PNC TOTAL RETURN ADVANTAGE FUND (First Prospectus Summary) | PNC TOTAL RETURN ADVANTAGE FUND

PNC TOTAL RETURN ADVANTAGE FUND

INVESTMENT OBJECTIVE

The Fund seeks to provide current income as well as 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 PNC TOTAL RETURN ADVANTAGE FUND (USD $)		CLASS A	CLASS C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		4.50%	none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)	[1]	0.50%	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

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses PNC TOTAL RETURN ADVANTAGE FUND	CLASS A		CLASS C
Management Fees	0.40%		0.40%
Distribution (12b-1) Fees	0.03%	[1]	0.75%
Shareholder Servicing Fees	0.25%		0.25%
Other	0.16%		0.16%
Other Expenses	0.41%		0.41%
Total Annual Fund Operating Expenses	0.84%		1.56%

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 contractual
limitation on Distribution (12b-1) Fees for Class A Shares 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 PNC TOTAL RETURN ADVANTAGE FUND (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
CLASS A	532	720	925	1,513
CLASS C	259	493	850	1,856

For Class C Shares, you would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
PNC TOTAL RETURN ADVANTAGE FUND CLASS C	159	493	850	1,856

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 44%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund primarily invests in a diversified portfolio of investment grade fixed
income securities. The dollar-weighted average maturity of the Fund's portfolio
is normally expected to range from four to twelve years, but may vary outside
that range from time to time, including due to market conditions or if deemed
appropriate for temporary defensive purposes. Under normal circumstances, the
Fund invests at least 80% of its net assets in investment grade debt securities.
The Fund will provide shareholders with at least 60 days' written notice before
changing this 80% policy.

The Fund may invest in fixed income securities of any type, including
asset-backed securities and mortgage-backed securities and obligations of
corporate and U.S. government issuers. Investment grade fixed income securities
are those rated in one of the four highest rating categories by at least one
nationally recognized statistical rating organization ("NRSRO"), or, if unrated,
determined by PNC Capital Advisors, LLC (the "Adviser") to be of comparable
quality.

If a security is downgraded, the Adviser will reevaluate the holding to
determine what action, including sale of the security, is in the best interests
of investors. In buying and selling securities for the Fund, the Adviser uses a
number of strategies, including duration/maturity management, sector allocation
and individual security selection. The Fund may invest up to 20% of its assets
in fixed income securities that are rated below investment grade or, if unrated,
are determined by the Adviser to be of comparable quality, sometimes known as
"junk bonds." Junk bonds may offer higher yields than higher-rated securities
with similar maturities, but also may possess greater volatility and greater risk of
loss of principal and interest than more highly-rated securities. The Fund also
utilizes an active trading approach. The Adviser may choose to sell a holding
when, for example, it 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.

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.

Government Securities Risk. Investments in certain U.S. government securities
may not be supported by the full faith and credit of the U.S. government.
Accordingly, no assurance can be given that the U.S. government will provide
financial support to U.S. government agencies, instrumentalities or sponsored
enterprises if it is not obligated to do so by law. The maximum potential
liability of the issuers of some U.S. government securities held by the Fund may
greatly exceed their current resources, and it is possible that these issuers
will not have the funds to meet their payment obligations in the future. In such
a case, the Fund would have to look principally to the agency, instrumentality
or sponsored enterprise issuing or guaranteeing the security for ultimate
repayment, and the Fund may not be able to assert a claim against the U.S.
government itself in the event the agency, instrumentality or sponsored
enterprise does not meet its commitment. Concerns about the capacity of the U.S.
government to meet its obligations may raise the interest rates payable on its
securities, negatively impacting the price of such securities already held by
the Fund.

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 performance information below includes the performance of the PNC Total
Return Bond Fund (the "Acquired Bond Fund"), a series of PNC Funds, Inc., that
was reorganized into the Fund on February 1, 2010. 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.
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. The performance of Class C Shares will differ due to differences in
expenses. Returns through February 1, 2010 reflect the expenses of the Acquired
Bond Fund. 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_435/Overview.fs or
by calling 1-800-622-FUND (3863).

Calendar Year Total Returns

Best Quarter         6.20%   (12/31/08)      
Worst Quarter       -2.15%   (6/30/04)       
  
The Fund's year-to-date total return, excluding any applicable sales charges,
for Class A Shares through June 30, 2012 was 3.11%.

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

Average Annual Total Returns PNC TOTAL RETURN ADVANTAGE FUND	Label		1 Year	5 Years	Since Inception	Inception Date
CLASS A	Class A Shares Returns Before Taxes		1.29%	5.45%	4.57%	Sep. 30, 2002
CLASS A After Taxes on Distributions	Class A Shares Returns After Taxes on Distributions	[1]	0.06%	3.99%	3.09%	Sep. 30, 2002
CLASS A After Taxes on Distributions and Sales	Class A Shares Returns After Taxes on Distributions and Sale of Fund Shares	[1]	0.82%	3.79%	3.02%	Sep. 30, 2002
CLASS C	Class C Shares Returns Before Taxes		4.09%	5.82%	4.52%	Sep. 30, 2002
Barclays U.S. Aggregate Bond Index	Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		7.84%	6.50%	5.32%	Sep. 30, 2002

[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. 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.

[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.

[1] 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. 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.