PNC INTERMEDIATE TAX EXEMPT BOND FUND (First Prospectus Summary) | PNC INTERMEDIATE TAX EXEMPT BOND FUND

PNC INTERMEDIATE TAX EXEMPT BOND FUND

INVESTMENT OBJECTIVE

The Fund seeks to provide high current income while preserving capital.

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 $100,000
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 INTERMEDIATE TAX EXEMPT BOND FUND (USD $)		CLASS A	CLASS C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		3.00%	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 INTERMEDIATE TAX EXEMPT BOND 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		0.15%		0.15%
Other Expenses		0.40%		0.40%
Total Annual Fund Operating Expenses		0.83%		1.55%
Fee Waiver and Expense Reimbursement	[2]	0.02%		0.02%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement	[2]	0.81%		1.53%

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 INTERMEDIATE TAX EXEMPT BOND 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	380	570	775	1,367
CLASS C	256	488	843	1,844

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 INTERMEDIATE TAX EXEMPT BOND FUND CLASS C	156	488	843	1,844

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 19%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund invests in a variety of municipal debt securities issued by or on
behalf of states, territories and possessions of the United States, the District
of Columbia and their political subdivisions, agencies, instrumentalities and
authorities. In selecting securities for the Fund to buy and sell, PNC Capital
Advisors, LLC (the "Adviser") considers each security's yield and total return
potential relative to other available municipal securities. The Fund normally
will maintain a dollar-weighted average maturity of between three and ten years,
but may vary outside that range from time to time, including due to market
conditions or if deemed appropriate for temporary defensive purposes.

As a matter of fundamental policy, under normal circumstances, the Fund invests
at least 80% of its net assets plus any borrowings for investment purposes in
U.S. dollar-denominated securities (bonds) that generate income exempt from
federal income tax (including the federal alternative minimum tax). A vote of
the Fund's shareholders is necessary to change the Fund's fundamental policy.
Fund dividends may be taxable for state and local income tax purposes. Also,
some Fund distributions may be taxable for federal income tax purposes, such as
those derived from taxable investments and distributions of short and long-term
capital gains realized on the sale of portfolio securities.

The Fund primarily invests in investment grade securities. Investment grade
municipal securities are those rated in one of the four highest rating
categories as determined by at least one nationally recognized statistical
rating organization ("NRSRO"), or, if unrated, determined by the Adviser to be
of comparable quality. If a security is downgraded, the Adviser will reevaluate
whether continuing to hold the security is in the best interest of shareholders.

PRINCIPAL RISKS

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.

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.

Municipal Obligations Risk. An investment in municipal obligations is subject
to municipal securities risk. Changes in the local or national economy, and
business or political conditions relating to a particular municipal project,
municipality, or state in which the Fund invests may make it difficult for the
municipality to make interest and principal payments when due and thus could
decrease the value of the Fund's investments in municipal bonds. Municipal
obligations also may be more susceptible to downgrades or defaults during
recessions or similar periods of economic stress, which could have an adverse
effect on the market prices of bonds and thus the value of the Fund's
investments. The municipal securities held by a Fund may fail to meet certain
legal requirements which allow interest distributed from such securities to be
tax-exempt, or changes in federal or state tax laws may cause the prices of
municipal securities to fall or could affect the tax-exempt status of municipal
securities. Municipal securities are also subject to liquidity risk.

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.

Tax Risk. Distributions of capital gains and other taxable income will be
subject to applicable federal, state and local income taxes. Interest on certain
municipal securities that are exempt from federal income tax may, nonetheless,
be subject to the alternative minimum tax. Shareholders should consult with
their tax advisors when determining the taxable nature of any fund distributions
for federal, state or local tax purposes. An investment in the Fund may also
result in liability for federal alternative minimum tax, both for individual and
corporate shareholders.

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 National
Tax-Exempt Bond Fund (the "Acquired Tax-Exempt 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 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. The performance of Class C Shares will
differ due to differences in expenses. Returns through February 1, 2010 reflect
the expenses of the Acquired Tax-Exempt 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_436/Overview.fs or by
calling 1-800-622-FUND (3863).

Calendar Year Total Returns

Best Quarter         5.00%   (9/30/09)     
Worst Quarter       -3.96%   (12/31/10)    
  
The Fund's year-to-date total return, excluding any applicable sales charges,
for Class A Shares through June 30, 2012 was 2.23%.

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

Average Annual Total Returns PNC INTERMEDIATE TAX EXEMPT BOND FUND	Label		1 Year	5 Years	Since Inception	Inception Date
CLASS A	Class A Shares Returns Before Taxes		6.53%	3.97%	3.01%	Sep. 30, 2002
CLASS A After Taxes on Distributions	Class A Shares Returns After Taxes on Distributions	[1]	6.42%	3.79%	2.88%	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]	5.24%	3.73%	2.92%	Sep. 30, 2002
CLASS C	Class C Shares Returns Before Taxes		8.01%	3.97%	2.74%	Sep. 30, 2002
S&P Municipal Bond Intermediate Index	S&P Municipal Bond Intermediate Index (reflects no deduction for fees, expenses or taxes)		10.17%	5.96%	5.01%	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.

[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 0.81% and 1.53% 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 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 amount 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 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.