PNC MULTI-FACTOR SMALL CAP VALUE FUND (First Prospectus Summary) | PNC MULTI-FACTOR SMALL CAP VALUE FUND

PNC MULTI-FACTOR SMALL 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. 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 $25,000
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 56 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 MULTI-FACTOR SMALL CAP VALUE FUND (USD $)		CLASS A	CLASS C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		5.50%	none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)	[1]	1.00%	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 MULTI-FACTOR SMALL CAP VALUE FUND		CLASS A		CLASS C
Management Fees		1.00%		1.00%
Distribution (12b-1) Fees		0.04%	[1]	0.75%
Shareholder Servicing Fees		0.25%		0.25%
Other		0.79%		0.79%
Other Expenses		1.04%		1.04%
Acquired Fund Fees and Expenses	[2]	0.02%		0.02%
Total Annual Fund Operating Expenses	[3]	2.10%		2.81%
Fee Waiver and Expense Reimbursement	[4]	0.54%		0.54%
Total Annual Fund Operating Expenses After Expense Reimbursement	[4]	1.56%		2.27%

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 MULTI-FACTOR SMALL CAP VALUE 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	700	1,134	1,594	2,861
CLASS C	330	820	1,436	3,099

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 MULTI-FACTOR SMALL CAP VALUE FUND CLASS C	230	820	1,436	3,099

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 91%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund primarily invests in stocks of small cap companies. The Fund defines a
small cap company as one whose market capitalization falls approximately (i)
within the current market capitalization range of companies in the Russell 2000
Value 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 Value
Index. Using an analytical process together with fundamental research methods
to implement a "value" approach, PNC Capital Advisors, LLC (the "Adviser")
assesses the performance potential of companies and buys those companies it
considers to be conservatively valued relative to the securities of comparable
companies. In searching for securities with lower than average valuations, the
Adviser considers, among other things, price-to-earnings and price-to-book ratios.
The Adviser assesses a company's valuation and prospects by reviewing and
analyzing investment candidates individually. The Fund also utilizes an active
trading approach. The Fund may invest in initial public offerings ("IPOs"), the
performance of which is unpredictable and the effect of which may not be
duplicated during periods in which the Fund does not invest in IPOs. The Fund
may also invest in foreign stocks in keeping with the Fund's investment
objective.

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.

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.

Focused Investment Risk. To the extent that the Fund focuses its investments in
the securities of a particular issuer or companies in a particular country,
group of countries, region, market, industry, group of industries, sector or
asset class, the Fund's exposure to various risks may be heightened, including
price volatility and adverse economic, market, political or regulatory
occurrences affecting that issuer, country, group of countries, region, market,
industry, group of industries, sector or asset class.

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.

IPO Risk. Securities issued in IPOs have no trading history, and information
about the companies may be available for very limited periods. In addition, the
prices of securities sold in IPOs may be highly volatile or may decline shortly
after the initial public offering, and the Fund may hold securities purchases in
an IPO for a very short period of time. As a result, the Fund's investments in
IPOs may increase portfolio turnover, which increases brokerage and
administrative costs and may result in taxable distributions to shareholders.

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 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. 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_258/Overview.fs or by
calling 1-800-622-FUND (3863).

Performance information prior to November 30, 2005 represents performance of the
Allegiant Small Cap Value Fund, which on that date changed its investment
objective, principal investment strategies and name to the Allegiant
Multi-Factor Small Cap Value Fund. On February 8, 2010, the Allegiant
Multi-Factor Small Cap Value Fund changed its name to the PNC Multi-Factor Small
Cap Value Fund. The Allegiant Small Cap Value Fund and the Allegiant
Multi-Factor Small Cap Value Fund were managed by the Adviser and/or its
predecessors for the periods prior to February 8, 2010.

Calendar Year Total Returns

Best Quarter         19.01%   (6/30/03)     
Worst Quarter       -22.26%   (12/31/08)     

The Fund's year-to-date total return, excluding any applicable sales charges,
for Class A Shares through June 30, 2012 was 3.85%.

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

Average Annual Total Returns PNC MULTI-FACTOR SMALL CAP VALUE FUND	Label		1 Year	5 Years	10 Years
CLASS A	Class A Shares Returns Before Taxes		(6.44%)	(4.58%)	2.83%
CLASS A After Taxes on Distributions	Class A Shares Returns After Taxes on Distributions	[1]	(6.55%)	(5.30%)	1.22%
CLASS A After Taxes on Distributions and Sales	Class A Shares Returns After Taxes on Distributions and Sale of Fund Shares	[1]	(4.05%)	(3.94%)	2.00%
CLASS C	Class C Shares Returns Before Taxes		(2.81%)	(4.22%)	2.67%
Russell 2000 Value Index	Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes)		(5.50%)	(1.87%)	6.40%

[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 1.00% 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] "Distribution (12b-1) Fees" have been restated to reflect the maximum fees to be incurred by the Fund's Class A Shares during the current fiscal year. 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] "Acquired Fund" means any investment company in which the Fund invests or has invested during the period. The "Total Annual Fund Operating Expenses" will not correlate to the Fund's ratio of expenses to average net assets in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses."

[3] 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.

[4] 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 1.54% and 2.25% 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 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 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. 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.