485BPOS
2012-05-31
0000778202
2012-09-28
PNC FUNDS
false
2012-09-27
2012-09-28
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks current income and some capital appreciation.</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 Class R Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Retirement Income Fund (the "Fund") may invest in a diversified<br />portfolio of equity, fixed income and other diversifying asset classes<br />("diversifiers") in an effort to achieve the Fund's investment objective. The<br />Fund may also invest its assets in an effort to seek real return (i.e., a rate<br />of return in excess of inflation).<br /> <br />      Equity             Fixed Income           Diversifier      <br /> Allocation Range      Allocation Range      Allocation Range   <br />    0 % - 40%             30 % - 100%           0 % - 30%        <br />  <br />The ranges shown above are intended to provide an indication of how the Fund may<br />be invested. The Fund's actual allocations can and will differ from the ranges<br />shown, but will, under normal circumstances and subject to market fluctuations,<br />typically remain within the ranges indicated. The actual allocation of the Fund<br />will include tactical allocations that reflect the Adviser's view of how the<br />Fund's investments should be allocated under then-existing market conditions to<br />achieve the Fund's investment objective, taking into account various factors,<br />such as historical rates of returns on the relevant asset classes, the Adviser's<br />market and economic outlook, interest rates and interest rate expectations and<br />the relative attractiveness of an asset class versus other asset classes, none<br />of which will be decisive individually. The Fund reserves the flexibility to<br />change the ranges without notice to shareholders. There can be no assurance that<br />the Fund will achieve a certain asset allocation, invest in a particular asset <br />class or instrument, or utilize a particular strategy or technique, either at a <br />certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps, interest rate swaps and credit<br />default swaps), swaptions, futures contracts, options on futures contracts and<br />forward currency contracts. The reference assets underlying such derivative<br />instruments may include, but are not limited to, commodities, indices, interest<br />rates, currencies or measures of volatility. The Fund's use of derivatives could<br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing.<br /> <br />The Fund may also utilize various strategies and hedging techniques, including<br />those that have historically exhibited low or negative correlations to<br />traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as<br />ETFs (including ETFs designed to provide returns that are the inverse of an<br />index's return), hedge funds and other private funds, including those that<br />employ the strategies described above.<br /> <br />An investment in the Fund may not provide a complete investment program and does<br />not guarantee any level of return or income. You may experience losses by<br />investing in the Fund. The suitability of an investment in the Fund should be<br />considered based on the investment objective, strategies and risks described in<br />this prospectus and in light of all other relevant factors, including other<br />investments in your portfolio, financial needs, savings rate, risk tolerance and<br />financial goals. There can be no assurance that investing in the Fund will<br />provide a sufficient source of income or that the Fund's returns will keep pace<br />with the rate of inflation.</tt>
PNC RETIREMENT INCOME FUND
Example
"Other Expenses" are based on estimated amounts for the current fiscal year and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information
related to Fund performance, including a bar chart showing annual returns, has not
been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity -producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br /> <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative<br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar<br />will decline in value relative to the hedged currency. Currency rates in foreign<br />countries may fluctuate significantly over short or long periods of time due to<br />changes in interest rates, governmental or institutional intervention (or lack<br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. The<br />use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to the<br />Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nat ionalization, expropriation, or other confiscation of assets of issuers to <br />which the Fund may be exposed; greater governmental involvement in the economy; <br />less governmental supervision and regulation of the securities markets and <br />participants in those markets; controls on non-U.S. investment, capital controls <br />and limitations on repatriation of invested capital, dividends, interest and other <br />income and on the Fund's ability to exchange local currencies for U.S. dollars; <br />lower levels of liquidity; inability to purchase and sell investments or otherwise <br />settle security or derivative transactions; greater risk of issues with share <br />registration and safe custody; unavailability of currency hedging techniques; <br />differences in, or lack of, auditing and financial reporting standards and resulting <br />unavailability of material information about issuers; slower clearance and settlement; <br />and difficulties in obtaining and/or enforcing legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments in<br />the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in response to changes in<br />real interest rates. Real interest rates are tied to the relationship between<br />nominal interest rates and the rate of inflation. If nominal interest rates<br />increase at a faster rate than inflation, real interest rates might rise,<br />leading to a decrease in value of inflation-indexed securities. Conversely, if<br />inflation rises at a faster rate than nominal interest rates, real interest<br />rates might decline, leading to an increase in value of inflation-indexed<br />securities. The Fund's income from its investments in inflation-indexed<br />securities are likely to fluctuate considerably more than the income<br />distributions of its investments in more traditional fixed income securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund because <br />it may be unable to sell the illiquid securities at an advantageous time or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at<br />disadvantageous times or prices. Leveraging, including borrowing, may cause the<br />Fund's performance to be more volatile than if the Fund had not been leveraged.<br />Certain types of leveraging transactions could theoretically be subject to<br />unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, may<br />be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property<br />taxes and operating expenses.<br /> <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTAX
0.00
0.0025
89
1312
-0.0506
0.00
0.0542
0.0000
2013-09-27
0.00
0.0517
0.00
0.0000
0.0087
0.0593
0.0051
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks current income and some capital appreciation.</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Retirement Income Fund (the "Fund") may invest in a diversified<br />portfolio of equity, fixed income and other diversifying asset classes<br />("diversifiers") in an effort to achieve the Fund's investment objective. The<br />Fund may also invest its assets in an effort to seek real return (i.e., a rate<br />of return in excess of inflation).<br /> <br />      Equity             Fixed Income           Diversifier      <br /> Allocation Range      Allocation Range      Allocation Range   <br />    0 % - 40%             30 % - 100%           0 % - 30%        <br /> <br />The ranges shown above are intended to provide an indication of how the Fund may<br />be invested. The Fund's actual allocations can and will differ from the ranges<br />shown, but will, under normal circumstances and subject to market fluctuations,<br />typically remain within the ranges indicated. The actual allocation of the Fund<br />will include tactical allocations that reflect the Adviser's view of how the<br />Fund's investments should be allocated under then-existing market conditions to<br />achieve the Fund's investment objective, taking into account various factors,<br />such as historical rates of returns on the relevant asset classes, the Adviser's<br />market and economic outlook, interest rates and interest rate expectations and<br />the relative attractiveness of an asset class versus other asset classes, none<br />of which will be decisive individually. The Fund reserves the flexibility to<br />change the ranges without notice to shareholders. There can be no assurance that<br />the Fund will achieve a certain asset allocation, invest in a particular asset<br />  <br />class or instrument, or utilize a particular strategy or technique, either at a<br />certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps, interest rate swaps and credit<br />default swaps), swaptions, futures contracts, options on futures contracts and<br />forward currency contracts. The reference assets underlying such derivative<br />instruments may include, but are not limited to, commodities, indices, interest<br />rates, currencies or measures of volatility. The Fund's use of derivatives could<br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing. The Fund may also<br />utilize various strategies and hedging techniques, including those that have<br />historically exhibited low or negative correlations to traditional asset<br />classes. Those strategies may include market-neutral strategies, short sales,<br />long/short strategies, options and equity collar strategies. The Fund may also<br />invest in other investment vehicles, such as ETFs (including ETFs designed to<br />provide returns that are the inverse of an index's return), hedge funds and<br />other private funds, including those that employ the strategies described above.<br />  <br />An investment in the Fund may not provide a complete investment program and does<br />not guarantee any level of return or income. You may experience losses by<br />investing in the Fund. The suitability of an investment in the Fund should be<br />considered based on the investment objective, strategies and risks described in<br />this prospectus and in light of all other relevant factors, including other<br />investments in your portfolio, financial needs , savings rate, risk tolerance and<br />financial goals. There can be no assurance that investing in the Fund will<br />provide a sufficient source of income or that the Fund's returns will keep pace<br />with the rate of inflation.</tt>
PNC RETIREMENT INCOME FUND
Example
"Other Expenses" are based on estimated amounts for the current fiscal year and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information
related to Fund performance, including a bar chart showing annual returns, has not
been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br /> <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative<br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar<br />will decline in value relative to the hedged currency. Currency rates in foreign<br />countries may fluctuate significantly over short or long periods of time due to<br />changes in interest rates, governmental or institutional intervention (or lack<br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. The<br />use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to the<br />Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and other <br />income and on the Fund's ability to exchange local currencies for U.S. dollars; <br />lower levels of liquidity; inability to purchase and sell investments or otherwise <br />settle security or derivative transactions; greater risk of issues with share<br />registration and safe custody; unavailability of currency hedging techniques;<br />differences in, or lack of, auditing and financial reporting standards and<br />resulting unavailability of material information about issuers; slower clearance<br />and settlement; and difficulties in obtaining and/or enforcing legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments <br />in the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in response to changes in<br />real interest rates. Real interest rates are tied to the relationship between<br />nominal interest rates and the rate of inflation. If nominal interest rates<br />increase at a faster rate than inflation, real interest rates might rise,<br />leading to a decrease in value of inflation-indexed securities. Conversely, if<br />inflation rises at a faster rate than nominal interest rates, real interest<br />rates might decline, leading to an increase in value of inflation-indexed<br />securities. The Fund's income from its investments in inflation-indexed<br />securities are likely to fluctuate considerably more than the income<br />distributions of its investments in more traditional fixed income securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund<br />because it may be unable to sell the illiquid securities at an advantageous time<br />or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or<br />  <br />forward commitment transactions. Leveraging may cause the Fund to liquidate<br />portfolio positions to satisfy its obligations at disadvantageous times or<br />prices. Leveraging, including borrowing, may cause the Fund's performance to be<br />more volatile than if the Fund had not been leveraged. Certain types of<br />leveraging transactions could theoretically be subject to unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property<br />taxes and operating expenses.<br /> <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those <br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTBX
0.00
63
1241
-0.0506
0.00
0.0517
0.0000
2013-09-27
0.00
0.00
0.0000
0.0062
0.0568
0.0051
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks to invest in a portfolio of investments that will provide an<br />appropriate balance between capital appreciation and capital preservation in<br />light of the Fund's target date,</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 Class R Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Target 2050 Fund (the "Fund") is managed for investors who plan to begin<br />withdrawing assets gradually from their account around the year 2050 (the<br />"target date"). The Fund employs a systematic asset allocation strategy ("glide<br />path") that will be strategically modified based on, among other things, market<br />conditions and the number of years remaining until the target date. The Fund<br />invests in a diversified portfolio of equity, fixed income, and other<br />diversifying asset classes ("diversifiers") in an effort to achieve the Fund's<br />investment objective.<br /> <br />The Fund's overall asset allocation has been designed, as shown below, to<br />transition the Fund's focus from long-term capital appreciation to capital<br />preservation as the target date approaches. <br /> <br />                     Total Equity Allocation         Total Fixed Income Allocation      Total Diversifier Allocation    <br />Years to             Target                             Target                             Target                       <br />Target Date        Allocation          Range          Allocation          Range          Allocation          Range     <br />                                           % -                                % -                                % -    <br />        40               85 %           60 100%              0 %            0 40%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        30               80 %           60 100%              5 %            0 40%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        20               70 %           40 90%              15 %            0 60%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        10               45 %           20 80%              45 %           20 80%               10 %           0 30%   <br />                                           % -                                % -                                % -    <br />         0               30 %            0 60%              60 %           30 100%              10 %           0 30%   <br />  <br />The target allocations and ranges shown above are intended to provide an<br />indication of how the Fund may be invested at various times. The Fund's actual<br />allocations can and will differ from the target allocations shown, but will,<br />under normal circumstances and subject to market fluctuations, typically remain<br />within the ranges indicated. The actual allocation of the Fund will include<br />tactical allocations that reflect the Adviser's view of how the Fund's<br />investments should be allocated under then-existing market conditions to achieve<br />the Fund's investment objective, taking into account various factors, such as<br />historical rates of returns on the relevant asset classes, the Adviser's market<br />and economic outlook, interest rates and interest rate expectations and the<br />relative attractiveness of an asset class versus other asset classes, none of<br />which will be decisive individually. The Fund reserves the flexibility to change<br />the target allocations and ranges without notice to shareholders. There can be<br />no assurance that the Fund will achieve a certain asset allocation, invest in a<br />particular asset class or instrument, or utilize a particular strategy or<br />technique, either at a certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of <br />diversifying the Fund's risks or that the performance of investments in <br />diversifiers will be uncorrelated with the performance of the other asset <br />classes in which the Fund invests.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps, interest rate swaps and credit<br />default swaps), swaptions, futures contracts, options on futures contracts and<br />forward currency contracts. The reference assets underlying such derivative<br />instruments may include, but are not limited to, commodities, indices, interest<br />rates, currencies or measures of volatility. The Fund's use of derivatives could<br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund may also utilize various strategies and hedging techniques, including<br />those that have historically exhibited low or negative correlations to<br />traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as ETFs<br />(including ETFs designed to provide returns that are the inverse of an index's<br />return), hedge funds and other private funds, including those that employ the<br />strategies described above.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing.<br /> <br />The Fund expects to reach its most conservative target allocations on or around<br />the target date. When the target allocations of the Fund are substantially the<br />same as those of the PNC Retirement Income Fund, the Fund may be merged into the<br />PNC Retirement Income Fund at the discretion of the Board of the Trustees (the<br />"Board"), or into such other registered investment company as the Board may<br />determine, without prior notice to shareholders of the Fund.<br /> <br />An investment in the Fund may not provide a complete investment program and does<br />not guarantee any level of return or income. You may experience losses by<br />investing in the Fund, including at, near or after the target date. The<br />suitability of an investment in the Fund should be considered based on the<br />investment objective, strategies and risks described in this prospectus and in<br />light of all other relevant factors, including other investments in your<br />portfolio, financial needs, savings rate, risk tolerance, financial goals and<br />time horizons. There can be no assurance that investing in the Fund will provide<br />a sufficient source of income at the target date or that the Fund's returns will<br />keep pace with the rate of inflation.</tt>
PNC TARGET 2050 FUND
<tt>with income as an additional goal as the Fund<br />nears its target retirement date.</tt>
Example
"Other Expenses" are based on estimated amounts for the current fiscal year and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information related
to Fund performance, including a bar chart showing annual returns, has not been included in
this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the <br />Fund's intention to qualify for federal tax purposes as a "regulated investment <br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk" below.<br /> <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative<br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar<br />will decline in value relative to the hedged currency. Currency rates in foreign<br />countries may fluctuate significantly over short or long periods of time due to<br />changes in interest rates, governmental or institutional intervention (or lack<br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. The<br />use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to the<br />Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments in<br />the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in<br /> response to changes in real interest rates. Real interest rates are tied to the<br />relationship between nominal interest rates and the rate of inflation. If<br />nominal interest rates increase at a faster rate than inflation, real interest<br />rates might rise, leading to a decrease in value of inflation-indexed<br />securities. Conversely, if inflation rises at a faster rate than nominal<br />interest rates, real interest rates might decline, leading to an increase in<br />value of inflation-indexed securities. The Fund's income from its investments in<br />inflation-indexed securities are likely to fluctuate considerably more than the<br />income distributions of its investments in more traditional fixed income<br />securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund<br />because it may be unable to sell the illiquid securities at an advantageous time<br />or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at<br />disadvantageous times or prices. Leveraging, including borrowing, may cause the<br />Fund's performance to be more volatile than if the Fund had not been leveraged.<br />Certain types of leveraging transactions could theoretically be subject to<br />unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, may<br />be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /><br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property<br />taxes and operating expenses.<br /> <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTJX
0.00
0.0025
124
1411
-0.0506
0.00
0.0542
0.0000
2013-09-27
0.00
0.0517
0.00
0.0000
0.0122
0.0628
0.0086
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks to invest in a portfolio of investments that will provide an<br />appropriate balance between capital appreciation and capital preservation in<br />light of the Fund's target date,</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Target 2050 Fund (the "Fund") is managed for investors who plan to begin<br />withdrawing assets gradually from their account around the year 2050 (the<br />"target date"). The Fund employs a systematic asset allocation strategy ("glide<br />path") that will be strategically modified based on, among other things, market<br />conditions and the number of years remaining until the target date. The Fund<br />invests in a diversified portfolio of equity, fixed income, and other<br />diversifying asset classes ("diversifiers") in an effort to achieve the Fund's<br />investment objective.<br /> <br />The Fund's overall asset allocation has been designed, as shown below, to<br />transition the Fund's focus from long-term capital appreciation to capital<br />preservation as the target date approaches.<br />  <br />                     Total Equity Allocation         Total Fixed Income Allocation      Total Diversifier Allocation    <br />Years to             Target                             Target                             Target                       <br />Target Date        Allocation          Range          Allocation          Range          Allocation          Range     <br />                                           % -                                % -                                % -    <br />        40               85 %           60 100%              0 %            0 40%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        30               80 %           60 100%              5 %            0 40%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        20               70 %           40 90%              15 %            0 60%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        10               45 %           20 80%              45 %           20 80%               10 %           0 30%   <br />                                           % -                                % -                                % -    <br />         0               30 %            0 60%              60 %           30 100%              10 %           0 30%   <br />  <br />The target allocations and ranges shown above are intended to provide an<br />indication of how the Fund may be invested at various times. The Fund's actual<br />allocations can and will differ from the target allocations shown, but will,<br />under normal circumstances and subject to market fluctuations, typically remain<br />within the ranges indicated. The actual allocation of the Fund will include<br />tactical allocations that reflect the Adviser's view of how the Fund's<br />investments should be allocated under then-existing market conditions to achieve<br />the Fund's investment objective, taking into account various factors, such as<br />historical rates of returns on the relevant asset classes, the Adviser's market<br />and economic outlook, interest rates and interest rate expectations and the<br />relative attractiveness of an asset class versus other asset classes, none of<br />which will be decisive individually. The Fund reserves the flexibility to change<br />the target allocations and ranges without notice to shareholders. There can be<br />no assurance that the Fund will achieve a certain asset allocation, invest in a<br />particular asset class or instrument, or utilize a particular strategy or<br />technique, either at a certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br /><br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps, interest rate swaps and credit<br />default swaps), swaptions, futures contracts, options on futures contracts and<br />forward currency contracts. The reference assets underlying such derivative<br />instruments may include, but are not limited to, commodities, indices, interest<br />rates, currencies or measures of volatility. The Fund's use of derivatives could<br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund may also utilize various strategies and hedging techniques, including<br />those that have historically exhibited low or negative correlations to<br />traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as ETFs<br />(including ETFs designed to provide returns that are the inverse of an index's<br />return), hedge funds and other private funds, including those that employ the<br />strategies described above.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing. The Fund expects to<br />reach its most conservative target allocations on or around the target date.<br />When the target allocations of the Fund are substantially the same as those of<br />the PNC Retirement Income Fund, the Fund may be merged into the PNC Retirement<br />Income Fund at the discretion of the Board of the Trustees (the "Board"), or<br />into such other registered investment company as the Board may determine,<br />without prior notice to shareholders of the Fund.<br /> <br />An investment in the Fund may not provide a complete investment program and does<br />not guarantee any level of return or income. You may experience losses by<br />investing in the Fund, including at, near or after the target date. The<br />suitability of an investment in the Fund should be considered based on the<br />investment objective, strategies and risks described in this prospectus and in<br />light of all other relevant factors, including other investments in your<br />portfolio, financial needs, savings rate, risk tolerance, financial goals and<br />time horizons. There can be no assurance that investing in the Fund will provide<br />a sufficient source of income at the target date or that the Fund's returns will<br />keep pace with the rate of inflation.</tt>
PNC TARGET 2050 FUND
<tt>with income as an additional goal as the Fund<br />nears its target retirement date.</tt>
Example
"Other Expenses" are based on estimated amounts for the current fiscal year and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information
related to Fund performance, including a bar chart showing annual returns, has not
been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br /> <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative <br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar <br />will decline in value relative to the hedged currency. Currency rates in foreign <br />countries may fluctuate significantly over short or long periods of time due to <br />changes in interest rates, governmental or institutional intervention (or lack <br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives position. <br />There is also the risk that derivative counterparties may suffer financial <br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments in<br />the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in response to changes in<br />real interest rates. Real interest rates are tied to the relationship between<br />nominal interest rates and the rate of inflation. If nominal interest rates<br />increase at a faster rate than inflation, real interest rates might rise,<br />leading to a decrease in value of inflation-indexed securities. Conversely, if<br />inflation rises at a faster rate than nominal interest rates, real interest<br />rates might decline, leading to an increase in value of inflation-indexed <br />securities. The Fund's income from its investments in inflation-indexed <br />securities are likely to fluctuate considerably more than the income <br />distributions of its investments in more traditional fixed income securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund<br />because it may be unable to sell the illiquid securities at an advantageous time<br />or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at<br />disadvantageous times or prices. Leveraging, including borrowing, may cause the<br />Fund's performance to be more volatile than if the Fund had not been leveraged.<br />Certain types of leveraging transactions could theoretically be subject to<br />unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, may<br />be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property<br />taxes and operating expenses.<br /> <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTIX
0.00
99
1341
-0.0506
0.00
0.0517
0.0000
2013-09-27
0.00
0.00
0.0000
0.0097
0.0603
0.0086
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks to invest in a portfolio of investments that will provide an<br />appropriate balance between capital appreciation and capital preservation in<br />light of the Fund's target date,</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 Class R Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Target 2040 Fund (the "Fund") is managed for investors who plan to begin<br />withdrawing assets gradually from their account around the year 2040 (the<br />"target date"). The Fund employs a systematic asset allocation strategy ("glide<br />path") that will be strategically modified based on, among other things, market<br />conditions and the number of years remaining until the target date. The Fund<br />invests in a diversified portfolio of equity, fixed income, and other<br />diversifying asset classes ("diversifiers") in an effort to achieve the Fund's<br />investment objective.<br /> <br />The Fund's overall asset allocation has been designed, as shown below, to<br />transition the Fund's focus from long-term capital appreciation to capital<br />preservation as the target date approaches.<br />  <br />                     Total Equity Allocation         Total Fixed Income Allocation      Total Diversifier Allocation    <br />Years to             Target                             Target                             Target                       <br />Target Date        Allocation          Range          Allocation          Range          Allocation          Range     <br />                                           % -                                % -                                % -    <br />        30               80 %           60 100%              5 %            0 40%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        20               70 %           40 90%              15 %            0 60%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        10               45 %           20 80%              45 %           20 80%               10 %           0 30%   <br />                                           % -                                % -                                % -    <br />         0               30 %            0 60%              60 %           30 100%              10 %           0 30%    <br /> <br />The target allocations and ranges shown above are intended to provide an<br />indication of how the Fund may be invested at various times. The Fund's actual<br />allocations can and will differ from the target allocations shown, but will,<br />under normal circumstances and subject to market fluctuations, typically remain<br />within the ranges indicated. The actual allocation of the Fund will include<br />tactical allocations that reflect the Adviser's view of how the Fund's<br />investments should be allocated under then-existing market conditions to achieve<br />the Fund's investment objective, taking into account various factors, such as<br />historical rates of returns on the relevant asset classes, the Adviser's market<br />and economic outlook, interest rates and interest rate expectations and the<br />relative attractiveness of an asset class versus other asset classes, none of<br />which will be decisive individually. The Fund reserves the flexibility to change<br />the target allocations and ranges without notice to shareholders. There can be<br />no assurance that the Fund will achieve a certain asset allocation, invest in a<br />particular asset class or instrument, or utilize a particular strategy or<br />technique, either at a certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps, interest rate swaps and credit<br />default swaps), swaptions, futures contracts, options on futures contracts and<br />forward currency contracts. The reference assets underlying such derivative<br />instruments may include, but are not limited to, commodities, indices, interest<br />rates, currencies or measures of volatility. The Fund's use of derivatives could<br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund may also utilize various strategies and hedging techniques, including<br />those that have historically exhibited low or negative correlations to<br />traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as ETFs<br />(including ETFs designed to provide returns that are the inverse of an index's<br />return), hedge funds and other private funds, including those that employ the<br />strategies described above.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing.<br /> <br />The Fund expects to reach its most conservative target allocations on or around<br />the target date. When the target allocations of the Fund are substantially the<br />same as those of the PNC Retirement Income Fund, the Fund may be merged into the<br />PNC Retirement Income Fund at the discretion of the Board of the Trustees (the<br />"Board"), or into such other registered investment company as the Board may<br />determine, without prior notice to shareholders of the Fund.<br /> <br />An investment in the Fund may not provide a complete investment program and does<br />not guarantee any level of return or income. You may experience losses by<br />investing in the Fund, including at, near or after the target date. The<br />suitability of an investment in the Fund should be considered based on the<br />investment objective, strategies and risks described in this prospectus and in<br />light of all other relevant factors, including other investments in your<br />portfolio, financial needs, savings rate, risk tolerance, financial goals and<br />time horizons. There can be no assurance that investing in the Fund will provide<br />a sufficient source of income at the target date or that the Fund's returns will<br />keep pace with the rate of inflation.</tt>
PNC TARGET 2040 FUND
<tt>with income as an additional goal as the Fund<br />nears its target retirement date.</tt>
Example
"Other Expenses" are based on estimated amounts for the current fiscal year and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information
related to Fund performance, including a bar chart showing annual returns, has not
been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br />  <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative<br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar<br />will decline in value relative to the hedged currency. Currency rates in foreign<br />countries may fluctuate significantly over short or long periods of time due to<br />changes in interest rates, governmental or institutional intervention (or lack<br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. The<br />use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to the<br />Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments in<br />the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in response to changes in<br />real interest rates. Real interest rates are tied to the relationship between<br />nominal interest rates and the rate of inflation. If nominal interest rates<br />increase at a faster rate than inflation, real interest rates might rise, leading <br />to a decrease in value of inflation-indexed securities. Conversely, if inflation<br />rises at a faster rate than nominal interest rates, real interest rates might<br />decline, leading to an increase in value of inflation-indexed securities. The<br />Fund's income from its investments in inflation-indexed securities are likely to<br />fluctuate considerably more than the income distributions of its investments in<br />more traditional fixed income securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund<br />because it may be unable to sell the illiquid securities at an advantageous time<br />or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at<br />disadvantageous times or prices. Leveraging, including borrowing, may cause the<br />Fund's performance to be more volatile than if the Fund had not been leveraged.<br />Certain types of leveraging transactions could theoretically be subject to<br />unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property <br />taxes and operating expenses.<br /> <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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
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PDTHX
0.00
0.0025
123
1408
-0.0506
0.00
0.0542
0.0000
2013-09-27
0.00
0.0517
0.00
0.0000
0.0121
0.0627
0.0085
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks to invest in a portfolio of investments that will provide an<br />appropriate balance between capital appreciation and capital preservation in<br />light of the Fund's target date,</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Target 2040 Fund (the "Fund") is managed for investors who plan to begin<br />withdrawing assets gradually from their account around the year 2040 (the<br />"target date"). The Fund employs a systematic asset allocation strategy ("glide<br />path") that will be strategically modified based on, among other things, market<br />conditions and the number of years remaining until the target date. The Fund<br />invests in a diversified portfolio of equity, fixed income, and other<br />diversifying asset classes ("diversifiers") in an effort to achieve the Fund's<br />investment objective.<br /> <br />The Fund's overall asset allocation has been designed, as shown below, to<br />transition the Fund's focus from long-term capital appreciation to capital<br />preservation as the target date approaches.<br />  <br />                     Total Equity Allocation         Total Fixed Income Allocation      Total Diversifier Allocation    <br />Years to             Target                             Target                             Target                       <br />Target Date        Allocation          Range          Allocation          Range          Allocation          Range     <br />                                           % -                                % -                                % -    <br />        30               80 %           60 100%              5 %            0 40%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        20               70 %           40 90%              15 %            0 60%               15 %           0 30%   <br />                                           % -                                % -                                % -    <br />        10               45 %           20 80%              45 %           20 80%               10 %           0 30%   <br />                                           % -                                % -                                % -    <br />         0               30 %            0 60%              60 %           30 100%              10 %           0 30%   <br />   <br />The target allocations and ranges shown above are intended to provide an<br />indication of how the Fund may be invested at various times. The Fund's actual<br />allocations can and will differ from the target allocations shown, but will,<br />under normal circumstances and subject to market fluctuations, typically remain<br />within the ranges indicated. The actual allocation of the Fund will include<br />tactical allocations that reflect the Adviser's view of how the Fund's<br />investments should be allocated under then-existing market conditions to achieve<br />the Fund's investment objective, taking into account various factors, such as<br />historical rates of returns on the relevant asset classes, the Adviser's market<br />and economic outlook, interest rates and interest rate expectations and the<br />relative attractiveness of an asset class versus other asset classes, none of<br />which will be decisive individually. The Fund reserves the flexibility to change<br />the target allocations and ranges without notice to shareholders. There can be<br />no assurance that the Fund will achieve a certain asset allocation, invest in a<br />particular asset class or instrument, or utilize a particular strategy or<br />technique, either at a certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br />  <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps, interest rate swaps and credit<br />default swaps), swaptions, futures contracts, options on fu tures contracts and<br />forward currency contracts. The reference assets underlying such derivative<br />instruments may include, but are not limited to, commodities, indices, interest<br />rates, currencies or measures of volatility. The Fund's use of derivatives could<br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund may also utilize various strategies and hedging techniques, including<br />those that have historically exhibited low or negative correlations to<br />traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as ETFs<br />(including ETFs designed to provide returns that are the inverse of an index's<br />return), hedge funds and other private funds, including those that employ the<br />strategies described above.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing. The Fund expects to<br />reach its most conservative target allocations on or around the target date.<br />When the target allocations of the Fund are substantially the same as those of<br />the PNC Retirement Income Fund, the Fund may be merged into the PNC Retirement<br />Income Fund at the discretion of the Board of the Trustees (the "Board"), or<br />into such other registered investment company as the Board may determine,<br />without prior notice to shareholders of the Fund.<br /> <br />An investment in the Fund may not provide a complete investment program and does<br />not guarantee any level of return or income. You may experience losses by<br />investing in the Fund, including at, near or after the target date. The<br />suitability of an investment in the Fund should be considered based on the<br />investment objective, strategies and risks described in this prospectus and in<br />light of all other relevant factors, including other investments in your<br />portfolio, financial needs, savings rate, risk tolerance, financial goals and<br />time horizons. There can be no assurance that investing in the Fund will provide<br />a sufficient source of income at the target date or that the Fund's returns will<br />keep pace with the rate of inflation.</tt>
PNC TARGET 2040 FUND
<tt>with income as an additional goal as the Fund<br />nears its target retirement date.</tt>
Example
"Other Expenses" are based on estimated amounts for the current fiscal year and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information
related to Fund performance, including a bar chart showing annual returns, has not
been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br /> <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative <br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar <br />will decline in value relative to the hedged currency. Currency rates in foreign <br />countries may fluctuate significantly over short or long periods of time due to <br />changes in interest rates, governmental or institutional intervention (or lack <br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. The<br />use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to the<br />Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments in<br />the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in response to changes in<br />real interest rates. Real interest rates are tied to the relationship between<br />nominal interest rates and the rate of inflation. If nominal interest rates<br />increase at a faster rate than inflation, real interest rates might rise,<br />leading to a decrease in value of inflation-indexed securities. Conversely, if<br />inflation rises at a faster rate than nominal interest rates, real interest <br />rates might decline, leading to an increase in value of inflation-indexed <br />securities. The Fund's income from its investments in inflation-indexed <br />securities are likely to fluctuate considerably more than the income <br />distributions of its investments in more traditional fixed income<br />securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund<br />because it may be unable to sell the illiquid securities at an advantageous time<br />or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at<br />disadvantageous times or prices. Leveraging, including borrowing, may cause the<br />Fund's performance to be more volatile than if the Fund had not been leveraged.<br />Certain types of leveraging transactions could theoretically be subject to<br />unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, may<br />be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property <br />taxes and operating expenses.<br /> <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTGX
0.00
98
1338
-0.0506
0.00
0.0517
0.0000
2013-09-27
0.00
0.00
0.0000
0.0096
0.0602
0.0085
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks to invest in a portfolio of investments that will provide an<br />appropriate balance between capital appreciation and capital preservation in<br />light of the Fund's target date,</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 Class R Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Target 2030 Fund (the "Fund") is managed for investors who plan to begin<br />withdrawing assets gradually from their account around the year 2030 (the<br />"target date"). The Fund employs a systematic asset allocation strategy ("glide<br />path") that will be strategically modified based on, among other things, market<br />conditions and the number of years remaining until the target date. The Fund<br />invests in a diversified portfolio of equity, fixed income, and other<br />diversifying asset classes ("diversifiers") in an effort to achieve the Fund's<br />investment objective.<br /> <br />The Fund's overall asset allocation has been designed, as shown below, to<br />transition the Fund's focus from long-term capital appreciation to capital<br />preservation as the target date approaches.<br />  <br />                      Total Equity Allocation         Total Fixed Income Allocation      Total Diversifier Allocation    <br />Years to             Target                              Target                             Target                       <br />Target Date        Allocation           Range          Allocation          Range          Allocation          Range     <br />                                                                               % -                                % -    <br />        20               70 %           40 % - 90%           15 %            0 60%               15 %           0 30%   <br />                                                                               % -                                % -    <br />        10               45 %           20 % - 80%           45 %           20 80%               10 %           0 30%   <br />                                                                               % -                                % -    <br />         0               30 %            0 % - 60%           60 %           30 100%              10 %           0 30%   <br />  <br />The target allocations and ranges shown above are intended to provide an<br />indication of how the Fund may be invested at various times. The Fund's actual<br />allocations can and will differ from the target allocations shown, but will,<br />under normal circumstances and subject to market fluctuations, typically remain<br />within the ranges indicated. The actual allocation of the Fund will include<br />tactical allocations that reflect the Adviser's view of how the Fund's<br />investments should be allocated under then-existing market conditions to achieve<br />the Fund's investment objective, taking into account various factors, such as<br />historical rates of returns on the relevant asset classes, the Adviser's market<br />and economic outlook, interest rates and interest rate expectations and the<br />relative attractiveness of an asset class versus other asset classes, none of<br />which will be decisive individually. The Fund reserves the flexibility to change<br />the target allocations and ranges without notice to shareholders. There can be<br />no assurance that the Fund will achieve a certain asset allocation, invest in a<br />particular asset class or instrument, or utilize a particular strategy or<br />technique, either at a certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br />  <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps, interest rate swaps and credit<br />default swaps), swaptions, futures contracts, options on futures contracts and<br />fo rward currency contracts. The reference assets underlying such derivative<br />instruments may include, but are not limited to, commodities, indices, interest<br />rates, currencies or measures of volatility. The Fund's use of derivatives could<br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund may also utilize various strategies and hedging techniques, including<br />those that have historically exhibited low or negative correlations to<br />traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as ETFs<br />(including ETFs designed to provide returns that are the inverse of an index's<br />return), hedge funds and other private funds, including those that employ the<br />strategies described above.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing.<br /> <br />The Fund expects to reach its most conservative target allocations on or around<br />the target date. When the target allocations of the Fund are substantially the<br />same as those of the PNC Retirement Income Fund, the Fund may be merged into the<br />PNC Retirement Income Fund at the discretion of the Board of the Trustees (the<br />"Board"), or into such other registered investment company as the Board may<br />determine, without prior notice to shareholders of the Fund.<br /> <br />An investment in the Fund may not provide a complete investment program and does<br />not guarantee any level of return or income. You may experience losses by<br />investing in the Fund, including at, near or after the target date. The<br />suitability of an investment in the Fund should be considered based on the<br />investment objective, strategies and risks described in this prospectus and in<br />light of all other relevant factors, including other investments in your<br />portfolio, financial needs, savings rate, risk tolerance, financial goals and<br />time horizons. There can be no assurance that investing in the Fund will provide<br />a sufficient source of income at the target date or that the Fund's returns will<br />keep pace with the rate of inflation.</tt>
PNC TARGET 2030 FUND
<tt>with income as an additional goal as the Fund<br />nears its target retirement date.</tt>
Example
"Other Expenses" are based on estimated amounts for the current fiscal year and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year,
information related to Fund performance, including a bar chart showing
annual returns, has not been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br />  <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative<br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar<br />will decline in value relative to the hedged currency. Currency rates in foreign<br />countries may fluctuate significantly over short or long periods of time due to<br />changes in interest rates, governmental or institutional intervention (or lack<br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited to, <br />options, swaps, futures and options on futures. A small investment in derivatives <br />could have a potentially large impact on the Fund's performance. The use of <br />derivatives involves risks different from the risks associated with investing <br />directly in the reference asset. Derivatives can be volatile, illiquid and <br />difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to the<br />Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments in<br />the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in response to changes in<br />real interest rates. Real interest rates are tied to the relationship between<br />nominal interest rates and the rate of inflation. If nominal interest rates<br />increase at a faster rate than inflation, real interest rates might rise, leading <br />to a decrease in value of inflation-indexed securities. Conversely, if inflation<br />rises at a faster rate than nominal interest rates, real interest rates might<br />decline, leading to an increase in value of inflation-indexed securities. The<br />Fund's income from its investments in inflation-indexed securities are likely to<br />fluctuate considerably more than the income distributions of its investments in<br />more traditional fixed income securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund<br />because it may be unable to sell the illiquid securities at an advantageous time<br />or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at<br />disadvantageous times or prices. Leveraging, including borrowing, may cause the<br />Fund's performance to be more volatile than if the Fund had not been leveraged.<br />Certain types of leveraging transactions could theoretically be subject to<br />unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, may<br />be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property <br />taxes and operating expenses.<br /> <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTFX
0.00
0.0025
114
1383
-0.0506
0.00
0.0542
0.0000
2013-09-27
0.00
0.0517
0.00
0.0000
0.0112
0.0618
0.0076
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks to invest in a portfolio of investments that will provide an<br />appropriate balance between capital appreciation and capital preservation in<br />light of the Fund's target date,</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Target 2030 Fund (the "Fund") is managed for investors who plan to begin<br />withdrawing assets gradually from their account around the year 2030 (the<br />"target date"). The Fund employs a systematic asset allocation strategy ("glide<br />path") that will be strategically modified based on, among other things, market<br />conditions and the number of years remaining until the target date. The Fund<br />invests in a diversified portfolio of equity, fixed income, and other<br />diversifying asset classes ("diversifiers") in an effort to achieve the Fund's<br />investment objective.<br /><br />The Fund's overall asset allocation has been designed, as shown below, to<br />transition the Fund's focus from long-term capital appreciation to capital<br />preservation as the target date approaches.<br />  <br />                      Total Equity Allocation         Total Fixed Income Allocation      Total Diversifier Allocation    <br />Years to             Target                              Target                             Target                       <br />Target Date        Allocation           Range          Allocation          Range          Allocation          Range     <br />                                                                               % -                                % -    <br />        20               70 %           40 % - 90%           15 %            0 60%               15 %           0 30%   <br />                                                                               % -                                % -    <br />        10               45 %           20 % - 80%           45 %           20 80%               10 %           0 30%   <br />                                                                               % -                                % -    <br />         0               30 %            0 % - 60%           60 %           30 100%              10 %           0 30%   <br /><br />The target allocations and ranges shown above are intended to provide an<br />indication of how the Fund may be invested at various times. The Fund's actual<br />allocations can and will differ from the target allocations shown, but will,<br />under normal circumstances and subject to market fluctuations, typically remain<br />within the ranges indicated. The actual allocation of the Fund will include<br />tactical allocations that reflect the Adviser's view of how the Fund's<br />investments should be allocated under then-existing market conditions to achieve<br />the Fund's investment objective, taking into account various factors, such as<br />historical rates of returns on the relevant asset classes, the Adviser's market<br />and economic outlook, interest rates and interest rate expectations and the<br />relative attractiveness of an asset class versus other asset classes, none of<br />which will be decisive individually. The Fund reserves the flexibility to change<br />the target allocations and ranges without notice to shareholders. There can be<br />no assurance that the Fund will achieve a certain asset allocation, invest in a<br />particular asset class or instrument, or utilize a particular strategy or<br />technique, either at a certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps,interest rate swaps and credit<br />default swaps), swaptions, futures contracts,options on futures contracts and<br />forward currency contracts. The reference assets underlying such derivative<br />instruments may include, but are not limited to, commodities, indices,<br />interest rates, currencies or measures of volatility.The Fund's use of<br />derivatives could be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund may also utilize various strategies and hedging techniques, including<br />those that have historically exhibited low or negative correlations to<br />traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as ETFs<br />(including ETFs designed to provide returns that are the inverse of an index's<br />return), hedge funds and other private funds, including those that employ the<br />strategies described above.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing. The Fund expects to<br />reach its most conservative target allocations on or around the target date.<br />When the target allocations of the Fund are substantially the same as those of<br />the PNC Retirement Income Fund, the Fund may be merged into the PNC Retirement<br />Income Fund at the discretion of the Board of the Trustees (the "Board"), or<br />into such other registered investment company as the Board may determine,<br />without prior notice to shareholders of the Fund.<br /> <br />An investment in the Fund may not provide a complete investment program and does<br />not guarantee any level of return or income. You may experience losses by<br />investing in the Fund, including at, near or after the target date. The<br />suitability of an investment in the Fund should be considered based on the<br />investment objective, strategies and risks described in this prospectus and in<br />light of all other relevant factors, including other investments in your<br />portfolio, financial needs, savings rate, risk tolerance, financial goals and<br />time horizons. There can be no assurance that investing in the Fund will provide<br />a sufficient source of income at the target date or that the Fund's returns will<br />keep pace with the rate of inflation.</tt>
PNC TARGET 2030 FUND
<tt>with income as an additional goal as the Fund<br />nears its target retirement date.</tt>
Example
"Other Expenses" are based on estimated amounts for the current fiscal year and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information
related to Fund performance, including a bar chart showing annual returns, has not
been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br /> <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative <br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar <br />will decline in value relative to the hedged currency. Currency rates in foreign <br />countries may fluctuate significantly over short or long periods of time due to <br />changes in interest rates, governmental or institutional intervention (or lack <br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. The<br />use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to the<br />Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments in<br />the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in response to changes in<br />real interest rates. Real interest rates are tied to the relationship between<br />nominal interest rates and the rate of inflation. If nominal interest rates<br />increase at a faster rate than inflation, real interest rates might rise,<br />leading to a decrease in value of inflation-indexed securities. Conversely, if<br />inflation rises at a faster rate than nominal interest rates, real interest<br />rates might decline, leading to an increase in value of<br /> inflation-indexed securities. The Fund's income from its investments in<br />inflation-indexed securities are likely to fluctuate considerably more than the<br />income distributions of its investments in more traditional fixed income<br />securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund<br />because it may be unable to sell the illiquid securities at an advantageous time<br />or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at<br />disadvantageous times or prices. Leveraging, including borrowing, may cause the<br />Fund's performance to be more volatile than if the Fund had not been leveraged.<br />Certain types of leveraging transactions could theoretically be subject to<br />unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, may<br />be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property<br />taxes and operating expenses.<br /><br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTEX
0.00
89
1312
-0.0506
0.00
0.0517
0.0000
2013-09-27
0.00
0.00
0.0000
0.0087
0.0593
0.0076
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks to invest in a portfolio of investments that will provide an<br />appropriate balance between capital appreciation and capital preservation in<br />light of the Fund's target date,</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 Class R Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Target 2020 Fund (the "Fund") is managed for investors who plan to begin<br />withdrawing assets gradually from their account around the year 2020 (the<br />"target date"). The Fund employs a systematic asset allocation strategy ("glide<br />path") that will be strategically modified based on, among other things, market<br />conditions and the number of years remaining until the target date. The Fund<br />invests in a diversified portfolio of equity, fixed income, and other<br />diversifying asset classes ("diversifiers") in an effort to achieve the Fund's<br />investment objective.<br /> <br />The Fund's overall asset allocation has been designed, as shown below, to<br />increase the Fund's focus on capital preservation as the target date approaches.<br />  <br />                      Total Equity Allocation         Total Fixed Income Allocation      Total Diversifier Allocation    <br />Years to             Target                              Target                             Target                       <br />Target Date        Allocation           Range          Allocation          Range          Allocation          Range     <br />                                                                               % -                                % -    <br />        10               45 %           20 % - 80%           45 %           20 80%               10 %           0 30%   <br />                                                                               % -                                % -    <br />         0               30 %            0 % - 60%           60 %           30 100%              10 %           0 30%   <br />   <br />The target allocations and ranges shown above are intended to provide an<br />indication of how the Fund may be invested at various times. The Fund's actual<br />allocations can and will differ from the target allocations shown, but will,<br />under normal circumstances and subject to market fluctuations, typically remain<br />within the ranges indicated. The actual allocation of the Fund will include<br />tactical allocations that reflect the Adviser's view of how the Fund's investments <br />should be allocated under then-existing market conditions to achieve the Fund's <br />investment objective, taking into account various factors, such as historical <br />rates of returns on the relevant asset classes, the Adviser's market and <br />economic outlook, interest rates and interest rate expectations and the<br />relative attractiveness of an asset class versus other asset classes, none of<br />which will be decisive individually. The Fund reserves the flexibility to change<br />the target allocations and ranges without notice to shareholders. There can be<br />no assurance that the Fund will achieve a certain asset allocation, invest in a<br />particular asset class or instrument, or utilize a particular strategy or<br />technique, either at a certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock <br />of small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call <br />options, swaps (including total return swaps, interest rate swaps and credit <br />default swaps), swaptions, futures contracts, options on futures contracts and <br />forward currency contracts. The reference assets underlying such derivative <br />instruments may include, but are not limited to, commodities, indices, interest <br />rates, currencies or measures of volatility. The Fund's use of derivatives could <br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use <br />of derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund may also utilize various strategies and hedging techniques, <br />including those that have historically exhibited low or negative correlations <br />to traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as ETFs<br />(including ETFs designed to provide returns that are the inverse of an index's<br />return), hedge funds and other private funds, including those that employ the<br />strategies described above.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing.<br /> <br />The Fund expects to reach its most conservative target allocations on or around<br />the target date. When the target allocations of the Fund are substantially the same <br />as those of the PNC Retirement Income Fund, the Fund may be merged into the<br />PNC Retirement Income Fund at the discretion of the Board of the Trustees (the<br />"Board"), or into such other registered investment company as the Board may<br />determine, without prior notice to shareholders of the Fund.<br /> <br />An investment in the Fund may not provide a complete investment program and <br />does not guarantee any level of return or income. You may experience losses by<br />investing in the Fund, including at, near or after the target date. The<br />suitability of an investment in the Fund should be considered based on the<br />investment objective, strategies and risks described in this prospectus and in<br />light of all other relevant factors, including other investments in your<br />portfolio, financial needs, savings rate, risk tolerance, financial goals and<br />time horizons. There can be no assurance that investing in the Fund will provide<br />a sufficient source of income at the target date or that the Fund's returns will<br />keep pace with the rate of inflation.</tt>
PNC TARGET 2020 FUND
<tt>with income as an additional goal as the Fund<br />nears its target retirement date.</tt>
Example
"Other Expenses" are based on estimated amounts for the current fiscal year
and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information
related to Fund performance, including a bar chart showing annual returns, has not
been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to be<br />more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br /> <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, <br />the Fund will be exposed to the risk that the currencies will decline in <br />value relative to the U.S. dollar, or, in the case of hedging positions, <br />that the U.S. dollar will decline in value relative to the hedged currency. <br />Currency rates in foreign countries may fluctuate significantly over short <br />or long periods of time due to changes in interest rates, governmental or <br />institutional intervention (or lack thereof) or the imposition of currency <br />controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to the<br />Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments <br />in the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at maturity, <br />an inflation-indexed security typically provides principal and interest payments <br />that are adjusted over time to reflect a rise (inflation) or a drop (deflation) <br />in the general price level for goods and services. The values of inflation-indexed <br />securities generally fluctuate in response to changes in real interest rates. Real <br />interest rates are tied to the relationship between nominal interest rates and the <br />rate of inflation. If nominal interest rates increase at a faster rate than inflation, <br />real interest rates might rise, leading to a decrease in value of inflation-indexed <br />securities. Conversely, if inflation rises at a faster rate than nominal interest <br />rates, real interest rates might decline, leading to an increase in value of <br />inflation-indexed securities. The Fund's income from its investments in <br />inflation-indexed securities are likely to fluctuate considerably more than the <br />income distributions of its investments in more traditional fixed income securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number of<br />reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, in<br />addition to the historical and prospective earnings of the issuer and the value<br />of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund<br />because it may be unable to sell the illiquid securities at an advantageous time<br />or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at<br />disadvantageous times or prices. Leveraging, including borrowing, may cause the<br />Fund's performance to be more volatile than if the Fund had not been leveraged.<br />Certain types of leveraging transactions could theoretically be subject to<br />unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or condemnation, <br />and changes in local and general economic conditions, supply and demand, <br />interest rates, zoning laws, regulatory limitations on rents, property taxes and <br />operating expenses.<br />  <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTDX
0.00
0.0025
98
1338
-0.0506
0.00
0.0542
0.0000
2013-09-27
0.00
0.0517
0.00
0.0000
0.0096
0.0602
0.0060
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />Because the Fund has not commenced operations yet, it has not reported a<br />portfolio turnover rate as of the date of this prospectus.</tt>
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<tt>The Fund seeks to invest in a portfolio of investments that will provide an<br />appropriate balance between capital appreciation and capital preservation in<br />light of the Fund's target date,</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
<tt>The PNC Target 2020 Fund (the "Fund") is managed for investors who plan to begin<br />withdrawing assets gradually from their account around the year 2020 (the<br />"target date"). The Fund employs a systematic asset allocation strategy ("glide<br />path") that will be strategically modified based on, among other things, market<br />conditions and the number of years remaining until the target date. The Fund<br />invests in a diversified portfolio of equity, fixed income, and other<br />diversifying asset classes ("diversifiers") in an effort to achieve the Fund's<br />investment objective.<br /> <br />The Fund's overall asset allocation has been designed, as shown below, to<br />increase the Fund's focus on capital preservation as the target date approaches.<br />  <br />                      Total Equity Allocation         Total Fixed Income Allocation      Total Diversifier Allocation    <br />Years to             Target                              Target                             Target                       <br />Target Date        Allocation           Range          Allocation          Range          Allocation          Range     <br />                                                                               % -                                % -    <br />        10               45 %           20 % - 80%           45 %           20 80%               10 %           0 30%   <br />                                                                               % -                                % -    <br />         0               30 %            0 % - 60%           60 %           30 100%              10 %           0 30%   <br />  <br />The target allocations and ranges shown above are intended to provide an<br />indication of how the Fund may be invested at various times. The Fund's actual<br />allocations can and will differ from the target allocations shown, but will,<br />under normal circumstances and subject to market fluctuations, typically remain<br />within the ranges indicated. The actual allocation of the Fund will include<br />tactical allocations that reflect the Adviser's view of how the Fund's<br />investments should be allocated under then-existing market conditions to achieve<br />the Fund's investment objective, taking into account various factors, such as<br />historical rates of returns on the relevant asset classes, the Adviser's market<br />and economic outlook, interest rates and interest rate expectations and the<br />relative attractiveness of an asset class versus other asset classes, none of<br />which will be decisive individually. The Fund reserves the flexibility to change<br />the target allocations and ranges without notice to shareholders. There can be<br />no assurance that the Fund will achieve a certain asset allocation, invest in a<br />particular asset class or instrument, or utilize a particular strategy or<br />technique, either at a certain time or at all.<br /> <br />The Fund seeks to achieve its investment objective by investing in a portfolio<br />of securities and other instruments, which may exclusively, primarily or<br />otherwise include investment companies sponsored by the Fund's Adviser ("other<br />PNC funds") as well as other investment companies, including exchange-traded<br />funds ("ETFs"), unaffiliated with the Fund. A brief description of some of the<br />other PNC funds in which the Fund may invest is included in Appendix A.<br /> <br />The Fund may invest in equity securities of any kind, including common stock of<br />small-, mid- and large-capitalization companies, preferred stock, depositary<br />receipts, and convertible stock. Although the Fund may invest in equity<br />securities of any kind, the Fund normally expects to invest primarily in equity<br />securities of companies whose market capitalizations fall within or near the<br />market capitalization range of companies in the Russell 3000 Index.<br /> <br />The Fund may invest in fixed income securities of any kind, including investment<br />grade bonds, high yield debt (junk bonds), sovereign debt, inflation-protected<br />securities, floating and variable rate instruments, mortgage- and asset-backed<br />securities, convertible bonds, municipal bonds, money market instruments,<br />certificates of deposit, and other forms of debt or income-producing securities,<br />including debt that may be restricted as to resale. Investment grade securities<br />are those rated in one of the four highest rating categories by at least one<br />NRSRO, or, if unrated, determined by the Adviser to be of comparable quality.<br />The Fund may invest in fixed income securities of any maturity and may seek to<br />create a portfolio of fixed income securities with any weighted average<br />duration. The Fund does not expect, under current market conditions, that its<br />weighted average duration will significantly exceed that of the longer of<br />Barclays Capital Aggregate Bond Index's and Barclay's Capital U.S.<br />Government/Credit Bond Index's weighted average durations. The Fund will<br />generally seek to limit its investment in high yield debt securities so that no<br />more than 20% of its assets invested in fixed income securities will be invested<br />in high yield debt securities. The Fund's investment exposure to high yield debt<br />securities may exceed 20% because of, among other things, fluctuations in market<br />values, market conditions or the presence of attractive investment<br />opportunities.<br /> <br />The Fund may invest in foreign securities of any kind, including issuers located<br />or doing business in emerging markets and frontier markets. The foreign<br />securities in which the Fund may invest may include securities or instruments<br />denominated in a foreign currency. The Fund will generally seek to limit its<br />investment in foreign equity securities so that, under normal market conditions,<br />no more than 40% of its assets invested in equity securities will be invested in<br />foreign securities and no more than one-third of its assets invested in foreign<br />securities will be invested in emerging market securities. The Fund's investment<br />exposure to foreign securities and emerging markets may exceed these stated<br />limits because of, among other things, fluctuations in market values, market<br />conditions or the presence of attractive investment opportunities.<br /> <br />The Fund may seek exposure to other asset classes ("diversifiers") in an attempt<br />to diversify the Fund's risks, achieve the Fund's investment objective and seek<br />real return (i.e., a rate of return in excess of inflation). The investment<br />performance of these assets is typically characterized by, among other things, a<br />historical lack of close correlation with the performance of traditional asset<br />classes (e.g., stocks and bonds) and, thus, the Fund may invest in them to seek<br />an additional level of diversification and, potentially, lower overall<br />volatility. The Fund may seek exposure to diversifiers, such as commodities,<br />real estate, natural resources, infrastructure projects or operations and other<br />hard assets, through, among other things, investments in investment companies,<br />REITs, exchange-traded notes and derivative instruments. There can be no<br />assurance that investments in diversifiers will have the intended effect of<br />diversifying the Fund's risks or that the performance of investments in<br />diversifiers will be uncorrelated with the performance of the other asset<br />classes in which the Fund invests.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, put and call<br />options, swaps (including total return swaps, interest rate swaps and credit <br />default swaps), swaptions, futures contracts, options on futures contracts and <br />forward currency contracts. The reference assets underlying such derivative <br />instruments may include, but are not limited to, commodities, indices, interest <br />rates, currencies or measures of volatility. The Fund's use of derivatives could <br />be significant.<br /> <br />The Fund initially expects to use derivative instruments primarily to provide<br />some measure of protection against significant market volatility, including<br />through the use of put options based on indices, and to generate income, for<br />example, by writing call options on equity securities. Derivatives may be used<br />for any purpose, however, and there can be no assurance that the Fund's use of<br />derivatives will benefit the Fund or that the Fund will use derivative<br />instruments at a time when it would be advantageous to do so.<br /> <br />The Fund may also utilize various strategies and hedging techniques, including<br />those that have historically exhibited low or negative correlations to<br />traditional asset classes. Those strategies may include market-neutral<br />strategies, short sales, long/short strategies, options and equity collar<br />strategies. The Fund may also invest in other investment vehicles, such as ETFs<br />(including ETFs designed to provide returns that are the inverse of an index's<br />return), hedge funds and other private funds, including those that employ the<br />strategies described above.<br /> <br />The Fund anticipates that it will employ a range of investment strategies,<br />including, without limitation, value and growth investing. The Fund expects to<br />reach its most conservative target allocations on or around the target date.<br />When the target allocations of the Fund are substantially the same as those of<br />the PNC Retirement Income Fund, the Fund may be merged into the PNC Retirement<br />Income Fund at the discretion of the Board of the Trustees (the "Board"), or<br />into such other registered investment company as the Board may determine,<br />without prior notice to shareholders of the Fund.<br /> <br />An investment in the Fund may not provide a complete investment program and <br />does not guarantee any level of return or income. You may experience losses <br />by investing in the Fund, including at, near or after the target date. The<br />suitability of an investment in the Fund should be considered based on the<br />investment objective, strategies and risks described in this prospectus and <br />in light of all other relevant factors, including other investments in your<br />portfolio, financial needs, savings rate, risk tolerance, financial goals and<br />time horizons. There can be no assurance that investing in the Fund will provide<br />a sufficient source of income at the target date or that the Fund's returns will<br />keep pace with the rate of inflation.</tt>
PNC TARGET 2020 FUND
<tt>with income as an additional goal as the Fund<br />nears its target retirement date.</tt>
Example
"Other Expenses" are based on estimated amounts for the current fiscal year
and include a 0.01% administrative fee payable to PNC Capital Advisors, LLC.
Because the Fund is new and has not yet completed a full calendar year, information
related to Fund performance, including a bar chart showing annual returns, has not
been included in this prospectus.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
"Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
PERFORMANCE INFORMATION
1-800-622-FUND (3863)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Commodity Risk. The Fund's investments in commodities or commodity-linked<br />instruments may expose the Fund to greater volatility than investments in<br />traditional securities. The prices of commodities can swing sharply in response<br />to cyclical economic conditions, political events or the monetary policies of<br />various countries, potentially causing the value of the Fund's securities to <br />be more volatile or to decline in value significantly. In addition, political,<br />economic and other conditions in a limited number of commodity-producing<br />countries, including emerging markets, may have a direct effect on the market<br />value of commodities and the companies that engage in related businesses. The<br />Fund's ability to make such investments may be significantly limited by the<br />Fund's intention to qualify for federal tax purposes as a "regulated investment<br />company," and may bear on the Fund's ability to so qualify. See "Tax Risk"<br />below.<br /> <br />Currency Risk. To the extent that the Fund invests directly in foreign<br />currencies or in securities that trade in, and pay revenues in, foreign<br />currencies, or derivatives that provide exposure to foreign currencies, the Fund<br />will be exposed to the risk that the currencies will decline in value relative<br />to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar <br />will decline in value relative to the hedged currency. Currency rates in foreign<br />countries may fluctuate significantly over short or long periods of time due to<br />changes in interest rates, governmental or institutional intervention (or lack<br />thereof) or the imposition of currency controls or other political developments.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is <br />also the risk that the Fund may be unable to terminate or sell a derivatives<br />position. There is also the risk that derivative counterparties may suffer<br />financial difficulties and may not fulfill their contractual obligations to <br />the Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Focused Investment Risk. To the extent that the Fund focuses its investments <br />in the securities of a particular issuer or companies in a particular country,<br />group of countries, region, market, industry, group of industries, sector or<br />asset class, the Fund's exposure to various risks may be heightened, including<br />price volatility and adverse economic, market, political or regulatory<br />occurrences affecting that issuer, country, group of countries, region, market,<br />industry, group of industries, sector or asset class.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<br /> <br />Inflation-Indexed Security Risk. Unlike a conventional bond, whose issuer makes<br />regular fixed interest payments and repays the face value of the bond at<br />maturity, an inflation-indexed security typically provides principal and<br />interest payments that are adjusted over time to reflect a rise (inflation) or a<br />drop (deflation) in the general price level for goods and services. The values<br />of inflation-indexed securities generally fluctuate in response to changes in<br />real interest rates. Real interest rates are tied to the relationship between<br />nominal interest rates and the rate of inflation. If nominal interest rates<br />increase at a faster rate than inflation, real interest rates might rise,<br />leading to a decrease in value of inflation-indexed securities. Conversely, <br />if inflation rises at a faster rate than nominal interest rates, real interest<br />rates might decline, leading to an increase in value of inflation-indexed<br />securities. The Fund's income from its investments in inflation-indexed <br />securities are likely to fluctuate considerably more than the income distributions <br />of its investments in more traditional fixed income securities.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Investment Company Risk. The Fund may invest in shares of other investment<br />companies, including ETFs. To the extent that the Fund invests in shares of<br />another investment company or ETF, investors bear their proportionate share of<br />the expenses of the underlying investment company or ETF. ETFs and closed-end<br />investment companies may trade at a price below their net asset value.<br /> <br />Issuer Risk. The value of the Fund's investments may decline for a number <br />of reasons directly related to the issuer, such as management performance,<br />financial leverage and reduced demand for the issuer's goods or services, <br />in addition to the historical and prospective earnings of the issuer and <br />the value of its assets.<br /> <br />Liquidity Risk. Liquidity risk exists when particular investments are difficult<br />to purchase or sell. Illiquid securities are securities that cannot be disposed<br />of within seven days in the ordinary course of business at approximately the<br />value at which the Fund has valued the securities. The Fund's investments in<br />securities that are or become illiquid may reduce the returns of the Fund because <br />it may be unable to sell the illiquid securities at an advantageous time or price.<br /> <br />Leverage Risk. Certain transactions may give rise to a form of leverage,<br />including, but not limited to, derivative instruments, certain ETFs, reverse<br />repurchase agreements, loans of portfolio securities and the use of when-issued,<br />delayed delivery or forward commitment transactions. Leveraging may cause the<br />Fund to liquidate portfolio positions to satisfy its obligations at disadvantageous <br />times or prices. Leveraging, including borrowing, may cause the Fund's performance <br />to be more volatile than if the Fund had not been leveraged. Certain types of <br />leveraging transactions could theoretically be subject to unlimited losses.<br /> <br />Management Risk. The Fund is subject to management risk because it is actively<br />managed. The Adviser and the Committee (as defined below) will apply investment<br />techniques and risk analysis in making investment decisions for the Fund, but<br />there can be no guarantee that these decisions will produce the desired outcome.<br />Additionally, legislative, regulatory or tax developments may affect the<br />investment techniques available to the Adviser and the Committee in managing the<br />Fund and may also adversely affect the ability of the Fund to achieve its<br />investment objective. This risk may be especially heightened for this Fund as<br />compared to other investment companies because the Fund has an especially long<br />time horizon and it may be accordingly more difficult for the Adviser to<br />anticipate and/or manage the consequences of certain unforeseeable events<br />successfully during the Fund's investment time horizon.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Mortgage-Related and Other Asset-Backed Risk. Mortgage-related and other<br />asset-backed securities often involve risks that are different from or more<br />acute than risks associated with other types of debt instruments. Generally,<br />rising interest rates tend to extend the duration of fixed-rate mortgage-related<br />securities, making them more sensitive to changes in interest rates. As a<br />result, in a period of rising interest rates, if the Fund holds mortgage-related<br />securities, it may exhibit additional volatility. This is known as extension<br />risk. In addition, adjustable and fixed-rate mortgage-related securities are<br />subject to prepayment risk. When interest rates decline, borrowers may pay off<br />their mortgages sooner than expected. This can reduce the returns of the Fund<br />because the Fund may have to reinvest that money at the lower prevailing<br />interest rates.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Real Estate Risk. The Fund may be exposed to risks similar to those associated<br />with direct ownership of real estate, including losses from casualty or<br />condemnation, and changes in local and general economic conditions, supply and<br />demand, interest rates, zoning laws, regulatory limitations on rents, property<br />taxes and operating expenses.<br />  <br />Short Sale Risk. When the Fund sells a security short, it sells a security that<br />it does not own with the intention of purchasing the same security in the future<br />at a lower price. The Fund may also take a short position through a forward<br />commitment or a short derivative position, such as through a futures contract or<br />swap agreement. If the price of the security sold short or the reference asset<br />of the derivative instrument increases before the transaction is closed, the<br />Fund will typically incur a loss equal to the amount the price of the underlying<br />security or reference asset increases plus any premiums and/or interest paid to<br />the third party.<br /> <br />Tax Risk. The Fund's ability to make direct and indirect investments in some of<br />the asset classes described herein, including investments in commodities and<br />commodity-related instruments or in investment vehicles that provide exposure to<br />commodities or commodity-related instruments, is limited by the Fund's intention<br />to qualify as a regulated investment company under the Code. If the Fund were to<br />fail to qualify as a regulated investment company in any taxable year, and were<br />ineligible to or otherwise did not cure such failure, the Fund would be subject<br />to tax on its taxable income at corporate rates, and all distributions from<br />earnings and profits, including any distributions of net long-term capital<br />gains, would be taxable to shareholders as dividend income.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
www.pncfunds.com
<tt>Because the Fund is new and has not yet completed a full calendar year,<br />information related to Fund performance, including a bar chart showing annual<br />returns, has not been included in this prospectus. The performance information<br />provided by the Fund in the future will give some indication of the risks of an<br />investment in the Fund by showing changes in the Fund's performance from year to<br />year and by showing how the Fund's average annual returns compare against those<br />of a broad measure of market performance.<br /> <br />When available, updated information on the Fund's performance can be obtained by<br />visiting www.pncfunds.com or by calling 1-800-622-FUND (3863).</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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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.
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PDTCX
0.00
73
1267
-0.0506
0.00
0.0517
0.0000
2013-09-27
0.00
0.00
0.0000
0.0071
0.0577
0.0060
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 19%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide a high level of income that is exempt from regular<br />federal income tax as is consistent with relative protection of capital.</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year, and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>As a matter of fundamental policy, under normal circumstances, the Fund invests<br />at least 80% of its net assets plus any borrowings for investment purposes in<br />municipal bonds and other municipal obligations that pay interest that is exempt<br />from both regular federal income tax and federal alternative minimum tax. A vote<br />of the Fund's shareholders is necessary to change the Fund's fundamental policy.<br />The Fund will invest in securities of varying maturity, but generally will favor<br />those with short to medium maturities. The Fund normally will maintain a<br />dollar-weighted average portfolio maturity of between one and five years, but<br />may vary outside that range from time to time, including due to market<br />conditions or if deemed appropriate for temporary defensive purposes.<br /> <br />In selecting securities for the Fund to buy and sell, PNC Capital Advisors, LLC<br />(the "Adviser") monitors economic trends, including possible changes in interest<br />rates, and evaluates many factors that may influence supply and demand among<br />municipal securities of various structures, maturities and regions of the<br />country. The Fund will generally purchase investment grade debt municipal<br />obligations, which are those rated in one of the four highest rating categories<br />by at least one nationally recognized statistical rating organization ("NRSRO")<br />or, if unrated, determined by the Adviser to be of comparable quality. The Fund<br />may invest up to 10% of its assets in below-investment grade securities, also<br />known as high yield "junk" bonds (generally rated below the BBB category). The<br />Fund may also invest up to 20% of its assets in interest rate swaps for hedging<br />purposes. The Fund may also invest in derivative securities relating to<br />municipal securities. Derivative instruments include, but are not limited to,<br />options, swaps, futures and options on futures.</tt>
PNC TAX EXEMPT LIMITED MATURITY BOND FUND
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.19
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
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 Class
I Shares from year to year and by showing how the average annual returns of the
Fund's Class I Shares compare with those of a broad measure of market performance.
<tt>Best Quarter         3.05%   (6/30/02)     <br />Worst Quarter       -1.25%   (12/31/10)     <br /> <br />The Fund's year-to-date total return for Class I Shares through June 30, 2012<br />was 1.16%.</tt>
1-800-622-FUND (3863
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)
PORTFOLIO TURNOVER
<tt>Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose value depend <br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that a Fund may be unable to terminate or sell a derivatives position.<br />There is also the risk that derivative counterparties may suffer financial<br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities <br />due to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Municipal Obligations Risk. An investment in municipal obligations is subject <br />to municipal securities risk. Changes in the local or national economy, and<br />business or political conditions relating to a particular municipal project,<br />municipality, or state in which the Fund invests may make it difficult for the<br />municipality to make interest and principal payments when due and thus could<br />decrease the value of the Fund's investments in municipal bonds. Municipal<br />obligations also may be more susceptible to downgrades or defaults during<br />recessions or similar periods of economic stress, which could have an adverse<br />effect on the market prices of bonds and thus the value of the Fund's<br />investments. The municipal securities held by a Fund may fail to meet certain<br />legal requirements which allow interest distributed from such securities to be<br />tax-exempt, or changes in federal or state tax laws may cause the prices of<br />municipal securities to fall or could affect the tax-exempt status of municipal<br />securities. Municipal securities are also subject to liquidity risk.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Tax Risk. Distributions of capital gains and other taxable income will be<br />subject to applicable federal, state and local income taxes. Interest on certain<br />municipal securities that are exempt from federal income tax may, nonetheless,<br />be subject to the alternative minimum tax. Shareholders should consult with<br />their tax advisors when determining the taxable nature of any fund distributions<br />for federal, state or local tax purposes. An investment in the Fund may also<br />result in liability for federal alternative minimum tax, both for individual <br />and corporate shareholders.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_434/Overview.fs
<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 Class I Shares from year to year and by showing how the average annual<br />returns of the Fund's Class I Shares compare with those of a broad measure of<br />market performance. The performance set forth below includes the performance of<br />corresponding classes of the PNC Tax-Exempt Limited Maturity Bond Fund (the<br />"Predecessor Tax Exempt Limited Maturity Bond Fund"), which was reorganized into<br />the Fund on February 8, 2010. The Predecessor Tax Exempt Limited Maturity Bond<br />Fund was managed by the Adviser and its predecessors for the periods shown below<br />prior to that date. Prior to September 30, 2002, the quoted performance of Class<br />I Shares reflects the performance of the Institutional Shares, a separate class<br />of shares of the Predecessor Tax Exempt Limited Maturity Bond Fund not offered<br />by this prospectus; adjusted to reflect the expenses of Class I Shares. Class I<br />Shares of the Fund would have substantially similar returns as the Institutional<br />Shares because the shares represent interest in the same portfolio of<br />investments and the annual returns would differ only to the extent that the<br />classes do not have the same expenses. As with all mutual funds, the Fund's past<br />performance (before and after taxes) does not predict the Fund's future<br />performance. Updated information on the Fund's performance can be obtained by<br />visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_434/Overview.fs or by<br />calling 1-800-622-FUND (3863).</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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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.
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S&P Municipal Bond Short Intermediate Index (reflects no deduction for fees, expenses or taxes)
0.0584
0.0502
0.0446
Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0363
0.0367
0.0302
Class I Shares Returns After Taxes on Distributions
0.0455
0.0387
0.0310
PDLIX
0.0544
Worst Quarter
Best Quarter
0.00
2012-06-30
Class I Shares Returns Before Taxes
54
2002-06-30
172
-0.0125
0.0093
-0.0001
0.0153
676
0.00
301
0.0435
0.0305
0.0455
0.0014
0.0438
0.0040
2013-09-27
2010-12-31
0.0455
0.0387
0.0062
The Fund's year-to-date total return
0.00
0.0455
0.00
0.0206
0.00
0.0310
0.0053
0.0054
0.0268
0.0116
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 19%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide a high level of income that is exempt from regular<br />federal income tax as is consistent with relative protection of capital.</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 Class A or Class C Shares of the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year, and that<br />the Fund's operating expenses remain the same, except that the Fee Waiver and<br />Expense Reimbursement and the contractual limitation on Distribution (12b-1)<br />Fees for Class A Shares are reflected only in the one year period below.<br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>As a matter of fundamental policy, under normal circumstances, the Fund invests<br />at least 80% of its net assets plus any borrowings for investment purposes in<br />municipal bonds and other municipal obligations that pay interest that is exempt<br />from both regular federal income tax and federal alternative minimum tax. A vote <br />of the Fund's shareholders is necessary to change the Fund's fundamental policy. <br />The Fund will invest in securities of varying maturity, but generally will favor <br />those with short to medium maturities. The Fund normally will maintain a <br />dollar-weighted average portfolio maturity of between one and five years, but may <br />vary outside that range from time to time, including due to market conditions or <br />if deemed appropriate for temporary defensive purposes.<br /> <br />In selecting securities for the Fund to buy and sell, PNC Capital Advisors, LLC<br />(the "Adviser") monitors economic trends, including possible changes in interest<br />rates, and evaluates many factors that may influence supply and demand among<br />municipal securities of various structures, maturities and regions of the<br />country. The Fund will generally purchase investment grade debt municipal<br />obligations, which are those rated in one of the four highest rating categories<br />by at least one nationally recognized statistical rating organization ("NRSRO")<br />or, if unrated, determined by the Adviser to be of comparable quality. The Fund<br />may invest up to 10% of its assets in below-investment grade securities, also<br />known as high yield "junk" bonds (generally rated below the BBB category). The<br />Fund may also invest up to 20% of its assets in interest rate swaps for hedging<br />purposes. The Fund may also invest in derivative securities relating to<br />municipal securities. Derivative instruments include, but are not limited to,<br />options, swaps, futures and options on futures.</tt>
PNC TAX EXEMPT LIMITED MATURITY BOND FUND
You may qualify for sales charge discounts of the Fund if you and your family
invest, or agree to invest in the future, at least $100,000 in PNC Funds.
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.19
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
Calendar Year Total Returns
If sales charges had been reflected, the returns for Class A Shares would be less than those shown below.
PERFORMANCE INFORMATION
100000
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 Class
A Shares from year to year and by showing how the average annual returns of the
Fund's Class A and Class C Shares compare with those of a broad measure of market
performance.
<tt>Best Quarter         2.48%   (12/31/08)      <br />Worst Quarter       -1.23%   (12/31/10)      <br />  <br />The Fund's year-to-date total return, excluding any applicable sales charges,<br />for Class A Shares through June 30, 2012 was 1.02%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose value depend upon,<br />or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that a Fund may be unable to terminate or sell a derivatives position.<br />There is also the risk that derivative counterparties may suffer financial<br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Municipal Obligations Risk. An investment in municipal obligations is subject <br />to municipal securities risk. Changes in the local or national economy, and<br />business or political conditions relating to a particular municipal project,<br />municipality, or state in which the Fund invests may make it difficult for the<br />municipality to make interest and principal payments when due and thus could<br />decrease the value of the Fund's investments in municipal bonds. Municipal<br />obligations also may be more susceptible to downgrades or defaults during <br />recessions or similar periods of economic stress, which could have an adverse<br />effect on the market prices of bonds and thus the value of the Fund's<br />investments. The municipal securities held by a Fund may fail to meet certain<br />legal requirements which allow interest distributed from such securities to be<br />tax-exempt, or changes in federal or state tax laws may cause the prices of<br />municipal securities to fall or could affect the tax-exempt status of municipal<br />securities. Municipal securities are also subject to liquidity risk.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Tax Risk. Distributions of capital gains and other taxable income will be<br />subject to applicable federal, state and local income taxes. Interest on certain<br />municipal securities that are exempt from federal income tax may, nonetheless,<br />be subject to the alternative minimum tax. Shareholders should consult with<br />their tax advisors when determining the taxable nature of any fund distributions<br />for federal, state or local tax purposes. An investment in the Fund may also<br />result in liability for federal alternative minimum tax, both for individual and<br />corporate shareholders.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
After-tax returns are shown for Class A Shares only. After-tax returns for Class C Shares will differ.
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_434/Overview.fs
<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 Class A Shares from year to year and by showing how the average annual<br />returns of the Fund's Class A and Class C Shares compare with those of a broad<br />measure of market performance. The bar chart shows changes in the performance of<br />the Fund's Class A Shares and does not reflect the deduction of any applicable<br />sales charges. If sales charges had been reflected, the returns for Class A<br />Shares would be less than those shown below. The returns in the table reflect<br />the deduction of applicable sales charges. The performance of Class C Shares<br />will differ due to differences in expenses. The performance set forth below<br />includes the performance of corresponding classes of the PNC Tax-Exempt Limited<br />Maturity Bond Fund (the "Predecessor Tax Exempt Limited Maturity Bond Fund"),<br />which was reorganized into the Fund on February 8, 2010. The Predecessor Tax<br />Exempt Limited Maturity Bond Fund was managed by the Adviser and its<br />predecessors for the periods shown below prior to that date. As with all mutual<br />funds, the Fund's past performance (before and after taxes) does not predict the<br />Fund's future performance. Updated information on the Fund's performance can be<br />obtained by visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_434/Overview.fs or by<br />calling 1-800-622-FUND (3863).</tt>
<tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold Fund shares. You may qualify for sales charge discounts of the Fund if<br />you and your family invest, or agree to invest in the future, at least $100,000<br />in PNC Funds. More information about these and other discounts is available from<br />your financial intermediary and in the "Sales Charges" section of the Fund's<br />prospectus on page 65 and in the "Additional Purchase and Redemption<br />Information" section of the Fund's statement of additional information.</tt>
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For Class C Shares, you would pay the following expenses if you did not redeem your shares:
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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.
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S&P Municipal Bond Short Intermediate Index (reflects no deduction for fees, expenses or taxes)
0.0584
0.0502
0.0408
2002-09-30
Class A Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0128
0.0268
0.0198
2002-09-30
Class A Shares Returns After Taxes on Distributions
0.0109
0.0279
0.0200
2002-09-30
PDCLX
0.0000
0
Class C Shares Returns Before Taxes
0.0025
256
156
485
-0.0001
1834
0.00
838
0.0243
0.0039
0.0040
2013-09-27
1834
0.0282
485
838
0.0014
0.00
0.0075
0.0153
0.0154
0.0177
2002-09-30
0.0100
PDLAX
Worst Quarter
Best Quarter
0.0300
2012-06-30
0
Class A Shares Returns Before Taxes
0.0025
380
2008-12-31
568
-0.0123
0.0042
-0.0001
0.0133
1356
0.00
771
0.0383
0.0248
0.0109
0.0039
0.0386
0.0040
2013-09-27
2010-12-31
0.0393
0.0279
0.0012
The Fund's year-to-date total return
0.0014
0.0422
0.00
0.0155
0.0003
0.0081
0.0082
0.0227
0.0200
2002-09-30
0.0102
0.0050
The Fund is non-diversified, which means that the Fund may invest in the securities
of relatively few issuers. As a result, the Fund may be more susceptible than a
diversified fund to a single adverse economic or political and regulatory occurrence
affecting one or more of these issuers, and may experience increased volatility due
to its investments in those securities.
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 21%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide a high level of interest income that is exempt from<br />federal and Maryland state and local income taxes.</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year, and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>As a matter of fundamental policy, under normal circumstances, the Fund invests<br />at least 80% of its net assets plus any borrowings for investment purposes in<br />investment-grade municipal bonds and other municipal obligations issued by the<br />State of Maryland, its counties, municipalities and other taxing districts, and<br />other issuers located outside of Maryland that are exempt from federal income<br />taxes, federal alternative minimum tax and Maryland state and local income<br />taxes. A vote of the Fund's shareholders is necessary to change the Fund's<br />fundamental policy. The Fund will invest in securities of varying maturity.<br /> <br />Some Fund distributions may be taxable, such as dividends that are derived from<br />taxable investments and distributions of short and long-term capital gains<br />realized on the sale of portfolio securities. Also, Fund dividends will<br />generally be subject to state and local income taxes for any shareholders who<br />are not Maryland residents.<br /> <br />In selecting securities for the Fund to buy and sell, PNC Capital Advisors, LLC<br />(the "Adviser") monitors economic trends, including possible changes in interest<br />rates, and evaluates many factors that may influence supply and demand among<br />municipal securities of various structures, maturities and issuers. The Fund<br />will generally purchase investment grade debt municipal obligations, which are<br />those rated in one of the four highest rating categories by at least one<br />nationally recognized statistical rating organization ("NRSRO") or, if unrated,<br />determined by the Adviser to be of comparable quality. The Fund may invest up to<br />10% of its assets in below-investment grade securities, also known as high yield<br />"junk" bonds (generally rated below the BBB category). The Fund may also invest<br />up to 20% of its assets in interest rate swaps for hedging purposes. The Fund<br />may also invest in derivative securities relating to municipal securities.<br />Derivative instruments include, but are not limited to, options, swaps, futures<br />and options on futures.</tt>
PNC MARYLAND TAX EXEMPT BOND FUND
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.21
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
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 Class I Shares
from year to year and by showing how the average annual returns of the Fund's Class I
Shares compare with those of broad measures of market performance.
<tt>Best Quarter         3.90%   (6/30/02)     <br />Worst Quarter       -2.71%   (12/31/10)    <br />  <br />The Fund's year-to-date total return for Class I Shares through June 30, 2012<br />was 1.82%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that a Fund may be unable to terminate or sell a derivatives position.<br />There is also the risk that derivative counterparties may suffer financial<br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<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 />Market Risk. Market risk is the risk that securities prices will fall over <br />short or extended periods of time. Historically, the stock markets have moved <br />in cycles, and the value of the Fund's securities may fluctuate from day to <br />day. Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Municipal Obligations Risk. An investment in municipal obligations is subject <br />to municipal securities risk. Changes in the local or national economy, and<br />business or political conditions relating to a particular municipal project,<br />municipality, or state in which the Fund invests may make it difficult for the<br />municipality to make interest and principal payments when due and thus could<br />decrease the value of the Fund's investments in municipal bonds. Municipal<br />obligations also may be more susceptible to downgrades or defaults during<br />recessions or similar periods of economic stress, which could have an adverse<br />effect on the market prices of bonds and thus the value of the Fund's<br />investments. The municipal securities held by a Fund may fail to meet certain<br />legal requirements which allow interest distributed from such securities to be<br />tax-exempt, or changes in federal or state tax laws may cause the prices of<br />municipal securities to fall or could affect the tax-exempt status of municipal<br />securities. Municipal securities are also subject to liquidity risk.<br /> <br />Non-Diversification Risk. The Fund is non-diversified, which means that the Fund<br />may invest in the securities of relatively few issuers. As a result, the Fund<br />may be more susceptible than a diversified fund to a single adverse economic or<br />political and regulatory occurrence affecting one or more of these issuers, and<br />may experience increased volatility due to its investments in those securities.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be <br />subject to greater interest rate risk and their values are more volatile as a <br />result. In periods of falling interest rates, prepayment rates tend to increase, <br />shortening the average life of a pool of mortgage-backed securities. This leads <br />to the risk that the Fund may lose any potential price appreciation above the <br />bond's call price and have to reinvest the proceeds from prepayments at lower <br />interest rates because prepayments often occur after interest rates have <br />decreased or when interest rates are falling.<br /> <br />Single State Risk. The Fund's focus on investments in securities of issuers<br />located in a single state leaves the Fund subject to the particular economic,<br />political and regulatory events relating to such securities to a greater extent<br />than if its assets were not so concentrated. Because the Fund invests primarily<br />in securities issued by Maryland and its municipalities, events in Maryland are<br />likely to affect the Fund's investments and its performance. As a result, the<br />Fund is more vulnerable to unfavorable developments in Maryland than are funds<br />that invest in municipal securities of multiple states.<br /> <br />Tax Risk. Distributions of capital gains and other taxable income will be<br />subject to applicable federal, state and local income taxes. Interest on certain<br />municipal securities that are exempt from federal income tax may, nonetheless,<br />be subject to the alternative minimum tax. Shareholders should consult with<br />their tax advisors when determining the taxable nature of any fund distributions<br />for federal, state or local tax purposes. An investment in the Fund may also<br />result in liability for federal alternative minimum tax, both for individual and<br />corporate shareholders.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_433/Overview.fs
As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in investment-grade municipal bonds and other municipal obligations issued by the State of Maryland, its counties, municipalities and other taxing districts, and other issuers located outside of Maryland that are exempt from federal income taxes, federal alternative minimum tax and Maryland state and local income taxes.
<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 Class I Shares from year to year and by showing how the average annual<br />returns of the Fund's Class I Shares compare with those of broad measures of<br />market performance. The performance set forth below for the periods prior to<br />February 8, 2010 reflects the performance of corresponding classes of the PNC<br />Maryland Tax-Exempt Bond Fund (the "Predecessor Maryland Tax Exempt Bond Fund"),<br />which was reorganized into the Fund on that date. The Predecessor Maryland Tax<br />Exempt Bond Fund was managed by the Adviser and its predecessors for the periods<br />shown below prior to that date. Prior to September 30, 2002, the quoted<br />performance of Class I Shares reflects the performance of the Institutional<br />Shares, a separate class of shares of the Predecessor Maryland Tax Exempt Bond<br />Fund not offered by this prospectus; adjusted to reflect the expenses of Class I<br />Shares. Class I Shares of the Fund would have substantially similar returns as<br />the Institutional Shares because the shares represent interest in the same<br />portfolio of investments and the annual returns would differ only to the extent<br />that the classes do not have the same expenses. As with all mutual funds, the<br />Fund's past performance (before and after taxes) does not predict the Fund's<br />future performance. Updated information on the Fund's performance can be<br />obtained by visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_433/Overview.fs or by<br />calling 1-800-622-FUND (3863).</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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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.
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S&P Municipal Bond Maryland Index (reflects no deduction for fees, expenses or taxes)
0.0872
0.0489
0.0516
S&P Municipal Bond Intermediate Index (reflects no deduction for fees, expenses or taxes)
0.1017
0.0596
0.0557
Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0670
0.0437
0.0398
Class I Shares Returns After Taxes on Distributions
0.0827
0.0455
0.0407
PDITX
0.0735
Worst Quarter
Best Quarter
0.00
2012-06-30
Class I Shares Returns Before Taxes
54
2002-06-30
174
-0.0271
0.0237
-0.0002
0.0180
687
0.00
305
0.0330
0.0390
0.0841
0.0015
0.0223
0.0040
2013-09-27
2010-12-31
0.0733
0.0458
0.0138
The Fund's year-to-date total return
0.00
0.0841
0.00
0.0339
0.00
0.0408
0.0053
0.0055
0.0355
0.0182
0.00
The Fund is non-diversified, which means that the Fund may invest in the securities
of relatively few issuers. As a result, the Fund may be more susceptible than a
diversified fund to a single adverse economic or political and regulatory occurrence
affecting one or more of these issuers, and may experience increased volatility due
to its investments in those securities.
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 21%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide a high level of interest income that is exempt from<br />federal and Maryland state and local income taxes.</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 Class A or Class C Shares of the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year, and that<br />the Fund's operating expenses remain the same, except that the Fee Waiver and<br />Expense Reimbursement and the contractual limitation on Distribution (12b-1)<br />Fees for Class A Shares are reflected only in the one year period below.<br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>As a matter of fundamental policy, under normal circumstances, the Fund invests<br />at least 80% of its net assets plus any borrowings for investment purposes in<br />investment-grade municipal bonds and other municipal obligations issued by the<br />State of Maryland, its counties, municipalities and other taxing districts, and<br />other issuers located outside of Maryland that are exempt from federal income<br />taxes, federal alternative minimum tax and Maryland state and local income<br />taxes. A vote of the Fund's shareholders is necessary to change the Fund's <br />fundamental policy. The Fund will invest in securities of varying maturity.<br /> <br />Some Fund distributions may be taxable, such as dividends that are derived <br />from taxable investments and distributions of short and long-term capital <br />gains realized on the sale of portfolio securities. Also, Fund dividends will<br />generally be subject to state and local income taxes for any shareholders who<br />are not Maryland residents.<br /> <br />In selecting securities for the Fund to buy and sell, PNC Capital Advisors, LLC<br />(the "Adviser") monitors economic trends, including possible changes in interest<br />rates, and evaluates many factors that may influence supply and demand among<br />municipal securities of various structures, maturities and issuers. The Fund<br />will generally purchase investment grade debt municipal obligations, which are<br />those rated in one of the four highest rating categories by at least one<br />nationally recognized statistical rating organization ("NRSRO") or, if unrated,<br />determined by the Adviser to be of comparable quality. The Fund may invest up to<br />10% of its assets in below-investment grade securities, also known as high yield<br />"junk" bonds (generally rated below the BBB category). The Fund may also invest<br />up to 20% of its assets in interest rate swaps for hedging purposes. The Fund<br />may also invest in derivative securities relating to municipal securities.<br />Derivative instruments include, but are not limited to, options, swaps, futures<br />and options on futures.</tt>
PNC MARYLAND TAX EXEMPT BOND FUND
You may qualify for sales charge discounts of the Fund if you and your family
invest, or agree to invest in the future, at least $100,000 in PNC Funds.
Example
After-tax returns are shown for Class A Shares only. After-tax returns for Class C Shares
will differ. After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and local
taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.21
Actual after-tax returns depend on an investor's tax situation and may differ from those
shown. After-tax returns shown are not relevant to investors who hold their Fund shares
through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Calendar Year Total Returns
If sales charges had been reflected, the returns for Class A Shares would be less than those shown below.
PERFORMANCE INFORMATION
100000
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 Class
A Shares from year to year and by showing how the average annual returns of the
Fund's Class A and Class C Shares compare with those of broad measures of market
performance.
<tt>Best Quarter         3.49%   (9/30/09)     <br />Worst Quarter       -2.77%   (12/31/10)    <br />  <br />The Fund's year-to-date total return, excluding any applicable sales charges,<br />for Class A Shares through June 30, 2012 was 1.68%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that a Fund may be unable to terminate or sell a derivatives position.<br />There is also the risk that derivative counterparties may suffer financial<br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities <br />due to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Municipal Obligations Risk. An investment in municipal obligations is subject <br />to municipal securities risk. Changes in the local or national economy, and<br />business or political conditions relating to a particular municipal project,<br />municipality, or state in which the Fund invests may make it difficult for the<br />municipality to make interest and principal payments when due and thus could<br />decrease the value of the Fund's investments in municipal bonds. Municipal<br />obligations also may be more susceptible to downgrades or defaults during <br />recessions or similar periods of economic stress, which could have an adverse <br />effect on the market prices of bonds and thus the value of the Fund's<br />investments. The municipal securities held by a Fund may fail to meet certain<br />legal requirements which allow interest distributed from such securities to be<br />tax-exempt, or changes in federal or state tax laws may cause the prices of<br />municipal securities to fall or could affect the tax-exempt status of municipal<br />securities. Municipal securities are also subject to liquidity risk.<br /> <br />Non-Diversification Risk. The Fund is non-diversified, which means that the Fund<br />may invest in the securities of relatively few issuers. As a result, the Fund<br />may be more susceptible than a diversified fund to a single adverse economic or<br />political and regulatory occurrence affecting one or more of these issuers, and<br />may experience increased volatility due to its investments in those securities.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Single State Risk. The Fund's focus on investments in securities of issuers<br />located in a single state leaves the Fund subject to the particular economic,<br />political and regulatory events relating to such securities to a greater extent<br />than if its assets were not so concentrated. Because the Fund invests primarily<br />in securities issued by Maryland and its municipalities, events in Maryland are<br />likely to affect the Fund's investments and its performance. As a result, the<br />Fund is more vulnerable to unfavorable developments in Maryland than are funds<br />that invest in municipal securities of multiple states.<br /> <br />Tax Risk. Distributions of capital gains and other taxable income will be<br />subject to applicable federal, state and local income taxes. Interest on certain<br />municipal securities that are exempt from federal income tax may, nonetheless,<br />be subject to the alternative minimum tax. Shareholders should consult with<br />their tax advisors when determining the taxable nature of any fund distributions<br />for federal, state or local tax purposes. An investment in the Fund may also<br />result in liability for federal alternative minimum tax, both for individual and<br />corporate shareholders.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_433/Overview.fs
As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in investment-grade municipal bonds and other municipal obligations issued by the State of Maryland, its counties, municipalities and other taxing districts, and other issuers located outside of Maryland that are exempt from federal income taxes, federal alternative minimum tax and Maryland state and local income taxes. A vote of the Fund's shareholders is necessary to change the Fund's fundamental policy. The Fund will invest in securities of varying maturity.
<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 Class A Shares from year to year and by showing how the average annual<br />returns of the Fund's Class A and Class C Shares compare with those of broad<br />measures of market performance. The bar chart shows changes in the performance<br />of the Fund's Class A Shares and does not reflect the deduction of any<br />applicable sales charges. If sales charges had been reflected, the returns for<br />Class A Shares would be less than those shown below. The returns in the table<br />reflect the deduction of applicable sales charges. The performance of Class C<br />Shares will differ due to differences in expenses. The performance set forth<br />below for the periods prior to February 8, 2010 reflects the performance of<br />corresponding classes of the PNC Maryland Tax-Exempt Bond Fund (the "Predecessor<br />Maryland Tax Exempt Bond Fund"), which was reorganized into the Fund on that<br />date. The Predecessor Maryland Tax Exempt Bond Fund was managed by the Adviser<br />and its predecessors for the periods shown below prior to that date. As with all<br />mutual funds, the Fund's past performance (before and after taxes) does not<br />predict the Fund's future performance. Updated information on the Fund's<br />performance can be obtained by visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_433/Overview.fs or by<br />calling 1-800-622-FUND (3863).</tt>
<tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold Fund shares. You may qualify for sales charge discounts of the Fund if<br />you and your family invest, or agree to invest in the future, at least $100,000<br />in PNC Funds. More information about these and other discounts is available from<br />your financial intermediary and in the "Sales Charges" section of the Fund's<br />prospectus on page 65 and in the "Additional Purchase and Redemption<br />Information" section of the Fund's statement of additional information.</tt>
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For Class C Shares, you would pay the following expenses if you did not redeem your shares:
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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.
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S&P Municipal Bond Maryland Index (reflects no deduction for fees, expenses or taxes)
0.0872
0.0489
0.0462
2002-09-30
S&P Municipal Bond Intermediate Index (reflects no deduction for fees, expenses or taxes)
0.1017
0.0596
0.0501
2002-09-30
Class A Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0430
0.0339
0.0280
2002-09-30
Class A Shares Returns After Taxes on Distributions
0.0478
0.0349
0.0281
2002-09-30
PDACX
0.0000
0
Class C Shares Returns Before Taxes
0.0025
256
156
488
-0.0002
1844
0.00
843
0.0628
0.0040
0.0040
2013-09-27
1844
0.0351
488
843
0.0015
0.00
0.0075
0.0153
0.0155
0.0259
2002-09-30
0.0100
PDATX
Worst Quarter
Best Quarter
0.0300
2012-06-30
0
Class A Shares Returns Before Taxes
0.0025
380
2009-09-30
570
-0.0277
0.0186
-0.0002
0.015
1367
0.00
775
0.0279
0.0349
0.0492
0.0040
0.0172
0.0040
2013-09-27
2010-12-31
0.0679
0.0351
0.0078
The Fund's year-to-date total return
0.0015
0.0815
0.00
0.0288
0.0003
0.0081
0.0083
0.0312
0.0282
2002-09-30
0.0168
0.0050
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 32%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks a high level of current income along with capital appreciation.</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year, and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal circumstances, at least 80% of the Fund's net assets plus any<br />borrowings for investment purposes will be invested in high yield bonds, which<br />include debt securities of all types. The Fund will provide shareholders with <br />at least 60 days' written notice before changing this 80% policy. The term "high<br />yield" is generally understood to describe debt securities that are rated below<br />investment grade or, if unrated, determined by PNC Capital Advisors, LLC (the<br />"Adviser") to be of comparable quality ("junk bonds"). The Fund may invest in<br />all types of debt securities but will invest primarily in corporate debt securities, <br />mortgage-backed securities and asset-backed securities of U.S. and<br />Canadian issuers.<br /> <br />The Fund may invest in foreign securities, including securities of issuers in<br />emerging markets.<br /> <br />In buying and selling securities for the Fund the Adviser considers a number <br />of factors, including yield to maturity, maturity, quality and the outlook for<br />particular issuers and market sectors. The Fund also utilizes an active trading<br />approach. The Adviser may choose to sell a holding when, for example, it, in <br />the Adviser's view, no longer offers attractive growth prospects or to take<br />advantage of a better investment opportunity.<br /> <br />The Fund may use derivatives, as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk, as part of a hedging<br />strategy or for any other investment purpose. Derivative instruments include,<br />but are not limited to, options, swaps, futures and options on futures.</tt>
PNC HIGH YIELD BOND FUND
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.32
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
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 Class I
Shares from year to year and by showing how the average annual returns of the Fund's
Class I Shares compare with those of a broad measure of market performance.
<tt>Best Quarter        21.50%   (6/30/09)    <br />Worst Quarter       -4.53%   (9/30/11)    <br />  <br />The Fund's year-to-date total return for Class I Shares through June 30, 2012<br />was 7.09%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund. <br />If an issuer cannot or will not meet its payment obligations or if its credit <br />rating is lowered or its financial strength deteriorates, the values of its debt <br />securities or other instruments may fall. Obligations issued by U.S. government <br />agencies, authorities, instrumentalities or sponsored enterprises, such as the <br />Government National Mortgage Association, are backed by the full faith and credit <br />of the U.S. Treasury, while obligations issued by others, such as the Federal <br />National Mortgage Association, the Federal Home Loan Mortgage Corporation and <br />Federal 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 />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that a Fund may be unable to terminate or sell a derivatives position.<br />There is also the risk that derivative counterparties may suffer financial<br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets include all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br />           <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_430/Overview.fs
<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 Class I Shares from year to year and by showing how the average annual<br />returns of the Fund's Class I Shares compare with those of a broad measure of<br />market performance. As with all mutual funds, the Fund's past performance<br />(before and after taxes) 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_430/Overview.fs or by<br />calling 1-800-622-FUND (3863).</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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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.
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Barclays U.S. Corporate High Yield Bond Index (reflects no deduction for fees, expenses or taxes)
0.0498
0.0952
2008-04-29
Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0362
0.0381
2008-04-29
Class I Shares Returns After Taxes on Distributions
0.0211
0.0292
2008-04-29
PIHBX
Worst Quarter
Best Quarter
0.00
2012-06-30
Class I Shares Returns Before Taxes
77
2009-06-30
334
-0.0453
-0.0044
0.1383
1404
0.00
612
0.2150
0.0518
0.0069
0.0050
2013-09-27
2011-09-30
0.4390
The Fund's year-to-date total return
0.00
0.0518
0.00
0.00
0.0075
0.0119
0.0750
2008-04-29
0.0709
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 32%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks a high level of current income along with capital appreciation.</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 Class A Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year, and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement and the contractual limitation on Distribution (12b-1) Fees for<br />Class A Shares are reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal circumstances, at least 80% of the Fund's net assets plus any<br />borrowings for investment purposes will be invested in high yield bonds, which<br />include debt securities of all types. The Fund will provide shareholders with at<br />least 60 days' written notice before changing this 80% policy. The term "high<br />yield" is generally understood to describe debt securities that are rated below<br />investment grade or, if unrated, determined by PNC Capital Advisors, LLC (the<br />"Adviser") to be of comparable quality ("junk bonds"). The Fund may invest in<br />all types of debt securities but will invest primarily in corporate debt<br />securities, mortgage-backed securities and asset-backed securities of U.S. and<br />Canadian issuers.<br /> <br />The Fund may invest in foreign securities, including securities of issuers in<br />emerging markets.<br /> <br />In buying and selling securities for the Fund the Adviser considers a number of<br />factors, including yield to maturity, maturity, quality and the outlook for<br />particular issuers and market sectors. The Fund also utilizes an active trading <br />approach. The Adviser may choose to sell a holding when, for example, it, in the <br />Adviser's view, no longer offers attractive growth prospects or to take advantage <br />of a better investment opportunity.<br /> <br />The Fund may use derivatives, as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk, as part of a hedging<br />strategy or for any other investment purpose. Derivative instruments include,<br />but are not limited to, options, swaps, futures and options on futures.</tt>
PNC HIGH YIELD BOND FUND
You may qualify for sales charge discounts of the Fund if you and your family invest,
or agree to invest in the future, at least $50,000 in PNC Funds.
Example
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
In some cases, returns after taxes on distributions and sale of Fund shares
may be higher than returns before taxes because the calculations assume the
investor received a tax deduction for any loss incurred on the sale of shares.
0.32
Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
Calendar Year Total Returns
If sales charges had been reflected, the returns for Class A Shares would be less than those shown below.
PERFORMANCE INFORMATION
50000
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 Class A Shares from year to year and by showing how the
average annual returns of the Fund's Class A Shares compare with those of
a broad measure of market erformance.
<tt>Best Quarter        21.58%   (6/30/09)    <br />Worst Quarter       -4.58%   (9/30/11)    <br /> <br />The Fund's year-to-date total return, excluding any applicable sales charges,<br />for Class A Shares through June 30, 2012 was 6.95%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. The<br />use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that a Fund may be unable to terminate or sell a derivatives position.<br />There is also the risk that derivative counterparties may suffer financial<br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets include all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />securities may be somewhat greater than typical expenses for custodial<br />arrangements of similar U.S. securities.<br /> <br />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make principal <br />and interest payments.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, may<br />be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/ FundID_430/Overview.fs
<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 Class A Shares from year to year and by showing how the average annual<br />returns of the Fund's Class A Shares compare with those of a broad measure of<br />market performance. The bar chart shows changes in the performance of the Fund's<br />Class A Shares and does not reflect the deduction of any applicable sales<br />charges. If sales charges had been reflected, the returns for Class A Shares<br />would be less than those shown below. The returns in the table reflect the<br />deduction of applicable sales charges. As with all mutual funds, the Fund's past<br />performance (before and after taxes) does not predict the Fund's future<br />performance. Updated information on the Fund's performance can be obtained by<br />visiting http://pncfunds.com/Funds_Performance/Fund_Snapshot/<br />FundID_430/Overview.fs or by calling 1-800-622-FUND (3863).</tt>
<tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold Fund shares. You may qualify for sales charge discounts of the Fund if<br />you and your family invest, or agree to invest in the future, at least $50,000<br />in PNC Funds. More information about these and other discounts is available from<br />your financial intermediary and in the "Sales Charges" section of the Fund's<br />prospectus on page 65 and in the "Additional Purchase and Redemption<br />Information" section of the Fund's statement of additional information.</tt>
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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.
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Barclays U.S. Corporate High Yield Bond Index (reflects no deduction for fees, expenses or taxes)
0.0498
0.0952
2008-04-29
Class A Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0041
0.0254
2008-04-29
Class A Shares Returns After Taxes on Distributions
-0.0259
0.0149
2008-04-29
PAHBX
Worst Quarter
Best Quarter
0.0450
2012-06-30
0
Class A Shares Returns Before Taxes
0.0025
548
2009-06-30
865
-0.0458
-0.0044
0.1353
2159
0.00
1204
0.2158
0.0026
0.0094
0.0050
2013-09-27
2011-09-30
0.4350
The Fund's year-to-date total return
0.0069
0.0492
0.00
0.0001
0.0101
0.0145
0.0592
2008-04-29
0.0695
0.0050
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 63%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide long-term capital appreciation and current income.</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year, and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund invests in a diversified portfolio of common stocks, fixed income<br />securities and cash equivalents with varying asset allocations depending on <br />PNC Capital Advisors, LLC's (the "Adviser") assessment of market conditions.<br /> <br />The Fund intends to invest 45% to 75% of its net assets in equity securities,<br />such as common stocks and convertible securities, 25% to 55% of its net assets<br />in fixed income securities, such as corporate bonds, U.S. government and agency<br />securities, mortgage-backed securities, asset-backed securities, and high-yield<br />bonds ("junk bonds"), and up to 30% of its net assets in cash, cash equivalent,<br />or other types of short-term money market instruments. Under normal<br />circumstances, at least 25% of the Fund's net assets will be invested in fixed<br />income senior securities. The Fund may invest up to 25% of its total assets at<br />the time of purchase in foreign securities (which includes common stock,<br />preferred stock and convertible bonds of companies headquartered outside the<br />United States), and may include investing in emerging market securities. The<br />Fund may invest in companies with stock market capitalizations of at least $100<br />million.<br /> <br />The Fund primarily invests the fixed income portion of its portfolio in a broad<br />range of fixed income senior securities in order to generate current income. The<br />dollar-weighted average maturity of the Fund's fixed income allocation is<br />normally expected to range from four to twelve years, but may vary outside that<br />range from time to time, including due to market conditions. The Fund also<br />utilizes an active trading approach. The Adviser may choose to sell a holding,<br />for example, when it no longer offers attractive growth prospects or to take<br />advantage of a better investment opportunity.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging <br />strategy. Derivative instruments include, but are not limited to, options, swaps, <br />futures and options on futures. Although the Fund may invest in derivatives of <br />any kind, it expects to use futures contracts and options on futures contracts <br />for the purpose of managing exposure to the securities markets or to movements <br />in interest rates or currency values. Finally, the Fund may also use futures to <br />gain diversified exposure to a specific country or region and may purchase put <br />options on securities or indices to manage the risk of loss.</tt>
PNC BALANCED ALLOCATION FUND
"Acquired Fund" means any investment company in which the Fund invests or has invested
during the period. The "Total Annual Fund Operating Expenses" will not correlate to the
Fund's ratio of expenses to average net assets in the Fund's Financial Highlights, which
reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and
Expenses."
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.63
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
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 Class I
Shares from year to year and by showing how the average annual returns of the Fund's
Class I Shares compare with those of broad measures of market performance, including
the S&P 500® Index, the Barclays Aggregate Bond Index and the Balanced Allocation
Hybrid Index, a customized blend of 60% S&P 500® Index and 40% Barclays Aggregate
Bond Index.
<tt>Best Quarter         12.19%   (6/30/03)     <br />Worst Quarter       -13.39%   (12/31/08)    <br /> <br />The Fund's year-to-date total return for Class I Shares through June 30, 2012<br />was 6.87%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that a Fund may be unable to terminate or sell a derivatives position.<br />There is also the risk that derivative counterparties may suffer financial<br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S.<br />dollars; lower levels of liquidity; inability to purchase and sell investments<br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />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 <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 future. <br />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 />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<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 />Market Risk. Market risk is the risk that securities prices will fall over <br />short or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/ FundID_276/Overview.fs
<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 Class I Shares from year to year and by showing how the average annual<br />returns of the Fund's Class I Shares compare with those of broad measures of<br />market performance, including the S&P 500® Index, the Barclays Aggregate Bond<br />Index and the Balanced Allocation Hybrid Index, a customized blend of 60% S&P<br />500® Index and 40% Barclays Aggregate Bond Index. As with all mutual funds, the<br />Fund's past performance (before and after taxes) does not predict the Fund's<br />future performance. Updated information on the Fund's performance can be<br />obtained by visiting http://pncfunds.com/Funds_Performance/Fund_Snapshot/ <br />FundID_276/Overview.fs or by calling 1-800-622-FUND (3863).</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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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.
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Balanced Allocation Hybrid Benchmark Index (reflects no deduction for fees, expenses or taxes)
0.0470
0.0285
0.0440
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
0.0784
0.0650
0.0578
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
0.0211
-0.0025
0.0292
Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0084
0.0061
0.0280
Class I Shares Returns After Taxes on Distributions
0.0057
0.0031
0.0290
PBLIX
-0.1369
Worst Quarter
Best Quarter
0.00
2012-06-30
Class I Shares Returns Before Taxes
106
2003-06-30
357
-0.1339
0.0766
-0.0012
0.1155
1398
0.00
627
0.0790
0.1219
0.0086
0.0037
-0.2724
0.0075
2013-09-27
2008-12-31
0.1895
0.0099
0.0568
The Fund's year-to-date total return
0.00
0.0086
0.00
0.2226
0.00
0.0353
0.0104
0.0116
0.1215
0.0687
0.0004
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 63%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide long-term capital appreciation and current income.</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 Class A or Class C Shares of the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year, and that<br />the Fund's operating expenses remain the same, except that the Fee Waiver and<br />Expense Reimbursement and the contractual limitation on Distribution (12b-1)<br />Fees for Class A Shares are reflected only in the one year period below.<br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund invests in a diversified portfolio of common stocks, fixed income<br />securities and cash equivalents with varying asset allocations depending on <br />PNC Capital Advisors, LLC's (the "Adviser") assessment of market conditions.<br />   <br />The Fund intends to invest 45% to 75% of its net assets in equity securities,<br />such as common stocks and convertible securities, 25% to 55% of its net assets<br />in fixed income securities, such as corporate bonds, U.S. government and agency<br />securities, mortgage-backed securities, asset-backed securities and high-yield<br />bonds ("junk bonds"), and up to 30% of its net assets in cash, cash equivalent,<br />or other types of short-term money market instruments. Under normal<br />circumstances, at least 25% of the Fund's net assets will be invested in fixed<br />income senior securities. The Fund may invest up to 25% of its total assets at<br />the time of purchase in foreign securities (which includes common stock,<br />preferred stock and convertible bonds of companies headquartered outside the<br />United States), and may include investing in emerging market securities. The<br />Fund may invest in companies with stock market capitalizations of at least $100<br />million.<br /> <br />The Fund primarily invests the fixed income portion of its portfolio in a broad<br />range of fixed income senior securities in order to generate current income. <br />The dollar-weighted average maturity of the Fund's fixed income allocation is<br />normally expected to range from four to twelve years, but may vary outside that<br />range from time to time, including due to market conditions. The Fund also<br />utilizes an active trading approach. The Adviser may choose to sell a holding,<br />for example, when it no longer offers attractive growth prospects or to take<br />advantage of a better investment opportunity.<br /> <br />The Fund may use derivatives as a substitute for taking a position in an<br />underlying asset, to increase returns, to manage risk or as a part of a hedging<br />strategy. Derivative instruments include, but are not limited to, options,<br />swaps, futures and options on futures. Although the Fund may invest in<br />derivatives of any kind, it expects to use futures contracts and options on<br />futures contracts for the purpose of managing exposure to the securities markets<br />or to movements in interest rates or currency values. Finally, the Fund may also<br />use futures to gain diversified exposure to a specific country or region and may<br />purchase put options on securities or indices to manage the risk of loss.</tt>
PNC BALANCED ALLOCATION FUND
"Acquired Fund" means any investment company in which the Fund invests or has invested
during the period. The "Total Annual Fund Operating Expenses" will not correlate to the
Fund's ratio of expenses to average net assets in the Fund's Financial Highlights, which
reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and
Expenses."
You may qualify for sales charge discounts of the Fund if you and your family invest,
or agree to invest in the future, at least $50,000 in PNC Funds.
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
In some cases, returns after taxes on distributions and sale of Fund shares may be
higher than returns before taxes because the calculations assume the investor
received a tax deduction for any loss incurred on the sale of shares.
0.63
Actual after-tax returns depend on an investor's tax situation and may differ from those
shown. After-tax returns shown are not relevant to investors who hold their Fund shares
through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Calendar Year Total Returns
If sales charges had been reflected, the returns for Class A Shares would be less than those shown below.
PERFORMANCE INFORMATION
50000
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 Class A
Shares from year to year and by showing how the average annual returns of the Fund's
Class A and Class C Shares compare with those of broad measures of market performance,
including the S&P 500® Index, the Barclays U.S. Aggregate Bond Index and the Balanced
Allocation Hybrid Index, a customized blend of 60% S&P 500® Index and 40% Barclays U.S.
Aggregate Bond Index.
<tt>Best Quarter         12.11%   (6/30/03)     <br />Worst Quarter       -13.39%   (12/31/08)    <br />  <br />The Fund's year-to-date total return, excluding any applicable sales charges,<br />for Class A Shares through June 30, 2012 was 6.67%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Active Trading Risk. To the extent that the Fund buys and sells securities<br />actively, it could have higher expenses (which reduce return for shareholders)<br />and higher taxable distributions.<br /> <br />Allocation Risk. The Fund's performance could be hurt if the Adviser's asset<br />allocation decisions prove to be incorrect. The Adviser may implement its asset<br />allocation strategy in a way that does not produce the intended result. For<br />example, the Adviser's asset allocation decisions may not anticipate market<br />trends successfully which may result in a failure to preserve capital or lower<br />total return.<br /> <br />Capitalization Risk. Small capitalization companies may be more vulnerable to<br />adverse business or economic events than larger, more established companies.<br />Therefore, small cap stocks may be more volatile than those of larger companies<br />and may have less liquidity, which can reduce their selling prices. Mid<br />capitalization companies may be more vulnerable to adverse business or economic<br />events than larger, more established companies. As a result, the values of mid<br />cap company stocks may be more volatile than those of larger companies.<br /> <br />Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of the<br />entity to borrow from the U.S. Treasury or by the entity's own resources.<br /> <br />Derivatives Risk. Derivatives are financial instruments whose values depend<br />upon, or are derived from, the value of a reference asset, such as one or more<br />underlying assets, indexes or currencies and may include, but are not limited<br />to, options, swaps, futures and options on futures. A small investment in<br />derivatives could have a potentially large impact on the Fund's performance. <br />The use of derivatives involves risks different from the risks associated with<br />investing directly in the reference asset. Derivatives can be volatile, illiquid<br />and difficult to value, and an imperfect correlation may exist between changes<br />in the value of a derivative held by the Fund and the value of the reference<br />asset. Some derivatives are "leveraged" and therefore may magnify or otherwise<br />increase investment losses to the Fund. The Fund's use of derivatives may also<br />increase the amount of taxes payable by shareholders. In addition, there is also<br />the risk that a Fund may be unable to terminate or sell a derivatives position.<br />There is also the risk that derivative counterparties may suffer financial<br />difficulties and may not fulfill their contractual obligations to the Fund.<br /> <br />Emerging Markets Risk. The risk of investing in issuers located in or tied<br />economically to emerging markets includes all of the risks of investing in<br />foreign markets, generally to a greater extent, including greater fluctuations<br />in market values and currency exchange rates; increased risk of default; greater<br />social, economic, and political uncertainty and instability; increased risk of<br />nationalization, expropriation, or other confiscation of assets of issuers to<br />which the Fund may be exposed; greater governmental involvement in the economy;<br />less governmental supervision and regulation of the securities markets and<br />participants in those markets; controls on non-U.S. investment, capital controls<br />and limitations on repatriation of invested capital, dividends, interest and<br />other income and on the Fund's ability to exchange local currencies for U.S. <br />dollars; lower levels of liquidity; inability to purchase and sell investments <br />or otherwise settle security or derivative transactions; greater risk of issues<br />with share registration and safe custody; unavailability of currency hedging<br />techniques; differences in, or lack of, auditing and financial reporting<br />standards and resulting unavailability of material information about issuers;<br />slower clearance and settlement; and difficulties in obtaining and/or enforcing<br />legal judgments.<br /> <br />Foreign (Non-U.S.) Investment Risk. Investments in securities of foreign<br />companies or governments can be more volatile than investments in U.S. companies<br />or governments. Diplomatic, political, or economic developments, including<br />nationalization or expropriation, could affect investments in foreign countries.<br />Foreign securities markets generally have less trading volume and less liquidity<br />than U.S. markets. In addition, the values of securities denominated in foreign<br />currencies, and of dividends from such securities, can change significantly when<br />foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign<br />companies or governments generally are not subject to uniform accounting,<br />auditing, and financial reporting standards comparable to those applicable to<br />domestic U.S. companies or governments. Transaction costs are generally higher<br />than those in the U.S. and expenses for custodial arrangements of foreign<br />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 />High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk<br />bonds") involve greater risk than investments in investment grade securities.<br />Such risks include:<br /> <br />• A greater risk of price declines than investments in investment grade<br />securities (e.g., securities rated BBB or higher by S&P or Baa or higher by<br />Moody's) due to changes in the issuer's creditworthiness or economic conditions.<br /> <br />• The market for high-yield, lower rated securities may be thinner and less<br />active, causing market price volatility and limited liquidity in the secondary<br />market. This may limit the ability of the Fund to sell these securities at their<br />fair market values either to meet redemption requests, or in response to changes<br />in the economy or the financial markets.<br /> <br />• A greater risk of default than investments in investment-grade securities due<br />to the predominantly speculative nature of the issuer's ability to make<br />principal and interest payments.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
After-tax returns are shown for Class A Shares only. After-tax returns for Class C Shares will differ.
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_276/Overview.fs
<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 Class A Shares from year to year and by showing how the average annual<br />returns of the Fund's Class A and Class C Shares compare with those of broad<br />measures of market performance, including the S&P 500® Index, the Barclays U.S.<br />Aggregate Bond Index and the Balanced Allocation Hybrid Index, a customized<br />blend of 60% S&P 500® Index and 40% Barclays U.S. Aggregate Bond Index. The bar<br />chart shows changes in the performance of the Fund's Class A Shares and does not<br />reflect the deduction of any applicable sales charges. If sales charges had been<br />reflected, the returns for Class A Shares would be less than those shown below.<br />The returns in the table reflect the deduction of applicable sales charges. The<br />performance of Class C Shares will differ due to differences in expenses. As<br />with all mutual funds, the Fund's past performance (before and after taxes) does<br />not predict the Fund's future performance. Updated information on the Fund's<br />performance can be obtained by visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_276/Overview.fs or by<br />calling 1-800-622-FUND (3863).</tt>
<tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold Fund shares. You may qualify for sales charge discounts of the Fund if<br />you and your family invest, or agree to invest in the future, at least $50,000<br />in PNC Funds. More information about these and other discounts is available from<br />your financial intermediary and in the "Sales Charges" section of the Fund's<br />prospectus on page 56 and in the "Additional Purchase and Redemption<br />Information" section of the Fund's statement of additional information.</tt>
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For Class C Shares, you would pay the following expenses if you did not redeem your shares:
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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.
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Balanced Allocation Hybrid Benchmark Index (reflects no deduction for fees, expenses or taxes)
0.0470
0.0285
0.0440
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
0.0784
0.0650
0.0578
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
0.0211
-0.0025
0.0292
Class A Shares Returns After Taxes on Distributions and Sale of Fund Shares
-0.0241
-0.0040
0.0218
Class A Shares Returns After Taxes on Distributions
-0.0428
-0.0084
0.0223
PBCCX
0.0000
0
Class C Shares Returns Before Taxes
0.0025
307
207
665
-0.0012
2484
0.00
1148
-0.0113
0.0062
0.0075
2013-09-27
2484
-0.0003
665
1148
0.0037
0.00
0.0075
0.0249
0.0204
0.0216
0.0004
0.0100
PBAAX
-0.1389
Worst Quarter
Best Quarter
0.0475
2012-06-30
0
Class A Shares Returns Before Taxes
0.0025
604
2003-06-30
913
-0.1339
0.0740
-0.0012
0.1119
2176
0.00
1243
0.0762
0.1211
-0.0405
0.0062
-0.2738
0.0075
2013-09-27
2008-12-31
0.1856
-0.0022
0.0539
The Fund's year-to-date total return
0.0037
0.0076
0.00
0.2196
0.0004
0.0279
0.0133
0.0145
0.1195
0.0667
0.0004
0.0100
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 19%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide high current income while preserving capital.</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year, and that the Fund's<br />operating expenses remain the same, except that the Fee Waiver and Expense<br />Reimbursement is reflected only in the one year period below. Although your<br />actual costs may be higher or lower, based on these assumptions your costs would<br />be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund invests in a variety of municipal debt securities issued by or on<br />behalf of states, territories and possessions of the United States, the District<br />of Columbia and their political subdivisions, agencies, instrumentalities and<br />authorities. In selecting securities for the Fund to buy and sell, PNC Capital<br />Advisors, LLC (the "Adviser") considers each security's yield and total return<br />potential relative to other available municipal securities. The Fund normally<br />will maintain a dollar-weighted average maturity of between three and ten years,<br />but may vary outside that range from time to time, including due to market<br />conditions or if deemed appropriate for temporary defensive purposes.<br /> <br />As a matter of fundamental policy, under normal circumstances, the Fund invests<br />at least 80% of its net assets plus any borrowings for investment purposes in<br />U.S. dollar-denominated securities (bonds) that generate income exempt from<br />federal income tax (including the federal alternative minimum tax). A vote of<br />the Fund's shareholders is necessary to change the Fund's fundamental policy.<br />Fund dividends may be taxable for state and local income tax purposes. Also,<br />some Fund distributions may be taxable for federal income tax purposes, such as<br />those derived from taxable investments and distributions of short and long-term<br />capital gains realized on the sale of portfolio securities.<br /> <br />The Fund primarily invests in investment grade securities. Investment grade<br />municipal securities are those rated in one of the four highest rating<br />categories as determined by at least one nationally recognized statistical<br />rating organization ("NRSRO"), or, if unrated, determined by the Adviser to be<br />of comparable quality. If a security is downgraded, the Adviser will reevaluate<br />whether continuing to hold the security is in the best interest of shareholders.</tt>
PNC INTERMEDIATE TAX EXEMPT BOND FUND
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.19
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
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 Class I
Shares from year to year and by showing how the average annual returns of the Fund's
Class I Shares compare with those of a broad measure of market performance.
<tt>Best Quarter         5.14%   (9/30/09)     <br />Worst Quarter       -3.20%   (12/31/10)    <br />  <br />The Fund's year-to-date total return for Class I Shares through June 30, 2012<br />was 2.37%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make <br />principal and interest payments or otherwise meet their obligations to the Fund. <br />If an issuer cannot or will not meet its payment obligations or if its credit <br />rating is lowered or its financial strength deteriorates, the values of its debt <br />securities or other instruments may fall. Obligations issued by U.S. government <br />agencies, authorities, instrumentalities or sponsored enterprises, such as the <br />Government National Mortgage Association, are backed by the full faith and credit <br />of the U.S. Treasury, while obligations issued by others, such as the Federal <br />National 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 from<br />the U.S. Treasury or by the entity's own resources.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Municipal Obligations Risk. An investment in municipal obligations is subject <br />to municipal securities risk. Changes in the local or national economy, and<br />business or political conditions relating to a particular municipal project,<br />municipality, or state in which the Fund invests may make it difficult for the<br />municipality to make interest and principal payments when due and thus could<br />decrease the value of the Fund's investments in municipal bonds. Municipal<br />obligations also may be more susceptible to downgrades or defaults during<br />recessions or similar periods of economic stress, which could have an adverse<br />effect on the market prices of bonds and thus the value of the Fund's<br />investments. The municipal securities held by a Fund may fail to meet certain<br />legal requirements which allow interest distributed from such securities to be<br />tax-exempt, or changes in federal or state tax laws may cause the prices of<br />municipal securities to fall or could affect the tax-exempt status of municipal<br />securities. Municipal securities are also subject to liquidity risk.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Tax Risk. Distributions of capital gains and other taxable income will be<br />subject to applicable federal, state and local income taxes. Interest on certain<br />municipal securities that are exempt from federal income tax may, nonetheless,<br />be subject to the alternative minimum tax. Shareholders should consult with<br />their tax advisors when determining the taxable nature of any fund distributions<br />for federal, state or local tax purposes. An investment in the Fund may also<br />result in liability for federal alternative minimum tax, both for individual and<br />corporate shareholders.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_436/Overview.fs
<tt>The performance information below includes the performance of the PNC National<br />Tax-Exempt Bond Fund (the "Acquired Tax-Exempt Bond Fund"), a series of PNC<br />Funds, Inc., that was reorganized into the Fund on February 1, 2010. The bar<br />chart and the performance table below provide some indication of the risks of<br />investing in the Fund by showing changes in the performance of the Fund's Class<br />I Shares from year to year and by showing how the average annual returns of the<br />Fund's Class I Shares compare with those of a broad measure of market<br />performance. Returns through February 1, 2010 reflect the effect of the expenses<br />of the Acquired Tax-Exempt Bond Fund. As with all mutual funds, the Fund's past<br />performance (before and after taxes) does not predict the Fund's future<br />performance. Updated information on the Fund's performance can be obtained by<br />visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_436/Overview.fs or by<br />calling 1-800-622-FUND (3863).</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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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.
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S&P Municipal Bond Intermediate Index (reflects no deduction for fees, expenses or taxes)
0.1017
0.0596
0.0557
Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0761
0.0485
0.0414
Class I Shares Returns After Taxes on Distributions
0.0989
0.0501
0.0420
PTIIX
0.0698
Worst Quarter
Best Quarter
0.00
2012-06-30
Class I Shares Returns Before Taxes
54
2009-09-30
174
-0.0320
0.0234
-0.0002
0.0244
687
0.00
305
0.0362
0.0514
0.1000
0.0015
0.0353
0.0040
2013-09-27
2010-12-31
0.0657
0.0520
0.0091
The Fund's year-to-date total return
0.00
0.10
0.00
0.0368
0.00
0.0431
0.0053
0.0055
0.0337
0.0237
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 19%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide high current income while preserving capital.</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 Class A or Class C Shares of the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year, and that<br />the Fund's operating expenses remain the same, except that the Fee Waiver and<br />Expense Reimbursement and the contractual limitation on Distribution (12b-1)<br />Fees for Class A Shares are reflected only in the one year period below.<br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund invests in a variety of municipal debt securities issued by or on<br />behalf of states, territories and possessions of the United States, the District<br />of Columbia and their political subdivisions, agencies, instrumentalities and<br />authorities. In selecting securities for the Fund to buy and sell, PNC Capital<br />Advisors, LLC (the "Adviser") considers each security's yield and total return<br />potential relative to other available municipal securities. The Fund normally<br />will maintain a dollar-weighted average maturity of between three and ten years, <br />but may vary outside that range from time to time, including due to market <br />conditions or if deemed appropriate for temporary defensive purposes.<br /> <br />As a matter of fundamental policy, under normal circumstances, the Fund invests<br />at least 80% of its net assets plus any borrowings for investment purposes in<br />U.S. dollar-denominated securities (bonds) that generate income exempt from<br />federal income tax (including the federal alternative minimum tax). A vote of<br />the Fund's shareholders is necessary to change the Fund's fundamental policy.<br />Fund dividends may be taxable for state and local income tax purposes. Also,<br />some Fund distributions may be taxable for federal income tax purposes, such as<br />those derived from taxable investments and distributions of short and long-term<br />capital gains realized on the sale of portfolio securities.<br /> <br />The Fund primarily invests in investment grade securities. Investment grade<br />municipal securities are those rated in one of the four highest rating<br />categories as determined by at least one nationally recognized statistical<br />rating organization ("NRSRO"), or, if unrated, determined by the Adviser to be<br />of comparable quality. If a security is downgraded, the Adviser will reevaluate<br />whether continuing to hold the security is in the best interest of shareholders.</tt>
PNC INTERMEDIATE TAX EXEMPT BOND FUND
You may qualify for sales charge discounts of the Fund if you and your family invest,
or agree to invest in the future, at least $100,000 in PNC Funds.
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.19
Actual after-tax returns depend on an investor's tax situation and may differ from those
shown. After-tax returns shown are not relevant to investors who hold their Fund shares
through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Calendar Year Total Returns
If sales charges had been reflected, the returns for Class A Shares would be less than those shown below.
PERFORMANCE INFORMATION
100000
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 Class A Shares from year to year
and by showing how the average annual returns of the Fund's Class A and Class C Shares compare
with those of a broad measure of market performance.
<tt>Best Quarter         5.00%   (9/30/09)     <br />Worst Quarter       -3.96%   (12/31/10)    <br />  <br />The Fund's year-to-date total return, excluding any applicable sales charges,<br />for Class A Shares through June 30, 2012 was 2.23%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<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 />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Municipal Obligations Risk. An investment in municipal obligations is subject <br />to municipal securities risk. Changes in the local or national economy, and<br />business or political conditions relating to a particular municipal project,<br />municipality, or state in which the Fund invests may make it difficult for the<br />municipality to make interest and principal payments when due and thus could<br />decrease the value of the Fund's investments in municipal bonds. Municipal<br />obligations also may be more susceptible to downgrades or defaults during<br />recessions or similar periods of economic stress, which could have an adverse<br />effect on the market prices of bonds and thus the value of the Fund's<br />investments. The municipal securities held by a Fund may fail to meet certain<br />legal requirements which allow interest distributed from such securities to be<br />tax-exempt, or changes in federal or state tax laws may cause the prices of<br />municipal securities to fall or could affect the tax-exempt status of municipal<br />securities. Municipal securities are also subject to liquidity risk.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Tax Risk. Distributions of capital gains and other taxable income will be<br />subject to applicable federal, state and local income taxes. Interest on certain<br />municipal securities that are exempt from federal income tax may, nonetheless,<br />be subject to the alternative minimum tax. Shareholders should consult with<br />their tax advisors when determining the taxable nature of any fund distributions<br />for federal, state or local tax purposes. An investment in the Fund may also<br />result in liability for federal alternative minimum tax, both for individual and<br />corporate shareholders.<br /> <br />All investments are subject to inherent risks, and an investment in the Fund is<br />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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
After-tax returns are shown for Class A Shares only. After-tax returns for Class C Shares will differ.
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_436/Overview.fs
<tt>The performance information below includes the performance of the PNC National<br />Tax-Exempt Bond Fund (the "Acquired Tax-Exempt Bond Fund"), a series of PNC<br />Funds, Inc., that was reorganized into the Fund on February 1, 2010. The bar<br />chart and the performance table below provide some indication of the risks of<br />investing in the Fund by showing changes in the performance of the Fund's Class<br />A Shares from year to year and by showing how the average annual returns of the<br />Fund's Class A and Class C Shares compare with those of a broad measure of<br />market performance. The bar chart shows changes in the performance of the Fund's<br />Class A Shares and does not reflect the deduction of any applicable sales<br />charges. If sales charges had been reflected, the returns for Class A Shares<br />would be less than those shown below. The returns in the table reflect the<br />deduction of applicable sales charges. The performance of Class C Shares will<br />differ due to differences in expenses. Returns through February 1, 2010 reflect<br />the expenses of the Acquired Tax-Exempt Bond Fund. As with all mutual funds, the<br />Fund's past performance (before and after taxes) does not predict the Fund's<br />future performance. Updated information on the Fund's performance can be<br />obtained by visiting<br />http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_436/Overview.fs or by<br />calling 1-800-622-FUND (3863).</tt>
<tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold Fund shares. You may qualify for sales charge discounts of the Fund if<br />you and your family invest, or agree to invest in the future, at least $100,000<br />in PNC Funds. More information about these and other discounts is available from<br />your financial intermediary and in the "Sales Charges" section of the Fund's<br />prospectus on page 65 and in the "Additional Purchase and Redemption<br />Information" section of the Fund's statement of additional information.</tt>
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For Class C Shares, you would pay the following expenses if you did not redeem your shares:
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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.
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S&P Municipal Bond Intermediate Index (reflects no deduction for fees, expenses or taxes)
0.1017
0.0596
0.0501
2002-09-30
Class A Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0524
0.0373
0.0292
2002-09-30
Class A Shares Returns After Taxes on Distributions
0.0642
0.0379
0.0288
2002-09-30
PITCX
0.0000
0
Class C Shares Returns Before Taxes
0.0025
256
156
488
-0.0002
1844
0.00
843
0.0801
0.0040
0.0040
2013-09-27
1844
0.0397
488
843
0.0015
0.00
0.0075
0.0153
0.0155
0.0274
2002-09-30
0.0100
PTBIX
Worst Quarter
Best Quarter
0.0300
2012-06-30
0
Class A Shares Returns Before Taxes
0.0025
380
2009-09-30
570
-0.0396
0.0193
-0.0002
0.0146
1367
0.00
775
0.0310
0.0500
0.0653
0.0040
0.0290
0.0040
2013-09-27
2010-12-31
0.0602
0.0397
0.0041
The Fund's year-to-date total return
0.0015
0.0980
0.00
0.0327
0.0003
0.0081
0.0083
0.0296
0.0301
2002-09-30
0.0223
0.0050
The Fund is non-diversified, which means that the Fund may invest in the securities of
relatively few issuers. As a result, the Fund may be more susceptible than a diversified
fund to a single adverse economic or political and regulatory occurrence affecting one
or more of these issuers, and may experience increased volatility due to its investments
in those securities.
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 35%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide income exempt from regular federal income tax and, to<br />the extent possible, from Michigan personal income tax, as is consistent with<br />conservation of capital.</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 Class I Shares of the Fund for the time periods indicated and<br />then redeem all of your shares at the end of those periods. The Example also<br />assumes that your investment has a 5% return each year, and that the Fund's<br />operating expenses remain the same. Although your actual costs may be higher or<br />lower, based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>As a matter of fundamental policy, under normal circumstances, the Fund invests<br />at least 80% of its net assets plus any borrowings for investment purposes in<br />debt securities (bonds) issued by or on behalf of the State of Michigan, its<br />political subdivisions and its agencies and instrumentalities that generate<br />income exempt from federal and Michigan personal income taxes, but may be<br />treated as a preference item for individuals for purposes of the federal<br />alternative minimum tax. A vote of the Fund's shareholders is necessary to<br />change the Fund's fundamental policy. The Fund normally will maintain a<br />dollar-weighted average portfolio maturity of between three and ten years, but<br />may vary outside that range from time to time, including due to market<br />conditions or if deemed appropriate for temporary defensive purposes. The Fund<br />also invests in municipal securities issued by or on behalf of territories and<br />possessions of the United States, the District of Columbia and their political<br />subdivisions, agencies, instrumentalities and authorities.<br /> <br />Some Fund distributions may be taxable, such as dividends that are derived from<br />taxable investments and distributions of short and long-term capital gains<br />realized on the sale of portfolio securities. Also, Fund dividends will<br />generally be subject to state and local income taxes for any shareholders who<br />are not Michigan residents.<br /> <br />In selecting securities for the Fund to buy and sell, PNC Capital Advisors, LLC<br />(the "Adviser") considers each security's yield and total return potential<br />relative to other available municipal securities. The Fund primarily invests in<br />investment grade securities, which are those rated in one of the four highest<br />rating categories by at least one nationally recognized statistical rating<br />organization ("NRSRO"), or, if unrated, determined by the Adviser to be of<br />comparable quality. If a security is downgraded, the Adviser will reevaluate the<br />holding to determine what action, including sale of such security, is in the<br />best interests of investors.</tt>
PNC MICHIGAN INTERMEDIATE MUNICIPAL BOND FUND
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.35
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
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 Class I Shares
from year to year and by showing how the average annual returns of the Fund's Class I
Shares compare with those of broad measures of market performance.
<tt>Best Quarter         4.00%   (9/30/09)     <br />Worst Quarter       -2.94%   (12/31/10)    <br /> <br />The Fund's year-to-date total return for Class I Shares through June 30, 2012<br />was 2.08%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability <br />of the entity to borrow from the U.S. Treasury or by the entity's own resources.<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), the<br />more the value of that security (or portfolio of securities) will change as a<br />result of changes in interest rates.<br /> <br />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Municipal Obligations Risk. An investment in municipal obligations is subject <br />to municipal securities risk. Changes in the local or national economy, and<br />business or political conditions relating to a particular municipal project,<br />municipality, or state in which the Fund invests may make it difficult for the<br />municipality to make interest and principal payments when due and thus could<br />decrease the value of the Fund's investments in municipal bonds. Municipal<br />obligations also may be more susceptible to downgrades or defaults during<br />recessions or similar periods of economic stress, which could have an adverse<br />effect on the market prices of bonds and thus the value of the Fund's<br />investments. The municipal securities held by a Fund may fail to meet certain<br />legal requirements which allow interest distributed from such securities to be<br />tax-exempt, or changes in federal or state tax laws may cause the prices of<br />municipal securities to fall or could affect the tax-exempt status of municipal<br />securities. Municipal securities are also subject to liquidity risk.<br /> <br />Non-Diversification Risk. The Fund is non-diversified, which means that the Fund<br />may invest in the securities of relatively few issuers. As a result, the Fund<br />may be more susceptible than a diversified fund to a single adverse economic or<br />political and regulatory occurrence affecting one or more of these issuers, and<br />may experience increased volatility due to its investments in those securities.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Single State Risk. The Fund's focus on investments in securities of issuers<br />located in a single state leaves the Fund subject to the particular economic,<br />political and regulatory events relating to such securities to a greater extent<br />than if its assets were not so concentrated. Because the Fund invests primarily<br />in securities issued by Michigan and its municipalities, events in Michigan are<br />likely to affect the Fund's investments and its performance. As a result, the<br />Fund is more vulnerable to unfavorable developments in Michigan than are funds<br />that invest in municipal securities of multiple states.<br /> <br />Tax Risk. Distributions of capital gains and other taxable income will be<br />subject to applicable federal, state and local income taxes. Interest on certain<br />municipal securities that are exempt from federal income tax may, nonetheless,<br />be subject to the alternative minimum tax. Shareholders should consult with<br />their tax advisors when determining the taxable nature of any fund distributions<br />for federal, state or local tax purposes. An investment in the Fund may also<br />result in liability for federal alternative minimum tax, both for individual and<br />corporate shareholders.<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. Accordingly, you may lose money by investing in the Fund.</tt>
FUND FEES AND EXPENSES
PRINCIPAL INVESTMENT STRATEGIES
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_323/Overview.fs
As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in debt securities (bonds) issued by or on behalf of the State of Michigan, its political subdivisions and its agencies and instrumentalities that generate income exempt from federal and Michigan personal income taxes, but may be treated as a preference item for individuals for purposes of the federal alternative minimum tax.
<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 Class I Shares from year to year and by showing how the average annual<br />returns of the Fund's Class I Shares compare with those of broad measures of<br />market performance. As with all mutual funds, the Fund's past performance<br />(before and after taxes) 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_323/Overview.fs or by<br />calling 1-800-622-FUND (3863).</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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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.
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S&P Municipal Bond Michigan Index (reflects no deduction for fees, expenses or taxes)
0.1086
0.0478
0.0531
S&P Municipal Bond Intermediate Index (reflects no deduction for fees, expenses or taxes)
0.1017
0.0596
0.0557
Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares
0.0769
0.0458
0.0417
Class I Shares Returns After Taxes on Distributions
0.0839
0.0443
0.0403
PBFIX
0.0833
Worst Quarter
Best Quarter
0.00
2012-06-30
Class I Shares Returns Before Taxes
72
2009-09-30
224
-0.0294
0.0184
0.03
871
0.00
390
0.0416
0.0400
0.0897
0.0030
0.0331
0.0040
2010-12-31
0.0465
0.0479
0.0116
The Fund's year-to-date total return
0.00
0.0897
0.00
0.0409
0.00
0.0424
0.0070
0.0322
0.0208
0.00
The Fund is non-diversified, which means that the Fund may invest in the securities
of relatively few issuers. As a result, the Fund may be more susceptible than a
diversified fund to a single adverse economic or political and regulatory occurrence
affecting one or more of these issuers, and may experience increased volatility due
to its investments in those securities.
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 35%<br />of the average value of its portfolio.</tt>
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<tt>The Fund seeks to provide income exempt from regular federal income tax and, to<br />the extent possible, from Michigan personal income tax, as is consistent with<br />conservation of capital.</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 Class A or Class C Shares of the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year, and that<br />the Fund's operating expenses remain the same, except that the contractual<br />limitation on Distribution (12b-1) Fees for Class A Shares is reflected only in<br />the one year period below. Although your actual costs may be higher or lower,<br />based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>As a matter of fundamental policy, under normal circumstances, the Fund invests<br />at least 80% of its net assets plus any borrowings for investment purposes in<br />debt securities (bonds) issued by or on behalf of the State of Michigan, its<br />political subdivisions and its agencies and instrumentalities that generate<br />income exempt from federal and Michigan personal income taxes, but may be<br />treated as a preference item for individuals for purposes of the federal<br />alternative minimum tax. A vote of the Fund's shareholders is necessary to<br />change the Fund's fundamental policy. The Fund normally will maintain a<br />dollar-weighted average portfolio maturity of between three and ten years, but<br />may vary outside that range from time to time, including due to market<br />conditions or if deemed appropriate for temporary defensive purposes. The Fund<br />also invests in municipal securities issued by or on behalf of territories and<br />possessions of the United States, the District of Columbia and their political<br />subdivisions, agencies, instrumentalities and authorities.<br /> <br />Some Fund distributions may be taxable, such as dividends that are derived from<br />taxable investments and distributions of short and long-term capital gains <br />realized on the sale of portfolio securities. Also, Fund dividends will generally <br />be subject to state and local income taxes for any shareholders who are not <br />Michigan residents.<br /> <br />In selecting securities for the Fund to buy and sell, PNC Capital Advisors, LLC<br />(the "Adviser") considers each security's yield and total return potential<br />relative to other available municipal securities. The Fund primarily invests in<br />investment grade securities, which are those rated in one of the four highest<br />rating categories by at least one nationally recognized statistical rating<br />organization ("NRSRO"), or, if unrated, determined by the Adviser to be of<br />comparable quality. If a security is downgraded, the Adviser will reevaluate the<br />holding to determine what action, including sale of such security, is in the<br />best interests of investors.</tt>
PNC MICHIGAN INTERMEDIATE MUNICIPAL BOND FUND
You may qualify for sales charge discounts of the Fund if you and your family
invest, or agree to invest in the future, at least $100,000 in PNC Funds.
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
INVESTMENT OBJECTIVE
As with all mutual funds, the Fund's past performance (before and after taxes) does not predict the Fund's future performance.
Accordingly, you may lose money by investing in the Fund.
PRINCIPAL RISKS
Shareholder Fees (fees paid directly from your investment)
0.35
Actual after-tax returns depend on an investor's tax situation and may differ from those
shown. After-tax returns shown are not relevant to investors who hold their Fund shares
through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Calendar Year Total Returns
If sales charges had been reflected, the returns for Class A Shares would be less than those shown below.
PERFORMANCE INFORMATION
100000
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 Class A Shares from year to year
and by showing how the average annual returns of the Fund's Class A and Class C Shares compare
with those of broad measures of market performance.
<tt>Best Quarter         3.93%   (9/30/09)     <br />Worst Quarter       -3.20%   (12/31/10)    <br />  <br />The Fund's year-to-date total return, excluding any applicable sales charges,<br />for Class A Shares through June 30, 2012 was 1.94%.</tt>
1-800-622-FUND (3863)
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)
PORTFOLIO TURNOVER
<tt>Credit/Counterparty Risk. The values of debt securities or other instruments may<br />be affected by the ability of issuers or the respective counterparties to make<br />principal and interest payments or otherwise meet their obligations to the Fund.<br />If an issuer cannot or will not meet its payment obligations or if its credit<br />rating is lowered or its financial strength deteriorates, the values of its debt<br />securities or other instruments may fall. Obligations issued by U.S. government<br />agencies, authorities, instrumentalities or sponsored enterprises, such as the<br />Government National Mortgage Association, are backed by the full faith and<br />credit of the U.S. Treasury, while obligations issued by others, such as the<br />Federal National Mortgage Association, the Federal Home Loan Mortgage<br />Corporation and Federal Home Loan Banks, are backed solely by the ability of <br />the entity to borrow from the U.S. Treasury or by the entity's own resources.<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 />Market Risk. Market risk is the risk that securities prices will fall over short<br />or extended periods of time. Historically, the stock markets have moved in<br />cycles, and the value of the Fund's securities may fluctuate from day to day.<br />Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by such companies may decline in response.<br /> <br />Municipal Obligations Risk. An investment in municipal obligations is subject <br />to municipal securities risk. Changes in the local or national economy, and<br />business or political conditions relating to a particular municipal project,<br />municipality, or state in which the Fund invests may make it difficult for the<br />municipality to make interest and principal payments when due and thus could<br />decrease the value of the Fund's investments in municipal bonds. Municipal<br />obligations also may be more susceptible to downgrades or defaults during<br />recessions or similar periods of economic stress, which could have an adverse<br />effect on the market prices of bonds and thus the value of the Fund's<br />investments. The municipal securities held by a Fund may fail to meet certain<br />legal requirements which allow interest distributed from such securities to be<br />tax-exempt, or changes in federal or state tax laws may cause the prices of<br />municipal securities to fall or could affect the tax-exempt status of municipal<br />securities. Municipal securities are also subject to liquidity risk.<br /> <br />Non-Diversification Risk. The Fund is non-diversified, which means that the <br />Fund may invest in the securities of relatively few issuers. As a result, the Fund<br />may be more susceptible than a diversified fund to a single adverse economic or<br />political and regulatory occurrence affecting one or more of these issuers, and<br />may experience increased volatility due to its investments in those securities.<br /> <br />Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, <br />may be prepaid. Additionally, the loans collateralizing certain mortgage- and<br />asset-backed securities may be prepaid, affecting the value of the mortgage or<br />asset-backed securities to which they relate. The level of interest rates and<br />other factors affect the frequency of such prepayments. In periods of rising<br />interest rates, prepayment rates tend to decrease, which lengthens the average<br />life of callable bonds or mortgage- and asset-backed securities. The market<br />values of securities with longer average lives (longer maturities) tend to be<br />subject to greater interest rate risk and their values are more volatile as a<br />result. In periods of falling interest rates, prepayment rates tend to increase,<br />shortening the average life of a pool of mortgage-backed securities. This leads<br />to the risk that the Fund may lose any potential price appreciation above the<br />bond's call price and have to reinvest the proceeds from prepayments at lower<br />interest rates because prepayments often occur after interest rates have<br />decreased or when interest rates are falling.<br /> <br />Single State Risk. The Fund's focus on investments in securities of issuers<br />located in a single state leaves the Fund subject to the particular economic,<br />political and regulatory events relating to such securities to a greater extent<br />than if its assets were not so conc