors are anticipating that the Fed will move to a less restrictive stance in order to engineer the desired soft landing...”
According to market watchers, 2006 was expected to be the year that growth beat value and large caps beat small caps reversing years of lagging. Investors, however, continued to reward value-oriented companies, specifically oil, utilities, and consumer stocks. Small cap stocks continued strong earnings growth as reported by the Russell 2000® index, and returned 18.37% for the year. This trumped large caps as reported by the Russell 1000® index, which ended the year at a 15.46% gain.
Bond Markets As the Fed continued to raise rates higher in both May and June to the current level of 5.25%, the bond markets moved up in step, with the 10-year Treasury yielding 5.136% on June 30. As previously noted, in August, the Fed left the target on the Fed Funds unchanged for the first time in over two years. Subsequently, the bond yields declined and as of November 30, the 10-year Treasury yield had declined to 4.458%.
The conundrum for the bond markets has been the inverted yield curve where short term rates are higher than longer term rates. Historically, an inverted yield curve is a reliable predictor of economic slowdown or recession as longer term interest rates adjust to factor in expectations that the Fed may soon lower rates to revive the economy. If interpreted this way, bond investors appear to be economically bearish going into next year due to the deflating housing bubble and subsequent retrenchment in consumer spending. Hence, fixed income investors are anticipating that the Fed will move to a less restrictive stance by lowering the Fed Funds target in order to engineer the desired soft landing. This differs markedly from the optimistic outlook of the equity markets, which continued to reward lower quality, smaller companies.
Looking Ahead Going into 2007, investors should focus on three critical factors: the housing market, international growth and the yield curve. If the worst in the housing slowdown is past, the economy may grow at slower, but still strong, levels. If housing continues to slow, the U.S. economy may dip into recession. International growth should continue to be strong and this will benefit U.S. companies, perhaps picking up the slack of a slowing domestic marketplace. An inverted yield curve for an extended period of time increases the chances of a recession and is something that should warrant investors’ attention. However, as the next economic cycle emerges, patience and a solid asset allocation strategy may be keys to success for investors.

3

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 November 30, 2006.

Government Money Market Fund
Repurchase Agreements	54.7	%
Federal Home Loan Mortgage Corporation	16.3
Federal National Mortgage Association	11.1
Federal Home Loan Bank	9.5
U.S. Treasury Bill	5.3
Federal Farm Credit Bank	1.8
Money Market Fund	1.3
	100.0	%
Money Market Fund
Commercial Paper	56.7	%
Certificates of Deposit	15.9
Repurchase Agreements	11.5
Corporate Bonds	10.2
Master Notes	2.3
Funding Agreements	2.0
Municipal Securities	1.0
Money Market Fund	0.4
	100.0	%
Ohio Municipal Money Market Fund
Education Revenue Bonds	29.3	%
General Obligation Bonds	25.0
Hospital/Nursing Homes Revenue Bonds	10.4
Public Facilities Revenue Bonds	7.1
Pollution Control Revenue Bonds	6.4
Industrial Development Revenue Bonds	6.3
Water/Sewer Revenue Bonds	4.9
Transportation Revenue Bonds	3.3
Other Revenue Bonds	2.7
Anticipation Notes	2.3
Retirement Community Revenue Bonds	1.8
Money Market Fund	0.5
	100.0	%
Pennsylvania Tax Exempt Money Market Fund
Education Revenue Bonds	22.8	%
Industrial Development Revenue Bonds	15.7
Hospital/Nursing Homes Revenue Bonds	14.4
Other Revenue Bonds	10.3
Pollution Control Revenue Bonds	10.1
Public Purpose Revenue Bonds	8.5
General Obligation Bonds	6.8
Tax Exempt Commercial Paper	3.9
Retirement Community Revenue Bonds	1.9
Water/Sewer Revenue Bonds	1.9
Transportation Revenue Bonds	1.8
Public Facilities Revenue Bonds	1.4
Money Market Fund	0.5
	100.0	%
Tax Exempt Money Market Fund
Hospital/Nursing Homes Revenue Bonds	21.7	%
Education Revenue Bonds	21.4
General Obligation Bonds	14.3
Tax Exempt Commercial Paper	11.0
Pollution Control Revenue Bonds	7.4
Industrial Development Revenue Bonds	7.3
Public Facilities Revenue Bonds	5.9
Transportation Revenue Bonds	2.5
Water/Sewer Revenue Bonds	2.0
Other Revenue Bonds	1.8
Anticipation Notes	1.6
Public Purpose Revenue Bonds	1.5
Retirement Community Revenue Bonds	1.0
Money Market Fund	0.6
	100.0	%
Treasury Money Market Fund
U.S. Treasury Bills	96.3	%
Money Market Funds	3.7
	100.0	%

4

Allegiant Money Market Funds

EXPENSE TABLES

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 (June 1, 2006 to November 30, 2006).

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.”

• 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.

	Beginning Account Value 6/1/06		Ending Account Value 11/30/06		Annualized Expense Ratio		Expenses Paid During Period*
Government Money Market Fund
Actual
Class I	$	1,000.00	$	1,024.65	0.38	%	$	1.93
Class A		1,000.00		1,023.38	0.63			3.20
Hypothetical**
Class I		1,000.00		1,023.16	0.38			1.93
Class A		1,000.00		1,021.91	0.63			3.19
Money Market Fund
Actual
Class I	$	1,000.00	$	1,025.06	0.38	%	$	1.93
Class A		1,000.00		1,023.79	0.63			3.20
Class B		1,000.00		1,020.10	1.35			6.84
Class C		1,000.00		1,020.08	1.35			6.84
Hypothetical**
Class I		1,000.00		1,023.16	0.38			1.93
Class A		1,000.00		1,021.91	0.63			3.19
Class B		1,000.00		1,018.30	1.35			6.83
Class C		1,000.00		1,018.30	1.35			6.83
Ohio Municipal Money Market Fund
Actual
Class I	$	1,000.00	$	1,016.62	0.28	%	$	1.42
Class A		1,000.00		1,015.35	0.53			2.68
Hypothetical**
Class I		1,000.00		1,023.66	0.28			1.42
Class A		1,000.00		1,022.41	0.53			2.69
Pennsylvania Tax Exempt Money Market Fund
Actual
Class I	$	1,000.00	$	1,016.66	0.29	%	$	1.47
Class A		1,000.00		1,015.39	0.54			2.73
Hypothetical**
Class I		1,000.00		1,023.61	0.29			1.47
Class A		1,000.00		1,022.36	0.54			2.74
Tax Exempt Money Market Fund
Actual
Class I	$	1,000.00	$	1,016.65	0.28	%	$	1.42
Class A		1,000.00		1,015.39	0.53			2.68
Hypothetical**
Class I		1,000.00		1,023.66	0.28			1.42
Class A		1,000.00		1,022.41	0.53			2.69
Treasury Money Market Fund
Actual
Class I	$	1,000.00	$	1,022.98	0.39	%	$	1.98
Class A		1,000.00		1,021.70	0.64			3.24
Hypothetical**
Class I		1,000.00		1,023.11	0.39			1.98
Class A		1,000.00		1,021.86	0.64			3.24

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.

* Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (183) in the most recent fiscal half-year, then divided by 365.

** Assumes annual return of 5% before expenses.

5

Allegiant Money Market Funds FINANCIAL HIGHLIGHTS Selected Per Share Data and Ratios For the Six Months Ended November 30, 2006 (Unaudited) and For the Years Ended May 31

	Net Asset Value, Beginning of Period		Net Investment Income†			Dividends from Net Investment Income			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 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
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	2.47	%	$	525,496	0.38	%	4.87	%	0.43	%	4.82	%
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
2002		1.00		0.02			(0.02	)		1.00	2.43			2,195,174	0.39		2.31		0.49		2.21
CLASS A
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	2.34	%	$	366,825	0.63	%	4.62	%	0.68	%	4.57	%
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
2002		1.00		0.02			(0.02	)		1.00	2.17			782,102	0.64		2.06		0.74		1.96
MONEY MARKET FUND
CLASS I
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	2.51	%	$	2,275,974	0.38	%	4.95	%	0.43	%	4.90	%
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
2002		1.00		0.02			(0.02	)		1.00	2.41			3,533,294	0.40		2.33		0.50		2.23
CLASS A
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	2.38	%	$	925,247	0.63	%	4.70	%	0.68	%	4.65	%
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
2002		1.00		0.02			(0.02	)		1.00	2.16			1,763,870	0.65		2.08		0.75		1.98
CLASS B
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	2.01	%	$	756	1.35	%	3.98	%	1.40	%	3.93	%
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
2002		1.00		0.02			(0.02	)		1.00	1.44			1,332	1.36		1.37		1.46		1.27
CLASS C
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	2.01	%	$	126	1.35	%	3.98	%	1.40	%	3.93	%
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
2002		1.00		0.02			(0.02	)		1.00	1.45			218	1.36		1.37		1.46		1.27

* Amount represents less than $0.005 per share.

** For the six months ended November 30, 2006. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Per share data calculated using average shares outstanding method.

⁽¹⁾ The capital infusions described in Note 6 in the Notes to Financial Statements 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.

6

	Net Asset Value, Beginning of Period		Net Investment Income†			Dividends from Net Investment Income			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 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
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	1.66	%	$	275,696	0.28	%	3.29	%	0.33	%	3.24	%
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
2002		1.00		0.02			(0.02	)		1.00	1.77			185,180	0.31		1.72		0.51		1.52
CLASS A
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	1.54	%	$	80,993	0.53	%	3.04	%	0.58	%	2.99	%
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
2002		1.00		0.02			(0.02	)		1.00	1.55			57,544	0.53		1.50		0.73		1.30
PENNSYLVANIA TAX EXEMPT MONEY MARKET FUND
CLASS I
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	1.67	%	$	121,661	0.29	%	3.30	%	0.34	%	3.25	%
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
2002		1.00		0.02			(0.02	)		1.00	1.76			112,169	0.34		1.69		0.59		1.44
CLASS A
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	1.54	%	$	55,225	0.54	%	3.05	%	0.59	%	3.00	%
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
2002		1.00		0.02			(0.02	)		1.00	1.54			61,754	0.56		1.47		0.81		1.22
TAX EXEMPT MONEY MARKET FUND
CLASS I
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	1.67	%	$	469,610	0.28	%	3.30	%	0.33	%	3.25	%
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
2002		1.00		0.02			(0.02	)		1.00	1.74			539,093	0.30		1.70		0.50		1.50
CLASS A
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	1.54	%	$	174,142	0.53	%	3.05	%	0.58	%	3.00	%
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
2002		1.00		0.02			(0.02	)		1.00	1.52			289,510	0.52		1.48		0.72		1.28
TREASURY MONEY MARKET FUND
CLASS I
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	2.30	%	$	180,989	0.39	%	4.55	%	0.44	%	4.50	%
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
2002		1.00		0.02			(0.02	)		1.00	2.23			468,283	0.40		2.12		0.45		2.07
CLASS A
2006**	$	1.00	$	0.02		$	(0.02	)	$	1.00	2.17	%	$	6,687	0.64	%	4.30	%	0.69	%	4.25	%
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
2002		1.00		0.02			(0.02	)		1.00	1.98			17,270	0.65		1.87		0.70		1.82

7

Allegiant Government Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 41.0%
Federal Farm Credit Bank — 1.9%
Federal Farm Credit Bank (FRN)
5.186%, 01/22/07	$	15,000	$	15,000
Federal Farm Credit Bank (MTN)
4.875%, 12/19/06		2,000		1,999
				16,999
Federal Home Loan Bank — 10.1%
Federal Home Loan Bank (DN)
5.150%, 02/09/07 (A)		7,500		7,425
Federal Home Loan Bank (FRN)
5.257%, 12/22/06		58,000		57,999
5.186%, 05/15/07		10,000		10,000
5.236%, 11/15/07		10,000		10,000
Federal Home Loan Bank (MTN)
3.750%, 01/16/07		4,585		4,577
				90,001
Federal Home Loan Mortgage Corporation — 17.2%
Federal Home Loan Mortgage Corporation (DN)
5.000%, 12/29/06 (A)		5,000		4,980
5.110%, 03/30/07 (A)		8,000		7,865
5.065%, 05/29/07 (A)		9,795		9,548
Federal Home Loan Mortgage Corporation (FRN)
5.238%, 12/27/06		5,600		5,600
Federal Home Loan Mortgage Corporation (MTN)
2.875%, 12/15/06		12,000		11,989
3.625%, 02/15/07		13,810		13,763
2.850%, 02/23/07		2,200		2,188
4.875%, 03/15/07		65,523		65,447
3.750%, 03/15/07		20,000		19,910
4.125%, 04/02/07		4,700		4,683
2.850%, 04/06/07		5,000		4,957
7.100%, 04/10/07		2,630		2,647
				153,577
Federal National Mortgage Association — 11.8%
Federal National Mortgage Association (DN)
5.170%, 01/05/07 (A)		10,000		9,950
5.140%, 02/16/07 (A)		5,000		4,945
5.150%, 02/23/07 (A)		3,128		3,090
5.140%, 03/07/07 (A)		7,395		7,294
5.120%, 03/21/07 (A)		10,000		9,843
5.100%, 04/27/07 (A)		7,600		7,442
5.095%, 05/09/07 (A)		10,000		9,775
5.080%, 05/16/07 (A)		15,000		14,649
5.090%, 06/01/07 (A)		1,500		1,461
Federal National Mortgage Association (MTN)
3.250%, 12/21/06		5,649		5,643
3.500%, 12/28/06		5,000		4,994
2.710%, 01/30/07		1,435		1,429
7.125%, 03/15/07		6,410		6,444
5.250%, 04/15/07		8,000		7,998
3.875%, 05/15/07		10,000		9,940
				104,897
Total U.S. Government Agency Obligations (Cost $365,474)				365,474
U.S. TREASURY OBLIGATION — 5.6%
U.S. Treasury Bill† — 5.6%
5.220%, 12/15/06		50,000		49,898
(Cost $49,898)
	Number of Shares
MONEY MARKET FUND — 1.3%
AIM Government & Agency Portfolio		11,830,565		11,831
(Cost $11,831)
	Par (000)
REPURCHASE AGREEMENTS — 57.8%
Bank of America
5.300% (dated 11/30/06, due 12/01/06, repurchase price $200,029,444, collateralized by Federal National Mortgage Association Bonds, 5.000%, due 03/01/35 to 04/01/35, total market value $204,000,000)	$	200,000		200,000
Barclays
5.310% (dated 11/30/06, due 12/01/06, repurchase price $40,005,900, collateralized by Federal Home Loan Bank Bonds, 3.500% to 5.125%, due 02/08/08 to 03/23/10, total market value $40,804,148)		40,000		40,000
Deutsche Bank
5.310% (dated 11/30/06, due 12/01/06, repurchase price $37,005,458, collateralized by Federal Home Loan Bank, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association Bonds, 3.850% to 7.500%, due 12/11/07 to 12/01/41, total market value $37,744,999)		37,000		37,000
Goldman Sachs
5.300% (dated 11/30/06, due 12/01/06, repurchase price $39,005,742, collateralized by Federal Home Loan Mortgage Corporation Bonds, 5.620% to 5.820%, due 09/15/31 to 02/15/36, total market value $39,780,000)		39,000		39,000
Greenwich Capital
5.300% (dated 11/30/06, due 12/01/06, repurchase price $200,029,444, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association Bonds, 5.018% to 6.715%, due 06/01/33 to 11/01/36, total market value $204,000,240)		200,000		200,000
Total Repurchase Agreements (Cost $516,000)				516,000
TOTAL INVESTMENTS — 105.7% (Cost $943,203)*				943,203

8

	Value (000)
Other Assets & Liabilities — (5.7)%
Dividends Payable
Class I	$	(2,012	)
Class A		(1,040	)
Investment Advisory Fees Payable		(179	)
12b-1 Fees Payable
Class I		(39	)
Class A		(64	)
Administration Fees Payable		(43	)
Custody Fees Payable		(9	)
Trustees’ Fees Payable		(73	)
Payable for Investments Purchased		(49,899	)
Other		2,477
Total Other Assets & Liabilities		(50,881	)
TOTAL NET ASSETS — 100.0%	$	892,322
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	892,364
Accumulated Net Realized Loss on Investments		(42	)
Total Net Assets	$	892,322
Net Asset Value, Offering and Redemption Price Per Share — Class I
($525,496,483 ÷ 525,480,348 outstanding shares of beneficial interest)	$	1.00
Net Asset Value, Offering and Redemption Price Per Share — Class A
($366,825,448 ÷ 366,862,011 outstanding shares of beneficial interest)	$	1.00

* Aggregate cost for Federal income tax purposes is (000) $943,213.

Gross unrealized appreciation (000)	$—
Gross unrealized depreciation (000)	(10)
Net unrealized depreciation (000)	$(10)

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

(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 November 30, 2006, 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.

9

Allegiant Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
COMMERCIAL PAPER† — 56.7%
Banks — 4.5%
Societe Generale North America
5.220%, 04/09/07	$	30,000	$	29,439
Svenska Handelsbanken NY
5.230%, 01/02/07		30,000		29,860
5.245%, 02/28/07		26,075		25,737
Westpac Banking
5.255%, 12/13/06		60,000		59,895
				144,931
Financial Conduits — 41.6%
Alpine Securitization
5.260%, 01/03/07		30,000		29,855
Amstel Funding
5.240%, 12/22/06		30,000		29,908
5.240%, 02/28/07		20,000		19,741
Atlantis One Funding
5.250%, 02/20/07		30,000		29,646
5.240%, 02/28/07		30,000		29,611
5.220%, 03/12/07		15,000		14,780
Barton Capital
5.260%, 01/19/07		30,000		29,785
Cancara Asset Securitization
5.260%, 12/20/06		30,000		29,917
5.255%, 01/31/07		30,000		29,733
5.250%, 02/14/07		20,000		19,781
Ciesco
5.260%, 01/22/07		10,000		9,924
CRC Funding LLC
5.270%, 12/21/06		8,000		7,977
Edison Asset Securitization LLC
5.240%, 03/02/07		30,000		29,603
5.210%, 04/19/07		30,000		29,397
Fountain Square Commercial Funding
5.250%, 01/18/07		20,000		19,860
5.250%, 02/08/07		7,144		7,072
5.250%, 02/16/07		20,000		19,775
5.240%, 03/20/07		30,000		29,524
Galaxy Funding
5.250%, 01/16/07		25,000		24,832
5.250%, 01/29/07		18,000		17,845
5.260%, 02/07/07		30,000		29,702
Gemini Securitization
5.270%, 12/01/06		12,000		12,000
5.270%, 12/18/06		25,000		24,938
5.265%, 01/03/07		35,000		34,831
5.260%, 01/26/07		15,000		14,877
Govco
5.260%, 01/16/07		20,000		19,866
5.250%, 02/26/07		20,000		19,746
Greyhawk Funding LLC
5.250%, 12/06/06		30,000		29,978
5.250%, 01/18/07		30,000		29,790
5.230%, 03/15/07		20,000		19,698
Liberty Street Funding
5.260%, 12/15/06		30,000		29,939
5.270%, 12/20/06		15,000		14,958
5.265%, 12/29/06		25,000		24,898
Market Street Funding
5.280%, 12/07/06		25,000		24,978
5.250%, 12/14/06		30,000		29,943
5.250%, 02/26/07		20,271		20,014
Mont Blanc Capital
5.250%, 01/18/07		30,000		29,790
5.250%, 02/15/07		30,000		29,668
5.260%, 02/15/07		14,707		14,544
National Rural Utilities Cooperative Finance
5.250%, 01/09/07		18,819		18,712
Old Line Funding
5.250%, 12/05/06		25,000		24,985
5.250%, 01/08/07		30,000		29,834
5.260%, 01/12/07		10,000		9,939
Perry Global Funding LLC
5.250%, 01/16/07		10,000		9,933
Public Square Funding
5.300%, 12/01/06		80,000		80,000
Scaldis Capital LLC
5.270%, 12/19/06		22,476		22,417
Sheffield Receivables
5.250%, 12/04/06		30,000		29,987
5.265%, 01/03/07		30,000		29,855
Solitaire Funding
5.250%, 01/12/07		30,000		29,816
5.260%, 01/24/07		30,000		29,763
Three Rivers Funding
5.265%, 12/05/06		22,916		22,903
5.260%, 12/18/06		20,000		19,950
5.270%, 12/19/06		20,000		19,947
Thunder Bay Funding LLC
5.240%, 01/05/07		23,160		23,042
Transamerica Asset Funding
5.270%, 12/04/06		18,000		17,992
				1,331,799
Financial Services — 10.1%
Allianz Finance
5.240%, 12/01/06		30,000		30,000
5.240%, 01/10/07		30,000		29,825
Citigroup Funding
5.255%, 02/14/07		21,550		21,314
Dexia Delaware LLC
5.300%, 12/01/06		60,000		60,000
5.220%, 12/29/06		20,000		19,919
Greenwich Capital
5.240%, 12/14/06		30,000		29,943
5.280%, 04/05/07		30,000		30,000
HBOS Treasury Services
5.260%, 12/13/06		25,000		24,956
5.250%, 02/09/07		9,208		9,114
ING Funding LLC
5.250%, 12/06/06		20,000		19,985
Morgan Stanley
5.240%, 03/06/07		20,000		19,724
UBS Finance
5.240%, 12/18/06		30,000		29,926
				324,706
Retail — 0.5%
Wal-Mart Stores
5.220%, 12/12/06		15,165		15,141
Total Commercial Paper (Cost $1,816,577)				1,816,577

10

	Par (000)		Value (000)
CERTIFICATES OF DEPOSIT — 15.9%
Domestic — 1.9%
Marshall & Ilsley Bank
5.285%, 12/08/06	$	30,000	$	30,000
5.310%, 01/16/07		30,000		29,999
				59,999
Euro — 7.0%
ABN AMRO Bank
5.360%, 01/11/07		20,000		20,000
ANZ Banking Group
5.400%, 03/20/07		30,000		30,004
BNP Paribas
5.090%, 12/13/06		30,000		29,999
5.555%, 12/28/06		30,000		30,003
Deutsche Bank
5.410%, 06/01/07		30,000		29,999
HBOS Treasury Services
5.600%, 06/19/07		30,000		30,020
HSBC Bank
5.310%, 05/16/07		30,000		29,999
Societe Generale
5.430%, 02/05/07		25,000		25,001
				225,025
Yankee — 7.0%
Abbey National Treasury Services CT
5.360%, 12/22/06		30,000		30,000
Bank of Ireland CT
5.335%, 05/10/07		25,000		25,001
Barclays Bank PLC NY
5.300%, 12/27/06		30,000		30,000
5.325%, 01/16/07		25,000		25,000
BNP Paribas NY
5.325%, 03/13/07		25,000		25,000
Credit Suisse NY
5.380%, 05/17/07		20,000		20,000
Svenska Handelsbanken NY
5.030%, 02/21/07		8,400		8,391
UBS AG CT
5.340%, 02/08/07		30,000		30,000
5.330%, 10/23/07		32,000		32,028
				225,420
Total Certificates of Deposit (Cost $510,444)				510,444
CORPORATE BONDS — 10.2%
Banks — 5.3%
American Express Bank (FRN)
5.290%, 08/10/07		30,000		30,000
Bank One (FRN)
5.572%, 10/01/07		21,500		21,543
Citigroup (FRN)
5.442%, 01/12/07		14,000		14,002
Goldman Sachs (FRN)
5.467%, 03/30/07		8,415		8,419
5.495%, 10/05/07		5,600		5,607
JPMorgan Chase (FRN) (MTN)
5.520%, 12/18/06		25,000		25,002
Wells Fargo
5.125%, 02/15/07		32,950		32,923
Wells Fargo (FRN)
5.424%, 09/28/07		30,000		30,026
				167,522
Financial Services — 4.2%
General Electric Capital (FRN)
5.412%, 12/08/06		35,000		35,000
Merrill Lynch (FRN) (MTN)
5.362%, 05/29/07		25,000		25,000
Morgan Stanley (FRN)
5.499%, 02/15/07		25,000		25,007
Morgan Stanley (FRN) (MTN)
5.920%, 01/17/07		20,000		20,015
Toyota Motor Credit (FRN) (MTN)
5.300%, 04/30/07		30,000		30,000
				135,022
Insurance — 0.7%
Allstate Life Global Funding II (FRN)
5.442%, 04/02/07 (A)		13,000		13,005
ASIF Global Financing XXVIII (FRN)
5.410%, 05/03/07 (A)		8,950		8,953
MetLife Global Funding I (FRN)
5.460%, 03/16/07 (A)		1,900		1,900
				23,858
Total Corporate Bonds (Cost $326,402)				326,402
MASTER NOTES — 2.4%
Banks — 2.4%
Bank of America
5.382%, 08/08/07		10,000		10,000
Bank of America (FRN)
5.382%, 02/15/07		30,000		30,000
5.382%, 03/14/07		20,000		20,000
5.382%, 08/03/07		15,000		15,000
Total Master Notes (Cost $75,000)				75,000
FUNDING AGREEMENTS — 2.0%
MetLife Funding Agreement (FRN)
5.450%, 09/17/07 (B)		30,000		30,000
New York Life Funding Agreement
5.422%, 06/06/07 (B)		35,000		35,000
Total Funding Agreements (Cost $65,000)				65,000
MUNICIPAL SECURITIES — 1.0%
California — 0.3%
Tulare County Public Financing Authority, Millenium Fund Program (RB) (LOC - Bayerische Landesbank) (VRDN)
5.300%, 08/01/34		9,282		9,282

11

Allegiant Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Georgia — 0.5%
Aquarium Parking Deck (RB) (LOC - SunTrust Bank) (VRDN)
5.350%, 04/01/20	$	9,800	$	9,800
Savannah College of Art & Design (RB) (LOC - Bank of America) (VRDN)
5.350%, 04/01/24		7,100		7,100
				16,900
Illinois — 0.2%
Champaign (GO) Series B (VRDN)
5.350%, 01/01/24		4,900		4,900
Total Municipal Securities (Cost $31,082)				31,082
	Number of Shares
MONEY MARKET FUND — 0.4%
AIM STIT Liquid Assets Portfolio (Cost $11,594)		11,593,685		11,594
	Par (000)
REPURCHASE AGREEMENTS — 11.5%
Barclays
5.310% (dated 11/30/06, due 12/01/06, repurchase price $138,020,355, collateralized by Federal Home Loan Bank and Federal National Mortgage Association Bonds, 5.300% to 5.700%, due 12/15/06 to 05/12/11, total market value $140,760,252)	$	138,000		138,000
Deutsche Bank
5.310% (dated 11/30/06, due 12/01/06, repurchase price $145,021,388, collateralized by Federal Home Loan Bank, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association and Tennessee Valley Authority Bonds, 2.811% to 8.000%, due 10/16/07 to 11/01/36, total market value $147,901,322)		145,000		145,000
Goldman Sachs
5.300% (dated 11/30/06, due 12/01/06, repurchase price $85,012,514, collateralized by Federal Home Loan Mortgage Corporation Bonds, 5.620% to 5.870%, due 10/15/34 to 04/15/36, total market value $86,700,000)		85,000		85,000
Total Repurchase Agreements (Cost $368,000)				368,000
TOTAL INVESTMENTS — 100.1% (Cost $3,204,099)*				3,204,099
			Value (000)
Other Assets & Liabilities — (0.1)%
Dividends Payable
Class I			$	(9,029	)
Class A				(2,243	)
Investment Advisory Fees Payable				(630	)
12b-1 Fees Payable
Class I				(217	)
Class A				(118	)
Administration Fees Payable				(151	)
Custody Fees Payable				(28	)
Trustees’ Fees Payable				(197	)
Payable for Shares of Beneficial Interest Redeemed				(2	)
Other				10,619
Total Other Assets & Liabilities				(1,996	)
TOTAL NET ASSETS — 100.0%			$	3,202,103
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	3,203,904
Distributions in Excess of Net Investment Income				(1	)
Accumulated Net Realized Loss on Investments				(1,800	)
Total Net Assets			$	3,202,103
Net Asset Value, Offering and Redemption Price Per Share — Class I ($2,275,974,013 ÷ 2,277,196,166 outstanding shares of beneficial interest)			$	1.00
Net Asset Value, Offering and Redemption Price Per Share — Class A ($925,246,650 ÷ 925,814,952 outstanding shares of beneficial interest)			$	1.00
Net Asset Value, Offering and Redemption Price Per Share — Class B ($756,460 ÷ 756,865 outstanding shares of beneficial interest)			$	1.00
Net Asset Value, Offering and Redemption Price Per Share — Class C ($125,675 ÷ 125,288 outstanding shares of beneficial interest)			$	1.00

* Also cost for federal income tax purposes.

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

(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) $23,858 and represents 0.7% of net assets as of November 30, 2006.

(B) Illiquid Security. Total market value of illiquid securities is (000) $65,000 and represents 2.0% of net assets as of November 30, 2006.

FRN — Floating Rate Note: the rate shown is the rate in effect on November 30, 2006, and the date shown is the final maturity date, not the next reset or put date. The rate floats based on a predetermined index.

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 November 30, 2006, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

12

Allegiant Ohio Municipal Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL SECURITIES — 98.3%
Ohio — 98.3%
Akron Sewer System, Prerefunded 12/01/06 @ 101 (RB) (MBIA)
5.650%, 12/01/06	$	560	$	566
Allen County Health Care Facilities, Mennonite Memorial Home Project (RB) (LOC - Wells Fargo Bank) (VRDN)
3.460%, 02/01/18		2,470		2,470
Bay Village (BAN) (GO)
4.500%, 07/20/07		1,500		1,508
Brooklyn (BAN) (GO)
4.250%, 05/23/07		1,120		1,122
Butler County (BAN) (GO) Series C
4.500%, 09/20/07		2,750		2,769
Butler County Healthcare Facilities, Lifesphere Project, (RB) (LOC - U.S. Bank) (VRDN)
3.460%, 05/01/27		3,210		3,210
Circleville (BAN) (GO)
4.500%, 07/18/07		2,750		2,760
Clark County (BAN) (GO)
4.270%, 02/28/07		1,095		1,097
3.900%, 03/27/07		2,180		2,182
3.830%, 11/14/07		3,000		3,006
Cleveland Waterworks (RB) Series L (FGIC) (VRDN)
3.460%, 01/01/33		7,635		7,635
Cleveland Waterworks (RB) Series M (FSA) (VRDN)
3.460%, 01/01/33		10,490		10,490
Columbus (GO) Series 1 (VRDN)
3.450%, 06/01/16		650		650
Columbus Sewer (RB) (VRDN)
3.480%, 06/01/11		4,300		4,300
Cuyahoga County Civic Facility, Oriana Services Project (RB) (LOC - Bank One) (VRDN)
3.750%, 04/01/16		1,400		1,400
Cuyahoga County Economic Development Authority, Cleveland Animal League Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 10/01/22		1,785		1,785
Cuyahoga County Economic Development Authority, Gilmour Academy Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 02/01/22		2,100		2,100
Cuyahoga County Economic Development Authority, Positive Education Program (RB) (LOC - Key Bank) (VRDN)
3.550%, 08/01/20		2,520		2,520
Cuyahoga County Economic Development, Magnificat High School Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.480%, 06/01/30		1,880		1,880
Cuyahoga County Port Authority, Euclid Garage Office Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.500%, 01/01/34		3,200		3,200
Cuyahoga County Port Authority, Laurel School Project (RB) (LOC - Key Bank) (VRDN)
3.550%, 06/01/24		4,305		4,305
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		1,058
Fairborn (BAN) (GO) (MBIA)
4.250%, 11/01/07		835		839
Franklin County Health Care Facility, Creekside at the Village Project (RB) (LOC - Key Bank) (VRDN)
3.500%, 05/01/34		2,435		2,435
Franklin County Health Care Facility, Friendship Village of Dublin Project (RB) Series B (LOC - Lasalle Bank) (VRDN)
3.480%, 11/01/34		7,120		7,120
Franklin County Hospital Authority, Holy Cross Health Systems Project (RB) (VRDN)
3.470%, 06/01/16		10,945		10,945
Franklin County Hospital, U.S. Health Corporation (RB) Series A (LOC - Citibank) (VRDN)
3.460%, 12/01/21		1,530		1,530
Franklin County Hospital, U.S. Health Corporation (RB) Series C (LOC - Citibank) (VRDN)
3.460%, 12/01/11		1,275		1,275
Franklin County Industrial Development Revenue Authority, Bricker & Eckler Project (RB) (LOC - Bank One) (VRDN)
3.780%, 11/01/14		2,250		2,250
Franklin County, Trinity Health (RB) Series C-2 (FGIC) (VRDN)
3.490%, 12/01/38		4,500		4,500
Franklin County, Trinity Health Credit Group Project (RB) Series F (VRDN)
3.470%, 12/01/30		20,950		20,950
Fulton County, Fulton County Health Center Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.500%, 11/01/35		900		900
Geauga County Health Care Facilities, Montefiore Housing Corporation Project (RB) (LOC - Key Bank) (VRDN)
3.700%, 01/01/26		1,940		1,940
Greene County (BAN) (GO)
4.500%, 12/14/06		1,000		1,000
Hamilton (BAN) (GO)
4.500%, 09/14/07		1,000		1,006
Hamilton County Economic Development Authority, Cincinnati Arts Association Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 11/01/23		940		940
Hamilton County Economic Development Authority, Cincinnati-Hamilton Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 09/01/25		735		735
Hamilton County Economic Development Authority, Jordon Complex (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 12/01/24		950		950

13

Allegiant Ohio Municipal Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Ohio — continued
Hamilton County Economic Development Authority, Saint Xavier High School Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.630%, 04/01/28	$	1,000	$	1,000
Hamilton County Healthcare Facilities, Episcopal (RB) Series A (LOC - Keybank) (VRDN)
3.480%, 06/01/35		1,000		1,000
Hamilton County Hospital Facilities, Children’s Hospital Medical Center (RB) (LOC - U.S. Bank) (VRDN)
3.480%, 05/15/28		4,000		4,000
Hamilton Waste Water System (BAN) (GO)
4.250%, 01/25/07		1,150		1,151
Hancock County (BAN) (GO)
4.500%, 11/08/07		1,417		1,429
Hilliard School District (BAN) (GO)
4.500%, 06/14/07		1,000		1,003
Hunting Valley, Village Hall Construction Project (BAN)
4.250%, 10/04/07		4,500		4,524
Jefferson Local School District, Madison County (BAN) (GO)
4.180%, 11/28/07		2,000		2,010
Kent Ohio (BAN)
4.250%, 10/18/07		2,045		2,056
Kent State University General Receipts (RB) (MBIA) (VRDN)
3.500%, 05/01/31		6,500		6,500
Kings Local School District (TAN)
4.750%, 07/26/07		1,400		1,408
Lancaster (BAN) (GO)
4.250%, 10/17/07		1,000		1,005
Lima Hospital Facilities Authority, Lima Memorial Hospital Project (RB) (LOC - Bank One) (VRDN)
3.550%, 12/01/10		815		815
Logan County, Sewer System Improvement (BAN) (GO)
4.210%, 02/07/07		365		366
Lucas County Healthcare Facilities, Sunset Retirement Community Project (RB) Series B (LOC - Fifth Third Bank) (VRDN)
3.480%, 08/15/30		790		790
Mason (BAN) (GO)
4.750%, 07/05/07		2,250		2,262
Mayfield Heights (BAN)
4.250%, 08/27/07		3,000		3,013
Mentor (BAN) (GO) Series 2006-2
4.500%, 09/14/07		1,000		1,007
North Canton City School District (GO) (AMBAC)
5.750%, 12/01/06		250		250
North Ridgeville (BAN) (GO)
4.000%, 09/19/07		600		601
Ohio State (GO) Series B (VRDN)
3.480%, 08/01/21		3,800		3,800
Ohio State (GO) Series C (VRDN)
3.500%, 06/15/26		2,500		2,500
Ohio State Air Quality Development Authority, Ohio Edison Project (RB) Series C (LOC - Wachovia Bank) (VRDN)
3.620%, 06/01/23		2,370		2,370
Ohio State Air Quality Development Authority, Timken Project (RB) (LOC - KeyBank) (VRDN)
3.580%, 06/01/33		3,000		3,000
Ohio State Building Authority, Administration Building Fund Project (RB) Series A
4.000%, 04/01/07		1,000		1,002
Ohio State Higher Educational Facilities Commission (RB) (LOC - Fifth Third Bank) (VRDN)
3.530%, 09/01/25		2,860		2,860
Ohio State Higher Educational Facilities Commission, Ashland University Project (RB) (LOC - Key Bank) (VRDN)
3.530%, 09/01/24		2,600		2,600
Ohio State Higher Educational Facilities Commission, Case Western Reserve University Project (RB) Series A (VRDN)
3.520%, 10/01/31		14,265		14,265
Ohio State Higher Educational Facilities Commission, Kenyon College Project (RB) Series K (VRDN)
3.500%, 08/01/33		750		750
Ohio State Higher Educational Facilities Commission, Oberlin College Project (RB) Series A (VRDN)
3.520%, 10/01/29		16,400		16,400
Ohio State Higher Educational Facilities Commission, Pooled Financing Program (RB) Series A (LOC - Fifth Third Bank) (VRDN)
3.530%, 09/01/24		2,740		2,740
3.500%, 09/01/26		2,800		2,800
3.680%, 09/01/27		455		455
Ohio State Higher Educational Facilities Commission, Xavier University Project (RB) (LOC - U.S. Bank) (VRDN)
3.470%, 05/01/15		4,800		4,800
Ohio State Higher Educational Facilities Commission, Xavier University Project (RB) Series B (LOC - U.S. Bank) (VRDN)
3.470%, 11/01/30		10,705		10,705
Ohio State University (RB) (VRDN)
3.630%, 12/01/31		900		900
Ohio State University General Receipts (RB) (FSA) (VRDN)
3.500%, 12/01/26		800		800
Ohio State University General Receipts (RB) (VRDN)
3.630%, 12/01/21		1,050		1,050
Ohio State Water Development Authority, FirstEnergy Project (RB) Series A (LOC - Barclays Bank PLC) (VRDN)
3.640%, 05/15/19		6,100		6,100

14

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Ohio — continued
Ohio State Water Development Authority, FirstEnergy Project (RB) Series B (LOC - Barclays Bank PLC) (VRDN)
3.500%, 01/01/34	$	17,200	$	17,200
Ohio State Water Development Authority, Pure Water (RB) Series B (MBIA) (VRDN)
3.480%, 12/01/18		2,755		2,755
Ohio State Water Development Authority, Timken Company Project (RB) (LOC - Northern Trust Company) (VRDN)
3.580%, 11/01/25		2,000		2,000
Penta County Career Center (TAN)
4.250%, 03/01/07		3,000		3,005
Perrysburg (BAN) (GO)
4.500%, 08/09/07		1,250		1,255
4.250%, 11/08/07		2,393		2,406
4.250%, 11/08/07		1,000		1,006
Portage County Health Care Facility, Hattie Larham Project (RB) (LOC - Bank One) (VRDN)
3.750%, 02/01/17		2,040		2,040
Rocky River, Lutheran West High School Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 12/01/22		2,100		2,100
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series C (AMBAC) (VRDN)
3.460%, 12/01/25		2,800		2,800
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series D (AMBAC) (VRDN)
3.460%, 12/01/25		1,150		1,150
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series E (AMBAC) (VRDN)
3.460%, 12/01/25		1,065		1,065
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series F (AMBAC) (VRDN)
3.460%, 12/01/25		1,175		1,175
Scioto County Hospital Facilities Authority, VHA Central Capital Asset Financing Program (RB) Series G (AMBAC) (VRDN)
3.460%, 12/01/25		650		650
Sharonville (BAN) (GO)
4.500%, 08/14/07		1,360		1,366
Sharonville Industrial Development Authority, Edgecomb Metals Co. Project (RB) (LOC - Wells Fargo Bank) (VRDN)
3.460%, 11/01/09		4,360		4,360
Solon (BAN) (GO)
4.000%, 11/21/07		1,360		1,365
Stow City School District (GO)
9.125%, 12/01/06		580		580
Toledo City Services Special Assessment Notes (LOC - State Street Bank & Trust) (VRDN)
3.480%, 06/01/08		7,100		7,100
Toledo-Lucas County Port Authority (RB) Series C (LOC - Sovereign Bank) (VRDN)
3.480%, 05/15/38		8,500		8,500
Trenton (BAN) (GO)
4.250%, 03/14/07		2,200		2,204
Trotwood (BAN)
4.250%, 10/24/07		3,560		3,579
Trotwood (BAN) Series B
4.000%, 11/01/07		2,530		2,538
Union County (BAN) (GO)
3.820%, 04/10/07		2,000		2,000
University of Akron General Receipts (RB) (FGIC) (VRDN)
3.480%, 01/01/29		9,950		9,950
University of Cincinnati General Receipts (BAN) (RB)
4.500%, 01/25/07		1,000		1,002
University of Cincinnati General Receipts (RB) Series B (AMBAC) (VRDN)
3.480%, 06/01/31		5,585		5,585
Upper Valley Joint Vocational School District (BAN) (GO)
4.000%, 11/28/07		1,925		1,932
Vandalia, Prerefunded 12/01/06 @ 101 (GO)
5.350%, 12/01/06		505		510
Walnut Hills High School Alumni Foundation, School Improvements Fund (RB) (LOC - Fifth Third Bank) (VRDN)
3.660%, 12/01/06		1,180		1,180
Warren County (BAN) (GO)
4.250%, 09/06/07		1,610		1,617
Warren County Healthcare Facilities Authority, Otterbein Homes Project (RB) Series B (LOC - Fifth Third Bank) (VRDN)
3.560%, 07/01/23		2,828		2,828
Warren County Industrial Development Authority, Cincinnati Electric Illuminating Project (RB) (LOC - Bank of Nova Scotia) (VRDN)
3.850%, 09/01/15		4,690		4,690
Warren County Industrial Development Authority, Liquid Container Project (RB) (LOC - Bank of America) (VRDN)
3.500%, 03/01/15		1,670		1,670
Westerville Ohio (GO)
4.500%, 09/20/07		1,575		1,586
Wooster Industrial Development Authority, Allen Group Project (RB) (LOC - Wachovia Bank ) (VRDN)
3.480%, 12/01/10		5,200		5,200
Total Municipal Securities (Cost $350,475)				350,475
	Number of Shares
MONEY MARKET FUND — 0.4%
BlackRock Ohio Municipal Money Market Fund (Cost $1,548)		1,548,196		1,548
TOTAL INVESTMENTS — 98.7% (Cost $352,023)*				352,023

15

Allegiant Ohio Municipal Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Value (000)
Other Assets & Liabilities — 1.3%
Dividends Payable
Class I	$	(683	)
Class A		(2	)
Investment Advisory Fees Payable		(45	)
12b-1 Fees Payable
Class I		(33	)
Class A		(8	)
Administration Fees Payable		(18	)
Custody Fees Payable		(4	)
Trustees’ Fees Payable		(21	)
Other		5,480
Total Other Assets & Liabilities		4,666
TOTAL NET ASSETS — 100.0%	$	356,689
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)	$	356,689
Total Net Assets	$	356,689
Net Asset Value, Offering and Redemption Price Per Share — Class I ($275,696,007 ÷ 275,700,676 outstanding shares of beneficial interest)	$	1.00
Net Asset Value, Offering and Redemption Price Per Share — Class A ($80,993,081 ÷ 80,989,268 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 — Federal Security Assurance

GO — General Obligation

LOC — Letter of Credit

MBIA — Municipal Bond Insurance Association

PLC — Public Liability Company

RB — Revenue Bond

TAN — Tax Anticipation Note

VRDN — Variable Rate Demand Note: the rate shown is the rate in effect on November 30, 2006, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

16

Allegiant Pennsylvania Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL SECURITIES — 99.0%
Pennsylvania — 99.0%
Allegheny County Higher Education Building Authority, Carnegie Mellon University (RB) (VRDN)
3.550%, 12/01/33	$	2,225	$	2,225
Allegheny County Hospital Development Authority, Children’s Hospital of Pittsburgh (RB) Series A (LOC - Citizens Bank) (VRDN)
3.500%, 06/01/35		1,000		1,000
Allegheny County Hospital Development Authority, Health Care Dialysis Clinic (RB) (LOC - Bank of America) (VRDN)
3.500%, 12/01/19		3,000		3,000
Allegheny County Hospital Development Authority, Presbyterian Health Center (RB) Series A (MBIA) (VRDN)
3.500%, 03/01/20		600		600
Allegheny County Hospital Development Authority, Presbyterian Health Center (RB) Series C (MBIA) (VRDN)
3.500%, 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		2,000		2,000
Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center (RB) Series B
5.500%, 06/15/07		2,000		2,020
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)
3.500%, 08/01/32		2,000		2,000
Allentown Commercial and Industrial Development, Diocese of Allentown (RB) (LOC - Wachovia Bank) (VRDN)
3.550%, 12/01/29		1,100		1,100
Beaver County Industrial Development Authority, Atlantic Richfield Project (RB) (VRDN)
3.500%, 12/01/20		6,150		6,150
Beaver County Industrial Development Authority, Pollution Control, FirstEnergy Generation (RB) (LOC - Barclays Bank PLC) (VRDN)
3.650%, 01/01/35		6,000		6,000
3.650%, 04/01/41		4,000		4,000
Berks County Industrial Development Authority, Kutztown Resource Management Project (RB) (LOC - Wachovia Bank) (VRDN)
3.580%, 12/01/30		1,500		1,500
Dallastown Area School District (GO) (FGIC) (VRDN)
3.500%, 02/01/18		3,000		3,000
3.500%, 05/01/20		2,815		2,815
Delaware County Authority, White Horse Village Project (RB) Series A (LOC - Citizens Bank) (VRDN)
3.650%, 07/01/30		1,700		1,700
Delaware County Industrial Development Authority, BP Exploration and Oil (RB) (VRDN)
3.650%, 10/01/19		50		50
Delaware County Industrial Development Authority, Exelon Generation Company Project (TECP) (VRDN)
3.570%, 01/18/07		2,000		2,000
Delaware County Industrial Development Authority, Resource Recovery (RB) Series G (VRDN)
3.480%, 12/01/31		2,755		2,755
3.480%, 12/01/31		3,610		3,610
Delaware County Industrial Development Authority, Sunoco Project (RB) (LOC - Bank of America) (VRDN)
3.500%, 11/01/33		4,750		4,750
Elizabethtown Industrial Development Authority, Elizabethtown College Project (RB) (LOC - Fulton Bank) (VRDN)
3.580%, 06/15/29		2,685		2,685
Emmaus General Authority (RB) (FSA) (VRDN)
3.480%, 12/01/28		95		95
Erie Higher Education Building Authority, Mercyhurst College Project (RB) (LOC - PNC Bank) (VRDN)
3.500%, 11/01/23		3,000		3,000
Fairview School District (GO) (FGIC)
6.000%, 02/15/07		315		316
Geisinger Authority, Geisinger Health Systems (RB) (VRDN)
3.650%, 11/15/32		350		350
Geisinger Authority, Geisinger Health Systems (RB) Series B (VRDN)
3.650%, 08/01/22		1,520		1,520
Gettysburg Area Industrial Development Authority, Brethren Home Community Project (RB) Series A (LOC - Wachovia Bank) (VRDN)
3.480%, 06/01/24		15		15
Hanover School District (GO) (FSA) (VRDN)
3.480%, 06/01/25		750		750
Harrisburg Authority (RB) Series A (FGIC) (VRDN)
3.530%, 07/15/29		3,405		3,405
Harrisburg Authority, Cumberland Valley School District Project (RB) Sub-Series B (FSA) (VRDN)
3.530%, 03/01/34		1,780		1,780
Harrisburg Authority, Haverford School District (RB) Sub-Series A (FSA) (VRDN)
3.530%, 03/01/34		1,605		1,605
Lackawanna County (GO) Series B (FSA) (VRDN)
3.500%, 10/15/29		285		285

17

Allegiant Pennsylvania Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Pennsylvania — continued
Lancaster County (GO) (FSA) (VRDN)
3.480%, 11/01/16	$	1,780	$	1,780
Lancaster Industrial Development Authority, Student Lodging Incorporated (RB) (LOC - Fulton Bank) (VRDN)
3.580%, 12/01/26		2,410		2,410
Lebanon County Health Facilities Authority, ECC Retirement Village Project (RB) (LOC - Northern Trust Co.) (VRDN)
3.530%, 10/15/25		3,395		3,395
Luzerne County Convention Center Authority (RB) Series A (LOC - Wachovia Bank) (VRDN)
3.480%, 09/01/28		1,405		1,405
Montgomery County Higher Educational Facilities Authority, William Penn Charter School Project (RB) (LOC - PNC Bank) (VRDN)
3.500%, 09/15/31		3,115		3,115
Montgomery County Industrial Development Authority, Girl Scouts of Southeastern Pennsylvania (RB) (LOC - Wachovia Bank) (VRDN)
3.580%, 02/01/25		100		100
Montgomery County Industrial Development Authority, Meadowood (RB) (LOC - Citizens Bank) (VRDN)
3.490%, 12/01/20		2,850		2,850
Montgomery County Industrial Development Authority, PECO Energy Company Project (TECP) (VRDN)
3.600%, 02/15/07		4,800		4,800
Neshaminy School District (TRAN) (GO)
4.750%, 06/29/07		1,000		1,005
New Garden General Authority, Municipal Pooled Financing Program (RB) Series I (AMBAC) (VRDN)
3.470%, 11/01/29		3,735		3,735
New Garden General Authority, Municipal Pooled Financing Program (RB) Series II (FSA) (VRDN)
3.470%, 12/01/33		7,000		7,000
Northumberland County (TRAN) (GO)
4.000%, 12/29/06		1,500		1,501
Oxford Area School District (GO) Series A (FGIC)
4.000%, 02/15/07		1,615		1,617
Pennsylvania Intergovernmental Cooperative Authority, Philadelphia Funding Project (RB) (FGIC)
5.000%, 06/15/07		350		353
Pennsylvania State (GO)
5.250%, 02/01/07		400		401
5.250%, 10/15/07		400		406
Pennsylvania State Higher Educational Facilities Authority, Association of Independent Colleges & Universities (RB) Series K1 (LOC - JPMorgan Chase)
3.600%, 11/01/22		2,200		2,200
3.600%, 11/01/22		1,370		1,370
Pennsylvania State Higher Educational Facilities Authority, Association of Independent Colleges & Universities Program (RB) Series E-3 (LOC - PNC Bank) (VRDN)
3.470%, 11/01/14		1,000		1,000
Pennsylvania State Higher Educational Facilities Authority, Student Association Inc. Housing Project (RB) Series A (LOC - Citizens Bank) (VRDN)
3.490%, 07/01/38		1,500		1,500
Pennsylvania State Higher Educational Facilities Authority, Ursinus College, Prerefunded 01/01/ 07 @ 102 (RB)
5.850%, 01/01/07		2,755		2,815
Pennsylvania State Turnpike Commission (RB) Series A-1 (VRDN)
3.500%, 12/01/30		1,000		1,000
Pennsylvania State Turnpike Commission (RB) Series A-3 (VRDN)
3.500%, 12/01/30		3,200		3,200
Pennsylvania State Turnpike Commission (RB) Series B (FSA) (VRDN)
3.500%, 07/15/41		2,500		2,500
Pennsylvania State Turnpike Commission (RB) Series B (VRDN)
3.480%, 12/01/12		1,465		1,465
Pennsylvania State Turnpike Commission (RB) Series U (VRDN)
3.470%, 12/01/19		2,610		2,610
Pennsylvania State University (RB) Series A (VRDN)
3.470%, 04/01/31		2,525		2,525
3.470%, 03/01/32		3,420		3,420
Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project (RB) (LOC - Wachovia Bank) (VRDN)
3.480%, 07/01/27		845		845
Philadelphia Authority for Industrial Development, Chestnut Hill Academy (RB) (LOC - Wachovia Bank) (VRDN)
3.500%, 12/01/35		3,300		3,300
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital Project (RB) Series C (MBIA) (VRDN)
3.630%, 07/01/31		905		905
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital Project (RB) Series D (MBIA) (VRDN)
3.630%, 07/01/31		1,500		1,500
Philadelphia Hospitals & Higher Education Facilities Authority, Philadelphia Schools (RB) Series A-3 (LOC - First Union National Bank) (VRDN)
3.530%, 03/01/19		525		525

18

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Pennsylvania — continued
Philadelphia Industrial Development Authority, 1100 Walnut Associates Project (RB) (LOC - PNC Bank) (VRDN)
3.600%, 12/01/14	$	400	$	400
Philadelphia Industrial Development Authority, Girard Estate Facilities Project (RB) (LOC - Morgan Guaranty Trust) (VRDN)
3.480%, 10/30/31		500		500
Philadelphia Industrial Development Authority, Pennsylvania School for the Deaf (RB) (LOC - Citizens Bank) (VRDN)
3.530%, 11/01/32		4,200		4,200
Sayre Health Care Facilities Authority, Capital Financing Project (RB) Series I (AMBAC) (VRDN)
3.500%, 12/01/20		2,450		2,450
Sayre Health Care Facilities Authority, Capital Financing Project (RB) Series K (AMBAC) (VRDN)
3.500%, 12/01/20		3,000		3,000
Sayre Health Care Facilities Authority, Capital Financing Project (RB) Series M (AMBAC) (VRDN)
3.500%, 12/01/20		3,250		3,250
University of Pittsburgh, University Capital Project (RB) Series A (VRDN)
3.500%, 09/15/15		1,220		1,220
3.500%, 09/15/18		1,000		1,000
3.500%, 09/15/19		2,500		2,500
University of Pittsburgh, University Capital Project (RB) Series B (VRDN)
3.500%, 09/15/29		2,460		2,460
Upper Dauphin Industrial Development Authority, United Church of Christ Homes Project (RB) (LOC - Wachovia Bank) (VRDN)
3.480%, 12/01/26		2,805		2,805
Washington County Authority (RB) (VRDN)
3.460%, 07/01/34		2,900		2,900
Washington County Authority, Girard Estate Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.480%, 06/01/27		3,115		3,115
Washington County Hospital Authority, Washington Hospital Project (RB) (LOC - PNC Bank) (VRDN)
3.900%, 07/01/07		2,500		2,499
Westmoreland County Industrial Development Authority, Excela Project (RB) Series C (LOC - Wachovia Bank) (VRDN)
3.470%, 07/01/27		930		930
Wilson School District (GO) (FGIC)
5.500%, 05/15/07		2,000		2,018
Total Municipal Securities (Cost $175,041)				175,041

	Number of Shares	Value (000)
MONEY MARKET FUND — 0.5%
BlackRock Pennsylvania Municipal Money Market Portfolio	880,976	$	881
(Cost $881)
TOTAL INVESTMENTS — 99.5%
(Cost $175,922)*			175,922
Other Assets & Liabilities — 0.5%
Dividends Payable
Class I			(327	)
Class A			(67	)
Investment Advisory Fees Payable			(21	)
12b-1 Fees Payable
Class I			(10	)
Class A			(7	)
Administration Fees Payable			(8	)
Custody Fees Payable			(2	)
Trustees’ Fees Payable			(7	)
Other			1,413
Total Other Assets & Liabilities			964
TOTAL NET ASSETS — 100.0%		$	176,886
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)		$	176,926
Accumulated Net Realized Loss on Investments			(40	)
Total Net Assets		$	176,886
Net Asset Value, Offering and Redemption Price Per Share — Class I ($121,661,006 ÷ 121,773,710 outstanding shares of beneficial interest)		$	1.00
Net Asset Value, Offering and Redemption Price Per Share — Class A ($55,224,851 ÷ 55,165,697 outstanding shares of beneficial interest)		$	1.00

* Also cost for federal income tax purposes.

AMBAC — American Municipal Bond Assurance Corporation

FGIC — Federal Guaranty Insurance Corporation

FSA — Federal Security Assurance

GO— General Obligation

LOC — Letter of Credit

MBIA — Municipal Bond Insurance Association

PLC — Public Liability Company

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 November 30, 2006, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Financial Statements.

19

Allegiant Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL SECURITIES — 98.9%
Alaska — 1.7%
Valdez Marine Terminal, BP Pipelines Inc. Project (RB) Series A (VRDN)
3.650%, 06/01/37	$	2,920	$	2,920
Valdez Marine Terminal, BP Pipelines Inc. Project (RB) Series B (VRDN)
3.650%, 07/01/37		7,300		7,300
Valdez Marine Terminal, BP Pipelines Project (RB) Series C (VRDN)
3.650%, 07/01/37		1,000		1,000
				11,220
District of Columbia — 0.6%
District of Columbia, Field School Project (RB) Series B (LOC - Wachovia Bank) (VRDN)
3.530%, 07/01/31		3,720		3,720
Florida — 1.8%
Miami-Dade County School District (TAN) (RN)
4.500%, 06/28/07		6,000		6,026
Palm Beach County School District (TECP)
3.570%, 03/08/07		5,500		5,500
				11,526
Georgia — 3.7%
Athens-Clarke County Government Development Authority, University of Georgia Athletic Association (RB) (LOC - Bank of America) Series B (VRDN)
3.640%, 07/01/35		1,235		1,235
Burke County Pollution Control Development Authority, Oglethorpe Power Vogtle Project (TECP) (VRDN)
3.580%, 01/22/07		6,000		6,000
3.500%, 01/01/16		16,780		16,780
				24,015
Illinois — 5.2%
Bloomington (GO) (VRDN)
3.680%, 06/01/07		5,710		5,710
Chicago Metropolitan Water Reclamation District (GO) Series B
5.000%, 12/01/06		760		760
Illinois Health Facilities Authority, Riverside Health System (RB) Series B (LOC - LaSalle National Bank) (VRDN)
3.500%, 11/15/16		4,330		4,330
Illinois State Development Finance Authority, Jewish Federation Project (RB) (AMBAC) (VRDN)
3.500%, 09/01/24		1,175		1,175
Illinois State Development Finance Authority, Loyola Academy Project (RB) Series A (LOC - Northern Trust Company) (VRDN)
3.510%, 10/01/27		5,000		5,000
Illinois State Educational Facilities Authority, Lake Forest Open Lands Project (RB) (LOC - Northern Trust Company) (VRDN)
3.550%, 08/01/33		6,100		6,100
Illinois State Educational Facilities Authority, Xavier University Project (RB) Series A (LOC - LaSalle Bank) (VRDN)
3.500%, 10/01/32		6,100		6,100
Naperville, Dupage Children’s Museum (RB) (LOC - American National Bank & Trust) (VRDN)
3.550%, 06/01/30		2,500		2,500
Normal County (GO) (VRDN)
3.500%, 06/01/23		1,750		1,750
				33,425
Indiana — 2.9%
Carnel Industrial Waterworks (BAN) (RN) Series A
4.500%, 09/21/07		6,000		6,040
Evansville Industrial Economic Development Authority, Ball Corporation Project (RB) (LOC - Bank One) (VRDN)
3.550%, 12/01/08		2,500		2,500
Indiana State Development Finance Authority, Eitteljorg Museum Project (RB) (LOC - Bank One) (VRDN)
3.500%, 02/01/24		4,100		4,100
Indiana State Development Finance Authority, Indianapolis Museum (RB) (LOC - Bank One Indiana) (VRDN)
3.500%, 02/01/36		600		600
Indiana State Health Facilities Financing Authority, Capital Access Program (RB) (LOC - Comerica Bank) (VRDN)
3.520%, 01/03/07		350		350
Indiana State Health Facilities Financing Authority, Southern Indiana Rehabilitation Hospital Project (RB) (LOC - Bank One Kentucky) (VRDN)
3.530%, 04/01/20		1,830		1,830
Purdue University (COP)
5.000%, 07/01/07		3,130		3,156
				18,576
Kansas — 3.0%
Burlington County Pollution Control, National Rural Utilities Cooperative Finance Corporation Project (TECP) (VRDN)
3.580%, 12/07/06		4,500		4,500
3.600%, 12/07/06		1,800		1,800
3.580%, 01/04/07		8,200		8,200
3.590%, 03/07/07		5,000		5,000
				19,500
Louisiana — 1.6%
Plaquemines Port Harbor & Terminal District Facilities, Chevron Pipe Line Project (RB) (VRDN)
3.850%, 09/01/07		6,000		6,000
St. James Parish (TECP)
3.570%, 12/12/06		4,000		4,000
				10,000

20

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Maryland — 1.9%
Johns Hopkins University (TECP)
3.550%, 02/13/07	$	5,400	$	5,400
Maryland State Health and Higher Educational Facilities Authority (RB) Series A (LOC -Bank One) (VRDN)
3.480%, 04/01/35		3,420		3,420
Maryland State Health and Higher Educational Facilities Authority, University of Maryland Medical System (RB) Series A (AMBAC) (VRDN)
3.480%, 07/01/23		3,550		3,550
				12,370
Massachusetts — 2.7%
Massachusetts State (GO) Series B (VRDN)
3.450%, 08/01/15		10,035		10,035
Massachusetts Water Resources Authority (RB) Series B (FGIC) (VRDN)
3.480%, 08/01/37		1,225		1,225
Massachusetts Water Resources Authority (TECP)
3.560%, 02/08/07		6,000		6,000
				17,260
Michigan — 0.3%
Michigan State Hospital Finance Authority, Trinity Health (RB) Series E (AMBAC) (VRDN)
3.500%, 12/01/30		1,250		1,250
University of Michigan (RB) Series A (VRDN)
3.610%, 12/01/35		800		800
				2,050
Mississippi — 0.3%
Jackson County Port Facilities, Chevron USA Inc. Project (RB) (VRDN)
3.640%, 06/01/23		2,075		2,075
Missouri — 1.2%
Curators University System Facilities (RB) Series A (VRDN)
3.650%, 11/01/32		1,100		1,100
Missouri Development Finance Board Cultural Facilities, Nelson Gallery Foundation (RB) Series A (VRDN)
3.650%, 12/01/33		380		380
Missouri State Health and Educational Facilities Authority, Cox Health System (RB) (MBIA) (VRDN)
3.630%, 06/01/15		1,200		1,200
Missouri State Health and Educational Facilities Authority, Washington University Project (RB) (VRDN)
3.500%, 09/01/09		4,050		4,050
Missouri State Health and Educational Facilities Authority, Washington University Project (RB) Series B (VRDN)
3.660%, 09/01/30		1,335		1,335
				8,065
Nebraska — 0.2%
American Public Energy Agency (RB) Series A (VRDN)
3.490%, 12/01/15		1,120		1,120
Nevada — 1.7%
Clark County (TECP)
3.600%, 01/18/07		5,000		5,000
3.550%, 02/13/07		1,200		1,200
3.550%, 02/13/07		1,750		1,750
3.560%, 02/13/07		3,000		3,000
				10,950
New Hampshire — 0.7%
New Hampshire Higher Educational & Health Facilities Authority, New England Incorporated Project (RB) Series B (AMBAC) (VRDN)
3.500%, 12/01/25		4,300		4,300
New Mexico — 3.3%
Hurley Pollution Control, Kennecott Santa Fe (RB) (VRDN)
3.650%, 12/01/15		3,295		3,295
New Mexico State Hospital Equipment Loan Council, Presbyterian Healthcare (RB) Series A (FSA) (VRDN)
3.500%, 08/01/30		12,600		12,600
New Mexico State Hospital Equipment Loan Council, Presbyterian Healthcare (RB) Series B (FSA) (VRDN)
3.500%, 08/01/30		5,110		5,110
				21,005
New York — 0.4%
New York City Municipal Water Finance Authority Water & Sewer System (RB) Series AA-1 (VRDN)
3.600%, 06/15/32		2,600		2,600
North Carolina — 5.4%
Guilford County Recreational Facilities Authority, YMCA Project (RB) (LOC - Branch Banking & Trust) (VRDN)
3.520%, 02/01/23		2,200		2,200
Mecklenburg County (GO) Series C (VRDN)
3.500%, 02/01/21		7,400		7,400
3.500%, 02/01/22		1,500		1,500
North Carolina (GO) Series F (VRDN)
3.480%, 05/01/21		10,000		10,000
North Carolina Capital Facilities Finance Agency, Greensboro Day School Project (RB) (LOC - Bank of America) (VRDN)
3.500%, 07/01/21		5,205		5,205
North Carolina Educational Facilities Finance Agency, Belmont Abbey College Project (RB) (LOC - Wachovia Bank) (VRDN)
3.480%, 06/01/18		900		900
North Carolina Medical Care Commission, Rutherford Hospital Project (RB) (LOC - Branch Banking & Trust) (VRDN)
3.520%, 09/01/21		1,500		1,500

21

Allegiant Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
North Carolina — continued
University of North Carolina Hospitals at Chapel Hill (RB) Series A (VRDN)
3.500%, 02/01/29	$	6,000	$	6,000
				34,705
Ohio — 19.6%
Cuyahoga County Port Authority, Euclid Garage Office Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.500%, 01/01/34		3,915		3,915
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		2,313
Evendale Tax Increment, Evendale Commons Ltd. Project (RN) (LOC - Fifth Third Bank)
3.850%, 05/17/07		1,955		1,955
Franklin County Hospital Authority, Holy Cross Health Systems Project (RB) (VRDN)
3.470%, 06/01/16		10,200		10,200
Franklin County, Trinity Health Credit Group Project (RB) Series F (VRDN)
3.470%, 12/01/30		26,600		26,600
Fulton County, Fulton County Health Center Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.500%, 11/01/35		400		400
Greene County (BAN) (GO) Series B
4.750%, 05/23/07		700		703
Hamilton County Economic Development Authority, Jordon Complex (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 12/01/24		4,650		4,650
Hamilton County Economic Development Authority, Taft Museum Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 05/01/27		9,845		9,845
Hamilton County Hospital Facilities, Children’s Hospital Medical Center (RB) (LOC - U.S. Bank) (VRDN)
3.480%, 05/15/28		3,300		3,300
Hilliard School District (BAN) (GO)
4.500%, 06/14/07		2,500		2,511
Marysville Water and Sewer (BAN) (GO)
4.250%, 01/25/07		2,015		2,018
Mayfield Heights (BAN) (GO)
4.000%, 01/25/07		1,300		1,301
Oberlin (BAN) (GO)
4.500%, 04/19/07		2,640		2,647
Ohio State (GO) Series B (VRDN)
3.530%, 08/01/17		9,740		9,740
Ohio State (GO) Series D (VRDN)
3.530%, 02/01/19		12,500		12,500
Ohio State Air Quality Development Authority, Timken Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.580%, 11/01/25		875		875
Ohio State Higher Educational Facilities Commission, Ashland University Project (RB) (LOC - Key Bank) (VRDN)
3.530%, 09/01/24		2,000		2,000
Ohio State Higher Educational Facilities Commission, Case Western Reserve University Project (RB) Series A (VRDN)
3.520%, 10/01/31		6,000		6,000
Ohio State Higher Educational Facilities Commission, Kenyon College Project (RB) Series K (VRDN)
3.500%, 08/01/33		350		350
Ohio State Higher Educational Facilities Commission, Oberlin College Project (RB) (VRDN)
3.520%, 10/01/10		2,700		2,700
Ohio State Higher Educational Facilities Commission, Pooled Financing Program (RB) Series A (LOC - Fifth Third Bank) (VRDN)
3.530%, 09/01/24		1,000		1,000
3.500%, 09/01/26		5,310		5,310
Ohio State Infrastructure (GO) Series A (VRDN)
3.530%, 02/01/23		3,000		3,000
Ohio State Water Development Authority, FirstEnergy Project (RB) Series A (LOC - Barclays Bank PLC) (VRDN)
3.640%, 05/15/19		1,000		1,000
Penta County Career Center (TAN)
4.250%, 03/01/07		3,000		3,005
Rocky River, Lutheran West High School Project (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 12/01/22		400		400
University of Akron General Receipts (RB) (FGIC) (VRDN)
3.480%, 01/01/29		2,200		2,200
Washington County Hospital, Marietta Area Health Facilities (RB) (LOC - Fifth Third Bank) (VRDN)
3.650%, 12/01/26		1,490		1,490
				126,483
Oregon — 0.8%
Portland (TAN) (GO)
4.500%, 06/28/07		5,000		5,020
Pennsylvania — 17.9%
Allegheny County Hospital Development Authority, South Hills Health (RB) Series A (LOC - PNC Bank) (VRDN)
3.680%, 06/01/30		1,000		1,000
Beaver County Industrial Development Authority, Pollution Control, FirstEnergy Generation (RB) (LOC - Barclays Bank PLC) (VRDN)
3.650%, 01/01/35		1,500		1,500
Berks County Industrial Development Authority, Kutztown Resource Management Project (RB) (LOC - Wachovia Bank) (VRDN)
3.580%, 12/01/30		2,445		2,445

22

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Pennsylvania — continued
Cumberland County Municipal Authority, Messiah Village Project (RB) (LOC - Citizens Bank) (VRDN)
3.490%, 07/01/27	$	1,900	$	1,900
Dallastown Area School District (GO) (FGIC) (VRDN)
3.500%, 02/01/18		610		610
Delaware County Industrial Development Authority, Exelon Generation Company Project (TECP) (VRDN)
3.580%, 03/08/07		5,000		5,000
Delaware County Industrial Development Authority, Resource Recovery (RB) Series G (VRDN)
3.480%, 12/01/31		500		500
Delaware County Industrial Development Authority, Scott Paper Company Project (RB) Series B (VRDN)
3.500%, 12/01/18		100		100
Delaware County Industrial Development Authority, Sunoco Project (RB) (LOC - Bank of America) (VRDN)
3.500%, 11/01/33		450		450
Emmaus General Authority (RB) (FSA) (VRDN)
3.480%, 12/01/28		8,870		8,870
Erie Higher Education Building Authority, Mercyhurst College Project (RB) (LOC - PNC Bank) (VRDN)
3.500%, 11/01/23		2,000		2,000
Gettysburg Area Industrial Development Authority, Brethren Home Community Project (RB) Series A (LOC - Wachovia Bank) (VRDN)
3.480%, 06/01/24		5,215		5,215
Hanover School District (GO) (FSA) (VRDN)
3.480%, 06/01/25		1,100		1,100
Harrisburg Authority (RB) Series A (FGIC) (VRDN)
3.530%, 07/15/29		4,000		4,000
Harrisburg Authority, Cumberland Valley School District Project (RB) Sub-Series B (FSA) (VRDN)
3.530%, 03/01/34		6,920		6,920
Harrisburg Authority, Haverford School District (RB) Sub-Series A (FSA) (VRDN)
3.530%, 03/01/34		500		500
Harrisburg Authority, West Brandywine (RB) Sub-Series D (FSA) (VRDN)
3.530%, 03/01/34		2,800		2,800
Lackawanna County (GO) Series A (LOC - PNC Bank) (VRDN)
3.500%, 09/01/29		1,000		1,000
Lackawanna County (GO) Series B (FSA) (VRDN)
3.500%, 10/15/29		3,500		3,500
Lancaster County Hospital Authority, Masonic Homes Project (RB) (AMBAC) (VRDN)
3.480%, 05/01/32		3,430		3,430
Lebanon County Health Facilities Authority, ECC Retirement Village Project (RB) (LOC - Northern Trust Co.) (VRDN)
3.530%, 10/15/25		290		290
Manheim Township School District (GO) (FSA) (VRDN)
3.500%, 06/01/16		2,000		2,000
Montgomery County Higher Educational Facilities Authority, William Penn Charter School Project (RB) (LOC - PNC Bank) (VRDN)
3.500%, 09/15/31		1,585		1,585
Neshaminy School District (TRAN) (GO)
4.750%, 06/29/07		2,000		2,009
New Garden General Authority, Municipal Pooled Financing Program (RB) Series II (FSA) (VRDN)
3.470%, 12/01/33		1,300		1,300
Northampton County Higher Education Authority, Lafayette College Project (RB) Series B (VRDN)
3.470%, 11/01/28		2,000		2,000
Pennsylvania State Higher Education Facilities Authority, Carnegie Mellon University (RB) Series A (VRDN)
3.630%, 11/01/25		1,500		1,500
Pennsylvania State Higher Education Facilities Authority, Carnegie Mellon University (RB) Series D (VRDN)
3.630%, 11/01/30		2,150		2,150
Pennsylvania State Higher Educational Facilities Authority, Association of Independent Colleges & Universities Program (RB) Series E-3 (LOC - PNC Bank) (VRDN)
3.470%, 11/01/14		2,200		2,200
Pennsylvania State Higher Educational Facilities Authority, Association of Independent Colleges & Universities Program (RB) Series J-2 (LOC - PNC Bank) (VRDN)
3.500%, 05/01/27		2,100		2,100
Pennsylvania State Higher Educational Facilities Authority, Carnegie Mellon University (RB) Series B (VRDN)
3.630%, 11/01/27		100		100
Pennsylvania State Turnpike Commission (RB) Series A-3 (VRDN)
3.500%, 12/01/30		4,100		4,100
Pennsylvania State Turnpike Commission (RB) Series C (FSA) (VRDN)
3.470%, 07/15/41		1,455		1,455
Pennsylvania State Turnpike Commission (RB) Series D (FSA) (VRDN)
3.480%, 07/15/41		1,900		1,900
Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project (RB) (LOC - Wachovia Bank) (VRDN)
3.480%, 07/01/27		265		265

23

Allegiant Tax Exempt Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Pennsylvania — continued
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital Project (RB) Series A (VRDN)
3.630%, 02/15/21	$	1,000	$	1,000
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital Project (RB) Series B (VRDN)
3.630%, 07/01/25		2,030		2,030
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital Project (RB) Series D (MBIA) (VRDN)
3.630%, 07/01/31		3,330		3,330
Philadelphia Industrial Development Authority, 1100 Walnut Associates Project (RB) (LOC - PNC Bank) (VRDN)
3.600%, 12/01/14		2,400		2,400
Philadelphia School District (TRAN) (GO) Series A (LOC - Bank of America)
4.500%, 06/29/07		5,000		5,020
Phildelphia Authority for Industrial Development, Girard Estate Aramark Project (RB) (LOC - JPMorgan Chase) (VRDN)
3.480%, 06/01/32		1,000		1,000
Sayre Health Care Facilities Authority, Capital Financing Project (RB) Series A (AMBAC) (VRDN)
3.500%, 12/01/20		4,500		4,500
Sayre Health Care Facilities Authority, Capital Financing Project (RB) Series I (AMBAC) (VRDN)
3.500%, 12/01/20		300		300
Sayre Health Care Facilities Authority, Capital Financing Project (RB) Series K (AMBAC) (VRDN)
3.500%, 12/01/20		2,295		2,295
Sayre Health Care Facilities Authority, Capital Financing Project (RB) Series M (AMBAC) (VRDN)
3.500%, 12/01/20		750		750
University of Pittsburgh, University Capital Project (RB) Series B (VRDN)
3.450%, 09/15/38		10,000		10,000
Westmoreland County Industrial Development Authority, Excela Project (RB) Series C (LOC - Wachovia Bank) (VRDN)
3.470%, 07/01/27		4,515		4,515
				114,934
South Carolina — 0.5%
South Carolina Public Service Authority (TECP)
3.580%, 03/13/07		3,000		3,000
Tennessee — 4.0%
Blount County Health, Educational and Housing Facilities Authority, Presbyterian Homes Project (RB) (LOC - SunTrust Bank) (VRDN)
3.490%, 01/01/19		6,275		6,275
Clarksville Public Building Authority (RB) (LOC - Bank of America) (VRDN)
3.650%, 01/01/33		7,370		7,370
3.650%, 07/01/34		750		750
3.650%, 11/01/35		5,350		5,350
Knox County Health, Educational & Housing Facilities Board, Child and Family Services Project (RB) (LOC - SunTrust Bank) (VRDN)
3.490%, 07/01/14		1,150		1,150
Montgomery County Public Building Authority, Tennessee County Loan Pool (RB) (LOC - Bank of America) (VRDN)
3.650%, 04/01/32		3,675		3,675
3.650%, 07/01/34		1,200		1,200
				25,770
Texas — 7.0%
Bell County Health Facilities Development, Scott & White Hospital (RB) (MBIA) (VRDN)
3.650%, 08/15/31		7,000		7,000
Denton Independent School District (GO) Series B (PSF-GTD) (VRDN)
3.900%, 08/15/07		4,700		4,700
Gulf Coast Industrial Development Authority, Amoco Oil Project (RB) (VRDN)
3.600%, 12/01/06		4,000		4,000
Harris County (TECP) (VRDN)
3.550%, 03/07/07		260		260
Harris County Health Facilities Development, Children’s Hospital (RB) Series B-1 (MBIA) (VRDN)
3.660%, 10/01/29		9,150		9,150
North Texas Tollway Authority, Dallas North Tollway System (RB) Series C (FGIC) (VRDN)
3.500%, 01/01/25		9,000		9,000
San Antonio City (TECP)
3.530%, 01/11/07		4,000		4,000
3.470%, 02/02/07		4,000		4,000
San Antonio Educational Facilities Corporation, Trinity University (RB) (VRDN)
3.650%, 06/01/33		800		800
San Antonio Water (RB) Sub-Series A (MBIA) (VRDN)
3.490%, 05/15/33		1,005		1,005
Texas State (TRAN)
4.500%, 08/31/07		1,150		1,158
				45,073
Utah — 2.9%
Intermountain Power Agency, Power Supply (RB) Series B (FGIC) (VRDN)
3.500%, 07/01/07		2,000		2,000
Intermountain Power Agency, Power Supply (RB) Series F (AMBAC) (VRDN)
3.600%, 12/01/06		6,000		6,000
3.530%, 09/15/07		7,250		7,250
Salt Lake County Pollution Control, Service Station Holdings Project (RB) (VRDN)
3.650%, 02/01/08		3,400		3,400
				18,650

24

	Par (000)		Value (000)
MUNICIPAL SECURITIES — continued
Vermont — 1.1%
Vermont Education and Health Building Finance Agency, Middlebury College Project (RB) Series A (VRDN)
3.580%, 11/01/27	$	7,270	$	7,270
Virginia — 1.7%
Lynchburg Industrial Development Authority, Mid Atlantic Hospital (RB) Series C (AMBAC) (VRDN)
3.500%, 12/01/25		2,100		2,100
Lynchburg Industrial Development Authority, Mid Atlantic Hospital (RB) Series F (AMBAC) (VRDN)
3.500%, 12/01/25		9,100		9,100
				11,200
Washington — 3.9%
Washington State (GO) (FSA)
4.250%, 07/01/07		3,625		3,635
Washington State (GO) (VRDN)
3.500%, 06/01/20		6,000		6,000
Washington State Health Care Facilities Authority, National Healthcare Research & Educational Project (RB) (LOC - BNP Paribas) (VRDN)
3.500%, 01/01/32		4,800		4,800
Washington State Health Care Facilities Authority, Sisters of St. Joseph Peace (RB) (MBIA) (VRDN)
3.480%, 04/01/18		8,250		8,250
Washington State Higher Educational Facilities Authority, Whitman College Project (RB) (VRDN)
3.480%, 10/01/29		2,550		2,550
				25,235
Wisconsin — 0.9%
Byron Industrial Development, Ocean Spray Inc. Project (RB) (LOC - Wachovia Bank) (VRDN)
3.480%, 12/01/20		2,500		2,500
Milwaukee (GO)
6.000%, 02/01/07		650		653
University of Wisconsin Hospitals & Clinics Authority (RB) (FSA) (VRDN)
3.500%, 04/01/29		2,685		2,685
				5,838
Total Municipal Securities (Cost $636,955)				636,955
	Number of Shares
MONEY MARKET FUND — 0.7%
BlackRock Liquidity Funds MuniFund (Cost $3,935)		3,934,468		3,935
TOTAL INVESTMENTS — 99.6% (Cost $640,890)*				640,890
			Value (000)
Other Assets & Liabilities — 0.4%
Dividends Payable
Class I			$	(1,178	)
Class A				(46	)
Investment Advisory Fees Payable				(75	)
12b-1 Fees Payable
Class I				(43	)
Class A				(24	)
Administration Fees Payable				(30	)
Custody Fees Payable				(6	)
Trustees’ Fees Payable				(36	)
Payable for Investments Purchased				(3,156	)
Other				7,455
Total Other Assets & Liabilities				2,861
TOTAL NET ASSETS — 100.0%			$	643,751
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	643,795
Accumulated Net Realized Loss on Investments				(44	)
Total Net Assets			$	643,751
Net Asset Value, Offering and Redemption Price Per Share — Class I ($469,609,703 ÷ 469,650,322 outstanding shares of beneficial interest)			$	1.00
Net Asset Value, Offering and Redemption Price Per Share — Class A ($174,141,543 ÷ 174,144,945 outstanding shares of beneficial interest)			$	1.00

* Also cost for federal income tax purposes.

AMBAC — American Municipal Bond Assurance Corporation

BAN — Bond Anticipation Note

COP — Certificate of Participation

FGIC — Federal Guaranty Insurance Corporation

FSA — Federal Security Assurance

GO — General Obligation

LOC — Letter of Credit

MBIA — Municipal Bond Insurance Association

PLC — Public Liability Company

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 November 30, 2006, and the date shown is the final maturity date, not the next reset or put date.

Assets in an amount at least equal to the market value of delayed delivery securities have been segregated by the Fund.

See Notes to Financial Statements.

25

Allegiant Treasury Money Market Fund

STATEMENT OF NET ASSETS

November 30, 2006 (Unaudited)

	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 96.7%
U.S. Treasury Bills† — 96.7%
4.788%, 12/07/06	$	4,000	$	3,997
5.050%, 12/07/06		6,000		5,995
5.096%, 12/07/06		6,000		5,995
5.100%, 12/07/06		5,000		4,996
5.112%, 12/07/06		7,000		6,994
5.070%, 12/14/06		3,000		2,995
5.125%, 12/14/06		2,000		1,996
5.130%, 12/14/06		15,000		14,972
5.140%, 12/14/06		10,000		9,981
4.749%, 12/21/06		2,000		1,995
4.803%, 12/21/06		10,000		9,973
5.035%, 12/21/06		10,000		9,972
5.140%, 12/21/06		5,000		4,986
5.145%, 12/21/06		3,000		2,991
4.753%, 12/28/06		4,000		3,986
4.915%, 12/28/06		10,000		9,963
5.017%, 12/28/06		2,000		1,992
5.080%, 12/28/06		10,000		9,962
5.165%, 12/28/06		4,000		3,985
4.801%, 01/04/07		1,500		1,493
4.920%, 01/04/07		6,000		5,972
4.947%, 01/11/07		2,000		1,989
5.075%, 01/11/07		1,000		994
4.955%, 01/18/07		7,000		6,954
4.965%, 02/01/07		2,000		1,983
4.975%, 02/01/07		4,000		3,966
4.915%, 02/22/07		5,000		4,943
4.901%, 03/01/07		3,000		2,963
4.876%, 03/08/07		8,000		7,895
4.955%, 03/08/07		2,000		1,973
4.833%, 03/22/07		4,000		3,940
4.915%, 03/22/07		4,000		3,939
4.950%, 03/22/07		2,000		1,970
4.935%, 04/05/07		1,500		1,474
4.971%, 04/05/07		1,500		1,474
4.940%, 04/12/07		5,000		4,909
4.946%, 04/12/07		1,000		982
4.978%, 04/12/07		2,000		1,964
4.920%, 05/31/07		2,000		1,951
Total U.S. Treasury Obligations (Cost $181,454)				181,454
	Number of Shares		Value (000)
MONEY MARKET FUND — 3.7%
BlackRock Treasury Trust Fund (Cost $7,012)		7,011,933	$	7,012
TOTAL INVESTMENTS — 100.4% (Cost $188,466)*				188,466
Other Assets & Liabilities — (0.4)%
Dividends Payable
Class I				(676	)
Class A				(22	)
Investment Advisory Fees Payable				(38	)
12b-1 Fees Payable
Class I				(22	)
Class A				(2	)
Administration Fees Payable				(9	)
Custody Fees Payable				(2	)
Trustees’ Fees Payable				(16	)
Other				(3	)
Total Other Assets & Liabilities				(790	)
TOTAL NET ASSETS — 100.0%			$	187,676
Net Assets:
Shares of Beneficial Interest (Unlimited Authorization — No Par Value)			$	187,691
Undistributed Net Investment Income				2
Accumulated Net Realized Loss on Investments				(17	)
Total Net Assets			$	187,676
Net Asset Value, Offering and Redemption Price Per Share — Class I ($180,988,935 ÷ 181,020,068 outstanding shares of beneficial interest)			$	1.00
Net Asset Value, Offering and Redemption Price Per Share — Class A ($6,687,236 ÷ 6,679,333 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.

26

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Allegiant Money Market Funds

STATEMENTS OF OPERATIONS (000)

For the Six Months Ended November 30, 2006 (Unaudited)

	Government Money Market Fund			Money Market Fund
Investment Income:
Interest	$	23,652		$	78,946
Expenses:
Investment advisory fees		1,353			4,443
Administration fees		271			889
12b-1 fees:
Class I		66			273
Class A		47			97
Class B		—			3
Shareholder services fees:
Class A		466			969
Class B		—			1
Transfer agent fees		70			238
Custodian fees		19			56
Professional fees		46			144
Pricing service fees		—			1
Printing and shareholder reports		8			19
Registration and filing fees		10			29
Trustees’ fees		25			74
Miscellaneous		22			62
Total Expenses		2,403			7,298
Less:
Waiver of investment advisory fees		(225	)		(741	)
Net Expenses		2,178			6,557
Net Investment Income		21,474			72,389
Realized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold		(4	)		(35	)
Net Increase in Net Assets Resulting from Operations	$	21,470		$	72,354

See Notes to Financial Statements.

28

Ohio Municipal Money Market Fund			Pennsylvania Tax Exempt Money Market Fund			Tax Exempt Money Market Fund			Treasury Money Market Fund
$	6,313		$	2,561		$	10,643		$	4,465
	353			143			595			271
	106			43			179			54
	35			12			54			21
	9			6			20			2
	—			—			—			—
	88			58			204			18
	—			—			—			—
	30			10			46			14
	10			6			16			5
	20			9			31			12
	2			1			2			—
	2			1			4			2
	3			2			9			5
	9			4			14			6
	7			3			12			6
	674			298			1,186			416
	(88	)		(36	)		(149	)		(45	)
	586			262			1,037			371
	5,727			2,299			9,606			4,094
	—			—			—			4
$	5,727		$	2,299		$	9,606		$	4,098

29

Allegiant Money Market Funds

STATEMENTS OF CHANGES IN NET ASSETS (000)

	Government Money Market Fund						Money Market Fund
	For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
Investment Activities:
Net investment income	$	21,474		$	33,562		$	72,389		$	108,165
Net realized gain (loss) on investments sold		(4	)		(11	)		(35	)		(18	)
Net increase in net assets resulting from operations		21,470			33,551			72,354			108,147
Dividends to Shareholders:
Dividends from net investment income:
Class I		(12,868	)		(20,224	)		(54,151	)		(82,030	)
Class A		(8,606	)		(13,338	)		(18,221	)		(26,099	)
Class B		—			—			(15	)		(26	)
Class C		—			—			(2	)		(10	)
Total dividends		(21,474	)		(33,562	)		(72,389	)		(108,165	)
Share Transactions (all at $1.00 per share):
Proceeds from shares issued:
Class I		631,706			1,439,712			1,759,783			3,889,898
Class A		691,823			2,121,754			1,861,380			4,343,358
Class B		—			—			118			340
Class C		—			—			29			139
Reinvestment of dividends:
Class I		419			414			767			1,818
Class A		2,414			3,069			5,518			7,625
Class B		—			—			14			24
Class C		—			—			2			9
Total proceeds from shares issued and reinvested		1,326,362			3,564,949			3,627,611			8,243,211
Value of shares redeemed:
Class I		(683,070	)		(1,588,332	)		(1,592,294	)		(4,157,798	)
Class A		(718,569	)		(2,175,265	)		(1,691,271	)		(4,335,397	)
Class B		—			—			(91	)		(774	)
Class C		—			—			(12	)		(727	)
Total value of shares redeemed		(1,401,639	)		(3,763,597	)		(3,283,668	)		(8,494,696	)
Increase (decrease) in net assets from share transactions		(75,277	)		(198,648	)		343,943			(251,485	)
Total increase (decrease) in net assets		(75,281	)		(198,659	)		343,908			(251,503	)
Net Assets:
Beginning of period		967,603			1,166,262			2,858,195			3,109,698
End of period*	$	892,322		$	967,603		$	3,202,103		$	2,858,195
* Including undistributed (distributions in excess of ) net investment income	$	—		$	—		$	(1	)	$	(1	)

See Notes to Financial Statements.

30

Ohio Municipal Money Market Fund						Pennsylvania Tax Exempt Money Market Fund						Tax Exempt Money Market Fund						Treasury Money Market Fund
For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006			For the Six Months Ended November 30, 2006 (Unaudited)			For the Year Ended May 31, 2006
$	5,727		$	9,656		$	2,299		$	3,458		$	9,606		$	14,733		$	4,094		$	5,954
	—			—			—			—			—			(2	)		4			(4	)
	5,727			9,656			2,299			3,458			9,606			14,731			4,098			5,950
	(4,656	)		(8,239	)		(1,592	)		(2,245	)		(7,124	)		(11,217	)		(3,783	)		(5,565	)
	(1,071	)		(1,417	)		(707	)		(1,213	)		(2,482	)		(3,516	)		(311	)		(389	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(5,727	)		(9,656	)		(2,299	)		(3,458	)		(9,606	)		(14,733	)		(4,094	)		(5,954	)
	442,631			822,927			208,782			323,447			528,923			930,362			233,475			498,507
	102,840			191,974			100,946			369,060			284,180			562,972			61,825			66,529
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	543			758			2			6			325			347			3			2
	1,059			1,397			360			557			2,233			3,249			181			321
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	547,073			1,017,056			310,090			693,070			815,661			1,496,930			295,484			565,359
	(482,894	)		(812,631	)		(167,464	)		(336,435	)		(441,557	)		(984,996	)		(217,485	)		(530,443	)
	(78,898	)		(192,727	)		(88,230	)		(366,827	)		(278,162	)		(538,143	)		(68,133	)		(70,685	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(561,792	)		(1,005,358	)		(255,694	)		(703,262	)		(719,719	)		(1,523,139	)		(285,618	)		(601,128	)
	(14,719	)		11,698			54,396			(10,192	)		95,942			(26,209	)		9,866			(35,769	)
	(14,719	)		11,698			54,396			(10,192	)		95,942			(26,211	)		9,870			(35,773	)
	371,408			359,710			122,490			132,682			547,809			574,020			177,806			213,579
$	356,689		$	371,408		$	176,886		$	122,490		$	643,751		$	547,809		$	187,676		$	177,806
$	—		$	—		$	—		$	—		$	—		$	—		$	2		$	2

31

Allegiant Money Market Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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 November 30, 2006, 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 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 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 November 30, 2006 were valued at other than amortized cost.

32

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 six months ended November 30, 2006.

	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	%

33

Allegiant Money Market Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

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

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.

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. During the reporting period, the 12b-1 fee accrual rate was 0.025% 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

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 $4,000 for each combined Board meeting attended 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 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 advisor, 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

34

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 0.0254% was allocated to PFPC and approximately 0.0346% 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 November 30, 2006, approximately 0.0290% was allocated to PFPC and approximately 0.0310% was allocated to NCB.

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 six months ended November 30, 2006, PFPC received $178,066 from the Funds in aggregate fees and expenses for services rendered under the various agreements described above.

Legal Fees

Expenses paid by the Trust for the six months ended November 30, 2006 include legal fees of $210,936 paid to Drinker Biddle & Reath LLP. A partner of that firm is Secretary of the Trust.

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.

For Federal income tax purposes, realized capital losses may be carried forward and applied against future capital gains. At May 31, 2006, 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,
	2007			2010		2011		2012		2013			2014		Total
Government Money Market Fund	$	—		$	—	$	18	$	3	$	—		$	7	$	28
Money Market Fund		—			1,747		—		—		—			—		1,747
Pennsylvania Tax Exempt Money Market Fund		—	*		40		—		—		—	*		—		40
Tax Exempt Money Market Fund		19			—		23		—		—			—		42
Treasury Money Market Fund		—			—		—		—		11			6		17

* Amount represents less than $500.

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. Capital Infusions

On June 17, 2004 and July 1, 2004, National City Corporation, parent of the Trust’s Adviser, provided capital infusions of $1 million and $5.1 million, respectively, to the Money Market Fund. The Fund had been diluted by $7.8 million in capital loss carryovers from 2002, resulting from losses on the sale of commercial paper issued by Pacific Gas and Southern California Edison.

35

Allegiant Money Market Funds

NOTES TO FINANCIAL STATEMENTS

November 30, 2006 (Unaudited)

7. Indemnifications

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.

8. 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. The Funds are in the process of evaluating the effect, if any, that the adoption of FIN 48 will have on 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 in generally accepted accounting principles, clarifies the definition of fair value within that framework, 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.

9. 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. Due to the preliminary stage of this 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.

36

TRUSTEES REVIEW AND APPROVAL OF ADVISORY AGREEMENTS

The Trust’s Board of Trustees, including all of the independent Trustees, approved the continuation of the Advisory Agreements for the Allegiant Money Market Funds (the “Funds”) covered in this report, pursuant to which the Adviser provides the Trust with investment advisory services for an additional one-year period.

In connection with such approvals, the Trustees considered, with the assistance of independent counsel, their legal responsibilities and reviewed the nature and quality of the Adviser’s services, experience and qualifications. Counsel provided the Trustees with a memorandum related to their consideration of the Agreements. The information considered by the Trustees at their meetings, and in supplemental information provided to the Trustees with regard to the Adviser included: (i) the history, organization and client base of the Adviser, (ii) fees under the advisory agreements and fee waivers for the Funds and, for the Adviser, comparative industry fee and expense data, (iii) any incidental non-monetary benefits realized through the Adviser’s relationship with the Funds, (iv) the investment performance of the Funds, (v) ancillary services provided by the Adviser and their affiliates, (vi) any economies of scale realized by the Adviser and the Funds, and (vii) the Adviser’s direct and indirect costs incurred in providing advisory services. The Trustees reviewed additional information concerning the investment philosophy, techniques and strategies employed by the Adviser in managing the Funds and the Adviser’s compliance procedures and controls. The Board considered analyses comparing each Fund’s advisory fees and total expenses to averages for the universe of mutual funds for each Fund’s asset class. In addition to this annual review, the Trustees oversee and evaluate the Adviser’s services at their quarterly meetings.

After reviewing this information and such other matters as the Trustees considered necessary to the exercise of their reasonable business judgment, the Board and independent Trustees concluded that the compensation payable under the Advisory Agreements was fair and equitable with respect to each Fund and approved the continuation of the Advisory Agreements for the Funds.

The Trust’s Board of Trustees, including all of the independent Trustees, also received presentations from representatives of the Adviser and discussed the written materials that had been provided by the Adviser with respect to the proposed reapprovals of the Advisory Agreements, as discussed below.

Nature, Extent and Quality of Services Provided by the Adviser

The Board considered the Adviser’s portfolio management services and activities related to portfolio management. The Board reviewed the Adviser’s use of technology, research capabilities, and investment management staff. The Board discussed the Adviser’s experience and qualifications of the personnel providing services, including the background and experience of the members of the portfolio management teams. Senior management of the Adviser discussed the structure and operations of the asset management business of the Adviser. The Board also considered its periodic meetings with the portfolio managers and other employees of the Adviser. The Board reviewed the Adviser’s management structure, assets under management and investment philosophies and processes. The Board discussed its relationship with the Adviser, noting that the Adviser communicated well with the Board and was always responsive to the Board’s requests for information. The Board reviewed the profitability reports for the Funds, and discussed the other benefits that may accrue to the Adviser and its affiliates, if any, due to the relationships with the Funds, including any non-monetary benefits accruing to the Adviser and/or its affiliates as a result of the Adviser’s advisory position with the Funds. The compliance policies and procedures of the Adviser, including interaction by the parties with the Trust’s chief compliance officer and compliance with each Fund’s investment objective and investment restrictions were reviewed and discussed.

Investment Performance of the Fund

In considering the investment performance of the Adviser, the Board compared the investment performance of the Adviser to the performance of comparable fund peer groups and benchmark indices and the investment performance of similar accounts or funds managed by the Adviser, where applicable. The Board also reviewed the Adviser’s proposed investment approach for each Fund, including the Adviser’s investment philosophy, policies, techniques and strategies.

Costs of the Services, Profitability and Economies of Scale

The Board reviewed and discussed detailed information concerning revenues received by the Adviser under the agreements and expenses it incurred in managing the Funds. The Board reviewed profitability reports for the Funds presented by the Adviser. The Board discussed the other benefits that may accrue to the Adviser and its affiliates due to their relationships with the Funds. The Board concluded that the

37

TRUSTEES REVIEW AND APPROVAL OF ADVISORY AGREEMENTS

profits were reasonable in view of the services provided to the Funds. The Board discussed whether the Funds have benefited from economies of scale and the potential for realization of economies of scale through fee waivers or reimbursement, or through fee and expense reduction, and concluded that the Adviser’s management of the Trust could generate economies of scale as assets increase.

Fees

The Board reviewed each Fund’s proposed advisory fee structure, each Fund’s total operating expense ratios and the Adviser’s proposed voluntary fee waivers for each Fund. In so doing, the Board examined each Fund’s fees and expenses as compared to its respective comparable fund peer group. Those comparisons aided the Board in evaluating the reasonableness of the investment advisory fees to be paid by each of the Funds. The Board also was provided with information pertaining to fees charged by the Adviser for private accounts managed by it.

Approval of the Agreement

The Board weighed and balanced the information presented and based its decision on the totality of the circumstances. In addition to meetings specifically devoted to the review of advisory contracts, the Board meets regularly, at least each quarter, and considers matters related to the Trust’s Advisory Agreements including performance, advisory personnel and compliance, among other relevant issues. Based upon the information reviewed and material factors considered, without any one factor being dispositive, or considered in isolation, the Board, including all of the independent Trustees, concluded that the proposed investment advisory fees to be paid by each Fund to the Adviser, were reasonable in light of the services to be provided by the Adviser, that the proposed Advisory Agreements were fair and in the best interests of the Funds and that the Advisory Agreements should be approved.

38

Allegiant Money Market Funds

SHAREHOLDER VOTING RESULTS

(Unaudited)

On June 26, 2006, at a special meeting of the Trust (the “Meeting”), the Shareholders of the Funds were asked to (i) elect seven existing Trustees and elect three new Trustees (“Proposal 1”) and (ii) authorize the Adviser, upon approval of the Board of Trustees, to enter into or amend sub-advisory agreements without shareholder approval, subject to receipt of an Exemptive Order from the Securities and Exchange Commission (“Proposal 2”). A majority of the total number of outstanding shares of the Trust entitled to vote was not represented at the Meeting. The Trust’s quorum requirement was therefore not met and the Meeting, with respect to Proposal 1, was adjourned until July 20, 2006. A majority of the total number of outstanding shares of each 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 entitled to vote was not represented at the Meeting. The quorum requirement of each of the aforementioned Funds was therefore not met and the Meeting, with respect to Proposal 2, for these Funds, was also adjourned until July 20, 2006.

The Meeting was reconvened on Thursday, July 20, 2006 and the Shareholders of the Trust elected seven existing Trustees and three new Trustees. The results of the voting on Proposal 1 were as follows:

	Number of Shares	% of Outstanding Shares		% of Shares Voted
John G. Breen
Affirmative	2,924,890,601	52.973	%	99.242	%
Withhold	22,326,722	0.405		0.758
Total	2,947,217,323	53.378		100.000
John F. Durkott
Affirmative	2,924,873,882	52.973		99.242
Withhold	22,343,441	0.405		0.758
Total	2,947,217,323	53.378		100.000
Richard W. Furst
Affirmative	2,924,871,702	52.973		99.242
Withhold	22,345,621	0.405		0.758
Total	2,947,217,323	53.378		100.000
Gerald L. Gherlein
Affirmative	2,924,871,613	52.973		99.242
Withhold	22,345,710	0.405		0.758
Total	2,947,217,323	53.378		100.000
Dale C. LaPorte
Affirmative	2,924,871,963	52.973		99.242
Withhold	22,345,360	0.405		0.758
Total	2,947,217,323	53.378		100.000
Robert D. Neary
Affirmative	2,924,849,649	52.972		99.241
Withhold	22,367,674	0.406		0.759
Total	2,947,217,323	53.378		100.000
Kathleen A. Obert
Affirmative	2,924,863,922	52.973		99.242
Withhold	22,353,401	0.405		0.758
Total	2,947,217,323	53.378		100.000
Timothy L. Swanson
Affirmative	2,924,877,625	52.973		99.242
Withhold	22,339,698	0.405		0.758
Total	2,947,217,323	53.378		100.000
Kelley J. Brennan
Affirmative	2,924,896,310	52.973		99.243
Withhold	22,321,013	0.405		0.757
Total	2,947,217,323	53.378		100.000
Dorothy A. Berry
Affirmative	2,924,880,972	52.973		99.242
Withhold	22,336,351	0.405		0.758
Total	2,947,217,323	53.378		100.000

At the Meeting, Proposal 2 was tabled. The Adviser intends to further review Proposal 2.

39

Proxy Voting

(Unaudited)

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

(Unaudited)

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).

40

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

Custodian

PFPC Trust Co.

8800 Tinicum Boulevard, 4th Floor

Philadelphia, Pennsylvania 19153

AllegiantFunds.com

760 Moore Road

King of Prussia, PA 19406

INVESTMENT ADVISER:

Allegiant Asset Management Company

200 Public Square, 5th Floor

Cleveland, OH 44114

ALL-SA-001-1206

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

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 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)	Not applicable.
(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 1/29/07

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 1/29/07
By (Signature and Title)*	/s/ Patrick E. Glazar
	Patrick E. Glazar, Treasurer (principal financial officer)
Date 1/29/07

* Print the name and title of each signing officer under his or her signature.