N-Q/A 1 dnqa.htm ALLEGIANT FUNDS Allegiant Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

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: February 29, 2008

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. Schedule of Investments.

The Schedules of Investments are attached herewith.

Allegiant Balanced Allocation Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Number
of Shares

 

   Value
(000)		    

COMMON STOCKS — 42.1%

      

Consumer Discretionary — 4.4%

      

Aeropostale*#

   1,150   $ 31  

Ambassadors Group

   5,400     97  

Bluegreen*

   6,700     57  

Cablevision Systems*

   22,279     597  

Capella Education*#

   1,200     63  

Carter’s*

   5,410     84  

Ctrip.com International, ADR

   2,305     140  

Deckers Outdoor*

   500     55  

DeVry

   600     26  

Dick’s Sporting Goods*

   31,300     863  

Gap

   13,740     277  

Harman International Industries

   1,830     75  

Iconix Brand Group*

   1,400     29  

International Game Technology

   15,100     682  

Jakks Pacific*

   1,800     50  

Las Vegas Sands*

   7,900     658  

MGM Mirage*

   18,266     1,125  

Morningstar*

   1,000     65  

New Oriental Education & Technology Group, ADR*#

   12,600     786  

Nike, Cl B

   12,020     724  

Pool

   5,200     99  

Select Comfort*

   3,700     16  

Sonic*

   2,520     54  

Starwood Hotels & Resorts Worldwide

   16,430     778  

Steiner Leisure*

   1,900     62  

Strayer Education#

   900     140  

Thor Industries

   2,500     76  

Time Warner

   65,537     1,023  

Tupperware Brands

   1,200     44  

Universal Electronics*#

   1,100     25  

WMS Industries*

   1,500     57  
         
          8,858    

Consumer Staples — 4.1%

      

Bunge#

   9,860     1,093  

Casey’s General Stores

   3,300     83  

Central European Distribution*

   800     46  

Coca-Cola

   9,517     556  

Colgate-Palmolive

   12,760     971  

Dean Foods*#

   26,526     571  

Flowers Foods#

   3,200     72  

Kraft Foods

   34,683     1,081  

PepsiCo

   14,200     988  

Pricesmart#

   900     22  

Procter & Gamble

   5,087     337  

Reynolds American#

   5,820     371  

Sara Lee

   46,857     592  

UST

   10,064     546  

Wal-Mart Stores

   17,750     880  

WD-40

   600     19  
         
          8,228    

Energy — 5.7%

      

Alon USA Energy

   7,120     112  

Apache

   8,841     1,014  

Atlas America

   950     57  

Atwood Oceanics*

   900     84  

Bois d’Arc Energy*

   2,500     54  

Chevron

   16,894     1,464  

ConocoPhillips

   11,517     953  
   

Number
of Shares

 

   Value
(000)		    

Core Laboratories NV*

   200   $ 24  

Diamond Offshore Drilling#

   7,500     906  

Encore Acquisition*

   4,300     158  

EOG Resources

   3,710     441  

Exterran Holdings*

   567     39  

ExxonMobil

   17,190     1,496  

Forest Oil*

   8,648     427  

ION Geophysical*

   1,990     26  

Oil States International*

   3,840     162  

Schlumberger#

   10,500     908  

St. Mary Land & Exploration

   2,000     74  

Sunoco Logistics Partners#

   600     32  

Tidewater#

   16,200     910  

TransOcean*#

   9,045     1,271  

Weatherford International*

   12,850     886  

W-H Energy Services*

   800     50  
         
          11,548    

Financials — 6.3%

      

Affiliated Managers Group*

   1,100     106  

Allstate

   5,240     250  

American Express

   12,700     537  

American International Group

   22,948     1,075  

Amerisafe*

   2,000     26  

BanColombia SA, ADR

   2,600     88  

Bear Stearns#

   5,480     438  

Chubb

   7,009     357  

Citigroup

   39,624     940  

City Holding

   1,000     37  

Corus Bankshares

   6,050     63  

DiamondRock Hospitality REIT

   1,900     24  

Discover Financial Services

   38,249     577  

eHealth*#

   1,000     25  

Fannie Mae

   9,597     265  

First Marblehead

   3,700     45  

FirstService*

   5,660     127  

GAMCO Investors, Cl A

   500     28  

Genworth Financial, Cl A

   24,906     577  

GFI Group*

   300     23  

Goldman Sachs

   5,010     850  

Great Southern Bancorp

   1,360     24  

Hercules Technology Growth Capital#

   2,600     31  

Invesco

   22,410     574  

JPMorgan Chase

   21,226     863  

Lazard, Cl A

   3,600     138  

Loews

   29,400     1,230  

Marsh & McLennan

   29,447     750  

Max Capital Group

   2,900     80  

Mid-America Apartment Communities REIT

   1,100     53  

Montpelier Re Holdings

   4,400     70  

Nationwide Health Properties REIT

   3,400     103  

Navigators Group*

   900     49  

Philadelphia Consolidated Holding*

   1,300     44  

Portfolio Recovery Associates*

   2,900     106  

Prudential Financial

   12,860     938  

Safety Insurance Group

   1,600     59  

Signature Bank*

   2,300     61  

Southwest Bancorp

   4,180     68  

SVB Financial Group*#

   2,000     91  

Travelers

   7,385     343  

UMB Financial

   2,000     77  

Wachovia

   11,021     337  

Wells Fargo

   8,665     253  

 

 

1

Allegiant Balanced Allocation Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Number
of Shares

 

   Value
(000)		    

COMMON STOCKS — continued

      

Financials — continued

      

WP Carey & Co. LLC

   800   $ 26  
         
          12,826    

Healthcare — 6.1%

      

Abbott Laboratories

   13,710     734  

Amedisys*#

   1,100     47  

AMERIGROUP*

   1,300     47  

AmSurg*

   2,600     63  

Bio-Reference Labs*

   5,400     149  

Boston Scientific*

   25,660     323  

Bristol-Myers Squibb

   27,331     618  

Cerner*#

   14,000     608  

Dentsply International#

   24,100     941  

Gen-Probe*

   16,600     794  

Genzyme*#

   9,560     678  

HealthExtras*

   2,800     77  

Hologic*#

   13,700     826  

Integra LifeSciences Holdings*#

   1,200     50  

Johnson & Johnson

   14,003     867  

KV Pharmaceutical*#

   1,400     35  

Lifecell*#

   2,300     93  

Medtronic

   11,520     569  

Merck

   10,659     472  

Meridian Bioscience

   1,200     41  

Parexel International*

   1,400     77  

Pfizer

   68,088     1,517  

Pharmaceutical Product Development

   3,170     143  

PharmaNet Development Group*

   700     20  

Schering-Plough

   58,259     1,264  

Sciele Pharma*

   1,100     23  

Syneron Medical*

   5,300     86  

Techne*

   1,200     82  

Thermo Fisher Scientific*#

   18,700     1,046  
         
          12,290    

Industrials — 4.4%

      

A.O. Smith

   1,100     40  

Barnes Group

   2,500     57  

Crane

   600     25  

Danaher

   14,850     1,101  

Dynamic Materials#

   1,300     74  

Esterline Technologies*

   3,800     199  

FedEx

   5,370     473  

First Solar*

   3,400     698  

Franklin Electric

   2,000     66  

Gardner Denver*

   2,000     74  

GATX#

   1,400     50  

General Electric

   77,997     2,585  

Graco

   2,300     80  

GrafTech International*#

   3,000     48  

Greenbrier

   3,500     92  

Healthcare Services Group#

   2,000     40  

Heidrick & Struggles International

   2,120     73  

Huron Consulting Group*

   1,300     69  

IDEX

   3,830     115  

Kansas City Southern*#

   1,700     61  

Kirby*

   1,200     54  

Layne Christensen*

   1,900     76  

Marten Transport*

   4,500     65  

Orbital Sciences*

   3,700     80  

Oshkosh Truck, Cl B

   2,300     92  

Simpson Manufacturing

   1,900     46  
   

Number
of Shares

 

   Value
(000)		    

Stanley*#

   900   $ 25  

Superior Essex*

   2,800     79  

TrueBlue*

   4,000     50  

United Parcel Service, Cl B

   7,306     513  

United Technologies

   24,640     1,737  

Universal Forest Products

   2,200     61  

Watson Wyatt Worldwide, Cl A#

   1,300     69  
         
          8,967    

Information Technology — 7.1%

      

Adobe Systems*

   22,800     767  

Akamai Technologies*#

   17,800     626  

Aladdin Knowledge Systems*

   1,400     30  

Alliance Data Systems*#

   10,325     523  

ANSYS*#

   4,900     183  

Apple*

   9,380     1,173  

Atheros Communications*#

   3,100     75  

Blackbaud

   2,000     52  

Broadridge Financial Solutions

   5,500     105  

Cisco Systems*

   69,350     1,690  

Citrix Systems*

   10,469     345  

Comtech Telecommunications*

   4,800     208  

CryptoLogic

   6,300     104  

DealerTrack Holdings*

   1,200     25  

Digital River*

   4,310     141  

Flir Systems*#

   6,700     191  

Google, Cl A*

   2,600     1,225  

Hughes Communications*

   500     23  

Intel

   29,800     594  

Interwoven*

   4,400     60  

j2 Global Communications*

   6,600     142  

Lexmark International, Cl A*

   21,619     714  

McAfee*

   17,830     593  

Microchip Technology#

   25,250     777  

Micron Technology*#

   78,228     588  

Microsoft

   47,520     1,293  

Motorola

   13,430     134  

Netgear*

   4,500     98  

Oracle*

   49,000     921  

Perot Systems, Cl A*

   4,700     65  

Salesforce.com*

   700     42  

Synaptics*#

   2,000     54  

Texas Instruments

   15,750     472  

TheStreet.com

   1,900     17  

Trimble Navigation*

   5,910     162  

Yahoo!*#

   10,176     283  
         
          14,495    

Materials — 1.9%

      

A.M. Castle & Co.

   2,800     62  

Aptargroup

   2,500     94  

Balchem

   1,700     34  

CF Industries Holdings

   500     61  

LSB Industries*#

   1,700     41  

Methanex

   4,100     118  

NewMarket

   1,500     100  

Northgate Minerals*

   42,000     133  

Owens-Illinois*

   11,904     672  

Praxair

   19,822     1,591  

Scotts Miracle-Gro, Cl A

   2,820     100  

Terra Industries*

   500     23  

Universal Stainless & Alloy*

   2,270     69  

 

 

2

 

 

 

   

Number
of Shares

 

   Value
(000)		    

COMMON STOCKS — continued

      

Materials — continued

      

Weyerhaeuser#

   11,873   $ 727  
         
          3,825    

Telecommunication Services — 1.5%

      

American Tower, Cl A*#

   15,650     602  

AT&T

   38,252     1,333  

NII Holdings*#

   11,750     467  

NTELOS Holdings

   1,400     30  

Partner Communications, ADR#

   2,800     59  

Sprint Nextel

   15,224     108  

Syniverse Holdings*

   2,900     49  

Verizon Communications

   13,525     491  
         
          3,139    

Utilities — 0.6%

      

AES*

   21,100     379  

Exelon#

   6,357     476  

FPL Group#

   2,570     155  

South Jersey Industries

   900     31  

Veolia Environnement, ADR

   1,275     113  
         
          1,154    

Total Common Stocks

      

(Cost $77,758)

         85,330    

PREFERRED STOCKS — 0.2%

      

Financial Conduits — 0.2%

      

Fannie Mae

   6,000     154  

Freddie Mac#

   6,000     154  
         
          308    

Total Preferred Stocks

      

(Cost $305)

         308    

FOREIGN COMMON STOCKS — 7.2%

      

Australia — 0.3%

      

BHP Billiton, ADR (Materials)#

   2,530     185  

Cochlear (Healthcare)

   1,330     66  

CSL (Healthcare)

   4,700     158  

Woolworths (Consumer Staples)

   4,640     124  

WorleyParsons (Energy)

   3,015     103  
         
          636    

Brazil — 0.5%

      

Companhia de Bebidas das Americas, ADR (Consumer Staples)#

   10,800     880  

Companhia Vale do Rio Doce, ADR (Materials)

   3,440     120  

Votorantim Celulose e Papel SA, ADR (Materials)#

   1,800     57  
         
          1,057    

Canada — 0.2%

      

Canadian Natural Resources (Energy)

   4,397     329    

China — 0.1%

      

China Oilfield Services (Energy)

   35,000     68  

Tencent Holdings (Information Technology)

   19,000     118  
         
          186    

Denmark — 0.1%

      

Vestas Wind Systems A/S (Industrials)*

   1,630     165    

 

 

 

 

   

Number
of Shares

 

   Value
(000)		    

Finland — 0.2%

      

Nokia Oyj, ADR (Information Technology)

   8,190   $ 295  

Nokian Renkaat Oyj (Consumer Discretionary)

   2,380     98  
         
          393    

France — 0.4%

      

Alcatel-Lucent, ADR (Information Technology)#

   89,713     526  

L’Oreal SA (Consumer Staples)

   1,070     127  

LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary)

   1,020     105  
         
          758    

Germany — 0.3%

      

Deutsche Boerse AG (Financials)

   735     116  

Fielmann AG (Consumer Discretionary)

   1,585     94  

Rational AG (Consumer Discretionary)

   600     117  

SAP AG, ADR (Information Technology)#

   2,000     95  

Wirecard AG (Industrials)*

   7,060     119  

Zhongde Waste Technology AG (Industrials)*

   1,155     46  
         
          587    

Greece — 0.1%

      

IRF European Finance Investments

      

(Financials) (A)

   31,579     148  

National Bank of Greece SA (Financials)

   2,650     144  
         
          292    

Guernsey — 0.4%

      

Amdocs (Information Technology)*

   26,270     814    

Hong Kong — 0.5%

      

China Mobile, ADR (Telecommunication Services)#

   1,520     113  

China Overseas Land & Investment (Financials)

   40,000     78  

Espirit Holdings (Consumer Discretionary)

   10,775     135  

Hengan International Group (Consumer Staples)#

   24,076     95  

Kerry Properties (Financials)

   20,200     135  

Li & Fung (Consumer Discretionary)

   40,448     147  

Li Ning (Consumer Discretionary)#

   26,252     81  

Peace Mark Holdings (Consumer Discretionary)

   49,000     55  

Zijin Mining Group, Cl H (Materials)#

   143,999     190  
         
          1,029    

India — 0.0%

      

HDFC Bank, ADR (Financials)

   1,081     118    

Ireland — 0.1%

      

Icon PLC, ADR (Healthcare)*

   2,600     172    

Israel — 0.2%

      

Nice Systems, ADR (Information Technology)*

   3,570     115  

Teva Pharmaceutical Industries, ADR (Healthcare)

   6,130     301  
         
          416    

Italy — 0.0%

      

Geox (Consumer Discretionary)

   4,800     71    

Japan — 0.7%

      

Daikin Industries (Industrials)

   2,500     112  

Dena (Consumer Discretionary)#

   17     110  

Kuraray (Materials)

   10,644     127  

 

3

Allegiant Balanced Allocation Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Number

of Shares

 

   Value
(000)		     

FOREIGN COMMON STOCKS — continued

       

Japan — continued

       

Kurita Water Industries (Industrials)

   3,100   $ 98   

Mitsubishi (Industrials)

   3,500     107   

Nintendo (Information Technology)

   516     257   

Nitori (Consumer Discretionary)

   1,942     96   

Shiseido (Consumer Staples)#

   2,656     61   

Sony, ADR (Consumer Discretionary)#

   1,040     49   

Sumitomo Realty & Development (Financials)

   4,816     82   

Terumo (Healthcare)

   2,000     109   

Yamada Denki (Consumer Discretionary)#

   1,460     128   
          
          1,336     

Luxembourg — 0.1%

       

Millicom International Cellular SA

       

(Telecommunication Services)*#

   1,360     150     

Mexico — 0.0%

       

Grupo Aeroportuario del Pacifico SA de CV, ADR (Industrials)

   500     23     

Netherlands — 0.1%

       

Fugro NV (Energy)

   1,640     124     

Netherlands Antilles — 0.0%

       

Orthofix International NV (Healthcare)*

   700     28     

Norway — 0.1%

       

Yara International ASA (Materials)

   2,450     137     

Panama — 0.0%

       

Banco Latinoamericano de

       

Exportaciones SA, Cl E (Financials)

   2,000     27     

Russia — 0.0%

       

Vimpel-Communications, ADR (Telecommunication Services)

   2,910     101     

Singapore — 0.4%

       

GigaMedia (Information Technology)*

   2,100     41   

Keppel (Industrials)

   15,662     118   

Raffles Education (Consumer Discretionary)

   123,830     232   

Singapore Exchange (Financials)

   20,564     120   

Verigy (Information Technology)*

   1,900     38   

Wilmar International (Consumer Staples)#

   66,062     204   
          
          753     

South Africa — 0.0%

       

MTN Group (Telecommunication Services)

   6,325     99     

Spain — 0.2%

       

Grifols SA (Healthcare)*

   4,250     97   

Inditex SA (Consumer Discretionary)

   1,950     101   

Red Electrica de Espana (Utilities)

   2,600     162   
          
          360     

Sweden — 0.1%

       

Axis Communications AB (Information Technology)

   5,300     95   

Modern Times Group AB, Cl B (Consumer Discretionary)

   1,740     114   
          
          209     

Switzerland — 1.0%

       

ABB, ADR (Industrials)

   17,285     433   
   

Number

of Shares

 

   Value
(000)		    

Actelion (Healthcare)*#

     2,465   $ 128  

Julius Baer Holding AG (Financials)

     2,250     166  

Nestle SA (Consumer Staples)

     615     294  

Novartis AG, ADR (Healthcare)

     2,715     133  

Roche Holdings AG (Healthcare)

     2,075     407  

Syngenta AG, ADR (Materials)#

     3,900     224  

Temenos Group AG (Information Technology)*#

     10,260     257  
         
            2,042    

United Kingdom — 1.1%

      

Autonomy PLC (Information Technology)*

     7,400     138  

BG Group PLC (Energy)

     8,883     209  

BP PLC, ADR (Energy)

     8,627     560  

Capita Group PLC (Industrials)

     7,800     101  

Compass Group PLC (Consumer Discretionary)

     22,000     142  

Imperial Tobacco Group PLC (Consumer Staples)

     3,450     160  

Man Group PLC (Financials)

     11,826     129  

Michael Page International PLC (Industrials)

     16,325     90  

Reckitt Benckiser Group PLC (Consumer Staples)

     3,263     176  

Scottish & Southern Energy PLC (Utilities)

     3,632     106  

Tesco PLC (Consumer Staples)

     15,285     121  

Vodafone Group PLC, ADR (Telecommunication Services)

     10,467     337  
         
            2,269    

Total Foreign Common Stocks

      

(Cost $12,614)

           14,681    

EXCHANGE TRADED FUNDS — 13.7%

iShares MSCI EAFE Value Index Fund#

     177,850     11,491  

iShares MSCI Emerging Markets Index Fund#

     22,075     3,080  

S&P Depository Receipt, Trust Series 1#

     75,051     10,038  

Vanguard Emerging Markets#

     31,682     3,089    

Total Exchange Traded Funds

      

(Cost $26,154)

           27,698    

FOREIGN EQUITY CERTIFICATES — 0.2%

    

India — 0.2%

      

Bharti Airtel (Telecommunication Services),

      

Expires 06/30/09 (B)

     7,225     148  

Educomp Solutions (Information Technology),

      

Expires 12/16/10 (B)

     1,440     152  

Everest Kanto Cylinder (Industrials),

      

Expires 12/16/10 (B)

     11,400     90  
                 
     

Total Foreign Equity Certificates

      

(Cost $250)

           390    
     
   

Par

(000)

 

        

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 14.1%

      

Federal National Mortgage Association — 13.9%

      

Federal National Mortgage Association

      

7.000%, 06/01/31

   $ 12     13  

7.000%, 01/01/33

     57     61  

7.000%, 10/01/33

     11     12  

6.500%, 03/01/37 (TBA)

     1,400     1,451  

6.500%, 01/01/38

     996     1,033  

 

 

4

 

 

 

   

Par
(000)

 

  

Value
(000)

 

    

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — continued

      

Federal National Mortgage Association — continued

    

6.000%, 09/01/32

   $ 43   $ 44  

6.000%, 09/01/36

     1,478     1,511  

6.000%, 03/01/37 (TBA)

     1,330     1,359  

6.000%, 07/01/37

     908     928  

6.000%, 09/01/37

     991     1,013  

6.000%, 02/01/38

     1,981     2,025  

5.500%, 02/01/32

     187     189  

5.500%, 07/01/33

     20     20  

5.500%, 12/01/33

     305     308  

5.500%, 05/01/35

     195     197  

5.500%, 12/01/35

     65     65  

5.500%, 12/01/36

     4,590     4,622  

5.500%, 03/01/37

     1,072     1,078  

5.500%, 04/01/37

     1,983     1,996  

5.500%, 07/01/37

     123     123  

5.443%, 01/01/36 (C)

     815     832  

5.000%, 06/01/20

     536     544  

5.000%, 07/01/20

     140     142  

5.000%, 02/01/21

     994     1,006  

5.000%, 09/01/33

     48     47  

5.000%, 10/01/33

     99     98  

5.000%, 11/01/33

     561     555  

5.000%, 08/01/35

     46     45  

5.000%, 10/01/35

     524     517  

5.000%, 11/01/35

     482     476  

5.000%, 12/01/35

     429     424  

5.000%, 12/01/37

     999     984  

4.500%, 08/01/20

     1,221     1,227  

4.500%, 10/01/20

     552     553  

4.500%, 03/01/21

     1,034     1,040  

4.500%, 01/01/23

     996     997  

4.500%, 09/01/35

     548     525  
         
            28,060    

Government National Mortgage Association — 0.2%

    

Government National Mortgage Association

      

6.500%, 09/15/28

     16     17  

6.500%, 07/15/32

     31     32  

6.500%, 10/15/33

     15     16  

6.000%, 08/15/32

     20     21  

6.000%, 02/15/33

     89     93  

6.000%, 11/15/33

     35     36  

6.000%, 06/15/35

     181     188  
         
            403    

Total U.S. Government Agency Mortgage-Backed Obligations

      

(Cost $28,079)

           28,463    

CORPORATE BONDS — 4.6%

      

Cable — 0.1%

      

Comcast

      

5.300%, 01/15/14

     115     114  

Time Warner Cable

      

5.850%, 05/01/17

     175     173  
         
            287    

Energy — 0.3%

      

Energy Transfer Partners

      

5.950%, 02/01/15

     120     120  

 

 

 

 

   

Par
(000)

 

  

Value
(000)

 

    

Kinder Morgan Energy Partners LP (MTN)

      

6.950%, 01/15/38

   $ 100   $ 102  

Nexen

      

5.875%, 03/10/35

     185     168  

NGPL Pipe

      

7.768%, 12/15/37# (B)

     125     131  

XTO Energy

      

6.250%, 08/01/17

     95     102  
         
            623    

Financials — 2.5%

      

Bank of America

      

7.800%, 09/15/16

     200     230  

8.000%, 12/29/49 (C)

     200     207  

Bear Stearns

      

7.250%, 02/01/18

     345     335  

CIT Group

      

6.100%, 03/15/49 (C)

     100     68  

Citigroup

      

5.000%, 09/15/14

     240     233  

6.125%, 11/21/17

     125     129  

Citigroup Capital XXI

      

8.300%, 12/21/57 (C)

     50     51  

Countrywide Home Loans (MTN)

      

3.250%, 05/21/08#

     105     102  

General Electric Capital

      

5.875%, 01/14/38

     1,300     1,247  

Goldman Sachs Capital II

      

5.793%, 06/01/49 (C)

     100     75  

HSBC Finance

      

6.375%, 10/15/11

     15     16  

ING USA Global Funding

      

4.500%, 10/01/10

     150     155  

International Lease Finance (MTN)

      

5.625%, 09/15/10

     245     254  

JPMorgan Chase

      

6.000%, 01/15/18#

     310     322  

KeyBank

      

5.800%, 07/01/14

     100     101  

Lehman Brothers Holdings (MTN)

      

5.625%, 01/24/13

     235     235  

Lloyds TSB Group PLC

      

6.267%, 11/14/16 (B) (C)

     175     153  

Merrill Lynch

      

5.450%, 02/05/13

     190     192  

MUFG Capital Finance 1

      

6.346%, 07/25/16 (C)

     100     88  

Regions Financing Trust II

      

6.625%, 05/01/47 (C)

     120     94  

Royal Bank of Scotland Group PLC (MTN)

      

7.640%, 03/31/49 (C)

     200     200  

SLM (MTN)

      

5.375%, 05/15/14

     120     103  

Wachovia Capital Trust III

      

5.800%, 03/15/42 (C)

     380     299  

Wells Fargo

      

5.625%, 12/11/17

     120     125  
         
            5,014    

Healthcare — 0.1%

      

UnitedHealth Group

      

4.875%, 02/15/13

     150     151  

 

5

Allegiant Balanced Allocation Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Par
(000)

 

  

Value
(000)

 

    

CORPORATE BONDS — continued

      

Healthcare — continued

      

WellPoint

      

5.000%, 12/15/14

   $ 150   $ 147  
         
            298    

Industrials — 0.1%

      

Centex

      

6.500%, 05/01/16

     130     109  

D.R. Horton

      

6.875%, 05/01/13

     115     109  
         
            218    

Insurance — 0.2%

      

American General Finance (MTN)

      

3.875%, 10/01/09

     275     275  

AXA SA

      

6.379%, 12/14/49 (B) (C)

     100     81  
         
            356    

Real Estate Investment Trusts — 0.2%

      

iStar Financial

      

5.950%, 10/15/13

     235     189  

Realty Income

      

6.750%, 08/15/19

     115     114  
         
            303    

Retail — 0.3%

      

CVS Caremark

      

5.750%, 06/01/17

     140     145  

Home Depot

      

5.875%, 12/16/36

     145     120  

Target

      

6.000%, 01/15/18

     130     137  

Wal-Mart Stores

      

5.250%, 09/01/35

     225     200  
         
            602    

Telecommunications — 0.2%

      

AT&T

      

5.625%, 06/15/16

     75     77  

GTE

      

6.940%, 04/15/28

     110     114  

Nextel Communications

      

7.375%, 08/01/15

     120     93  

Telefonica Emisiones SAU

      

6.221%, 07/03/17

     125     130  
         
            414    

Transportation — 0.2%

      

Burlington Northern Santa Fe

      

6.750%, 07/15/11

     165     180  

ERAC USA Finance

      

6.375%, 10/15/17 (B)

     130     119  
         
            299    

Utilities — 0.4%

      

Appalachian Power

      

4.950%, 02/01/15

     125     122  

Bruce Mansfield Unit

      

6.850%, 06/01/34

     100     104  

Midamerican Energy

      

6.750%, 12/30/31

     140     150  
   

Par
(000)

 

  

Value
(000)

 

    

National Rural Utilities Cooperative Finance

      

5.450%, 04/10/17

   $ 125   $ 127  

Nisource Finance

      

6.400%, 03/15/08

     100     100  

Southwestern Public Service

      

6.000%, 10/01/36

     120     115  

Virginia Electric and Power

      

6.350%, 11/30/37

     105     109  
         
            827    

Total Corporate Bonds

      

(Cost $9,498)

           9,241    

ASSET BACKED SECURITIES — 4.4%

      

Automotive — 1.2%

      

Ford Credit Auto Owner Trust,

      

Series 2007-B, Cl A3A

      

5.150%, 11/15/11

     995     1,024  

Honda Auto Receivables Owner Trust,

      

Series 2005-4, Cl A3

      

4.460%, 05/21/09

     91     91  

Nissan Auto Receivables Owner Trust,

      

Series 2007-B, Cl A3

      

5.030%, 05/16/11

     500     514  

USAA Auto Owner Trust,

      

Series 2008-1, Cl A-3

      

4.160%, 04/16/12

     420     426  

World Omni Auto Receivables Trust,

      

Series 2007-B, Cl A3A

      

5.280%, 01/17/12

     340     348  
         
            2,403    

Credit Cards — 2.3%

      

American Express Credit Account Master Trust,

      

Series 2003-2, Cl A

      

3.231%, 10/15/10## (C)

     800     800  

Chase Issuance Trust,

      

Series 2005-A3, Cl A

      

3.141%, 10/17/11## (C)

     970     964  

Chase Issuance Trust,

      

Series 2005-A4, Cl A4

      

4.230%, 01/15/13

     785     800  

Citibank Credit Card Issuance Trust,

      

Series 2006-A5, Cl A5

      

5.300%, 05/20/11

     870     892  

MBNA Credit Card Master Note Trust,

      

Series 2005-A3, Cl A3

      

4.100%, 10/15/12

     385     391  

MBNA Credit Card Master Note Trust,

      

Series 2006-A4, Cl A4

      

3.111%, 09/15/11## (C)

     800     794  
         
            4,641    

Mortgage Related — 0.3%

      

Chase Funding Mortgage Loan,

      

Series 2003-6, Cl 1A4

      

4.499%, 08/25/30

     570     526    

Utilities — 0.6%

      

JCP&L Transition Funding LLC,

      

Series 2002-A, Cl A3

      

5.810%, 12/05/15

     600     648  

 

6

 

 

 

     Par
(000)		   

Value
(000)

 

     

ASSET BACKED SECURITIES — continued

         

Utilities — continued

         

PSE&G Transition Funding LLC,

         

Series 2001-1, Cl A8

         

6.890%, 12/15/17

    $ 565    $ 636   
            
              1,284     

Total Asset Backed Securities

         

(Cost $8,719)

             8,854     

U.S. TREASURY OBLIGATIONS — 3.0%

         

U.S. Treasury Bonds — 1.6%

         

6.250%, 08/15/23#

      810      996   

5.375%, 02/15/31#

      1,245      1,419   

4.500%, 02/15/36#

      710      719   
            
              3,134     

U.S. Treasury Inflationary Index Bond — 1.0%

         

1.625%, 01/15/18#

      1,935      2,035     

U.S. Treasury Notes — 0.4%

         

4.875%, 07/31/11#

      290      318   

4.875%, 08/15/16#

      320      355   

4.750%, 05/15/14#

      185      205   
            
              878     

Total U.S. Treasury Obligations

         

(Cost $5,720)

             6,047     

U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.2%

   

Federal Farm Credit Bank — 0.1%

         

Federal Farm Credit Bank

         

4.501%, 03/02/09## (C)

      200      200     

Federal Home Loan Bank — 0.5%

         

Federal Home Loan Bank (DN)

         

3.700%, 08/29/08 (D)

      1,125      1,112     

Federal National Mortgage Association — 1.6%

         

Federal National Mortgage Association (DN)

         

4.040%, 08/29/08# (D)

      1,755      1,735   

3.980%, 08/29/08# (D)

      470      465   

3.910%, 08/29/08# (D)

      400      396   

3.840%, 08/29/08# (D)

      600      593   

2.314%, 03/12/08## (D)

      55      55   
            
              3,244     

Total U.S. Government Agency Obligations

         

(Cost $4,527)

             4,556     

COLLATERALIZED MORTGAGE OBLIGATIONS — 1.9%

   

Fannie Mae, Series 2003-84, Cl PG

         

5.000%, 03/25/32

      1,284      1,300   

Freddie Mac, Series 2662, Cl DC

         

5.000%, 11/15/18

      805      818   

Freddie Mac, Series 2772, Cl GH

         

5.000%, 07/15/32

      1,000      1,007   

Freddie Mac, Series 2773, Cl CD

         

4.500%, 04/15/24

      700      677     

Total Collateralized Mortgage Obligations

         

(Cost $3,647)

             3,802     

 

 

 

 

    

Par

(000)

   

Value
(000)

 

     

COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.0%

   

Bear Stearns Commercial Mortgage Securities,

         

Series 2005-PWR9, Cl A4A

         

4.871%, 09/11/42

    $ 600    $ 565   

Citigroup/Deutsche Bank Commercial Mortgage

         

Trust, Series 2005-CD1, Cl A4

         

5.225%, 07/15/44 (C)

      875      846   

CS First Boston Mortgage Securities,

         

Series 2005-C6, Cl A4

         

5.230%, 12/15/40 (C)

      730      702     

Total Commercial Mortgage-Backed Securities

         

(Cost $2,180)

             2,113     
        
    

Number

of Shares

 

          

AFFILIATED MONEY MARKET FUND — 6.8%

   

Allegiant Advantage Institutional Money Market

         

Fund, Class I†

      13,813,776      13,814   

(Cost $13,814)

                   

Total Investments Before Collateral for Loaned Securities — 101.4%

         

(Cost $193,265)

             205,297     
        
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 21.5%

   

Master Notes — 2.3%

         

Bear Stearns

         

3.330%, 06/02/08 (A)

    $ 2,464      2,464   

JPMorgan Securities

         

3.230%, 03/17/08

      2,217      2,217   
            
              4,681     

Medium Term Notes — 3.6%

         

General Electric Capital

         

3.290%, 05/19/08 (C)

      1,651      1,651   

Liquid Funding LLC

         

3.090%, 06/11/08 (C)

      1,232      1,231   

Merrill Lynch

         

3.190%, 07/07/08 (C)

      3,449      3,454   

Morgan Stanley

         

3.260%, 01/15/09 (C)

      493      493   

3.230%, 02/02/09 (C)

      493      493   
            
              7,322     
        
    

Number

of Shares

 

          

Money Market Funds — 0.5%

         

Merrill Lynch Premier Institutional Fund

      394,215      394   

Schwab Value Advantage Money Fund

      615,960      616   
            
              1,010     

Non-Registered Investment Company — 0.4%

      

BlackRock Institutional Money Market Trust (E)

      877,601      878     

 

7

Allegiant Balanced Allocation Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Par
(000)

 

  

Value
(000)

 

      

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued

  

  

Repurchase Agreements — 14.7%

      

Bear Stearns

      

3.200%, 06/05/08(A)

   $ 7,392   $ 7,391    

3.230%, 03/03/08

     9,363     9,363    

Greenwich Capital

      

3.280%, 03/03/08

     6,160     6,160    

Lehman Brothers

      

3.210%, 03/03/08

     5,571     5,571    

Merrill Lynch

      

3.230%, 03/03/08

     1,232     1,232    
           
            29,717      

Total Short Term Investments Held as Collateral for Loaned Securities

      

(Cost $43,608)

           43,608      

TOTAL INVESTMENTS — 122.9%

      

(Cost $236,873)**

           248,905      

Other Assets & Liabilities — (22.9)%

           (46,409 )    

TOTAL NET ASSETS — 100.0%

         $ 202,496      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $237,431.

Gross unrealized appreciation (000)

    $ 17,256  

Gross unrealized depreciation (000)

      (5,782 )
        

Net unrealized appreciation (000)

    $ 11,474  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $42,541.
## All or a portion of the security was held as collateral for when-issued securities and delayed delivery securities.
(A) Illiquid Security. Total market value of illiquid securities is (000) $10,003 and represents 4.9% of net assets as of February 29, 2008.
(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) $874 and represents 0.4% of net assets as of February 29, 2008.
(C) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(D) Zero Coupon Bond — the rate shown is the effective yield at purchase date.
(E) Represents security purchased with cash collateral for securities on loan.

 

ADR — American Depository Receipt
Cl — Class
DN — Discount Note
LLC — Limited Liability Company
LP — Limited Partnership
MTN — Medium Term Note
PLC — Public Liability Company
REIT — Real Estate Investment Trust
TBA — To Be Announced

 

      

Futures Contracts:

 

Description

    Number
of
Contracts		    Notional
Cost
Amount
(000)		    Expiration
Date		    Unrealized
Depreciation
(000)		  

DJ Euro Stoxx 50®

    2    $ 125    03/21/08    $ (19 )

Nikkei 225®

    1      143    03/14/08      (24 )
                     
      $ 268       $ (43 )
                     

Cash in the amount of $18,423 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 Schedules of Investments.


 

8

Allegiant International Equity Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Number

of Shares

 

   Value
(000)		    

FOREIGN COMMON STOCKS — 95.8%

      

Australia — 4.1%

      

BHP Billiton, ADR (Materials)#

   114,792   $ 8,401  

Cochlear (Healthcare)

   20,145     1,004  

CSL (Healthcare)

   75,450     2,531  

Woolworths (Consumer Staples)

   78,760     2,103  

WorleyParsons (Energy)

   49,401     1,691  
         
          15,730    

Austria — 1.1%

      

Andritz AG (Industrials)

   73,600     4,120    

Belgium — 1.8%

      

KBC Groep NV (Financials)

   26,600     3,335  

Solvay SA (Materials)

   27,899     3,506  
         
          6,841    

Brazil — 0.5%

      

Companhia Vale do Rio Doce, ADR (Materials)#

   52,100     1,815    

Canada — 1.2%

      

Methanex (Materials)#

   153,600     4,440    

China — 1.4%

      

China Oilfield Services (Energy)

   600,000     1,171  

Ctrip.com International, ADR (Consumer Discretionary)

   36,903     2,237  

Tencent Holdings (Information Technology)

   305,300     1,898  
         
          5,306    

Croatia (Hrvatska) — 0.0%

      

T-Hrvatski Telekom dd, GDR (Telecommunication Services)*

   238     16    

Denmark — 0.7%

      

Vestas Wind Systems A/S (Industrials)*

   26,380     2,674    

Finland — 7.0%

      

Cargotec, Cl B (Industrials)

   80,400     3,971  

Kone Oyj, Cl B (Industrials)#

   123,200     4,311  

Konecranes Oyj (Industrials)

   128,200     4,654  

Nokia Oyj, ADR (Information Technology)#

   126,900     4,570  

Nokian Renkaat Oyj (Consumer Discretionary)

   36,000     1,480  

UPM-Kymmene Oyj (Materials)

   198,500     3,434  

YIT Oyj (Industrials)

   174,399     4,332  
         
          26,752    

France — 5.2%

      

Christian Dior (Consumer Discretionary)#

   31,800     3,466  

Compagnie de Saint-Gobain (Industrials)

   38,700     3,025  

Imerys SA (Materials)

   43,472     3,646  

L’Oreal SA (Consumer Staples)

   16,970     2,014  

LVMH Moet Hennessy Louis Vuitton SA

      

(Consumer Discretionary)#

   15,740     1,617  

Technip SA (Energy)*

   51,500     4,204  

Veolia Environnement, ADR (Utilities)

   19,325     1,721  
         
          19,693    

Germany — 4.2%

      

Continental AG (Consumer Discretionary)

   32,207     3,156  

Deutsche Boerse AG (Financials)

   11,310     1,793  

Fielmann AG (Consumer Discretionary)

   25,774     1,524  

Hannover Rueckversicherung AG (Financials)

   39,000     1,863  

Muenchener Rueckversicherung AG (Financials)

   10,500     1,851  
   

Number

of Shares

 

   Value
(000)		    

Rational AG (Consumer Discretionary)#

   9,250   $ 1,800  

SAP AG, ADR (Information Technology)#

   33,280     1,578  

Wirecard AG (Industrials)*

   106,780     1,803  

Zhongde Waste Technology AG (Industrials)*

   18,330     727  
         
          16,095    

Greece — 1.0%

      

IRF European Finance Investments (Financials) (A)

   284,500     1,337  

National Bank of Greece SA (Financials)

   42,500     2,303  
         
          3,640    

Hong Kong — 4.4%

      

China Mobile, ADR (Telecommunication Services)#

   25,565     1,908  

China Overseas Land & Investment (Financials)

   620,000     1,201  

Espirit Holdings (Consumer Discretionary)

   168,500     2,118  

Hengan International Group (Consumer Staples)#

   381,460     1,503  

Kerry Properties (Financials)#

   329,320     2,200  

Li & Fung (Consumer Discretionary)

   694,600     2,526  

Li Ning (Consumer Discretionary)#

   457,060     1,413  

Peace Mark Holdings (Consumer Discretionary)

   713,000     795  

Zijin Mining Group, Cl H (Materials)#

   2,376,905     3,140  
         
          16,804    

India — 0.5%

      

HDFC Bank, ADR (Financials)

   16,552     1,806    

Ireland — 5.6%

      

Anglo Irish Bank PLC (Financials)

   267,654     3,791  

Bank of Ireland (Financials)

   277,270     3,900  

CRH PLC (Materials)

   118,171     4,368  

Greencore Group PLC (Consumer Staples)

   695,185     4,602  

Icon PLC, ADR (Healthcare)*

   17,100     1,130  

Smurfit Kappa Group PLC (Materials)*

   237,200     3,413  
         
          21,204    

Israel — 1.8%

      

Nice Systems, ADR (Information Technology)*

   56,360     1,819  

Teva Pharmaceutical Industries, ADR (Healthcare)#

   99,790     4,897  
         
          6,716    

Italy — 0.5%

      

Geox (Consumer Discretionary)

   74,199     1,090  

Trevi Finanziaria SpA (Industrials)

   48,241     924  
         
          2,014    

Japan — 15.5%

      

Asahi Breweries (Consumer Staples)

   247,600     4,628  

Culture Convenience Club (Consumer Discretionary)#

   229,900     895  

Daikin Industries (Industrials)

   39,000     1,755  

Dena (Consumer Discretionary)#

   253     1,639  

Iino Kaiun Kaisha (Industrials)

   406,000     3,632  

Kansai Electric Power (Utilities)

   161,200     3,944  

KDDI (Telecommunication Services)

   607     3,688  

Kuraray (Materials)

   174,900     2,086  

Kurita Water Industries (Industrials)

   50,050     1,578  

Maruichi Steel Tube (Materials)#

   149,800     4,447  

Meiji Dairies (Consumer Staples)

   805,000     4,614  

Mitsubishi (Industrials)

   53,500     1,632  

 

 

9

Allegiant International Equity Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Number
of Shares

 

   Value
(000)		    

FOREIGN COMMON STOCKS — continued

      

Japan — continued

      

Nintendo (Information Technology)

   8,375   $ 4,170  

Nippon Yusen Kabushiki (Industrials)

   511,000     4,722  

Nitori (Consumer Discretionary)

   29,630     1,471  

Shiseido (Consumer Staples)#

   41,140     938  

Showa Denko KK (Materials)

   1,204,000     4,284  

Sumitomo Realty & Development (Financials)

   74,460     1,271  

Terumo (Healthcare)

   31,500     1,710  

Tokyo Electric Power (Utilities)

   148,600     3,818  

Yamada Denki (Consumer Discretionary)

   22,880     2,001  
         
          58,923    

Luxembourg — 0.6%

      

Millicom International Cellular SA (Telecommunication Services)*

   21,380     2,362    

Mexico — 1.0%

      

Cemex SA de CV, ADR (Materials)

   137,284     3,782    

Netherlands — 0.5%

      

Fugro NV (Energy)

   24,920     1,880    

Norway — 2.5%

      

Austevoll Seafood ASA (Consumer Staples)*

   116,945     799  

Camillo Eitzen (Industrials)*

   207,350     2,468  

DNB ASA (Financials)

   287,200     4,201  

Eitzen Maritime Services ASA (Industrials)*

   59,141     26  

Yara International ASA (Materials)

   36,800     2,055  
         
          9,549    

Russia — 0.4%

      

Vimpel-Communications, ADR (Telecommunication Services)

   46,575     1,618    

Singapore — 2.8%

      

Keppel (Industrials)

   256,920     1,936  

Raffles Education (Consumer Discretionary)#

   1,996,730     3,739  

Singapore Exchange (Financials)

   339,620     1,976  

Wilmar International (Consumer Staples)#

   1,031,980     3,195  
         
          10,846    

South Africa — 4.4%

      

Impala Platinum Holdings (Materials)

   102,400     4,237  

Metorex (Materials)*

   1,170,651     2,714  

MTN Group (Telecommunication Services)

   100,000     1,566  

Sappi (Materials)

   296,700     3,667  

Sasol (Energy)

   92,150     4,713  
         
          16,897    

South Korea — 1.8%

      

Samsung Electronics (Information Technology)

   6,700     3,927  

SK Telecom (Telecommunication Services)

   13,600     2,765  
         
          6,692    

Spain — 2.3%

      

Banco Bilbao Vizcaya Argentaria SA (Financials)

   137,300     2,831  

Grifols SA (Healthcare)*

   66,650     1,524  

Inditex SA (Consumer Discretionary)

   32,868     1,695  

Red Electrica de Espana (Utilities)

   43,700     2,726  
         
          8,776    

Sweden — 2.8%

      

Autoliv (Consumer Discretionary)

   68,900     3,438  
   

Number
of Shares

 

   Value
(000)		    

Axis Communications AB (Information Technology)

   84,000   $ 1,514  

Duni AB (Consumer Discretionary)*

   94,000     747  

Investor AB, Cl B (Financials)

   155,245     3,284  

Modern Times Group AB, Cl B (Consumer Discretionary)

   28,140     1,839  
         
          10,822    

Switzerland — 7.6%

      

ABB, ADR (Industrials)

   106,875     2,676  

Actelion (Healthcare)*#

   37,600     1,960  

Julius Baer Holding AG (Financials)

   34,700     2,562  

Nestle SA (Consumer Staples)

   10,070     4,806  

Novartis AG, ADR (Healthcare)#

   50,675     2,491  

Roche Holdings AG (Healthcare)

   34,310     6,729  

Syngenta AG, ADR (Materials)

   59,950     3,436  

Temenos Group AG (Information Technology)*#

   167,300     4,187  
         
          28,847    

Thailand — 1.1%

      

Thai Oil PCL (Energy)

   1,644,800     4,128    

United Kingdom — 11.5%

      

Autonomy PLC (Information Technology)*

   117,700     2,189  

Barratt Developments PLC (Consumer Discretionary)

   481,800     3,898  

Bellway PLC (Consumer Discretionary)

   242,019     3,809  

BG Group PLC (Energy)

   141,117     3,326  

Capita Group PLC (Industrials)

   123,701     1,603  

Compass Group PLC (Consumer Discretionary)

   341,000     2,198  

Imperial Tobacco Group PLC (Consumer Staples)

   55,020     2,547  

Lloyds TSB Group PLC (Financials)

   470,661     4,207  

Man Group PLC (Financials)

   199,556     2,177  

Michael Page International PLC (Industrials)

   250,348     1,385  

Persimmon PLC (Consumer Discretionary)

   257,526     3,742  

Reckitt Benckiser Group PLC (Consumer Staples)

   52,900     2,854  

Scottish & Southern Energy PLC (Utilities)

   59,760     1,747  

Taylor Wimpey PLC (Consumer Discretionary)

   1,042,883     3,529  

Tesco PLC (Consumer Staples)

   231,880     1,832  

Vodafone Group PLC, ADR (Telecommunication Services)

   88,875     2,865  
         
          43,908    

Total Foreign Common Stocks

      

(Cost $305,504)

         364,696    

FOREIGN EQUITY CERTIFICATES — 1.7%

      

India — 1.7%

      

Bharti Airtel (Telecommunication Services),

      

Expires 06/30/09 (B)

   119,420     2,447  

Educomp Solutions (Information Technology),

      

Expires 12/16/10 (B)

   23,100     2,444  

Everest Kanto Cylinder (Industrials),

      

Expires 12/16/10 (B)

   185,812     1,472  
               

Total Foreign Equity Certificates

      

(Cost $3,156)

         6,363    

 

 

10

 

 

 

   

Number

of Shares

 

   Value
(000)		      

AFFILIATED MONEY MARKET FUND — 2.0%

 

  

Allegiant Advantage Institutional Money Market Fund, Class I†

   7,847,477   $ 7,847    

(Cost $7,847)

                

Total Investments Before Collateral for Loaned Securities — 99.5%

      

(Cost $316,507)

         378,906      
     

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 12.4%

  

  

Non-Registered Investment Company — 12.4%

      

BlackRock Institutional Money Market Trust (C)

   47,161,731     47,162    

(Cost $47,162)

                

TOTAL INVESTMENTS — 111.9%

      

(Cost $363,669)**

         426,068      

Other Assets & Liabilities — (11.9)%

         (45,329 )    

TOTAL NET ASSETS — 100.0%

       $ 380,739      

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $364,703.

 

Gross unrealized appreciation (000)

    $ 76,294  

Gross unrealized depreciation (000)

      (14,929 )
        

Net unrealized appreciation (000)

    $ 61,365  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $44,212.
(A) Illiquid Security. Total market value of illiquid securities is (000) $1,337 and represents 0.4% of net assets as of February 29, 2008.
(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) $6,363 and represents 1.7% of net assets as of February 29, 2008.
(C) Represents security purchased with cash collateral for securities on loan.

ADR — American Depository Receipt

Cl — Class

GDR — Global Depository Receipt

PLC — Public Liability Company

 

 

 

 

           

At February 29, 2008, sector diversification of the Fund was as follows:

 

Sector Diversification

    % of Net
Assets		     Value
(000)		  
Foreign Common Stocks and Equity Certificates     

Materials

    17.5 %   $ 66,870  

Consumer Discretionary

    15.2       57,862  

Industrials

    14.4       55,428  

Financials

    12.7       47,889  

Consumer Staples

    9.6       36,435  

Information Technology

    7.4       28,296  

Healthcare

    6.4       23,976  

Energy

    5.5       21,113  

Telecommunication Services

    5.1       19,234  

Utilities

    3.7       13,956  

Total Foreign Common Stocks and Equity Certificates

    97.5       371,059  
Affiliated Money Market Fund    2.0       7,847  
              

Total Investments Before Collateral for Loaned Securities

    99.5       378,906  

Short Term Investments Held as Collateral for Loaned Securities

    12.4       47,162  
              

Total Investments

    111.9       426,068  

Other Assets and Liabilities

    (11.9 )     (45,329 )
              

Net Assets

    100.0 %   $ 380,739  
              

See Notes to Schedules of Investments.


 

11

Allegiant Large Cap Core Equity Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number

of Shares

 

    Value
(000)		     

COMMON STOCKS — 99.4%

         

Consumer Discretionary — 8.7%

         

Dick’s Sporting Goods*#

    160,600    $ 4,430   

MGM Mirage*

    94,826      5,840   

Nordstrom#

    69,000      2,555   

Starwood Hotels & Resorts Worldwide

    97,100      4,596   
            
            17,421     

Consumer Staples — 10.5%

         

Archer-Daniels-Midland#

    77,000      3,473   

Bunge#

    46,300      5,132   

Colgate-Palmolive

    68,000      5,174   

Dean Foods*

    82,139      1,768   

PepsiCo

    80,710      5,614   
            
            21,161     

Energy — 13.4%

         

Diamond Offshore Drilling

    23,500      2,840   

EOG Resources

    33,300      3,962   

National Oilwell Varco*

    64,000      3,987   

Schlumberger#

    55,000      4,755   

TransOcean*#

    47,311      6,648   

Weatherford International*

    68,260      4,704   
            
            26,896     

Financials — 17.0%

         

American International Group

    80,910      3,791   

Bank of America

    96,260      3,825   

Bank of New York Mellon

    79,000      3,466   

Citigroup

    83,200      1,973   

Goldman Sachs

    24,630      4,178   

JPMorgan Chase

    127,480      5,182   

Loews

    127,000      5,314   

MetLife

    62,000      3,612   

Wells Fargo

    95,000      2,777   
            
            34,118     

Healthcare — 12.1%

         

Abbott Laboratories

    72,000      3,855   

Cardinal Health#

    55,000      3,253   

Dentsply International#

    111,000      4,333   

Genzyme*#

    49,000      3,475   

Schering-Plough

    204,000      4,427   

Thermo Fisher Scientific*

    89,500      5,006   
            
            24,349     

Industrials — 11.8%

         

3M

    38,850      3,046   

Boeing

    38,500      3,188   

Danaher

    62,000      4,597   

General Electric

    140,430      4,654   

Stericycle*#

    42,000      2,263   

United Technologies

    84,120      5,931   
            
            23,679     

Information Technology — 15.7%

         

Akamai Technologies*#

    78,000      2,742   

Amdocs*

    119,000      3,689   

Apple*

    38,400      4,801   

Cisco Systems*

    216,640      5,280   

Google, Cl A*

    9,400      4,429   

Microchip Technology#

    112,200      3,453   

Microsoft

    143,620      3,909   

 

    

Number

of Shares

 

    Value
(000)		     

Oracle*

      167,000    $ 3,140   
            
              31,443     

Materials — 3.5%

         

Allegheny Technologies

      48,000      3,713   

Ecolab

      68,560      3,208   
            
              6,921     

Telecommunication Services — 3.2%

         

American Tower, Cl A*#

      72,000      2,768   

NII Holdings*#

      92,440      3,672   
            
              6,440     

Utilities — 3.5%

         

AES*

      231,550      4,163   

Equitable Resources#

      47,220      2,910   
            
              7,073     

Total Common Stocks

         

(Cost $178,127)

             199,501     

AFFILIATED MONEY MARKET FUND — 0.8%

   

Allegiant Money Market Fund, Class I†

      1,665,941      1,666   

(Cost $1,666)

                   

Total Investments Before Collateral for Loaned Securities — 100.2%

         

(Cost $179,793)

             201,167     
        
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 16.6%

   

Master Notes — 1.8%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $ 1,927      1,927   

JPMorgan Securities

         

3.230%, 03/17/08

      1,734      1,735   
            
              3,662     

Medium Term Notes — 2.8%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

      1,291      1,291   

Liquid Funding LLC

         

3.090%, 06/11/08 (A)

      964      963   

Merrill Lynch

         

3.190%, 07/07/08 (A)

      2,698      2,702   

Morgan Stanley

         

3.260%, 01/15/09 (A)

      385      386   

3.230%, 02/02/09 (A)

      385      385   
            
              5,727     
        
    

Number

of Shares

 

          

Money Market Funds — 0.4%

         

Merrill Lynch Premier Institutional Fund

      308,353      308   

Schwab Value Advantage Money Fund

      481,801      482   
            
              790     

 

 

12

 

 

 

   

Par
(000)

 

   Value
(000)		      

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR

 

  

LOANED SECURITIES — continued

      

Repurchase Agreements — 11.6%

      

Bear Stearns

      

3.200%, 06/05/08 (B)

   $ 5,782   $ 5,782    

3.230%, 03/03/08

     7,323     7,323    

Greenwich Capital

      

3.280%, 03/03/08

     4,818     4,818    

Lehman Brothers

      

3.210%, 03/03/08

     4,358     4,357    

Merrill Lynch

      

3.230%, 03/03/08

     964     964    
           
            23,244      

Total Short Term Investments Held as Collateral for Loaned Securities

      

(Cost $33,423)

           33,423      

TOTAL INVESTMENTS — 116.8%

      

(Cost $213,216)**

           234,590      

Other Assets & Liabilities — (16.8)%

           (33,822 )    

TOTAL NET ASSETS — 100.0%

         $ 200,769      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $214,988.

Gross unrealized appreciation (000)

    $ 28,277  

Gross unrealized depreciation (000)

      (8,675 )
        

Net unrealized appreciation (000)

    $ 19,602  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $32,534.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $7,709 and represents 3.8% of net assets as of February 29, 2008.

Cl — Class

LLC — Limited Liability Company

Futures Contracts:

 

Description

   Number
of
Contracts		   Notional
Cost
Amount
(000)		   Expiration
Date		   Unrealized
Depreciation
(000)

S&P 500®

        

Composite Index

   1   $375   03/20/08   $(42)

Cash in the amount of $18,000 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

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

See Notes to Schedules of Investments.


 

13

Allegiant Large Cap Growth Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number
of Shares

 

   

Value
(000)

 

     

COMMON STOCKS — 99.6%

         

Autos & Transportation — 3.3%

         

FedEx

    62,324    $ 5,493   

Tidewater#

    186,000      10,444   
            
            15,937     

Consumer Discretionary — 16.2%

         

Dick’s Sporting Goods*#

    327,000      9,019   

Google, Cl A*

    29,892      14,084   

International Game Technology

    173,000      7,811   

Las Vegas Sands*#

    90,700      7,555   

MGM Mirage*#

    212,971      13,117   

New Oriental Education & Technology Group, ADR*#

    145,000      9,041   

Nike, Cl B

    139,812      8,417   

Starwood Hotels & Resorts Worldwide

    190,963      9,038   
            
            78,082     

Consumer Staples — 8.2%

         

Companhia de Bebidas das Americas, ADR

    120,000      9,778   

Colgate-Palmolive

    150,649      11,463   

Dean Foods*#

    312,055      6,715   

PepsiCo

    165,000      11,477   
            
            39,433     

Financial Services — 8.4%

         

American Express

    146,000      6,176   

Goldman Sachs

    55,938      9,489   

Loews

    336,000      14,058   

Prudential Financial

    147,132      10,736   
            
            40,459     

Healthcare — 16.3%

         

Abbott Laboratories

    161,416      8,644   

Cerner*#

    152,000      6,604   

Dentsply International#

    276,000      10,775   

Gen-Probe*

    189,000      9,036   

Genzyme*#

    104,505      7,412   

Hologic*#

    142,000      8,564   

Medtronic#

    129,689      6,401   

Schering-Plough

    424,000      9,201   

Thermo Fisher Scientific*#

    215,000      12,025   
            
            78,662     

Materials — 4.9%

         

Bunge#

    110,310      12,227   

Praxair

    143,897      11,552   
            
            23,779     

Other —2.5%

         

General Electric

    359,750      11,922     

Other Energy — 9.5%

         

Diamond Offshore Drilling#

    85,000      10,270   

Schlumberger#

    124,000      10,720   

TransOcean*#

    102,631      14,421   

Weatherford International*

    147,110      10,139   
            
            45,550     

Producer Durables—7.1%

         

American Tower, Cl A*#

    180,587      6,942   

Danaher#

    170,673      12,655   
    

Number

of Shares

 

   

Value
(000)

 

     

United Technologies

      203,988    $ 14,383   
            
              33,980     

Technology — 21.2%

         

Adobe Systems*

      261,000      8,783   

Akamai Technologies*#

      203,000      7,137   

Amdocs*

      300,443      9,314   

Apple*

      107,229      13,406   

Cisco Systems*

      564,696      13,761   

First Solar*

      40,000      8,208   

Intel

      357,000      7,122   

Microchip Technology#

      289,858      8,922   

Microsoft

      344,223      9,370   

Oracle*

      563,000      10,584   

Texas Instruments

      179,000      5,363   
            
              101,970     

Utilities — 2.0%

         

AES*

      254,409      4,574   

NII Holdings*#

      131,051      5,207   
            
              9,781     

Total Common Stocks

         

(Cost $427,282)

         
              479,555     

AFFILIATED MONEY MARKET FUND — 0.6%

   

Allegiant Money Market Fund, Class I†

         

(Cost $2,662)

      2,662,441      2,662   
        

Total Investments Before Collateral for Loaned Securities — 100.2%

         

(Cost $429,944)

             482,217     
                    
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 20.2%

   

Master Notes — 2.2%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $ 5,616      5,616   

JPMorgan Securities

         

3.230%, 03/17/08

      5,054      5,054   
            
              10,670     

Medium Term Notes — 3.4%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

      3,762      3,763   

Liquid Funding LLC

         

3.090%, 06/11/08 (A)

      2,808      2,807   

Merrill Lynch

         

3.190%, 07/07/08 (A)

      7,862      7,874   

Morgan Stanley

         

3.260%, 01/15/09 (A)

      1,123      1,123   

3.230%, 02/02/09 (A)

      1,123      1,123   
            
              16,690     

 

14

 

 

 

    

Number
of Shares

 

    Value
(000)		      

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR

 

  

LOANED SECURITIES — continued

        

Money Market Funds — 0.5%

        

Merrill Lynch Premier Institutional Fund

      898,505    $ 898    

Schwab Value Advantage Money Fund

      1,403,915      1,404    
             
              2,302      
       
    

Par

(000)

 

           

Repurchase Agreements — 14.1%

        

Bear Stearns

        

3.200%, 06/05/08 (B)

    $ 16,847      16,847    

3.230%, 03/03/08

      21,340      21,340    

Greenwich Capital

        

3.280%, 03/03/08

      14,039      14,039    

Lehman Brothers

        

3.210%, 03/03/08

      12,697      12,697    

Merrill Lynch

        

3.230%, 03/03/08

      2,808      2,808    
             
              67,731      

Total Short Term Investments Held as Collateral for Loaned Securities

        

(Cost $97,393)

             97,393      
       

TOTAL INVESTMENTS — 120.4%

        

(Cost $527,337)**

             579,610      

Other Assets & Liabilities — (20.4)%

             (98,141 )    

TOTAL NET ASSETS — 100.0%

           $ 481,469      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $530,252.

 

Gross unrealized appreciation (000)

    $ 71,487  

Gross unrealized depreciation (000)

      (22,129 )
        

Net unrealized appreciation (000)

    $ 49,358  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $94,560.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $22,463 and represents 4.7% of net assets as of February 29, 2008.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

 

 

 

 

      

Futures Contracts:

 

Description

    Number
of
Contracts		    Notional
Cost
Amount
(000)		    Expiration
Date		    Unrealized
Depreciation
(000)

S&P 500®

            

Composite Index

    5    $1,876    03/20/08    $(212)

Cash in the amount of $90,000 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

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

See Notes to Schedules of Investments.


 

15

Allegiant Large Cap Value Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number

of Shares

   

Value
(000)

 

     

COMMON STOCKS — 97.5%

         

Consumer Discretionary — 5.1%

         

Cablevision Systems*

    384,496    $ 10,300   

Gap#

    237,120      4,783   

Sony, ADR#

    18,000      850   

Time Warner

    1,131,185      17,658   
            
            33,591     

Consumer Staples — 11.5%

         

Coca-Cola

    164,251      9,602   

Kraft Foods

    598,632      18,659   

Procter & Gamble

    87,829      5,813   

Reynolds American#

    100,400      6,398   

Sara Lee

    808,791      10,215   

UST#

    173,721      9,431   

Wal-Mart Stores

    306,411      15,195   
            
            75,313     

Energy — 17.6%

         

Apache

    152,660      17,512   

BP PLC, ADR

    148,910      9,660   

Canadian Natural Resources

    75,895      5,680   

Chevron

    291,724      25,281   

ConocoPhillips

    198,711      16,435   

EOG Resources

    64,100      7,627   

ExxonMobil

    296,846      25,828   

Forest Oil*

    149,255      7,363   
            
            115,386     

Financials — 20.0%

         

Allstate

    90,430      4,316   

American International Group

    396,141      18,563   

Bear Stearns#

    94,580      7,553   

Chubb

    120,999      6,159   

Citigroup

    683,718      16,211   

Discover Financial Services

    660,185      9,962   

Fannie Mae

    165,729      4,582   

Genworth Financial, Cl A

    429,663      9,960   

Invesco

    386,840      9,907   

JPMorgan Chase

    366,341      14,892   

Marsh & McLennan

    508,310      12,947   

Travelers

    127,449      5,915   

Wachovia

    190,260      5,826   

Wells Fargo

    149,540      4,371   
            
            131,164     

Healthcare —11.3%

         

Boston Scientific*

    442,840      5,575   

Bristol-Myers Squibb

    471,662      10,664   

Johnson & Johnson

    241,602      14,970   

Merck

    184,048      8,153   

Pfizer

    1,175,066      26,181   

Schering-Plough

    385,888      8,374   
            
            73,917     

Industrials — 7.5%

         

ABB, ADR

    185,510      4,645   

General Electric

    809,646      26,832   

United Parcel Service, Cl B

    126,049      8,854   

United Technologies

    123,240      8,689   
            
            49,020     
    

Number

of Shares

 

   

Value
(000)

 

     

Information Technology — 12.2%

         

Alcatel-Lucent, ADR

      1,548,231    $ 9,088   

Alliance Data Systems*#

      178,271      9,026   

Cisco Systems*

      335,850      8,185   

Citrix Systems*

      180,679      5,950   

Lexmark International, Cl A*

      373,202      12,327   

McAfee*

      307,709      10,237   

Micron Technology*#

      1,350,262      10,154   

Microsoft

      303,070      8,250   

Motorola

      231,720      2,310   

Yahoo!*

      175,711      4,881   
            
              80,408     
        

Materials — 5.2%

         

Owens-Illinois*

      205,507      11,601   

Praxair

      125,216      10,052   

Weyerhaeuser#

      204,875      12,538   
            
              34,191     

Telecommunication Services — 5.5%

         

AT&T

      660,119      22,992   

Sprint Nextel

      262,779      1,868   

Verizon Communications

      233,500      8,481   

Vodafone Group PLC, ADR

      87,787      2,829   
            
              36,170     

Utilities — 1.6%

         

Exelon

      109,791      8,218   

FPL Group#

      44,350      2,674   
            
              10,892     

Total Common Stocks

         

(Cost $613,878)

             640,052     

AFFILIATED MONEY MARKET FUND — 2.7%

   

Allegiant Advantage Institutional Money Market Fund, Class I†

      17,616,525      17,617   

(Cost $17,617)

                   

Total Investments Before Collateral for Loaned Securities — 100.2%

         

(Cost $631,495)

             657,669     
                    
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 7.9%

         

Master Notes — 0.9%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $ 2,984      2,984   

JPMorgan Securities

         

3.230%, 03/17/08

      2,686      2,686   
            
              5,670     

Medium Term Notes — 1.3%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

      1,999      1,999   

 

16

 

 

 

   

Par

(000)

 

   Value
(000)		  

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued

  

Medium Term Notes — continued

    

Liquid Funding LLC

    

3.090%, 06/11/08 (A)

   $1,492     $1,491  

Merrill Lynch

    

3.190%, 07/07/08 (A)

   4,178     4,184  

Morgan Stanley

    

3.260%, 01/15/09 (A)

   597     597  

3.230%, 02/02/09 (A)

   597     597  
         
          8,868  
   
   

Number

of Shares

 

      

Money Market Funds — 0.2%

    

Merrill Lynch Premier Institutional Fund

   477,439     477  

Schwab Value Advantage Money Fund

   745,998     746  
         
          1,223  
   
   

Par

(000)

 

      

Repurchase Agreements — 5.5%

    

Bear Stearns

    

3.200%, 06/05/08 (B)

   $8,952     8,952  

3.230%, 03/03/08

   11,339     11,339  

Greenwich Capital

    

3.280%, 03/03/08

   7,460     7,460  

Lehman Brothers

    

3.210%, 03/03/08

   6,747     6,747  

Merrill Lynch

    

3.230%, 03/03/08

   1,492     1,492  
         
          35,990  
   

Total Short Term Investments Held as Collateral for Loaned Securities

    

(Cost $51,751)

         51,751  

TOTAL INVESTMENTS — 108.1%

    

(Cost $683,246)**

         709,420  

Other Assets & Liabilities — (8.1)%

         (53,421 )

TOTAL NET ASSETS — 100.0%

       $ 655,999  

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $685,677.

Gross unrealized appreciation (000)

    $81,293  

Gross unrealized depreciation (000)

    (57,550 )
      

Net unrealized appreciation (000)

    $23,743  
      

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $50,284.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $11,936 and represents 1.8% of net assets as of February 29, 2008.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

PLC — Public Liability Company

See Notes to Schedules of Investments.


 

17

Allegiant Mid Cap Value Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Number

of Shares

 

   Value
(000)		    

COMMON STOCKS — 94.3%

      

Consumer Discretionary — 7.7%

      

Autoliv

   69,940   $ 3,490  

Carter’s*#

   262,140     4,045  

Gap

   348,320     7,026  

Harman International Industries

   68,850     2,837  

Liz Claiborne#

   162,875     2,896  

NVR*#

   2,381     1,287  

Office Depot*

   201,350     2,289  
         
          23,870    

Consumer Staples — 5.7%

      

Hormel Foods

   110,640     4,521  

J.M. Smucker

   63,120     3,231  

Smithfield Foods*#

   192,050     5,291  

Tyson Foods, Cl A

   334,240     4,816  
         
          17,859    

Energy — 9.5%

      

Arch Coal#

   134,920     6,893  

BJ Services#

   412,760     10,707  

Peabody Energy#

   65,300     3,697  

Sunoco#

   133,660     8,164  
         
          29,461    

Financials — 24.7%

      

Cincinnati Financial

   134,867     5,013  

CIT Group

   59,310     1,318  

Discover Financial Services

   272,620     4,114  

Everest Re Group

   63,100     6,113  

Genworth Financial, Cl A

   334,090     7,744  

Invesco#

   412,276     10,558  

Legg Mason

   103,980     6,867  

Marshall & Ilsley

   142,370     3,303  

Nelnet, Cl A#

   322,008     3,510  

Old Republic International

   535,270     7,344  

PartnerRe

   40,240     3,094  

Progressive

   272,650     4,998  

Reinsurance Group of America

   119,569     6,542  

White Mountains Insurance Group

   13,090     6,458  
         
          76,976    

Healthcare — 3.7%

      

Endo Pharmaceuticals Holdings*

   220,925     5,802  

LifePoint Hospitals*#

   131,280     3,290  

Omnicare#

   110,030     2,308  
         
          11,400    

Industrials — 7.3%

      

General Cable*

   26,030     1,607  

Southwest Airlines#

   810,770     9,940  

Spirit Aerosystems Holdings, Cl A*

   239,015     6,458  

Union Pacific

   14,540     1,814  

Werner Enterprises#

   157,520     2,802  
         
          22,621    

Information Technology — 11.2%

      

Broadridge Financial Solutions

   159,310     3,051  

Check Point Software Technologies*

   153,020     3,354  

Maxim Integrated Products

   175,710     3,210  

Network Appliance*

   81,330     1,758  

Perot Systems, Cl A*#

   292,290     4,031  

QLogic*

   249,080     3,948  

 

   

Number

of Shares

 

   Value
(000)		    

Seagate Technology

     313,740   $ 6,767  

Tellabs*

     616,022     4,054  

Verigy*

     231,440     4,652  
         
            34,825    

Materials — 8.1%

      

International Flavors & Fragrances

     97,110     4,188  

Louisiana-Pacific

     374,040     4,070  

MeadWestvaco

     123,460     3,168  

Pactiv*

     267,930     6,784  

Rohm & Haas#

     130,702     7,007  
         
            25,217    

Telecommunication Services — 1.0%

      

Embarq

     78,370     3,287    

Utilities — 15.4%

      

Constellation Energy Group

     83,998     7,421  

Edison International

     130,800     6,461  

Mirant*#

     186,180     6,889  

NRG Energy*

     121,950     5,033  

PG&E

     176,690     6,654  

Sempra Energy

     157,480     8,367  

Xcel Energy#

     349,640     6,930  
         
            47,755    
     

Total Common Stocks

      

(Cost $310,684)

           293,271    

AFFILIATED MONEY MARKET FUND — 6.5%

  

Allegiant Advantage Institutional Money Market Fund, Class I†

     20,014,893     20,015  

(Cost $20,015)

                
     

Total Investments Before Collateral for Loaned Securities — 100.8%

      

(Cost $330,699)

           313,286    
     
   

Par

(000)

 

        

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 18.8%

  

Master Notes — 2.1%

      

Bear Stearns

      

3.330%, 06/02/08 (B)

   $ 3,373     3,373  

JPMorgan Securities

      

3.230%, 03/17/08

     3,035     3,035  
         
            6,408    

Medium Term Notes — 3.2%

      

General Electric Capital

      

3.290%, 05/19/08 (A)

     2,260     2,260  

Liquid Funding LLC

      

3.090%, 06/11/08 (A)

     1,686     1,686  

Merrill Lynch

      

3.190%, 07/07/08 (A)

     4,722     4,729  

 

 

18

 

 

 

    

Par

(000)

 

    Value
(000)		      

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued

  

  

Medium Term Notes — continued

        

Morgan Stanley

        

3.260%, 01/15/09 (A)

    $675      $674    

3.230%, 02/02/09 (A)

    675      674    
             
            10,023      
       
    

Number
of Shares

 

           

Money Market Funds — 0.4%

        

Merrill Lynch Premier Institutional Fund

    539,620      540    

Schwab Value Advantage Money Fund

    843,156      843    
             
            1,383      
       
    

Par

(000)

 

           

Repurchase Agreements — 13.1%

        

Bear Stearns

        

3.200%, 06/05/08 (B)

    $10,118      10,118    

3.230%, 03/03/08

    12,816      12,816    

Greenwich Capital

        

3.280%, 03/03/08

    8,432      8,431    

Lehman Brothers

        

3.210%, 03/03/08

    7,626      7,626    

Merrill Lynch

        

3.230%, 03/03/08

    1,686      1,686    
             
            40,677      
       

Total Short Term Investments Held as Collateral
for Loaned Securities

        

(Cost $58,491)

           58,491      

TOTAL INVESTMENTS — 119.6%

        

(Cost $389,190)**

           371,777      

Other Assets & Liabilities — (19.6)%

           (60,814 )    

TOTAL NET ASSETS — 100.0%

         $ 310,963      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $389,301.

Gross unrealized appreciation (000)

    $ 20,838  

Gross unrealized depreciation (000)

      (38,362 )
        

Net unrealized depreciation (000)

    $ (17,524 )
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $56,152.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $13,491 and represents 4.3% of net assets as of February 29, 2008.

Cl — Class

LLC — Limited Liability Company

See Notes to Schedules of Investments.


 

19

Allegiant Multi-Factor Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Number

of Shares

 

   Value
(000)		    

COMMON STOCKS — 99.5%

      

Consumer Discretionary — 11.2%

      

American Eagle Outfitters

   16,000   $ 342  

Apollo Group, Cl A*

   3,400     209  

Autoliv

   13,600     679  

Dollar Tree Stores*

   10,700     287  

GameStop*

   7,600     322  

Genuine Parts

   12,500     516  

International Game Technology

   6,500     293  

ITT Educational Services*

   2,700     149  

TJX

   26,500     848  

Yum! Brands

   8,900     306  
         
          3,951    

Consumer Staples — 6.1%

      

Avon Products

   8,000     305  

Bare Escentuals*#

   14,500     397  

General Mills

   6,700     375  

Pepsi Bottling Group

   8,300     282  

SYSCO

   13,800     387  

Wm. Wrigley Jr.#

   6,800     407  
         
          2,153    

Energy — 11.2%

      

Cameron International*#

   15,100     641  

Chesapeake Energy

   4,200     190  

Consol Energy

   2,900     220  

Hercules Offshore*#

   7,681     195  

National Oilwell Varco*

   8,900     555  

Noble

   14,900     732  

PetroHawk Energy*#

   11,900     215  

Smith International

   5,100     321  

Southwestern Energy*

   3,200     209  

TransOcean*#

   3,662     515  

Williams

   4,500     162  
         
          3,955    

Financials — 9.0%

      

Aspen Insurance Holdings

   13,700     397  

IntercontinentalExchange*#

   4,400     573  

Northern Trust

   8,400     568  

Nymex Holdings#

   3,200     316  

Prologis REIT#

   3,400     183  

T. Rowe Price Group#

   10,100     510  

TD Ameritrade Holding*#

   14,300     262  

Validus Holdings

   15,300     380  
         
          3,189    

Healthcare — 13.0%

      

Allergan#

   5,100     302  

C.R. Bard

   1,800     171  

Covance*

   8,000     675  

Coventry Healthcare*

   14,700     763  

Express Scripts*

   4,700     278  

Forest Laboratories*

   8,800     350  

Humana*

   9,900     676  

Intuitive Surgical*

   1,800     507  

Kinetic Concepts*#

   6,100     313  

St. Jude Medical*

   3,900     168  

Thermo Fisher Scientific*#

   7,000     392  
         
          4,595    

 

   

Number

of Shares

 

   Value
(000)		    

Industrials — 18.3%

      

Ametek

   12,500   $ 532  

C.H. Robinson Worldwide

   13,100     665  

Cummins

   2,600     131  

Donaldson

   8,800     371  

DRS Technologies

   7,100     398  

Fluor

   2,600     362  

Foster Wheeler*

   2,000     131  

Jacobs Engineering Group*

   2,300     185  

McDermott International*

   3,600     188  

Precision Castparts

   3,100     342  

Republic Services

   23,700     724  

Rockwell Collins

   11,210     660  

Rollins

   12,600     222  

Roper Industries

   6,000     339  

Stericycle*

   4,200     226  

Textron

   13,100     710  

USG*#

   8,000     272  
         
          6,458    

Information Technology — 15.9%

      

Agilent Technologies*

   4,500     138  

Autodesk*

   11,000     342  

Check Point Software Technologies*

   13,400     294  

DST Systems*#

   6,200     436  

Global Payments

   7,100     282  

Jack Henry & Associates

   16,200     381  

Juniper Networks*

   18,300     491  

MEMC Electronic Materials*

   6,800     519  

Micros Systems*

   18,000     577  

NVIDIA*

   29,200     624  

Paychex

   20,100     632  

Perfect World, ADR*#

   12,300     332  

Western Digital*

   18,800     580  
         
          5,628    

Materials — 6.2%

      

Air Products & Chemicals

   2,200     201  

Ecolab

   13,700     641  

Lundin Mining*#

   77,400     660  

Sigma-Aldrich

   12,400     682  
         
          2,184    

Telecommunication Services — 5.3%

      

Brasil Telecom Participacoes SA, ADR#

   2,900     200  

Chunghwa Telecom, ADR

   15,091     370  

Partner Communications, ADR#

   10,300     218  

Telecom Argentina SA, ADR*

   8,200     186  

Vivo Participacoes SA, ADR#

   146,000     886  
         
          1,860    

Utilities — 3.3%

      

AES*

   24,491     440  

Allegheny Energy

   6,800     345  

NSTAR

   7,400     229  

PPL

   3,700     168  
         
          1,182    

Total Common Stocks

      

(Cost $35,873)

         35,155    

 

20

 

 

 

   

Number

of Shares

 

   Value
(000)		    

AFFILIATED MONEY MARKET FUND — 0.6%

  

Allegiant Money Market Fund, Class I†

   216,858   $217  

(Cost $217)

            

Total Investments Before Collateral for Loaned Securities — 100.1%

  

(Cost $36,090)

       35,372    
     
   

Par

(000)

 

        

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 19.1%

  

Master Notes — 2.1%

      

Bear Stearns

      

3.330%, 06/02/08 (B)

   $389   389  

JPMorgan Securities

      

3.230%, 03/17/08

   350   350  
       
        739    

Medium Term Notes — 3.3%

      

General Electric Capital

      

3.290%, 05/19/08 (A)

   260   260  

Liquid Funding LLC

      

3.090%, 06/11/08 (A)

   194   194  

Merrill Lynch

      

3.190%, 07/07/08 (A)

   544   545  

Morgan Stanley

      

3.260%, 01/15/09 (A)

   78   78  

3.230%, 02/02/09 (A)

   78   78  
       
        1,155    
     
   

Number

of Shares

 

        

Money Market Funds — 0.4%

      

Merrill Lynch Premier Institutional Fund

   62,199   62  

Schwab Value Advantage Money Fund

   97,187   97  
       
        159    
     
   

Par

(000)

 

        

Repurchase Agreements — 13.3%

      

Bear Stearns

      

3.200%, 06/05/08 (B)

   $1,166   1,166  

3.230%, 03/03/08

   1,477   1,477  

Greenwich Capital

      

3.280%, 03/03/08

   972   972  

Lehman Brothers

      

3.210%, 03/03/08

   879   879  

Merrill Lynch

      

3.230%, 03/03/08

   194   195  
       
        4,689    

Total Short Term Investments Held as Collateral for Loaned Securities

      

(Cost $6,742)

       6,742    

 

 

 

 

       

Value
(000)

 

      

TOTAL INVESTMENTS — 119.2%

      

(Cost $42,832)**

       $ 42,114      

Other Assets & Liabilities — (19.2)%

         (6,795 )    

TOTAL NET ASSETS — 100.0%

       $ 35,319      

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $42,833.

Gross unrealized appreciation (000)

    $2,204  

Gross unrealized depreciation (000)

    (2,923 )
      

Net unrealized depreciation (000)

    $(719 )
      

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $6,431.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $1,555 and represents 4.4% of net assets as of February 29, 2008.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

REIT — Real Estate Investment Trust

See Notes to Schedules of Investments.


 

21

Allegiant Multi-Factor Small Cap Core Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Number
of Shares

 

   Value
(000)		    

COMMON STOCKS — 97.5%

      

Consumer Discretionary — 10.5%

      

Aeropostale*#

   9,600   $ 258  

Capella Education*#

   10,200     538  

Deckers Outdoor*#

   4,700     520  

DeVry

   5,300     233  

Iconix Brand Group*#

   11,500     239  

Jakks Pacific*

   15,500     433  

Morningstar*#

   8,900     580  

Strayer Education#

   4,300     670  

Tupperware Brands

   10,100     368  

Universal Electronics*

   9,200     209  

WMS Industries*

   13,200     501  
         
          4,549    

Consumer Staples — 4.8%

      

Casey’s General Stores

   27,800     696  

Central European Distribution*

   7,100     413  

Flowers Foods#

   26,950     611  

Pricesmart#

   7,300     177  

WD-40#

   5,600     174  
         
          2,071    

Energy — 6.6%

      

Atlas America

   8,350     505  

Bois d’Arc Energy*#

   21,300     457  

Core Laboratories NV*

   1,800     219  

Exterran Holdings*#

   4,775     333  

St. Mary Land & Exploration

   17,100     631  

Sunoco Logistics Partners#

   5,100     273  

W-H Energy Services*

   6,800     427  
         
          2,845    

Financials — 16.8%

      

Amerisafe*

   17,200     226  

Banco Latinoamericano de

      

Exportaciones SA, Cl E#

   16,900     227  

BanColombia SA, ADR

   22,100     746  

City Holding

   8,500     317  

DiamondRock Hospitality REIT#

   16,200     202  

eHealth*#

   7,900     193  

GAMCO Investors, Cl A#

   4,600     258  

GFI Group*#

   2,400     184  

Hercules Technology Growth Capital#

   22,200     264  

Max Capital Group

   24,800     688  

Mid-America Apartment Communities REIT#

   9,300     451  

Nationwide Health Properties REIT

   29,100     883  

Navigators Group*

   7,700     421  

Signature Bank*

   20,000     530  

SVB Financial Group*#

   17,600     797  

UMB Financial#

   17,000     651  

WP Carey & Co. LLC#

   6,800     221  
         
          7,259    

Healthcare — 15.5%

      

Amedisys*#

   9,800     419  

AMERIGROUP*

   11,600     418  

AmSurg*

   22,500     542  

HealthExtras*#

   24,400     672  

Hologic*#

   3,400     205  

Icon PLC, ADR*

   12,500     826  

Integra LifeSciences Holdings*#

   10,000     415  

KV Pharmaceutical*#

   12,100     304  

 

   

Number
of Shares

 

   Value
(000)		    

Lifecell*#

   19,500   $ 787  

Meridian Bioscience

   10,600     363  

Orthofix International NV*

   5,600     224  

Parexel International*

   12,100     665  

PharmaNet Development Group*#

   5,800     167  

Techne*

   10,000     684  
         
          6,691    

Industrials — 18.7%

      

A.O. Smith#

   9,800     357  

Barnes Group#

   21,100     480  

Crane

   4,900     202  

Dynamic Materials#

   11,500     656  

Gardner Denver*

   17,400     642  

GATX#

   12,000     432  

GrafTech International*#

   25,800     413  

Grupo Aeroportuario del Pacifico SA de CV, ADR

   3,900     179  

Healthcare Services Group#

   17,500     346  

Huron Consulting Group*#

   10,800     573  

Kansas City Southern*#

   14,700     526  

Kirby*#

   10,000     451  

Layne Christensen*#

   15,900     637  

Orbital Sciences*#

   31,100     673  

Stanley*#

   7,500     208  

Superior Essex*

   24,000     681  

Watson Wyatt Worldwide, Cl A#

   11,600     615  
         
          8,071    

Information Technology — 13.3%

      

Aladdin Knowledge Systems*

   12,700     270  

ANSYS*

   16,000     598  

Atheros Communications*#

   26,000     632  

Blackbaud

   17,200     450  

Comtech Telecommunications*#

   14,500     629  

DealerTrack Holdings*

   10,300     211  

Flir Systems*#

   22,000     626  

GigaMedia*

   17,200     337  

Hughes Communications*#

   4,200     196  

Interwoven*

   37,600     509  

Salesforce.com*#

   6,200     370  

Synaptics*#

   17,000     455  

TheStreet.com#

   16,100     146  

Verigy*

   16,100     324  
         
          5,753    

Materials — 8.0%

      

Aptargroup

   21,400     802  

Balchem

   14,000     281  

CF Industries Holdings

   4,200     513  

LSB Industries*#

   14,600     348  

NewMarket

   12,900     864  

Terra Industries*

   4,200     190  

Votorantim Celulose e Papel SA, ADR#

   15,200     478  
         
          3,476    

Telecommunication Services — 2.7%

      

NTELOS Holdings#

   11,900     254  

Partner Communications, ADR#

   24,000     508  

Syniverse Holdings*

   25,100     425  
         
          1,187    

 

22

 

 

 

    

Number

of Shares

 

    Value
(000)		     

COMMON STOCKS — continued

         

Utilities — 0.6%

         

South Jersey Industries#

    7,900    $ 270     

Total Common Stocks

         

(Cost $42,294)

           42,172     

AFFILIATED MONEY MARKET FUND — 3.7%

   

Allegiant Money Market Fund, Class I†

    1,583,994      1,584   

(Cost $1,584)

                 

Total Investments Before Collateral for Loaned Securities — 101.2%

         

(Cost $43,878)

           43,756     
                  
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 34.7%

   

Master Notes — 3.8%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $865      865   

JPMorgan Securities

         

3.230%, 03/17/08

    779      778   
            
            1,643     

Medium Term Notes — 6.0%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

    580      580   

Liquid Funding LLC

         

3.090%, 06/11/08 (A)

    433      432   

Merrill Lynch

         

3.190%, 07/07/08 (A)

    1,211      1,213   

Morgan Stanley

         

3.260%, 01/15/09 (A)

    173      173   

3.230%, 02/02/09 (A)

    173      173   
            
            2,571     
                  
    

Number

of Shares

 

          

Money Market Funds — 0.8%

         

Merrill Lynch Premier Institutional Fund

    138,407      139   

Schwab Value Advantage Money Fund

    216,261      216   
            
            355     
                  
    

Par

(000)

 

          

Repurchase Agreements — 24.1%

         

Bear Stearns

         

3.200%, 06/05/08 (B)

    $2,595      2,595   

3.230%, 03/03/08

    3,287      3,287   

Greenwich Capital

         

3.280%, 03/03/08

    2,163      2,163   

Lehman Brothers

         

3.210%, 03/03/08

    1,956      1,956   

 

 

 

 

    

Par

(000)

 

    Value
(000)		      

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued

        

Repurchase Agreements — continued

        

Merrill Lynch

        

3.230%, 03/03/08

    $ 433    $ 432    
             
              10,433      

Total Short Term Investments Held as Collateralfor Loaned Securities

        

(Cost $15,003)

             15,002      

TOTAL INVESTMENTS — 135.9%

        

(Cost $58,881)**

             58,758      

Other Assets & Liabilities — (35.9)%

             (15,511 )    

TOTAL NET ASSETS — 100.0%

           $ 43,247      

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $58,908.

Gross unrealized appreciation (000)

    $ 2,895  

Gross unrealized depreciation (000)

      (3,045 )
        

Net unrealized depreciation (000)

    $ (150 )
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $14,505.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $3,460 and represents 8.0% of net assets as of February 29, 2008.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

PLC — Public Liability Company

REIT — Real Estate Investment Trust

See Notes to Schedules of Investments.


 

23

Allegiant Multi-Factor Small Cap Focused Value Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number

of Shares

 

    Value
(000)		     

COMMON STOCKS — 98.6%

         

Consumer Discretionary — 5.5%

         

Polaris Industries#

    1,900    $ 72   

Rent-A-Center*

    4,200      72   

Scholastic*

    1,550      54   

Wolverine World Wide#

    3,800      101   
            
            299     

Consumer Staples — 6.0%

         

Andersons#

    3,150      146   

Central European Distribution*

    1,400      81   

Fresh Del Monte Produce*

    2,050      68   

Ralcorp Holdings*

    550      31   
            
            326     

Energy — 9.1%

         

Berry Petroleum

    3,200      131   

Bois d’Arc Energy*

    3,900      84   

Hornbeck Offshore Services*#

    3,300      148   

Oil States International*#

    3,050      129   
            
            492     

Financials — 30.7%

         

Assured Guaranty#

    2,400      62   

Beneficial Mutual Bancorp*#

    5,800      53   

BlackRock Kelso Capital#

    9,300      117   

Calamos Asset Management

    2,600      48   

City Holding

    550      20   

Delphi Financial Group, Cl A#

    4,700      142   

DiamondRock Hospitality REIT#

    7,000      87   

Endurance Specialty Holdings

    2,150      84   

Glacier Bancorp#

    7,050      121   

Inland Real Estate REIT

    5,000      70   

Interactive Brokers Group, Cl B*

    4,700      146   

Meadowbrook Insurance Group

    11,100      88   

Nationwide Health Properties REIT#

    2,050      62   

Navigators Group*

    1,950      107   

NBT Bancorp#

    2,450      47   

Oriental Financial Group

    1,600      33   

Procentury

    3,200      59   

Southwest Bancorp

    1,550      25   

SVB Financial Group*#

    3,000      136   

United Bankshares#

    3,800      100   

Universal Health Realty Income Trust REIT

    1,800      61   
            
            1,668     

Healthcare — 10.4%

         

AmSurg*

    5,400      130   

Dionex*#

    1,300      96   

Healthspring*

    6,700      118   

Perrigo#

    3,700      124   

PSS World Medical*

    3,050      53   

Quidel*

    2,600      43   
            
            564     

Industrials — 14.1%

         

Columbus McKinnon*

    1,500      43   

DRS Technologies

    2,400      135   

Genco Shipping & Trading#

    2,100      122   

ICF International*

    1,800      47   

Lennox International

    3,548      133   

Mueller Industries

    2,700      78   

Powell Industries*

    2,700      103   
    

Number

of Shares

 

    Value
(000)		     

URS*

      2,550    $ 103   
            
              764     

Information Technology — 6.8%

         

Anixter International*#

      1,200      78   

ExlService Holdings*#

      3,700      79   

Plexus*

      1,450      36   

PROS Holdings*

      8,800      114   

Sybase*

      2,300      61   
            
              368     

Materials — 9.3%

         

AMCOL International#

      800      23   

Commercial Metals

      3,200      97   

Methanex

      5,050      145   

NewMarket

      1,850      124   

Olympic Steel

      1,400      58   

OM Group*#

      1,000      61   
            
              508     

Telecommunication Services — 3.2%

         

Atlantic Tele-Network

      600      18   

Premiere Global Services*#

      1,700      24   

Syniverse Holdings*

      7,700      131   
            
              173     

Utilities — 3.5%

         

Cleco

      1,400      32   

El Paso Electric*

      6,237      128   

EnergySouth#

      600      30   
            
              190     

Total Common Stocks

         

(Cost $5,681)

         5,352   
                    

AFFILIATED MONEY MARKET FUND — 1.0%

   

Allegiant Money Market Fund, Class I†

      56,036      56   

(Cost $56)

                   

Total Investments Before Collateral for Loaned Securities — 99.6%

         

(Cost $5,737)

             5,408     
        
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 33.7%

   

Master Notes — 3.7%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $ 105      105   

JPMorgan Securities

         

3.230%, 03/17/08

      95      95   
            
              200     

Medium Term Notes — 5.8%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

      71      71   

Liquid Funding LLC

         

3.090%, 06/11/08 (A)

      53      53   

Merrill Lynch

         

3.190%, 07/07/08 (A)

      148      148   

 

24

 

 

 

    

Par

(000)

 

    Value
(000)		      

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued

        

Medium Term Notes — continued

        

Morgan Stanley

        

3.260%, 01/15/09 (A)

    $ 21    $ 21    

3.230%, 02/02/09 (A)

      21      21    
             
              314      
       
    

Number
of Shares

 

           

Money Market Funds — 0.8%

        

Merrill Lynch Premier Institutional Fund

      16,877      17    

Schwab Value Advantage Money Fund

      26,371      26    
             
              43      
       
    

Par

(000)

 

           

Repurchase Agreements — 23.4%

        

Bear Stearns

        

3.200%, 06/05/08 (B)

    $ 316      316    

3.230%, 03/03/08

      401      401    

Greenwich Capital

        

3.280%, 03/03/08

      264      264    

Lehman Brothers

        

3.210%, 03/03/08

      239      238    

Merrill Lynch

        

3.230%, 03/03/08

      53      53    
             
              1,272      

Total Short Term Investments Held as Collateral

for Loaned Securities

        

(Cost $1,829)

             1,829      

TOTAL INVESTMENTS — 133.3%

        

(Cost $7,566)**

             7,237      

Other Assets & Liabilities — (33.3)%

             (1,809 )    

TOTAL NET ASSETS — 100.0%

           $ 5,428      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $7,566.

 

Gross unrealized appreciation (000)

    $ 244  

Gross unrealized depreciation (000)

      (573 )
        

Net unrealized depreciation (000)

    $ (329 )
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $1,758.
(A) Variable Rate Security—the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $421 and represents 7.8% of net assets as of February 29, 2008.

Cl—Class

LLC—Limited Liability Corporation

REIT—Real Estate Investment Trust

 

See Notes to Schedules of Investments.

 

25

Allegiant Multi-Factor Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number
of Shares

 

    Value
(000)		     

COMMON STOCKS — 98.0%

         

Consumer Discretionary — 12.7%

         

Aeropostale*#

    2,450    $ 66   

Bally Technologies*

    700      27   

Capella Education*#

    1,000      53   

Chipotle Mexican Grill*

    600      52   

CROCS*#

    900      22   

Ctrip.com International, ADR

    700      42   

DeVry

    2,400      105   

Fossil*

    1,800      58   

Iconix Brand Group*

    1,200      25   

Marvel Entertainment*

    2,200      55   

NetFlix*#

    2,800      88   

Priceline.com*#

    700      80   

Strayer Education

    600      93   
            
            766     

Consumer Staples — 4.7%

         

Casey’s General Stores

    3,100      78   

Central European Distribution*

    600      35   

Flowers Foods

    1,500      34   

Herbalife

    800      33   

Ruddick

    1,600      51   

WD-40

    1,600      50   
            
            281     

Energy — 8.3%

         

Atlas America

    1,100      66   

Atwood Oceanics*

    900      84   

Core Laboratories NV*

    400      49   

Hornbeck Offshore Services*#

    600      27   

Mariner Energy*

    2,400      66   

PetroHawk Energy*#

    2,100      38   

T-3 Energy Services*

    1,800      89   

W-H Energy Services*

    1,300      82   
            
            501     

Financials — 8.5%

         

American Physicians Capital

    900      40   

BanColombia SA, ADR

    1,400      47   

eHealth*#

    2,600      64   

First Mercury Financial*

    3,900      64   

Max Capital Group

    2,300      64   

Nationwide Health Properties REIT#

    2,900      88   

Oppenheimer Holdings

    1,000      46   

optionsXpress Holdings

    3,000      70   

Waddell & Reed Financial

    1,000      31   
            
            514     

-

         

Healthcare — 22.5%

         

Air Methods*#

    1,400      58   

Alexion Pharmaceuticals*#

    400      24   

Amedisys*#

    900      38   

Bio-Reference Labs*

    2,000      55   

Haemonetics*

    1,000      58   

HealthExtras*

    2,202      61   

Hologic*#

    1,100      66   

Idexx Laboratories*

    1,400      78   

Illumina*#

    500      36   

Kendle International*#

    2,200      99   

Lifecell*#

    3,300      133   

Meridian Bioscience

    3,300      113   

Molina Healthcare*#

    1,300      41   
    

Number
of Shares

 

    Value
(000)		     

Omnicell*#

    3,100    $ 59   

Onyx Pharmaceuticals*#

    1,600      44   

Orthofix International NV*

    600      24   

Parexel International*

    1,900      104   

Res-Care*

    2,800      60   

Respironics*

    1,000      66   

Techne*

    2,000      137   
            
            1,354     

Industrials — 15.1%

         

Barnes Group

    2,900      66   

Bucyrus International

    1,400      140   

Curtiss-Wright

    600      25   

Dynamic Materials#

    1,600      91   

Heico#

    1,700      75   

Hexcel*

    1,700      35   

IDEX

    1,400      42   

Layne Christensen*

    2,200      88   

Rollins

    2,700      48   

URS*

    600      24   

Wabtec#

    1,800      62   

Waste Connections*

    3,590      109   

Watson Wyatt Worldwide, Cl A#

    2,000      106   
            
            911     

Information Technology — 18.1%

         

Actuate*

    6,600      32   

Aladdin Knowledge Systems*

    1,600      34   

ANSYS*

    1,260      47   

Atheros Communications*#

    2,100      51   

Concur Technologies*#

    800      23   

Diodes*#

    1,500      34   

EMS Technologies*

    1,100      32   

Euronet Worldwide*#

    2,200      48   

Flir Systems*#

    4,000      114   

Heartland Payment Systems#

    1,900      42   

Hittite Microwave*

    1,100      36   

Informatica*

    8,950      156   

Jack Henry & Associates

    2,000      47   

Micros Systems*

    1,600      51   

Rimage*

    1,400      32   

Secure Computing*#

    4,100      33   

Solera Holdings*

    4,200      100   

SRA International*

    1,100      26   

Sybase*

    3,300      88   

Vocus*#

    2,600      64   
            
            1,090     

Materials — 6.4%

         

Airgas

    1,310      64   

AMCOL International#

    1,100      32   

Aptargroup

    1,600      60   

Greif, Cl A

    1,200      78   

NewMarket

    900      60   

Rockwood Holdings*

    1,800      55   

Terra Industries*

    800      36   
            
            385     

Telecommunication Services — 1.1%

         

Partner Communications, ADR#

    3,100      66     

 

26

 

 

 

    

Number

of Shares

 

   

Value
(000)

 

     

COMMON STOCKS — continued

         

Utilities — 0.6%

         

ITC Holdings

      600    $ 32     

Total Common Stocks

         

(Cost $5,590)

             5,900     

AFFILIATED MONEY MARKET FUND — 2.0%

   

Allegiant Money Market Fund, Class I †

      121,649      122   

(Cost $122)

                   

Total Investments Before Collateral for Loaned Securities — 100.0%

         

(Cost $5,712)

             6,022     
        
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 27.0%

         

Master Notes — 3.0%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $ 94      94   

JPMorgan Securities

         

3.230%, 03/17/08

      84      84   
            
              178     

Medium Term Notes — 4.6%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

      63      63   

Liquid Funding LLC

         

3.090%, 06/11/08 (A)

      47      47   

Merrill Lynch

         

3.190%, 07/07/08 (A)

      131      131   

Morgan Stanley

         

3.260%, 01/15/09 (A)

      19      19   

3.230%, 02/02/09 (A)

      19      19   
            
              279     
        
    

Number

of Shares

 

          

Money Market Funds — 0.6%

         

Merrill Lynch Premier Institutional Fund

      15,009      15   

Schwab Value Advantage Money Fund

      23,451      24   
            
              39     

 

 

 

 

    

Par

(000)

 

   

Value
(000)

 

      

Repurchase Agreements — 18.8%

        

Bear Stearns

        

3.200%, 06/05/08 (B)

    $ 281    $ 281    

3.230%, 03/03/08

      356      356    

Greenwich Capital

        

3.280%, 03/03/08

      235      235    

Lehman Brothers

        

3.210%, 03/03/08

      212      212    

Merrill Lynch

        

3.230%, 03/03/08

      47      47    
             
              1,131      

Total Short Term Investments Held as Collateral for Loaned Securities

        

(Cost $1,627)

             1,627      

TOTAL INVESTMENTS — 127.0%

        

(Cost $7,339)**

             7,649      

Other Assets & Liabilities — (27.0)%

             (1,625 )    

TOTAL NET ASSETS — 100.0%

           $ 6,024      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $7,340.

Gross unrealized appreciation (000)

    $ 690  

Gross unrealized depreciation (000)

      (381 )
        

Net unrealized appreciation (000)

    $ 309  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $1,576
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $375 and represents 6.2% of net assets as of February 29, 2008.

 

ADR — American Depository Receipt
Cl — Class
LLC — Limited Liability Company
REIT — Real Estate Investment Trust

 

See Notes to Schedules of Investments.

 

27

Allegiant Multi-Factor Small Cap Value Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number
of Shares

 

   

Value
(000)

 

     

COMMON STOCKS — 98.4%

         

Consumer Discretionary — 6.0%

         

Aftermarket Technology*#

    73,400    $ 1,376   

Callaway Golf

    118,000      1,798   

Gaiam*#

    69,100      1,471   

Interactive Data#

    64,850      1,898   

Lululemon Athletica*

    52,350      1,408   

Pre-Paid Legal Services*#

    27,850      1,327   

Tenneco*#

    14,500      366   

Tupperware Brands#

    63,950      2,333   
            
            11,977     

Consumer Staples — 8.1%

         

Andersons#

    39,100      1,809   

BJ’s Wholesale Club*

    55,600      1,755   

Cal-Maine Foods#

    34,700      1,197   

Casey’s General Stores

    78,850      1,975   

Central European Distribution*

    29,800      1,734   

Flowers Foods#

    92,400      2,094   

Fresh Del Monte Produce*

    23,200      770   

Hain Celestial Group*#

    43,312      1,169   

Herbalife#

    47,400      1,983   

Ruddick#

    25,350      817   

TreeHouse Foods*

    31,250      693   
            
            15,996     

Energy — 10.8%

         

Bois d’Arc Energy*

    51,150      1,098   

Comstock Resources*

    56,750      2,060   

Dawson Geophysical*

    24,350      1,604   

Exterran Holdings*#

    28,400      1,978   

Global Industries*#

    95,700      1,762   

Hornbeck Offshore Services*#

    50,350      2,262   

Oceaneering International*#

    28,980      1,739   

Oil States International*#

    49,650      2,093   

Sabine Royalty Trust#

    17,600      870   

T-3 Energy Services*

    35,200      1,738   

Warren Resources*#

    115,050      1,540   

Whiting Petroleum*

    43,600      2,669   
            
            21,413     

Financials — 29.8%

         

Agree Realty REIT#

    13,850      388   

Amerisafe*#

    136,450      1,794   

Amtrust Financial Services

    54,550      911   

Aspen Insurance Holdings

    92,200      2,668   

Bancfirst#

    43,150      1,818   

BanColombia SA, ADR

    61,900      2,089   

BioMed Realty Trust REIT#

    74,454      1,632   

Calamos Asset Management#

    30,400      559   

City Holding

    51,352      1,912   

Corporate Office Properties Trust REIT#

    57,548      1,763   

Delphi Financial Group, Cl A#

    57,300      1,728   

Digital Realty Trust REIT#

    52,689      1,892   

Endurance Specialty Holdings

    57,550      2,262   

Federal Agricultural Mortgage#

    31,000      745   

First Niagara Financial Group#

    178,177      2,035   

First Potomac Realty Trust REIT

    57,305      896   

First Regional Bancorp*#

    39,450      632   

Interactive Brokers Group, Cl B*#

    59,800      1,858   

International Bancshares

    93,000      2,016   

Intervest Bancshares

    49,350      656   

Max Capital Group

    85,450      2,370   
   

Number
of Shares

 

  

Value
(000)

 

    

Meadowbrook Insurance Group#

   142,784   $ 1,137  

Montpelier Re Holdings#

   49,950     795  

Nara Bancorp#

   73,800     809  

National Penn Bancshares#

   53,318     854  

Navigators Group*

   36,700     2,009  

NBT Bancorp#

   35,100     673  

Odyssey Re Holdings#

   58,100     2,102  

Oriental Financial Group#

   107,400     2,236  

Procentury

   56,600     1,039  

SeaBright Insurance Holdings*#

   77,800     1,159  

Selective Insurance Group#

   55,650     1,322  

Senior Housing Properties Trust REIT#

   112,000     2,382  

Signature Bank*

   20,750     550  

South Financial Group#

   27,893     402  

Southwest Bancorp

   42,550     689  

Sterling Bancshares#

   209,855     1,954  

Sun Bancorp*#

   51,500     657  

SVB Financial Group*#

   20,950     949  

Taylor Capital Group

   20,350     332  

Texas Capital Bancshares*

   42,100     630  

UMB Financial

   5,000     191  

United America Indemnity*

   97,214     1,824  

Washington Real Estate Investment Trust REIT#

   27,800     887  

Wintrust Financial

   27,150     916  
         
          59,122    

Healthcare — 9.3%

      

AMERIGROUP*

   44,250     1,593  

AmSurg*

   72,950     1,757  

Bio-Rad Laboratories*#

   18,350     1,733  

Dionex*#

   23,100     1,705  

Edwards Lifesciences*#

   20,750     905  

Healthspring*#

   62,300     1,093  

inVentiv Health*#

   49,600     1,577  

Inverness Medical Innovations*#

   15,400     456  

Molina Healthcare*#

   44,200     1,399  

Perrigo#

   63,700     2,129  

PharmaNet Development Group*#

   11,350     327  

PSS World Medical*#

   104,500     1,829  

Res-Care*

   85,650     1,845  
         
          18,348    

Industrials — 13.2%

      

Actuant

   67,500     1,814  

Aecom Technology*

   40,650     1,054  

DRS Technologies

   37,250     2,089  

EnerSys*

   77,650     1,785  

GeoEye*

   62,850     1,899  

ICF International*

   29,750     775  

Interline Brands*

   94,650     1,682  

Lennox International#

   47,700     1,795  

Lindsay#

   31,700     2,492  

Mueller Industries#

   21,700     624  

PeopleSupport*

   133,800     1,553  

Powell Industries*

   40,000     1,525  

Republic Airways Holdings*#

   57,100     1,116  

Skywest#

   90,000     1,991  

Waste Connections*#

   69,170     2,100  

Werner Enterprises#

   107,000     1,904  
         
          26,198    

 

28

 

 

 

    

Number

of Shares

 

    Value
(000)		     

COMMON STOCKS — continued

         

Information Technology — 6.3%

         

ADC Telecommunications*#

      64,750    $ 885   

Anixter International*#

      13,550      886   

Brightpoint*#

      133,150      1,377   

Jack Henry & Associates#

      47,400      1,115   

Lawson Software*#

      76,900      600   

Mantech International, Cl A*

      46,050      2,030   

Pericom Semiconductor*

      133,300      1,777   

Secure Computing*

      141,600      1,150   

Sybase*#

      62,470      1,663   

TIBCO Software*#

      150,450      1,060   
            
              12,543     

Materials — 7.0%

         

Braskem SA, ADR#

      127,000      2,145   

Cleveland-Cliffs#

      22,000      2,628   

Gerdau Ameristeel#

      135,200      2,027   

ICO*

      123,350      961   

Methanex

      69,450      2,001   

Minerals Technologies#

      14,550      877   

NewMarket#

      33,400      2,236   

Schnitzer Steel Industries, Cl A#

      15,350      1,005   
            
              13,880     

Telecommunication Services — 3.7%

         

Atlantic Tele-Network

      57,550      1,770   

Premiere Global Services*#

      169,920      2,401   

Shenandoah Telecom

      88,250      1,314   

Syniverse Holdings*

      109,150      1,850   
            
              7,335     

Utilities — 4.2%

         

AGL Resources#

      27,500      954   

El Paso Electric*#

      93,300      1,909   

EnergySouth#

      11,650      591   

Northwest Natural Gas#

      40,000      1,682   

Westar Energy#

      46,650      1,060   

WGL Holdings#

      68,950      2,150   
            
              8,346     

Total Common Stocks

         

(Cost $198,834)

             195,158     

AFFILIATED MONEY MARKET FUND — 1.8%

   

Allegiant Advantage Institutional Money Market Fund, Class I†

         

(Cost $3,608)

      3607,641      3,608     

Total Investments Before Collateral for Loaned Securities —100.2%

         

(Cost $202,442)

             198,766     
                    
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES—32.8%

   

Master Notes — 3.6%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $ 3,755      3,755   

JPMorgan Securities

         

3.230%, 03/17/08

      3,380      3,380   
            
              7,135     

 

 

 

 

    

Par

(000)

 

   

Value
(000)

 

      

Medium Term Notes — 5.6%

        

General Electric Capital

        

3.290%, 05/19/08 (A)

    $ 2,516    $ 2,516    

Liquid Funding LLC

        

3.090%, 06/11/08 (A)

      1,878      1,878    

Merrill Lynch

        

3.190%, 07/07/08 (A)

      5,258      5,265    

Morgan Stanley

        

3.260%, 01/15/09 (A)

      751      751    

3.230%, 02/02/09 (A)

      751      751    
             
              11,161      
                     
    

Number

of Shares

 

           

Money Market Funds — 0.8%

        

Merrill Lynch Premier Institutional Fund

      600,861      601    

Schwab Value Advantage Money Fund

      938,845      939    
             
              1,540      
                     
    

Par

(000)

 

           

Repurchase Agreements — 22.8%

        

Bear Stearns

        

3.200%, 06/05/08 (B)

    $ 11,266      11,266    

3.230%, 03/03/08

      14,270      14,270    

Greenwich Capital

        

3.280%, 03/03/08

      9,388      9,389    

Lehman Brothers

        

3.210%, 03/03/08

      8,491      8,491    

Merrill Lynch

        

3.230%, 03/03/08

      1,878      1,878    
             
              45,294      

Total Short Term Investments Held as Collateral for Loaned Securities

        

(Cost $65,129)

             65,130      

TOTAL INVESTMENTS — 133.0%

        

(Cost $267,571)**

             263,896      

Other Assets & Liabilities — (33.0)%

             (65,410 )    

TOTAL NET ASSETS — 100.0%

           $ 198,486      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $268,989.

Gross unrealized appreciation (000)

    $ 16,020  

Gross unrealized depreciation (000)

      (21,113 )
        

Net unrealized depreciation (000)

    $ (5,093 )
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $62,791.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $15,021 and represents 7.6% of net assets as of February 29, 2008.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

REIT — Real Estate Investment Trust


 

29

Allegiant Multi-Factor Small Cap Value Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

                

Futures Contracts:

 

Description

    Number
of
Contracts		    Notional
Cost
Amount
(000)		    Expiration
Date		    Unrealized
Depreciation
(000)		  

Russell Mini

    54    $ 4,082    03/19/08    $ (373 )

Cash in the amount of $226,800 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

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

See Notes to Schedules of Investments.


 

30

Allegiant S&P 500® Index Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number
of Shares

 

   

Value
(000)

 

     

COMMON STOCKS — 98.6%

         

Consumer Discretionary — 8.4%

         

Abercrombie & Fitch

    1,346    $ 104   

Amazon.com*

    4,605      297   

Apollo Group, Cl A*

    2,320      142   

AutoNation*

    976      14   

AutoZone*

    768      88   

Bed Bath & Beyond*#

    3,844      109   

Best Buy

    5,355      230   

Big Lots*#

    676      11   

Black & Decker#

    884      61   

Brunswick#

    633      10   

Carnival

    5,866      231   

CBS, Cl B

    8,321      190   

Centex

    893      20   

Circuit City Stores#

    1,199      5   

Clear Channel Communications

    7,044      225   

Coach*

    5,316      161   

Comcast, Cl A

    43,475      849   

Darden Restaurants

    2,008      62   

Dillard’s, Cl A#

    447      7   

DIRECTV Group*

    10,305      258   

Eastman Kodak#

    2,971      50   

EW Scripps, Cl A

    1,285      54   

Expedia*

    3,169      73   

Family Dollar Stores#

    1,987      38   

Ford Motor*#

    24,742      162   

Fortune Brands

    2,157      140   

GameStop*

    2,727      115   

Gannett

    2,967      89   

Gap#

    6,001      121   

General Motors#

    7,049      164   

Genuine Parts#

    2,374      98   

Goodyear Tire & Rubber*

    3,727      101   

H&R Block#

    4,598      86   

Harley-Davidson#

    3,520      131   

Harman International Industries

    868      36   

Hasbro

    2,080      54   

Home Depot

    23,999      637   

IAC/InterActiveCorp*

    2,608      52   

International Game Technology

    5,021      227   

Interpublic Group*#

    6,723      58   

JC Penney

    2,718      126   

Johnson Controls

    8,400      276   

Jones Apparel Group

    612      9   

KB Home#

    580      14   

Kohl’s*

    4,437      197   

Leggett & Platt

    1,258      21   

Lennar, Cl A#

    1,016      19   

Limited Brands

    3,318      51   

Liz Claiborne#

    709      13   

Lowe’s

    21,445      514   

Macy’s

    4,924      121   

Marriott, Cl A

    4,462      152   

Mattel

    4,548      88   

McDonald’s

    17,019      921   

McGraw-Hill

    4,687      192   

Meredith

    550      24   

New York Times, Cl A#

    1,893      35   

Newell Rubbermaid

    3,452      78   

News

    33,012      608   

Nike, Cl B

    5,763      347   

Nordstrom#

    2,658      98   

Office Depot*

    2,080      24   
    

Number
of Shares

 

   

Value
(000)

 

     

OfficeMax

    572    $ 12   

Omnicom Group

    4,659      208   

Polo Ralph Lauren

    833      52   

Pulte Homes

    3,035      41   

RadioShack#

    1,854      32   

Sears Holdings*#

    1,032      99   

Sherwin-Williams

    1,474      76   

Snap-On Tools

    603      30   

Stanley Works

    1,163      56   

Staples

    10,003      223   

Starbucks*

    10,393      187   

Starwood Hotels & Resorts Worldwide

    2,843      135   

Target

    11,754      618   

Tiffany

    1,918      72   

Time Warner

    50,432      787   

TJX

    6,221      199   

VF

    1,252      95   

Viacom, Cl B*

    9,380      373   

Walt Disney#

    26,928      873   

Washington Post

    85      62   

Wendy’s#

    1,230      30   

Whirlpool#

    1,109      94   

Wyndham Worldwide

    2,517      56   

Yum! Brands

    7,983      275   
            
            14,173     

Consumer Staples — 10.6%

         

Altria Group

    30,185      2,208   

Anheuser-Busch

    10,650      502   

Archer-Daniels-Midland

    9,525      430   

Avon Products

    6,617      252   

Brown-Forman, Cl B

    1,222      78   

Campbell Soup

    3,435      111   

Clorox

    2,151      125   

Coca-Cola

    28,498      1,666   

Coca-Cola Enterprises

    4,048      99   

Colgate-Palmolive

    7,569      576   

ConAgra Foods

    6,893      152   

Constellation Brands, Cl A*

    2,770      53   

Costco Wholesale

    6,141      380   

CVS Caremark

    21,047      850   

Dean Foods*

    961      21   

Estee Lauder, Cl A#

    1,650      70   

General Mills

    4,776      268   

H.J. Heinz

    4,495      198   

Hershey#

    2,568      95   

Kellogg

    3,924      199   

Kimberly-Clark

    5,994      391   

Kraft Foods

    21,888      682   

Kroger

    8,863      215   

McCormick & Company#

    1,808      62   

Molson Coors Brewing

    2,154      116   

Pepsi Bottling Group

    2,201      75   

PepsiCo

    23,203      1,614   

Procter & Gamble

    44,318      2,933   

Reynolds American#

    2,152      137   

Safeway

    5,818      167   

Sara Lee

    10,244      129   

Supervalu

    1,747      46   

SYSCO

    8,603      241   

Tyson Foods, Cl A

    1,949      28   

UST#

    2,551      139   

Walgreen

    14,028      512   

 

31

Allegiant S&P 500® Index Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number
of Shares

 

    Value
(000)		     

COMMON STOCKS — continued

         

Consumer Staples — continued

         

Wal-Mart Stores

    33,905    $ 1,681   

Whole Foods Market#

    1,957      69   

Wm. Wrigley Jr.#

    3,273      196   
            
            17,766     

Energy —13.5%

         

Anadarko Petroleum

    6,646      424   

Apache

    4,844      556   

Baker Hughes

    4,592      309   

BJ Services#

    4,676      121   

Cameron International*

    3,079      131   

Chesapeake Energy#

    7,095      321   

Chevron

    29,870      2,589   

ConocoPhillips

    23,011      1,903   

Consol Energy

    2,837      216   

Devon Energy

    6,493      667   

El Paso#

    9,946      162   

ENSCO International

    2,049      123   

EOG Resources

    3,719      442   

ExxonMobil

    78,051      6,791   

Halliburton

    12,536      480   

Hess

    3,950      368   

Marathon Oil

    10,118      538   

Murphy Oil

    2,928      235   

Nabors Industries*

    3,997      126   

National Oilwell Varco*

    5,071      316   

Noble

    3,792      186   

Noble Energy

    2,428      188   

Occidental Petroleum

    11,722      907   

Peabody Energy#

    3,739      212   

Range Resources

    2,110      129   

Rowan

    1,556      63   

Schlumberger#

    17,011      1,471   

Smith International

    3,020      190   

Spectra Energy

    7,893      182   

Sunoco#

    1,675      102   

Tesoro Petroleum#

    1,926      71   

TransOcean*#

    4,671      656   

Valero Energy

    7,831      452   

Weatherford International*

    4,791      330   

Williams

    8,435      304   

XTO Enegy

    7,318      452   
            
            22,713     

Financials —16.6%

         

ACE

    4,374      246   

AFLAC

    6,901      431   

Allstate

    7,595      362   

Ambac Financial Group#

    1,554      17   

American Capital Strategies#

    2,617      95   

American Express

    16,686      706   

American International Group

    36,214      1,697   

Ameriprise Financial

    3,281      166   

AON

    4,153      173   

Apartment Investment & Management, Cl A

         

REIT#

    707      24   

Assurant

    1,358      85   

AvalonBay Communities REIT#

    1,123      104   

Bank of America

    62,866      2,498   

Bank of New York Mellon

    16,440      721   

BB&T

    7,833      244   

Bear Stearns#

    1,562      125   
    

Number
of Shares

 

    Value
(000)		     

Boston Properties REIT

    1,687    $ 145   

Capital One Financial

    5,121      236   

CB Richard Ellis Group, Cl A*#

    2,775      56   

Charles Schwab

    13,442      264   

Chubb

    5,524      281   

Cincinnati Financial#

    1,678      62   

CIT Group

    1,363      30   

Citigroup

    70,647      1,675   

CME Group#

    788      404   

Comerica#

    2,136      77   

Commerce Bancorp#

    2,769      105   

Countrywide Financial#

    7,230      46   

Developers Diversified Realty REIT

    1,259      49   

Discover Financial Services

    6,851      103   

E*Trade Financial*#

    3,086      13   

Equity Residential REIT

    3,835      146   

Fannie Mae

    13,929      385   

Federated Investors, Cl B#

    1,472      60   

Fifth Third Bancorp

    7,646      175   

First Horizon National#

    1,717      28   

Franklin Resources

    2,302      217   

Freddie Mac

    8,592      216   

General Growth Properties REIT

    2,875      102   

Genworth Financial, Cl A

    5,147      119   

Goldman Sachs

    5,673      962   

Hartford Financial Services

    4,211      294   

Host Hotels & Resorts REIT

    6,239      101   

Hudson City Bancorp

    7,362      117   

Huntington Bancshares

    5,205      64   

IntercontinentalExchange*

    1,079      141   

Janus Capital Group#

    2,189      53   

JPMorgan Chase

    47,695      1,939   

KeyCorp

    5,558      123   

Kimco Realty REIT#

    3,552      120   

Legg Mason

    1,913      126   

Lehman Brothers Holdings

    7,543      385   

Leucadia National#

    2,407      109   

Lincoln National

    3,444      176   

Loews

    6,218      260   

M&T Bank#

    1,060      87   

Marsh & McLennan

    7,262      185   

Marshall & Ilsley#

    3,643      85   

MBIA#

    1,339      17   

Merrill Lynch

    12,200      605   

MetLife

    10,462      610   

MGIC Investment#

    1,174      17   

Moody’s#

    3,129      119   

Morgan Stanley

    14,987      631   

National City#

    9,019      143   

Northern Trust

    2,698      182   

NYSE Euronext

    3,865      254   

Plum Creek Timber REIT#

    2,437      99   

PNC Financial Services Group

    5,018      308   

Principal Financial Group

    3,701      204   

Progressive

    10,546      193   

Prologis REIT

    3,697      199   

Prudential Financial

    6,422      469   

Public Storage REIT#

    1,753      143   

Regions Financial

    9,993      212   

Safeco

    1,485      69   

Simon Property Group REIT

    3,147      264   

SLM

    6,886      135   

Sovereign Bancorp#

    2,946      32   

 

32

 

 

 

    

Number
of Shares

 

    Value
(000)		     

COMMON STOCKS — continued

         

Financials — continued

         

State Street

    5,560    $ 437   

SunTrust Banks

    5,017      292   

T. Rowe Price Group

    3,831      194   

Torchmark#

    1,323      80   

Travelers

    8,741      406   

U.S. Bancorp

    24,594      787   

Unum Group

    5,104      117   

Vornado Realty Trust REIT#

    1,884      157   

Wachovia

    28,096      860   

Washington Mutual#

    10,528      156   

Wells Fargo

    48,120      1,407   

XL Capital, Cl A

    2,042      74   

Zions Bancorp#

    1,539      73   
            
            27,960     

Healthcare — 12.2%

         

Abbott Laboratories

    22,051      1,181   

Aetna

    7,078      351   

Allergan

    4,342      257   

AmerisourceBergen

    2,375      99   

Amgen*

    15,578      709   

Applied Biosystems Group - Applera

    2,571      87   

Barr Pharmaceuticals*

    1,524      72   

Baxter International

    9,082      536   

Becton Dickinson

    3,593      325   

Biogen Idec*

    4,341      253   

Boston Scientific*

    18,980      239   

Bristol-Myers Squibb

    28,065      635   

C.R. Bard

    1,666      158   

Cardinal Health

    4,752      281   

Celgene*

    5,909      333   

CIGNA

    3,949      176   

Coventry Healthcare*

    2,669      138   

Covidien

    6,852      293   

Eli Lilly

    13,961      698   

Express Scripts*

    4,058      240   

Forest Laboratories*

    4,411      175   

Genzyme*

    4,003      284   

Gilead Sciences*

    13,645      646   

Hospira*

    2,609      111   

Humana*

    2,396      164   

IMS Health

    2,936      66   

Johnson & Johnson

    40,799      2,528   

King Pharmaceuticals*

    2,577      27   

Laboratory Corp. of America Holdings*#

    1,916      148   

McKesson

    4,189      246   

Medco Health Solutions*

    7,951      352   

Medtronic#

    16,282      804   

Merck

    30,996      1,373   

Millipore*#

    772      54   

Mylan Laboratories#

    4,277      51   

Patterson*

    2,264      80   

PerkinElmer

    1,676      42   

Pfizer

    97,243      2,167   

Quest Diagnostics

    2,505      119   

Schering-Plough

    22,914      497   

St. Jude Medical*

    5,107      219   

Stryker

    ?>3,531      230   

Tenet Healthcare*

    3,399      16   

Thermo Fisher Scientific*

    6,160      345   

UnitedHealth Group

    18,397      855   

Varian Medical Systems*

    2,361      124   

 

 

 

 

    

Number

of Shares

 

    Value
(000)		     

Waters*

    1,880    $ 112   

Watson Pharmaceuticals*

    1,443      40   

WellPoint*

    8,273      580   

Wyeth Pharmaceuticals

    19,136      835   

Zimmer Holdings*

    3,511      264   
            
            20,615     

Industrials — 11.7%

         

3M

    10,082      790   

Allied Waste Industries*#

    2,196      23   

Avery Dennison

    1,240      64   

Boeing

    10,917      904   

Burlington Northern Santa Fe

    4,264      374   

C.H. Robinson Worldwide

    2,736      139   

Caterpillar

    9,188      665   

Cintas

    1,909      55   

Cooper Industries, Cl A

    2,642      111   

CSX

    5,978      290   

Cummins

    2,822      142   

D. R. Horton

    2,027      28   

Danaher

    3,883      288   

Deere

    6,374      543   

Dover

    2,714      113   

Eaton

    2,101      169   

Emerson Electric

    11,233      572   

Equifax#

    1,865      64   

Expeditors International Washington

    3,711      146   

FedEx

    4,375      386   

Fluor

    1,346      187   

General Dynamics

    5,929      485   

General Electric

    143,746      4,764   

Goodrich

    1,815      108   

Honeywell International

    10,707      616   

Illinois Tool Works

    5,847      287   

Ingersoll-Rand, Cl A

    3,854      161   

ITT Industries

    2,877      162   

Jacobs Engineering Group*

    1,860      149   

L-3 Communications Holdings

    2,015      214   

Lockheed Martin

    5,052      521   

Manitowoc

    1,932      79   

Masco

    3,701      69   

Monster Worldwide*#

    1,713      46   

Norfolk Southern

    5,518      292   

Northrop Grumman

    4,824      379   

PACCAR

    5,210      226   

Pall

    1,829      72   

Parker Hannifin

    2,379      154   

Pitney Bowes

    3,403      122   

Precision Castparts

    2,039      225   

Raytheon

    6,073      394   

Robert Half

    2,309      62   

Rockwell Automation

    2,379      130   

Rockwell Collins

    2,703      159   

RR Donnelley & Sons

    2,500      80   

Ryder System

    442      25   

Southwest Airlines#

    9,427      116   

Terex*

    1,739      117   

Textron

    3,564      193   

Trane

    3,077      139   

Tyco International

    6,369      255   

Union Pacific

    3,706      462   

United Parcel Service, Cl B

    14,867      1,044   

United Technologies

    14,176      1,000   

 

 

33

Allegiant S&P 500® Index Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number

of Shares

 

    Value
(000)		     

COMMON STOCKS — continued

         

Industrials — continued

         

W.W. Grainger

    1,019    $ 75   

Waste Management

    7,000      230   
            
            19,665     

Information Technology — 15.4%

         

Adobe Systems*

    8,308      280   

Advanced Micro Devices*#

    7,312      53   

Affiliated Computer Services, Cl A*

    1,230      62   

Agilent Technologies*

    5,659      173   

Akamai Technologies*#

    3,171      112   

Altera

    4,752      81   

Analog Devices

    4,291      116   

Apple*

    12,579      1,573   

Applied Materials

    19,783      379   

Autodesk*

    3,577      111   

Automatic Data Processing

    7,684      307   

BMC Software*

    2,847      92   

Broadcom, Cl A*

    6,656      126   

CA

    5,640      129   

Ciena*#

    1,210      31   

Cisco Systems*

    86,921      2,118   

Citrix Systems*

    3,026      100   

Cognizant Technology Solutions, Cl A*

    4,683      141   

Computer Sciences*

    2,460      107   

Compuware*

    4,144      33   

Convergys*

    1,841      27   

Corning

    22,292      518   

Dell*

    31,894      633   

eBay*

    16,562      437   

Electronic Arts*#

    4,803      227   

Electronic Data Systems

    5,518      96   

EMC*

    29,684      461   

Fidelity National Information Services

    2,223      92   

Fiserv*

    2,398      126   

Google, Cl A*

    3,349      1,578   

Hewlett-Packard

    37,046      1,770   

Intel

    83,196      1,660   

International Business Machines

    19,684      2,241   

Intuit*

    5,385      143   

Jabil Circuit

    2,177      28   

JDS Uniphase*#

    3,105      41   

Juniper Networks*

    7,570      203   

KLA-Tencor#

    2,672      112   

Lexmark International, Cl A*

    1,339      44   

Linear Technology#

    3,161      88   

LSI*

    9,029      46   

MEMC Electronic Materials*

    3,466      264   

Microchip Technology#

    3,222      99   

Micron Technology*#

    7,119      54   

Microsoft

    114,823      3,126   

Molex

    2,037      46   

Motorola

    32,124      320   

National Semiconductor

    3,323      55   

Network Appliance*

    4,869      105   

Novell*

    4,926      37   

Novellus Systems*

    1,547      34   

NVIDIA*

    8,461      181   

Oracle*

    57,219      1,076   

Paychex

    4,717      148   

QLogic*

    2,606      41   

Qualcomm#

    23,343      989   

SanDisk*

    3,323      78   
    

Number
of Shares

 

    Value
(000)		     

Sun Microsystems*

    11,774    $ 193   

Symantec*

    12,364      208   

Tellabs*

    6,173      41   

Teradata*

    2,552      64   

Teradyne*

    2,055      25   

Texas Instruments

    19,780      593   

Total System Services

    2,764      61   

Tyco Electronics

    7,034      231   

Unisys*

    4,474      18   

VeriSign*

    3,139      109   

Western Union

    10,476      218   

Xerox

    13,268      195   

Xilinx

    3,968      89   

Yahoo!*

    19,814      550   
            
            25,943     

Materials — 3.5%

         

Air Products & Chemicals

    3,046      278   

Alcoa

    11,998      446   

Allegheny Technologies

    1,439      111   

Ashland#

    410      18   

Ball

    1,805      80   

Bemis

    724      18   

Dow Chemical

    12,689      478   

E.I. duPont de Nemours

    12,719      590   

Eastman Chemical

    1,146      75   

Ecolab

    2,895      135   

Freeport-McMoRan Copper & Gold

    5,715      576   

Hercules

    1,634      30   

International Flavors & Fragrances

    1,150      50   

International Paper

    4,948      157   

MeadWestvaco

    2,553      66   

Monsanto

    7,848      908   

Newmont Mining#

    6,392      327   

Nucor

    4,170      269   

Pactiv*

    2,500      63   

PPG Industries

    2,316      144   

Praxair

    4,469      359   

Rohm & Haas#

    1,772      95   

Sealed Air#

    2,275      55   

Sigma-Aldrich

    2,218      122   

Titanium Metals#

    1,481      31   

United States Steel

    1,767      192   

Vulcan Materials#

    1,530      107   

Weyerhaeuser#

    2,429      149   
            
            5,929     

Telecommunication Services — 3.2%

         

American Tower, Cl A*#

    5,822      224   

AT&T

    86,372      3,008   

CenturyTel

    1,562      57   

Citizens Communications

    2,544      27   

Embarq

    2,257      95   

Qwest Communications#

    22,214      120   

Sprint Nextel

    37,713      268   

Verizon Communications

    41,176      1,496   

Windstream

    5,224      61   
            
            5,356     

Utilities — 3.5%

         

AES*

    9,516      171   

Allegheny Energy

    2,339      118   

Ameren#

    2,942      126   

 

 

34

 

 

 

   

Number

of Shares

 

   Value
(000)		    

COMMON STOCKS — continued

      

Utilities — continued

      

American Electric Power

   5,665   $ 232  

CenterPoint Energy

   4,523     66  

CMS Energy

   3,280     47  

Consolidated Edison

   3,842     157  

Constellation Energy Group

   2,603     230  

Dominion Resources

   8,312     332  

DTE Energy#

   2,315     92  

Duke Energy

   17,839     313  

Dynegy, Cl A*

   6,980     52  

Edison International

   4,627     229  

Entergy

   2,769     284  

Exelon

   9,412     704  

FirstEnergy

   4,360     295  

FPL Group#

   5,767     348  

Integrys Energy Group

   1,069     49  

Nicor#

   645     22  

NiSource

   3,861     66  

Pepco Holdings

   2,928     74  

PG&E

   5,046     190  

Pinnacle West Capital

   1,412     50  

PPL

   5,303     241  

Progress Energy

   3,695     155  

Progress Energy CVO (A) (B)

   2,575     –  

Public Service Enterprise Group

   7,205     318  

Questar

   2,492     138  

Sempra Energy

   3,735     198  

Southern

   10,763     372  

TECO Energy

   3,004     45  

Xcel Energy#

   6,036     120  
         
          5,834    

Total Common Stocks

      

(Cost $133,107)

         165,954    

EXCHANGE TRADED FUNDS — 0.4%

iShares S&P 500® Index Fund#

   3,100     415  

S&P Depository Receipt, Trust Series 1#

   2,000     267    

Total Exchange Traded Funds

      

(Cost $684)

         682    

RIGHTS — 0.0%

      

Information Technology — 0.0%

      

Seagate (A) (B)

   5,934     –  

(Cost $ –)

              

AFFILIATED MONEY MARKET FUND — 0.8%

      

Allegiant Advantage Institutional Money Market Fund, Class I†

   1,341,668     1,342  

(Cost $1,342)

              

Total Investments Before Collateral for Loaned Securities — 99.8%

      

(Cost $135,133)

         167,977    

 

 

 

 

   

Par

(000)

 

   Value
(000)		    

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 4.8%

  

Master Notes — 0.5%

      

Bear Stearns

      

3.330%, 06/02/08 (B)

   $ 468   $ 468  

JPMorgan Securities

      

3.230%, 03/17/08

     421     421  
         
            889    

Medium Term Notes — 0.8%

      

General Electric Capital

      

3.290%, 05/19/08 (C)

     313     313  

Liquid Funding LLC

      

3.090%, 06/11/08 (C)

     234     234  

Merrill Lynch

      

3.190%, 07/07/08 (C)

     655     655  

Morgan Stanley

      

3.260%, 01/15/09 (C)

     94     93  

3.230%, 02/02/09 (C)

     94     94  
         
            1,389    
     
   

Number

of Shares

 

        

Money Market Funds — 0.1%

      

Merrill Lynch Premier Institutional Fund

     74,847     75  

Schwab Value Advantage Money Fund

     116,948     117  
         
            192    
     
   

Par

(000)

 

        

Repurchase Agreements — 3.4%

      

Bear Stearns

      

3.200%, 06/05/08 (B)

   $ 1,403     1,403  

3.230%, 03/03/08

     1,778     1,778  

Greenwich Capital

      

3.280%, 03/03/08

     1,169     1,169  

Lehman Brothers

      

3.210%, 03/03/08

     1,058     1,058  

Merrill Lynch

      

3.230%, 03/03/08

     234     234  
         
            5,642    

Total Short Term Investments Held as Collateral for Loaned Securities

      

(Cost $8,112)

           8,112    

 

 

35

Allegiant S&P 500® Index Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Value
(000)

 

      

TOTAL INVESTMENTS — 104.6%

     

(Cost $143,245)**

    $ 176,089      

Other Assets & Liabilities — (4.6)%

      (7,805 )    

TOTAL NET ASSETS — 100.0%

    $ 168,284      

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $146,557.

Gross unrealized appreciation (000)

    $ 39,872  

Gross unrealized depreciation (000)

      (10,340 )
        

Net unrealized appreciation (000)

    $ 29,532  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $7,833.
(A) Security fair valued using methods determined in good faith by the Board of Trustees.
(B) Illiquid Security. Total market value of illiquid securities is (000) $1,871 and represents 1.1% of net assets as of February 29, 2008.
(C) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.

Cl — Class

CVO — Contingent Value Obligation

LLC — Limited Liability Company

REIT — Real Estate Investment Trust

Futures Contracts:

 

Description

   Number
of
Contracts		   Notional
Cost
Amount
(000)		   Expiration
Date		   Unrealized
Depreciation
(000)

S&P 500®

        

Composite Index

   5   $    1,685   03/20/08   $    (21)

Cash in the amount of $72,000 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

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

See Notes to Schedules of Investments.

 

 

 

 

 

 

 


 

36

Allegiant Small Cap Core Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number
of Shares

 

    Value
(000)		     

COMMON STOCKS — 97.1%

         

Consumer Discretionary — 13.3%

         

Ambassadors Group#

    226,100    $ 4,056   

Bluegreen*#

    283,720      2,400   

Carter’s*#

    230,650      3,559   

Harman International Industries

    76,070      3,134   

Pool#

    215,660      4,108   

Select Comfort*#

    155,400      665   

Sonic*#

    102,030      2,176   

Steiner Leisure*#

    78,000      2,560   

Strayer Education#

    18,320      2,853   

Thor Industries#

    105,000      3,201   
            
            28,712     

Energy — 10.5%

         

Alon USA Energy#

    295,970      4,644   

Atwood Oceanics*

    36,740      3,420   

Encore Acquisition*#

    180,850      6,655   

ION Geophysical*

    80,630      1,072   

Oil States International*#

    164,100      6,918   
            
            22,709     

Financials — 16.1%

         

Affiliated Managers Group*#

    40,900      3,941   

Corus Bankshares#

    251,570      2,599   

First Marblehead#

    155,955      1,876   

FirstService*

    233,560      5,239   

Great Southern Bancorp#

    56,510      1,014   

Lazard, Cl A#

    152,500      5,824   

Montpelier Re Holdings#

    185,300      2,948   

Philadelphia Consolidated Holding*

    54,970      1,865   

Portfolio Recovery Associates*#

    119,120      4,350   

Safety Insurance Group

    67,630      2,508   

Southwest Bancorp

    169,320      2,741   
            
            34,905     

Healthcare — 7.7%

         

Bio-Reference Labs*#

    229,008      6,332   

Pharmaceutical Product Development

    128,680      5,799   

Sciele Pharma*#

    45,830      949   

Syneron Medical*#

    221,970      3,594   
            
            16,674     

Industrials — 18.1%

         

Esterline Technologies*

    162,200      8,499   

Franklin Electric#

    86,190      2,843   

Graco

    96,980      3,366   

Greenbrier#

    146,820      3,858   

Heidrick & Struggles International#

    87,490      2,995   

IDEX

    159,455      4,809   

Marten Transport*#

    191,770      2,779   

Oshkosh Truck, Cl B

    83,300      3,338   

Simpson Manufacturing#

    80,400      1,926   

TrueBlue*#

    169,830      2,121   

Universal Forest Products#

    94,010      2,612   
            
            39,146     

Information Technology — 22.0%

         

ANSYS*#

    117,400      4,387   

Broadridge Financial Solutions

    215,690      4,131   

Comtech Telecommunications*#

    130,100      5,644   

CryptoLogic#

    265,400      4,400   

Digital River*#

    177,840      5,803   
    

Number

of Shares

 

    Value
(000)		     

Flir Systems*#

      151,100    $ 4,300   

j2 Global Communications*#

      278,315      5,989   

Netgear*

      189,480      4,135   

Perot Systems, Cl A*#

      199,200      2,747   

Trimble Navigation*

      217,300      5,941   
            
              47,477     

Materials — 9.4%

         

A.M. Castle & Co.#

      117,840      2,620   

Methanex

      173,070      4,986   

Northgate Minerals*

      1,771,130      5,615   

Scotts Miracle-Gro, Cl A#

      120,320      4,282   

Universal Stainless & Alloy*#

      93,780      2,850   
            
              20,353     

Total Common Stocks

         

(Cost $220,189)

         
              209,976     

AFFILIATED MONEY MARKET FUND — 2.9%

   

Allegiant Advantage Institutional Money Market

         

Fund, Class I†

      6,116,066      6,116   

(Cost $6,116)

                   

Total Investments Before Collateral for Loaned Securities — 100.0%

         

(Cost $226,305)

             216,092     
        
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 45.7%

   

Master Notes — 5.0%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $ 5,702      5,702   

JPMorgan Securities

         

3.230%, 03/17/08

      5,132      5,131   
            
              10,833     

Medium Term Notes — 7.8%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

      3,820      3,820   

Liquid Funding LLC

         

3.090%, 06/11/08 (A)

      2,851      2,850   

Merrill Lynch

         

3.190%, 07/07/08 (A)

      7,982      7,994   

Morgan Stanley

         

3.260%, 01/15/09 (A)

      1,140      1,140   

3.230%, 02/02/09 (A)

      1,140      1,141   
            
              16,945     
        
    

Number

of Shares

 

          

Money Market Funds — 1.1%

         

Merrill Lynch Premier Institutional Fund

      912,275      912   

Schwab Value Advantage Money Fund

      1,425,429      1,426   
            
              2,338     

 

 

37

Allegiant Small Cap Core Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

    Value
(000)		      

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES—continued

Repurchase Agreements — 31.8%

        

Bear Stearns

        

3.200%, 06/05/08 (B)

    $ 17,105    $ 17,105    

3.230%, 03/03/08

      21,667      21,667    

Greenwich Capital

        

3.280%, 03/03/08

      14,254      14,254    

Lehman Brothers

        

3.210%, 03/03/08

      12,892      12,892    

Merrill Lynch

        

3.230%, 03/03/08

      2,851      2,851    
             
              68,769      

Total Short Term Investments Held as Collateral for Loaned Securities

        

(Cost $98,885)

             98,885      

TOTAL INVESTMENTS — 145.7%

        

(Cost $325,190)**

             314,977      

Other Assets & Liabilities — (45.7)%

             (98,739 )    

TOTAL NET ASSETS — 100.0%

           $ 216,238      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $325,249.

Gross unrealized appreciation (000)

    $ 25,027  

Gross unrealized depreciation (000)

      (35,299 )
        

Net unrealized depreciation (000)

    $ (10,272 )
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $94,815.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $22,807 and represents 10.5% of net assets as of February 29, 2008.

 

Cl — Class
LLC — Limited Liability Company

Futures Contracts:

 

Description

    Number
of
Contracts		    Notional
Cost
Amount
(000)		    Expiration
Date		    Unrealized
Depreciation
(000)

Russell Mini

    63    $4,707    03/19/08    $(380)

Cash in the amount of $361,200 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

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

See Notes to Schedules of Investments.


 

38

Allegiant Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number

of Shares

 

    Value
(000)		     

COMMON STOCKS — 99.2%

         

Consumer Discretionary — 12.6%

         

Aeropostale*#

    12,000    $ 322   

Bally Technologies*#

    3,500      133   

Capella Education*#

    4,700      248   

Chipotle Mexican Grill*

    2,800      241   

CROCS*#

    4,300      105   

Ctrip.com International, ADR

    3,700      224   

DeVry

    11,800      518   

Fossil*

    8,800      283   

Iconix Brand Group*

    6,500      135   

Marvel Entertainment*

    11,100      279   

NetFlix*#

    14,100      445   

Priceline.com*#

    3,200      365   

Strayer Education#

    2,900      452   
            
            3,750     

Consumer Staples — 4.8%

         

Casey’s General Stores

    15,800      396   

Central European Distribution*

    3,000      174   

Flowers Foods#

    7,500      170   

Herbalife

    3,700      155   

Ruddick

    8,000      258   

WD-40

    8,400      261   
            
            1,414     

Energy — 8.6%

         

Atlas America

    5,700      345   

Atwood Oceanics*#

    4,700      438   

Core Laboratories NV*

    2,100      255   

Hornbeck Offshore Services*#

    3,000      135   

Mariner Energy*

    11,800      327   

PetroHawk Energy*#

    10,800      195   

T-3 Energy Services*

    9,100      449   

W-H Energy Services*

    6,300      396   
            
            2,540     

Financials — 8.5%

         

American Physicians Capital

    4,700      207   

BanColombia SA, ADR

    6,800      229   

eHealth*#

    12,900      316   

First Mercury Financial*

    19,000      312   

Max Capital Group

    11,200      311   

Nationwide Health Properties REIT#

    13,900      422   

Oppenheimer Holdings

    5,000      231   

optionsXpress Holdings

    15,200      352   

Waddell & Reed Financial#

    5,000      157   
            
            2,537     

Healthcare — 22.9%

         

Air Methods*#

    6,900      284   

Alexion Pharmaceuticals*#

    1,900      115   

Amedisys*#

    4,600      197   

Bio-Reference Labs*#

    10,100      279   

Haemonetics*

    5,000      290   

HealthExtras*#

    11,000      303   

Hologic*#

    5,500      332   

Idexx Laboratories*

    7,000      388   

Illumina*#

    2,500      181   

Kendle International*#

    11,000      493   

Lifecell*#

    16,400      662   

Meridian Bioscience

    16,400      562   

Molina Healthcare*#

    6,500      206   
    

Number

of Shares

 

    Value
(000)		     

Omnicell*#

    15,900    $ 302   

Onyx Pharmaceuticals*#

    7,800      213   

Orthofix International NV*

    2,900      116   

Parexel International*

    9,600      527   

Res-Care*

    14,200      306   

Respironics*

    5,200      342   

Techne*

    10,000      684   
            
            6,782     

Industrials — 15.2%

         

Barnes Group#

    14,300      325   

Bucyrus International

    6,700      669   

Curtiss-Wright#

    3,200      135   

Dynamic Materials#

    7,900      450   

Heico#

    8,600      377   

Hexcel*#

    8,300      168   

IDEX

    7,300      220   

Layne Christensen*

    10,700      428   

Rollins

    13,800      244   

URS*

    2,900      117   

Wabtec#

    8,900      308   

Waste Connections*#

    17,720      538   

Watson Wyatt Worldwide, Cl A#

    10,000      530   
            
            4,509     

Information Technology — 18.4%

         

Actuate*

    33,800      162   

Aladdin Knowledge Systems*

    8,500      180   

ANSYS*#

    6,160      230   

Atheros Communications*#

    10,800      263   

Concur Technologies*#

    4,100      120   

Diodes*#

    7,700      174   

EMS Technologies*

    5,900      170   

Euronet Worldwide*#

    11,300      244   

Flir Systems*#

    19,800      563   

Heartland Payment Systems#

    9,800      216   

Hittite Microwave*

    5,800      192   

Informatica*

    44,840      783   

Jack Henry & Associates

    10,000      235   

Micros Systems*#

    7,400      237   

Rimage*

    6,800      157   

Secure Computing*#

    20,600      167   

Solera Holdings*

    20,600      489   

SRA International*

    5,200      125   

Sybase*

    16,400      437   

Vocus*#

    13,000      319   
            
            5,463     

Materials — 6.6%

         

Airgas

    6,700      326   

AMCOL International#

    5,800      167   

Aptargroup

    8,200      307   

Greif, Cl A

    5,700      373   

NewMarket

    4,700      315   

Rockwood Holdings*

    9,100      279   

Terra Industries*#

    4,000      181   
            
            1,948     

Telecommunication Services — 1.1%

         

Partner Communications, ADR#

    15,900      337     

 

 

39

Allegiant Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number

of Shares

 

    Value
(000)		     

COMMON STOCKS — continued

         

Utilities — 0.5%

         

ITC Holdings#

      2,800    $ 149     

Total Common Stocks

         

(Cost $28,088)

             29,429     

AFFILIATED MONEY MARKET FUND — 0.9%

   

Allegiant Money Market Fund, Class I†

      262,914      263   

(Cost $263)

                   

Total Investments Before Collateral for Loaned Securities — 100.1%

         

(Cost $28,351)

             29,692     
        
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 35.6%

   

Master Notes — 3.9%

         

Bear Stearns

         

3.330%, 06/02/08 (B)

    $ 610      610   

JPMorgan Securities

         

3.230%, 03/17/08

      549      549   
            
              1,159     

Medium Term Notes — 6.1%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

      409      409   

Liquid Funding LLC

         

3.090%, 06/11/08 (A)

      305      305   

Merrill Lynch

         

3.190%, 07/07/08 (A)

      854      856   

Morgan Stanley

         

3.260%, 01/15/09 (A)

      122      122   

3.230%, 02/02/09 (A)

      122      122   
            
              1,814     
        
    

Number

of Shares

 

          

Money Market Funds — 0.8%

         

Merrill Lynch Premier Institutional Fund

      97,628      98   

Schwab Value Advantage Money Fund

      152,543      152   
            
              250     
        
    

Par

(000)

 

          

Repurchase Agreements — 24.8%

         

Bear Stearns

         

3.200%, 06/05/08 (B)

    $ 1,831      1,830   

3.230%, 03/03/08

      2,319      2,319   

Greenwich Capital

         

3.280%, 03/03/08

      1,525      1,525   

Lehman Brothers

         

3.210%, 03/03/08

      1,380      1,380   

Merrill Lynch

         

3.230%, 03/03/08

      305      305   
            
              7,359     

Total Short Term Investments Held as Collateral for Loaned Securities

         

(Cost $10,582)

             10,582     
        
         

Value

(000)

 

      

TOTAL INVESTMENTS — 135.7%

        

(Cost $38,933)**

         $ 40,274      

Other Assets & Liabilities — (35.7)%

           (10,605 )    

TOTAL NET ASSETS — 100.0%

         $ 29,669      

 

* Non-income producing security
** Aggregate cost for Federal income tax purposes is (000) $38,940.

 

Gross unrealized appreciation (000)

    $ 3,395  

Gross unrealized depreciation (000)

      (2,061 )
        

Net unrealized appreciation (000)

    $ 1,334  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $10,239.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $2,440 and represents 8.2% of net assets as of February 29, 2008.

ADR — American Depository Receipt

Cl — Class

LLC — Limited Liability Company

REIT — Real Estate Investment Trust

See Notes to Schedules of Investments.


 

40

Allegiant Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Par

(000)

 

  

Value
(000)

 

    

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 38.5%

  

Federal Home Loan Mortgage Corporation — 0.3%

      

9.500%, 10/01/20

   $ 118   $ 131  

9.000%, 05/01/20

     41     45  

8.500%, 09/01/16

     3     3  

8.000%, 07/01/25

     89     97  

7.500%, 07/01/10

     1     1  

7.500%, 11/01/10

     4     4  

7.500%, 05/01/11

     47     49  

7.000%, 11/01/10

     61     63  

7.000%, 11/01/28

     577     614  

6.500%, 09/01/08

     6     6  

6.500%, 11/01/10

     15     15  
         
            1,028    

Federal National Mortgage Association — 37.5%

      

9.500%, 05/01/18

     18     20  

9.000%, 07/01/09

     0     0  

9.000%, 11/01/24

     179     198  

7.000%, 01/01/33

     607     647  

7.000%, 10/01/33

     154     163  

6.500%, 12/01/08

     11     11  

6.500%, 03/01/37 (TBA)

     12,000     12,437  

6.000%, 07/01/28

     1     1  

6.000%, 01/01/34

     206     212  

6.000%, 11/01/35

     287     294  

6.000%, 09/01/36

     11,479     11,737  

6.000%, 03/01/37 (TBA)

     9,670     9,880  

6.000%, 07/01/37

     6,421     6,565  

5.500%, 12/01/33

     9,003     9,093  

5.500%, 05/01/35

     1,786     1,799  

5.500%, 12/01/36

     14,683     14,788  

5.500%, 07/01/37

     15,682     15,782  

5.443%, 01/01/36 (A)

     7,165     7,315  

5.000%, 06/01/20

     5,143     5,211  

5.000%, 10/01/35

     10,664     10,529  

5.000%, 11/01/35

     2,926     2,889  

5.000%, 12/01/35

     2,846     2,810  

4.500%, 08/01/20

     8,308     8,351  

4.500%, 10/01/20

     3,881     3,886  

4.500%, 03/01/21

     7,204     7,242  

4.500%, 09/01/35

     3,796     3,637  
         
            135,497    

Government National Mortgage Association — 0.7%

  

8.500%, 09/15/21

     3     3  

8.500%, 11/15/21

     39     43  

8.500%, 07/15/22

     15     17  

8.250%, 04/20/17

     3     4  

8.000%, 03/15/08

     0     0  

8.000%, 01/15/30

     248     273  

7.500%, 12/15/29

     51     55  

6.500%, 06/15/32

     248     260  

6.500%, 10/15/33

     251     263  

6.000%, 08/15/32

     139     144  

6.000%, 02/15/33

     1,106     1,148  

6.000%, 11/15/33

     236     245  

6.000%, 11/15/34

     16     17  
         
            2,472    

Total U.S. Government Agency Mortgage-Backed Obligations

      

(Cost $136,831)

           138,997    
   

Par

(000)

 

  

Value
(000)

 

    

CORPORATE BONDS — 17.6%

      

Cable — 0.5%

      

Comcast

      

5.300%, 01/15/14

   $ 825   $ 817  

Time Warner Cable

      

5.850%, 05/01/17

     1,025     1,014  
         
            1,831    

Energy — 1.2%

      

Energy Transfer Partners

      

5.950%, 02/01/15

     850     853  

Kinder Morgan Energy Partners LP (MTN)

      

6.950%, 01/15/38

     650     664  

Nexen

      

5.875%, 03/10/35

     1,255     1,140  

NGPL Pipe

      

7.768%, 12/15/37#(B)

     925     968  

XTO Energy

      

6.250%, 08/01/17

     655     700  
         
            4,325    

Financials — 9.8%

      

American Express Bank FSB

      

5.550%, 10/17/12#

     675     704  

Bank of America

      

7.800%, 09/15/16

     1,115     1,283  

8.000%, 12/29/49(A)

     1,825     1,894  

Bear Stearns

      

7.250%, 02/01/18

     1,860     1,808  

CIT Group

      

6.100%, 03/15/49(A)

     800     542  

Citigroup

      

5.000%, 09/15/14

     1,325     1,285  

6.125%, 11/21/17

     700     720  

Citigroup Capital XXI

      

8.300%, 12/21/57(A)

     575     585  

Countrywide Home Loans (MTN)

      

3.250%, 05/21/08#

     735     715  

General Electric Capital

      

5.875%, 01/14/38

     7,535     7,228  

Goldman Sachs Capital II

      

5.793%, 06/01/49(A)

     800     598  

HSBC Finance

      

6.375%, 10/15/11

     715     752  

ING USA Global Funding

      

4.500%, 10/01/10

     1,000     1,036  

Inter-American Development Bank

      

7.375%, 01/15/10

     1,200     1,311  

International Lease Finance (MTN)

      

5.625%, 09/15/10

     1,700     1,762  

JPMorgan Chase

      

6.000%, 01/15/18#

     1,800     1,871  

KeyBank

      

5.800%, 07/01/14

     985     1,000  

Lehman Brothers Holdings (MTN)

      

5.625%, 01/24/13

     1,655     1,658  

Lloyds TSB Group PLC

      

6.267%, 11/14/16# (A) (B)

     1,250     1,094  

Merrill Lynch

      

5.450%, 02/05/13

     1,125     1,134  

MUFG Capital Finance 1

      

6.346%, 07/25/16(A)

     825     724  

Regions Financing Trust II

      

6.625%, 05/01/47(A)

     850     665  

 

41

Allegiant Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

CORPORATE BONDS — continued

         

Financials — continued

         

Royal Bank of Scotland Group PLC (MTN)

         

7.640%, 03/31/49 (A)

    $ 1,500    $ 1,498   

SLM (MTN)

         

5.375%, 05/15/14

      875      749   

Wachovia Capital Trust III

         

5.800%, 03/15/42# (A)

      2,487      1,960   

Wells Fargo

         

5.625%, 12/11/17

      825      857   
            
              35,433     

Healthcare — 0.5%

         

United Health Group

         

4.875%, 02/15/13

      850      858   

WellPoint

         

5.000%, 12/15/14

      975      953   
            
              1,811     

Industrials — 0.4%

         

Centex

         

6.500%, 05/01/16

      900      753   

D.R. Horton

         

6.875%, 05/01/13

      775      736   
            
              1,489     

Insurance — 0.5%

         

American General Finance (MTN)

         

3.875%, 10/01/09

      1,195      1,194   

AXA SA

         

6.379%, 12/14/49 (A) (B)

      975      790   
            
              1,984     

Real Estate Investment Trusts — 0.6%

         

iStar Financial

         

5.950%, 10/15/13

      1,575      1,265   

Realty Income

         

6.750%, 08/15/19

      800      793   
            
              2,058     

Retail — 1.1%

         

CVS Caremark

         

5.750%, 06/01/17

      910      940   

Home Depot

         

5.875%, 12/16/36#

      1,000      826   

Target

         

6.000%, 01/15/18

      865      911   

Wal-Mart Stores

         

5.250%, 09/01/35

      1,430      1,275   
            
              3,952     

Telecommunications — 0.8%

         

AT&T

         

5.625%, 06/15/16

      560      574   

GTE

         

6.940%, 04/15/28

      800      831   

Nextel Communications

         

7.375%, 08/01/15

      835      648   

Telefonica Emisiones SAU

         

6.221%, 07/03/17

      850      884   
            
              2,937     
    

Par
(000)

 

    Value
(000)		     

Transportation — 0.6%

         

Burlington Northern Santa Fe

         

6.750%, 07/15/11

    $ 1,200    $ 1,304   

ERAC USA Finance

         

6.375%, 10/15/17 (B)

      900      826   
            
              2,130     

Utilities — 1.6%

         

Appalachian Power

         

4.950%, 02/01/15

      850      833   

Bruce Mansfield Unit

         

6.850%, 06/01/34

      575      595   

Midamerican Energy

         

6.750%, 12/30/31

      1,000      1,070   

National Rural Utilities Cooperative Finance

         

5.450%, 04/10/17

      875      892   

Nisource Finance

         

6.400%, 03/15/08

      700      703   

Southwestern Public Service

         

6.000%, 10/01/36

      860      822   

Virginia Electric and Power

         

6.350%, 11/30/37

      710      737   
            
              5,652     

Total Corporate Bonds

         

(Cost $65,361)

             63,602     

ASSET BACKED SECURITIES — 16.4%

         

Automotive — 3.8%

         

Ford Credit Auto Owner Trust,

         

Series 2007-B, Cl A3A

         

5.150%, 11/15/11

      4,330      4,458   

Honda Auto Receivables Owner Trust,

         

Series 2005-4, Cl A3

         

4.460%, 05/21/09

      702      704   

Nissan Auto Receivables Owner Trust,

         

Series 2007-B, Cl A3

         

5.030%, 05/16/11

      3,465      3,563   

USAA Auto Owner Trust,

         

Series 2008-1, Cl A-3

         

4.160%, 04/16/12

      2,300      2,332   

World Omni Auto Receivables Trust,

         

Series 2007-B, Cl A3A

         

5.280%, 01/17/12

      2,380      2,437   
            
              13,494     

Credit Cards — 8.5%

         

American Express Credit Account Master Trust,

         

Series 2003-2, Cl A

         

3.231%, 10/15/10## (A)

      6,000      6,000   

Chase Issuance Trust,

         

Series 2005-A3, Cl A

         

3.141%, 10/17/11## (A)

      5,000      4,969   

Chase Issuance Trust,

         

Series 2005-A4, Cl A4

         

4.230%, 01/15/13

      2,720      2,771   

Citibank Credit Card Issuance Trust,

         

Series 2006-A5, Cl A5

         

5.300%, 05/20/11

      7,400      7,584   

MBNA Credit Card Master Note Trust,

         

Series 2005-A3, Cl A3

         

4.100%, 10/15/12

      2,720      2,764   

 

42

 

 

 

    

Par

(000)

 

    Value
(000)		     

ASSET BACKED SECURITIES — continued

         

Credit Cards — continued

         

MBNA Credit Card Master Note Trust,

         

Series 2006-A4, Cl A4

         

3.111%, 09/15/11## (A)

    $ 6,700    $ 6,650   
            
              30,738     

Mortgage Related — 1.3%

         

Bear Stearns, Series 1999-2, Cl AF2

         

8.410%, 10/25/29 (C)

      360      359   

Chase Funding Mortgage Loan,

         

Series 2003-6, Cl 1A4

         

4.499%, 08/25/30

      4,700      4,337   
            
              4,696     

Utilities — 2.8%

         

JCP&L Transition Funding LLC,

         

Series 2002-A, Cl A3

         

5.810%, 12/05/15

      4,065      4,388   

PSE&G Transition Funding LLC,

         

Series 2001-1, Cl A8

         

6.890%, 12/15/17

      5,050      5,686   
            
              10,074     

Total Asset Backed Securities

         

(Cost $57,956)

             59,002     

U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.4%

   

Federal Farm Credit Bank — 1.2%

         

4.501%, 03/02/09## (A)

      4,200      4,202     

Federal National Mortgage Association — 10.2%

         

4.430%, 08/29/08# (D) (DN)

      7,020      6,941   

4.420%, 08/29/08# (D) (DN)

      130      128   

4.360%, 08/29/08# (D) (DN)

      1,990      1,967   

4.115%, 08/29/08# (D) (DN)

      10,375      10,258   

4.040%, 08/29/08# (D) (DN)

      4,860      4,805   

3.980%, 08/29/08# (D) (DN)

      5,195      5,136   

3.910%, 08/29/08# (D) (DN)

      3,855      3,811   

2.450%, 08/29/08# (D) (DN)

      3,285      3,248   

2.314%, 03/12/08## (D) (DN)

      545      545   
            
              36,839     

Total U.S. Government Agency Obligations

         

(Cost $40,718)

             41,041     

U.S. TREASURY OBLIGATIONS — 9.0%

         

U.S. Treasury Bonds — 4.2%

         

6.250%, 08/15/23#

      3,780      4,648   

5.375%, 02/15/31#

      2,555      2,912   

4.500%, 02/15/36#

      7,385      7,481   
            
              15,041     

U.S. Treasury Inflationary Index Bond — 3.2%

         

1.625%, 01/15/18#

      11,090      11,665     

U.S. Treasury Notes — 1.6%

         

4.875%, 07/31/11#

      430      471   

4.875%, 08/15/16#

      975      1,081   

4.750%, 05/15/14#

      3,760      4,172   
            
              5,724     

Total U.S. Treasury Obligations

         

(Cost $30,954)

             32,430     

 

 

 

 

    

Par

(000)

 

    Value
(000)		     

COLLATERALIZED MORTGAGE OBLIGATIONS — 7.2%

   

Fannie Mae, Series 2003-84, Cl PG

         

5.000%, 03/25/32

    $ 10,000    $ 10,123   

Fannie Mae, Series 2005-34, Cl PC

         

5.500%, 06/25/32

      4,085      4,217   

Freddie Mac, Series 2662, Cl DC

         

5.000%, 11/15/18

      5,700      5,794   

Freddie Mac, Series 2773, Cl CD

         

4.500%, 04/15/24

      6,000      5,804     

Total Collateralized Mortgage Obligations

         

(Cost $24,789)

             25,938     

COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.7%

   

Bear Stearns Commercial Mortgage Securities,

         

Series 2005-PWR9, Cl A4A

         

4.871%, 09/11/42

      5,370      5,056   

Citigroup/Deutsche Bank Commercial Mortgage

         

Trust, Series 2005-CD1, Cl A4

         

5.225%, 07/15/44 (A)

      6,600      6,380   

CS First Boston Mortgage Securities,

         

Series 2005-C6, Cl A4

         

5.230%, 12/15/40 (A)

      5,650      5,434     

Total Commercial Mortgage-Backed Securities

         

(Cost $17,387)

             16,870     
    

Number

of Shares

 

          

PREFERRED STOCKS — 0.5%

         

Financial Conduits — 0.5%

         

Fannie Mae

      35,000      896   

Freddie Mac#

      38,000      978     

Total Preferred Stocks

         

(Cost $1,858)

             1,874     

AFFILIATED MONEY MARKET FUND — 0.7%

   

Allegiant Advantage Institutional Money Market Fund, Class I†

      2,658,556      2,659   

(Cost $2,659)

                   

Total Investments Before Collateralfor Loaned Securities — 106.0%

         

(Cost $378,513)

             382,413     
        
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — 20.1%

   

Master Notes — 2.2%

         

Bear Stearns

         

3.330%, 06/02/08 (E)

    $ 4,172      4,172   

JPMorgan Securities

         

3.230%, 03/17/08

      3,754      3,754   
            
              7,926     

 

43

Allegiant Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

    Value
(000)		     

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES — continued

         

Medium Term Notes — 3.4%

         

General Electric Capital

         

3.290%, 05/19/08 (A)

    $ 2,795    $ 2,795   

Liquid Funding LLC

         

3.090%, 06/11/08 (A)

      2,086      2,086   

Merrill Lynch

         

3.190%, 07/07/08 (A)

      5,840      5,849   

Morgan Stanley

         

3.260%, 01/15/09 (A)

      834      834   

3.230%, 02/02/09 (A)

      834      834   
            
              12,398     
                    
    

Number
of Shares

 

          

Money Market Funds —0.5%

         

Merrill Lynch Premier Institutional Fund

      667,457      667   

Schwab Value Advantage Money Fund

      1,042,902      1,043   
            
              1,710     
                    
    

Par

(000)

 

          

Repurchase Agreements —14.0%

         

Bear Stearns

         

3.200%, 06/05/08 (E)

    $ 12,515      12,515   

3.230%, 03/03/08

      15,852      15,852   

Greenwich Capital

         

3.280%, 03/03/08

      10,429      10,429   

Lehman Brothers

         

3.210%, 03/03/08

      9,432      9,432   

Merrill Lynch

         

3.230%, 03/03/08

      2,086      2,086   
            
              50,314     

Total Short Term Investments Held as Collateral for Loaned Securities

         

(Cost $72,348)

             72,348     
          Value
(000)		      

TOTAL INVESTMENTS — 126.1%

        

(Cost $450,861)*

         $ 454,761      

Other Assets & Liabilities — (26.1)%

           (94,196 )    

TOTAL NET ASSETS — 100.0%

         $ 360,565      

 

* Aggregate cost for Federal income tax purposes is (000) $450,993.

Gross unrealized appreciation (000)

    $ 7,468  

Gross unrealized depreciation (000)

      (3,700 )
        

Net unrealized appreciation (000)

    $ 3,768  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $71,144.
## All or a portion of the security was held as collateral for when-issued securities and delayed delivery securities.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(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) $3,678 and represents 1.0% of net assets as of February 29, 2008.
(C) Stepped Coupon Bond — the rate shown is the rate in effect on February 29, 2008.
(D) Zero Coupon Bond — the rate shown is the effective yield at purchase date.
(E) Illiquid Security. Total market value of illiquid securities is (000) $16,687 and represents 4.6% of net assets as of February 29, 2008.

Cl — Class

DN — Discount Note

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Liability Company

TBA — To Be Announced

See Notes to Schedules of Investments.


 

44

Allegiant Government Mortgage Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

    Value
(000)		     

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 93.5%

   

Federal Home Loan Mortgage Corporation — 6.7%

   

12.250%, 08/01/15

    $ 66    $ 73   

9.750%, 11/01/08 to 04/01/09

      5      5   

9.250%, 08/01/13

      1      0   

9.000%, 06/01/09 to 09/01/20

      173      187   

8.750%, 06/01/16 to 05/01/17

      30      32   

8.500%, 09/01/17 to 01/01/22

      133      144   

8.000%, 02/01/17 to 03/01/22

      96      103   

7.000%, 05/01/31

      131      139   

6.000%, 10/01/32

      1,076      1,107   

5.500%, 12/01/36

      9,234      9,296   

5.000%, 11/01/35

      5,116      5,049   
              16,135     

Federal National Mortgage Association — 81.7%

   

12.500%, 05/01/15

      71      83   

11.250%, 05/01/14

      14      17   

10.000%, 06/01/21

      16      19   

9.000%, 06/01/09 to 10/01/19

      20      21   

8.500%, 11/01/21 to 09/01/23

      40      44   

8.000%, 02/01/23 to 03/01/23

      17      18   

7.500%, 09/01/22 to 05/01/32

      729      787   

7.000%, 12/01/15 to 10/01/32

      1,001      1,066   

6.500%, 03/01/37 (TBA)

      4,000      4,146   

6.000%, 03/01/37 (TBA)

      15,500      15,888   

6.500%, 12/01/12 to 08/01/36

      7,646      7,945   

6.000%, 09/01/17 to 05/01/37

      28,369      28,995   

5.500%, 11/01/09 to 12/01/36

      64,846      65,466   

5.000%, 06/01/18 to 11/01/35

      52,353      52,077   

4.500%, 04/01/18 to 03/01/21

      18,735      18,845   
              195,417     

Government National Mortgage Association — 5.1%

   

17.000%, 11/15/11

      42      50   

15.000%, 06/15/11 to 01/15/13

      526      635   

14.500%, 09/15/12 to 08/15/14

      4      5   

14.000%, 05/15/11 to 02/15/15

      180      213   

13.500%, 05/15/10 to 01/20/15

      205      243   

13.000%, 11/15/10 to 06/20/15

      217      256   

12.500%, 04/15/10 to 01/20/16

      371      431   

12.000%, 08/15/12 to 09/15/15

      208      248   

11.500%, 02/15/13 to 08/15/14

      59      70   

9.250%, 12/15/16 to 05/15/21

      65      72   

9.000%, 09/15/08 to 11/15/24

      399      434   

8.750%, 08/15/08 to 12/15/16

      50      54   

8.500%, 01/15/17 to 09/15/24

      334      369   

8.250%, 06/15/08 to 07/15/08

      0      0   

8.000%, 04/15/17 to 05/20/30

      907      995   

7.500%, 09/20/15 to 09/20/30

      1,602      1,728   

7.000%, 12/15/10 to 06/15/32

      3,003      3,217   

6.500%, 10/15/22 to 09/15/31

      2,155      2,253   

6.000%, 07/20/29

      826      858   
              12,131     

Total U.S. Government Agency Mortgage-Backed Obligations

         

(Cost $220,260)

             223,683     

 

    

Par

(000)

 

    Value
(000)		    

ASSET BACKED SECURITIES — 8.1%

        

Credit Cards — 8.1%

        

American Express Credit Account Master Trust,

        

Series 2003-2, Cl A

        

3.231%, 10/15/10## (A)

    $ 4,550    $ 4,549  

Chase Issuance Trust,

        

Series 2005-A3, Cl A

        

3.141%, 10/17/11## (A)

      5,000      4,969  

Citibank Credit Card Issuance Trust,

        

Series 2005-A10, Cl A10

        

3.131%, 12/15/10## (A)

      5,000      4,974  

MBNA Credit Card Master Note Trust,

        

Series 2006-A4, Cl A4

        

3.111%, 09/15/11## (A)

      5,000      4,963    

Total Asset Backed Securities

        

(Cost $19,560)

             19,455    

U.S. TREASURY OBLIGATIONS — 3.0%

        

U.S. Treasury Note — 3.0%

        

4.500%, 11/30/11

      6,500      7,053  

(Cost $7,001)

        

U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.3%

  

Federal Farm Credit Bank — 0.1%

        

4.501%, 03/02/09## (A)

      75      75  

Federal National Mortgage Association — 0.2%

        

2.314%, 03/12/08## (B) (DN)

      500      500  

Total U.S. Government Agency Obligations

        

(Cost $575)

         575  

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%

  

Fannie Mae, Series 1992-29, Cl Z

        

8.000%, 02/25/22

      43      44  

Freddie Mac, Series 1273, Cl Z

        

7.500%, 05/15/22

      75      82  

Structured Mortgage Asset Residential Trust,

        

Series 1992-2, Cl I

        

8.250%, 06/25/19

      197      196    

Total Collateralized Mortgage Obligations

        

(Cost $324)

             322    
       
    

Number

of Shares

 

         

AFFILIATED MONEY MARKET FUND — 2.0%

  

Allegiant Advantage Institutional Money Market
Fund, Class I†

      4,816,186      4,816  

(Cost $4,816)

                  

 

45

Allegiant Government Mortgage Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Value
(000)

 

      

TOTAL INVESTMENTS — 107.0%

     

(Cost $252,536)*

    $ 255,904      

Other Assets & Liabilities — (7.0)%

      (16,702 )    

TOTAL NET ASSETS — 100.0%

    $ 239,202      

 

* Aggregate cost for Federal income tax purposes is (000) $252,536.

 

Gross unrealized appreciation (000)

    $ 3,575  

Gross unrealized depreciation (000)

      (207 )
        

Net unrealized appreciation (000)

    $ 3,368  
        

 

† See Note 3 in Notes to Schedules of Investments.
## All or a portion of the security was held as collateral for when-issued securities and delayed delivery securities.
(A) Variable Rate Security - the rate shown is the rate in effect on February 29, 2008.
(B) Zero Coupon Bond - the rate shown is the effective yield at purchase date.

Cl — Class

DN — Discount Note

TBA — To Be Announced

See Notes to Schedules of Investments.


 

46

Allegiant Intermediate Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

U.S. TREASURY OBLIGATIONS — 28.1%

         

U.S. Treasury Inflationary Index Bond — 3.1%

         

1.625%, 01/15/18#

    $ 10,515    $ 11,060     

U.S. Treasury Notes — 25.0%

         

6.500%, 02/15/10#

      1,895      2,071   

4.875%, 08/15/09#

      9,365      9,813   

4.875%, 07/31/11#

      46,325      50,700   

4.875%, 08/15/16#

      11,400      12,638   

4.750%, 05/15/14#

      6,540      7,257   

3.875%, 05/15/09#

      6,245      6,418   
              88,897     

Total U.S. Treasury Obligations

         

(Cost $94,971)

             99,957     

CORPORATE BONDS — 24.3%

         

Cable — 0.6%

         

Comcast Cable Communications

         

7.125%, 06/15/13

      928      1,002   

Time Warner Cable

         

5.850%, 05/01/17

      1,000      990   
              1,992     

Consumer Staples — 0.3%

         

Clorox

         

5.450%, 10/15/12

      1,075      1,114     

Energy — 1.8%

         

Apache

         

6.250%, 04/15/12

      900      980   

Energy Transfer Partners

         

5.950%, 02/01/15

      1,000      1,003   

Kinder Morgan Energy Partners LP

         

5.950%, 02/15/18

      740      748   

Marathon Oil

         

6.000%, 10/01/17

      950      981   

NGPL Pipe

         

7.119%, 12/15/17(A)

      1,325      1,388   

XTO Energy

         

4.900%, 02/01/14

      1,160      1,158   
              6,258     

Financials — 11.3%

         

American Express Bank FSB

         

5.550%, 10/17/12#

      625      652   

Bank of America

         

5.750%, 12/01/17

      1,555      1,592   

Bank One

         

5.250%, 01/30/13#

      1,005      1,044   

BB&T

         

4.750%, 10/01/12

      1,625      1,647   

Bear Stearns

         

7.250%, 02/01/18

      2,190      2,128   

CIT Group

         

5.650%, 02/13/17

      400      335   

CIT Group (MTN)

         

5.125%, 09/30/14

      1,250      1,061   

Citigroup

         

5.000%, 09/15/14

      2,185      2,120   

6.125%, 11/21/17

      1,100      1,131   

Countrywide Home Loans (MTN)

         

3.250%, 05/21/08#

      700      681   
    

Par
(000)

 

    Value
(000)		     

General Electric Capital, Cl A (MTN)

         

5.450%, 01/15/13

    $ 430    $ 454   

6.000%, 06/15/12

      3,565      3,827   

Goldman Sachs

         

5.000%, 10/01/14

      1,335      1,338   

Goldman Sachs Group

         

5.950%, 01/18/18

      520      526   

HSBC Finance

         

6.375%, 10/15/11

      175      184   

ING USA Global Funding

         

4.500%, 10/01/10

      1,400      1,450   

International Lease Finance (MTN)

         

5.625%, 09/15/10

      1,400      1,451   

5.650%, 06/01/14

      700      706   

JPMorgan Chase

         

6.000%, 01/15/18#

      2,480      2,578   

KeyBank

         

5.800%, 07/01/14

      980      995   

Lehman Brothers Holdings (MTN)

         

5.625%, 01/24/13

      1,950      1,954   

Merrill Lynch

         

5.450%, 02/05/13

      3,225      3,252   

Morgan Stanley

         

4.750%, 04/01/14

      2,000      1,930   

Republic New York

         

7.750%, 05/15/09

      1,770      1,855   

SLM (MTN)

         

5.000%, 10/01/13

      1,000      851   

Wachovia (MTN)

         

5.750%, 02/01/18

      3,100      3,122   

Wells Fargo

         

4.950%, 10/16/13

      315      326   

5.625%, 12/11/17

      900      935   
              40,125     

Food, Beverage & Tobacco — 0.6%

         

Diageo Capital PLC

         

5.750%, 10/23/17

      1,075      1,109   

Kraft Foods

         

6.125%, 02/01/18

      925      938   
              2,047     

Healthcare — 0.8%

         

AstraZeneca PLC

         

5.900%, 09/15/17

      950      1,023   

UnitedHealth Group

         

4.875%, 02/15/13

      775      782   

WellPoint

         

5.000%, 12/15/14

      1,000      978   
              2,783     

Industrials — 1.1%

         

Centex

         

6.500%, 05/01/16

      875      732   

D.R. Horton

         

6.875%, 05/01/13

      750      712   

General Electric

         

5.250%, 12/06/17

      2,640      2,655   
              4,099     

 

47

Allegiant Intermediate Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

CORPORATE BONDS — continued

         

Insurance — 0.9%

         

American General Finance (MTN)

         

3.875%, 10/01/09

    $ 1,415    $ 1,414   

Genworth Financial

         

5.650%, 06/15/12

      950      962   

Prudential Financial (MTN)

         

6.000%, 12/01/17

      650      667   
              3,043     

Real Estate Investment Trusts — 0.9%

         

ERP Operating

         

5.500%, 10/01/12

      965      955   

iStar Financial

         

5.950%, 10/15/13

      1,450      1,164   

Realty Income

         

5.950%, 09/15/16

      1,225      1,169   
              3,288     

Retail — 1.4%

         

CVS Caremark

         

5.750%, 06/01/17

      1,250      1,292   

Home Depot

         

5.250%, 12/16/13

      925      913   

Lowe’s

         

5.600%, 09/15/12

      850      903   

Target

         

6.000%, 01/15/18

      875      921   

Wal-Mart Stores

         

5.800%, 02/15/18

      900      967   
              4,996     

Telecommunications — 1.2%

         

AT&T

         

5.625%, 06/15/16

      910      932   

Nextel Communications

         

7.375%, 08/01/15

      875      679   

Telefonica Emisiones SAU

         

6.221%, 07/03/17

      870      905   

Verizon Communications

         

5.550%, 02/15/16

      1,350      1,383   

5.500%, 02/15/18

      425      427   
              4,326     

Transportation — 0.7%

         

Burlington Northern Santa Fe

         

6.750%, 07/15/11

      1,177      1,280   

ERAC USA Finance

         

6.375%, 10/15/17 (A)

      850      780   

Union Pacific

         

5.750%, 11/15/17#

      575      585   
              2,645     

Utilities — 2.7%

         

Appalachian Power

         

4.950%, 02/01/15

      810      794   

Consumers Energy, Cl F

         

4.000%, 05/15/10

      980      990   

National Rural Utilities Cooperative Finance

         

5.450%, 04/10/17

      880      897   

Nisource Finance

         

6.400%, 03/15/08

      900      903   
    

Par
(000)

 

    Value
(000)		     

Pacificorp

         

5.450%, 09/15/13

    $ 1,040    $ 1,111   

PSI Energy

         

6.050%, 06/15/16

      1,225      1,277   

Southern

         

5.300%, 01/15/12

      670      703   

Virginia Electric & Power

         

4.750%, 03/01/13

      1,835      1,887   

Xcel Energy

         

5.613%, 04/01/17

      1,100      1,120   
              9,682     

Total Corporate Bonds

         

(Cost $85,542)

             86,398     

ASSET BACKED SECURITIES — 14.0%

         

Automotive — 6.6%

         

Chase Manhattan Auto Owner Trust,

         

Series 2006-B, Cl A3

         

5.130%, 05/15/11

      6,000      6,077   

Ford Credit Auto Owner Trust,

         

Series 2007-B, Cl A3A

         

5.150%, 11/15/11

      5,280      5,436   

USAA Auto Owner Trust

         

Series 2007-2, Cl A3

         

4.900%, 02/15/12

      4,910      5,023   

WFS Financial Owner Trust,

         

Series 2005-3, Cl A4

         

4.390%, 05/17/13

      4,500      4,539   

World Omni Auto Receivables Trust,

         

Series 2007-B, Cl A3A

         

5.280%, 01/17/12

      2,230      2,283   
              23,358     

Credit Cards — 5.5%

         

Bank One Issuance Trust,

         

Series 2004-A1, Cl A1

         

3.450%, 10/17/11

      3,250      3,257   

Chase Issuance Trust,

         

Series 2005-A4, Cl A4

         

4.230%, 01/15/13

      3,505      3,571   

Citibank Credit Card Issuance Trust,

         

Series 2006-A5, Cl A5

         

5.300%, 05/20/11

      7,190      7,369   

MBNA Credit Card Master Note Trust,

         

Series 2005-A6, Cl A6

         

4.500%, 01/15/13

      5,420      5,558   
              19,755     

Utilities — 1.9%

         

PSE&G Transition Funding LLC,

         

Series 2001-1, Cl A8

         

6.890%, 12/15/17

      6,000      6,756     

Total Asset Backed Securities

         

(Cost $48,704)

             49,869     

 

48

 

 

 

   

Par

(000)

 

  

Value

(000)

    

U.S. GOVERNMENT AGENCY MORTGAGE-

      

BACKED OBLIGATIONS — 13.9%

      

Federal Home Loan Mortgage Corporation — 0.7%

      

Federal Home Loan Mortgage Corporation

      

3.500%, 05/01/11

   $ 2,601   $ 2,579    

Federal National Mortgage Association — 13.2%

      

Federal National Mortgage Association

      

6.000%, 10/01/36

     8,053     8,234  

5.500%, 10/01/09

     7     7  

5.500%, 12/01/36

     10,235     10,309  

5.500%, 04/01/37

     3,289     3,310  

5.500%, 07/01/37

     1,026     1,032  

5.443%, 01/01/36 (B)

     8,146     8,316  

5.000%, 03/01/35 (TBA)

     7,690     7,574  

4.500%, 08/01/20

     7,951     7,993  
            46,775    

Government National Mortgage Association — 0.0%

      

Government National Mortgage Association

      

9.000%, 10/15/08

     1     1  

9.000%, 11/15/08

     2     2  

9.000%, 12/15/08

     1     1  

9.000%, 02/15/09

     2     3  

9.000%, 04/15/09

     6     6  

9.000%, 05/15/09

     12     12  

9.000%, 07/15/09

     1     1  
            26    

Total U.S. Government Agency Mortgage-Backed Obligations

      

(Cost $48,525)

           49,380  

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.6%

  

Freddie Mac, Series 2004-2812, Cl OD

      

5.000%, 12/15/29

     12,192     12,549  

Freddie Mac, Series 2635, Cl DT

      

3.500%, 01/15/18

     914     891  

Freddie Mac, Series 2825, Cl PM

      

5.500%, 03/15/30

     6,845     7,060  

Freddie Mac, Series 2854, Cl DL

      

4.000%, 09/15/19

     5,700     5,499  

Freddie Mac, Series 2904, Cl PC

      

5.500%, 05/15/31

     7,214     7,463  

Ginnie Mae, Series 2003-113, Cl VB

      

4.500%, 02/16/22

     5,035     4,992  

Ginnie Mae, Series 2003-42, Cl A

      

4.000%, 01/16/30

     821     814  

Wells Fargo Securities Trust,

      

Series 2004-K, Cl 2A11

      

4.732%, 07/25/34 (B)

     5,530     5,367    

Total Collateralized Mortgage Obligations

      

(Cost $42,751)

           44,635    

U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.2%

  

Federal Home Loan Bank — 2.7%

      

Federal Home Loan Bank

      

3.700%, 08/29/08 (C) (DN)

     9,645     9,536    

Federal Home Loan Mortgage Corporation — 2.1%

      

Federal Home Loan Mortgage Corporation

      

2.725%, 03/12/08## (C) (DN)

     7,495     7,490    

 

 

 

 

   

Par

(000)

 

  

Value

(000)

    

Federal National Mortgage Association — 1.4%

  

Federal National Mortgage Association

      

4.060%, 08/29/08# (C) (DN)

   $ 220   $ 217  

4.040%, 08/29/08# (C) (DN)

     1,430     1,414  

3.910%, 08/29/08# (C) (DN)

     3,495     3,455  
            5,086    

Total U.S. Government Agency Obligations

      

(Cost $22,063)

           22,112    

COMMERCIAL MORTGAGE-BACKED SECURITY — 1.0%

      

Banc of America Commercial Mortgage,

      

Series 2006-3, Cl A1

      

5.685%, 07/10/44

     3,390     3,397  

(Cost $3,405)

                
     
   

Number

of Shares

 

        

AFFILIATED MONEY MARKET FUND — 1.7%

  

Allegiant Advantage Institutional Money Market Fund, Class I†

     6,234,730     6,235  

(Cost $6,235)

                

Total Investments Before Collateral for Loaned Securities - 101.8%

      

(Cost $352,196)

           361,983    
                 
   

Par

(000)

 

        

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR

LOANED SECURITIES — 32.4%

  

Master Notes — 3.5%

      

Bear Stearns

      

3.330%, 06/02/08 (D)

   $ 6,640     6,640  

JPMorgan Securities

      

3.230%, 03/17/08

     5,976     5,976  
            12,616    

Medium Term Notes — 5.6%

      

General Electric Capital

      

3.290%, 05/19/08 (B)

     4,449     4,449  

Liquid Funding LLC

      

3.090%, 06/11/08 (B)

     3,320     3,319  

Merrill Lynch

      

3.190%, 07/07/08 (B)

     9,296     9,310  

Morgan Stanley

      

3.260%, 01/15/09 (B)

     1,328     1,328  

3.230%, 02/02/09 (B)

     1,328     1,328  
            19,734    
                 
   

Number

of Shares

 

        

Money Market Funds — 0.8%

      

Merrill Lynch Premier Institutional Fund

     1,062,419     1,063  

Schwab Value Advantage Money Fund

     1,660,030     1,660  
            2,723    

 

49

Allegiant Intermediate Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

   

Value

(000)

      

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR

LOANED SECURITIES — continued

 

 

  

Repurchase Agreements — 22.5%

        

Bear Stearns

        

3.200%, 06/05/08 (D)

    $ 19,920    $ 19,920    

3.230%, 03/03/08

      25,233      25,233    

Greenwich Capital

        

3.280%, 03/03/08

      16,600      16,600    

Lehman Brothers

        

3.210%, 03/03/08

      15,014      15,014    

Merrill Lynch

        

3.230%, 03/03/08

      3,320      3,320    
              80,087      

Total Short Term Investments Held as Collateral for Loaned Securities

        

(Cost $115,160)

             115,160      

TOTAL INVESTMENTS — 134.2%

        

(Cost $467,356)*

             477,143      

Other Assets & Liabilities — (34.2)%

             (121,614 )    

TOTAL NET ASSETS — 100.0%

           $ 355,529      

 

* Aggregate cost for Federal income tax purposes is (000) $467,683.

 

Gross unrealized appreciation (000)

    $ 10,536  

Gross unrealized depreciation (000)

      (1,076 )
        

Net unrealized appreciation (000)

    $ 9,460  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $113,718.
## All or a portion of the security was held as collateral for when-issued securities and delayed delivery securities.
(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is (000) $2,168 and represents 0.6% of net assets as of February 29, 2008.
(B) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(C) Zero Coupon Bond — the rate shown is the effective yield at purchase date.
(D) Illiquid Security. Total market value of illiquid securities is (000) $26,560 and represents 7.5% of net assets as of February 29, 2008.

Cl — Class

DN — Discount Note

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Liability Company

TBA — To Be Announced

See Notes to Schedules of Investments.


 

50

Allegiant Limited Maturity Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

   

Value

(000)

     

ASSET BACKED SECURITIES — 23.3%

         

Automotive — 13.2%

         

Carmax Auto Owner Trust,

         

Series 2005-2, Cl A4

         

4.340%, 09/15/10

    $ 2,060    $ 2,082   

DaimlerChrysler Auto Trust,

         

Series 2005-B, Cl A4

         

4.200%, 07/08/10

      2,700      2,713   

Ford Credit Auto Owner Trust,

         

Series 2007-B, Cl A3A

         

5.150%, 11/15/11

      2,195      2,260   

Nissan Auto Receivables Owner Trust,

         

Series 2005-A4, Cl A

         

3.820%, 07/15/10

      1,756      1,758   

Nissan Auto Receivables Owner Trust,

         

Series 2007-B, Cl A3

         

5.030%, 05/16/11

      1,480      1,522   

USAA Auto Owner Trust,

         

Series 2007-1, ClA3

         

5.430%, 10/17/11

      1,925      1,984   

USAA Auto Owner Trust

         

Series 2007-2, Cl A3

         

4.900%, 02/15/12

      2,290      2,343   

Wachovia Auto Owner Trust,

         

Series 2005-A, Cl A3

         

4.060%, 09/21/09

      594      595   

WFS Financial Owner Trust,

         

Series 2005-3, Cl A4

         

4.390%, 05/17/13

      2,350      2,370   

World Omni Auto Receivables Trust,

         

Series 2006-B, Cl A3

         

5.150%, 11/15/10

      2,000      2,023   
            
              19,650     

Credit Cards — 6.8%

         

American Express Credit Account Master Trust,

         

Series 2004-3, Cl A

         

4.350%, 12/15/11

      1,500      1,521   

Chase Issuance Trust,

         

Series 2007-A15, Cl A

         

4.960%, 09/17/12

      2,220      2,297   

Citibank Credit Card Issuance Trust

         

Series 2007-A5, Cl A5

         

5.500%, 06/22/12

      3,100      3,238   

MBNA Credit Card Master Note Trust,

         

Series 2005-A6, Cl A6

         

4.500%, 01/15/13

      2,975      3,051   
              10,107     

Mortgage Related — 2.2%

         

Bear Stearns, Series 1999-2, Cl AF2

         

8.410%, 10/25/29 (A)

      219      218   

Chase Funding Mortgage Loan Asset-Backed

         

Certificates, Series 2002-2, Cl 1A6

         

5.214%, 08/25/13

      2,039      2,001   

Chase Funding Mortgage Loan Asset-Backed

         

Certificates, Series 2004-1, Cl 1A4

         

4.111%, 08/25/30

      963      938   
    

Par

(000)

   

Value

(000)

 

     

GE Capital Mortgage Services,

         

Series 1999-HE1, Cl A7

         

6.265%, 04/25/29

    $ 130    $ 130   
              
              3,287     

Utilities — 1.1%

         

Detroit Edison Securitization Funding LLC,

         

Series 2001-1, Cl A4

         

6.190%, 03/01/13

      1,600      1,685     

Total Asset Backed Securities

         

(Cost $34,209)

             34,729     

COLLATERALIZED MORTGAGE OBLIGATIONS — 19.7%

   

Bank of America Mortgage Securities,

         

Series 2003-A, Cl 2A1

         

6.906%, 02/25/33 (B)

      194      193   

Bank of America Mortgage Securities,

         

Series 2003-E, Cl 2A1

         

4.033%, 06/25/33 (B)

      785      793   

Chase Mortgage Finance,

         

Series 2003-S4, Cl 2A2

         

5.000%, 04/25/18

      904      926   

Countrywide Alternative Loan Trust,

         

Series 2004-29CB, Cl A6

         

4.000%, 01/25/35

      530      527   

Countrywide Home Loans,

         

Series 2004-HYB4, Cl 3A

         

4.575%, 09/20/34 (B)

      1,530      1,499   

Fannie Mae, Series 2002-74, Cl KD

         

5.500%, 02/25/17

      755      769   

Fannie Mae, Series 2002-94, Cl BA

         

5.000%, 05/25/27

      1,510      1,533   

Fannie Mae, Series 2003-36, Cl CA

         

4.500%, 06/25/17

      2,251      2,276   

Fannie Mae, Series 2006-B2, Cl AB

         

5.500%, 05/25/14

      1,847      1,893   

First Horizon Asset Securities

         

Series 2004-1 CI 1A1

         

5.500%, 03/25/34

      707      719   

Freddie Mac, Series 2003-2590, Cl PC

         

4.500%, 02/15/26

      3,184      3,193   

Freddie Mac, Series 2004-H017, Cl A3

         

4.178%, 07/15/11 (B)

      1,582      1,594   

Freddie Mac, Series 2523, Cl JB

         

5.000%, 06/15/15

      194      194   

Freddie Mac, Series 2608, Cl PF

         

5.500%, 09/15/27

      2,000      2,040   

Freddie Mac, Series 2662, Cl DC

         

5.000%, 11/15/18

      2,900      2,948   

Freddie Mac, Series 2712, Cl PV

         

4.500%, 03/15/11

      777      779   

Freddie Mac, Series 3189, Cl PJ

         

6.000%, 03/15/30

      2,296      2,384   

Ginnie Mae, Series 2002-20, Cl PM

         

4.500%, 03/20/32

      344      349   

Ginnie Mae, Series 2002-76, Cl TA

         

4.500%, 12/16/29

      420      425   

Ginnie Mae, Series 2004-76, Cl NA

         

4.500%, 08/20/27

      986      988   

Residential Funding Mortgage Securities,

         

Series 2003-S11, Cl A7

         

3.500%, 06/25/18

      1,162      1,163   

 

51

Allegiant Limited Maturity Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Par

(000)

 

  

Value

(000)

    

COLLATERALIZED MORTGAGE OBLIGATIONS — continued

  

Structured Asset Securities,

      

Series, 2003 — 1, Cl 2A1

      

6.000%, 02/25/18

   $ 1,108   $ 1,125  

Washington Mutual,

      

Series 2002 — S8, Cl 2A1

      

4.500%, 01/25/18

     62     62  

Wells Fargo MBS Trust,

      

Series 2003 — 11, Cl A1

      

3.500%, 10/25/18

     1,021     1,018    

Total Collateralized Mortgage Obligations

      

(Cost $28,951)

           29,390    

U.S. TREASURY OBLIGATIONS — 19.0%

      

U.S. Treasury Notes — 19.0%

      

4.875%, 04/30/11#

     14,665     15,983  

4.625%, 08/31/11#

     4,000     4,346  

3.500%, 02/15/10#

     7,750     8,028    

Total U.S. Treasury Obligations

      

(Cost $27,859)

           28,357    

CORPORATE BONDS — 18.9%

      

Cable — 0.7%

      

Comcast MO of Delaware

      

9.000%, 09/01/08

     1,000     1,020    

Financials — 11.7%

      

Associates Corp. of North America

      

8.550%, 07/15/09

     1,250     1,328  

Caterpillar Financial Services (MTN)

      

4.500%, 09/01/08

     1,480     1,489  

CIT Group

      

5.000%, 11/24/08#

     1,000     993  

Citigroup

      

7.250%, 10/01/10

     345     374  

Countrywide Home Loans (MTN)

      

3.250%, 05/21/08#

     315     307  

FleetBoston Financial

      

7.375%, 12/01/09

     920     982  

General Electric Capital (MTN)

      

5.200%, 02/01/11

     1,500     1,569  

Goldman Sachs

      

6.875%, 01/15/11

     1,000     1,083  

HSBC Finance

      

8.000%, 07/15/10

     1,500     1,630  

International Lease Finance (MTN)

      

5.625%, 09/15/10

     720     746  

JPMorgan Chase

      

6.375%, 04/01/08

     1,750     1,753  

Lehman Brothers Holdings (MTN)

      

4.792%, 04/03/09 (B)

     525     514  

Merrill Lynch (MTN)

      

5.770%, 07/25/11

     670     692  

National Westminster Bank PLC

      

7.375%, 10/01/09

     538     569  

Republic New York

      

7.750%, 05/15/09

     720     755  

SLM (MTN)

      

4.000%, 01/15/09

     1,022     986  
    

Par

(000)

   

Value

(000)

 

     

Wachovia

         

5.300%, 10/15/11

    $1,650    $1,712   
          17,482     

Healthcare — 0.3%

         

WellPoint

         

4.250%, 12/15/09

    400    404     

Insurance — 1.1%

         

American General Finance (MTN)

         

4.625%, 05/15/09

    400    400   

Genworth Financial

         

5.231%, 05/16/09

    355    360   

Reliastar Financial

         

6.500%, 11/15/08

    810    825   
          1,585     

Real Estate Investment Trusts — 1.3%

         

Camden Property Trust

         

4.375%, 01/15/10

    425    415   

Developers Diversified Realty

         

4.625%, 08/01/10

    540    522   

iStar Financial

         

5.514%, 03/03/08 (B)

    650    650   

Liberty Property LP

         

7.250%, 03/15/11

    402    426   
          2,013     

Retail — 0.4%

         

Home Depot

         

3.750%, 09/15/09

    590    587     

Telecommunications — 1.3%

         

British Telecommunications PLC

         

8.625%, 12/15/10

    540    608   

GTE

         

6.460%, 04/15/08

    1,255    1,258   
          1,866     

Transportation — 0.4%

         

FedEx

         

5.500%, 08/15/09

    603    620     

Utilities — 1.7%

         

Appalachian Power

         

3.600%, 05/15/08

    400    400   

Dominion Resources

         

5.125%, 12/15/09

    550    566   

Florida Power

         

3.468%, 11/14/08 (B)

    380    380   

Midamerican Funding LLC

         

6.750%, 03/01/11

    600    648   

Xcel Energy

         

3.400%, 07/01/08

    560    560   
          2,554     

Total Corporate Bonds

         

(Cost $27,685)

         
          28,131     

U.S. GOVERNMENT AGENCY MORTGAGE —

         

BACKED OBLIGATIONS — 15.4%

         

Federal Home Loan Mortgage Corporation — 3.5%

      

6.000%, 05/01/21

    2,458    2,542   

 

52

 

 

 

    

Par

(000)

 

    Value
(000)		     

U.S. GOVERNMENT AGENCY MORTGAGE-
BACKED OBLIGATIONS — continued

Federal Home Loan Mortgage Corporation — continued

5.500%, 02/01/10

    $ 267    $ 273   

5.500%, 06/01/10

      346      353   

5.000%, 10/01/09

      744      748   

3.500%, 09/01/08

      1,361      1,353   
            
              5,269     

Federal National Mortgage Association — 11.9%

   

6.394%, 11/01/32 (B)

      187      193   

6.000%, 09/01/16

      799      827   

5.575%, 09/01/36 (B)

      1,971      2,040   

5.500%, 10/01/09

      278      283   

5.500%, 09/01/17

      1,792      1,841   

5.201%, 12/01/34 (B)

      968      982   

5.000%, 11/01/12

      1,007      1,035   

4.916%, 01/01/36 (B)

      2,821      2,869   

4.867%, 04/01/35 (B)

      2,667      2,692   

4.858%, 07/01/34 (B)

      1,680      1,669   

4.500%, 04/01/14

      596      609   

4.312%, 10/01/33 (B)

      1,086      1,083   

4.007%, 08/01/33 (B)

      1,642      1,643   
            
              17,766     

Total U.S. Government Agency Mortgage-Backed Obligations

         

(Cost $22,713)

             23,035     

COMMERCIAL MORTGAGE-BACKED SECURITY — 1.8%

   

Credit Suisse First Boston Mortgage Securities,

         

Series 2004-C1, Cl A2

         

3.516%, 01/15/37

      2,772      2,744   

(Cost $2,670)

                   
        
    

Number

of Shares

 

          

AFFILIATED MONEY MARKET FUND — 1.8%

   

Allegiant Advantage Institutional Money Market
Fund, Class I†

      2,625,621      2,626   

(Cost $2,626)

                   

Total Investments Before Collateral for Loaned Securities - 99.9%

         

(Cost $146,713)

             149,012     
                    
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR
LOANED SECURITIES — 20.1%

Master Notes — 2.2%

         

Bear Stearns

         

3.330%, 06/02/08 (C)

    $ 1,728      1,728   

JPMorgan Securities

         

3.230%, 03/17/08

      1,555      1,555   
            
              3,283     

Medium Term Notes — 3.4%

         

General Electric Capital

         

3.290%, 05/19/08 (B)

      1,158      1,158   

 

 

 

 

    

Par

(000)

 

    Value
(000)		      

Liquid Funding LLC

        

3.090%, 06/11/08 (B)

    $ 864    $ 864    

Merrill Lynch

        

3.190%, 07/07/08 (B)

      2,419      2,423    

Morgan Stanley

        

3.260%, 01/15/09 (B)

      346      346    

3.230%, 02/02/09 (B)

      346      345    
             
              5,136      
                     
    

Number

of Shares

 

           

Money Market Funds — 0.5%

        

Merrill Lynch Premier Institutional Fund

      276.502      277    

Schwab Value Advantage Money Fund

      432.034      432    
             
              709      
                     
    

Par

(000)

 

           

Repurchase Agreements — 14.0%

        

Bear Stearns

        

3.200%, 06/05/08 (C)

    $ 5,184      5,184    

3.230%, 03/03/08

      6,567      6,567    

Greenwich Capital

        

3.280%, 03/03/08

      4,320      4,320    

Lehman Brothers

        

3.210%, 03/03/08

      3,907      3,908    

Merrill Lynch

        

3.230%, 03/03/08

      864      864    
             
              20,843      

Total Short Term Investments Held as Collateral for Loaned Securities

        

(Cost $29,971)

             29,971      

TOTAL INVESTMENTS — 120.0%

        

(Cost $176,684)**

             178,983      
Other Assets & Liabilities — (20.0)%             (29,850 )    
TOTAL NET ASSETS — 100.0%           $ 149,133      

 

** Aggregate cost for Federal income tax purposes is (000) $176,684.

Gross unrealized appreciation (000)

    $ 2,486  

Gross unrealized depreciation (000)

      (187 )
        

Net unrealized appreciation (000)

    $ 2,299  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $29,463.
(A) Stepped Coupon Bond — the rate shown is the rate in effect on February 29, 2008.
(B) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(C) Illiquid Security. Total market value of illiquid securities is (000) $6,912 and represents 4.6% of net assets as of February 29, 2008.

Cl — Class

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Liability Company

See Notes to Schedules of Investments.


 

53

Allegiant Total Return Advantage Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

    Value
(000)		     

U.S. TREASURY OBLIGATIONS — 31.7%

         

U.S. Treasury Bonds — 7.6%

         

6.250%, 08/15/23#

    $ 8,240    $ 10,132   

5.375%, 02/15/31#

      12,205      13,909   

4.500%, 02/15/36#

      7,895      7,998   
            
              32,039     

U.S. Treasury Inflationary Index Bond — 2.8%

         

1.625%, 01/15/18#

      11,180      11,760     

U.S. Treasury Notes — 21.3%

         

6.500%, 02/15/10#

      10      11   

4.875%, 08/15/09#

      2,435      2,551   

4.875%, 07/31/11#

      51,630      56,507   

4.875%, 08/15/16#

      11,885      13,175   

4.750%, 05/15/14#

      16,365      18,159   
            
              90,403     

Total U.S. Treasury Obligations

         

(Cost $129,138)

             134,202     

CORPORATE BONDS — 24.3%

         

Automotive — 0.4%

         

Allison Transmission

         

11.000%, 11/01/15#(A)

      750      645   

General Motors

         

8.375%, 07/15/33#

      1,240      955   

Tenneco

         

8.125%, 11/15/15(A)

      50      50   
            
              1,650     

Cable — 0.4%

         

CSC Holdings, Cl B

         

8.125%, 08/15/09

      546      557   

Time Warner Cable

         

5.850%, 05/01/17

      1,250      1,237   
            
              1,794     

Consumer Non-Cyclical — 0.6%

         

ACCO Brands

         

7.625%, 08/15/15

      235      206   

Constellation Brands

         

7.250%, 05/15/17

      350      338   

GSC Holdings

         

8.000%, 10/01/12

      590      625   

Hanesbrands

         

8.204%, 12/15/14(B)

      545      482   

Iron Mountain

         

7.750%, 01/15/15

      375      378   

Quiksilver

         

6.875%, 04/15/15

      760      604   
            
              2,633     

Consumer Services — 1.8%

         

Education Management LLC

         

8.750%, 06/01/14

      890      788   

Fontainebleau Las Vegas Holdings

         

10.250%, 06/15/15#(A)

      1,150      834   

Gaylord Entertainment

         

8.000%, 11/15/13

      600      555   

Mashantucket Western Pequot Tribe

         

8.500%, 11/15/15(A)

      1,050      940   
    

Par

(000)

 

    Value
(000)		     

McDonald’s

         

6.300%, 10/15/37

    $ 885    $ 908   

MGM Mirage

         

7.625%, 01/15/17

      935      886   

Mohegan Tribal Gaming Authority

         

7.125%, 08/15/14

      740      636   

Royal Caribbean Cruises

         

7.250%, 06/15/16

      1,020      969   

Universal City Development Partners

         

11.750%, 04/01/10

      500      517   

Universal City Florida Holding

         

8.375%, 05/01/10

      310      306   

Wynn Las Vegas Capital

         

6.625%, 12/01/14(A)

      190      183   
            
              7,522     

Consumer Staples — 0.3%

         

Del Monte

         

8.625%, 12/15/12

      1,015      1,035     

Energy — 1.8%

         

Chesapeake Energy

         

6.625%, 01/15/16

      840      822   

Denbury Resources

         

7.500%, 04/01/13

      725      736   

MarkWest Energy Partners

         

8.500%, 07/15/16

      450      451   

Nexen

         

5.875%, 03/10/35

      1,335      1,213   

NGPL Pipe

         

7.768%, 12/15/37#(A)

      925      968   

OPTI Canada

         

8.250%, 12/15/14#(A)

      940      933   

PHI

         

7.125%, 04/15/13

      650      601   

Southern Union

         

7.200%, 11/01/45(B)

      1,030      949   

TEPPCO Partners

         

7.000%, 06/01/49(B)

      1,225      1,071   
            
              7,744     

Financials — 11.2%

         

American Express Bank FSB

         

5.550%, 10/17/12

      725      757   

Bank of America

         

8.000%, 12/29/49 (B)

      2,560      2,656   

7.800%, 09/15/16

      1,550      1,783   

Bear Stearns

         

7.250%, 02/01/18

      1,940      1,886   

CIT Group

         

6.100%, 03/15/49 (B)

      1,250      847   

CIT Group (MTN)

         

5.125%, 09/30/14

      765      649   

Citigroup

         

6.125%, 11/21/17

      735      756   

5.000%, 09/15/14

      1,100      1,067   

Citigroup Capital XXI

         

8.300%, 12/21/57(B)

      900      916   

Countrywide Financial (MTN)

         

5.076%, 06/18/08(B)

      515      489   

Countrywide Home Loans (MTN)

         

3.250%, 05/21/08#

      900      876   

 

54

 

 

 

    

Par
(000)

 

    Value
(000)		     

CORPORATE BONDS — continued

         

Financials — continued

         

Ford Motor Credit

         

7.250%, 10/25/11

    $ 1,075    $ 920   

General Electric Capital

         

5.875%, 01/14/38

      8,050      7,722   

General Motors Acceptance Corporation

         

6.750%, 12/01/14#

      365      275   

Global Cash Access LLC

         

8.750%, 03/15/12#

      420      406   

Goldman Sachs Capital II

         

5.793%, 06/01/49(B)

      1,145      856   

Goldman Sachs

         

6.750%, 10/01/37

      1,100      1,030   

HSBC Finance

         

6.375%, 10/15/11

      2,095      2,203   

ING USA Global Funding

         

4.500%, 10/01/10

      920      953   

International Lease Finance (MTN)

         

5.625%, 09/15/10

      1,800      1,865   

JPMorgan Chase

         

6.000%, 01/15/18#

      1,950      2,027   

JPMorgan Chase Capital XXII

         

6.450%, 02/02/37#

      1,000      894   

KeyBank

         

5.800%, 07/01/14

      800      812   

Lehman Brothers Holdings (MTN)

         

5.625%, 01/24/13

      2,285      2,290   

Lloyds TSB Group PLC

         

6.267%, 11/14/16 (A) (B)

      1,400      1,226   

Merrill Lynch

         

5.450%, 02/05/13

      2,325      2,344   

Morgan Stanley

         

4.750%, 04/01/14

      1,635      1,578   

MUFG Capital Finance 1

         

6.346%, 07/25/16(B)

      725      636   

Regions Financing Trust II

         

6.625%, 05/01/47(B)

      500      391   

Royal Bank of Scotland Group PLC (MTN)

         

7.640%, 03/31/49(B)

      1,700      1,698   

SLM (MTN)

         

5.375%, 05/15/14

      980      839   

Wachovia

         

7.980%, 09/15/49(B)

      1,240      1,292   

Wachovia Capital Trust III

         

5.800%, 03/15/42#(B)

      2,605      2,053   

Washington Mutual Preferred Funding

         

9.750%, 12/15/17 (A) (B)

      700      603   
            
              47,595     

Industrials — 1.8%

         

Beazer Homes USA

         

8.625%, 05/15/11#

      825      646   

Centex

         

6.500%, 05/01/16

      1,010      845   

D.R. Horton

         

6.875%, 05/01/13

      950      902   

H&E Equipment Services

         

8.375%, 07/15/16#

      300      250   

Hawker Beechcraft Acquisition LLC

         

9.750%, 04/01/17#

      750      748   

K. Hovnanian Enterprises

         

8.625%, 01/15/17#

      1,515      1,212   

 

 

 

 

    

Par
(000)

 

    Value
(000)		     

Neenah Foundary

         

9.500%, 01/01/17

    $ 700    $ 508   

Pulte Homes

         

4.875%, 07/15/09

      1,215      1,160   

Stanley Works Capital Trust I

         

5.902%, 12/01/45(B)

      750      668   

Terex

         

8.000%, 11/15/17

      750      750   
            
              7,689     

Insurance — 0.3%

         

American General Finance (MTN)

         

3.875%, 10/01/09

      300      300   

AXA SA

         

6.379%, 12/14/49 (A) (B)

      975      790   
            
              1,090     

Media — 0.5%

         

DIRECTV Group

         

8.375%, 03/15/13

      586      606   

Idearc

         

8.000%, 11/15/16

      675      402   

Time Warner

         

6.500%, 11/15/36

      935      875   
            
              1,883     

Real Estate Investment Trusts — 0.4%

         

iStar Financial

         

5.950%, 10/15/13

      2,000      1,606     

Retail — 1.0%

         

Home Depot

         

5.875%, 12/16/36

      1,150      950   

Neiman-Marcus Group

         

10.375%, 10/15/15

      600      601   

Target

         

6.000%, 01/15/18

      920      968   

Wal-Mart Stores

         

5.250%, 09/01/35

      2,125      1,895   
            
              4,414     

Technology — 0.2%

         

Sungard Data Systems

         

10.250%, 08/15/15#

      550      550   

TransDigm

         

7.750%, 07/15/14

      400      400   
            
              950     

Telecommunications — 1.1%

         

AT&T

         

5.625%, 06/15/16

      510      522   

GTE

         

6.940%, 04/15/28

      1,490      1,548   

Nextel Communications

         

7.375%, 08/01/15

      1,635      1,268   

Sprint Capital

         

6.875%, 11/15/28

      465      326   

Telefonica Emisiones SAU

         

6.221%, 07/03/17

      1,000      1,041   
            
              4,705     

 

55

Allegiant Total Return Advantage Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Par
(000)

 

   Value
(000)		    

CORPORATE BONDS — continued

      

Transportation — 1.1%

      

Avis Budget Car Rental

      

7.750%, 05/15/16

   $ 705   $ 592  

ERAC USA Finance

      

6.375%, 10/15/17 (A)

     975     894  

FedEx

      

6.720%, 01/15/22

     1,245     1,358  

Hertz

      

10.500%, 01/01/16

     475     454  

8.875%, 01/01/14#

     725     694  

Kansas City Southern de Mexico SA de CV

      

7.375%, 06/01/14 (A)

     800     745  
         
            4,737    

Utilities — 1.4%

      

Bruce Mansfield Unit

      

6.850%, 06/01/34

     650     673  

Edison Mission Energy

      

7.750%, 06/15/16#

     560     580  

Midamerican Energy

      

6.750%, 12/30/31

     1,065     1,139  

National Rural Utilities Cooperative Finance

      

5.450%, 04/10/17

     1,020     1,040  

NRG Energy

      

7.250%, 02/01/14

     1,000     979  

Texas Competitive Electric Holdings LLC

      

10.250%, 11/01/15 (A)

     1,250     1,225  

Wisconsin Energy

      

6.250%, 05/15/49 (B)

     480     437  
         
            6,073    

Total Corporate Bonds

      

(Cost $108,713)

           103,120    

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 16.4%

      

Federal National Mortgage Association — 16.4%

      

6.000%, 12/01/36

     9,315     9,524  

5.500%, 09/01/17

     3,384     3,477  

5.500%, 11/01/21

     2,142     2,192  

5.500%, 12/01/36

     11,898     11,983  

5.500%, 04/01/37

     9,645     9,707  

5.500%, 07/01/37

     771     776  

5.000%, 06/01/20

     3,786     3,837  

5.000%, 11/01/21

     1,814     1,836  

4.867%, 04/01/35 (B)

     7,333     7,403  

4.500%, 08/01/20

     8,869     8,916  

4.500%, 09/01/35

     10,195     9,768  
         
            69,419    

Total U.S. Government Agency Mortgage-Backed Obligations

      

(Cost $68,372)

           69,419    

U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.3%

  

Federal Home Loan Bank — 2.7%

      

4.750%, 03/14/08#

     11,300     11,307    

Federal National Mortgage Association — 6.6%

      

4.360%, 08/29/08# (C) (DN)

     7,445     7,361  

4.115%, 08/29/08# (C) (DN)

     2,850     2,818  

4.040%, 08/29/08# (C) (DN)

     5     5  

3.980%, 08/29/08# (C) (DN)

     10,370     10,252  
   

Par
(000)

 

   Value
(000)		    

3.910%, 08/29/08# (C) (DN)

   $ 4,575   $ 4,523  

2.440%, 08/29/08# (C) (DN)

     3,000     2,966  
         
            27,925    

Total U.S. Government Agency Obligations

      

(Cost $38,987)

           39,232    

COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1%

  

Fannie Mae, Series 2003-69, Cl PM

      

3.500%, 07/25/33

     4,384     4,190  

Fannie Mae, Series 2005-87, Cl NH

      

5.000%, 10/25/25

     9,750     9,556  

First Horizon Mortgage Trust,

      

Series 2004-4, Cl 2A3

      

4.500%, 07/25/19

     4,294     4,193  

Freddie Mac, Series 2004-2882, Cl BA

      

5.000%, 10/15/32

     5,800     5,723  

Residential Funding Mortgage Securities,

      

Series 2004-S6, Cl 3A2

      

4.500%, 06/25/19

     7,200     6,919  

Wells Fargo Securities Trust,

      

Series 2004-K, Cl 2A11

      

4.732%, 07/25/34 (B)

     4,000     3,882    

Total Collateralized Mortgage Obligations

      

(Cost $33,411)

           34,463    

ASSET BACKED SECURITIES — 4.8%

      

Automotive — 1.4%

      

WFS Financial Owner Trust,

      

Series 2005-3, Cl A4

      

4.390%, 05/17/13

     3,325     3,353  

World Omni Auto Receivables Trust,

      

Series 2007-B, Cl A3A

      

5.280%, 01/17/12

     2,500     2,560  
         
            5,913    

Credit Cards — 2.6%

      

Chase Issuance Trust,

      

Series 2005-A4, Cl A4

      

4.230%, 01/15/13

     4,291     4,372  

Citibank Credit Card Issuance Trust,

      

Series 2006-A5, Cl A5

      

5.300%, 05/20/11

     6,700     6,867  
         
            11,239    

Utilities — 0.8%

      

Atlantic City Electric Transition Funding LLC,

      

Series 2002-1, Cl A4

      

5.550%, 10/20/23

     3,175     3,260    

Total Asset Backed Securities

      

(Cost $19,822)

           20,412    

COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.1%

  

Bear Stearns Commercial Mortgage Securities,

      

Series 2005-PWR9, Cl A4A

      

4.871%, 09/11/42

     4,100     3,860  

Citigroup/Deutsche Bank Commercial Mortgage

      

Trust, Series 2005-CD1, Cl A4

      

5.225%, 07/15/44 (B)

     5,300     5,123  

 

56

 

 

 

    

Par

(000)

 

    Value
(000)		     

COMMERCIAL MORTGAGE-BACKED SECURITIES — continued

   

CS First Boston Mortgage Securities,

         

Series 2005-C6, Cl A4

         

5.230%, 12/15/40 (B)

    $ 4,500    $ 4,328     

Total Commercial Mortgage-Backed Securities

         

(Cost $13,734)

             13,311     

LOAN AGREEMENTS — 0.4%

         

HCA

         

7.6100%, 11/18/12 (D) (E)

      990      913   

Seminole Tribe of Florida, Tranche B-1

         

6.875%, 03/05/14 (D) (E)

      800      758     

Total Loan Agreements

         

(Cost $1,753)

             1,671     

NON-AGENCY MORTGAGE-BACKED SECURITY — 0.0%

   

Thirty-Seventh FHA Insurance Project

         

7.430%, 05/01/22 (D) (F)

      39      38   

(Cost $39)

                   
                    
    

Number

of Shares

 

          

PREFERRED STOCKS — 0.5%

         

Financial Conduits — 0.5%

         

Fannie Mae

      42,500      1,088   

Freddie Mac

      45,000      1,159     

Total Preferred Stocks

         

(Cost $2,229)

             2,247     

AFFILIATED MONEY MARKET FUND — 7.6%

      

Allegiant Advantage Institutional Money Market Fund, Class I†

      32,013,508      32,014   

(Cost $32,014)

                   

Total Investments Before Collateral for Loaned
Securities — 106.2%

         

(Cost $448,212)

             450,129     
        
    

Par

(000)

 

          

SHORT TERM INVESTMENTS HELD AS COLLATERAL FOR

LOANED SECURITIES — 34.4%

      

Master Notes — 3.8%

         

Bear Stearns

         

3.330%, 06/02/08 (D)

    $ 8,419      8,418   

JPMorgan Securities

         

3.230%, 03/17/08

      7,577      7,577   
              15,995     

Medium Term Notes — 5.9%

         

General Electric Capital

         

3.290%, 05/19/08 (B)

      5,640      5,640   

Liquid Funding LLC

         

3.090%, 06/11/08 (B)

      4,209      4,209   

Merrill Lynch

         

3.190%, 07/07/08 (B)

      11,786      11,803   

 

 

 

 

    

Par

(000)

 

    Value
(000)		     

Morgan Stanley

         

3.260%, 01/15/09 (B)

    $ 1,639    $ 1,684   

3.230%, 02/02/09 (B)

      1,684      1,684   
              25,020     
        
    

Number
of Shares

 

          

Money Market Funds — 0.8%

         

Merrill Lynch Premier Institutional Fund

      1,346,966      1,347   

Schwab Value Advantage Money Fund

      2,104,634      2,105   
              3,452     
                    
    

Par

(000)

 

          

Repurchase Agreements — 23.9%

         

Bear Stearns

         

3.200%, 06/05/08 (D)

    $ 25,256      25,256   

3.230%, 03/03/08

      31,990      31,990   

Greenwich Capital

         

3.280%, 03/03/08

      21,046      21,046   

Lehman Brothers

         

3.210%, 03/03/08

      19,035      19,035   

Merrill Lynch

         

3.230%, 03/03/08

      4,209      4,209   
              101,536     

Total Short Term Investments Held as Collateral for Loaned Securities

(Cost $146,003)

             146,003     

 

57

Allegiant Total Return Advantage Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Value
(000)

 

      

TOTAL INVESTMENTS — 140.6%

     

(Cost $594,215)*

    $ 596,132      

Other Assets & Liabilities — (40.6)%

      (172,075 )    

TOTAL NET ASSETS — 100.0%

    $ 424,057      

 

* Aggregate cost for Federal income tax purposes is (000) $594,327.

Gross unrealized appreciation (000)

    $ 8,773  

Gross unrealized depreciation (000)

      (6,968 )
        

Net unrealized appreciation (000)

    $ 1,805  
        

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $144,052.
(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) $10,036 and represents 2.4% of net assets as of February 29, 2008.
(B) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(C) Zero Coupon Bond — the rate shown is the effective yield at purchase date.
(D) Illiquid Security. Total market value of illiquid securities is (000) $35,383 and represents 8.3% of net assets as of February 29, 2008.
(E) Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at February 29, 2008. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown.
(F) Security fair valued using methods determined in good faith by 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)

11/08

    Buy    JPY 480,000    $ 4,566    $ 4,680    $ 114

JPY — Japanese Yen

See Notes to Schedules of Investments.


 

58

Allegiant Ultra Short Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

ASSET BACKED SECURITIES — 24.7%

      

Automotive — 13.1%

         

Carmax Auto Owner Trust, Series 2005-1, Cl A4

         

4.350%, 03/15/10

    $ 1,488    $ 1,495   

Chase Manhattan Auto Owner Trust,

         

Series 2006-A, Cl A4

         

5.360%, 01/15/13

      1,000      1,029   

Chase Manhattan Auto Owner Trust,

         

Series 2006-B, Cl A2

         

5.280%, 10/15/09

      73      73   

DaimlerChrysler Auto Trust,

         

Series 2005-B, Cl A3

         

4.040%, 09/08/09

      331      331   

DaimlerChrysler Auto Trust,

         

Series 2006-B, Cl A3

         

5.330%, 08/08/10

      971      982   

Ford Credit Auto Owner Trust,

         

Series 2006-C, ClA3

         

5.160%, 11/15/10

      850      869   

Honda Auto Receivables Owner Trust,

         

Series 2006-2, Cl A3

         

5.300%, 07/21/10

      690      699   

Nissan Auto Receivables Owner Trust,

         

Series 2005-B, Cl A3

         

3.990%, 07/15/09

      310      310   

USAA Auto Owner Trust,

         

Series 2007-1, Cl A2

         

5.400%, 04/15/10

      1,185      1,196   

Wachovia Auto Owner Trust,

         

Series 2005-A, Cl A3

         

4.060%, 09/21/09

      404      404   

WFS Financial Owner Trust,

         

Series 2005-3, Cl A4

         

4.390%, 05/17/13

      644      650   

World Omni Auto Receivables Trust,

         

Series 2006-A, Cl A4

         

5.030%, 10/17/11

      680      698   
              8,736     

Credit Cards — 10.1%

         

American Express Credit Account Master Trust,

         

Series 2003-2, Cl A

         

3.231%, 10/15/10 (A)

      1,500      1,500   

Bank One Issuance Trust,

         

Series 2004-A1, Cl A1

         

3.450%, 10/17/11

      1,450      1,453   

Citibank Credit Card Issuance Trust,

         

Series 2003-A9, Cl A9

         

3.150%, 11/22/10 (A)

      750      747   

Citibank Credit Card Master Trust I,

         

Series 1999-2, Cl A

         

5.875%, 03/10/11

      1,500      1,540   

MBNA Credit Card Master Note Trust,

         

Series 2003-A11, Cl A11

         

3.650%, 03/15/11

      1,500      1,503   
              6,743     
    

Par
(000)

 

    Value
(000)		     

Energy — 1.5%

         

Peco Energy Transition Trust,

         

Series 1999-A, Cl A7

         

6.130%, 03/01/09

    $ 949    $ 957     

Total Asset Backed Securities

         

(Cost $16,245)

             16,436     

U.S. TREASURY OBLIGATIONS — 19.4%

         

U.S. Treasury Notes — 19.4%

         

4.750%, 02/28/09#

      705      726   

4.750%, 02/15/10#

      5,165      5,476   

4.500%, 04/30/09#

      1,300      1,344   

3.500%, 12/15/09#

      5,200      5,375     

Total U.S. Treasury Obligations

         

(Cost $12,687)

         12,921   
                    

U.S. GOVERNMENT AGENCY OBLIGATIONS — 16.6%

   

Federal Home Loan Bank — 5.7%

         

5.250%, 08/14/08

      2,735      2,766   

2.625%, 07/15/08

      1,000      1,000   
              3,766     

Federal National Mortgage Association — 10.9%

         

5.125%, 09/02/08

      7,145      7,236     

Total U.S. Government Agency Obligations

         

(Cost $10,910)

             11,002     
        

COLLATERALIZED MORTGAGE OBLIGATIONS — 14.7%

   

Bank of America Mortgage Securities,

         

Series 2003-A, Cl 1A1

         

6.997%, 02/25/33 (A)

      12      12   

Chase Mortgage Finance,

         

Series 2004-S3, Cl 2A1

         

5.250%, 03/25/34

      1,224      1,237   

Fannie Mae, Series 2002-61, Cl PE

         

5.500%, 05/25/16

      873      881   

Fannie Mae, Series 2003-35, Cl MB

         

4.500%, 06/25/13

      913      913   

Fannie Mae, Series 2003-60, Cl PA

         

3.500%, 04/25/19

      523      522   

Fannie Mae, Series 2005-51, Cl PA

         

5.500%, 01/25/25

      1,445      1,467   

Fannie Mae, Series 2005-63, Cl PQ

         

4.500%, 10/25/24

      1,117      1,123   

Freddie Mac, Series 1602, Cl PH

         

6.000%, 04/15/23

      145      146   

Freddie Mac, Series 2006-3138, Cl QA

         

5.500%, 02/15/25

      698      715   

Freddie Mac, Series 2527, Cl BN

         

5.000%, 02/15/16

      943      951   

Freddie Mac, Series 2714 Cl CK

         

4.000%, 06/15/24

      344      344   

Freddie Mac, Series 3053, Cl OA

         

5.500%, 06/15/25

      1,322      1,346   

Ginnie Mae, Series 2002-76, Cl TA

         

4.500%, 12/16/29

      134      136     

Total Collateralized Mortgage Obligations

         

(Cost $9,680)

             9,793     

 

59

Allegiant Ultra Short Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

CORPORATE BONDS — 13.8%

         

Cable — 0.6%

         

Comcast MO of Delaware

         

9.000%, 09/01/08

    $ 415    $ 423     

Financials — 7.4%

         

CIT Group

         

5.000%, 11/24/08#

      175      174   

Citigroup

         

4.250%, 07/29/09

      900      911   

HSBC Finance

         

8.000%, 07/15/10

      340      369   

John Deere Capital (MTN)

         

4.500%, 08/25/08

      350      352   

Lehman Brothers Holdings (MTN)

         

4.792%, 04/03/09 (A)

      225      220   

Merrill Lynch (MTN)

         

4.250%, 02/08/10

      325      327   

Republic New York

         

5.875%, 10/15/08

      445      451   

SLM (MTN)

         

3.625%, 03/17/08

      865      864   

Transamerica Finance

         

6.400%, 09/15/08

      500      508   

UBS Paine Webber Group

         

7.625%, 10/15/08

      740      759   
              4,935     

Healthcare — 0.2%

         

WellPoint

         

4.250%, 12/15/09

      165      167     

Insurance — 2.3%

         

American General Finance (MTN)

         

4.625%, 05/15/09

      425      425   

AXA Financial

         

6.500%, 04/01/08

      400      401   

Genworth Financial

         

5.231%, 05/16/09

      160      163   

Reliastar Financial

         

6.500%, 11/15/08

      500      509   
              1,498     

Real Estate Investment Trusts — 0.3%

         

Simon Property Group LP

         

3.750%, 01/30/09

      220      218     

Retail — 0.4%

         

Home Depot

         

3.750%, 09/15/09

      235      234     

Utilities — 2.6%

         

Alabama Power

         

5.375%, 10/01/08

      580      586   

Appalachian Power

         

3.600%, 05/15/08

      175      175   

Dominion Resources

         

5.125%, 12/15/09

      233      240   

Florida Power

         

3.468%, 11/14/08 (A)

      160      160   

Midamerican Funding LLC

         

6.339%, 03/01/09

      310      317   
   

Par

(000)

 

   Value
(000)		    

Xcel Energy

      

3.400%, 07/01/08

   $ 245   $ 245  
            1,723    

Total Corporate Bonds

      

(Cost $9,127)

           9,198    

U.S. GOVERNMENT AGENCY MORTGAGE-
BACKED OBLIGATIONS — 4.9%

  

Federal National Mortgage Association — 4.9%

  

5.500%, 12/01/11

     1,372     1,412  

5.115%, 01/01/36 (A)

     1,820     1,861    

Total U.S. Government Agency Mortgage-Backed Obligations

      

(Cost $3,198)

           3,273    
     

COMMERCIAL MORTGAGE-BACKED SECURITY — 2.2%

  

Credit Suisse First Boston Mortgage Securities, Series 2004-C1, Cl A2

      

3.516%, 01/15/37

     1,488     1,473  

(Cost $1,434)

                
     
   

Number

of Shares

 

        

AFFILIATED MONEY MARKET FUND — 3.2%

  

Allegiant Money Market Fund, Class I†

     2,101,074     2,101  

(Cost $2,101)

                

Total Investments Before Collateral for Loaned Securities — 99.5%

      

(Cost $65,382)

           66,197    
     
   

Par

(000)

 

        

SHORT TERM INVESTMENTS HELD AS COLLATERAL
FOR LOANED SECURITIES — 18.0%

  

Master Notes — 2.0%

      

Bear Stearns

      

3.330%, 06/02/08 (B)

   $ 690     690  

JPMorgan Securities

      

3.230%, 03/17/08

     621     621  
            1,311    

Medium Term Notes — 3.1%

      

General Electric Capital

      

3.290%, 05/19/08 (A)

     462     462  

Liquid Funding LLC

      

3.090%, 06/11/08 (A)

     345     345  

Merrill Lynch

      

3.190%, 07/07/08 (A)

     966     968  

Morgan Stanley

      

3.260%, 01/15/09 (A)

     138     138  

3.230%, 02/02/09 (A)

     138     138  
            2,051    
     
   

Number

of Shares

 

        

Money Market Funds — 0.4%

      

Merrill Lynch Premier Institutional Fund

     110,423     110  

Schwab Value Advantage Money Fund

     172,535     173  
            283    

 

60

 

 

 

    

Par
(000)

 

    Value
(000)		      

Repurchase Agreements — 12.5%

        

Bear Stearns

        

3.200%, 06/05/08 (B)

    $ 2,070    $ 2,070    

3.230%, 03/03/08

      2,623      2,623    

Greenwich Capital

        

3.280%, 03/03/08

      1,725      1,725    

Lehman Brothers

        

3.210%, 03/03/08

      1,560      1,561    

Merrill Lynch

        

3.230%, 03/03/08

      345      345    
              8,324      

Total Short Term Investments Held as Collateral for Loaned Securities

        

(Cost $11,969)

             11,969      

TOTAL INVESTMENTS — 117.5%

        

(Cost $77,351)*

             78,166      

Other Assets & Liabilities – (17.5)%

             (11,645 )    

TOTAL NET ASSETS — 100.0%

           $ 66,521      

 

* Aggregate cost for Federal income tax purposes is (000) $77,352.

Gross unrealized appreciation (000)

   $ 828  

Gross unrealized depreciation (000)

     (14 )
       

Net unrealized appreciation (000)

   $ 814  
       

 

† See Note 3 in Notes to Schedules of Investments.
# Security fully or partially on loan. Total Market Value of Securities on Loan is (000) $11,752.
(A) Variable Rate Security — the rate shown is the rate in effect on February 29, 2008.
(B) Illiquid Security. Total market value of illiquid securities is (000) $2,760 and represents 4.1% of net assets as of February 29, 2008.

Cl — Class

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

See Notes to Schedules of Investments.


 

61

Allegiant Intermediate Tax Exempt Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

MUNICIPAL BONDS — 98.4%

         

Arizona — 3.5%

         

Arizona School Facilities Board (RB) (AMBAC)

         

5.000%, 07/01/16

    $ 1,000    $ 1,033   

Tucson Street & Highway User Authority

         

(RB) Series A (MBIA)

         

7.000%, 07/01/11

      1,500      1,678   
              2,711     

California — 0.3%

         

Foothill/Eastern Corridor Capital Appreciation

         

(RB) (ETM) (FSA)

         

4.894%, 01/01/29 (A)

      850      267     

Colorado — 0.0%

         

Colorado Water Resource Power Development

         

Authority (RB) Series A

         

6.300%, 09/01/14

      35      35     

Florida — 14.8%

         

Brevard County School Board (COP) Series C

         

(AMBAC)

         

5.000%, 07/01/17

      1,295      1,341   

Florida Board of Education (GO) (ETM)

         

9.125%, 06/01/14

      135      173   

Florida Board of Education Capital Outlay

         

(GO) Series D

         

5.750%, 06/01/22

      1,000      1,034   

Florida Department of Transportation (RB)

         

5.000%, 07/01/18

      1,850      1,943   

Gulf Breeze Capital Funding

         

(RB) Series A (MBIA) (VRDN)

         

4.850%, 12/01/17

      1,000      1,000   

Hillsborough County Capital Improvement, Mosi

         

& County Center Project (RB) (MBIA)

         

5.000%, 07/01/16

      1,240      1,313   

Orlando & Orange County Expressway Authority

         

(RB) Series A (AMBAC)

         

5.250%, 07/01/16

      1,500      1,577   

Seminole County School Board (COP) Series A

         

(AMBAC)

         

5.500%, 07/01/15

      1,000      1,082   

University of North Florida Financing

         

Corporation, Housing Project (RB) (FGIC)

         

5.000%, 11/01/18

      2,070      2,092   
              11,555     

Georgia — 7.4%

         

Atlanta Water & Wastewater Authority

         

(RB) Series A (FGIC)

         

5.500%, 11/01/13

      2,000      2,153   

Fulton County Development Authority, Georgia

         

Tech Athletic Association (RB) (AMBAC)

         

5.500%, 10/01/17

      1,750      1,812   

Georgia Municipal Electric Authority

         

(RB) Series X (MBIA)

         

6.500%, 01/01/12

      1,645      1,772   

Georgia State (GO) Series B (ETM)

         

6.650%, 03/01/09

      20      21   
              5,758     
    

Par
(000)

 

    Value
(000)		     

Hawaii — 1.3%

         

Honolulu City & County (GO) Series C (MBIA)

         

5.000%, 07/01/20

    $ 1,000    $ 1,021     

Illinois — 4.6%

         

Chicago (GO) Series A (MBIA)

         

5.500%, 01/01/14

      160      169   

Illinois Highway Toll Authority

         

(RB) Series A (FSA)

         

5.500%, 01/01/13

      1,000      1,089   

Lake County Community Consolidated School

         

District Number 50, Woodland (GO) (FSA)

         

5.000%, 01/01/19

      1,280      1,324   

University of Illinois (RB) (MBIA)

         

5.000%, 04/01/18

      1,000      1,041   
              3,623     

Indiana — 15.9%

         

Ball State University, Housing and Dining System

         

(RB) (FSA)

         

5.000%, 07/01/21

      2,190      2,225   

East Chicago Elementary School Building

         

Corporation, First Mortgage (RB)

         

6.250%, 01/05/16

      1,750      1,881   

Fort Wayne South Side School Building

         

Corporation, First Mortgage (RB) (FSA)

         

4.750%, 07/15/11

      500      504   

Hammond Multi-School Building Corporation,

         

First Mortgage (RB) Series B (ETM)

         

6.000%, 01/15/18

      1,000      1,126   

Purdue University (COP)

         

5.250%, 07/01/21

      3,240      3,350   

Wawasee Community School Corporation

         

(RB) (FSA)

         

5.000%, 07/15/18

      1,000      1,059   

Westfield High School Building

         

Corporation (RB) (FSA)

         

5.000%, 07/15/18

      2,135      2,248   
              12,393     

Massachusetts — 0.7%

         

Massachusetts State Health & Educational

         

Facilities Authority, Berklee College of Music

         

(RB) Series A

         

5.000%, 10/01/17

      500      515     

Michigan — 6.2%

         

Kent County Hospital Finance Authority,

         

Butterworth Hospital Project (RB) Series A

         

7.250%, 01/15/13

      1,850      2,022   

Michigan State Hospital Finance Authority,

         

Edward W. Sparrow Hospital Association (RB)

         

5.000%, 11/15/18

      1,000      998   

Western School District (GO) (MBIA)

         

5.900%, 05/01/10

      1,680      1,784   
              4,804     

Mississippi — 3.0%

         

Mississippi Development Bank Special Obligation

         

(RB) Series A (AMBAC)

         

5.000%, 07/01/16

      1,000      1,055   

 

62

 

 

 

    

Par
(000)

 

    Value
(000)		     

MUNICIPAL BONDS — continued

         

Mississippi — continued

         

Mississippi Development Bank Special

         

Obligation, Biloxi Mississippi Project (RB)

         

Series A (AMBAC)

         

5.000%, 11/01/14

    $1,190    $1,267   
          2,322     

Missouri — 1.4%

         

Missouri Environmental Improvement Authority,

         

Revolving Fund Program (RB) Series B

         

5.500%, 07/01/16

    1,000    1,110     

New Jersey — 1.4%

         

New Jersey State Transportation Trust Fund

         

Authority, Transportation System

         

(RB) Series B (FGIC)

         

5.250%, 12/15/14

    1,000    1,077     

New Mexico — 1.6%

         

New Mexico Finance Authority (RB) (MBIA)

         

5.000%, 06/15/19

    1,210    1,240     

New York — 3.2%

         

Buffalo Sewer Authority (RB) Series F (FGIC)

         

6.000%, 07/01/13

    1,300    1,405   

New York State Power Authority,

         

Prerefunded 01/01/10 @ 100 (RB)

         

7.000%, 01/01/18

    1,000    1,071   
          2,476     

North Carolina — 2.9%

         

Iredell County, Iredell County School Project

         

(COP) (AMBAC)

         

5.000%, 06/01/14

    1,140    1,217   

Mooresville (COP)

         

5.000%, 09/01/17

    1,000    1,038   
          2,255     

Ohio — 1.2%

         

Ohio Housing Finance Agency, Single-Family

         

Housing Mortgage, Prerefunded 01/15/13 @

         

81.88 (RB) (FGIC)

         

6.399%, 01/15/15 (A)

    1,340    914     

Oklahoma — 4.1%

         

Grand River Dam Authority (RB) (AMBAC)

         

6.250%, 06/01/11

    2,500    2,719   

Oklahoma Development Finance Authority, St.

         

John Health System (RB)

         

5.000%, 02/15/17

    500    508   
          3,227     

Pennsylvania — 0.7%

         

Westmoreland County Capital Appreciation

         

(RB) Series A (MBIA)

         

5.041%, 08/15/23 (A)

    1,345    569     

South Carolina — 0.7%

         

Lexington County Health Services District,

         

Lexington Medical Center (RB)

         

5.000%, 11/01/16

    500    514     

 

 

 

 

    

Par
(000)

 

    Value
(000)		     

Tennessee — 1.3%

         

Knox County Health, Educational & Housing

         

Facilities Board, University Health System (RB)

         

5.000%, 04/01/17

    $ 1,000    $ 984     

Texas — 10.7%

         

Austin Water & Wastewater System (RB) (MBIA)

         

5.000%, 11/15/17

      1,000      1,051   

Austin Water & Wastewater System

         

(RB) Series A (AMBAC)

         

5.500%, 11/15/14

      1,000      1,094   

Comal Independent School District

         

(GO) (PSF-GTD)

         

5.500%, 02/01/19

      215      222   

Conroe Independent School District

         

(GO) (PSF-GTD)

         

5.500%, 02/15/15

      195      198   

Houston Water & Sewer System, Prerefunded

         

12/01/11 @ 100 (RB) Series A (FSA)

         

5.500%, 12/01/13

      525      568   

Houston Water & Sewer System

         

(RB) Series A (FSA)

         

5.500%, 12/01/13

      800      860   

North Texas Health Facilities Development

         

Corporation, United Regional Healthcare

         

System (RB) (FSA)

         

5.000%, 09/01/17

      800      844   

Robinson Independent School District

         

(GO) (PSF-GTD)

         

5.750%, 08/15/12

      575      596   

Texas State Water Financial Assistance (GO)

         

5.500%, 08/01/17

      1,125      1,177   

United Independent School District, Prerefunded

         

08/15/12 @ 100 (GO) (PSF-GTD)

         

5.375%, 08/15/16

      1,585      1,716   
              8,326     

Utah — 1.3%

         

Intermountain Power Agency (RB) Series E (FSA)

         

6.250%, 07/01/09

      1,000      1,046     

Virginia — 1.4%

         

Virginia College Building Authority, Higher

         

Education Financing Program (RB) Series A

         

5.000%, 09/01/15

      1,000      1,076     

Washington — 6.7%

         

King County School District Number 406

         

South Central (GO) (FSA)

         

5.000%, 12/01/17

      1,300      1,369   

Seattle Municipal Light & Power (RB)

         

5.625%, 12/01/18

      2,000      2,081   

Washington State (GO) Series D (AMBAC)

         

5.000%, 01/01/15

      1,700      1,819   
              5,269     

Wisconsin — 1.6%

         

Milwaukee (GO) Series B10 (AMBAC)

         

5.000%, 02/15/18

      1,235      1,281     

 

 

63

Allegiant Intermediate Tax Exempt Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

    Value
(000)		     

MUNICIPAL BONDS — continued

         

Puerto Rico — 0.5%

         

Puerto Rico Electric Power Authority (RB)

         

Series TT

         

5.000%, 07/01/17

    $ 400    $ 408     

Total Municipal Bonds

         

(Cost $76,487)

             76,776     
                    
    

Number
of Shares

 

          

AFFILIATED MONEY MARKET FUND — 0.9%

   

Allegiant Tax-Exempt Money Market Fund,

         

Class I†

      736,984      737   

(Cost $737)

                   

TOTAL INVESTMENTS — 99.3%

         

(Cost $77,224)*

             77,513     

Other Assets & Liabilities — 0.7%

             524     

TOTAL NET ASSETS — 100.0%

           $ 78,037     

 

* Aggregate cost for Federal income tax purposes is (000) $77,555.

Gross unrealized appreciation (000)

    $ 1,020  

Gross unrealized depreciation (000)

      (1,062 )
        

Net unrealized depreciation (000)

    $ (42 )
        

 

† See Note 3 in Notes to Schedules of Investments.
(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

               February 29, 2008, and the date shown is the final maturity date, not

                the next reset or put date.

See Notes to Schedules of Investments.


 

64

Allegiant Michigan Intermediate Municipal Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

MUNICIPAL BONDS—97.6%

         

Michigan—96.9%

         

Allendale Public School District (GO) Series A

         

(FSA)

         

5.500%, 05/01/16

    $ 1,000    $ 1,107   

Anchor Bay School District

         

(GO) Series II (FGIC)

         

6.125%, 05/01/11

      350      380   

Ann Arbor Building Authority (GO) (MBIA)

         

5.000%, 03/01/15

      1,215      1,294   

Byron Center Public School (GO) (MBIA)

         

8.250%, 05/01/09

      1,380      1,468   

Detroit Downtown Development

         

(GO) Series A (AMBAC)

         

6.250%, 07/15/11

      1,600      1,745   

Detroit Sewer Disposal (RB) Series C (FGIC)

         

5.250%, 07/01/16

      1,145      1,228   

Detroit Water Supply System

         

(RB) (FGIC)

         

6.500%, 07/01/15

      1,000      1,150   

Detroit Water Supply System

         

(RB) Series A (MBIA)

         

6.000%, 07/01/13

      1,000      1,104   

East Lansing Public Schools

         

(GO) Series B (MBIA)

         

5.000%, 05/01/20

      1,350      1,370   

Forest Hills Public Schools (GO) (FSA)

         

5.000%, 05/01/17

      1,000      1,066   

Grand Rapids Building Authority (RB)

         

5.000%, 04/01/15

      1,570      1,683   

Grand Rapids Community College (GO) (FSA)

         

5.000%, 05/01/17

      1,065      1,132   

Grand Rapids Sanitation & Sewer Systems

         

(RB) Series A (FGIC)

         

5.375%, 01/01/16

      1,535      1,661   

Haslett Public School District (GO) (MBIA)

         

5.000%, 05/01/15

      1,030      1,097   

Ingham County Building Authority

         

(GO) (MBIA)

         

5.000%, 07/01/16

      1,010      1,068   

Jenison Public Schools (GO) (FGIC)

         

5.250%, 05/01/12

      1,000      1,069   

Kalamazoo Public Schools (GO) (FSA)

         

5.000%, 05/01/17

      1,000      1,062   

Kent County Hospital Finance Authority,

         

Butterworth Hospital Project (RB) Series A

         

7.250%, 01/15/13

      2,355      2,574   

Lake Orion Community School District

         

(GO) (MBIA)

         

5.000%, 05/01/20

      1,000      1,017   

Lansing Building Authority (GO) (AMBAC)

         

5.000%, 06/01/19

      1,130      1,160   

Michigan State Building Authority, Facilities

         

Program (RB) Series II (AMBAC)

         

5.000%, 10/15/15

      1,000      1,061   

Michigan State Environmental Protection

         

Program (GO)

         

6.250%, 11/01/12

      1,250      1,336   

Michigan State Hospital Finance Authority,

         

Harper-Grace Hospitals (RB) (ETM)

         

7.125%, 05/01/09

      295      303   

6.250%, 11/01/12

      1,250      1,336   

Michigan State Hospital Finance Authority,

         

Harper-Grace Hospitals (RB) (ETM)

         

7.125%, 05/01/09

      295      303   
    

Par
(000)

 

    Value
(000)		     

Michigan State Hospital Finance Authority,

         

Henry Ford Health System (RB) (ETM)

         

(AMBAC)

         

6.000%, 09/01/11

    $ 500    $ 542   

6.000%, 09/01/12

      1,000      1,097   

Michigan State Hospital Finance Authority

         

(RB) (ETM) Series P (MBIA)

         

5.375%, 08/15/14

      285      301   

Michigan State Strategic Fund Limited

         

Obligation, Detroit Edison Project

         

(RB) Series AA (FGIC)

         

6.950%, 05/01/11

      2,000      2,194   

Michigan State Trunk Line (RB) (FSA)

         

5.250%, 11/01/16

      1,170      1,279   

5.000%, 11/01/18

      1,000      1,059   

Michigan State Trunk Line (RB) Series A (MBIA)

         

5.250%, 11/01/15

      2,000      2,169   

Northwestern Michigan College (GO) (AMBAC)

         

5.000%, 04/01/18

      1,035      1,072   

Oakland County Economic Development

         

Authority, Cranbrook Community Project (RB)

      

5.000%, 11/01/17

      1,350      1,370   

Paw Paw Public School District (GO) (FGIC)

         

6.500%, 05/01/09

      665      679   

Plainwell Community Schools (GO) (FSA)

         

5.000%, 05/01/18

      1,000      1,046   

Rochester Community School District (GO) (FSA

         

Q-SBLF)

         

5.000%, 05/01/15

      1,000      1,067   

Thornapple Kellogg School District (GO)

         

(MBIA) (Q-SBLF)

         

5.000%, 05/01/18

      1,045      1,088   

Troy City School District (GO) (MBIA)

         

5.000%, 05/01/17

      1,175      1,236   

Utica Community Schools (GO) (Q-SBLF)

         

4.000%, 05/01/18

      325      317   

Utica Community Schools, School Building and

         

Site, Prerefunded 05/01/13 @ 100

         

(GO) (Q-SBLF)

         

5.500%, 05/01/17

      500      547   

Warren Woods Public Schools (GO) (FSA)

         

5.000%, 05/01/17

      1,645      1,748   

West Branch Rose City Area School District

         

(GO) (FSA)

         

5.000%, 05/01/19

      1,030      1,062   
              48,008     

Puerto Rico—0.7%

         

Commonwealth of Puerto Rico

         

(GO) Series A (FSA)

         

5.500%, 07/01/17

      300      325     

Total Municipal Bonds

         

(Cost $47,047)

             48,333     

 

65

Allegiant Michigan Intermediate Municipal Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number
of Shares

 

    Value
(000)		     

MONEY MARKET FUND — 1.3%

         

JPMorgan Michigan Municipal Money Market Fund

    645,005    $ 645   

(Cost $645)

                 

TOTAL INVESTMENTS — 98.9%

         

(Cost $47,692)*

           48,978     

Other Assets & Liabilities — 1.1%

           554     

TOTAL NET ASSETS — 100.0%

         $ 49,532     

 

* Aggregate cost for Federal income tax purposes is (000) $47,834.

 

Gross unrealized appreciation (000)

    $ 1,432  

Gross unrealized depreciation (000)

      (288 )
        

{Net unrealized appreciation (000)}

    $ 1,144  
        

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

Q-SBLF — Qualified State Bond Loan Fund

RB — Revenue Bond

See Notes to Schedules of Investments.


 

66

Allegiant Ohio Intermediate Tax Exempt Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

MUNICIPAL BONDS — 98.3%

         

Ohio — 95.9%

         

Akron (GO) (ETM)

         

6.000%, 12/01/12

    $ 1,000    $ 1,084   

Akron Economic Development (RB) (MBIA)

         

6.000%, 12/01/12

      935      1,015   

5.750%, 12/01/09

      1,680      1,718   

Akron Sewer System (RB) (AMBAC)

         

5.000%, 12/01/16

      1,500      1,590   

Ashland City School District, Elementary Schools

         

Facilities Project (COP) (AMBAC)

         

5.100%, 12/01/09

      245      254   

5.000%, 12/01/08

      200      203   

Bellefontaine City School District, Prerefunded

         

12/01/09 @ 101 (GO) (MBIA)

         

5.750%, 12/01/18

      505      537   

Bowling Green State University, Prerefunded

         

06/01/10 @ 101 (RB) (FGIC)

         

5.750%, 06/01/12

      1,000      1,072   

Centerville Capital Facilities (GO) (MBIA)

         

5.650%, 12/01/18

      45      45   

Cincinnati (GO) Series A

         

5.000%, 12/01/15

      1,210      1,304   

5.000%, 12/01/16

      1,260      1,353   

Cincinnati City School District, Prerefunded

         

12/01/11 @ 100 (GO) (MBIA)

         

5.375%, 12/01/16

      1,000      1,079   

Clermont County Water Works, Sewer District

         

Project (RB) (AMBAC)

         

5.250%, 08/01/15

      2,830      3,024   

Cleveland Packaging Facilities (RB) (FSA)

         

5.250%, 09/15/20

      1,220      1,290   

5.250%, 09/15/22

      1,790      1,870   

Cleveland Public Power Systems, First Mortgage

         

(RB) Series 1 (MBIA)

         

6.000%, 11/15/10

      445      479   

Cleveland Waterworks (RB) Series H (MBIA)

         

5.625%, 01/01/13

      35      35   

Cleveland Waterworks (RB) Series N (MBIA)

         

5.000%, 01/01/18

      1,990      2,068   

Columbus (GO) Series C

         

5.000%, 07/15/14

      1,270      1,370   

Cuyahoga County (GO)

         

5.650%, 05/15/18

      600      671   

Delaware County Capital Facilities,

         

Prerefunded 12/01/10 @ 101 (GO)

         

6.000%, 12/01/12

      545      593   

6.000%, 12/01/13

      575      626   

Dublin City School District (GO) (MBIA)

         

5.000%, 12/01/18

      1,000      1,041   

Erie County Garbage & Refuse Landfill

         

Improvement (GO) (FSA)

         

5.500%, 12/01/20

      1,305      1,390   

Fairfield City School District Improvement

         

(GO) (FGIC)

         

5.500%, 12/01/15

      1,000      1,049   

Franklin County (GO)

         

5.000%, 12/01/15

      1,875      2,028   

5.000%, 12/01/16

      950      1,017   

Greater Cleveland Regional Transportation

         

Authority, Prerefunded 12/01/11 @ 100

         

(GO) Series A (MBIA)

         

5.000%, 12/01/19

      495      528   
    

Par
(000)

 

    Value
(000)		     

Greene County Sewer System (RB) (AMBAC)

         

5.000%, 12/01/16

    $ 1,500    $ 1,592   

Hamilton City School District (GO) (MBIA)

         

5.000%, 12/01/18

      2,100      2,177   

Hamilton City School District (GO) Series A

         

6.150%, 12/01/13

      1,000      1,134   

Hamilton County Sales Tax (RB) Series A

         

(AMBAC)

         

5.000%, 12/01/17

      2,000      2,094   

Hamilton County Sewer System (RB) Series B

         

(MBIA)

         

5.000%, 12/01/17

      1,325      1,391   

Hilliard (GO) (MBIA)

         

5.000%, 12/01/21

      1,000      1,012   

Lakota Local School District (GO) (FGIC)

         

5.500%, 12/01/15

      1,245      1,367   

Lebanon City School District, Prerefunded

         

12/01/11 @ 100 (GO) (FSA)

         

5.500%, 12/01/16

      2,000      2,167   

Licking County Joint Vocational School District

         

(GO) (MBIA)

         

5.375%, 12/01/17

      1,670      1,766   

Mad River Local School District (GO) (FGIC)

         

5.750%, 12/01/14

      1,060      1,179   

Mad River Local School District, Prerefunded

         

12/01/12 @ 100 (GO) (FGIC)

         

5.750%, 12/01/19

      1,020      1,126   

Massillon (GO) (AMBAC)

         

5.500%, 12/01/18

      1,405      1,483   

Miami University General Receipts (RB)

         

(AMBAC)

         

5.500%, 12/01/13

      2,125      2,323   

5.000%, 09/01/15

      1,695      1,804   

Middletown (GO) (FGIC)

         

5.750%, 12/01/12

      650      682   

5.750%, 12/01/13

      640      670   

Montgomery County (GO)

         

5.500%, 12/01/20

      1,515      1,573   

5.375%, 12/01/16

      1,250      1,309   

Montgomery County Solid Waste Authority

         

(RB) (MBIA)

         

5.350%, 11/01/10

      900      902   

5.125%, 11/01/08

      500      501   

Ohio Capital Corp. for Housing Mortgage (RB)

         

Series D (FHA)

         

5.350%, 02/01/09

      280      288   

Ohio Common School Capital Facility

         

(GO) Series B

         

5.500%, 09/15/13

      2,640      2,902   

Ohio Department of Administrative Services

         

Office Project (COP) (AMBAC)

         

5.000%, 12/15/12

      1,210      1,236   

Ohio Housing Finance Agency (RB) Series A

         

(FSA)

         

5.000%, 04/01/16

      1,590      1,689   

Ohio State Building Authority, Adult Correctional

         

Building Fund Projects (RB) Series B

         

5.250%, 04/01/15

      2,105      2,289   

Ohio State Cultural and Sports Capital Facilities

         

(RB) Series A (FSA)

         

5.000%, 04/01/17

      1,615      1,715   

 

67

Allegiant Ohio Intermediate Tax Exempt Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

MUNICIPAL BONDS — continued

         

Ohio — continued

         

Ohio State Higher Education (GO) Series A

         

5.375%, 08/01/18

    $ 1,000    $ 1,048   

Ohio State Higher Educational Facilities

         

Commission, Case Western Reserve University

         

Project (RB)

         

6.250%, 10/01/17

      4,310      4,935   

Ohio State Higher Educational Facilities

         

Commission, Kenyon College Project

         

(RB) (VRDN)

         

5.050%, 07/01/37

      1,500      1,571   

Ohio State Higher Educational Facilities

         

Commission, Oberlin College Project (RB)

         

5.250%, 10/01/14

      1,045      1,139   

Ohio State Higher Educational Facilities

         

Commission, University of Dayton 2001

         

Project (RB) (AMBAC)

         

5.500%, 12/01/11

      1,400      1,513   

Ohio State Higher Educational Facilities

         

Commission, Wittenberg

         

University Project (RB)

         

5.500%, 12/01/18

      1,870      1,907   

Ohio State Water Development Authority,

         

Drinking Water Assistance Fund (RB) Series B

         

5.000%, 06/01/15

      1,345      1,450   

5.000%, 12/01/15

      1,260      1,361   

Ohio State Water Development Authority, Fresh

         

Water Project (RB) Series B (FSA)

         

5.500%, 12/01/20

      1,835      1,984   

Ohio State Water Development Authority, Pure

         

Water Project (RB) (ETM) Series I (AMBAC)

         

7.250%, 12/01/08

      75      77   

Ohio Turnpike Commission Authority

         

(RB) Series A (FGIC)

         

5.500%, 02/15/17

      2,000      2,177   

5.500%, 02/15/18

      1,000      1,083   

Ohio Turnpike Commission Authority

         

(RB) Series B (FSA)

         

5.500%, 02/15/13

      1,000      1,093   

Olentangy Local School District, Unrefunded

         

(GO) (FSA)

         

5.500%, 12/01/19

      35      37   

Ottawa County (GO) (MBIA)

         

5.400%, 09/01/11

      500      516   

Perrysburg Exempted Village School District

         

(GO) Series B (FSA)

         

5.750%, 12/01/12

      1,225      1,356   

Princeton City School District, Prerefunded

         

12/01/13 @ 100 (GO) (MBIA)

         

5.250%, 12/01/17

      2,025      2,205   

Richland County (GO) (AMBAC)

         

5.200%, 12/01/08

      465      466   

Sharonville (GO) (FGIC)

         

5.250%, 06/01/13

      1,000      1,076   

Southwest Licking Local School District

         

(GO) (FGIC)

         

5.750%, 12/01/15

      550      613   

5.750%, 12/01/16

      400      446   

Springboro Sewer System (RB) (MBIA)

         

5.700%, 06/01/18

      1,260      1,269   
    

Par
(000)

 

    Value
(000)		     

Strongsville City School District (GO) (MBIA)

         

5.200%, 12/01/09

    $ 170    $ 177   

Summit County, Prerefunded 12/01/10 @ 101

         

(GO) (FGIC)

         

6.250%, 12/01/11

      1,235      1,353   

Teays Valley Local School District, Prerefunded

         

12/01/10 @ 100 (GO) (FGIC)

         

5.000%, 12/01/19

      1,070      1,099   

Troy City School District (GO) (FSA)

         

5.000%, 12/01/18

      1,065      1,111   

University of Cincinnati General Receipts

         

(RB) Series D (AMBAC)

         

5.000%, 06/01/16

      2,000      2,115   

University of Cincinnati General Receipts

         

(RB) Series T

         

5.500%, 06/01/11

      1,110      1,183   

Upper Arlington City School District (GO) (FSA)

         

5.000%, 12/01/15

      2,000      2,156   

Valley View Village Street Improvement

         

(GO) (AMBAC)

         

5.550%, 12/01/20

      450      469   

Washington County Hospital Facility Authority,

      

Marietta Area Healthcare Project (RB) (FSA)

         

5.375%, 09/01/18

      1,500      1,539   

West Chester Township (GO) (AMBAC)

         

5.750%, 12/01/15

      2,145      2,391   

West Geauga Local School District

         

(GO) (AMBAC)

         

8.250%, 11/01/12

      710      856   

Wyoming City School District

         

(GO) Series B (FGIC)

         

5.750%, 12/01/13

      135      149   

5.750%, 12/01/14

      690      768   

5.750%, 12/01/15

      740      825   

5.750%, 12/01/16

      800      892   

5.750%, 12/01/17

      400      444   
              115,553     

Puerto Rico—2.4%

         

Commonwealth of Puerto Rico Highway &

         

Transportation Authority (RB) Series Z (MBIA)

      

6.250%, 07/01/14

      1,295      1,437   

Puerto Rico Electric Power Authority (RB)

         

Series VV

         

5.500%, 07/01/20

      800      826   

Puerto Rico Electric Power Authority (RB)

         

Series TT

         

5.000%, 07/01/17

      100      102   

5.000%, 07/01/18

      500      505   
              2,870     

Total Municipal Bonds

         

(Cost $117,125)

             118,423     

 

68

 

 

 

    

Number
of Shares

 

    Value
(000)		     

AFFILIATED MONEY MARKET FUND—0.7%

   

Allegiant Ohio Municipal Money Market Fund, Class I†

    850,612    $ 851   

(Cost $851)

                 

TOTAL INVESTMENTS — 99.0%

         

(Cost $117,976)*

           119,274     

Other Assets & Liabilities — 1.0%

           1,168     

TOTAL NET ASSETS — 100.0%

         $ 120,442     

 

* Aggregate cost for Federal income tax purposes is (000) $117,978.

 

Gross unrealized appreciation (000)

    $ 2,207  

Gross unrealized depreciation (000)

      (911 )
        

Net unrealized appreciation (000)

    $ 1,296  
        

† See Note 3 in Notes to Schedules of Investments.

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

MBIA — Municipal Bond Insurance Association

RB — Revenue Bond

VRDN —  Variable Rate Demand Note: the rate shown is the rate in effect

    on August 31, 2007, and the date shown is the final

    maturity date, not the next reset or put date.

See Notes to Schedules of Investments.


 

69

Allegiant Pennsylvania Intermediate Municipal Bond Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

MUNICIPAL BONDS — 97.8%

         

Pennsylvania—87.0%

         

Allegheny County Higher Education Authority,

         

Duquesne University Project (RB) (AMBAC)

         

6.500%, 03/01/10

    $ 380    $ 406   

Allegheny County Higher Education Authority,

         

Duquesne University Project (RB) (ETM)

         

Series A (AMBAC)

         

5.000%, 04/01/19

      500      525   

Allegheny County Port Authority, Prerefunded

         

03/01/09 @ 101 (RB) (MBIA)

         

6.250%, 03/01/17

      385      403   

Allegheny County Sewer Sanitation Authority

         

(RB) (MBIA)

         

5.750%, 12/01/09

      225      234   

Blair County (GO) Series A (AMBAC)

         

5.375%, 08/01/13

      270      290   

Blair County Hospital Authority, Altoona

         

Hospital Project (RB) Series A (AMBAC)

         

5.250%, 07/01/09

      300      305   

Central Dauphin School District (GO) (FSA)

         

5.000%, 12/01/20

      1,000      1,024   

Erie County, Prerefunded 09/01/15 @ 100 (GO)

         

Series B (FGIC)

         

5.000%, 09/01/21

      920      991   

Garnet Valley School District (GO) (FGIC)

         

5.375%, 04/01/13

      500      534   

Gettysburg College Municipal Authority

         

(RB) (MBIA)

         

5.375%, 08/15/13

      1,000      1,087   

Hempfield Township Municipal Authority,

         

Westmoreland County (RB) (FSA)

         

5.000%, 09/01/16

      1,550      1,658   

Montgomery County (GO) Series B

         

5.250%, 10/15/17

      1,165      1,268   

Moon Area School District (GO) Series A (FGIC)

         

5.202%, 11/15/11 (A)

      1,070      937   

North Hills School District, Prerefunded

         

12/15/15 @ 100 (GO) (FSA)

         

5.000%, 12/15/19

      1,055      1,140   

North Huntingdon Township (RB) (AMBAC)

         

5.500%, 04/01/15

      1,025      1,069   

Northampton County (GO)

         

5.125%, 08/15/17

      255      259   

Northampton County General Purpose Authority

         

(RB)

         

5.250%, 10/01/15

      1,000      1,094   

Parkland School District (GO) (FGIC)

         

5.375%, 09/01/14

      1,000      1,088   

Pennsylvania Convention Center Authority

         

(RB) (ETM) Series A (FGIC)

         

6.000%, 09/01/19

      3,000      3,434   

Pennsylvania State (GO)

         

5.000%, 01/01/15

      1,000      1,071   

Pennsylvania State Higher Educational Facilities Authority, State System of Higher Education

         

(RB) Series AF (MBIA)

         

5.000%, 06/15/17

      1,000      1,055   

Pennsylvania State Turnpike Commission (RB)

         

Series A (FSA)

         

5.000%, 07/15/15

      915      985   
    

Par
(000)

 

    Value
(000)		     

Pennsylvania State Turnpike Commission (RB)

         

Series C (AMBAC) (VRDN)

         

4.500%, 12/01/22

    $ 500    $ 500   

Pennsylvania State Intergovernmental Cooperative

         

Authority, Special Tax, City of Philadelphia

         

Funding Program (RB) (FGIC)

         

5.250%, 06/15/17

      500      504   

Pennsylvania State University (RB)

         

5.250%, 08/15/13

      1,000      1,089   

5.000%, 03/01/13

      1,000      1,071   

Philadelphia Hospital Authority, Graduate

         

Hospital Project (RB) (ETM)

         

7.000%, 07/01/10

      135      141   

Philadelphia Water & Wastewater Authority (RB)

         

(MBIA)

         

6.250%, 08/01/11

      200      219   

Pittsburgh Area School District

         

(GO) Series A (FSA)

         

5.250%, 09/01/12

      2,000      2,163   

Pittsburgh Public Parking Authority

         

(RB) (ETM) (AMBAC)

         

6.000%, 12/01/09

      945      1,000   

Pittsburgh Water & Sewer Authority

         

(RB) Series A (FGIC)

         

5.000%, 09/01/18

      570      571   

Southeastern Transportation Authority

         

(RB) Series A (FGIC)

         

5.250%, 03/01/17

      1,070      1,091   

State Public School Building Authority, Delaware

         

County Community College Project,

         

Prerefunded 10/01/10 @ 100 (RB) (MBIA)

         

5.750%, 10/01/16

      150      160   

Tredyffrin-Easttown School District (GO)

         

5.000%, 02/15/15

      500      537   

Washington County Lease Authority, Special

         

Sub-Series (RB) (ETM)

         

7.875%, 12/15/18

      1,000      1,299   

West Whiteland Municipal Sewer Authority

         

(RB) (ETM)

         

6.400%, 09/15/13

      240      260   

York County (GO) (MBIA)

         

5.000%, 06/01/17

      1,000      1,047   
              32,509     

Puerto Rico — 10.8%

         

Commonwealth of Puerto Rico Highway &

         

Transportation Authority (RB) Series BB (FSA)

      

5.250%, 07/01/22

      400      415   

Commonwealth of Puerto Rico Infrastructure

         

Financing Authority (STRB) Series C

         

(AMBAC)

         

5.500%, 07/01/17

      2,000      2,116   

Commonwealth of Puerto Rico

         

(GO) Series A (FSA)

         

5.500%, 07/01/17

      1,200      1,298   

 

70

 

 

 

    

Par

(000)

 

    Value
(000)		     

MUNICIPAL BONDS — continued

         

Puerto Rico—continued

         

Puerto Rico Electric Power Authority (RB)

         

Series VV

         

5.500%, 07/01/20

    $200      $207   
            4,036     

Total Municipal Bonds

         

(Cost $35,711)

           36,545     
        
    

Number
of Shares

 

          

AFFILIATED MONEY MARKET FUND — 1.0%

   

Allegiant Pennsylvania Tax-Exempt Money Market Fund, Class I†

    366,437      366   

(Cost $366)

                 

TOTAL INVESTMENTS—98.8%

         

(Cost $36,077)*

           36,911     

Other Assets & Liabilities — 1.2%

           439     

TOTAL NET ASSETS — 100.0%

         $ 37,350     

 

* Aggregate cost for Federal income tax purposes is (000) $36,088.

Gross unrealized appreciation (000)

    $ 1,066  

Gross unrealized depreciation (000)

      (243 )
        

Net unrealized appreciation (000)

    $ 823  
        

† See Note 3 in Notes to Schedules of Investments.

(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

STRB — Short Term Revenue Bond

VRDN —  Variable Rate Demand Note: the rate shown is the rate in effect

       on February 29, 2008, and the date shown is the final

       maturity date, not the next reset or put date.

See Notes to Schedules of Investments.


 

71

Allegiant Government Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

    Value
(000)		     

U.S. GOVERNMENT AGENCY OBLIGATIONS — 55.6%

      

Federal Farm Credit Bank - 5.2%

         

Federal Farm Credit Bank

         

3.375%, 07/15/08

    $ 3,500    $ 3,489   

Federal Farm Credit Bank (FRN)

         

4.330%, 09/22/08

      15,000      15,000   

3.020%, 11/14/08

      10,000      10,000   

3.040%, 03/17/09

      10,000      10,000   

3.030%, 04/17/09

      5,000      5,000   

3.030%, 04/30/09

      10,000      10,000   
              53,489     

Federal Home Loan Bank — 16.0%

         

Federal Home Loan Bank

         

4.000%, 03/10/08

      5,590      5,588   

5.125%, 04/24/08

      5,000      4,999   

4.500%, 09/08/08

      4,500      4,538   

5.125%, 09/12/08

      8,100      8,197   

Federal Home Loan Bank (DN)

         

4.050%, 04/04/08(A)

      15,000      14,943   

2.730%, 05/02/08(A)

      9,939      9,892   

2.720%, 05/21/08(A)

      10,000      9,939   

2.700%, 05/21/08(A)

      15,000      14,909   

Federal Home Loan Bank (FRN)

         

4.519%, 10/02/08

      10,000      10,001   

2.850%, 11/26/08

      10,000      10,000   

4.420%, 01/08/09

      10,000      10,018   

3.020%, 02/20/09

      10,000      10,000   

3.235%, 03/05/09

      20,000      20,000   

2.925%, 05/05/09

      10,000      10,000   

2.870%, 05/20/09

      10,000      10,000   

2.860%, 05/20/09

      10,000      9,997   
              163,021     

Federal Home Loan Mortgage Corporation — 18.8%

      

Federal Home Loan Mortgage Corporation

         

2.750%, 03/15/08

      14,921      14,911   

4.875%, 09/12/08

      5,275      5,331   

Federal Home Loan Mortgage Corporation (DN)

      

5.095%, 03/03/08(A)

      10,000      9,997   

3.720%, 04/07/08(A)

      9,000      8,966   

5.060%, 04/18/08(A)

      15,000      14,899   

2.750%, 04/21/08(A)

      15,000      14,942   

4.040%, 04/25/08(A)

      15,000      14,907   

2.750%, 04/30/08(A)

      13,408      13,346   

2.710%, 05/12/08(A)

      15,000      14,919   

2.700%, 05/12/08(A)

      11,500      11,438   

2.675%, 05/19/08(A)

      15,000      14,912   

4.180%, 05/23/08(A)

      13,042      12,916   

2.710%, 05/27/08(A)

      15,000      14,902   

3.650%, 06/13/08(A)

      15,000      14,842   

Federal Home Loan Mortgage Corporation (FRN) (MTN)

         

4.688%, 12/26/08

      10,000      10,014   
              191,242     

Federal National Mortgage Association — 15.6%

   

Federal National Mortgage Association

         

3.250%, 08/15/08

      15,000      15,042   

Federal National Mortgage Association (DN)

         

4.285%, 03/26/08(A)

      15,000      14,956   

3.920%, 04/09/08(A)

      15,000      14,936   

4.220%, 04/11/08(A)

      10,000      9,952   

4.200%, 04/18/08(A)

      10,000      9,944   
    

Par

(000)

 

    Value
(000)		     

2.903%, 04/23/08(A)

    $ 15,000    $ 14,939   

2.800%, 04/23/08(A)

      15,000      14,938   

2.740%, 05/14/08(A)

      8,895      8,845   

2.730%, 05/21/08(A)

      10,000      9,939   

2.670%, 05/30/08(A)

      15,000      14,900   

2.620%, 06/04/08(A)

      15,000      14,896   

2.590%, 06/11/08(A)

      16,215      16,096   
              159,383     

Total U.S. Government Agency Obligations

         

(Cost $567,135)

             567,135     
        
    

Number
of Shares

 

          

MONEY MARKET FUND — 1.7%

         

AIM Government & Agency Portfolio

      17,518,851      17,519   

(Cost $17,519)

                   
        
    

Par

(000)

 

          

REPURCHASE AGREEMENTS — 44.8%

   

Bank of America

         

3.150% (dated 02/29/08, due 03/03/08, repurchase price $72,018,900, collateralized by Federal National Mortgage Association Bond, 5.000%, due 07/01/34, total market value $73,440,000)

    $ 72,000      72,000   

Barclays

         

3.160% (dated 02/29/08, due 03/03/08, repurchase price $70,018,433, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association Bonds, 3.375% to 5.000%, due 02/08/10 to 03/15/16, total market value $71,400,512)

      70,000      70,000   

Deutsche Bank

         

3.160% (dated 02/29/08, due 03/03/08, repurchase price $75,019,750, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association Bonds, 4.004% to 7.000%, due 08/01/33 to 01/01/38, total market value $76,500,000)

      75,000      75,000   

Greenwich Capital

         

3.150% (dated 02/29/08, due 03/03/08, repurchase price $70,018,375, collateralized by Federal National Mortgage Association Bonds, 4.500% to 6.500%, due 11/01/21 to 03/01/38, total market value $71,402,338)

      70,000      70,000   

 

72

 

 

 

    

Par

(000)

 

    Value
(000)		  

REPURCHASE AGREEMENTS — continued

      

Merrill Lynch

      

3.180% (dated 02/29/08, due 03/03/08, repurchase price $70,018,550, collateralized by Federal Home Loan Mortgage Corporation Bond, 5.500%, due 02/01/38, total market value $71,404,405)

    $ 70,000    $ 70,000  

UBS Securities

      

3.070% (dated 02/29/08, due 03/03/08, repurchase price $30,007,675, collateralized by Federal National Mortgage Association Bond, 5.000%, due 02/01/36, total market value $30,600,955)

      30,000      30,000  

3.160% (dated 02/29/08, due 03/03/08, repurchase price $40,010,533, collateralized by Federal Home Loan Mortgage Corporation Bond, 4.500%, due 10/01/35, total market value $40,802,436)

      40,000      40,000  

2.950% (dated 02/29/08, due 04/01/08, repurchase price $30,078,667, collateralized by Federal Home Loan Mortgage Corporation Bond, 4.500%, due 10/01/35, total market value $30,601,827) (B)

      30,000      30,000  

Total Repurchase Agreements

      

(Cost $457,000)

             457,000  

TOTAL INVESTMENTS — 102.1%

      

(Cost $1,041,654)*

             1,041,654  

Other Assets & Liabilities — (2.1)%

             (21,489 )

TOTAL NET ASSETS — 100.0%

           $ 1,020,165  

 

* Also cost for Federal income tax purposes.
(A) Zero Coupon Bond — the rate shown is the effective yield at purchase date.
(B) Illiquid Security. Total market value of illiquid securities is (000) $30,000 and represents 2.9% of net assets as of February 29, 2008.
DN — Discount Note
FRN — Floating Rate Note: the rate shown is the rate in effect on
             February 29, 2008 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 Schedules of Investments.


 

73

Allegiant Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

   

Par

(000)

 

  

Value

(000)

    

COMMERCIAL PAPER† — 42.5%

      

Banks — 19.4%

      

Abbey National North America

      

2.840%, 05/15/08

   $ 30,000   $ 29,822  

ABN AMRO

      

3.050%, 03/28/08

     30,000     29,931  

3.015%, 05/13/08

     30,000     29,817  

Bank of America

      

4.940%, 03/12/08

     30,000     30,000  

4.270%, 04/08/08

     25,000     25,000  

4.180%, 06/06/08

     15,000     15,048  

Danske

      

3.120%, 03/03/08

     30,000     29,995  

3.140%, 03/06/08

     30,000     29,987  

4.000%, 04/14/08

     30,000     29,853  

JPMorgan Chase

      

3.700%, 04/17/08

     30,000     29,855  

3.050%, 04/25/08

     30,000     29,860  

2.880%, 06/02/08

     20,000     19,851  

Lloyds TSB Bank PLC

      

2.910%, 05/08/08

     30,000     29,835  

2.890%, 05/16/08

     30,000     29,817  

2.940%, 05/23/08

     30,000     29,797  

Nordea North America DE

      

4.400%, 04/02/08

     30,000     29,883  

3.770%, 04/15/08

     8,500     8,460  

2.870%, 04/29/08

     30,000     29,859  

Royal Bank of Canada

      

3.700%, 05/12/08

     30,000     29,778  

Royal Bank of Scotland PLC

      

3.060%, 04/30/08

     30,000     29,847  

2.960%, 05/14/08

     5,000     4,970  

3.880%, 06/16/08

     30,000     29,654  

Societe Generale North America

      

4.760%, 04/04/08

     30,000     29,865  

3.630%, 06/23/08

     30,000     29,655  

Westpac Banking

      

5.025%, 03/05/08

     30,000     29,983  

5.050%, 03/10/08

     30,000     29,962  

2.990%, 05/07/08

     30,000     29,833  
         
            730,217    

Finance-Automotive — 0.8%

      

American Honda Finance

      

4.280%, 03/07/08

     30,000     29,979    

Financial Conduits — 2.5%

      

Nestle Capital

      

3.840%, 04/10/08

     30,000     29,872  

3.840%, 05/09/08

     30,000     29,779  

PACCAR Financial

      

4.000%, 04/14/08

     33,000     32,839  
         
            92,490    

Financial Services — 18.1%

      

AIG Funding

      

3.110%, 04/07/08

     30,000     29,904  

Allianz Finance

      

3.050%, 03/07/08

     30,000     29,985  

2.980%, 04/22/08

     30,000     29,871  

2.950%, 05/22/08

     30,000     29,798  

Deutsche Bank Financial LLC

      

3.100%, 03/03/08

     10,000     9,998  
   

Par

(000)

 

  

Value

(000)

    

Dexia Delaware LLC

      

3.190%, 03/07/08

   $ 30,222   $ 30,206  

5.000%, 03/11/08

     30,000     29,958  

4.070%, 04/15/08

     30,000     29,847  

3.060%, 05/30/08

     15,000     14,885  

Fortis Funding LLC

      

3.020%, 05/13/08

     34,850     34,637  

3.010%, 05/14/08

     30,000     29,814  

General Electric Capital

      

4.300%, 04/11/08

     30,000     29,853  

2.920%, 05/06/08

     30,000     29,839  

Greenwich Capital Holdings

      

4.730%, 04/25/08

     30,000     29,783  

ING America Insurance Holdings

      

4.200%, 04/07/08

     30,000     29,871  

ING Funding LLC

      

3.810%, 04/14/08

     30,000     29,860  

2.950%, 05/15/08

     30,000     29,816  

Merrill Lynch

      

3.100%, 03/04/08

     20,000     19,995  

3.110%, 03/05/08

     30,000     29,990  

Rabobank USA Finance

      

4.970%, 03/04/08

     20,000     19,992  

3.020%, 03/27/08

     30,000     29,935  

2.840%, 05/27/08

     30,000     29,794  

UBS Finance

      

4.720%, 03/19/08

     30,000     29,929  

3.020%, 04/01/08

     25,000     24,935  

3.100%, 05/12/08

     17,667     17,558  
         
            680,053    

Industrials — 0.8%

      

IBM International Group Capital LLC

      

4.200%, 03/13/08

     30,000     29,958    

Retail — 0.9%

      

Wal-Mart Funding

      

3.150%, 03/25/08

     35,000     34,926    

Total Commercial Paper

      

(Cost $1,597,623)

       1,597,623  
                 

CORPORATE BONDS — 17.9%

      

Banks — 5.8%

      

ABN Amro Bank NV (FRN)

      

4.001%, 04/18/08(A)

     25,000     25,004  

ANZ (FRN)

      

4.447%, 04/14/08(A)

     29,900     29,904  

Bank of America

      

3.375%, 02/17/09

     10,000     10,031  

BNP Paribas (FRN)

      

3.120%, 08/25/08(A)

     15,000     15,000  

Fortis Bank SA (FRN)

      

3.864%, 07/18/08(A)

     30,000     30,013  

JPMorgan Chase (FRN) (MTN)

      

4.789%, 04/01/08

     30,000     30,025  

Svenska Handelsbanken (FRN)

      

4.468%, 02/06/09(A)

     25,000     25,000  

Wachovia Bank (FRN)

      

3.070%, 10/03/08

     25,000     24,937  

Wells Fargo (FRN)

      

3.201%, 03/13/09(A)

     30,000     30,000  
         
            219,914    

 

 

74

 

 

 

   

Par

(000)

 

   Value
(000)		    

CORPORATE BONDS — continued

      

Finance-Automotive — 2.2%

      

American Honda Finance (FRN) (MTN)

      

4.525%, 04/10/08(A)

   $ 8,000   $ 8,001  

4.522%, 07/11/08(A)

     20,000     19,992  

Toyota Motor Credit (FRN) (MTN)

      

2.528%, 03/17/08

     15,000     15,000  

2.528%, 03/24/08

     8,000     8,000  

4.961%, 06/17/08

     5,000     5,005  

3.204%, 01/12/09

     25,000     25,002  
         
            81,000    

Financial Services — 2.3%

      

Berkshire Hathaway Finance (FRN)

      

3.130%, 05/16/08

     30,000     30,015  

Citigroup (FRN)

      

3.162%, 05/02/08

     30,000     30,004  

General Electric Capital (FRN) (MTN)

      

4.318%, 04/15/08

     28,000     28,010  
         
            88,029    

Industrials — 0.8%

      

International Business Machines (FRN)

      

3.104%, 09/02/08(A)

     30,000     29,980    

Insurance — 6.8%

      

AIG Matched Funding (FRN)

      

4.926%, 06/20/08(A)

     30,000     30,021  

Allstate Life Global Funding II (FRN) (MTN)

      

4.457%, 04/14/08(A)

     30,000     30,004  

Allstate Life Global Funding Trusts (FRN)

      

3.144%, 09/04/08

     30,000     29,957  

ASIF Global Financing XXI (FRN)

      

5.408%, 03/14/08(A)

     15,000     15,007  

Metropolitan Life Global Funding I (FRN)

      

3.235%, 04/28/08(A)

     25,000     25,000  

Monumental Global Funding III (FRN)

      

4.906%, 03/20/08(A)

     35,000     35,017  

Nationwide Life Global Funding I (FRN) (MTN)

      

4.964%, 09/23/08(A)

     30,000     30,044  

Pricoa Global Funding I (FRN) (MTN)

      

5.204%, 06/03/08(A)

     30,000     30,022  

Principal Life Income Funding Trusts (FRN) (MTN)

      

5.095%, 06/06/08

     30,000     30,024  
         
            255,096    

Total Corporate Bonds

      

(Cost $674,019)

           674,019    

CERTIFICATES OF DEPOSIT — 17.1%

      

Domestic — 2.4%

      

Citigroup

      

3.020%, 05/20/08

     30,000     30,000  

3.060%, 05/27/08

     30,000     30,000  

Marshall & Ilsley Bank

      

4.350%, 04/10/08

     30,000     30,002  
         
            90,002    

Yankee — 14.7%

      

Abbey National Treasury Services PLC NY (FRN)

      

4.679%, 10/02/08

     30,000     30,022  

ANZ NY

      

3.950%, 04/15/08

     30,000     30,005  

 

 

 

 

   

Par

(000)

 

   Value
(000)		    

Bank of Nova Scotia NY

      

3.760%, 04/22/08

   $ 30,000   $ 30,000  

3.000%, 05/01/08

     30,000     29,999  

Bank of Scotland PLC NY

      

4.640%, 04/04/08

     30,000     30,002  

3.920%, 06/16/08

     30,000     30,000  

Barclays Bank PLC NY

      

4.600%, 04/03/08

     30,000     30,000  

3.700%, 05/19/08

     30,000     30,000  

3.050%, 05/21/08

     30,000     30,000  

BNP Paribas NY

      

4.040%, 04/15/08

     30,000     30,000  

3.030%, 05/21/08

     30,000     30,000  

Calyon NY

      

4.380%, 04/10/08

     30,000     30,018  

4.000%, 04/14/08

     25,000     25,006  

HBOS Treasury Services PLC NY

      

5.100%, 03/14/08

     30,000     30,000  

Nordea Bank Finland PLC NY (FRN)

      

4.991%, 05/28/08

     16,500     16,503  

Royal Bank of Canada NY

      

3.000%, 05/27/08

     30,000     30,000  

Svenska Handelsbanken NY

      

4.400%, 04/09/08

     30,000     30,000  

3.020%, 05/29/08

     30,000     30,001  

UBS AG CT

      

4.040%, 06/16/08

     30,000     30,004  
         
            551,560    

Total Certificates of Deposit

      

(Cost $641,562)

           641,562    

U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.9%

  

Federal Home Loan Bank — 1.4%

      

Federal Home Loan Bank (DN)

      

2.901%, 03/24/08 (B)

     20,000     19,963  

Federal Home Loan Bank (FRN)

      

3.235%, 03/05/09

     35,000     35,000  
         
            54,963    

Federal National Mortgage Association — 0.5%

      

Federal National Mortgage Association (DN)

      

3.640%, 04/16/08 (B)

     18,000     17,916    

Total U.S. Government Agency Obligations

      

(Cost $72,879)

           72,879    

FUNDING AGREEMENTS — 1.7%

      

Metlife Funding Agreement (FRN)

      

5.081%, 09/12/08 (C)

     30,000     30,000  

New York Life Funding Agreement (FRN)

      

4.779%, 06/05/08 (C)

     33,000     33,000    

Total Funding Agreements

      

(Cost $63,000)

           63,000    

MASTER NOTE — 0.8%

      

Banks — 0.8%

      

Bank of America (DO)

      

3.185%, 03/03/08

     30,000     30,000  

(Cost $30,000)

                

 

 

75

Allegiant Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Number

of Shares

 

   

Value

(000)

AFFILIATED MONEY MARKET FUND — 0.4%

Allegiant Advantage Institutional Money Market

      

Fund, Class I††

      17,085,056    $ 17,085

(Cost $17,085)

              
     
    

Par

(000)

 

     

REPURCHASE AGREEMENTS — 19.0%

      

Bank of America

      

3.150% (dated 02/29/08, due 03/03/08, repurchase price $129,033,863, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association Bonds, 5.000% to 5.500%, due 03/01/35 to 04/01/37, total market value $131,580,000)

    $ 129,000      129,000

Barclays

      

3.160% (dated 02/29/08, due 03/03/08, repurchase price $125,032,917, collateralized by Federal Home Loan Bank and Federal Home Loan Mortgage Corporation Bonds, 5.250% to 6.000%, due 06/12/09 to 09/19/16, total market value $127,501,738)

      125,000      125,000

Deutsche Bank

      

3.160% (dated 02/29/08, due 03/03/08, repurchase price $120,031,600, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association Bonds, 3.873% to 7.000%, due 09/01/22 to 12/01/47, total market value $122,400,001)

      120,000      120,000

Greenwich Capital

      

3.150% (dated 02/29/08, due 03/03/08, repurchase price $120,031,500, collateralized by Federal National Mortgage Association Bonds, 4.500% to 6.000%, due 05/01/22 to 03/01/38, total market value $122,402,810)

      120,000      120,000

Merrill Lynch

      

3.180% (dated 02/29/08, due 03/03/08, repurchase price $100,026,500, collateralized by Federal Home Loan Mortgage Corporation Bonds, 5.000% to 5.500%, due 0/01/38 to 03/01/38, total market value $102,002,733)

      100,000      100,000

UBS Securities

      

3.070% (dated 02/29/08, due 03/03/08, repurchase price $40,010,233, collateralized by Federal National Mortgage Association Bond, 5.000%, due 04/01/35, total market value $40,802,979)

      40,000      40,000

3.160% (dated 02/29/08, due 03/03/08, repurchase price $40,010,533, collateralized by Federal Home Loan Mortgage Corporation Bonds, 5.000%, due 02/01/36, total market value $40,802,362)

      40,000      40,000
    

Par

(000)

 

   

Value

(000)

  

UBS Securities — continued

      

2.950% (dated 02/29/08, due 04/01/08, repurchase price $40,104,889, collateralized by Federal Home Loan Mortgage Corporation Bond, 5.000%, due 02/01/36, total market value $40,803,775) (C)

    $ 40,000    $ 40,000  

Total Repurchase Agreements

      

(Cost $714,000)

             714,000  

TOTAL INVESTMENTS — 101.3%

      

(Cost $3,810,168)*

             3,810,168  

Other Assets & Liabilities — (1.3)%

             (48,364 )

TOTAL NET ASSETS — 100.0%

           $ 3,761,804  

 

* Also cost for Federal income tax purposes.
† The rate shown is the effective yield at purchase date.
†† See Note 3 in Notes to Schedules of Investments.
(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) $408,009 and represents 10.8% of
     net assets as of February 29, 2008.
(B) Zero Coupon Bond — the rate shown is the effective yield at purchase date.
(C) Illiquid Security. Total market value of illiquid securities is (000)
     $103,000 and represents 2.7% of net assets as of February 29, 2008.
DN — Discount Note
DO — Demand ObligationDemand Obligation: the rate shown is the rate
           in effect on February 29, 2008, and the date shown is the next reset
           date. The rate floats daily.
FRN — Floating Rate Note: the rate shown is the rate in effect on
             February 29, 2008 and the date shown is the final maturity date,
             not the next reset or put date. The rate floats based on a
MTN — Medium Term Note
PLC — Public Liability Company

See Notes to Schedules of Investments.


 

76

Allegiant Ohio Municipal Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

   

Value

(000)

MUNICIPAL SECURITIES — 99.1%

      

Ohio — 99.1%

      

Allen County Healthcare Facilities, Mennonite

      

Memorial Home Project (RB)

      

(LOC - Wells Fargo Bank) (VRDN)

      

3.160%, 02/01/18

    $ 2,040    $ 2,040

Butler County (BAN) (GO)

      

4.250%, 08/07/08

      3,435      3,442

4.050%, 09/07/08

      3,700      3,709

Butler County Healthcare Facilities, Lifesphere

      

Project (RB) (LOC - U.S. Bank) (VRDN)

      

3.350%, 05/01/27

      3,110      3,110

Butler County Transportation Improvement,

      

Prerefunded 04/01/08 @ 102

      

(RB) Series A (FSA)

      

5.500%, 04/01/08

      1,150      1,175

6.000%, 04/01/08

      1,000      1,022

Cincinnati & Hamilton County Port Authority,

      

Fourth Street LP (RB) (LOC - Fifth Third

      

Bank) (VRDN)

      

3.120%, 05/01/15

      1,600      1,600

Cincinnati & Hamilton County Port Authority,

      

Kenwood Office Project (RB) (LOC - Fifth

      

Third Bank) (VRDN)

      

3.670%, 09/01/25

      1,600      1,600

Circleville (BAN) (GO)

      

4.170%, 07/17/08

      2,460      2,463

Clark County (BAN) (GO)

      

4.000%, 03/26/08

      1,780      1,780

4.000%, 05/08/08

      1,000      1,001

Clark County School District (BAN) (GO)

      

2.500%, 02/11/09

      575      577

Cleveland Heights (BAN) (GO)

      

4.000%, 08/07/08

      3,000      3,003

Cleveland Waterworks (RB) Series M (FSA)

      

(VRDN)

      

3.100%, 01/01/33

      25,740      25,740

Cleveland-Cuyahoga County Port Authority,

      

Cleveland Museum of Art Project (RB) Series

      

D (VRDN)

      

3.040%, 10/01/40

      7,200      7,200

Columbus (RB) Series B (VRDN)

      

3.300%, 06/01/32

      3,530      3,530

Columbus Sewer (GO) Series 2006-1 (VRDN)

      

3.300%, 12/01/26

      19,720      19,720

Cuyahoga County Civic Facility, Oriana Services

      

Project (RB) (LOC - Bank One) (VRDN)

      

3.900%, 04/01/16

      1,220      1,220

Cuyahoga County Economic Development

      

Authority, Cleveland Animal League Project

      

(RB) (LOC - Fifth Third Bank) (VRDN)

      

3.220%, 10/01/22

      1,785      1,785

Cuyahoga County Economic Development

      

Authority, Gilmour Academy Project (RB)

      

(LOC - Fifth Third Bank) (VRDN)

      

3.220%, 02/01/22

      2,000      2,000

Cuyahoga County Economic Development

      

Authority, Positive Education Program (RB)

      

(LOC - KeyBank) (VRDN)

      

3.090%, 08/01/20

      2,385      2,385
    

Par

(000)

 

   

Value

(000)

Cuyahoga County Port Authority, Euclid Garage

      

Office Project (RB)

      

(LOC - Fifth Third Bank) (VRDN)

      

3.200%, 01/01/34

    $ 4,625    $ 4,625

Cuyahoga County Port Authority, Laurel School

      

Project (RB) (LOC - KeyBank) (VRDN)

      

3.090%, 06/01/24

      4,160      4,160

Cuyahoga Falls (BAN) (GO)

      

3.750%, 12/11/08

      3,500      3,511

Deerfield Township (BAN) (GO)

      

3.450%, 11/18/08

      5,000      5,000

Evendale Tax Increment, Evendale Commons

      

Project (RN) (LOC - Fifth Third Bank)

      

3.800%, 05/15/08

      2,100      2,100

Fairborn (BAN) (GO)

      

4.250%, 06/26/08

      1,000      1,001

Franklin County Healthcare Facility,

      

Creekside at the Village Project (RB)

      

(LOC - KeyBank) (VRDN)

      

3.050%, 05/01/34

      2,435      2,435

Franklin County Healthcare Facility, Friendship

      

Village of Dublin Project (RB) Series B

      

(LOC - LaSalle Bank) (VRDN)

      

2.980%, 11/01/34

      7,120      7,120

Franklin County Hospital Authority, Holy Cross

      

Health Systems Project (RB)

      

(LOC 0 JPMorgan Chase) (VRDN)

      

3.000%, 06/01/16

      20,595      20,595

Franklin County Industrial Development Revenue

      

Authority, Bricker & Eckler Project (RB)

      

(LOC - Bank One) (VRDN)

      

2.940%, 11/01/14

      2,050      2,050

Franklin County, OhioHealth Corporation (RB)

      

(AMBAC) (VRDN)

      

3.300%, 05/01/41

      2,850      2,850

Franklin County, Trinity Health Credit Group

      

Project (RB) Series F (FSA) (VRDN)

      

3.000%, 12/01/30

      18,085      18,085

Fulton County, Fulton County

      

Health Center Project (RB)

      

(LOC - JPMorgan Chase) (VRDN)

      

3.200%, 11/01/35

      1,300      1,300

Gates Mills (BAN) (GO)

      

4.125%, 05/22/08

      1,700      1,701

Geauga County Healthcare Facilities, Montefiore

      

Housing Corporation Project (RB)

      

(LOC - Fifth Third Bank) (VRDN)

      

3.180%, 01/01/26

      1,860      1,860

Geauga County, Franklin Circle Project (RB)

      

Series 2007A (LOC - Keybank) (VRDN)

      

4.000%, 09/01/14

      8,200      8,200

Hamilton County Economic Development

      

Authority, Cincinnati Arts Association Project

      

(RB) (LOC - Fifth Third Bank) (VRDN)

      

3.220%, 11/01/23

      940      940

Hamilton County Economic Development

      

Authority, Cincinnati-Hamilton Project (RB)

      

(LOC - Fifth Third Bank) (VRDN)

      

3.220%, 09/01/25

      735      735

 

77

Allegiant Ohio Municipal Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

   

Value

(000)

MUNICIPAL SECURITIES — continued

      

Ohio — continued

      

Hamilton County Economic Development

      

Authority, Jordon Complex (RB) (LOC - Fifth

      

Third Bank) (VRDN)

      

3.220%, 12/01/24##

    $ 3,955    $ 3,955

Hamilton County Economic Development

      

Authority, Taft Museum Project (RB)

      

(LOC - Fifth Third Bank) (VRDN)

      

3.220%, 05/01/27

      3,000      3,000

Hamilton County Healthcare Facilities, Sisters of

      

Charity Senior Care (RB) (LOC - Fifth Third

      

Bank) (VRDN)

      

3.100%, 08/01/27

      3,850      3,850

Hamilton County Hospital Facilities, Children’s

      

Hospital Medical Center (RB) (LOC - U.S.

      

Bank) (VRDN)

      

3.160%, 05/15/28

      7,000      7,000

Hunting Valley, Village Hall Construction Project

      

(BAN)

      

4.125%, 07/01/08

      4,250      4,255

Jefferson Local School District (BAN) (GO)

      

4.125%, 11/25/08

      1,500      1,508

Kent (BAN) (GO)

      

4.000%, 10/16/08

      1,000      1,002

Kent State University General Receipts (RB)

      

(MBIA) (VRDN)

      

8.950%, 05/01/31

      15,000      15,000

Lake County (BAN) (GO)

      

4.250%, 05/15/08

      900      901

4.250%, 07/18/08

      1,000      1,002

Lakewood Educational Facilities, St. Edward’s

      

High School Project (RB) (LOC - Fifth Third

      

Bank) (VRDN)

      

3.140%, 08/01/30

      1,050      1,050

Lancaster (BAN) (GO)

      

4.000%, 10/16/08

      1,000      1,003

Lima Hospital Facilities Authority, Lima

      

Memorial Hospital Project (RB)

      

(LOC - Bank One) (VRDN)

      

3.090%, 12/01/10

      625      625

3.400%, 06/01/33

      1,000      1,000

Lima Hospital Facilities Authority, Lima

      

Memorial Hospital Project (RB)

      

(LOC - JPMorgan Chase Bank) (VRDN)

      

3.400%, 04/01/37

      18,400      18,400

Little Miami Local School District (BAN) (GO)

      

4.250%, 06/05/08

      6,250      6,258

Logan County (BAN) (GO) Series C

      

4.000%, 06/18/08

      2,500      2,504

Lucas County Health Care Facilities, Sunset

      

Retirement Community Project (RB) Series B

      

(LOC - Fifth Third Bank) (VRDN)

      

3.380%, 08/15/30

      785      785

Marion (BAN) (GO)

      

4.000%, 06/26/08

      960      961

Marysville (BAN) (GO)

      

4.250%, 03/06/08

      900      900

4.250%, 05/16/08

      1,000      1,001

4.250%, 06/05/08

      1,750      1,753

Mason (BAN) (GO)

      

4.500%, 07/02/08

      2,175      2,180
    

Par

(000)

 

   

Value

(000)

Montgomery County Healthcare Facilities,

      

Widows Home of Dayton Project (RB) (LOC -

      

Fifth Third Bank) (VRDN)

      

2.800%, 06/01/20

    $ 1,890    $ 1,890

Montgomery County, Catholic Health Initiatives

      

Project (RB) Series B-1 (VRDN)

      

2.950%, 03/01/27

      6,100      6,100

Montgomery County, Catholic Health Initiatives

      

Project (RB) Series B-2 (VRDN)

      

3.200%, 04/01/37

      19,600      19,600

Mount Healthy City School District (BAN) (GO)

      

4.250%, 04/03/08

      3,000      3,001

Ohio Higher Educational Facility Commission,

      

Case Western Reserve University (TECP)

      

1.000%, 08/14/08

      3,000      3,000

Ohio State (GO) Series B (VRDN)

      

3.100%, 08/01/17

      4,535      4,535

2.900%, 03/15/25

      11,800      11,800

2.900%, 06/15/26

      3,275      3,275

Ohio State (GO) Series C (VRDN)

      

3.000%, 06/15/26

      2,395      2,395

Ohio State Air Quality Development Authority,

      

FirstEnergy Project (RB) (LOC - Wachovia

      

Bank) (VRDN)

      

3.000%, 12/01/33

      6,780      6,780

Ohio State Air Quality Development Authority,

      

FirstEnergy Project (RB) Series A (LOC -

      

Barclays Bank PLC) (VRDN)

      

3.000%, 12/01/23

      7,000      7,000

Ohio State Air Quality Development Authority,

      

Ohio Edison Project (RB) Series A

      

(LOC - Wachovia Bank) (VRDN)

      

3.100%, 02/01/14

      2,350      2,350

Ohio State Air Quality Development Authority,

      

Ohio Edison Project (RB) Series C

      

(LOC - Wachovia Bank) (VRDN)

      

4.000%, 06/01/23

      12,950      12,950

Ohio State Air Quality Development Authority,

      

Timken Project (RB) (LOC - Fifth Third Bank)

      

(VRDN)

      

3.100%, 11/01/25

      200      200

Ohio State Air Quality Development Authority,

      

Timken Project (RB) (LOC - KeyBank)

      

(VRDN)

      

3.100%, 06/01/33

      5,200      5,200

Ohio State Higher Educational Facilities

      

Commission (RB)

      

(LOC - Fifth Third Bank) (VRDN)

      

3.450%, 09/01/25

      730      730

Ohio State Higher Educational Facilities

      

Commission, Ashland University Project (RB)

      

(LOC - KeyBank) (VRDN)

      

3.210%, 09/01/24

      4,400      4,400

Ohio State Higher Educational Facilities

      

Commission, Case Western Reserve University

      

Project (RB) Series A (VRDN)

      

3.000%, 10/01/31

      415      415

4.000%, 10/01/31

      1,550      1,550

 

78

 

 

 

    

Par

(000)

 

   

Value

(000)

     

MUNICIPAL SECURITIES — continued

         

Ohio — continued

         

Ohio State Higher Educational Facilities

         

Commission, Kenyon College Project (RB)

         

Series K (VRDN)

         

3.200%, 08/01/33

    $ 6,600    $ 6,600   

Ohio State Higher Educational Facilities

         

Commission, Oberlin College Project (RB)

         

(VRDN)

         

3.100%, 10/01/35

      4,520      4,520   

Ohio State Higher Educational Facilities

         

Commission, Pooled Financing Program (RB)

         

Series A (LOC - Fifth Third Bank) (VRDN)

         

3.450%, 09/01/24

      2,035      2,035   

3.180%, 09/01/26

      7,805      7,805   

3.400%, 09/01/27

      400      400   

Ohio State Higher Educational Facilities

         

Commission, Xavier University Project (RB)

         

(LOC - U.S. Bank) (VRDN)

         

2.950%, 05/01/15

      6,100      6,100   

Ohio State Higher Educational Facilities

         

Commission, Xavier University Project (RB)

         

Series B (LOC - U.S. Bank) (VRDN)

         

2.950%, 11/01/30

      2,800      2,800   

Ohio State Infrastructure (GO) Series A (VRDN)

         

3.100%, 02/01/23

      2,800      2,800   

Ohio State Pollution Control, Sohio Air Project

         

(RB) (VRDN)

         

3.450%, 05/01/22

      4,700      4,700   

Ohio State University (RB) Series B (VRDN)

         

2.900%, 06/01/35

      4,500      4,500   

Ohio State University (VRDO) Series 03-C

         

1.000%, 08/14/08

      13,145      13,145   

Ohio State University General Receipts (RB)

         

(FSA) (VRDN)

         

3.180%, 12/01/26

      700      700   

Ohio State Water Development Authority,

         

FirstEnergy Project (RB) (LOC - Wachovia

         

Bank) (VRDN)

         

2.970%, 12/01/33

      550      550   

Ohio State Water Development Authority,

         

FirstEnergy Project (RB) Series A (LOC -

         

Barclays Bank PLC) (VRDN)

         

3.650%, 05/15/19

      10,260      10,260   

Ohio State Water Development Authority,

         

FirstEnergy Project (RB) Series B

         

(LOC - Barclays Bank PLC) (VRDN)

         

2.970%, 01/01/34

      18,200      18,200   

Ohio State Water Development Authority,

         

Timken Company Project (RB)

         

(LOC - Northern Trust Company) (VRDN)

         

3.100%, 11/01/25

      2,000      2,000   

Ohio State, Common Schools (GO) Series 2004A

         

5.000%, 06/15/08

      1,000      1,004   

Ohio State, Major New State Infrastructure

         

Project (RB) Series 2001-1

         

5.000%, 06/15/08

      500      503   

Ohio University (BAN) (RB)

         

3.625%, 07/16/08

      850      852   

Olmsted Falls City School District (BAN) (GO)

         

3.500%, 01/15/09

      1,110      1,116   

 

 

 

 

    

Par

(000)

 

   

Value

(000)

     

Penta County Career Center (TAN) (GO)

         

2.000%, 02/26/09

    $ 5,500    $ 5,532   

Perrysburg (BAN) (GO)

         

4.000%, 11/06/08

      3,923      3,935   

Port of Greater Cincinnati Development

         

Authority, Sycamore Township Kenwood

         

Central Public Parking Project (RB) Series A

         

(LOC - LaSalle Bank) (VRDN)

         

2.450%, 02/01/39

      2,315      2,315   

Sharonville (BAN) (GO)

         

4.250%, 07/25/08

      2,560      2,565   

Solon (BAN) (GO)

         

4.125%, 06/26/08

      1,690      1,692   

St. Mary’s City School District (BAN) (GO)

         

3.625%, 06/10/08

      1,700      1,704   

Summit County Port Authority (RB) (LOC -

         

Fifth Third Bank) (VRDN)

         

3.220%, 02/01/28

      2,600      2,600   

Toledo City Services (SAN) (LOC - State Street

         

Bank & Trust) (VRDN)

         

3.160%, 06/01/08

      7,100      7,100   

3.160%, 12/01/09

      11,400      11,400   

Toledo-Lucas County Port Authority (RB)

         

Series C (LOC - Sovereign Bank) (VRDN)

         

2.980%, 05/15/38##

      6,800      6,800   

Toledo-Lucas County Port Authority, St. Francis de Sales High School (RB) (LOC- Fifth Third Bank) (VRDN)

         

3.220%, 08/01/25

      5,550      5,550   

Union County (BAN) (GO)

         

3.500%, 12/10/08

      1,250      1,255   

University of Cincinnati (RB) Series B (MBIA)

         

(VRDN)

         

8.000%, 06/01/20

      23,585      23,585   

University of Cincinnati General Receipts

         

(RB) Series B (AMBAC) (VRDN)

         

8.000%, 06/01/31

      13,210      13,210   

Upper Arlington (BAN) (GO) Series A

         

3.500%, 10/01/08

      3,972      3,986   

Upper Valley Joint Vocational School District

         

(BAN) (GO)

         

4.000%, 11/25/08

      950      954   

Warren County Health Care Facilities, Otterbein

         

Homes Project (RB) (LOC - U.S Bank)

         

(VRDN)

         

3.350%, 07/01/31

      4,960      4,960   

Warren County Industrial Development

         

Authority, Cincinnati Electric

         

Illuminating Project (RB)

         

(LOC - Scotiabank) (VRDN)

         

3.400%, 09/01/15

      4,690      4,690   

Warren County Industrial Development

         

Authority, Liquid Container Project (RB)

         

(LOC - Bank of America) (VRDN)

         

3.070%, 03/01/15

      1,670      1,670   

Washington County Hospital, Marietta Area

         

Health Care Project (RB) (FSA) (VRDN)

         

3.200%, 12/01/33

      2,660      2,660   

West Clermont Local School District (BAN)

         

(GO)

         

4.000%, 08/05/08

      2,000      2,007   

 

79

Allegiant Ohio Municipal Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

   

Value

(000)

     

MUNICIPAL SECURITIES — continued

         

Ohio — continued

         

Wooster Industrial Development Authority,

         

Allen Group Project (RB)

         

(LOC - Wachovia Bank) (VRDN)

         

3.400%, 12/01/10

    $ 5,200    $ 5,200     

Total Municipal Securities

         

(Cost $561,394)

             561,394     
        
    

Number

of Shares

 

          

MONEY MARKET FUND — 0.3%

         

BlackRock Ohio Municipal Money Market Fund

      1,937,492      1,937   

(Cost $1,937)

                   

TOTAL INVESTMENTS — 99.4%

         

(Cost $563,331)*

             563,331     

Other Assets & Liabilities — 0.6%

             3,356     

TOTAL NET ASSETS — 100.0%

           $ 566,687     

 

* Also cost for Federal income tax purposes.
## All or a portion of the security was held as collateral for when-issued securities and delayed delivery securities.

AMBAC — American Municipal Bond Assurance Corporation

BAN — Bond Anticipation Note

FSA — Federal Security Assurance

GO — General Obligation

LOC — Letter of Credit

LP — Limited Partnership

MBIA — Municipal Bond Insurance Association

PLC — Public Liability Company

RB — Revenue Bond

RN — Revenue Note

SAN — Special Assessment Note

TAN — Tax Anticipation Note

TECP — Tax Exempt Commercial Paper

VRDN — Variable Rate Demand Note: the rate shown is the rate in effect on February 29, 2008, and the date shown is the final maturity date, not the next reset or put date.
VRDO — Variable Rate Demand Obligation: the rate shown is the rate in effect on February 29, 2008, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Schedules of Investments.


 

80

Allegiant Pennsylvania Tax Exempt Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

   

Value
(000)

 

     

MUNICIPAL SECURITIES — 98.8%

         

Pennsylvania — 98.8%

         

Allegheny County Higher Education Building Authority, Carnegie Mellon University (RB) (VRDN)

         

3.500%, 12/01/33

    $ 3,200    $ 3,200   

Allegheny County Hospital Development Authority, Children’s Hospital of Pittsburgh (RB) Series A (LOC - Citizens Bank) (VRDN)

         

3.100%, 06/01/35

      4,100      4,100   

Allegheny County Hospital Development Authority, Health Care Dialysis Clinic (RB) (LOC - Bank of America) (VRDN)

         

3.000%, 12/01/19

      1,430      1,430   

Allegheny County Hospital Development Authority, Presbyterian University Health System (RB) Series A (MBIA) (VRDN)

         

4.750%, 03/01/20

      600      600   

Allegheny County Hospital Development Authority, Presbyterian University Health System (RB) Series B (MBIA) (VRDN)

         

4.750%, 03/01/20

      1,510      1,510   

Allegheny County Hospital Development Authority, Presbyterian University Health System (RB) Series C (MBIA) (VRDN)

         

4.750%, 03/01/20

      600      600   

Allegheny County Hospital Development Authority, Presbyterian University Health System (RB) Series D (MBIA) (VRDN)

         

4.750%, 03/01/20

      1,200      1,200   

Allegheny County Hospital Development Authority, Presbyterian University Hospital (RB) Series B2 (LOC - Bank One) (VRDN)

         

3.350%, 03/01/18

      1,000      1,000   

Allegheny County Hospital Development Authority, South Hills Health (RB) Series A (LOC - PNC Bank) (VRDN)

         

3.700%, 06/01/30

      2,000      2,000   

Allegheny County Industrial Development Authority, Animal Friends, Inc. Project (RB) (LOC - PNC Bank) (VRDN)

         

3.800%, 07/01/25

      2,400      2,400   

Allegheny County Industrial Development Authority, Carnegie Museums of Pittsburgh (RB) (LOC - Citizens Bank) (VRDN)

         

3.190%, 08/01/32

      1,800      1,800   

Allegheny County Industrial Development Authority, University of Pittsburgh Medical Center (RB) Series C (LOC - Comerica Bank) (VRDN)

         

3.180%, 03/01/15

      2,335      2,335   

Allentown Commercial and Industrial Development, Diocese of Allentown (RB) (LOC - Wachovia Bank) (VRDN)

         

3.500%, 12/01/29

      1,595      1,595   

Beaver County Industrial Development Authority, Atlantic Richfield Project (RB) (VRDN)

         

2.910%, 12/01/20

      6,150      6,150   
    

Par

(000)

 

   

Value
(000)

 

     

Beaver County Industrial Development Authority, FirstEnergy Generation (RB) Series A (LOC - Barclays Bank PLC) (VRDN)

         

3.200%, 01/01/35

    $ 3,400    $ 3,400   

Beaver County Industrial Development Authority, Pollution Control, FirstEnergy Generation (RB) (LOC - Barclays Bank PLC) (VRDN)

         

3.650%, 04/01/41

      1,445      1,445   

Beaver County Industrial Development Authority, Pollution Control, FirstEnergy Generation (RB) Series B (LOC - Royal Bank of Scotland) (VRDN)

        

2.960%, 12/01/41

      4,400      4,400   

Berks County Industrial Development Authority, Kutztown Resource Management Project (RB) (LOC - Wachovia Bank) (VRDN)

         

3.450%, 12/01/30

      3,850      3,850   

Cumberland County Municipal Authority, Messiah Village Project (RB) (LOC - Citizens Bank) (VRDN)

         

3.380%, 07/01/27

      2,005      2,005   

Delaware County Industrial Development Authority, Academy of Notre Dame Project (RB) (LOC - Citizens Bank) (VRDN)

         

3.380%, 12/01/36

      8,285      8,285   

Delaware County Industrial Development Authority, BP Exploration and Oil (RB) (VRDN)

         

3.450%, 10/01/19

      50      50   

Delaware County Industrial Development Authority, Resource Recovery Facility (RB) Series G (VRDN)

         

2.850%, 12/01/31

      10,405      10,405   

Delaware Valley Regional Finance Authority (RB) Series A (LOC - Bayerische Landesbank) (VRDN)

         

2.850%, 12/01/17

      2,000      2,000   

Delaware Valley Regional Finance Authority (RB) Series B (LOC - Bayerische Landesbank) (VRDN)

         

2.850%, 12/01/20

      3,000      3,000   

Delaware Valley Regional Finance Authority (RB) Series C (LOC - Bayerische Landesbank) (VRDN)

         

2.850%, 12/01/20

      2,300      2,300   

Delaware Valley Regional Finance Authority (RB) Series D (LOC - Bayerische Landesbank) (VRDN)

         

2.850%, 12/01/20

      10,000      10,000   

Downingtown Area School District (GO) (FSA State Aid Withholding) (VRDN)

         

2.900%, 02/01/19

      2,700      2,700   

Emmaus General Authority (RB) (FSA) (VRDN)

         

3.350%, 12/01/28

      95      95   

Geisinger Authority, Geisinger Health Systems (RB) (VRDN)

         

3.450%, 11/15/32

      2,550      2,550   

Geisinger Authority, Geisinger Health Systems (RB) Series B (VRDN)

         

3.450%, 08/01/22

      4,500      4,500   

 

81

Allegiant Pennsylvania Tax Exempt Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

   

Value
(000)

 

     

MUNICIPAL SECURITIES — continued

         

Pennsylvania — continued

         

Geisinger Authority, Geisinger Health Systems (RB) Series C (VRDN)

         

3.450%, 08/01/28

    $ 500    $ 500   

Hanover School District (GO) (FSA) (VRDN)

         

3.180%, 06/01/25

      1,850      1,850   

Harrisburg Authority, Cumberland Valley School District Project (RB) Sub-Series B (FSA)

         

(VRDN)

         

3.210%, 03/01/34

      6,600      6,600   

Harrisburg Authority, Haverford School District (RB) Sub-Series A (FSA) (VRDN)

         

3.210%, 03/01/34

      2,105      2,105   

Harrisburg Authority, West Brandywine (RB) Sub-Series D (FSA) (VRDN)

         

3.210%, 03/01/34

      1,640      1,640   

Lebanon County Health Facilities Authority, ECC Retirement Village Project (RB) (LOC - Northern Trust Company) (VRDN)

         

3.210%, 10/15/25

      3,570      3,570   

Luzerne County (GO) Series A (FSA) (VRDN)

         

3.400%, 11/15/26

      1,000      1,000   

Luzerne County Convention Center Authority (RB) Series A (LOC - Wachovia Bank)

         

(VRDN)

         

3.380%, 09/01/28

      4,180      4,180   

Montgomery County Industrial Development Authority (VRDO) Series 94-A (LOC - BNP Paribas)

         

2.670%, 05/08/08

      5,000      5,000   

Montgomery County Industrial Development Authority, Girl Scouts of Southeastern Pennsylvania (RB)

         

(LOC - Wachovia Bank) (VRDN)

         

3.450%, 02/01/25

      100      100   

Montgomery County Industrial Development Authority, LaSalle College High School (RB) (LOC - PNC Bank) (VRDN)

         

3.180%, 11/01/37

      1,000      1,000   

Montgomery County Industrial Development Authority, Meadowood (RB) (LOC - Citizens Bank) (VRDN)

         

3.350%, 12/01/20

      1,600      1,600   

Pennsylvania State (GO) First Series

         

5.000%, 01/15/09

      2,000      2,059   

5.250%, 02/01/09

      5,775      5,919   

Pennsylvania State (GO) Second Series

         

5.000%, 10/15/08

      1,500      1,523   

Pennsylvania State Higher Educational Facilities Authority, Association of Independent Colleges & Universities Program (RB) Series J-2 (LOC - PNC Bank) (VRDN)

         

3.070%, 05/01/27

      2,000      2,000   

Pennsylvania State Higher Educational Facilities Authority, Carnegie Mellon University (RB) Series A (VRDN)

         

3.450%, 11/01/25

      900      900   
    

Par
(000)

 

   

Value
(000)

 

     

Pennsylvania State Higher Educational Facilities Authority, Carnegie Mellon University (RB) Series C (VRDN)

         

3.450%, 11/01/29

    $ 700    $ 700   

Pennsylvania State Higher Educational Facilities Authority, Robert Morris College Project (RB) Series F2 (VRDN)

         

3.700%, 05/01/25

      2,500      2,500   

Pennsylvania State Higher Educational Facilities Authority, State System of Higher Education (RB) Series AC (MBIA)

         

5.000%, 06/15/08

      1,400      1,406   

Pennsylvania State Higher Educational Facilities Authority, Student Association Housing Project (RB) Series A (LOC - Citizens Bank) (VRDN)

        

3.160%, 07/01/38

      1,500      1,500   

Pennsylvania State Turnpike Commission (RB) Series A-1 (VRDN)

         

3.200%, 12/01/30

      5,400      5,400   

Pennsylvania State Turnpike Commission (RB) Series B (AMBAC) (VRDN)

         

3.500%, 12/01/22

      8,605      8,605   

Pennsylvania State Turnpike Commission (RB) Series C (AMBAC) (VRDN)

         

4.500%, 12/01/22

      8,820      8,820   

Pennsylvania State Turnpike Commission (RB) Series C (FSA) (VRDN)

         

3.050%, 07/15/41

      355      355   

Pennsylvania State Turnpike Commission (RB) Series D (FSA) (VRDN)

         

3.160%, 07/15/41

      1,900      1,900   

Pennsylvania State Turnpike Commission (RB) Series Q (VRDN)

         

3.500%, 06/01/27

      2,750      2,750   

3.500%, 06/01/28

      3,500      3,500   

Pennsylvania State University (RB) Series A (VRDN)

         

3.040%, 04/01/31

      1,625      1,625   

3.040%, 03/01/32

      3,420      3,420   

Philadelphia Authority for Industrial Development, 1100 Walnut Associates Project (RB) (LOC - PNC Bank) (VRDN)

         

2.560%, 12/01/14

      400      400   

Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project (RB) (LOC - Wachovia Bank) (VRDN)

         

3.380%, 07/01/27

      770      770   

Philadelphia Authority for Industrial Development, Chestnut Hill College (RB) Series A (LOC - Wachovia Bank) (VRDN)

         

3.380%, 10/01/29

      2,000      2,000   

Philadelphia Authority for Industrial Development, Girard Estate Aramark Project (RB) (LOC - JPMorgan Chase) (VRDN)

         

3.400%, 06/01/32

      1,000      1,000   

Philadelphia Authority for Industrial Development, Girard Estate Facilities Project (RB) (LOC - Morgan Guaranty Trust) (VRDN)

         

3.400%, 11/01/31

      4,800      4,800   

 

82

 

 

 

    

Par

(000)

 

   

Value
(000)

 

     

MUNICIPAL SECURITIES — continued

         

Pennsylvania — continued

         

Philadelphia Authority for Industrial Development, Newcourtland Elder Services Project (RB) (LOC - PNC Bank) (VRDN)

         

3.500%, 03/01/27

    $ 1,000    $ 1,000   

Philadelphia Authority for Industrial Development, Pennsylvania School for the Deaf (RB) (LOC - Citizens Bank) (VRDN)

         

3.210%, 11/01/32

      2,200      2,200   

Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital Project (RB) Series B (VRDN)

         

3.450%, 07/01/25

      9,050      9,050   

Philadelphia Hospitals & Higher Education Facilities Authority, Philadelphia Schools (RB) Series A-3 (LOC - First Union National Bank) (VRDN)

         

3.400%, 03/01/19

      525      525   

Philadelphia School District (TRAN) (GO) Series A (LOC - Bank of America)

         

4.500%, 06/27/08

      5,000      5,012   

Quakertown General Authority, Community Medical Center Healthcare System (RB)
Series A (LOC - PNC Bank) (VRDN)

         

2.900%, 07/01/26

      4,700      4,700   

State Public School Building Authority, Albert Gallatin Area School Project (RB) (FSA) (VRDN)

         

3.070%, 09/01/24

      2,400      2,400   

University of Pittsburgh, University Capital Project (RB) Series A (VRDN)

         

2.850%, 09/15/09

      1,500      1,500   

3.230%, 09/15/14

      1,100      1,100   

3.230%, 09/15/15

      1,220      1,220   

University of Pittsburgh, University Capital Project (RB) Series B (VRDN)

         

3.230%, 09/15/29

      1,500      1,500   

2.850%, 09/15/38

      6,000      6,000   

Upper Dauphin Industrial Development Authority, United Church of Christ Homes Project (RB) (LOC - Wachovia Bank) (VRDN)

         

3.400%, 12/01/26

      2,910      2,910   

Washington County Authority, Girard Estate Project (RB) (LOC - JPMorgan Chase) (VRDN)

         

3.400%, 06/01/27

      1,215      1,215   

Washington County Authority, University of Pennsylvania Project (RB) (VRDN)

         

3.300%, 07/01/34

      4,400      4,400   

Washington County Hospital Authority, Washington Hospital Project (RB) (LOC - PNC Bank) (VRDN)

         

3.800%, 07/01/08

      3,000      3,000     

Total Municipal Securities

         

(Cost $231,634)

             231,634     

 

 

 

 

    

Number

of Shares

 

   

Value
(000)

 

     

MONEY MARKET FUND — 0.9%

         

BlackRock Pennsylvania Municipal Money Market Portfolio

    2,080,133    $ 2,080   

(Cost $2,080)

                 

TOTAL INVESTMENTS — 99.7%

         

(Cost $233,714)*

           233,714     

Other Assets & Liabilities - 0.3%

           601     

TOTAL NET ASSETS — 100.0%

         $ 234,315     

 

* Also cost for Federal income tax purposes.

 

AMBAC — American Municipal Bond Assurance Corporation
FSA — Federal Security Assurance
GO — General Obligation
LOC — Letter of Credit
MBIA — Municipal Bond Insurance Association
PLC — Public Liability Company
RB — Revenue Bond
TRAN — Tax and Revenue Anticipation Note
VRDN— Variable Rate Demand Note: the rate shown is the rate in effect on February 29, 2008, and the date shown is the final maturity date, not the next reset or put date.
VRDO — Variable Rate Demand Obligation: the rate shown is the rate in effect on February 29, 2008, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Schedules of Investments.


 

83

Allegiant Tax Exempt Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par
(000)

 

   

Value
(000)

 

     

MUNICIPAL SECURITIES — 98.3%

         

Alabama — 0.4%

         

Mobile County Industrial Development Authority, ExxonMobil Project (RB) (VRDN)

         

3.750%, 07/15/32

    $ 3,915    $ 3,915     

Alaska — 1.6%

         

Valdez Marine Terminal, BP Pipelines Project (RB) (VRDN)

         

3.500%, 07/01/37

      4,500      4,500   

Valdez Marine Terminal, BP Pipelines Project (RB) Series B (VRDN)

         

3.500%, 07/01/37

      5,600      5,600   

Valdez Marine Terminal, BP Pipelines Project (RB) Series C (VRDN)

         

3.500%, 07/01/37

      2,600      2,600   

Valdez Marine Terminal, Exxon Pipeline Project (RB) Series B (VRDN)

         

3.750%, 12/01/33

      2,900      2,900   
            
              15,600     

Arizona — 1.2%

         

Arizona State University (RB) Series A (AMBAC) (VRDN)

         

3.140%, 07/01/34

      9,900      9,900   

Phoenix Industrial Development Authority, Pilgrim Rest Foundation Project (RB) Series 2005A (LOC - JPMorgan Chase Bank) (VRDN)

         

3.450%, 10/01/30

      2,325      2,325   
            
              12,225     

Colorado — 4.6%

         

Colorado Educational & Cultural Facilities Authority, National Jewish Federation Bond Program (RB) Series A-6 (LOC - Bank of America) (VRDN)

         

3.500%, 02/01/25

      3,800      3,800   

Colorado Educational & Cultural Facilities Authority, National Jewish Federation Bond Program (RB) Series C-5 (LOC - U.S. Bank) (VRDN)

         

3.500%, 11/01/37

      3,500      3,500   

Denver City & County, Colorado Convention Center Expansion Project (RB) Series 2001B (FSA) (VRDN)

         

3.350%, 09/01/25

      15,100      15,100   

Southern Ute Indian Tribe of Southern Ute Indian Reservation (RB) (VRDN)

         

3.400%, 11/01/31

      23,300      23,300   
            
              45,700     

Connecticut — 0.7%

         

Connecticut State Health & Educational Facility Authority, Yale University (RB) Series T-1 (VRDN)

         

3.000%, 07/01/29

      1,250      1,250   

Connecticut State Health & Educational Facility Authority, Yale University (RB) Series V-1 (VRDN)

         

3.050%, 07/01/36

      1,000      1,000   
    

Par
(000)

 

   

Value
(000)

 

     

Connecticut State Health & Educational Facility Authority, Yale University (RB) Series X-2 (VRDN)

         

2.150%, 07/01/37

    $ 5,100    $ 5,100   
            
              7,350     

Delaware — 0.5%

         

Delaware State Economic Development Authority, Winterthur Museum Project (RB) (LOC - Wachovia Bank) (VRDN)

         

3.450%, 09/01/12

      5,200      5,200     

District of Columbia — 3.5%

         

District of Columbia (GO) Series B (FSA) (VRDN)

         

3.250%, 06/01/30

      2,300      2,300   

District of Columbia (GO) Series D (MBIA) (VRDN)

         

9.000%, 06/01/31

      14,120      14,120   

District of Columbia, Field School Project (RB) Series B (LOC - Wachovia Bank) (VRDN)

         

3.400%, 07/01/31

      3,570      3,570   

District of Columbia, George Washington University (RB) Series B (MBIA) (VRDN)

         

7.000%, 09/15/29

      9,625      9,625   

District of Columbia, George Washington University (RB) Series C (MBIA) (VRDN)

         

9.000%, 09/15/29

      5,000      5,000   
            
              34,615     

Florida — 1.2%

         

Hillsborough County (TECP) Series A (LOC - State Street Bank & Trust)

         

3.000%, 04/03/08

      10,613      10,613   

Orlando & Orange County Expressway Authority (RB) Series C-1 (FSA) (VRDN)

         

3.000%, 07/01/25

      1,005      1,005   
            
              11,618     

Georgia — 1.0%

         

Atlanta (TECP)

         

2.900%, 09/10/08

      6,000      6,000   

Municipal Electric Authority, General Resolution Projects (RB) Sub-Series B (LOC - Bayerische Landesbank/Landesbank Hessen-Thueringen/ Westdeutsche Landesbank) (MBIA) (VRDN)

         

9.000%, 01/01/20

      4,200      4,200   
            
              10,200     

Illinois — 5.5%

         

Bloomington (GO) (VRDN)

         

3.200%, 06/01/24

      9,100      9,100   

Illinois Finance Authority, Chicago Historical Society (RB) (LOC - JPMorgan Chase Bank) (VRDN)

         

3.400%, 01/01/36

      1,500      1,500   

Illinois Finance Authority, Elim Christian Services Project (RB) (LOC - JPMorgan Chase Bank) (VRDN)

         

3.500%, 12/01/37

      15,000      15,000   

 

84

 

 

 

    

Par

(000)

 

    Value
(000)		     

MUNICIPAL SECURITIES — continued

         

Illinois — continued

         

Illinois Finance Authority, Elmhurst College (RB) (LOC - Bank of America) (VRDN)

         

3.000%, 02/01/42

    $ 5,500    $ 5,500   

Illinois Finance Authority, Northwestern Memorial Hospital Project (RB) Series B-1 (VRDN)

         

3.450%, 08/15/38

      4,200      4,200   

Illinois International Port District (RB) (LOC - LaSalle Bank) (VRDN)

         

3.250%, 01/01/23

      1,150      1,150   

Illinois State Development Finance Authority, Jewish Federation Project (RB) (AMBAC) (VRDN)

         

8.000%, 09/01/24

      1,080      1,080   

Illinois State Educational Facilities Authority, Field Museum of Natural History (RB) (LOC - Bank One) (VRDN)

         

3.200%, 11/01/34

      1,000      1,000   

Illinois State Educational Facilities Authority, Lake Forest Open Lands Project (RB) (LOC - Northern Trust Company) (VRDN)

         

3.230%, 08/01/33

      6,100      6,100   

Illinois State Toll Highway Authority (RB) Series A-1 (FSA) (VRDN)

         

3.080%, 01/01/31

      5,000      5,000   

Lake County Community Consolidated School District Number 50, Prerefunded 12/01/08 @ 100 (GO) Series A (FGIC) (SLGS)

         

6.000%, 12/01/08

      1,000      1,019   

Naperville, Dupage Children’s Museum (RB) (LOC - American National Bank & Trust) (VRDN)

         

3.230%, 06/01/30

      2,500      2,500   

Normal County (GO) (VRDN)

         

3.200%, 06/01/23

      1,750      1,750   
            
              54,899     

Indiana — 7.1%

         

Angola Educational Facilities, Tri-State University Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 07/01/26

      8,350      8,350   

Evansville Industrial Economic Development Authority, Ball Corporation Project (RB) (LOC - Bank One) (VRDN)

         

3.230%, 12/01/08

      2,500      2,500   

Indian Lake Local School District (BAN) (GO)

         

4.000%, 12/11/08

      2,000      2,009   

Indiana Bond Bank (RN) Series A (LOC - Bank of New York)

         

4.500%, 05/20/08

      5,485      5,494   

Indiana State Development Finance Authority, Children’s Museum of Indianapolis (RB) (VRDN)

         

3.200%, 07/01/33

      1,250      1,250   

Indiana State Development Finance Authority, Indiana Historical Society (RB) (LOC - Bank One Indiana) (VRDN)

         

3.200%, 08/01/31

      1,000      1,000   

 

 

 

 

    

Par

(000)

 

    Value
(000)		     

Indiana State Development Finance Authority, Indianapolis Museum (RB) (LOC - Bank One Indiana) (VRDN)

         

3.200%, 02/01/36

    $ 600    $ 600   

Indiana State Development Finance Authority, Indianapolis Museum of Art (RB) (LOC - Bank One) (VRDN)

         

3.200%, 02/01/37

      1,000      1,000   

Indiana State Development Finance Authority, Sycamore School Project (RB) (LOC - KeyBank) (VRDN)

         

3.260%, 08/01/24

      3,825      3,825   

Indiana State Educational Facilities Authority, Indiana Wesleyan University Project (RB) Series A (LOC - Bank One Indiana) (VRDN)

         

2.900%, 06/01/28

      2,185      2,185   

Indiana State Finance Authority Economic Development, Campagna Academy Project (RB) (LOC - JPMorgan Chase Bank) (VRDN)

         

3.450%, 06/01/42

      8,600      8,600   

Indiana State Finance Authority Economic Development, Goodwill Industries of Central Indiana (RB) (LOC - JPMorgan Chase Bank) (VRDN)

         

3.400%, 12/01/36

      11,400      11,400   

Indiana State Finance Authority Economic Development, YMCA of Portage Township Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 08/01/31

      4,000      4,000   

Indiana State Health Facilities Financing Authority, Southern Indiana Rehabilitation Hospital Project (RB) (LOC - Bank One Kentucky) (VRDN)

        

3.450%, 04/01/20

      1,730      1,730   

Lawrence Sewage Works (RN) Series A

         

3.100%, 12/27/08

      1,630      1,630   

Lawrence Waterworks (RN) Series A

         

3.100%, 12/27/08

      4,845      4,845   

Reid Hospital & Health Care Services, Reid Hospital Project (RB) Series A (FSA) (VRDN)

         

2.950%, 01/01/40

      3,900      3,900   

St. Joseph County Educational Facilities, Holy Cross College Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.160%, 09/01/25

      5,800      5,800   
            
              70,118     

Iowa — 0.3%

         

Iowa Finance Authority, Iowa Health System (RB) Series B-3 (AMBAC) (VRDN)

         

9.000%, 02/15/35

      3,100      3,100     

Kansas — 1.2%

         

Burlington (VRDO) Series C-1

         

1.650%, 07/07/08

      900      900   

Burlington (VRDO) Series C-2

         

1.650%, 07/07/08

      2,600      2,600   

1.430%, 07/10/08

      8,200      8,200   
            
              11,700     

 

85

Allegiant Tax Exempt Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

    Value
(000)		     

MUNICIPAL SECURITIES — continued

         

Kentucky — 0.4%

         

Kentucky Asset/Liability Commission (TRAN) Series A

         

4.500%, 06/26/08

    $ 4,000    $ 4,010     

Louisiana — 1.1%

         

Plaquemines Port Harbor & Terminal District Facilities, Chevron Pipe Line Project (RB) (VRDN)

         

3.850%, 09/01/08

      6,000      6,000   

St. James Parish Pollution Control Facilities, Occidental Petroleum Corporation Project (RB) Series 1996 (LOC - Bayerische Landesbank) (VRDN)

        

3.000%, 07/01/18

      5,000      5,000   
            
              11,000     

Maryland — 2.1%

         

Maryland State Economic Development, Associated Catholic Charities (RB) (LOC - PNC Bank) (VRDN)

         

3.160%, 10/01/29

      1,605      1,605   

Maryland State Economic Development, Howard Hughes Medical Institute (RB) Series A (VRDN)

         

2.850%, 02/15/43

      3,000      3,000   

Maryland State Health and Higher Educational Facilities Authority, Bishop McNamara High School Project (RB) (LOC - PNC Bank) (VRDN)

         

3.170%, 07/01/32

      4,000      4,000   

Maryland State Health and Higher Educational Facilities Authority, Pooled Loan Program (RB) Series D (LOC - Bank of America) (VRDN)

         

3.000%, 01/01/29

      6,560      6,560   

Maryland State Health and Higher Educational Facilities Authority, Roman Catholic Archbishop of Baltimore (RB) (LOC - PNC Bank) (VRDN)

         

3.170%, 07/01/37

      1,590      1,590   

Maryland State Health and Higher Educational Facilities Authority, University of Maryland Medical System (RB) Series A (LOC - Wachovia Bank) (VRDN)

         

3.350%, 07/01/34

      4,000      4,000   
            
              20,755     

Massachusetts — 6.2%

         

Massachusetts Development Finance Agency, Harvard University (RB) Series B-1 (VRDN)

         

3.000%, 07/15/36

      6,125      6,125   

Massachusetts Development Finance Agency, Harvard University (RB) Series B-2 (VRDN)

         

2.800%, 07/15/36

      20,000      20,000   

Massachusetts State Health & Educational Facilities Authority, Amherst College (RB) Series H

         

2.630%, 11/01/33

      3,000      3,000   
    

Par

(000)

 

    Value
(000)		     

Massachusetts State Health & Educational Facilities Authority, Harvard University (RB) Series BB (VRDN)

         

3.400%, 02/01/34

    $ 1,000    $ 1,000   

Massachusetts State Health & Educational Facilities Authority, Massachusetts Institute of Technology (RB) Series J-1 (VRDN)

         

2.300%, 07/01/31

      8,700      8,700   

Massachusetts State Health & Educational Facilities Authority, Wellesley College (RB) Series I (VRDN)

         

3.400%, 07/01/39

      7,535      7,535   

Massachusetts Water Resources Authority (RB) Series A (AMBAC) (VRDN)

         

5.000%, 04/01/28

      3,065      3,065   

Massachusetts Water Resources Authority (TECP) Series 99 (LOC - State Street Bank & Trust)

         

1.850%, 06/12/08

      12,000      12,000   
            
              61,425     

Michigan — 3.5%

         

Byron Center Public School (RB) (GO) (MBIA)

         

8.250%, 05/01/08

      1,380      1,390   

Detroit (TAN) (GO) (LOC - Scotiabank)

         

4.500%, 03/01/08

      2,200      2,200   

Detroit Sewer Disposal (RB) Series B (FSA) (VRDN)

         

3.250%, 07/01/33

      1,400      1,400   

Michigan Higher Education Facilities Authority, Davenport University (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 01/01/36

      6,910      6,910   

Michigan Public Educational Facilities Authority, Holly Academy Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 10/01/34

      2,000      2,000   

Michigan State (GO) Series A (LOC - DEPFA Bank PLC)

         

4.000%, 09/30/08

      9,000      9,055   

Michigan Strategic Fund, Goodwill Industries of Greater Grand Rapids Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 01/01/38

      7,750      7,750   

Michigan Strategic Fund, YMCA of Metropolitan Detroit Project (RB) (LOC - Bank One) (VRDN)

         

3.110%, 11/01/33

      2,050      2,050   

University of Michigan (RB) Series A (VRDN)

         

4.000%, 12/01/35

      2,400      2,400   
            
              35,155     

Mississippi — 1.7%

         

Mississippi Business Finance Corporation, Chevron USA Project (RB) Series B (VRDN)

         

2.900%, 12/01/30

      1,800      1,800   

 

86

 

 

 

    

Par

(000)

 

   

Value
(000)

 

     

MUNICIPAL SECURITIES — continued

         

Mississippi — continued

         

Mississippi Business Finance Corporation, Jackson State University Privatized Student Housing Project (RB) Series 2002A-1 (LOC - Wachovia Bank) (VRDN)

         

2.250%, 01/01/33

    $ 14,825    $ 14,825   
            
              16,625     

Missouri — 1.8%

         

Missouri State Health & Educational Facilities Authority, SSM Healthcare Corporation Project (RB) Series C-4 (FSA) (VRDN)

         

2.950%, 06/01/33

      10,815      10,815   

Missouri State Health & Educational Facilities Authority, Washington University Project (RB) Series A (VRDN)

         

3.500%, 02/15/34

      3,765      3,765   

Missouri State Health & Educational Facilities Authority, Washington University Project (RB) Series B (VRDN)

         

3.500%, 03/01/40

      1,700      1,700   

Missouri State Health & Educational Facilities Authority, Washington University Project (RB) Series D (VRDN)

         

3.500%, 09/01/30

      1,100      1,100   
            
              17,380     

Nebraska — 0.1%

         

American Public Energy Agency (RB) Series A (VRDN)

         

3.160%, 12/01/15

      1,020      1,020     

Nevada — 0.9%

         

Clark County School District (GO) Series A (FSA) (VRDN)

         

3.400%, 06/15/21

      9,115      9,115     

New Hampshire — 0.1%

         

New Hampshire Health & Education Facilities Authority, Dartmouth College (RB) (VRDN)

         

3.180%, 06/01/23

      1,025      1,025     

New Mexico — 1.6%

         

Hurley Pollution Control, Kennecott Santa Fe (RB) (VRDN)

         

3.500%, 12/01/15

      9,600      9,600   

New Mexico (TRAN)

         

4.500%, 06/30/08

      6,000      6,015   
            
              15,615     

New York — 3.5%

         

Metropolitan Transportation Authority (RB) Series D-1 (FSA) (VRDN)

         

3.080%, 11/01/29

      1,670      1,670   

New York City (GO) Series B2, Sub-Series B5 (MBIA) (VRDN)

         

5.000%, 08/15/11

      8,700      8,700   

New York City (GO) Series E, Sub-Series E-3 (LOC - Bank of America) (VRDN)

         

3.320%, 08/01/34

      10,245      10,245   

 

 

 

 

    

Par
(000)

 

   

Value
(000)

 

     

New York City (GO) Series F-5 (LOC - Bayerische Landesbank) (VRDN)

         

2.820%, 02/15/16

    $ 10,000    $ 10,000   

New York City (GO) Sub-Series H-1 (LOC - Dexia Credit Local) (VRDN)

         

3.550%, 01/01/36

      4,045      4,045   
            
              34,660     

North Carolina — 4.2%

         

Guilford County Recreational Facilities Authority, YMCA Project (RB) (LOC - Branch Banking & Trust) (VRDN)

         

3.180%, 02/01/23

      1,955      1,955   

Mecklenburg County (GO) Series B (VRDN)

         

3.310%, 02/01/24

      12,900      12,900   

3.330%, 02/01/26

      10,370      10,370   

North Carolina Educational Facilities Finance Agency, Belmont Abbey College Project (RB) (LOC - Wachovia Bank) (VRDN)

         

3.350%, 06/01/18

      800      800   

North Carolina Medical Care Commission, Rutherford Hospital Project (RB) (LOC - Branch Banking & Trust) (VRDN)

         

3.180%, 09/01/21

      1,400      1,400   

North Carolina State (GO) Series C (VRDN)

         

2.970%, 06/01/19

      10,395      10,395   

University of North Carolina, Chapel Hill Hospital Project (RB) Series B (VRDN)

         

3.650%, 02/15/31

      550      550   

Wake County (GO) Series B (VRDN)

         

3.320%, 03/01/24

      3,300      3,300   
            
              41,670     

Ohio — 12.2%

         

Cleveland Waterworks (RB) Series M (FSA) (VRDN)

         

3.100%, 01/01/33

      2,400      2,400   

Cuyahoga County Economic Development Authority, Magnificat High School Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.060%, 06/01/30

      1,880      1,880   

Cuyahoga County Port Authority, Euclid Garage Office Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.200%, 01/01/34

      2,175      2,175   

Geauga County, Franklin Circle Project (RB) Series 2007A (LOC - Keybank) (VRDN)

         

4.000%, 09/01/14

      1,800      1,800   

Hamilton City (BAN) (GO)

         

4.000%, 09/11/08

      1,000      1,001   

Hamilton County Economic Development Authority, Jordon Complex (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 12/01/24

      1,445      1,445   

Hamilton County Economic Development Authority, Taft Museum Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 05/01/27

      6,895      6,895   

 

87

Allegiant Tax Exempt Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

    Value
(000)		     

MUNICIPAL SECURITIES — continued

         

Ohio — continued

         

Hamilton County Healthcare Facilities, Episcopal (RB) Series A (LOC - KeyBank) (VRDN)

         

3.160%, 06/01/35

    $ 650    $ 650   

Hilliard School District (BAN) (GO) Series A

         

4.000%, 06/12/08

      3,500      3,503   

Kent State University General Receipts (RB) (MBIA) (VRDN)

         

8.950%, 05/01/31

      20,415      20,415   

Logan County (BAN) (GO) Series A

         

3.750%, 06/18/08

      2,250      2,256   

Marysville (BAN) (GO)

         

3.500%, 01/23/09

      1,805      1,814   

Marysville (BAN) (RN) (LOC - Fifth Third Bank)

         

4.000%, 09/11/08

      4,725      4,736   

Mason City School District (BAN)

         

2.750%, 02/05/09

      3,000      3,021   

Mayfield Heights (BAN) (GO)

         

4.250%, 08/21/08

      3,200      3,208   

Mentor (BAN) (GO)

         

4.250%, 03/14/08

      1,395      1,395   

Miami County (BAN) (GO)

         

4.000%, 11/27/08

      2,235      2,244   

Montgomery County, Catholic Health Initiatives Project (RB) Series B-1 (VRDN)

         

2.950%, 03/01/27

      6,000      6,000   

Montgomery County, Catholic Health Initiatives Project (RB) Series B-2 (VRDN)

         

3.200%, 04/01/37

      3,600      3,600   

Mount Healthy City School District (BAN) (GO)

         

4.250%, 04/03/08

      12,000      12,006   

Ohio State (GO) Series B (VRDN)

         

2.900%, 03/15/25

      900      900   

Ohio State Air Quality Development Authority, FirstEnergy Project (RB) (LOC - Wachovia Bank) (VRDN)

         

3.000%, 12/01/33

      60      60   

Ohio State Air Quality Development Authority, Timken Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.100%, 11/01/25

      675      675   

Ohio State Higher Educational Facilities Commission (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.450%, 09/01/25

      2,125      2,125   

Ohio State Higher Educational Facilities Commission, Pooled Financing Program (RB) Series A (LOC - Fifth Third Bank) (VRDN)

         

3.450%, 09/01/24

      1,425      1,425   

Ohio State University (VRDO) Series 03-C

         

1.000%, 08/14/08

      5,500      5,500   

Orrville (BAN) (GO)

         

4.000%, 09/17/08

      2,180      2,183   

Perrysburg (BAN) (GO)

         

4.000%, 08/07/08

      1,500      1,501   

Rocky River, Lutheran West High School Project (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 12/01/22

      2,400      2,400   

Trenton (BAN) (GO)

         

3.800%, 03/13/08

      2,145      2,145   

University of Cincinnati (BAN) (RB) Series A

         

3.250%, 01/14/09

      5,750      5,775   
    

Par
(000)

 

    Value
(000)		     

Warren County (BAN) (GO)

         

4.150%, 09/05/08

    $ 1,610    $ 1,613   

Warren County Healthcare Facilities Authority, Otterbein Homes Project (RB) Series B (LOC - Fifth Third Bank) (VRDN)

         

3.310%, 07/01/23

      2,728      2,728   

Washington County Hospital, Marietta Area Health Facilities (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 12/01/26

      1,480      1,480   

West Clermont Local School District (BAN) (GO)

         

3.500%, 08/05/08

      7,500      7,523   
              
              120,477     

Oregon — 1.0%

         

Yamhill County, George Fox University Project (RB) Series A (LOC - Bank of America) (VRDN)

         

3.000%, 10/01/35

      9,955      9,955     

Pennsylvania — 8.0%

         

Allegheny County Hospital Development Authority, Children’s Hospital of Pittsburgh (RB) Series A (LOC - Citizens Bank) (VRDN)

         

3.100%, 06/01/35

      1,205      1,205   

Allegheny County Hospital Development Authority, Presbyterian University Hospital (RB) Series B2 (LOC - Bank One) (VRDN)

         

3.350%, 03/01/18

      300      300   

Allegheny County Hospital Development Authority, Presbyterian University Hospital (RB) Series B3 (LOC - Bank One) (VRDN)

         

3.350%, 03/01/18

      950      950   

Allegheny County Hospital Development Authority, South Hills Health (RB) Series A (LOC - PNC Bank) (VRDN)

         

3.700%, 06/01/30

      1,000      1,000   

Allentown Commercial and Industrial Development, Diocese of Allentown (RB) (LOC - Wachovia Bank) (VRDN)

         

3.500%, 12/01/29

      3,000      3,000   

Delaware Valley Regional Finance Authority (RB) Series B (LOC — Bayerische Landesbank) (VRDN)

         

2.850%, 12/01/20

      1,600      1,600   

Erie Higher Education Building Authority, Mercyhurst College Project (RB) (LOC - PNC Bank) (VRDN)

         

3.070%, 11/01/23

      4,800      4,800   

Geisinger Authority, Geisinger Health Systems (RB) Series B (VRDN)

         

3.450%, 08/01/22

      3,400      3,400   

Geisinger Authority, Geisinger Health Systems (RB) Series C (VRDN)

         

3.450%, 08/01/28

      3,000      3,000   

Harrisburg Authority, West Brandywine (RB) Sub-Series D (FSA) (VRDN)

         

3.210%, 03/01/34

      1,060      1,060   

 

88

 

 

 

    

Par
(000)

 

   

Value
(000)

 

     

MUNICIPAL SECURITIES — continued

         

Pennsylvania — continued

         

Lackawanna County (GO) Series A (LOC - PNC Bank) (VRDN)

         

3.070%, 09/01/29

    $ 1,000    $ 1,000   

Manheim Township School District (GO) (FSA) (VRDN)

         

3.180%, 06/01/16

      2,000      2,000   

Montgomery County Higher Education Facilities Authority, William Penn Charter School Project (RB) (LOC - PNC Bank) (VRDN)

         

3.070%, 09/15/31

      4,600      4,600   

Montgomery County Industrial Development Authority, LaSalle College High School (RB) (LOC - PNC Bank) (VRDN)

         

3.180%, 11/01/37

      4,000      4,000   

New Garden General Authority, Municipal Pooled Financing Program (RB) Series II (FSA) (VRDN)

         

3.100%, 12/01/33

      715      715   

Pennsylvania Intergovernmental Cooperative Authority, City of Philadelphia Funding Program (STRB) Series 2003 (AMBAC) (VRDN)

         

9.000%, 06/15/22

      4,200      4,200   

Pennsylvania State (GO) First Series

         

5.250%, 02/01/09

      8,465      8,718   

Pennsylvania State Turnpike Commission (RB) Series B (AMBAC) (VRDN)

         

3.500%, 12/01/22

      2,500      2,500   

Pennsylvania State Turnpike Commission (RB) Series C (FSA) (VRDN)

         

3.050%, 07/15/41

      1,100      1,100   

Pennsylvania State Turnpike Commission (RB)

         

Series Q (VRDN)

         

3.500%, 06/01/28

      590      590   

Pennsylvania State University (RB) Series A (VRDN)

         

3.040%, 04/01/31

      4,500      4,500   

Philadelphia Authority for Industrial Development, 1100 Walnut Associates Project (RB) (LOC - PNC Bank) (VRDN)

         

2.560%, 12/01/14

      2,100      2,100   

Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project (RB) (LOC - Wachovia Bank) (VRDN)

         

3.380%, 07/01/27

      240      240   

Philadelphia Authority for Industrial Development, Chestnut Hill College (RB) Series A (LOC - Wachovia Bank) (VRDN)

         

3.380%, 10/01/29

      2,165      2,165   

Philadelphia Authority for Industrial Development, Newcourtland Elder Services Project (RB) (LOC - PNC Bank) (VRDN)

         

3.500%, 03/01/27

      5,500      5,500   

Philadelphia Authority for Industrial Development, Pennsylvania School for the Deaf (RB) (LOC - Citizens Bank) (VRDN)

         

3.210%, 11/01/32

      1,900      1,900   

 

 

 

 

    

Par
(000)

 

   

Value
(000)

 

     

Philadelphia School District (TRAN) (GO) Series A (LOC - Bank of America)

         

4.500%, 06/27/08

    $ 2,500    $ 2,506   

Quakertown General Authority, Community Medical Center Healthcare System (RB) Series A (LOC - PNC Bank) (VRDN)

         

2.900%, 07/01/26

      2,980      2,980   

University of Pittsburgh, University Capital Project (RB) Series A (VRDN)

         

2.850%, 09/15/09

      430      430   

3.230%, 09/15/14

      500      500   

3.230%, 09/15/18

      1,000      1,000   

University of Pittsburgh, University Capital Project (RB) Series B (VRDN)

         

3.000%, 09/15/28

      500      500   

3.230%, 09/15/29

      960      960   

3.000%, 09/15/40

      4,300      4,300   
            
              79,319     

South Carolina — 1.7%

         

Greenville Hospital System Board, GHS Partners in Health (RB) Series A (AMBAC) (VRDN)

         

3.350%, 05/01/35

      6,660      6,660   

Greenville Hospital System Board, GHS Partners in Health (RB) Series C (AMBAC) (VRDN)

         

3.350%, 05/01/35

      4,400      4,400   

South Carolina Public Service Authority (TECP)

         

2.700%, 05/22/08

      5,500      5,500   
            
              16,560     

Tennessee — 2.6%

         

Blount County Health, Educational and Housing Facilities Authority, Presbyterian Homes Project (RB) (LOC - SunTrust Bank) (VRDN)

         

3.250%, 01/01/19

      5,575      5,575   

Clarksville Public Building Authority (RB) (LOC - Bank of America) (VRDN)

         

3.650%, 11/01/35

      500      500   

Hendersonville Industrial Development Board (TIB) Series A (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 05/01/36

      7,500      7,500   

Metropolitan Government Nashville & Davidson County Industrial Development Board, Nashville Public Radio (RB) (LOC - Fifth Third Bank) (VRDN)

         

3.220%, 04/01/22

      4,400      4,400   

Montgomery County Public Building Authority Pooled Financing, Tennessee County Loan Pool (RB) (LOC - Bank of America) (VRDN)

         

3.000%, 03/01/25

      7,700      7,700   
            
              25,675     

Texas — 8.5%

         

Denton Independent School District (GO) Series B (PSF-GTD) (VRDN)

         

3.750%, 08/15/21

      7,500      7,500   

Gulf Coast Industrial Development Authority, Amoco Oil Project (RB) (VRDN)

         

3.350%, 06/01/25

      4,000      4,000   

 

89

Allegiant Tax Exempt Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

   

Value
(000)

 

     

MUNICIPAL SECURITIES — continued

         

Texas — continued

         

Houston Independent School District (GO) (PSF- GTD) (VRDN)

         

3.750%, 06/15/31

    $ 4,500    $ 4,500   

Red River Education Finance Corporation, Hockaday School Project (RB) Series 2005

         

3.230%, 03/01/30

      7,700      7,700   

Red River Education Finance Corporation, Texas Christian University Project (RB) (VRDN)

         

3.100%, 03/15/35

      20,000      20,000   

San Antonio Educational Facilities Corporation, Trinity University (RB) (VRDN)

         

3.500%, 06/01/33

      3,600      3,600   

Texas State (GO) (VRDN)

         

2.850%, 04/01/36

      27,000      27,000   

Texas State (TRAN) (GO)

         

4.500%, 08/28/08

      10,000      10,038   
            
              84,338     

Utah — 1.3%

         

Intermountain Power Agency, Power Supply (RB) Series F (AMBAC) (VRDN)

         

3.510%, 07/01/15

      7,250      7,250   

3.400%, 07/01/18

      6,000      6,000   
            
              13,250     

Virginia — 1.1%

         

Loudoun County Industrial Development Authority, Howard Hughes Medical Institute (RB) Series B (VRDN)

         

2.750%, 02/15/38

      10,250      10,250   

Loudoun County Industrial Development Authority, Howard Hughes Medical Institute (RB) Series F (VRDN)

         

2.850%, 02/15/38

      1,100      1,100   
            
              11,350     

Washington — 1.7%

         

Tulalip Tribes of the Tulalip Reservation (RB) (LOC - Wells Fargo Bank) (VRDN)

         

3.020%, 06/01/19

      10,000      10,000   

Washington State Healthcare Facilities Authority, National Health Care Research & Educational Project (RB) (LOC - BNP Paribas) (VRDN)

        

3.200%, 01/01/32

      4,600      4,600   

Washington State Higher Education Facilities Authority, Whitman College Project (RB) (VRDN)

         

3.400%, 10/01/29

      2,550      2,550   
            
              17,150     

Wisconsin — 3.2%

         

Byron Industrial Development, Ocean Spray Project (RB) (LOC - Wachovia Bank) (VRDN)

         

3.400%, 12/01/20

      4,400      4,400   

Wisconsin Health & Educational Facilities Authority, Grace Lutheran Foundation Project (RB) (LOC - Firstar Bank) (VRDN)

         

3.000%, 07/01/14

      2,035      2,035   
    

Par

(000)

 

   

Value
(000)

 

     

Wisconsin Health & Educational Facilities Authority, Wheaton Franciscan Services (RB) (LOC - JPMorgan Chase Bank) (VRDN)

         

2.980%, 08/15/36

    $ 10,000    $ 10,000   

Wisconsin Health & Educational Facilities Authority, Wisconsin Lutheran College Conference (RB) (LOC - U.S. Bank) (VRDN)

         

3.750%, 09/01/31

      12,700      12,700   

Wisconsin State (GO) Series B

         

4.000%, 05/01/08

      2,275      2,278   
            
              31,413     

Wyoming — 1.0%

         

Carbon County, Wyoming Pollution Control, Amoco Project Series 1985 (RB) (VRDN)

         

3.400%, 11/01/14

      3,800      3,800   

Lincoln County, Wyoming Pollution Control, Exxon Project (RB) Series 1985 (VRDN)

         

3.090%, 08/01/15

      4,600      4,600   

Uinta County, Amoco Project (RB) (VRDN)

         

3.750%, 07/01/26

      1,200      1,200   
            
              9,600     

Total Municipal Securities

         

(Cost $974,782)

             974,782     
                    
    

Number

of Shares

 

          

MONEY MARKET FUND — 1.5%

         

BlackRock Liquidity Funds MuniFund

      14,517,643      14,518   

(Cost $14,518)

                   

TOTAL INVESTMENTS — 99.8%

         

(Cost $989,300)*

             989,300     

Other Assets & Liabilities – 0.2%

             2,125     

TOTAL NET ASSETS — 100.0%

           $ 991,425     

* 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

PSF-GTD — Public School Fund—Guaranteed

RB — Revenue Bond

RN — Revenue Note

SLGS — State and Local Government Series

STRB — Special Tax Revenue Bond

TAN — Tax Anticipation Note

TECP — Tax Exempt Commercial Paper

TIB — Tax Increment Bond

TRAN — Tax and Revenue Anticipation Note

VRDN — Variable Rate Demand Note: the rate shown is the rate in effect on February 29, 2008, and the date shown is the final maturity date, not the next reset or put date.
VRDO — Variable Rate Demand Obligation: the rate shown is the rate in effect on February 29, 2008, and the date shown is the final maturity date, not the next reset or put date.

See Notes to Schedules of Investments.


 

90

Allegiant Treasury Money Market Fund

SCHEDULE OF INVESTMENTS

February 29, 2008 (Unaudited)

 

    

Par

(000)

 

   

Value
(000)

 

     

U.S. TREASURY OBLIGATIONS — 96.3%

         

U.S. Treasury Bills† — 87.8%

         

1.600%, 03/06/08

    $ 20,000    $ 19,996   

2.150%, 03/06/08

      8,000      7,998   

2.251%, 03/06/08

      5,000      4,998   

2.265%, 03/13/08

      15,000      14,989   

2.370%, 03/13/08

      15,000      14,988   

2.430%, 03/13/08

      5,000      4,996   

1.900%, 03/17/08

      20,000      19,983   

2.195%, 03/17/08

      15,000      14,985   

2.470%, 03/17/08

      10,000      9,990   

2.300%, 03/20/08

      10,000      9,988   

2.330%, 03/20/08

      15,000      14,981   

2.380%, 03/20/08

      5,000      4,994   

2.415%, 03/20/08

      9,000      8,988   

2.970%, 03/20/08

      7,000      6,989   

2.055%, 03/27/08

      15,000      14,978   

2.270%, 03/27/08

      15,000      14,975   

2.230%, 04/03/08

      10,000      9,980   

3.190%, 04/03/08

      5,000      4,985   

4.010%, 04/03/08

      5,000      4,982   

4.057%, 04/03/08

      5,000      4,981   

4.111%, 04/03/08

      4,000      3,985   

2.100%, 04/15/08

      15,000      14,961   

2.239%, 04/15/08

      12,000      11,966   

2.360%, 04/15/08

      15,000      14,956   

2.400%, 04/15/08

      15,000      14,955   

2.100%, 04/17/08

      15,000      14,959   

2.232%, 04/17/08

      10,000      9,971   

2.355%, 04/17/08

      15,000      14,954   

3.895%, 04/17/08

      4,000      3,980   

2.141%, 05/01/08

      5,000      4,982   

2.145%, 05/01/08

      10,000      9,964   

1.850%, 05/08/08

      10,000      9,965   

2.175%, 05/15/08

      15,000      14,932   

1.998%, 05/29/08

      5,000      4,975   

3.215%, 05/29/08

      5,000      4,960   

3.260%, 05/29/08

      5,000      4,960   

2.130%, 06/12/08

      10,000      9,939   

2.120%, 06/19/08

      7,000      6,955   

2.140%, 06/19/08

      10,000      9,935   

2.091%, 06/26/08

      7,000      6,952   

3.440%, 06/26/08

      4,000      3,955   
            
              410,905     

U.S. Treasury Notes — 8.5%

         

4.625%, 03/31/08

      32,000      32,056   

4.875%, 04/30/08

      8,000      8,015   
            
              40,071     

Total U.S. Treasury Obligations

         

(Cost $450,976)

             450,976     
    

Par

(000)

 

   

Value
(000)

 

      

MONEY MARKET FUND — 5.8%

        

BlackRock Treasury Trust Fund

    27,185,817    $ 27,186    

(Cost $27,186)

                  

TOTAL INVESTMENTS — 102.1%

        

(Cost $478,162)*

           478,162      

Other Assets & Liabilities – (2.1)%

           (9,975 )    

TOTAL NET ASSETS — 100.0%

         $ 468,187      

 

* Also cost for Federal income tax purposes.

 

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

See Notes to Schedules of Investments.


 

91

Allegiant Funds

NOTES TO SCHEDULES OF INVESTMENTS

February 29, 2008 (Unaudited)

1. Investment Valuation

Investment securities of the 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 NASDAQ® 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, as well as all of 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 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 and regulary reviewed 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. No investments held at February 29, 2008 were valued at other than amortized cost.

Short term investments held as collateral for loaned securities are also valued at amortized cost, which approximates market value.

Futures contracts are valued at the daily quoted settlement prices.

Foreign securities are valued based upon quotations from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Foreign securities may trade on weekends or other days when the Fund does not calculate net asset value. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund.

Investments in underlying Allegiant Funds or in any other mutual funds are valued at their respective net asset values 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.

2. Investment Transactions

Investment transactions are recorded on trade date.

3. Affiliated Funds

Pursuant to SEC rules, the Equity, 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.

 

92

During the fiscal period ended February 29, 2008, Union Bank of California, acting as domestic securities lending agent for the Funds, invested cash collateral for loaned securities in a medium-term note of an affiliate of theAdviser. The holding was sold on October 24, 2007.

The table below shows the transactions which occurred during the fiscal period ended February 29, 2008, and the final sale of the entire position on October 24, 2007:

 

    

Affiliated Issuer

 

   

Balance of
Affiliates
as of
05/31/07
(000)

 

   

Purchases
through
10/23/07
(000)

 

   

Sales at
10/24/07
(000)

 

    

Balance of
Affiliates
as of
02/29/08
(000)

 

     

Balanced Allocation Fund

    National City Bank of Indiana    $—      $ 2,626    $ (2,626 )   $—       

Large Cap Core Equity Fund

    National City Bank of Indiana      —        535      (535 )     —       

Large Cap Growth Fund

    National City Bank of Indiana      —        3,619      (3,619 )     —       

Large Cap Value Fund

    National City Bank of Indiana      —        1,263      (1,263 )     —       

Mid Cap Value Fund

    National City Bank of Indiana      —        3,949      (3,949 )     —       

Multi-Factor Mid Cap Growth Fund

    National City Bank of Indiana      —        400      (400 )     —       

Multi-Factor Small Cap Core Fund

    National City Bank of Indiana      —        1,594      (1,594 )     —       

Multi-Factor Small Cap Focused Value Fund

    National City Bank of Indiana      —        66      (66 )     —       

Multi-Factor Small Cap Growth Fund

    National City Bank of Indiana      —        167      (167 )     —       

Multi-Factor Small Cap Value Fund

    National City Bank of Indiana      —        7,391      (7,391 )     —       

S&P 500® Index Fund

    National City Bank of Indiana      —        834      (834 )     —       

Small Cap Core Fund

    National City Bank of Indiana      —        6,060      (6,060 )     —       

Small Cap Growth Fund

    National City Bank of Indiana      —        999      (999 )     —       

Bond Fund

    National City Bank of Indiana      —        9,547      (9,547 )     —       

Government Mortgage Fund

    National City Bank of Indiana      —        244      (244 )     —       

Intermediate Bond Fund

    National City Bank of Indiana      —        12,555      (12,555 )     —       

Limited Maturity Bond Fund

    National City Bank of Indiana      —        2,356      (2,356 )     —       

Total Return Advantage Fund

    National City Bank of Indiana      —        14,521      (14,521 )     —       

Ultra Short Bond Fund

    National City Bank of Indiana      —        1,317      (1,317 )     —       

 

93

Item 2. Controls and Procedures.

 

  (a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.15d-15(b)).

 

  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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 May 9, 2008

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 May 9, 2008

 

By (Signature and Title)*    /s/ John Kernan
  John Kernan, Treasurer
  (principal financial officer)
Date May 16, 2008

 

*

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