PNC MID CAP VALUE FUND (Second Prospectus Summary) | PNC MID CAP VALUE FUND

PNC MID CAP VALUE FUND

INVESTMENT OBJECTIVE

The Fund seeks to provide long-term capital appreciation.

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 MID CAP VALUE 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 MID CAP VALUE FUND CLASS I
Management Fees		0.75%
Distribution (12b-1) Fees		none
Other Expenses		0.48%
Total Annual Fund Operating Expenses	[1]	1.23%

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. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
PNC MID CAP VALUE FUND CLASS I	125	390	676	1,489

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 23%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund primarily invests in a diversified portfolio of value-oriented domestic
equity securities of mid cap companies. The Fund defines a mid cap company as
one whose market capitalization at the time of purchase falls approximately
between $750 million and $20 billion. PNC Capital Advisors, LLC (the "Adviser")
generally seeks to invest in companies trading at a discount to intrinsic value
with a margin of safety, utilizing a discounted cash flow methodology. Key
drivers include revenue growth, profit margin and asset turnover trends. The
Adviser generally seeks to sell a security when its market value equals or
exceeds what the Adviser believes is its intrinsic value. The Fund may also
invest in foreign stocks in keeping with the Fund's objective.

Under normal circumstances, the Fund invests at least 80% of its net assets plus
any borrowings for investment purposes in mid cap companies. The Fund will
provide shareholders with at least 60 days' written notice before changing this
80% policy.

PRINCIPAL RISKS

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

Market Risk. Market risk is the risk that securities prices will fall over short
or extended periods of time. Historically, the stock markets have moved in
cycles, and the value of the Fund's securities may fluctuate from day to day.
Individual companies may report poor results or be negatively affected by
industry and/or economic trends and developments. The prices of securities
issued by such companies may decline in response.

Mid Cap Company Risk. Mid capitalization companies may be more vulnerable to
adverse business or economic events than larger, more established companies. As
a result, midcap company stocks may be more volatile than those of larger
companies.

Value Investing Risk. Value stocks can perform differently from the market as a
whole and from other types of stocks. Value stocks also present the risk that
their lower valuations fairly reflect their business prospects and that
investors will not agree that the stocks represent favorable investment opportunities,
and they may fall out of favor with investors and underperform growth stocks during
any given period. In the event an issuer is liquidated or declares bankruptcy, the
claims of owners of the issuer's bonds and preferred stock generally take
precedence over the claims of those who own common stock.

All investments are subject to inherent risks, and an investment in the Fund
is no exception. Your investment in the Fund is not a bank deposit and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Accordingly, you may lose money by investing in the Fund.

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. Prior to March 1, 2004, the Fund invested in value-oriented
common stocks of small-cap and mid-cap companies. Accordingly, performance
information prior to March 1, 2004 reflects the results of the previous
investment strategy. As with all mutual funds, the Fund's past performance
(before and after taxes) does not predict the Fund's future performance. Updated
information on the Fund's performance can be obtained by visiting
http://pncfunds.com/Funds_Performance/Fund_Snapshot/FundID_264/Overview.fs or by
calling 1-800-622-FUND (3863).

Calendar Year Total Returns

Best Quarter         20.18%   (9/30/09)     
Worst Quarter       -23.71%   (12/31/08)    
  
The Fund's year-to-date total return for Class I Shares through June 30, 2012
was 5.95%.

AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2011)

Average Annual Total Returns PNC MID CAP VALUE FUND	Label		1 Year	5 Years	Since Inception	Inception Date
CLASS I	Class I Shares Returns Before Taxes		(6.18%)	(2.07%)	6.87%	Jul. 01, 2002
CLASS I After Taxes on Distributions	Class I Shares Returns After Taxes on Distributions	[1]	(6.30%)	(2.48%)	5.77%	Jul. 01, 2002
CLASS I After Taxes on Distributions and Sales	Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares	[1]	(3.87%)	(1.83%)	5.63%	Jul. 01, 2002
Russell Midcap Value Index	Russell Midcap Value Index (reflects no deduction for fees, expenses or taxes)		(1.38%)	0.04%	7.77%	Jun. 30, 2002

[1] Total Annual Fund Operating Expenses have been adjusted as necessary from amounts incurred during the most recent fiscal year to reflect current fees and expenses.

[1] 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. 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. 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.