PNC HIGH YIELD BOND FUND (First Prospectus Summary) | PNC HIGH YIELD BOND FUND

PNC HIGH YIELD BOND FUND

INVESTMENT OBJECTIVE

The Fund seeks a high level of current income along with 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. 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. 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 65 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 (USD $)		PNC HIGH YIELD BOND FUND CLASS A
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		4.50%
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)	[1]	0.50%
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 HIGH YIELD BOND FUND CLASS A
Management Fees		0.50%
Distribution (12b-1) Fees	[1]	0.01%
Shareholder Servicing Fees		0.25%
Other		0.69%
Other Expenses		0.94%
Total Annual Fund Operating Expenses		1.45%
Fee Waiver and Expense Reimbursement	[2]	0.44%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement	[2]	1.01%

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 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 (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 HIGH YIELD BOND FUND CLASS A	548	865	1,204	2,159

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

Under normal circumstances, at least 80% of the Fund's net assets plus any
borrowings for investment purposes will be invested in high yield bonds, which
include debt securities of all types. The Fund will provide shareholders with at
least 60 days' written notice before changing this 80% policy. The term "high
yield" is generally understood to describe debt securities that are rated below
investment grade or, if unrated, determined by PNC Capital Advisors, LLC (the
"Adviser") to be of comparable quality ("junk bonds"). The Fund may invest in
all types of debt securities but will invest primarily in corporate debt
securities, mortgage-backed securities and asset-backed securities of U.S. and
Canadian issuers.

The Fund may invest in foreign securities, including securities of issuers in
emerging markets.

In buying and selling securities for the Fund the Adviser considers a number of
factors, including yield to maturity, maturity, quality and the outlook for
particular issuers and market sectors. The Fund also utilizes an active trading
approach. The Adviser may choose to sell a holding when, for example, it, in the
Adviser's view, no longer offers attractive growth prospects or to take advantage
of a better investment opportunity.

The Fund may use derivatives, as a substitute for taking a position in an
underlying asset, to increase returns, to manage risk, as part of a hedging
strategy or for any other investment purpose. Derivative instruments include,
but are not limited to, options, swaps, futures and options on futures.

PRINCIPAL RISKS

Active Trading Risk. To the extent that the Fund buys and sells securities
actively, it could have higher expenses (which reduce return for shareholders)
and higher taxable distributions.

Credit/Counterparty Risk. The values of debt securities or other instruments may
be affected by the ability of issuers or the respective counterparties to make
principal and interest payments or otherwise meet their obligations to the Fund.
If an issuer cannot or will not meet its payment obligations or if its credit
rating is lowered or its financial strength deteriorates, the values of its debt
securities or other instruments may fall. Obligations issued by U.S. government
agencies, authorities, instrumentalities or sponsored enterprises, such as the
Government National Mortgage Association, are backed by the full faith and
credit of the U.S. Treasury, while obligations issued by others, such as the
Federal National Mortgage Association, the Federal Home Loan Mortgage
Corporation and Federal Home Loan Banks, are backed solely by the ability of the
entity to borrow from the U.S. Treasury or by the entity's own resources.

Derivatives Risk. Derivatives are financial instruments whose values depend
upon, or are derived from, the value of a reference asset, such as one or more
underlying assets, indexes or currencies and may include, but are not limited
to, options, swaps, futures and options on futures. A small investment in
derivatives could have a potentially large impact on the Fund's performance. The
use of derivatives involves risks different from the risks associated with
investing directly in the reference asset. Derivatives can be volatile, illiquid
and difficult to value, and an imperfect correlation may exist between changes
in the value of a derivative held by the Fund and the value of the reference
asset. Some derivatives are "leveraged" and therefore may magnify or otherwise
increase investment losses to the Fund. The Fund's use of derivatives may also
increase the amount of taxes payable by shareholders. In addition, there is also
the risk that a Fund may be unable to terminate or sell a derivatives position.
There is also the risk that derivative counterparties may suffer financial
difficulties and may not fulfill their contractual obligations to the Fund.

Emerging Markets Risk. The risk of investing in issuers located in or tied
economically to emerging markets include all of the risks of investing in
foreign markets, generally to a greater extent, including greater fluctuations
in market values and currency exchange rates; increased risk of default; greater
social, economic, and political uncertainty and instability; increased risk of
nationalization, expropriation, or other confiscation of assets of issuers to
which the Fund may be exposed; greater governmental involvement in the economy;
less governmental supervision and regulation of the securities markets and
participants in those markets; controls on non-U.S. investment, capital controls
and limitations on repatriation of invested capital, dividends, interest and
other income and on the Fund's ability to exchange local currencies for U.S.
dollars; lower levels of liquidity; inability to purchase and sell investments
or otherwise settle security or derivative transactions; greater risk of issues
with share registration and safe custody; unavailability of currency hedging
techniques; differences in, or lack of, auditing and financial reporting
standards and resulting unavailability of material information about issuers;
slower clearance and settlement; and difficulties in obtaining and/or enforcing
legal judgments.

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.

High-Yield Bond Risk. Investments in high-yield, lower rated securities ("junk
bonds") involve greater risk than investments in investment grade securities.
Such risks include:

• A greater risk of price declines than investments in investment grade
securities (e.g., securities rated BBB or higher by S&P or Baa or higher by
Moody's) due to changes in the issuer's creditworthiness or economic conditions.

• The market for high-yield, lower rated securities may be thinner and less
active, causing market price volatility and limited liquidity in the secondary
market. This may limit the ability of the Fund to sell these securities at their
fair market values either to meet redemption requests, or in response to changes
in the economy or the financial markets.

• A greater risk of default than investments in investment-grade securities due
to the predominantly speculative nature of the issuer's ability to make principal
and interest payments.

Interest Rate Risk. The value of a debt security typically changes in the
opposite direction from a change in interest rates. When interest rates go up,
the value of a debt security typically goes down. When interest rates go down,
the value of a debt security typically goes up. Generally, the longer the
maturity or duration of a debt security (or a portfolio of such securities), the
more the value of that security (or portfolio of securities) will change as a
result of changes in interest rates.

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.

Prepayment/Extension Risk. Certain debt obligations, such as callable bonds, may
be prepaid. Additionally, the loans collateralizing certain mortgage- and
asset-backed securities may be prepaid, affecting the value of the mortgage or
asset-backed securities to which they relate. The level of interest rates and
other factors affect the frequency of such prepayments. In periods of rising
interest rates, prepayment rates tend to decrease, which lengthens the average
life of callable bonds or mortgage- and asset-backed securities. The market
values of securities with longer average lives (longer maturities) tend to be
subject to greater interest rate risk and their values are more volatile as a
result. In periods of falling interest rates, prepayment rates tend to increase,
shortening the average life of a pool of mortgage-backed securities. This leads
to the risk that the Fund may lose any potential price appreciation above the
bond's call price and have to reinvest the proceeds from prepayments at lower
interest rates because prepayments often occur after interest rates have
decreased or when interest rates are falling.

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 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 performance. The bar chart shows changes in the performance of the Fund's
Class A Shares and does not reflect the deduction of any applicable sales
charges. If sales charges had been reflected, the returns for Class A Shares
would be less than those shown below. The returns in the table reflect the
deduction of applicable sales charges. 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_430/Overview.fs or by calling 1-800-622-FUND (3863).

Calendar Year Total Returns

Best Quarter        21.58%   (6/30/09)    
Worst Quarter       -4.58%   (9/30/11)    

The Fund's year-to-date total return, excluding any applicable sales charges,
for Class A Shares through June 30, 2012 was 6.95%.

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

Average Annual Total Returns PNC HIGH YIELD BOND FUND	Label		1 Year	Since Inception	Inception Date
CLASS A	Class A Shares Returns Before Taxes		0.26%	5.92%	Apr. 29, 2008
CLASS A After Taxes on Distributions	Class A Shares Returns After Taxes on Distributions	[1]	(2.59%)	1.49%	Apr. 29, 2008
CLASS A After Taxes on Distributions and Sales	Class A Shares Returns After Taxes on Distributions and Sale of Fund Shares	[1]	0.41%	2.54%	Apr. 29, 2008
Barclays U.S. Corporate High Yield Bond Index	Barclays U.S. Corporate High Yield Bond Index (reflects no deduction for fees, expenses or taxes)		4.98%	9.52%	Apr. 29, 2008

[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 0.50% is charged if you redeem Class A Shares purchased in the amount of $1,000,000 or more within 18 months.

[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 Fund Operating Expenses exceed 1.01%, 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 September 27, 2013, 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 Fund 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.

[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.