PNC SMALL CAP FUND (Second Prospectus Summary) | PNC SMALL CAP FUND

PNC SMALL CAP 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 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 percentag 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	0.24%
Total Annual Fund Operating Expenses	1.24%

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 SMALL CAP FUND CLASS I	126	393	681	1,500

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 32%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund primarily invests in stocks of U.S. small cap companies with stock
market capitalizations between $100 million and $3 billion at time of purchase.
The Fund also considers a small cap company as one whose market capitalization
at the time of purchase falls approximately (i) within the current market
capitalization range of companies in the Russell 2000 Index or (ii) below the
average, for the past three years, of the highest market capitalization company
as of December 31 within the Russell 2000 Index. The Fund may also invest in
foreign stocks in keeping with the Fund's objective.

PNC Capital Advisors, LLC's (the "Adviser") investment process is to invest in
securities of companies based on the Adviser's analysis of the company's cash
flow. The Adviser's investment process focuses, specifically, on Cash Flow
Return on Investment ("CFROI®"). CFROI® is calculated in percentage terms by
dividing gross cash flow by gross cash investment. CFROI® is an
inflation-adjusted measure of corporate performance that attempts to reduce
accounting distortions and allow for more accurate comparisons between
companies, different market caps, sectors and industries. The Adviser first
screens companies that are improving their CFROI® measure, and then screens
companies based on cash flow valuation metrics to determine if the stock is
attractively priced.

In addition, as part of its screening process, the Adviser looks for companies
whose management understands how to create value for shareholders, through their
ability to deploy capital and that are market leaders with respect to the
product or service they provide, and are a part of a strong growing industry.
The Adviser will generally sell a security when cash flow return on investment
flattens or declines and when market price equals or exceeds the Adviser's cash
flow value "target". However, none of the sell characteristics are automatic.

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

^[1]

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.

Growth Investing Risk. Growth stocks are generally more sensitive to market
movements than other types of stocks primarily because their stock prices are
based heavily on future expectations. If the Adviser's assessment of the
prospects for a company's growth is wrong, or if the Adviser's judgment of how
other investors will value the company's growth is wrong, then the price of the
company's stock may fall or not approach the value that the Adviser has placed
on it. 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.

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.

Small Companies Risk. Small capitalization companies may be more vulnerable to
adverse business or economic events than larger, more established companies. In
particular, these small companies may have limited product lines, markets and
financial resources, and may depend upon a relatively small management group.
Therefore, small cap 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. 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_246/Overview.fs or by
calling 1-800-622-FUND (3863).

Calendar Year Total Returns

Best Quarter         21.50%   (6/30/09)     
Worst Quarter       -25.41%   (12/31/08)   

The Fund's year-to-date total return for Class I Shares through June 30, 2012
was 11.30%.

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

Average Annual Total Returns PNC SMALL CAP FUND	Label		1 Year	5 Years	Since Inception	Inception Date
CLASS I	Class I Shares Returns Before Taxes		1.85%	1.18%	4.04%	Apr. 02, 2004
CLASS I After Taxes on Distributions	Class I Shares Returns After Taxes on Distributions	[1]	1.85%	0.92%	3.77%	Apr. 02, 2004
CLASS I After Taxes on Distributions and Sales	Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares	[1]	1.20%	0.94%	3.45%	Apr. 02, 2004
Russell 2000 Index	Russell 2000 Index (reflects no deduction for fees, expenses or taxes) (since inception date 3/31/04)		(4.18%)	0.15%	4.33%	Apr. 02, 2004

[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.

[1] CFROI is a registered trademark of CSFB Holt.