-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MyJjf0M6zF5GSSAYDj20vzdVo66XVC2pEUUUO1jjXzzRfZwZpc/5zBkn8qURKNsS +lxyoy53ZYwziUxJg/eG8g== 0000935069-07-002432.txt : 20071010 0000935069-07-002432.hdr.sgml : 20071010 20071010161327 ACCESSION NUMBER: 0000935069-07-002432 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20071010 DATE AS OF CHANGE: 20071010 EFFECTIVENESS DATE: 20071010 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLEGIANT ADVANTAGE FUND CENTRAL INDEX KEY: 0000908823 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-65690 FILM NUMBER: 071165454 BUSINESS ADDRESS: STREET 1: NATIONAL CITY BANK STREET 2: 1900 E. 9TH STREET LOCATOR 2224 CITY: CLEVELAND STATE: OH ZIP: 44114 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: NATIONAL CITY BANK STREET 2: 1900 E. 9TH STREET LOCATOR 2224 CITY: CLEVELAND STATE: OH ZIP: 44114 FORMER COMPANY: FORMER CONFORMED NAME: ARMADA ADVANTAGE FUND DATE OF NAME CHANGE: 20000501 FORMER COMPANY: FORMER CONFORMED NAME: PARKSTONE ADVANTAGE FUND DATE OF NAME CHANGE: 19930708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLEGIANT ADVANTAGE FUND CENTRAL INDEX KEY: 0000908823 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07850 FILM NUMBER: 071165455 BUSINESS ADDRESS: STREET 1: NATIONAL CITY BANK STREET 2: 1900 E. 9TH STREET LOCATOR 2224 CITY: CLEVELAND STATE: OH ZIP: 44114 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: NATIONAL CITY BANK STREET 2: 1900 E. 9TH STREET LOCATOR 2224 CITY: CLEVELAND STATE: OH ZIP: 44114 FORMER COMPANY: FORMER CONFORMED NAME: ARMADA ADVANTAGE FUND DATE OF NAME CHANGE: 20000501 FORMER COMPANY: FORMER CONFORMED NAME: PARKSTONE ADVANTAGE FUND DATE OF NAME CHANGE: 19930708

0000908823 S000001202 ALLEGIANT ADVANTAGE INSTITUTIONAL MONEY MARKET FUND

C000003275 CLASS I AABXX

C000003276 CLASS A AAAXX

485BPOS 1 allegadv_485b.txt ALLEGIANT ADVANTAGE 485B As filed with the Securities and Exchange Commission on October 10, 2007 Registration No. 33-65690/811-07850 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] POST-EFFECTIVE AMENDMENT NO. 25 [X] and REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 26 [X] ALLEGIANT ADVANTAGE FUND (Exact Name of Registrant as Specified in Charter) 760 Moore Road King of Prussia, Pennsylvania 19406 (Address of Principal Executive Offices) Registrant's Telephone Number: 1-800-364-4890 Audrey C. Talley, Esq. DRINKER BIDDLE & REATH LLP One Logan Square 18th and Cherry Streets Philadelphia, Pennsylvania 19103-6996 (Name and Address of Agent for Service) Copy to: Ronald L. Weihrauch, Jr., Esq. Allegiant Funds 200 Public Square, 5th Floor Cleveland, Ohio 44114 It is proposed that this filing will become effective (check appropriate box): [X] immediately upon filing pursuant to paragraph (b) [ ] on (date) pursuant to paragraph (b) [ ] 60 days after filing pursuant to paragraph (a)(1) [ ] on (date) pursuant to paragraph (a)(1) [ ] 75 days after filing pursuant to paragraph (a)(2) [ ] on (date) pursuant to paragraph (a)(2) of Rule 485. If appropriate, check the following box: [ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment. SIGNATURES Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 25 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cleveland, State of Ohio, on the 10th day of October, 2007. ALLEGIANT ADVANTAGE FUND /s/ Timothy L. Swanson ---------------------- Timothy L. Swanson President, Chief Executive Officer, Chief Legal Officer and Trustee Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment No. 25 to the Registrant's Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

ALLEGIANT ADVANTAGE FUND CERTIFICATE OF SECRETARY The following resolution was duly adopted by the Board of Trustees of Allegiant Advantage Fund on May 18, 2007 and remains in effect on the date hereof: FURTHER RESOLVED, that the trustees and officers of the Trusts required to execute any amendments to each of Allegiant's and Advantage's Registration Statement be, and hereby are, authorized to execute a power of attorney appointing Timothy L. Swanson and Audrey C. Talley, and either of them, their true and lawful attorney or attorneys, to execute in their name, place and stead, any and all amendments to said Registration Statements, and all instruments necessary or incidental in connection therewith, and to file the same with the SEC; and either of said attorneys shall have the power to act thereunder with or without the other of said attorneys and shall have full power of substitution and re-substitution; and to do in the name and on behalf of said officers, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as each or any of said officers might or could do in person. ALLEGIANT ADVANTAGE FUND By: /s/ Audrey C. Talley -------------------- Audrey C. Talley Secretary Dated: October 10, 2007 ALLEGIANT ADVANTAGE FUND POWER OF ATTORNEY Know All Men by These Presents, that the undersigned, Robert D. Neary, hereby constitutes and appoints Timothy L. Swanson and Audrey C. Talley, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Trustee or officer, or both, of Allegiant Advantage Fund, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved. DATED: July 17, 2006 /s/ Robert D. Neary - ------------------- Robert D. Neary ALLEGIANT ADVANTAGE FUND POWER OF ATTORNEY Know All Men by These Presents, that the undersigned, John F. Durkott, hereby constitutes and appoints Timothy L. Swanson and Audrey C. Talley, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Trustee or officer, or both, of Allegiant Advantage Fund, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved. DATED: July 13, 2006 /s/ John F. Durkott - ------------------- John F. Durkott ALLEGIANT ADVANTAGE FUND POWER OF ATTORNEY Know All Men by These Presents, that the undersigned, Richard W. Furst, hereby constitutes and appoints Timothy L. Swanson and Audrey C. Talley, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Trustee or officer, or both, of Allegiant Advantage Fund, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved. DATED: July 14, 2006 /s/ Richard W. Furst - -------------------- Richard W. Furst ALLEGIANT ADVANTAGE FUND POWER OF ATTORNEY Know All Men by These Presents, that the undersigned, Dorothy A. Berry, hereby constitutes and appoints Timothy L. Swanson and Audrey C. Talley, her true and lawful attorneys, to execute in her name, place, and stead, in his capacity as Trustee or officer, or both, of Allegiant Advantage Fund, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved. DATED: July 14, 2006 /s/ Dorothy A. Berry - -------------------- Dorothy A. Berry ALLEGIANT ADVANTAGE FUND POWER OF ATTORNEY Know All Men by These Presents, that the undersigned, Kelley J. Brennan, hereby constitutes and appoints Timothy L. Swanson and Audrey C. Talley, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Trustee or officer, or both, of Allegiant Advantage Fund, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved. DATED: July 14, 2006 /s/ Kelley J. Brennan - --------------------- Kelley J. Brennan ALLEGIANT ADVANTAGE FUND POWER OF ATTORNEY Know All Men by These Presents, that the undersigned, Gerald L. Gherlein, hereby constitutes and appoints Timothy L. Swanson and Audrey C. Talley, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Trustee or officer, or both, of Allegiant Advantage Fund, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved. DATED: July 13, 2006 /s/ Gerald L. Gherlein - ---------------------- Gerald L. Gherlein ALLEGIANT ADVANTAGE FUND POWER OF ATTORNEY Know All Men by These Presents, that the undersigned, Kathleen A. Obert, hereby constitutes and appoints Timothy L. Swanson and Audrey C. Talley, her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Trustee or officer, or both, of Allegiant Advantage Fund, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved. DATED: July 14, 2006 /s/ Kathleen A. Obert - --------------------- Kathleen A. Obert ALLEGIANT ADVANTAGE FUND POWER OF ATTORNEY Know All Men by These Presents, that the undersigned, Dale C. LaPorte, hereby constitutes and appoints Timothy L. Swanson and Audrey C. Talley, his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Trustee or officer, or both, of Allegiant Advantage Fund, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved. DATED: July 13, 2006 /s/ Dale C. LaPorte - ------------------- Dale C. LaPorte Users of this data are advised pursuant to the rules and regulations governing the filing of voluntary XBRL disclosure that the following XBRL documents are not the official publicly filed disclosure of the Allegiant Advantage Fund. The purpose of submitting these XBRL formatted documents is to test the related format and technology and, as a result, investors should continue to rely on the official version of the furnished documents (SEC Accession Number 0000935069-07-002383) and not rely on this information in making investment decisions. EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- EX-100.INS XBRL Instance Document EX-100.SCH XBRL Taxonomy Extension Schema Document EX-100.LAB XBRL Taxonomy Extension Labels Linkbase Document EX-100.DEF XBRL Taxonomy Extension Definition Linkbase Document EX-100.PRE XBRL Taxonomy Extension Presentation Linkbase Document EX-100.INS 2 allegiantadvant_20071010.xml ALLEGIANT ADVANTAGE 2007 0000908823 all:S000001202 2007-10-01 0000908823 all:C000003275 2007-10-01 0000908823 all:C000003276 2007-10-01 0000908823 ici-rr:Registrant_item 2007-10-01

Investment Objective

High current income consistent with stability of principal while maintaining liquidity

PRINCIPAL INVESTMENT STRATEGIES

The Fund invests in a variety of high quality, short-term, U.S. dollar-denominated money market securities, including certificates of deposit, time deposits and other obligations issued by domestic and foreign banks, as well as commercial paper. Foreign obligations are limited to commercial paper and other notes issued or guaranteed by a foreign government, or other entity, located or organized in a foreign country that maintains a sovereign debt rating in the highest short-term rating category by at least two nationally recognized statistical rating organizations ("NRSROs") or, if only one NRSRO has rated such debt, then by that NRSRO (or, if unrated, determined by the Adviser to be of comparable quality). The Fund also may invest in obligations issued or guaranteed by agencies, authorities, instrumentalities or sponsored enterprises of the U.S. government and in repurchase agreements collateralized by government obligations and i ssued by financial institutions such as banks and broker-dealers. High quality money market instruments are securities that present minimal credit risks as determined by the Adviser and generally include securities that are rated at the time of purchase by at least two NRSROs or, if only one NRSRO has rated such securities, then by that NRSRO, in the two highest rating categories for such securities, and certain securities that are not rated but are of comparable quality as determined by the Adviser. The Fund invests at least 95% of its total assets in securities rated in the highest rating category by one or more NRSROs or, if unrated, determined by the Adviser to be of comparable quality. In selecting investments for the Fund, the Adviser actively buys throughout the money market yield curve, managing maturities to meet or exceed shareholder liquidity needs while seeking the highest possible yield consistent with the Fund's risk profile. As a money market fund, the Fund invests only in in struments with remaining maturities of 397 days or less (or in variable or floating rate obligations with maturities that may exceed 397 days if they meet certain conditions) that the Adviser believes present minimal credit risk. The Fund maintains an average weighted maturity of 90 days or less.

Investing in a portfolio of high quality short-term debt securities designed to allow the Fund to maintain a stable net asset value of $1.00 per share

PRINCIPAL RISKS OF INVESTING

GENERAL RISKS. The Adviser evaluates the risks and rewards presented by all securities purchased by the Fund and how they advance the Fund's investment objective. It is possible, however, that these evaluations will prove to be inaccurate. No matter how good a job an investment manager does, you could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Although a money market fund seeks to maintain a constant price per share of $1.00, there is no guarantee that a money market fund will achieve this goal and it is possible that you may lose money by investing in the Fund. INTEREST RATE RISK. The dividend yield paid by the Fund will vary with changes in short-term interest rates. For example, the Fund's yield will tend to be higher when interes t rates fall. CREDIT RISK. The value of debt securities may be affected by the ability of issuers to make principal and interest payments. If an issuer cannot meet its payment obligations or if its credit rating is lowered, the value of its debt securities may fall. Although credit risk is low because the Fund invests only in high quality, short-term securities, if an issuer fails to pay interest or repay principal, the Fund could lose money which might lower the Fund's performance. Obligations issued by U.S. government agencies, authorities, instrumentalities or sponsored enterprises, such as the Government National Mortgage Association ("GNMA"), are backed by the full faith and credit of the U.S. Treasury, while obligations issued by others, such as the Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal Home Loan Banks ("FHLBs"), are backed solely by the ability of the entity to borrow from the U.S. Treasury or by the entity's o wn resources. No assurance can be given that the U.S. government would provide financial support to U.S. government agencies, authorities, instrumentalities or sponsored enterprises if it is not obligated to do so by law. COUNTERPARTY RISK. A repurchase agreement carries the risk that the other party may not fulfill its obligations under the agreement. STABLE NAV RISK. The Fund's ability to maintain a price per share of $1.00 at all times could be affected by a sharp rise in interest rates causing the value of the Fund's investments and its share price to drop, a drop in interest rates that reduces the Fund's yield or the downgrading or default of any of the Fund's holdings. For additional information about risks, see "More Information About Principal Investment Strategies."

General risks, interest rate risk, credit risk, counterparty risk, stable NAV risk

PERFORMANCE INFORMATION

The bar chart and performance table below provide an indication of the risks of investing in the Fund. The bar chart below shows the performance of the Institutional Shares of the Fund from year to year. Institutional Shares, which are subject to lower expenses, will have substantially similar annual returns to Advisor Shares because each share class invests in the same portfolio of securities. Annual returns will differ only to the extent that the share classes do not have the same expenses. The performance table measures performance in terms of the Fund's average annual total return for the period ended December 31, 2006. However, the Fund is managed for yield and not total return. All returns include the reinvestment of dividends and distributions. As with all mutual funds, the Fund's past performance does not predict the Fund's future performance.

Calendar Year Total Returns

2006

5.02

2005

3.15

The Fund's year-to-date total return for Institutional Shares through June 30, 2007 was 2.60%.

Best Quarter

1.32

2006-09-30

Worst Quarter

0.58

2005-03-31

AVERAGE ANNUAL TOTAL RETURNS

(For the periods ended December 31, 2006)

Allegiant Advantage Institutional Money Market Fund

5.02

3.91

2004-10-28

For current yield information on the Fund, call 1-800-364-4890 or visit our website at www.allegiantfunds.com. The Fund's yield also appears in The Wall Street Journal each Thursday.

Investment Advisory Fees

0.15

Distribution (12b-1) Fees

0.00

Shareholder Servicing Fees

0.05

Other Expenses

0.03

Total Other Expenses

0.08

Total Annual Fund Operating Expenses

0.23

Institutional Money Market

Year 1

Year 3

68.0

Year 5

118.0

Year 10

268.0

FUND FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold Fund shares.

Annual Fund Operating Expenses (expenses that are deducted from Fund assets)

Investment Advisory Fees

0.15

Distribution (12b-1) Fees

0.00

Other Expenses

0.03

Total Annual Fund Operating Expenses

0.18

Expenses are based on amounts incurred by the Fund during its most recent fiscal year (adjusted for current Distribution (12b-1) Fees expected to be incurred) and do not reflect voluntary waivers of investment advisory fees by the Adviser. These voluntary waivers are expected to remain in effect until at least May 31, 2008 but may be changed or terminated by the Adviser at any time. After these waivers, actual Investment Advisory Fees and Total Annual Fund Operating Expenses for the fiscal year ended May 31, 2007 were: Investment Advisory Fees 0.13%, Institutional Shares: Total Annual Fund Operating Expenses 0.16% Advisor Shares: Total Annual Fund Operating Expenses 0.21%

Distribution (12b-1) Fees have been restated to reflect current fees expected to be incurred by the Fund's Shares. The Fund may pay up to 0.02% in distribution (12b-1) fees with respect to Shares.

Certain financial intermediaries may provide administrative services to their customers and may be paid up to 0.05% (on an annualized basis) of the net asset value of the Advisor Shares. For further information, see "Distribution of Fund Shares."

Example

This Example is intended to help you compare the cost of investing in the Fund (without any applicable waivers) with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Shares of the Fund for the time periods indicated and that you redeem your shares at the end of those periods.

The Example also assumes that your investment has a 5% return each year, Fund expenses remain the same and that you reinvest all dividends and distributions. Although your actual costs may be different, your approximate costs would be:

Institutional Money Market

Year 1

Year 3

Year 5

Year 10

205

2007-10-10

2007-10-01

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