Allegiant Funds plans to liquidate its Multi-Factor Small Cap Focused Value Fund on May 12.

"We have determined that liquidating the Multi-Factor Small Cap Focused Value Fund is in the best interest of our shareholders due to total assets in the fund and expense structure," wrote Allegiant chief administrative officer Kathleen Barr in a March 13 letter to shareholders posted on Allegiant's Web site.

Allegiant is the asset management arm of National City, which PNC Financial purchased last year. 

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