485BPOS
2012-05-31
0000908823
2012-09-28
PNC ADVANTAGE FUNDS
false
2012-09-27
2012-09-28
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<tt>The Fund seeks to provide high current income consistent with stability of<br />principal while maintaining liquidity.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in Institutional Shares, Advisor Shares and Service Shares of the<br />Fund for the time periods indicated and then redeem all of your shares at the<br />end of those periods. The Example also assumes that your investment has a 5%<br />return each year and the Fund's operating expenses remain the same. Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt>
<tt>Under normal circumstances, the Fund invests exclusively in short-term direct<br />obligations of the U.S. Treasury, such as Treasury bills and notes, repurchase<br />agreements collateralized by obligations of the U.S. Treasury and in other money<br />market funds that invest exclusively in such obligations. The Fund will provide<br />shareholders with at least 60 days' written notice before it will adopt a policy<br />that will permit the Fund to invest less than 100% of its net assets plus any<br />borrowings for investment purposes in such securities.<br /> <br />As a money market fund, the Fund invests only in instruments with remaining<br />maturities of 397 days or less as determined under Rule 2a-7 of the Investment<br />Company Act of 1940, including variable and floating rate obligations with<br />longer maturities that are deemed to have remaining maturities of 397 days or<br />less in accordance with Rule 2a-7 due to interest rate resetting provisions<br />and/or demand features. The Fund's dollar-weighted average maturity will not<br />exceed 60 days and the Fund's dollar-weighted average life will not exceed 120<br />days.</tt>
PNC ADVANTAGE INSTITUTIONAL TREASURY MONEY MARKET FUND
Example
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance does not predict the Fund's future performance.
PRINCIPAL RISKS
Calendar Year Total Returns
PERFORMANCE INFORMATION
The bar chart and the performance table below provide an indication of the risks of
investing in the Fund by showing changes in the performance of the Fund's Institutional
Shares from year to year.
<tt>Best Quarter        0.02%   (12/31/2010)    <br />Worst Quarter       0.00%   (9/30/2011)     <br />  <br />The Fund's year-to-date total return for Institutional Shares through June 30,<br />2012 was 0.01%.</tt>
1-800-364-4890
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2011)
Although the Fund seeks to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the Fund.
<tt>Counter-Party Risk. If the other party to a repurchase agreement defaults on its<br />obligation under the agreement, the Fund may suffer delays, incur costs and/or<br />lose money in exercising its rights under the agreement. If the seller fails to<br />repurchase the security and the market value of the security declines, the Fund<br />may lose money.<br /> <br />Credit Risk. The values of debt securities or other instruments may be affected<br />by the ability of issuers or the respective counterparties to make principal and<br />interest payments or otherwise meet their obligations to the Fund. If an issuer<br />cannot or will not meet its payment obligations or if its credit rating is<br />lowered, the values of its debt securities or other instruments may fall.<br /> <br />Interest Rate Risk. The value of a debt security typically changes in the<br />opposite direction from a change in interest rates. When interest rates go up,<br />the value of a debt security typically goes down. When interest rates go down,<br />the value of a debt security typically goes up. Generally, the longer the<br />maturity or duration of a debt security (or a portfolio of such securities), <br />the more the value of that security (or portfolio of securities) will change <br />as a result of changes in interest rates.<br /> <br />Money Market Fund Risk. A Fund's ability to maintain a $1.00 per share net asset<br />value ("NAV") at all times could be affected by a sharp rise in interest rates<br />causing the value of a Fund's investments and its share price to drop, a drop <br />in interest rates that reduces the Fund's yield or the downgrading or default <br />of any of the Fund's holdings. The Adviser and its affiliates are under no<br />obligation to support the share price of the Fund. The failure of any money<br />market fund to maintain a stable net asset value could create a widespread risk<br />of increased redemption pressures on all money market funds, including the Fund,<br />potentially jeopardizing the stability of their net asset values. In general,<br />certain other money market funds have in the past failed to maintain stable net<br />asset values and there can be no assurance that such failures and resulting<br />redemption pressures will not impact the Fund in the future. The Securities and<br />Exchange Commission ("SEC") recently adopted amendments to its rules relating to<br />money market funds. Among other changes, the amendments impose more stringent<br />average maturity limits, higher credit quality standards and new liquidity<br />requirements on money market funds. Although these amendments are designed to<br />reduce the risks associated with investments in money market funds, they also<br />may reduce a money market fund's yield potential. The SEC or other regulatory<br />authorities may adopt additional reforms to money market regulation, which<br />reforms may impact the operations and performance of the Fund.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund <br />is no exception. Your investment in the Fund is not a bank deposit and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Although the Fund seeks to preserve the value of your investment <br />at $1.00 per share, it is possible to lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_371/Overview.fs
<tt>The bar chart and the performance table below provide an indication of the risks<br />of investing in the Fund by showing changes in the performance of the Fund's<br />Institutional Shares from year to year. The performance table measures<br />performance in terms of the average annual total returns of the Fund's<br />Institutional, Advisor Shares and Service Shares. As with all mutual funds, <br />the Fund's past performance does not predict the Fund's future performance. <br />Updated information on the Fund's performance can be obtained by visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_371/Overview.fs or <br />by calling 1-800-364-4890. The Fund's 7-day yield as of December 31, 2011 was<br />0.03%.</tt>
<tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold Fund shares.</tt>
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All investments are subject to inherent risks, and an investment in the Fund is no
exception. Your investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.
PAEXX
0.0025
56
176
689
307
0.0001
0.0040
0.0015
0.0015
0.00
0.0055
0.0003
2010-10-29
PAIXX
Worst Quarter
Best Quarter
2012-06-30
0.0000
31
2010-12-31
97
0.0000
0.0003
381
169
0.0002
0.0001
0.0015
0.0015
2011-09-30
The Fund's year-to-date total return
0.0015
0.0001
0.00
0.0030
0.0002
2009-10-01
0.0001
PAYXX
0.0010
41
128
505
224
0.0001
0.0025
0.0015
0.0015
0.00
0.0040
0.0001
2011-03-16
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<tt>The Fund seeks to provide high current income consistent with stability of<br />principal while maintaining liquidity.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in Institutional Shares, Advisor Shares and Service Shares of the<br />Fund for the time periods indicated and then redeem all of your shares at the<br />end of those periods. The Example also assumes that your investment has a 5%<br />return each year and the Fund's operating expenses remain the same. Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt>
<tt>Under normal circumstances, the Fund invests 100% of its net assets plus any<br />borrowings for investment purposes in short-term obligations issued or<br />guaranteed by the U.S. government as well as securities issued or guaranteed by<br />agencies, authorities, instrumentalities or sponsored enterprises of the U.S.<br />government. The Fund will provide shareholders with at least 60 days' written<br />notice before it will adopt a policy that will permit the Fund to invest less<br />than 100% of its net assets plus any borrowings for investment purposes in such<br />securities. The Fund invests in repurchase agreements collateralized by<br />obligations issued or guaranteed by the U.S. government as well as securities<br />issued or guaranteed by agencies, authorities, instrumentalities or sponsored<br />enterprises of the U.S. government.<br /> <br />As a money market fund, the Fund invests only in instruments with remaining<br />maturities of 397 days or less as determined under Rule 2a-7 of the Investment<br />Company Act of 1940, including variable and floating rate obligations with<br />longer maturities that are deemed to have remaining maturities of 397 days or<br />less in accordance with Rule 2a-7 due to interest rate resetting provisions<br />and/or demand features. The Fund's dollar-weighted average maturity will not<br />exceed 60 days and the Fund's dollar-weighted average life will not exceed 120<br />days.</tt>
PNC ADVANTAGE INSTITUTIONAL GOVERNMENT MONEY MARKET FUND
Example
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance does not predict the Fund's future performance.
PRINCIPAL RISKS
Calendar Year Total Returns
PERFORMANCE INFORMATION
The bar chart and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the performance of the Fund's Institutional
Shares from year to year.
<tt>Best Quarter        0.03 %   (12/31/2010)    <br />Worst Quarter       0.00 %   (12/31/2011)    <br /> <br />The Fund's year-to-date total return for Institutional Shares through June 30,<br />2012 was 0.01%.</tt>
1-800-364-4890
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2011)
Although the Fund seeks to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the Fund.
<tt>Counter-Party Risk. If the other party to a repurchase agreement defaults on its<br />obligation under the agreement, the Fund may suffer delays, incur costs and/or<br />lose money in exercising its rights under the agreement. If the seller fails to<br />repurchase the security and the market value of the security declines, the Fund<br />may lose money.<br /> <br />Credit Risk. The values of debt securities or other instruments may be affected<br />by the ability of issuers or the respective counterparties to make principal and<br />interest payments or otherwise meet their obligations to the Fund. If an issuer<br />cannot or will not meet its payment obligations or if its credit rating is<br />lowered or its financial strength deteriorates, the values of its debt securities <br />or other instruments may fall. Obligations issued by U.S. government agencies, <br />authorities, instrumentalities or sponsored enterprises, such as the Government <br />National Mortgage Association, are backed by the full faith and credit of the <br />U.S. Treasury, while obligations issued by others, such as the Federal National <br />Mortgage Association, the Federal Home Loan Mortgage Corporation and Federal <br />Home Loan Banks, are backed solely by the ability of the entity to borrow <br />from the U.S. Treasury or by the entity's own resources.<br /> <br />Government Securities Risk. Investments in certain U.S. government securities<br />may not be supported by the full faith and credit of the U.S. government.<br />Accordingly, no assurance can be given that the U.S. government will provide<br />financial support to U.S. government agencies, instrumentalities or sponsored<br />enterprises if it is not obligated to do so by law. The maximum potential<br />liability of the issuers of some U.S. government securities held by the Fund <br />may greatly exceed their current resources, and it is possible that these <br />issuers will not have the funds to meet their payment obligations in the <br />future. In such a case, the Fund would have to look principally to the agency, <br />instrumentality or sponsored enterprise issuing or guaranteeing the security <br />for ultimate repayment, and the Fund may not be able to assert a claim against <br />the U.S. government itself in the event the agency, instrumentality or sponsored<br />enterprise does not meet its commitment. Concerns about the capacity of the U.S.<br />government to meet its obligations may raise the interest rates payable on its<br />securities, negatively impacting the price of such securities already held by<br />the Fund.<br /><br />Interest Rate Risk. The value of a debt security typically changes in the<br />opposite direction from a change in interest rates. When interest rates go up,<br />the value of a debt security typically goes down. When interest rates go down,<br />the value of a debt security typically goes up. Generally, the longer the<br />maturity or duration of a debt security (or a portfolio of such securities), <br />the more the value of that security (or portfolio of securities) will change <br />as a result of changes in interest rates.<br /> <br />Money Market Fund Risk. A Fund's ability to maintain a $1.00 per share net asset<br />value ("NAV") at all times could be affected by a sharp rise in interest rates<br />causing the value of a Fund's investments and its share price to drop, a drop <br />in interest rates that reduces the Fund's yield or the downgrading or default <br />of any of the Fund's holdings. The Adviser and its affiliates are under no<br />obligation to support the share price of the Fund. The failure of any money<br />market fund to maintain a stable net asset value could create a widespread risk<br />of increased redemption pressures on all money market funds, including the Fund,<br />potentially jeopardizing the stability of their net asset values. In general,<br />certain other money market funds have in the past failed to maintain stable net<br />asset values and there can be no assurance that such failures and resulting<br />redemption pressures will not impact the Fund in the future. The Securities and<br />Exchange Commission ("SEC") recently adopted amendments to its rules relating to<br />money market funds. Among other changes, the amendments impose more stringent<br />average maturity limits, higher credit quality standards and new liquidity<br />requirements on money market funds. Although these amendments are designed to<br />reduce the risks associated with investments in money market funds, they also<br />may reduce a money market fund's yield potential. The SEC or other regulatory<br />authorities may adopt additional reforms to money market regulation, which<br />reforms may impact the operations and performance of the Fund.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund <br />is no exception. Your investment in the Fund is not a bank deposit and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Although the Fund seeks to preserve the value of your investment <br />at $1.00 per share, it is possible to lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_371/Overview
<tt>The bar chart and the performance table below provide some indication of the<br />risks of investing in the Fund by showing changes in the performance of the<br />Fund's Institutional Shares from year to year. The performance table measures<br />performance in terms of the average annual total returns of the Fund's<br />Institutional, Advisor Shares and Service Shares. Performance shown for the<br />Advisor Shares is annualized. Performance shown for the Service Shares is <br />based on the returns of the Fund's Institutional Shares and is not adjusted <br />to reflect the expenses of the Service Shares. The performance shown for the <br />Service Shares would be lower if it were adjusted to reflect the actual <br />expenses of the Service Shares. As with all mutual funds, the Fund's past <br />performance does not predict the Fund's future performance. Updated <br />information on the Fund's performance can be obtained by visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_371/Overview.fs or <br />by calling 1-800-364-4890. The Fund's 7-day yield as of December 31, 2011 was<br />0.03%.</tt>
<tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold Fund shares.</tt>
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All investments are subject to inherent risks, and an investment in the Fund is
no exception. Your investment in the Fund is not a bank deposit and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.
PAUXX
0.0025
57
179
701
313
0.0003
0.0041
0.0015
0.0016
0.00
0.0056
0.0005
PAVXX
Worst Quarter
Best Quarter
2012-06-30
0.0000
32
2010-12-31
100
0.0000
0.0006
393
174
0.0003
0.0003
0.0016
0.0015
2011-12-31
The Fund's year-to-date total return
0.0016
0.0003
0.00
0.0031
0.0005
2009-10-01
0.0001
PADXX
0.0010
42
132
518
230
0.0003
0.0026
0.0015
0.0016
0.00
0.0041
0.0003
2011-01-28
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<tt>The Fund seeks to provide high current income consistent with stability of<br />principal while maintaining liquidity.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in Institutional Shares, Advisor Shares and Service Shares of the<br />Fund for the time periods indicated and then redeem all of your shares at the<br />end of those periods. The Example also assumes that your investment has a 5%<br />return each year and the Fund's operating expenses remain the same. Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt>
<tt>The Fund invests primarily in a variety of high quality, short-term U.S.<br />dollar-denominated money market securities, including certificates of deposit,<br />time deposits and other obligations issued by domestic and foreign banks, as<br />well as commercial paper. The Fund may invest in foreign obligations. Foreign<br />obligations are obligations (limited to commercial paper and other notes) issued<br />or guaranteed by a foreign government or other entity located or organized in a<br />foreign country that maintains a debt rating in the highest short-term rating<br />category by at least two nationally recognized statistical rating organizations<br />("NRSROs") or, if only one NRSRO has rated such debt, then by that NRSRO (or, if<br />unrated, determined by PNC Capital Advisors, LLC (the "Adviser") to be of<br />comparable quality).<br /> <br />The Fund also may invest in obligations issued or guaranteed by agencies,<br />authorities, instrumentalities or sponsored enterprises of the U.S. government<br />and in repurchase agreements collateralized by, but not limited to, cash,<br />government obligations, eligible commercial paper or investment grade fixed<br />income securities and issued by financial institutions such as banks and<br />broker-dealers. Investment grade fixed income securities are securities rated in<br />one of the four highest rating categories by at least one NRSRO, or if unrated,<br />determined by the Adviser to be of comparable quality. High quality money market<br />instruments are securities that present minimal credit risks as determined by<br />the Adviser and generally include securities that are rated at the time of<br />purchase by at least two NRSROs or, if only one NRSRO has rated such securities,<br />then by that NRSRO, in the highest rating category for such securities, and<br />certain securities that are not rated but are of comparable quality as<br />determined by the Adviser.<br /> <br />As a money market fund, the Fund invests only in instruments with remaining<br />maturities of 397 days or less as determined under Rule 2a-7 of the Investment<br />Company Act of 1940, including variable and floating rate obligations with<br />longer maturities that are deemed to have remaining maturities of 397 days or<br />less in accordance with Rule 2a-7 due to interest rate resetting provisions<br />and/or demand features. The Fund's dollar-weighted average maturity will not<br />exceed 60 days and the Fund's dollar-weighted average life will not exceed 120<br />days.</tt>
PNC ADVANTAGE INSTITUTIONAL MONEY MARKET FUND
Example
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance does not predict the Fund's future performance.
"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.
PRINCIPAL RISKS
Calendar Year Total Returns
PERFORMANCE INFORMATION
The bar chart and the performance table below provide some indication of the risks of
investing in the Fund by showing changes in the performance of the Fund's Institutional
Shares from year to year.
<tt>Best Quarter        1.32%   (12/31/2006)    <br />Worst Quarter       0.01%   (9/30/2011)     <br />  <br />The Fund's year-to-date total return for Institutional Shares through June 30,<br />2012 was 0.02%.</tt>
1-800-364-4890
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2011)
Although the Fund seeks to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the Fund.
<tt>Counter-Party Risk. If the other party to a repurchase agreement defaults on its<br />obligation under the agreement, the Fund may suffer delays, incur costs and/or<br />lose money in exercising its rights under the agreement. If the seller fails to<br />repurchase the security and the market value of the security declines, the Fund<br />may lose money.<br /> <br />Credit Risk. The values of debt securities or other instruments may be affected<br />by the ability of issuers or the respective counterparties to make principal and<br />interest payments or otherwise meet their obligations to the Fund. If an issuer<br />cannot or will not meet its payment obligations or if its credit rating is<br />lowered or its financial strength deteriorates, the values of its debt securities <br />or other instruments may fall. Obligations issued by U.S. government agencies, <br />authorities, instrumentalities or sponsored enterprises, such as the Government <br />National Mortgage Association, are backed by the full faith and credit of the U.S. <br />Treasury, while obligations issued by others, such as the Federal National Mortgage <br />Association, the Federal Home Loan Mortgage Corporation and Federal Home Loan Banks, <br />are backed soely by the ability of the entity to borrow from the U.S. Treasury or <br />by the entity's own resources.  <br /><br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign companies, <br />including foreign banks or foreign branches of U.S. banks, or governments can be <br />more volatile than investments in U.S. companies or governments. Diplomatic, <br />political, or economic developments, including nationalization or expropriation, <br />could affect investments in foreign countries. Foreign securities markets generally<br />have less trading volume and less liquidity than U.S. markets. In addition, the <br />values of securities denominated in foreign currencies, and of dividends from such<br />securities, can change significantly when foreign currencies strengthen or weaken <br />relative to the U.S. dollar. Foreign issuers or governments generally are not <br />subject to uniform accounting, auditing, and financial reporting standards comparable <br />to those applicable to domestic U.S. companies or governments. Transaction costs are <br />generally higher than those in the U.S. and expenses for custodial arrangements of <br />foreign securities may be somewhat greater than typical expenses for custodial <br />arrangements of similar U.S. securities.<br /> <br />Government Securities Risk. Investments in certain U.S. government securities<br />may not be supported by the full faith and credit of the U.S. government.<br />Accordingly, no assurance can be given that the U.S. government will provide<br />financial support to U.S. government agencies, instrumentalities or sponsored<br />enterprises if it is not obligated to do so by law. The maximum potential<br />liability of the issuers of some U.S. government securities held by the Fund may<br />greatly exceed their current resources, and it is possible that these issuers<br />will not have the funds to meet their payment obligations in the future. In such<br />a case, the Fund would have to look principally to the agency, instrumentality<br />or sponsored enterprise issuing or guaranteeing the security for ultimate<br />repayment, and the Fund may not be able to assert a claim against the U.S.<br />government itself in the event the agency, instrumentality or sponsored<br />enterprise does not meet its commitment. Concerns about the capacity of the U.S.<br />government to meet its obligations may raise the interest rates payable on its<br />securities, negatively impacting the price of such securities already held by<br />the Fund.<br /> <br />Interest Rate Risk. The value of a debt security typically changes in the<br />opposite direction from a change in interest rates. When interest rates go up,<br />the value of a debt security typically goes down. When interest rates go down,<br />the value of a debt security typically goes up. Generally, the longer the<br />maturity or duration of a debt security (or a portfolio of such securities), <br />the more the value of that security (or portfolio of securities) will change <br />as a result of changes in interest rates.<br /> <br />Money Market Fund Risk. A Fund's ability to maintain a $1.00 per share net asset<br />value ("NAV") at all times could be affected by a sharp rise in interest rates<br />causing the value of a Fund's investments and its share price to drop, a drop in<br />interest rates that reduces the Fund's yield or the downgrading or default of<br />any of the Fund's holdings. The Adviser and its affiliates are under no<br />obligation to support the share price of the Fund. The failure of any money<br />market fund to maintain a stable net asset value could create a widespread risk<br />of increased redemption pressures on all money market funds, including the Fund,<br />potentially jeopardizing the stability of their net asset values. In general,<br />certain other money market funds have in the past failed to maintain stable net<br />asset values and there can be no assurance that such failures and resulting<br />redemption pressures will not impact the Fund in the future. The Securities and<br />Exchange Commission ("SEC") recently adopted amendments to its rules relating to<br />money market funds. Among other changes, the amendments impose more stringent<br />average maturity limits, higher credit quality standards and new liquidity<br />requirements on money market funds. Although these amendments are designed to<br />reduce the risks associated with investments in money market funds, they also<br />may reduce a money market fund's yield potential. The SEC or other regulatory<br />authorities may adopt additional reforms to money market regulation, which<br />reforms may impact the operations and performance of the Fund.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund <br />is no exception. Your investment in the Fund is not a bank deposit and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Although the Fund seeks to preserve the value of your investment <br />at $1.00 per share, it is possible to lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_371/Overview.fs
<tt>The bar chart and the performance table below provide some indication of <br />the risks of investing in the Fund by showing changes in the performance of <br />the Fund's Institutional Shares from year to year. The performance table <br />measures performance in terms of the average annual total returns of the<br />Fund's Institutional, Advisor and Service Shares. Since no Advisor Shares <br />were outstanding from February 24, 2005 through September 14, 2006, <br />performance of the Fund's Advisor Shares for this period is based on the <br />returns of the Fund's Institutional Shares, adjusted to reflect the <br />different expenses borne by the Fund's Advisor Shares. Performance shown <br />for the Service Shares is based on the returns of the Fund's Institutional <br />Shares and is not adjusted to reflect the expenses of the Service Shares. <br />The performance shown for the Service Shares would be lower if it were adjusted <br />to reflect the actual expenses of the Service Shares. As with all mutual funds, <br />the Fund's past performance does not predict the Fund's future performance. <br />Updated information on the Fund's performance can be obtained by visiting <br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_371/Overview.fs or <br />by calling 1-800-364-4890. The Fund's 7-day yield as of December 31, 2011 was<br />0.06%.</tt>
<tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold Fund shares.</tt>
<div style="display:none">~ http://www.pncfunds.com/role/OperatingExpensesData_S000001202Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.pncfunds.com/role/PerformanceTableData_S000001202Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
All investments are subject to inherent risks, and an investment in the Fund is
no exception. Your investment in the Fund is not a bank deposit and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.
PAHXX
0.0025
49
154
604
269
0.0005
0.0033
0.0015
0.0164
0.0006
0.0008
0.00
0.0048
0.0233
PAAXX
0.0010
34
106
418
185
0.0005
0.0018
0.0015
0.0161
0.0006
0.0008
0.00
0.0033
0.0228
2004-11-19
PABXX
Worst Quarter
Best Quarter
2012-06-30
0.0000
24
2006-12-31
74
0.0001
0.0007
293
130
0.0522
0.0132
0.0005
0.0008
0.0267
0.0015
2011-09-30
0.0030
0.0164
0.0315
0.0006
The Fund's year-to-date total return
0.0008
0.0005
0.00
0.0023
0.0502
0.0233
2004-10-28
0.0002
0000908823
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2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000001202Memberck0000908823:S000001202Memberck0000908823:C000003276Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000001202Memberck0000908823:S000001202Memberck0000908823:C000079993Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000001202Memberck0000908823:S000001202Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000026640Memberck0000908823:S000026640Memberck0000908823:C000079987Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000026640Memberck0000908823:S000026640Memberck0000908823:C000079988Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000026640Memberck0000908823:S000026640Memberck0000908823:C000079989Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000026640Memberck0000908823:S000026640Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000026641Memberck0000908823:S000026641Memberck0000908823:C000079990Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000026641Memberck0000908823:S000026641Memberck0000908823:C000079991Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000026641Memberck0000908823:S000026641Memberck0000908823:C000079992Member
2012-09-28
2012-09-28
0000908823
ck0000908823:SummaryS000026641Memberck0000908823:S000026641Member
2012-09-28
2012-09-28
0000908823
2012-09-28
2012-09-28
pure
iso4217:USD
"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.