485BPOS

As filed with the Securities and Exchange Commission on

October 19, 2012

Securities Act File No.  033-65690

Investment Company Act File No.  811-07850

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

(Check appropriate box or boxes)

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	x
Post-effective Amendment No. 37	x
AND
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	x
Amendment No. 38	x

PNC ADVANTAGE FUNDS

(Exact Name of Registrant as Specified in Charter)

One East Pratt Street, 5th Floor

Baltimore, Maryland 21202

(Address of Principal Executive Offices)

1-800-364-4890

(Registrant’s Telephone Number)

John M. Loder, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199-3600

(617) 951-7405

(Name and Address of Agent for Service)

Copies of Communications to:

Daniel O. Hirsch, Esq.

PNC Legal Department

1600 Market Street, 28th Floor

Philadelphia, Pennsylvania 19103

(215) 585-5082

It is proposed that this filing will become effective (check applicable box):

x immediately upon filing pursuant to paragraph (b)

o on (date) pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on (date) pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

o this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note

This Post-Effective Amendment  No. 37 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in Post-Effective Amendment No. 36 to the Fund’s Registration Statement.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all 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. 37 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Baltimore, State of Maryland, on the 19th day of October, 2012.

PNC ADVANTAGE FUNDS

Registrant

/s/ Kevin A. McCreadie

Kevin A. McCreadie

President and Chief Executive Officer

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 37 to Registrant’s Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature		Title	Date
*John G. Drosdick		Trustee and Chairman of the Board	October 19, 2012
John G. Drosdick
*Dorothy A. Berry		Trustee	October 19, 2012
Dorothy A. Berry
*Dale C. LaPorte		Trustee	October 19, 2012
Dale C. LaPorte
*L. White Matthews, III		Trustee	October 19, 2012
L. White Matthews, III
*Edward D. Miller, M.D.		Trustee	October 19, 2012
Edward D. Miller, M.D.
*Stephen M. Todd		Trustee	October 19, 2012
Stephen M. Todd
/s/Kevin A. McCreadie		President and Chief Executive Officer	October 19, 2012
Kevin A. McCreadie
/s/John Kernan		Treasurer	October 19, 2012
John Kernan
*By:	/s/ Savonne L. Ferguson
	Savonne L. Ferguson
	Attorney-in-Fact

EXHIBIT INDEX

Exhibit No.	Description
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101. DEF	XBRL Taxonomy Extension Definition Linkbase
101. LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

XML

PNC Advantage Institutional Money Market Fund (Prospectus Summary) | PNC Advantage Institutional Money Market Fund

PNC ADVANTAGE INSTITUTIONAL MONEY MARKET FUND

INVESTMENT OBJECTIVE

The Fund seeks to provide high current income consistent with stability of
principal while maintaining liquidity.

FUND FEES AND EXPENSES

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

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses PNC Advantage Institutional Money Market Fund		Institutional Shares	Advisor Shares	Service Shares
Management Fees		0.15%	0.15%	0.15%
Distribution (12b-1) Fees		none	none	none
Shareholder Servicing Fees		none	0.10%	0.25%
Other	[1]	0.08%	0.08%	0.08%
Other Expenses		0.08%	0.18%	0.33%
Total Annual Fund Operating Expenses	[1]	0.23%	0.33%	0.48%

Example

This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in Institutional Shares, Advisor Shares and Service Shares of the
Fund for the time periods indicated and then redeem all of your shares at the
end of those periods. The Example also assumes that your investment has a 5%
return each year and the Fund's operating expenses remain the same. Although
your actual costs may be higher or lower, based on these assumptions your costs
would be:

Expense Example PNC Advantage Institutional Money Market Fund (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
Institutional Shares	24	74	130	293
Advisor Shares	34	106	185	418
Service Shares	49	154	269	604

PRINCIPAL INVESTMENT STRATEGIES

The Fund invests primarily 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. The Fund may invest in foreign obligations. Foreign
obligations are obligations (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 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 PNC Capital Advisors, LLC (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, but not limited to, cash,
government obligations, eligible commercial paper or investment grade fixed
income securities and issued by financial institutions such as banks and
broker-dealers. Investment grade fixed income securities are securities rated in
one of the four highest rating categories by at least one NRSRO, or if unrated,
determined by the Adviser to be of comparable quality. 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 highest rating category for such securities, and
certain securities that are not rated but are of comparable quality as
determined by the Adviser.

As a money market fund, the Fund invests only in instruments with remaining
maturities of 397 days or less as determined under Rule 2a-7 of the Investment
Company Act of 1940, including variable and floating rate obligations with
longer maturities that are deemed to have remaining maturities of 397 days or
less in accordance with Rule 2a-7 due to interest rate resetting provisions
and/or demand features. The Fund's dollar-weighted average maturity will not
exceed 60 days and the Fund's dollar-weighted average life will not exceed 120
days.

PRINCIPAL RISKS

Counter-Party Risk. If the other party to a repurchase agreement defaults on its
obligation under the agreement, the Fund may suffer delays, incur costs and/or
lose money in exercising its rights under the agreement. If the seller fails to
repurchase the security and the market value of the security declines, the Fund
may lose money.

Credit Risk. The values of debt securities or other instruments may be affected
by the ability of issuers or the respective counterparties to make principal and
interest payments or otherwise meet their obligations to the Fund. If an issuer
cannot or will not meet its payment obligations or if its credit rating is
lowered or its financial strength deteriorates, the values of its debt securities
or other instruments may fall. Obligations issued by U.S. government agencies,
authorities, instrumentalities or sponsored enterprises, such as the Government
National Mortgage Association, 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, the Federal Home Loan Mortgage Corporation and Federal Home Loan Banks,
are backed soely by the ability of the entity to borrow from the U.S. Treasury or
by the entity's own resources.  

Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign companies,
including foreign banks or foreign branches of U.S. banks, or governments can be
more volatile than investments in U.S. companies or governments. Diplomatic,
political, or economic developments, including nationalization or expropriation,
could affect investments in foreign countries. Foreign securities markets generally
have less trading volume and less liquidity than U.S. markets. In addition, the
values of securities denominated in foreign currencies, and of dividends from such
securities, can change significantly when foreign currencies strengthen or weaken
relative to the U.S. dollar. Foreign issuers or governments generally are not
subject to uniform accounting, auditing, and financial reporting standards comparable
to those applicable to domestic U.S. companies or governments. Transaction costs are
generally higher than those in the U.S. and expenses for custodial arrangements of
foreign securities may be somewhat greater than typical expenses for custodial
arrangements of similar U.S. securities.

Government Securities Risk. Investments in certain U.S. government securities
may not be supported by the full faith and credit of the U.S. government.
Accordingly, no

[1] "Other Expenses" include indirect fees and expenses of Acquired Funds less than 0.01% but greater than 0.005%. "Acquired Fund" means any investment company in which the Fund invests or has invested during the period.