Exhibit (d)(2)

AMENDMENT

TO

ADVISORY AGREEMENT

This Amendment (the “Amendment”) is made as of September 28, 2012, by and between PNC Funds (formerly known as Allegiant Funds) (the “Trust”) and PNC Capital Advisors, LLC (the “Adviser”).

WHEREAS, the Trust and the Adviser entered into an Advisory Agreement dated as of January 4, 2010, relating to the Adviser’s provision of investment advisory services to the Trust; and

WHEREAS, pursuant to Section 11 of the Agreement, the parties wish to amend the Agreement as set forth below.

NOW THEREFORE, the Agreement shall be amended as follows:

1. All references in the Agreement to “Allegiant Funds” shall be deemed to refer to “PNC Funds.”

2.  Schedule 1 of the Agreement is deleted and replaced in its entirety with Schedule 1 attached hereto.

3. Except as amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written.

PNC FUNDS
By:	/s/ Kevin A. McCreadie
Name:	Kevin A. McCreadie
Title:	President
PNC CAPITAL ADVISORS, LLC
By:	/s/ Jennifer E. Spratley
Name:	Jennifer E. Spratley
Title:	Managing Director

SCHEDULE 1

PNC FUNDS

ADVISORY AGREEMENT

	INVESTMENT ADVISORY FEE
EQUITY FUNDS
PNC Balanced Allocation Fund	0.75%
PNC International Equity Fund	1.00%
PNC Large Cap Core Equity Fund	0.75% of $0 to less than $1 billion, 0.70% of $1 billion to less than $1.5 billion, and 0.65% of $1.5 billion and over
PNC Large Cap Growth Fund	0.75% of $0 to less than $1 billion, 0.70% of $1 billion to less than $1.5 billion, and 0.65% of $1.5 billion and over
PNC Large Cap Value Fund	0.75% of $0 to less than $1 billion, 0.70% of $1 billion to less than $1.5 billion, and 0.65% of $1.5 billion and over
PNC Mid Cap Value Fund	0.75%
PNC Multi-Factor Small Cap Core Fund	1.00% of $0 to less than $500 million, 0.95% of $500 million to less than $1 billion, and 0.90% of $1 billion and over
PNC Multi-Factor Small Cap Growth Fund	1.00% of $0 to less than $500 million, 0.95% of $500 million to less than $1 billion, and 0.90% of $1 billion and over
PNC Multi-Factor Small Cap Value Fund	1.00% of $0 to less than $500 million, 0.95% of $500 million to less than $1 billion, and 0.90% of $1 billion and over
PNC S&P 500 Index Fund	0.15% of $0 to less than $50 million, 0.10% of $50 million to less than $150 million, and 0.075% of $150 million and over
PNC Small Cap Fund	1.00% of $0 to less than $500 million, 0.95% of $500 million to less than $1 billion, and 0.90% of $1 billion and over

FIXED INCOME FUNDS
PNC Bond Fund	0.45%
PNC Government Mortgage Fund	0.40%
PNC High Yield Bond Fund	0.50%
PNC Intermediate Bond Fund	0.40%
PNC Limited Maturity Bond Fund	0.35%
PNC Total Return Advantage Fund	0.40%
PNC Ultra Short Bond Fund	0.20%
TAX EXEMPT BOND FUNDS
PNC Intermediate Tax Exempt Bond Fund	0.40%
PNC Michigan Intermediate Municipal Bond Fund	0.40%
PNC Ohio Intermediate Tax Exempt Bond Fund	0.40%
PNC Pennsylvania Intermediate Tax Exempt Bond Fund	0.40%
PNC Maryland Tax Exempt Bond Fund	0.40%
PNC Tax Exempt Limited Maturity Bond Fund	0.40%
MONEY MARKET FUNDS
PNC Government Money Market Fund	0.25%
PNC Money Market Fund	0.25%
PNC Ohio Municipal Money Market Fund	0.25%
PNC Pennsylvania Tax Exempt Money Market Fund	0.25%
PNC Tax Exempt Money Market Fund	0.25%
PNC Treasury Money Market Fund	0.25%
TARGET DATE FUNDS
PNC Target 2020 Fund	0.40%*
PNC Target 2030 Fund	0.40%*
PNC Target 2040 Fund	0.40%*
PNC Target 2050 Fund	0.40%*
PNC Retirement Income Fund	0.40%*

*The investment advisory fee is charged on the average daily net assets of each Target Date Fund that are not invested in (1) other registered investment companies, (2) pooled investment vehicles that charge a fee for advisory services, and (3) exchange-traded notes the contractual returns of which are calculated by reference to the performance of a broad-based securities market index (a “broad-based ETN”).  For these purposes, an exchange-traded note whose contractual returns are calculated by reference to an index or reference asset comprised of thirty or more securities will be considered a broad-based ETN, provided, that, regardless of the number of components of the index or reference asset, no exchange-traded note whose contractual returns are calculated by reference to an index or reference asset comprised of one or more interest rates, one or more measures of inflation or volatility, one or more commodities or

currencies, and one or more securities of companies in a particular sector or industry shall be deemed a broad-based ETN.