Standard & Poor's Rating Services issued a press release Friday entitled, "S&P: Two Allegiant Advantage Institutional Money Market Funds Rated 'AAAm'. The ratings agency says, "[I]t assigned its 'AAAm' principal stability fund rating to the Allegiant Advantage Institutional Government Money Market Fund and the Allegiant Advantage Institutional Treasury Money Market Fund. The ratings -- the highest assigned to money-market funds -- are based on our analysis of the funds' credit quality, market price exposure, and management."

The release continues, "The Allegiant Advantage Institutional Government Money Market Fund and the Allegiant Advantage Institutional Treasury Money Market Fund, both launched on Oct. 1, 2009, will target a stable $1.00 net asset value and will be invested in a manner consistent with 'AAAm' rated funds.... The funds seek to provide maximum current income consistent with liquidity and stability of capital. The Allegiant Advantage Institutional Government Money Market Fund seeks to achieve its investment objective by investing 100% of its net assets in a portfolio of high-quality, short-term obligations issued by or guaranteed as to payment of principal and interest by the U.S. government or its agencies. The Allegiant Advantage Institutional Treasury Money Market Fund seeks to achieve its investment objective by investing exclusively in a portfolio of short-term direct obligations of the U. S. Treasury. The fund may engage a maximum of 20% of its net assets in repurchase agreement transactions collateralized by short-term obligations of the U.S. Treasury."

S&P adds, "The funds' investment advisor, PNC Capital Advisors LLC, serves as investment advisor to a variety of institutional investors, high-net-worth individual accounts, and other 2a-7-registered funds. We currently maintain a 'AAAm' rating on the Institutional Share Classes and the Investor A Share Classes of Allegiant Government Money Market Fund, Allegiant Treasury Money Market Funds, Allegiant Money Market Fund, and the Allegiant Advantage Institutional Money Market Fund -- all advised by PNC Capital Advisors LLC. PFPC Trust Co. is the custodian for the funds, and Professional Funds Distributor LLC is the distributor and administrator."

The $7.4 billion (ranked 33rd) Allegiant money market funds were previously affiliated with National City Bank, which was taken over by PNC last year. PNC affiliates also manage the $1.1 billion PNC Funds, which include PNC Govt MMF Inst, PNC Prime MMF A, and PNC Prime MMF Inst.

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