PNC BALANCED ALLOCATION FUND (Second Prospectus Summary) | PNC BALANCED ALLOCATION FUND

PNC BALANCED ALLOCATION FUND

INVESTMENT OBJECTIVE

The Fund seeks to provide long-term capital appreciation and current income.

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 BALANCED ALLOCATION FUND CLASS I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none
Maximum Deferred Sales Charge (Load) (as a percentage 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 BALANCED ALLOCATION FUND CLASS I
Management Fees		0.75%
Distribution (12b-1) Fees		none
Other Expenses		0.37%
Acquired Fund Fees and Expenses	[1]	0.04%
Total Annual Fund Operating Expenses		1.16%
Fee Waiver and Expense Reimbursement	[2]	0.12%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement	[2]	1.04%

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, except that the Fee Waiver and Expense
Reimbursement 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 (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 BALANCED ALLOCATION FUND CLASS I	106	357	627	1,398

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 63%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund invests in a diversified portfolio of common stocks, fixed income
securities and cash equivalents with varying asset allocations depending on
PNC Capital Advisors, LLC's (the "Adviser") assessment of market conditions.

The Fund intends to invest 45% to 75% of its net assets in equity securities,
such as common stocks and convertible securities, 25% to 55% of its net assets
in fixed income securities, such as corporate bonds, U.S. government and agency
securities, mortgage-backed securities, asset-backed securities, and high-yield
bonds ("junk bonds"), and up to 30% of its net assets in cash, cash equivalent,
or other types of short-term money market instruments. Under normal
circumstances, at least 25% of the Fund's net assets will be invested in fixed
income senior securities. The Fund may invest up to 25% of its total assets at
the time of purchase in foreign securities (which includes common stock,
preferred stock and convertible bonds of companies headquartered outside the
United States), and may include investing in emerging market securities. The
Fund may invest in companies with stock market capitalizations of at least $100
million.

The Fund primarily invests the fixed income portion of its portfolio in a broad
range of fixed income senior securities in order to generate current income. The
dollar-weighted average maturity of the Fund's fixed income allocation 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. The Fund also
utilizes an active trading approach. The Adviser may choose to sell a holding,
for example, when 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 or as a part of a hedging
strategy. Derivative instruments include, but are not limited to, options, swaps,
futures and options on futures. Although the Fund may invest in derivatives of
any kind, it expects to use futures contracts and options on futures contracts
for the purpose of managing exposure to the securities markets or to movements
in interest rates or currency values. Finally, the Fund may also use futures to
gain diversified exposure to a specific country or region and may purchase put
options on securities or indices to manage the risk of loss.

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.

Allocation Risk. The Fund's performance could be hurt if the Adviser's asset
allocation decisions prove to be incorrect. The Adviser may implement its asset
allocation strategy in a way that does not produce the intended result. For
example, the Adviser's asset allocation decisions may not anticipate market
trends successfully which may result in a failure to preserve capital or lower
total return.

Capitalization Risk. Small capitalization companies may be more vulnerable to
adverse business or economic events than larger, more established companies.
Therefore, small cap stocks may be more volatile than those of larger companies
and may have less liquidity, which can reduce their selling prices. Mid
capitalization companies may be more vulnerable to adverse business or economic
events than larger, more established companies. As a result, the values of mid
cap company stocks may be more volatile than those of larger companies.

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 includes 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.

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 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 broad measures of
market performance, including the S&P 500® Index, the Barclays Aggregate Bond
Index and the Balanced Allocation Hybrid Index, a customized blend of 60% S&P
500® Index and 40% Barclays Aggregate Bond Index. 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_276/Overview.fs or by calling 1-800-622-FUND (3863).

Calendar Year Total Returns

Best Quarter         12.19%   (6/30/03)     
Worst Quarter       -13.39%   (12/31/08)    

The Fund's year-to-date total return for Class I Shares through June 30, 2012
was 6.87%.

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

Average Annual Total Returns PNC BALANCED ALLOCATION FUND	Label		1 Year	5 Years	10 Years
CLASS I	Class I Shares Returns Before Taxes		0.86%	0.99%	3.53%
CLASS I After Taxes on Distributions	Class I Shares Returns After Taxes on Distributions	[1]	0.57%	0.31%	2.90%
CLASS I After Taxes on Distributions and Sales	Class I Shares Returns After Taxes on Distributions and Sale of Fund Shares	[1]	0.84%	0.61%	2.80%
S&P 500 Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)		2.11%	(0.25%)	2.92%
Barclays U.S. Aggregate Bond Index	Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		7.84%	6.50%	5.78%
Balanced Allocation Hybrid Benchmark Index	Balanced Allocation Hybrid Benchmark Index (reflects no deduction for fees, expenses or taxes)		4.70%	2.85%	4.40%

[1] "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."

[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 1.00%, 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.