0001104659-13-016511.txt : 20130301 0001104659-13-016511.hdr.sgml : 20130301 20130301094918 ACCESSION NUMBER: 0001104659-13-016511 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130301 DATE AS OF CHANGE: 20130301 EFFECTIVENESS DATE: 20130301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PNC FUNDS CENTRAL INDEX KEY: 0000778202 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-00488 FILM NUMBER: 13654997 BUSINESS ADDRESS: STREET 1: PNC CAPITAL ADVISORS, LLC STREET 2: TWO HOPKINS PLAZA CITY: BALTIMORE STATE: MD ZIP: 21201 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: PNC CAPITAL ADVISORS, LLC STREET 2: TWO HOPKINS PLAZA CITY: BALTIMORE STATE: MD ZIP: 21201 FORMER COMPANY: FORMER CONFORMED NAME: ALLEGIANT FUNDS DATE OF NAME CHANGE: 20050613 FORMER COMPANY: FORMER CONFORMED NAME: ARMADA FUNDS DATE OF NAME CHANGE: 19950523 FORMER COMPANY: FORMER CONFORMED NAME: NCC FUNDS DATE OF NAME CHANGE: 19920703 0000778202 S000001191 PNC SMALL CAP FUND C000003227 CLASS A PPCAX C000003229 CLASS C PPCCX C000003230 CLASS I PPCIX 497 1 a13-5638_2497.htm 497

 

PNC Capital Advisors, LLC

One East Pratt Street- 5th Floor

Baltimore, MD 21202

 

March 1, 2013

 

VIA EDGAR

 

Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, DC 20549

 

Re:                             PNC Funds (File Nos. 033-00488 and 811-04416)

 

Ladies and Gentlemen:

 

On behalf of PNC Funds and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, accompanying this letter for electronic submission via EDGAR are exhibits containing an XBRL interactive data file relating to the supplements filed with the Securities and Exchange Commission pursuant to Rule 497(e) to the PNC Equity Funds Class A & C Shares Prospectus and PNC Equity Funds Class I Shares Prospectus, each dated February 20, 2013, for the PNC Small Cap Fund.

 

The purpose of this filing is to submit an XBRL interactive data file in the manner provided by Rule 405 of Regulation S-T, General Instruction C.3.(g) of Form N-1A, and Rule 497(e).

 

No fees are required in connection with this filing.  Please direct any questions you may have with respect to this filing to me at (410) 237-5139.

 

 

 

Very truly yours,

 

 

 

 

 

/s/ Savonne L. Ferguson

 

 

Savonne L. Ferguson

 


EX-101.INS 2 ck0000778202-20130220.xml XBRL INSTANCE DOCUMENT 0000778202 2013-02-20 2013-02-20 0000778202 ck0000778202:S000001191_1Member ck0000778202:S000001191Member 2013-02-20 2013-02-20 0000778202 ck0000778202:S000001191_1Member ck0000778202:S000001191Member ck0000778202:C000003227Member 2013-02-20 2013-02-20 0000778202 ck0000778202:S000001191_1Member ck0000778202:S000001191Member ck0000778202:C000003229Member 2013-02-20 2013-02-20 0000778202 ck0000778202:S000001191_26Member ck0000778202:S000001191Member 2013-02-20 2013-02-20 0000778202 ck0000778202:S000001191_26Member ck0000778202:S000001191Member ck0000778202:C000003230Member 2013-02-20 2013-02-20 iso4217:USD xbrli:pure A sales charge is not charged on purchases of Class A shares in the amount of $1,000,000 or more. However, a contingent deferred sales charge of 1.00% is charged if you redeem Class A Shares purchased in the amount of $1,000,000 or more within 18 months. In addition, a contingent deferred sales charge of 1.00% is charged if you redeem Class C Shares prior to 18 months from the date of purchase. The Fund may reimburse expenses up to a maximum of 0.10% under the Fund's distribution plan for Class A Shares. The Board of Trustees has approved a contractual commitment whereby such reimbursements will be no more than the Distribution (12b-1) Fees stated in the table above for the Fund. This commitment continues through September 27, 2013, at which time the Board will determine whether to renew, revise or discontinue it. The Fund's investment adviser (the "Adviser") has contractually agreed to waive Management Fees and reimburse or pay certain operating expenses for the Fund to the extent the Fund's Total Annual Operating Expenses exceed 1.29% and 1.99% for Class A and Class C Shares, respectively, excluding certain expenses such as extraordinary expenses, acquired fund fees and expenses, taxes, brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses, interest expense and dividend expenses related to short sales. This contract continues through February 28, 2014, at which time the Adviser will determine whether to renew, revise or discontinue it. The Adviser can be reimbursed by the Fund for any contractual fee reductions or expense reimbursements if reimbursement to the Adviser (a) occurs within the three years following the year in which the Fund accrues a liability or recognizes a contingent liability with respect to such amounts paid, waived or reimbursed by the Adviser and (b) does not cause the Total Annual Operating Expenses of a class to exceed the percentage limit that was in effect at the time the Adviser paid, waived or reimbursed the amount being repaid by the Fund. The Fund's investment adviser (the "Adviser") has contractually agreed to waive Management Fees and reimburse or pay certain operating expenses for the Fund to the extent the Fund's Total Annual Operating Expenses exceed 0.99% , excluding certain expenses such as extraordinary expenses, acquired fund fees and expenses, taxes, brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses, interest expense and dividend expenses related to short sales. This contract continues through February 28, 2014, at which time the Adviser will determine whether to renew, revise or discontinue it. The Adviser can be reimbursed by the Fund for any contractual fee reductions or expense reimbursements if reimbursement to the Adviser (a) occurs within the three years following the year in which the Fund accrues a liability or recognizes a contingent liability with respect to such amounts paid, waived or reimbursed by the Adviser and (b) does not cause the Total Annual Operating Expenses of a class to exceed the percentage limit that was in effect at the time the Adviser paid, waived or reimbursed the amount being repaid by the Fund. 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PNC SMALL CAP FUND | PNC SMALL CAP FUND
PNC SMALL CAP FUND

Supplement dated February 20, 2013 to


PNC Equity Funds Class I Shares Prospectus


dated September 28, 2012


This Supplement provides new and additional information beyond that contained in the above-mentioned prospectus and should be read in conjunction with such prospectus.


Effective March 1, 2013, the section entitled “Fund Fees and Expenses” for PNC Small Cap Fund on page 27 of PNC Equity Funds Class I Shares Prospectus is deleted in its entirety and replaced with the following:

FUND FEES AND EXPENSES

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

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
PNC SMALL CAP FUND
CLASS I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) none
Redemption Fee (as a percentage of amount redeemed, if applicable) none
Exchange Fee none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
PNC SMALL CAP FUND
CLASS I
Management Fees 1.00%
Distribution (12b-1) Fees none
Other Expenses 0.26%
Total Annual Fund Operating Expenses 1.26%
Fee Waiver and Expense Reimbursement [1] (0.27%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [1] 0.99%
[1] The Fund's investment adviser (the "Adviser") has contractually agreed to waive Management Fees and reimburse or pay certain operating expenses for the Fund to the extent the Fund's Total Annual Operating Expenses exceed 0.99% , excluding certain expenses such as extraordinary expenses, acquired fund fees and expenses, taxes, brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses, interest expense and dividend expenses related to short sales. This contract continues through February 28, 2014, at which time the Adviser will determine whether to renew, revise or discontinue it. The Adviser can be reimbursed by the Fund for any contractual fee reductions or expense reimbursements if reimbursement to the Adviser (a) occurs within the three years following the year in which the Fund accrues a liability or recognizes a contingent liability with respect to such amounts paid, waived or reimbursed by the Adviser and (b) does not cause the Total Annual Operating Expenses of a class to exceed the percentage limit that was in effect at the time the Adviser paid, waived or reimbursed the amount being repaid by the Fund.
Example

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

Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
PNC SMALL CAP FUND CLASS I
101 373 666 1,499
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PNC SMALL CAP FUND | PNC SMALL CAP FUND
PNC SMALL CAP FUND

Supplement dated February 20, 2013 to


PNC Equity Funds Class A and Class C Shares Prospectus


dated September 28, 2012


This Supplement provides new and additional information beyond that contained in the above-mentioned prospectus and should be read in conjunction with such prospectus.


Effective March 1, 2013, the section entitled “Fund Fees and Expenses” for PNC Small Cap Fund on page 31 of PNC Equity Funds Class A and Class C Shares Prospectus is deleted in its entirety and replaced with the following:

FUND FEES AND EXPENSES

The following table describes the fees and expenses that you may pay if you buy and hold Fund shares.  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 $25,000 in PNC Funds.  More information about these and other discounts is available from your financial intermediary and in the “Sales Charges” section of the Fund’s prospectus on page 56 and in the “Additional Purchase and Redemption Information” section of the Fund’s statement of additional information.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees PNC SMALL CAP FUND
CLASS A
CLASS C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) [1] 1.00% 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, if applicable) none none
Exchange Fee none none
[1] A sales charge is not charged on purchases of Class A shares in the amount of $1,000,000 or more. However, a contingent deferred sales charge of 1.00% is charged if you redeem Class A Shares purchased in the amount of $1,000,000 or more within 18 months. In addition, a contingent deferred sales charge of 1.00% is charged if you redeem Class C Shares prior to 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses PNC SMALL CAP FUND
CLASS A
CLASS C
Management Fees 1.00% 1.00%
Distribution (12b-1) Fees 0.05% [1] 0.75%
Other Expenses 0.51% 0.51%
Shareholder Servicing Fees 0.25% 0.25%
Other 0.26% 0.26%
Total Annual Fund Operating Expenses 1.56% 2.26%
Fee Waiver and Expense Reimbursement [2] (0.27%) (0.27%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [2] 1.29% 1.99%
[1] The Fund may reimburse expenses up to a maximum of 0.10% under the Fund's distribution plan for Class A Shares. The Board of Trustees has approved a contractual commitment whereby such reimbursements will be no more than the Distribution (12b-1) Fees stated in the table above for the Fund. This commitment continues through September 27, 2013, at which time the Board will determine whether to renew, revise or discontinue it.
[2] The Fund's investment adviser (the "Adviser") has contractually agreed to waive Management Fees and reimburse or pay certain operating expenses for the Fund to the extent the Fund's Total Annual Operating Expenses exceed 1.29% and 1.99% for Class A and Class C Shares, respectively, excluding certain expenses such as extraordinary expenses, acquired fund fees and expenses, taxes, brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses, interest expense and dividend expenses related to short sales. This contract continues through February 28, 2014, at which time the Adviser will determine whether to renew, revise or discontinue it. The Adviser can be reimbursed by the Fund for any contractual fee reductions or expense reimbursements if reimbursement to the Adviser (a) occurs within the three years following the year in which the Fund accrues a liability or recognizes a contingent liability with respect to such amounts paid, waived or reimbursed by the Adviser and (b) does not cause the Total Annual Operating Expenses of a class to exceed the percentage limit that was in effect at the time the Adviser paid, waived or reimbursed the amount being repaid by the Fund.
Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in Class A or Class C Shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same, except that the Fee Waiver and Expense Reimbursement and the contractual limitation on Distribution (12b-1) Fees for Class A Shares are reflected only in the one year period below.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example PNC SMALL CAP FUND (USD $)
1 Year
3 Years
5 Years
10 Years
CLASS A
674 1,001 1,349 2,330
CLASS C
302 680 1,185 2,574
For Class C Shares, you would pay the following expenses if you did not redeem your shares:
Expense Example No Redemption (USD $)
1 Year
3 Years
5 Years
10 Years
PNC SMALL CAP FUND CLASS C
202 680 1,185 2,574
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XML 14 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ck0000778202_SupplementTextBlock

Supplement dated February 20, 2013 to


PNC Equity Funds Class A and Class C Shares Prospectus


dated September 28, 2012


This Supplement provides new and additional information beyond that contained in the above-mentioned prospectus and should be read in conjunction with such prospectus.


Effective March 1, 2013, the section entitled “Fund Fees and Expenses” for PNC Small Cap Fund on page 31 of PNC Equity Funds Class A and Class C Shares Prospectus is deleted in its entirety and replaced with the following:

Risk/Return [Heading] rr_RiskReturnHeading PNC SMALL CAP FUND
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold Fund shares.  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 $25,000 in PNC Funds.  More information about these and other discounts is available from your financial intermediary and in the “Sales Charges” section of the Fund’s prospectus on page 56 and in the “Additional Purchase and Redemption Information” section of the Fund’s statement of additional information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-02-28
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock A sales charge is not charged on purchases of Class A shares in the amount of $1,000,000 or more. However, a contingent deferred sales charge of 1.00% is charged if you redeem Class A Shares purchased in the amount of $1,000,000 or more within 18 months. In addition, a contingent deferred sales charge of 1.00% is charged if you redeem Class C Shares prior to 18 months from the date of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 $25,000 in PNC Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 25,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in Class A or Class C Shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same, except that the Fee Waiver and Expense Reimbursement and the contractual limitation on Distribution (12b-1) Fees for Class A Shares are reflected only in the one year period below.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption For Class C Shares, you would pay the following expenses if you did not redeem your shares:
CLASS A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.05% [2]
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other rr_Component2OtherExpensesOverAssets 0.26%
Other Expenses rr_OtherExpensesOverAssets 0.51%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.56%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.27%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.29% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 674
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,001
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,349
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,330
CLASS C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.25%
Other rr_Component2OtherExpensesOverAssets 0.26%
Other Expenses rr_OtherExpensesOverAssets 0.51%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.26%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.27%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.99% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 302
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 680
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,185
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,574
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 202
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 680
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,185
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,574
[1] A sales charge is not charged on purchases of Class A shares in the amount of $1,000,000 or more. However, a contingent deferred sales charge of 1.00% is charged if you redeem Class A Shares purchased in the amount of $1,000,000 or more within 18 months. In addition, a contingent deferred sales charge of 1.00% is charged if you redeem Class C Shares prior to 18 months from the date of purchase.
[2] The Fund may reimburse expenses up to a maximum of 0.10% under the Fund's distribution plan for Class A Shares. The Board of Trustees has approved a contractual commitment whereby such reimbursements will be no more than the Distribution (12b-1) Fees stated in the table above for the Fund. This commitment continues through September 27, 2013, at which time the Board will determine whether to renew, revise or discontinue it.
[3] The Fund's investment adviser (the "Adviser") has contractually agreed to waive Management Fees and reimburse or pay certain operating expenses for the Fund to the extent the Fund's Total Annual Operating Expenses exceed 1.29% and 1.99% for Class A and Class C Shares, respectively, excluding certain expenses such as extraordinary expenses, acquired fund fees and expenses, taxes, brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses, interest expense and dividend expenses related to short sales. This contract continues through February 28, 2014, at which time the Adviser will determine whether to renew, revise or discontinue it. The Adviser can be reimbursed by the Fund for any contractual fee reductions or expense reimbursements if reimbursement to the Adviser (a) occurs within the three years following the year in which the Fund accrues a liability or recognizes a contingent liability with respect to such amounts paid, waived or reimbursed by the Adviser and (b) does not cause the Total Annual Operating Expenses of a class to exceed the percentage limit that was in effect at the time the Adviser paid, waived or reimbursed the amount being repaid by the Fund.
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Document and Entity Information
0 Months Ended
Feb. 20, 2013
Risk/Return:  
Document Type Other
Document Period End Date Feb. 20, 2013
Registrant Name PNC FUNDS
Central Index Key 0000778202
Amendment Flag false
Document Creation Date Feb. 20, 2013
Document Effective Date Feb. 20, 2013
Prospectus Date Sep. 28, 2012
PNC SMALL CAP FUND | PNC SMALL CAP FUND | CLASS A
 
Risk/Return:  
Trading Symbol PPCAX
PNC SMALL CAP FUND | PNC SMALL CAP FUND | CLASS C
 
Risk/Return:  
Trading Symbol PPCCX
PNC SMALL CAP FUND | PNC SMALL CAP FUND | CLASS I
 
Risk/Return:  
Trading Symbol PPCIX
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Supplement [Text Block] ck0000778202_SupplementTextBlock

Supplement dated February 20, 2013 to


PNC Equity Funds Class I Shares Prospectus


dated September 28, 2012


This Supplement provides new and additional information beyond that contained in the above-mentioned prospectus and should be read in conjunction with such prospectus.


Effective March 1, 2013, the section entitled “Fund Fees and Expenses” for PNC Small Cap Fund on page 27 of PNC Equity Funds Class I Shares Prospectus is deleted in its entirety and replaced with the following:

Risk/Return [Heading] rr_RiskReturnHeading PNC SMALL CAP FUND
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-02-28
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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

CLASS I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.26%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.26%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.27%) [1]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.99% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 101
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 373
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 666
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,499
[1] The Fund's investment adviser (the "Adviser") has contractually agreed to waive Management Fees and reimburse or pay certain operating expenses for the Fund to the extent the Fund's Total Annual Operating Expenses exceed 0.99% , excluding certain expenses such as extraordinary expenses, acquired fund fees and expenses, taxes, brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses, interest expense and dividend expenses related to short sales. This contract continues through February 28, 2014, at which time the Adviser will determine whether to renew, revise or discontinue it. The Adviser can be reimbursed by the Fund for any contractual fee reductions or expense reimbursements if reimbursement to the Adviser (a) occurs within the three years following the year in which the Fund accrues a liability or recognizes a contingent liability with respect to such amounts paid, waived or reimbursed by the Adviser and (b) does not cause the Total Annual Operating Expenses of a class to exceed the percentage limit that was in effect at the time the Adviser paid, waived or reimbursed the amount being repaid by the Fund.
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