PNC Funds

Gross unrealized appreciation (000)

Gross unrealized depreciation (000)

Net unrealized depreciation (000)

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


	Number of Shares		Value (000)

COMMON STOCKS — 49.6%
Consumer Discretionary — 6.9%
Aaron’s*		4,060	$	113
American Axle & Manufacturing Holdings*		13,450		153
BorgWarner*		1,860		154
Buckle#		1,260		57
Chipotle Mexican Grill*		370		144
Coinstar*		1,840		107
Dollar Tree*		1,410		125
Dorman Products*		1,900		86
Fossil*		1,450		177
Home Depot		5,520		263
Johnson Controls		1,600		52
Leggett & Platt		2,320		52
Limited Brands		6,440		300
Lowe’s		4,243		120
Macy’s		6,410		243
Madison Square Garden*		2,790		89
McDonald’s		3,410		339
O’Reilly Automotive*		2,090		181
Penn National Gaming*		1,960		83
Polaris Industries		2,880		190
PVH		2,050		174
Target		4,780		271
Time Warner Cable		1,311		104
Tractor Supply		1,340		115
Walt Disney		1,490		63
WMS Industries*		2,750		61
Wolverine World Wide		1,370		52
Wyndham Worldwide		5,700		251

				4,119


Consumer Staples — 5.5%
Boston Beer, Cl A*#		660		62
Campbell Soup		1,490		50
Coca-Cola		6,430		449
Coca-Cola Enterprises		7,380		213
Corn Products International		1,440		83
CVS Caremark		2,536		114
Energizer Holdings*		1,334		102
Estee Lauder, Cl A		3,700		217
General Mills		2,557		98
Hershey		3,600		218
J.M. Smucker		1,248		94
Kimberly-Clark		810		59
PepsiCo		3,545		223
Philip Morris International		6,660		556
Procter & Gamble		5,669		383
TreeHouse Foods*		1,580		91
Wal-Mart Stores		2,284		135
Whole Foods Market		1,940		157

				3,304


Energy — 4.9%
Apache		2,987		322
Atwood Oceanics*		1,810		86
Chevron		4,242		463
ConocoPhillips		4,560		349
Contango Oil & Gas*		1,890		120
Devon Energy		830		61
Enterprise Products Partners LP		1,780		92
ExxonMobil		7,480		647
Linn Energy LLC		1,620		62


	Number of Shares		Value (000)

National Oilwell Varco		3,190	$	263
Noble Energy		1,260		123
Oil States International*		1,140		93
Swift Energy*		2,730		82
World Fuel Services		3,690		154

				2,917


Financials — 6.5%
Allstate		4,058		127
American Express		2,640		140
AmTrust Financial Services		7,240		196
Bank of America		8,160		65
Bank of the Ozarks		6,460		190
Chubb		3,547		241
Credit Acceptance*		580		56
CVB Financial		5,500		59
Discover Financial Services		4,496		135
First Niagara Financial Group		6,680		64
Goldman Sachs Group		330		38
Health Care REIT		2,360		128
Home Bancshares		3,030		76
JPMorgan Chase		10,696		420
Lincoln National		4,421		110
M&T Bank		790		64
MetLife		2,150		83
Northern Trust		2,129		95
Portfolio Recovery Associates*		1,850		129
Prosperity Bancshares		1,780		78
Prudential Financial		1,180		72
Public Storage REIT		1,020		137
RLI		1,420		99
Simon Property Group REIT		860		116
State Street		1,600		68
T. Rowe Price Group		740		46
Travelers		2,103		122
U.S. Bancorp		4,950		145
Ventas REIT		1,370		77
Virtus Investment Partners*		2,500		199
Wells Fargo		8,067		252
World Acceptance*		1,350		86

				3,913


Healthcare — 5.6%
Abbott Laboratories		2,190		124
Baxter International		2,290		133
Bio-Reference Labs*		3,900		79
Bristol-Myers Squibb		7,590		244
Catalyst Health Solutions*		1,620		101
Celgene*		2,460		180
Cooper Companies		1,880		149
Eli Lilly		1,560		61
Johnson & Johnson		7,322		477
Merck		12,884		492
MWI Veterinary Supply*		1,400		121
Neogen*		2,190		76
PAREXEL International*		4,430		108
Pfizer		20,435		431
ResMed*		4,770		140
St. Jude Medical		3,774		159
UnitedHealth Group		4,606		257

				3,332


	Number of Shares		Value (000)

COMMON STOCKS — continued
Industrials — 6.3%
Actuant		3,350	$	94
Babcock & Wilcox*		4,781		123
BE Aerospace*		3,620		166
Caterpillar		1,730		198
Colfax*		4,990		170
Cooper Industries PLC		990		61
Cummins		2,234		269
Danaher		1,445		76
Dover		2,820		180
Eaton		1,300		68
EnerSys*		4,460		150
Esterline Technologies*		1,740		113
General Dynamics		2,297		168
General Electric		10,070		192
Genesee & Wyoming, Cl A*		1,300		77
HEICO		1,760		96
ICF International*		3,430		89
Illinois Tool Works		1,912		106
Joy Global		1,860		162
KBR		6,570		239
Norfolk Southern		2,770		191
Oshkosh*		4,969		116
Regal-Beloit		1,500		101
Triumph Group		2,110		135
United Parcel Service, Cl B		690		53
United Technologies		4,000		335
Xylem		1,030		27

				3,755


Information Technology — 10.2%
Amphenol, Cl A		2,160		121
Apple*		1,797		975
Cisco Systems		19,012		378
Corning		3,340		44
eBay*		5,400		193
EMC*		9,120		253
Finisar*		3,140		64
Google, Cl A*		455		281
Hewlett-Packard		4,253		108
Informatica*		3,660		180
Intel		10,818		291
International Business Machines		2,860		563
Liquidity Services*		2,800		121
Mastercard, Cl A		281		118
Microsoft		28,024		889
Oracle		4,340		127
OSI Systems*		3,530		208
QUALCOMM		7,690		478
Red Hat*		4,070		201
Rofin-Sinar Technologies*		3,210		75
Tyler Technologies*		3,490		132
Visa, Cl A		1,400		163
Wright Express*		2,060		127

				6,090


Materials — 1.9%
Balchem		2,170		59
Celanese, Series A		3,245		154
CF Industries Holdings		1,180		220
E.I. du Pont de Nemours		1,710		87
Eastman Chemical		3,590		194


	Number of Shares		Value (000)

FMC		2,310	$	229
Freeport-McMoRan Copper & Gold		1,230		52
International Paper		1,900		67
Sigma-Aldrich		551		40
Sonoco Products		1,895		62

				1,164


Telecommunication Services — 0.7%
AT&T		7,680		235
Verizon Communications		4,570		174

				409


Utilities — 1.1%
Consolidated Edison		1,080		63
Edison International		1,458		61
Exelon		3,638		142
NextEra Energy		2,095		125
NRG Energy*		1,831		31
NSTAR		1,500		70
OGE Energy		1,310		69
PG&E		1,005		42
Wisconsin Energy		2,750		94

				697

Total Common Stocks
(Cost $25,877)				29,700

PREFERRED STOCKS — 0.1%
Financial Conduits — 0.1%
Fannie Mae*		13,500		21
Freddie Mac*		6,900		11
Total Preferred Stocks
(Cost $375)				32

FOREIGN COMMON STOCKS — 9.7%
Consumer Discretionary — 0.9%
Burberry Group PLC (United Kingdom)		2,450		55
China ZhengTong Auto Services Holdings (China)*		50,000		61
Compass Group PLC (United Kingdom)		7,207		72
Domino’s Pizza UK & IRL PLC (United Kingdom)		4,299		30
Gildan Activewear (Canada)		1,470		37
Intime Department Store Group (China)		36,357		45
LVMH Moet Hennessy Louis Vuitton SA (France)		444		75
New Oriental Education & Technology Group, ADR (China)*		1,263		34
Nokian Renkaat OYJ (Finland)		1,290		57
PDG Realty SA Empreendimentos e Participacoes (Brazil)		9,723		42
Trinity (Hong Kong)		32,000		25

				533


Consumer Staples — 0.8%
Anheuser-Busch InBev NV, ADR (Belgium)		1,041		70
Cia de Bebidas das Americas, ADR (Brazil)		1,050		42
Diageo PLC, ADR (United Kingdom)		438		42
Jeronimo Martins SGPS SA (Portugal)*		3,904		72
Koninklijke Ahold NV (Netherlands)		3,133		43
Nestle SA (Switzerland)		2,328		143
Reckitt Benckiser Group PLC (United Kingdom)		1,018		56

				468


	Number of Shares		Value (000)

FOREIGN COMMON STOCKS — continued
Energy — 1.4%
Bankers Petroleum (Canada)*		5,561	$	28
BG Group PLC (United Kingdom)		6,476		156
Enbridge (Canada)#		4,510		174
Mongolian Mining (Mongolia)*		23,803		22
Nabors Industries (Bermuda)*		3,438		75
Noble (Switzerland)		2,318		93
Schoeller-Bleckmann Oilfield Equipment AG (Austria)		555		50
Transocean (Switzerland)		1,080		58
Tullow Oil PLC (United Kingdom)		3,046		72
Weatherford International (Switzerland)*		4,407		70

				798


Financials — 0.9%
Evergrande Real Estate Group (China)		100,331		63
FirstService (Canada)*		2,460		79
Hargreaves Lansdown PLC (United Kingdom)		5,518		38
IRF European Finance Investments (United Kingdom)* (A) (B)		31,579		6
Lazard, Cl A (Bermuda)		4,246		129
PartnerRe (Bermuda)		1,530		97
Ratos AB, Cl B (Sweden)		2,000		26
Standard Chartered PLC (United Kingdom)		2,706		70
Swiss Re AG (Switzerland)		725		43

				551


Healthcare — 1.8%
Abcam PLC (United Kingdom)		7,808		42
Coloplast A/S (Denmark)		150		25
Covidien PLC (Ireland)		4,430		231
Elekta AB (Sweden)		969		45
Genomma Lab Internacional SA de CV (Mexico)*		14,006		27
GlaxoSmithKline PLC, ADR (United Kingdom)		950		42
Hengan International Group (China)		2,892		26
Novo Nordisk A/S, ADR (Denmark)		718		101
Roche Holding AG (Switzerland)		300		52
Sanofi, ADR (France)		2,270		84
Shire PLC, ADR (Ireland)		2,215		232
Sonova Holding AG (Switzerland)		370		41
Teva Pharmaceutical Industries, ADR (Israel)		3,296		148

				1,096


Industrials — 1.0%
ABB, ADR (Switzerland)		3,308		68
FANUC (Japan)		704		128
Komatsu (Japan)		2,300		68
Metso OYJ (Finland)		837		40
Mitsubishi (Japan)		1,633		40
Nabtesco (Japan)		2,000		47
Rational AG (Germany)		136		33
SMC (Japan)		200		34
Weir Group PLC (United Kingdom)		2,161		72
Wirecard AG (Germany)		3,365		66

				596


Information Technology — 1.8%
AAC Technologies Holdings (China)		10,542		27
Accenture PLC, Cl A (Ireland)		775		46
Anritsu (Japan)		2,000		24
ARM Holdings PLC, ADR (United Kingdom)		3,817		104
ASOS PLC (United Kingdom)*		2,090		61


	Number of Shares		Value (000)

Axis Communications AB (Sweden)		2,297	$	65
Canon, ADR (Japan)		488		22
Check Point Software Technologies (Israel)*		1,121		65
Dassault Systemes SA (France)		550		45
GCL-Poly Energy Holdings (Hong Kong)		156,756		54
Gree (Japan)		2,650		83
Hexagon AB, Cl B (Sweden)		2,400		48
NetQin Mobile, ADR (China)*#		7,772		57
Open Text (Canada)*		1,750		107
Opera Software ASA (Norway)		4,061		26
SAP AG, ADR (Germany)#		1,682		114
Start Today (Japan)		1,200		22
Tencent Holdings (China)		3,791		98
Velti PLC (Ireland)*		2,491		25

				1,093


Materials — 0.8%
Antofagasta PLC (United Kingdom)		3,208		68
China Resources Cement Holdings (Hong Kong)		65,518		55
Eldorado Gold (Canada)		2,821		43
Fortescue Metals Group (Australia)		3,631		21
Kuraray (Japan)		5,081		73
Rio Tinto PLC, ADR (United Kingdom)#		1,855		106
Syngenta AG, ADR (Switzerland)		1,578		103

				469


Telecommunication Services — 0.2%
Millicom International Cellular SA (Luxembourg)#		250		28
Telenor ASA (Norway)		2,948		54
Vodafone Group PLC, ADR (United Kingdom)		2,010		55

				137


Utilities — 0.1%
Red Electrica SA (Spain)		1,139		57
Total Foreign Common Stocks
(Cost $5,300)				5,798

EXCHANGE TRADED FUNDS — 8.9%
iShares MSCI EAFE Value Index#		52,958		2,492
iShares MSCI Emerging Markets Index Fund		41,611		1,844
SPDR S&P 500 ETF Trust		7,300		999
Total Exchange Traded Funds
(Cost $6,338)				5,335


	Par (000)		Value (000)

ASSET BACKED SECURITIES — 2.4%
Automotive — 1.2%
Hyundai Auto Receivables Trust,
Series 2011-A, Cl A4
1.780%, 12/15/15	$	215	$	219
Volkswagen Auto Loan Enhanced Trust,
Series 2011-1, Cl A4
1.980%, 09/20/17		170		175
World Omni Auto Receivables Trust,
Series 2011-A, Cl A4
1.910%, 04/15/16		295		301

				695


Credit Cards — 0.5%
GE Capital Credit Card Master Note Trust,
Series 2010-3, Cl A
2.210%, 06/15/16		145		148
GE Capital Credit Card Master Note Trust,
Series 2012-1, Cl A
1.030%, 01/15/18		185		186

				334


Utilities — 0.7%
PSE&G Transition Funding LLC,
Series 2001-1, Cl A8
6.890%, 12/15/17		335		397
Total Asset Backed Securities
(Cost $1,345)				1,426

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.6%
Ginnie Mae,
Series 2009-111, Cl A
3.486%, 08/16/39		340		355
Total Collateralized Mortgage Obligations
(Cost $342)				355

COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.1%
CS First Boston Mortgage Securities,
Series 2005-C3, Cl A2
4.512%, 07/15/37		59		59
CS First Boston Mortgage Securities,
Series 2005-C6, Cl A4
5.230%, 12/15/40 (C)		545		606

Total Commercial Mortgage-Backed Securities
(Cost $598)				665

CORPORATE BONDS — 12.3%
Aerospace — 0.1%
BE Aerospace
8.500%, 07/01/18		50		56


Airlines — 0.1%
Delta Air Lines
9.500%, 09/15/14 144A		50		54


Automotive — 0.1%
BorgWarner
4.625%, 09/15/20		40		43


	Par (000)		Value (000)

Cable — 0.8%
AMC Networks
7.750%, 07/15/21 144A	$	25	$	28
Belo
8.000%, 11/15/16		50		56
Comcast
5.700%, 05/15/18		70		83
DIRECTV Holdings LLC
4.600%, 02/15/21		85		92
DISH DBS
7.750%, 05/31/15		50		56
Historic TW
6.625%, 05/15/29		65		79
News America
8.450%, 08/01/34		25		32
6.650%, 11/15/37		45		55

				481


Consumer Discretionary — 0.1%
Hasbro
6.300%, 09/15/17		50		57


Consumer Non-Cyclical — 0.1%
Interface
7.625%, 12/01/18		50		55


Consumer Services — 0.2%
MGM Resorts International
11.125%, 11/15/17		40		46
Royal Caribbean Cruises
11.875%, 07/15/15		27		33
7.500%, 10/15/27		26		26

				105


Energy — 1.4%
Anadarko Petroleum
8.700%, 03/15/19		50		67
Bill Barrett
7.625%, 10/01/19		35		37
Chesapeake Energy
6.500%, 08/15/17		40		42
Copano Energy LLC
7.750%, 06/01/18		30		32
El Paso Pipeline Partners Operating LLC
6.500%, 04/01/20		40		45
Encore Acquisition
9.500%, 05/01/16		20		22
EQT
8.125%, 06/01/19		45		53
Hess
5.600%, 02/15/41		45		52
Kinder Morgan Energy Partners LP (MTN)
6.950%, 01/15/38		75		89
Nexen
5.875%, 03/10/35		85		92
ONEOK Partners LP
6.125%, 02/01/41		30		35
Petrobras International Finance
3.875%, 01/27/16		70		73
Samson Investment
9.750%, 02/15/20 144A		25		26
Tesoro
9.750%, 06/01/19		35		40


	Par (000)		Value (000)

CORPORATE BONDS — continued
Energy — continued
Transocean
6.375%, 12/15/21	$	40	$	47
Weatherford International
5.125%, 09/15/20		70		77
Williams Partners LP
4.125%, 11/15/20		45		47

				876


Financials — 3.2%
American Express
7.000%, 03/19/18		40		49
Ameriprise Financial
7.300%, 06/28/19		40		49
Bank of America
5.750%, 12/01/17		165		173
Barclays Bank PLC
6.750%, 05/22/19		125		143
BBVA U.S. Senior, S.A. Unipersonal
3.250%, 05/16/14		100		98
Capital One Financial
6.750%, 09/15/17		90		105
Citigroup
6.010%, 01/15/15		50		54
4.875%, 05/07/15		75		78
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.375%, 01/19/17		25		26
Credit Suisse
5.400%, 01/14/20		70		70
First Niagara Financial Group
6.750%, 03/19/20		80		87
General Electric Capital
5.500%, 01/08/20		35		40
General Electric Capital (MTN)
5.625%, 09/15/17		60		69
Goldman Sachs Group
5.950%, 01/18/18		130		140
International Lease Finance
6.500%, 09/01/14 144A		50		53
JPMorgan Chase
6.125%, 06/27/17		150		169
6.000%, 01/15/18		35		41
Mellon Funding
5.500%, 11/15/18		165		190
Merrill Lynch (MTN)
6.875%, 04/25/18		20		22
Morgan Stanley
4.000%, 07/24/15		125		125
Santander US Debt SA Unipersonal
3.724%, 01/20/15 144A		100		97
Wachovia Capital Trust III
5.570%, 03/29/49(C)		60		55

				1,933


Food, Beverage & Tobacco — 0.3%
Constellation Brands
8.375%, 12/15/14		50		57
Del Monte
7.625%, 02/15/19		35		35
TreeHouse Foods
7.750%, 03/01/18		65		71

				163


	Par (000)		Value (000)

Healthcare — 0.3%
HCA
8.500%, 04/15/19	$	65	$	73
Life Technologies
5.000%, 01/15/21		40		43
Mylan
7.875%, 07/15/20 144A		50		56

				172


Industrials — 0.8%
Amphenol
4.000%, 02/01/22		5		5
CRH America
4.125%, 01/15/16		75		76
Huntington Ingalls Industries
6.875%, 03/15/18		50		53
Iron Mountain
8.750%, 07/15/18		40		42
L-3 Communications
4.950%, 02/15/21		70		73
Masco
7.125%, 03/15/20		45		48
Owens-Illinois
7.800%, 05/15/18		50		57
Pulte Group
6.375%, 05/15/33		50		39
Republic Services
5.700%, 05/15/41		40		47
Valmont Industries
6.625%, 04/20/20		40		47

				487


Insurance — 0.7%
AON
3.500%, 09/30/15		65		68
Hartford Financial Services Group
6.300%, 03/15/18		70		75
MetLife
7.717%, 02/15/19		30		38
6.400%, 12/15/36		65		64
Principal Financial Group
8.875%, 05/15/19		30		39
Prudential Financial
7.375%, 06/15/19		80		99
Reinsurance Group of America
6.450%, 11/15/19		45		51

				434


Materials — 0.8%
Alcoa
5.400%, 04/15/21		45		47
ArcelorMittal
9.850%, 06/01/19		60		73
Cloud Peak Energy Resources LLC
8.500%, 12/15/19		50		54
Freeport-McMoRan Copper & Gold
3.550%, 03/01/22		65		64
Georgia-Pacific LLC
5.400%, 11/01/20 144A		50		56
International Paper
7.500%, 08/15/21		70		90


	Par (000)		Value (000)

CORPORATE BONDS — continued
Materials — continued
MeadWestvaco
7.375%, 09/01/19	$	50	$	59
Peabody Energy
7.875%, 11/01/26		40		43

				486


Real Estate Investment Trusts — 0.8%
CommonWealth REIT
5.875%, 09/15/20		70		72
Digital Realty Trust LP
4.500%, 07/15/15		100		104
Health Care REIT
5.250%, 01/15/22		90		95
ProLogis LP
4.500%, 08/15/17		15		15
6.625%, 12/01/19		75		84
Realty Income
6.750%, 08/15/19		50		59
WEA Finance LLC
4.625%, 05/10/21 144A		35		37

				466


Retail — 0.3%
Kroger
6.400%, 08/15/17		55		67
Limited Brands
8.500%, 06/15/19		50		60
Wal-Mart Stores
5.250%, 09/01/35		30		35

				162


Technology — 0.5%
Hewlett-Packard
3.000%, 09/15/16		25		26
KLA-Tencor
6.900%, 05/01/18		100		120
Mantech International
7.250%, 04/15/18		50		52
Seagate HDD Cayman
7.750%, 12/15/18		50		56
Xerox
6.400%, 03/15/16		40		46

				300


Telecommunications — 0.5%
AT&T
6.300%, 01/15/38		65		80
GTE
6.940%, 04/15/28		95		118
Telefonica Emisiones SAU
3.992%, 02/16/16		100		101

				299


Transportation — 0.2%
Burlington Northern Santa Fe
5.750%, 03/15/18		5		6
Florida East Coast Railway
8.125%, 02/01/17		25		25
PHI
8.625%, 10/15/18		40		41


	Par (000)		Value (000)

Ryder System (MTN)
3.150%, 03/02/15	$	75	$	78

				150


Utilities — 1.0%
Bruce Mansfield Unit
6.850%, 06/01/34		97		104
Calpine
7.500%, 02/15/21 144A		40		43
Dominion Resources
6.400%, 06/15/18		65		81
Exelon Generation LLC
5.750%, 10/01/41		60		69
Midamerican Energy Holdings
6.125%, 04/01/36		55		68
NRG Energy
7.375%, 01/15/17		50		52
Progress Energy
7.050%, 03/15/19		35		44
Puget Energy
6.000%, 09/01/21		50		53
Toledo Edison
7.250%, 05/01/20		60		75

				589

Total Corporate Bonds
(Cost $6,871)				7,368

MUNICIPAL BOND — 0.1%
Ohio — 0.1%
Ohio State University General Receipts (RB)
4.910%, 06/01/40		35		40

Total Municipal Bond
(Cost $34)				40

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 8.3%
Federal National Mortgage Association — 7.1%
7.000%, 06/01/31		5		6
7.000%, 10/01/33		6		7
6.000%, 09/01/36		287		318
5.500%, 02/01/32		39		42
5.500%, 07/01/33		10		11
5.500%, 12/01/33		130		142
5.500%, 05/01/35		78		85
5.500%, 12/01/36		166		182
5.500%, 08/01/38		319		348
5.000%, 07/01/20		18		20
5.000%, 09/01/33		21		22
5.000%, 08/01/35		20		21
5.000%, 12/01/35		187		202
5.000%, 08/01/40		368		397
4.500%, 10/01/20		181		195
4.500%, 03/01/21		145		156
4.500%, 06/01/40		562		608
4.500%, 01/01/41		559		601
4.000%, 03/01/26		98		105
4.000%, 01/01/41		237		252
4.000%, 02/01/41		276		291
3.500%, 03/01/41		241		249

				4,260


	Par (000)		Value (000)

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — continued
Government National Mortgage Association — 1.2%
6.500%, 09/15/28	$	6	$	7
6.500%, 07/15/32		12		14
6.000%, 08/15/32		7		7
5.000%, 06/15/39		226		252
4.500%, 08/15/39		228		249
4.000%, 09/15/41		168		181

				710

Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $4,683)				4,970

U.S. TREASURY OBLIGATIONS — 3.5%
U.S. Treasury Bond — 1.0%
4.500%, 02/15/36		500		634


U.S. Treasury Notes — 2.5%
3.000%, 09/30/16		40		44
2.625%, 08/15/20		215		231
2.000%, 02/15/22		15		15
1.750%, 08/15/12		880		886
1.375%, 01/15/13		130		131
1.375%, 05/15/13		75		76
1.250%, 10/31/15		65		67
1.250%, 01/31/19		40		40

				1,490

Total U.S. Treasury Obligations
(Cost $2,105)				2,124

AFFILIATED MONEY MARKET FUND — 4.5%
PNC Advantage Institutional Money Market Fund, Institutional Class† (D)		2,673,749		2,674

Total Affiliated Money Market Fund
(Cost $2,674)				2,674
Total Investments Before Short Term Investments Purchased with Collateral from Securities Loaned – 101.1%
(Cost $56,543)				60,487

SHORT TERM INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 3.7%
Affiliated Money Market Fund — 3.7%
PNC Advantage Institutional Money Market Fund, Institutional Class†		2,231,060		2,231
Total Short Term Investment Purchased with Collateral From Securities Loaned
(Cost $2,231)‡				2,231

TOTAL INVESTMENTS — 104.8%
(Cost $58,774)**				62,718
Other Assets & Liabilities – (4.8)%				(2,889	)

TOTAL NET ASSETS — 100.0%			$	59,829

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $59,136.


Gross unrealized appreciation (000)	$	6,409
Gross unrealized depreciation (000)		(2,827	)

Net unrealized appreciation (000)	$	3,582

†	See Note 2 in Notes to Schedules of Investments.

#	Security fully or partially on loan. Total Value of Securities on Loan is $ 381 (000).

‡	See Note 8 in Notes to Financial Statements.

(A)

Security fair valued at Valuation Hierarchy Level 3 using methods approved by the Board of Trustees.

(B)

Illiquid Security. Total value of illiquid securities is $6 (000) and represents 0.0% of net assets as of February 29, 2012.

(C)

Variable Rate Security — the rate shown is the rate in effect on February 29, 2012.

(D)

All or a portion of the security was held as collateral for open futures contracts. 144A Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total value of Rule 144A securities is $450 (000) and represents 0.8% of net assets as of February 29, 2012.

Please see Investment Abbreviations and Definitions on Page 107.

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
DAX Index	1	$	186	03/19/12	$	37
FTSE 100 Index	2		83	03/19/12		83

		$	269		$	120

Cash

in the amount of $23,365 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets

in the amount of $295,306 have been segregated by the Fund.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)

Following is a reconciliation of Level 3 investments and other assets for which significant unobservable inputs were used to determine fair value:


	Number of Shares		Value (000)

FOREIGN COMMON STOCKS — 88.9%
Consumer Discretionary — 7.7%
Adidas AG (Germany)		8,262	$	649
Burberry Group PLC (United Kingdom)		61,550		1,380
China ZhengTong Auto Services Holdings (China)*#		1,354,000		1,657
Christian Dior SA (France)		25,000		3,864
Compass Group PLC (United Kingdom)		207,073		2,070
Daimler AG (Germany)		2,576		156
Domino’s Pizza UK & IRL PLC (United Kingdom)		113,439		799
Duni AB (Sweden)		305,700		2,897
Fast Retailing (Japan)		1,400		291
Hutchison Whampoa (Hong Kong)		69,765		690
Hyundai Motor (South Korea)		1,474		284
Intime Department Store Group (China)		1,138,587		1,411
LVMH Moet Hennessy Louis Vuitton SA (France)		16,492		2,761
New Oriental Education & Technology Group, ADR (China)*		39,481		1,047
Nissan Motor (Japan)		15,800		163
Nokian Renkaat OYJ (Finland)		37,302		1,656
PDG Realty SA Empreendimentos e Participacoes (Brazil)		325,074		1,406
Suzuki Motor (Japan)		48,800		1,162
Toyota Motor (Japan)		24,000		998
Trinity (Hong Kong)		1,052,000		827
WPP PLC (Ireland)		60,563		772

				26,940

Consumer Staples — 9.0%
Anheuser-Busch InBev NV (Belgium)		2,866		193
Anheuser-Busch InBev NV, ADR (Belgium)		30,246		2,034
Asahi Group Holdings (Japan)		153,600		3,365
Cia de Bebidas das Americas, ADR (Brazil)		33,050		1,322
Diageo PLC (United Kingdom)		58,417		1,395
Diageo PLC, ADR (United Kingdom)		14,226		1,359
Greencore Group PLC (United Kingdom)		3,075,174		3,425
Jeronimo Martins SGPS SA (Portugal)*		109,599		2,018
Koninklijke Ahold NV (Netherlands)		89,832		1,240
Meiji Holdings (Japan)		69,334		2,942
Nestle SA (Switzerland)		86,678		5,299
Nichirei (Japan)		658,000		3,112
Reckitt Benckiser Group PLC (United Kingdom)		45,376		2,508
Unicharm (Japan)		17,500		904
Unilever NV (Netherlands)		19,788		658

				31,774

Energy — 5.6%
Bankers Petroleum (Canada)*		180,641		891
BG Group PLC (United Kingdom)		235,301		5,679
Canadian Natural Resources (Canada)		6,073		225
Cenovus Energy (Canada)		3,507		136
ENI SpA (Italy)		11,544		266
Etablissements Maurel et Prom (France)		123,900		2,350
Mongolian Mining (Mongolia)*		776,197		715
Petroleo Brasileiro SA, ADR (Brazil)		16,144		460
Royal Dutch Shell PLC, Cl A (Netherlands)		43,152		1,570
Schoeller-Bleckmann Oilfield Equipment AG (Austria)		15,360		1,390
Suncor Energy (Canada)		28,981		1,043
Thai Oil PCL (Thailand)		1,059,850		2,661
Total SA (France)		9,284		519


	Number of Shares		Value (000)

Tullow Oil PLC (United Kingdom)		79,152	$	1,858

				19,763

Financials — 11.2%
AIA Group (Hong Kong)		262,463		991
Anglo Irish Bank PLC (Ireland) (A) (B) (C)		435,474		–
AXA SA (France)		37,372		601
Banco Santander SA (Spain)		1,721		14
Bank of China (China)		690,714		300
Bank of Yokohama (Japan)		112,993		546
Barclays PLC (United Kingdom)		400		2
BNP Paribas SA (France)		16,796		817
Credit Suisse Group AG (Switzerland)		16,095		432
Daito Trust Construction (Japan)		2,800		247
Deutsche Boerse AG (Germany)		5,361		356
DNB ASA (Norway)		270,244		3,469
Evergrande Real Estate Group (China)		3,221,669		2,030
Hannover Rueckversicherung AG (Germany)		65,500		3,635
Hargreaves Lansdown PLC (United Kingdom)		147,091		1,001
HSBC Holdings PLC (United Kingdom)		186,162		1,649
ICICI Bank, ADR (India)		4,481		163
ING Groep NV (Netherlands)*		60,753		535
Investor AB, Cl B (Sweden)		127,645		2,843
IRF European Finance Investments (United Kingdom)* (B) (C)		284,500		57
Itau Unibanco Holding SA (Brazil)		4,771		102
Lloyds Banking Group PLC (United Kingdom)*		881,273		491
Muenchener Rueckversicherungs AG (Germany)		20,700		3,018
Prudential PLC (United Kingdom)		115,752		1,313
Ratos AB, Cl B (Sweden)		54,800		710
Sony Financial Holdings (Japan)		35,900		653
Standard Chartered PLC (United Kingdom)		128,563		3,307
State Bank of India, GDR (India)		19,400		1,779
Sumitomo Realty & Development (Japan)		28,000		656
Svenska Handelsbanken AB, Cl A (Sweden)		120,200		4,036
Swiss Re AG (Switzerland)		23,500		1,396
United Overseas Bank (Singapore)		57,054		820
Wharf Holdings (Hong Kong)		94,461		590
Zurich Financial Services AG (Switzerland)		2,492		628

				39,187

Healthcare — 7.8%
Abcam PLC (United Kingdom)		193,454		1,043
Cie Generale d’Optique Essilor International SA (France)		13,454		1,071
Coloplast A/S (Denmark)		6,500		1,068
Elekta AB (Sweden)		30,964		1,452
Fresenius SE & Co KGaA (Germany)		10,833		1,120
Genomma Lab Internacional SAB de CV (Mexico)*		395,232		751
GlaxoSmithKline PLC, ADR (United Kingdom)		32,200		1,427
Hengan International Group (China)		93,115		842
Luxottica Group SpA (Italy)		6,875		246
Novartis AG (Switzerland)		67,801		3,696
Novo Nordisk A/S, ADR (Denmark)		23,867		3,349
Roche Holding AG (Switzerland)		11,509		2,003
Shire PLC, ADR (Ireland)		24,386		2,552
Sonova Holding AG (Switzerland)		12,000		1,341
Teva Pharmaceutical Industries, ADR (Israel)		108,438		4,859
Transgene SA (France)*		48,205		640

				27,460


	Number of Shares		Value (000)

Industrials — 15.7%
ABB, ADR (Switzerland)#		81,771	$	1,675
Aggreko PLC (United Kingdom)		17,664		621
Alfa Laval AB (Sweden)		17,099		351
Barratt Developments PLC (United Kingdom)*		2,319,446		5,427
BBA Aviation PLC (United Kingdom)		290,796		935
Bellway PLC (United Kingdom)		288,027		3,729
Brambles (Australia)		96,086		744
Capita PLC (United Kingdom)		50,755		618
European Aeronautic Defence and Space NV (Netherlands)		10,882		394
FANUC (Japan)		25,435		4,624
G4S PLC (Copenhagen Exchange) (United Kingdom)		14,961		69
G4S PLC (London Exchange) (United Kingdom)		48,462		222
Komatsu (Japan)		59,500		1,771
Kone OYJ, Cl B (Finland)		56,900		3,380
Konecranes OYJ (Finland)		86,782		2,748
Larsen & Toubro, GDR (India)		5,592		150
Metso OYJ (Finland)		23,080		1,098
Mitsubishi (Japan)		74,945		1,842
Mitsubishi Heavy Industries (Japan)		70,000		330
Nabtesco (Japan)		58,200		1,357
Persimmon PLC (United Kingdom)		431,857		4,640
Rational AG (Germany)		3,768		907
Safran SA (France)		31,646		1,058
Schneider Electric SA (France)		3,533		239
Siemens AG (Germany)		8,388		836
SMC (Japan)		9,100		1,552
Taylor Wimpey PLC (United Kingdom)*		4,964,765		3,910
Trevi Finanziaria SpA (Italy)		205,805		1,422
Vallourec SA (France)		11,822		830
Vinci SA (France)		11,463		595
Weir Group PLC (United Kingdom)		67,028		2,243
Wirecard AG (Germany)		102,301		2,018
YIT OYJ (Finland)		129,899		2,864

				55,199

Information Technology — 13.2%
AAC Technologies Holdings (China)		343,458		878
Accenture PLC, Cl A (Ireland)		25,300		1,506
Anritsu (Japan)		81,000		979
ARM Holdings PLC, ADR (United Kingdom)		121,874		3,312
ASOS PLC (United Kingdom)*		66,778		1,946
Axis Communications AB (Sweden)		74,866		2,115
Baidu, ADR (China)*		6,299		861
Canon, ADR (Japan)		16,509		748
Cap Gemini SA (France)		12,945		568
Check Point Software Technologies (Israel)*		36,109		2,100
Dassault Systemes SA (France)		14,450		1,196
GCL-Poly Energy Holdings (Hong Kong)#		4,121,568		1,408
Gree (Japan)		87,430		2,734
Hexagon AB, Cl B (Sweden)		98,547		1,983
Infosys, ADR (India)#		45,390		2,618
Koninklijke Philips Electronics NV (Netherlands)		10,655		223
NetQin Mobile, ADR (China)*#		253,120		1,858
Opera Software ASA (Norway)#		126,711		805
Samsung Electronics (South Korea)		5,291		5,690
SAP AG (Germany)		17,757		1,199
SAP AG, ADR (Germany)#		45,700		3,090
Start Today (Japan)		41,000		744
Taiwan Semiconductor Manufacturing, ADR (Taiwan)		122,581		1,780


	Number of Shares		Value (000)

Tencent Holdings (China)		111,368	$	2,884
Velti PLC (Ireland)*		71,909		713
Wincor Nixdorf AG (Germany)		46,360		2,521

				46,459

Materials — 14.3%
Antofagasta PLC (United Kingdom)		83,996		1,774
BASF SE (Germany)		37,800		3,319
Bayer AG (Germany)		8,854		655
BHP Billiton PLC (United Kingdom)#		39,857		1,289
BHP Billiton, ADR (Australia)		36,700		2,819
China Resources Cement Holdings (Hong Kong)		1,974,661		1,652
CRH PLC (Ireland)		102,175		2,182
Daikin Industries (Japan)		20,100		599
Eldorado Gold (Canada)		85,108		1,303
Fortescue Metals Group (Australia)		120,651		713
Imerys SA (France)		26,535		1,600
Kinross Gold (Canada)		21,243		235
Kuraray (Japan)		141,771		2,050
Linde AG (Germany)		8,955		1,489
Lynas (Australia)*#		414,445		536
Methanex (Canada)		108,200		3,392
Potash of Saskatchewan (Canada)		17,794		828
Rio Tinto PLC (United Kingdom)		21,002		1,191
Rio Tinto PLC, ADR (United Kingdom)#		51,630		2,939
Sasol (South Africa)		74,150		3,940
Showa Denko KK (Japan)		1,579,000		3,601
Smurfit Kappa Group PLC (Ireland)*		292,700		2,972
Solvay SA (Belgium)		18,950		2,328
Symrise AG (Germany)		105,130		3,067
Syngenta AG (Switzerland)		3,078		1,005
Syngenta AG, ADR (Switzerland)		39,258		2,565
Vale SA, ADR (Brazil)		13,230		325

				50,368

Telecommunication Services — 3.1%
America Movil SAB de CV, ADR (Mexico)		15,351		368
Deutsche Telekom AG (Germany)		197,200		2,294
France Telecom SA (France)		14,280		218
KDDI (Japan)		419		2,660
Millicom International Cellular SA (Luxembourg)#		9,000		1,003
Softbank (Japan)		23,100		689
Telefonaktiebolaget LM Ericsson (Sweden)		41,607		417
Telefonica SA (Spain)		24,065		410
Telenor ASA (Norway)		81,800		1,509
Vodafone Group PLC (United Kingdom)		486,081		1,309

				10,877

Utilities — 1.3%
Guangdong Investment (Hong Kong)		2,581,000		1,693
National Grid PLC (United Kingdom)		112,581		1,147
Red Electrica SA (Spain)		31,620		1,594
Veolia Environnement (France)		4,278		52

				4,486
Total Foreign Common Stocks
(Cost $311,514)				312,513


	Number of Shares		Value (000)

PREFERRED STOCK — 0.3%
Consumer Discretionary — 0.3%
Volkswagen AG		5,789	$	1,081
Total Preferred Stock
(Cost $682)				1,081

EXCHANGE TRADED FUND — 0.7%
iShares MSCI EAFE Index Fund		45,757		2,503
Total Exchange Traded Fund
(Cost $2,427)				2,503

AFFILIATED MONEY MARKET FUND — 9.0%
PNC Advantage Institutional Money Market Fund, Institutional Class† (D)		31,372,311		31,372
Total Affiliated Money Market Fund
(Cost $31,372)				31,372
Total Investments Before Short Term Investments Purchased with Collateral from Securities Loaned – 98.9%
(Cost $345,995)				347,469

SHORT TERM INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 3.9%
Affiliated Money Market Fund — 3.9%
PNC Advantage Institutional Money Market Fund, Institutional Class†		13,727,070		13,727
Total Short Term Investment Purchased with Collateral From Securities Loaned
(Cost $13,727)				13,727

TOTAL INVESTMENTS — 102.8%
(Cost $359,722)**				361,196
Other Assets & Liabilities – (2.8)%				(9,671	)
TOTAL NET ASSETS — 100.0%			$	351,525

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $361,258.


Gross unrealized appreciation (000)	$	37,830
Gross unrealized depreciation (000)		(37,892)

Net unrealized depreciation (000)	$	(62)

†	See Note 2 in Notes to Schedules of Investments.

#	Security fully or partially on loan. Total Value of Securities on Loan is $ 15,320 (000).

(A)

Value is less than $500.

(B)

Security fair valued at Valuation Hierarchy Level 3 using methods approved by the Board of Trustees.

(C)

Illiquid Security. Total value of illiquid securities is $57 (000) and represents 0.0% of net assets as of February 29, 2012.

(D)

All or a portion of the security was held as collateral for open futures contracts.

Please

see Investment Abbreviations and Definitions on Page 107.

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
DAX Index	29	$	5,387	03/19/12	$	1,079
FTSE 100 Index	10		827	03/19/12		81

		$	6,214		$	1,160

Cash

in the amount of $563,235 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets

in the amount of $6,835,429 have been segregated by the Fund.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)

Following is a reconciliation of Level 3 investments and other assets for which significant unobservable inputs were used to determine fair value:

At February 29, 2012, country diversification of the Fund was as follows:


	% of Net			Value
Country Diversification	Assets			(000)
Foreign Common Stocks, Rights and Equity Certificates

United Kingdom		19.5	%	$	68,082

Japan		11.8			41,320

Germany		8.9			31,408

Switzerland		5.7			20,040

France		5.4			18,980

Sweden		4.8			16,804

China		3.9			13,768

Finland		3.3			11,746

Ireland		3.0			10,696

Canada		2.3			8,054

Hong Kong		2.2			7,851

Israel		2.0			6,959

South Korea		1.7			5,974

Norway		1.6			5,783

Australia		1.4			4,812

India		1.3			4,711

Netherlands		1.3			4,621

Belgium		1.3			4,555

Denmark		1.3			4,417

South Africa		1.1			3,940

Brazil		1.0			3,616

Thailand		0.8			2,661

Spain		0.6			2,018

Portugal		0.6			2,018

Italy		0.5			1,933

Taiwan		0.5			1,780

Austria		0.4			1,390

Mexico		0.3			1,118

Luxembourg		0.3			1,004

Singapore		0.2			820

Mongolia		0.2			715


Total Foreign Common Stocks, Rights and Equity Certificates		89.2			313,594

*Exchange Traded Fund*		0.7			2,503

*Affiliated Money Market Fund*		9.0			31,372


*Total Investments Before Collateral for Loaned Securities*		98.9			347,469

*Short Term Investments Held as Collateral for Loaned* *Securities*		3.9			13,727


*Total Investments*		102.8			361,196

*Other Assets and Liabilities*		(2.8	)		(9,671	)


*Net Ass*ets		100.0	%	$	351,525


	Number of Shares		Value (000)

COMMON STOCKS — 98.3%
Consumer Discretionary — 12.6%
BorgWarner*		3,120	$	259
Comcast, Cl A		11,210		329
Dollar Tree*		4,322		383
Home Depot		6,730		320
Limited Brands		6,220		289
Macy’s		10,720		407
Mattel		9,930		322
McDonald’s		2,940		292

				2,601

Consumer Staples — 10.6%
Coca-Cola		5,510		385
Estee Lauder, Cl A		5,880		344
Hershey		5,760		350
Kraft Foods, Cl A		5,970		227
Procter & Gamble		4,304		291
Wal-Mart Stores		4,864		287
Whole Foods Market		3,640		294

				2,178

Energy — 10.8%
Chevron		5,740		626
ConocoPhillips		3,270		250
ExxonMobil		8,377		725
National Oilwell Varco		5,060		418
Noble Energy		2,020		197

				2,216

Financials — 13.0%
American Express		5,313		281
Ameriprise Financial		5,235		292
Bank of America		12,875		103
Chubb		4,271		290
Citigroup		5,680		189
Equity Residential REIT		3,360		191
JPMorgan Chase		10,500		412
Moody’s		5,630		218
T. Rowe Price Group		4,260		262
Wells Fargo		13,642		427

				2,665

Healthcare — 12.3%
Allergan		3,630		325
AmerisourceBergen		5,934		222
Bristol-Myers Squibb		6,580		212
Covidien PLC (Ireland)		6,058		316
Johnson & Johnson		6,969		453
Merck		4,031		154
Pfizer		17,491		369
Shire PLC, ADR		1,821		191
UnitedHealth Group		5,190		289

				2,531

Industrials — 9.7%
Caterpillar		2,770		316
Cummins		2,429		293
Dover		4,650		298
General Electric		14,184		270
Joy Global		2,360		205
Union Pacific		2,885		318


	Number of Shares		Value (000)

United Technologies		3,470	$	291

				1,991

Information Technology — 20.3%
Apple*		1,864		1,011
Cisco Systems		17,600		350
eBay*		5,900		211
EMC*		13,523		374
Google, Cl A*		569		352
Intel		12,483		336
International Business Machines		2,046		402
Microsoft		15,430		490
Oracle		7,043		206
QUALCOMM		7,300		454

				4,186

Materials — 3.4%
Celanese, Series A		4,915		234
Eastman Chemical		4,380		237
FMC		2,360		234

				705

Telecommunication Services — 2.2%
AT&T		6,746		206
Vodafone Group PLC, ADR (United Kingdom)		8,770		238

				444

Utilities — 3.4%
Northeast Utilities		5,350		192
OGE Energy		3,610		189
Wisconsin Energy		9,380		320

				701
Total Common Stocks (Cost $17,084)				20,218

EXCHANGE TRADED FUND — 1.0%
SPDR S&P 500 ETF Trust		1,500		206

Total Exchange Traded Fund (Cost $201)				206

AFFILIATED MONEY MARKET FUND — 1.3%
PNC Advantage Institutional Money Market Fund, Institutional Class†		262,008		262
Total Affiliated Money Market Fund (Cost $262)				262
TOTAL INVESTMENTS — 100.6% (Cost $17,547)**				20,686
Other Assets & Liabilities – (0.6)%				(114	)
TOTAL NET ASSETS — 100.0%			$	20,572

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $ 17,600.


Gross unrealized appreciation (000)	$	3,291
Gross unrealized depreciation (000)		(205	)

Net unrealized appreciation (000)	$	3,086

† See Note 2 in Notes to Schedules of Investments

Please see Investment Abbreviations and Definitions on page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Number of Shares		Value (000)

COMMON STOCKS — 98.0%
Consumer Discretionary — 16.1%
BorgWarner*		10,790	$	894
Chipotle Mexican Grill*		2,110		823
Dollar Tree*		8,060		713
Fossil*		8,200		1,000
Home Depot		21,720		1,033
Limited Brands		22,750		1,059
Macy’s		36,040		1,369
McDonald’s		15,202		1,509
O’Reilly Automotive*		11,970		1,036
Polaris Industries		16,290		1,076
PVH		11,670		992
Wyndham Worldwide		23,820		1,048

				12,552

Consumer Staples — 12.3%
Coca-Cola		30,736		2,147
Coca-Cola Enterprises		42,130		1,217
Estee Lauder, Cl A		21,150		1,238
Hershey		21,330		1,295
Philip Morris International		32,792		2,739
Whole Foods Market		11,110		897

				9,533

Energy — 9.4%
ConocoPhillips		15,870		1,215
Enbridge (Canada)		25,750		994
ExxonMobil		38,266		3,310
National Oilwell Varco		13,560		1,119
Noble Energy		7,200		703

				7,341

Financials — 2.9%
American Express		14,700		777
Public Storage REIT		5,980		802
Simon Property Group REIT		4,890		663

				2,242

Healthcare — 10.8%
Abbott Laboratories		12,480		707
Baxter International		13,090		761
Bristol-Myers Squibb		19,990		643
Celgene*		14,079		1,032
Cooper Companies		10,780		857
Covidien PLC (Ireland)		25,340		1,324
Johnson & Johnson		10,630		692
ResMed*		27,340		801
Shire PLC, ADR (Ireland)		7,450		780
UnitedHealth Group		14,360		801

				8,398

Industrials — 10.7%
Caterpillar		9,890		1,130
Cummins		9,467		1,141
Dover		16,250		1,040
Joy Global		10,750		935
KBR		37,500		1,362
Norfolk Southern		15,810		1,089
United Technologies		18,873		1,583

				8,280


	Number of Shares		Value (000)

Information Technology — 30.4%
Amphenol, Cl A		12,390	$	693
Apple*		10,248		5,559
eBay*		30,890		1,104
EMC*		52,189		1,445
Google, Cl A*		2,630		1,626
Informatica*		20,740		1,020
Intel		39,390		1,059
International Business Machines		16,281		3,203
Microsoft		88,110		2,797
Oracle		24,796		726
QUALCOMM		36,440		2,266
Red Hat*		23,260		1,150
Visa, Cl A		8,165		950

				23,598

Materials — 5.4%
Celanese, Series A		18,521		881
CF Industries Holdings		6,750		1,255
Eastman Chemical		20,830		1,128
FMC		9,580		948

				4,212
Total Common Stocks (Cost $58,863)				76,156

AFFILIATED MONEY MARKET FUND — 1.9%
PNC Advantage Institutional Money Market Fund, Institutional Class† (A)		1,492,395		1,492
Total Affiliated Money Market Fund (Cost $1,492)				1,492
Total Investments Before Short Term Investments Purchased with Collateral from Securities Loaned–99.9% (Cost $60,355)				77,648

SHORT TERM INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 1.1%
Affiliated Money Market Fund — 1.1%
PNC Advantage Institutional Money Market Fund, Institutional Class†		816,306		816
Total Short Term Investment Purchased with Collateral From Securities Loaned (Cost $816)‡				816
TOTAL INVESTMENTS — 101.0% (Cost $61,171)**				78,464
Other Assets & Liabilities – (1.0)%				(749	)
TOTAL NET ASSETS — 100.0%			$	77,715

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $61,199.


Gross unrealized appreciation (000)	$	17,383
Gross unrealized depreciation (000)		(118	)

Net unrealized appreciation (000)	$	17,265

†	See Note 2 in Notes to Schedules of Investments.

‡	See Note 8 in Notes to Financial Statements.

(A)

All or a portion of the security was held as collateral for open futures contracts.

Please see Investment Abbreviations and Definitions on Page 107.

Futures Contracts:


Description	Number of Contracts	Notional Cost Amount (000)		Expiration Date	Unrealized Appreciation (000)
S&P 500^® Composite Index	4	$	1,361	03/16/12	$	3

Cash

in the amount of $20,000 is held by the broker as collateral to cover initial margin requirements for the above open futures contracts (Long Positions).

Assets

in the amount of $1,492,395 have been segregated by the Fund.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Number of Shares		Value (000)

COMMON STOCKS — 96.8%
Consumer Discretionary — 7.8%
Lowe’s		93,720	$	2,660
Target		105,916		6,004
Time Warner Cable		29,878		2,370

				11,034


Consumer Staples — 14.3%
CVS Caremark		58,515		2,639
Energizer Holdings*		29,746		2,274
General Mills		58,209		2,230
J.M. Smucker		28,403		2,139
PepsiCo		50,175		3,158
Procter & Gamble		72,703		4,909
Wal-Mart Stores		50,227		2,968

				20,317


Energy — 11.8%
Apache		50,662		5,468
Chevron		44,889		4,898
Nabors Industries (Bermuda)*		72,837		1,586
Noble (Switzerland)		49,957		2,007
Transocean (Switzerland)		23,425		1,250
Weatherford International (Switzerland)*		95,710		1,530

				16,739


Financials — 17.2%
Allstate		91,046		2,861
Chubb		48,028		3,264
Discover Financial Services		31,749		953
JPMorgan Chase		85,515		3,355
Lazard, Cl A (Bermuda)		95,730		2,916
Lincoln National		98,701		2,452
Northern Trust		47,413		2,106
PartnerRe (Bermuda)		33,102		2,100
Travelers		47,277		2,741
Wells Fargo		56,436		1,766

				24,514


Healthcare — 15.9%
Johnson & Johnson		82,604		5,376
Merck		161,421		6,161
Pfizer		292,986		6,182
St. Jude Medical		83,685		3,525
UnitedHealth Group		25,439		1,418

				22,662


Industrials — 9.2%
Babcock & Wilcox*		104,149		2,681
Danaher		32,250		1,704
General Dynamics		50,245		3,679
Illinois Tool Works		43,319		2,412
Oshkosh*		110,708		2,581

				13,057


Information Technology — 11.9%
Cisco Systems		282,509		5,616
Hewlett-Packard		94,341		2,388
Mastercard, Cl A		6,150		2,583
Microsoft		201,759		6,404

				16,991


	Number of Shares		Value (000)

Materials — 1.6%
Sigma-Aldrich		12,175	$	874
Sonoco Products		42,350		1,391

				2,265


Telecommunication Services — 1.7%
AT&T		79,822		2,442


Utilities — 5.4%
Edison International		33,882		1,419
Exelon		79,779		3,117
NextEra Energy		27,739		1,651
NRG Energy*		36,795		629
PG&E		22,590		941

				7,757

Total Common Stocks (Cost $132,443)				137,778


AFFILIATED MONEY MARKET FUND — 2.0%
PNC Advantage Institutional Money Market Fund, Institutional Class†		2,805,213		2,805

Total Affiliated Money Market Fund (Cost $2,805)				2,805


TOTAL INVESTMENTS — 98.8% (Cost $135,248)**				140,583

Other Assets & Liabilities – 1.2%				1,644

TOTAL NET ASSETS — 100.0%			$	142,227

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $135,631.


Gross unrealized appreciation (000)	$	13,931
Gross unrealized depreciation (000)		(8,979	)

Net unrealized appreciation (000)	$	4,952

†	See Note 2 in Notes to Schedules of Investments

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Number of Shares		Value (000)

COMMON STOCKS — 96.3%
Consumer Discretionary — 6.1%
Best Buy		30,050	$	742
Skechers U.S.A.*		139,790		1,785
WMS Industries*		60,449		1,332

				3,859


Consumer Staples — 14.0%
Energizer Holdings*		22,364		1,710
Hormel Foods		42,311		1,204
J.M. Smucker		32,068		2,415
Molson Coors Brewing, Cl B		53,326		2,343
Safeway		50,984		1,094

				8,766


Energy — 8.7%
Diamond Offshore Drilling		24,555		1,681
Nabors Industries (Bermuda)*		35,915		782
Noble (Switzerland)		46,654		1,875
Rowan*		30,491		1,124

				5,462


Financials — 26.3%
Assurant		13,352		567
Chubb		21,875		1,487
Cincinnati Financial		14,255		501
Everest Re Group (Bermuda)		26,709		2,347
Investment Technology Group*		135,042		1,553
Lazard, Cl A (Bermuda)		38,389		1,169
Loews		21,467		840
Northern Trust		41,550		1,845
PartnerRe (Bermuda)		29,080		1,845
People’s United Financial		42,541		536
Reinsurance Group of America		35,425		2,043
Transatlantic Holdings		29,571		1,792

				16,525


Healthcare — 8.1%
Coventry Health Care*		24,891		814
Mednax*		6,780		504
St. Jude Medical		54,441		2,293
Zimmer Holdings		24,596		1,494

				5,105


Industrials — 13.6%
Babcock & Wilcox*		52,949		1,363
FTI Consulting*		30,270		1,213
Harsco		25,871		575
Nordson		7,720		424
Oshkosh*		82,059		1,913
Southwest Airlines		92,194		828
Spirit Aerosystems Holdings*		92,749		2,222

				8,538


Information Technology — 8.7%
Ingram Micro*		134,887		2,580
Tellabs		129,897		515
Western Union		134,842		2,356

				5,451


Materials — 2.9%
Sigma-Aldrich		5,957		428


	Number of Shares		Value (000)

Sonoco Products		41,755	$	1,371

				1,799


Utilities — 7.9%
Edison International		55,472		2,322
PG&E		46,273		1,929
Xcel Energy		27,926		740

				4,991

Total Common Stocks (Cost $61,436)				60,496


AFFILIATED MONEY MARKET FUND — 1.3%
PNC Advantage Institutional Money Market Fund, Institutional Class†		861,773		862

Total Affiliated Money Market Fund (Cost $862)				862


TOTAL INVESTMENTS — 97.6% (Cost $62,298)**				61,358

Other Assets & Liabilities — 2.4%				1,479

TOTAL NET ASSETS — 100.0%			$	62,837

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $63,311.


Gross unrealized appreciation (000)	$	4,048
Gross unrealized depreciation (000)		(6,001	)

Net unrealized depreciation (000)	$	(1,953	)

†	See Note 2 in Notes to Schedules of Investments

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Number of Shares		Value (000)

COMMON STOCKS — 97.6%
Consumer Discretionary — 12.6%
AFC Enterprises*		14,294	$	229
American Axle & Manufacturing Holdings*		16,161		184
Blyth		1,416		90
Churchill Downs		2,966		155
Core-Mark Holding		2,993		120
Domino’s Pizza*		5,365		206
DSW, Cl A		2,844		160
Express*		3,918		93
Genesco*		1,779		121
Iconix Brand Group*		7,251		132
ReachLocal*		2,067		16
Sally Beauty Holdings*		5,595		133
Sonic Automotive, Cl A#		9,959		171
Steven Madden*		1,689		73
Ulta Salon Cosmetics & Fragrance*		797		66
Wolverine World Wide		3,292		126

				2,075

Consumer Staples — 2.1%
Prestige Brands Holdings*		14,080		232
Pricesmart		1,687		109

				341

Energy — 5.9%
Alliance Resource Partners LP		1,424		102
CARBO Ceramics#		760		70
Hugoton Royalty Trust#		4,894		72
ION Geophysical*		25,087		179
Key Energy Services*		12,495		213
MarkWest Energy Partners LP		1,267		76
SEACOR Holdings*		1,212		120
Superior Energy Services*		4,555		134

				966

Financials — 24.5%
Administradora de Fondos de Pensiones Provida
SA, ADR (Chile)		2,967		223
Altisource Portfolio Solutions SA (Luxembourg)*		4,423		285
American Campus Communities REIT		3,640		150
American Equity Investment Life Holding		10,239		124
American Safety Insurance Holdings (Bermuda)*		3,805		73
Ashford Hospitality Trust REIT		10,217		86
Assured Guaranty (Bermuda)		14,206		239
Cash America International		4,449		206
CNO Financial Group*		25,138		186
Coresite Realty REIT		11,951		255
Dime Community Bancshares		7,766		108
Encore Capital Group*		6,019		134
Equity Lifestyle Properties REIT		2,300		153
Extra Space Storage REIT		3,108		82
First Cash Financial Services*		3,463		146
Fulton Financial		6,812		67
LaSalle Hotel Properties REIT		8,759		234
Newcastle Investment REIT		44,620		243
Ocwen Financial*		16,545		267
Prosperity Bancshares		3,889		170
Protective Life		7,943		221
Signature Bank*		2,944		175
SVB Financial Group*		2,034		121


	Number of Shares		Value (000)

Tanger Factory Outlet Centers REIT		2,966	$	87

				4,035

Healthcare — 10.8%
AMERIGROUP*		1,983		135
Atrion		639		132
Catalyst Health Solutions*		1,265		78
Cepheid*		2,095		85
Chemed		1,860		115
Health Management Associates, Cl A*		29,125		215
HMS Holdings*		5,337		172
Invacare		4,759		79
Magellan Health Services*		1,613		76
Medicis Pharmaceutical, Cl A		6,311		220
Merge Healthcare*		13,331		87
Myriad Genetics*		5,001		121
NuVasive*		6,111		96
PharMerica*		14,391		176

				1,787

Industrials — 15.9%
Aegion*		5,369		95
Alaska Air Group*		2,252		154
Amerco		756		79
Applied Industrial Technologies		4,830		194
CLARCOR		2,851		144
Commercial Vehicle Group*		11,839		143
Consolidated Graphics*		3,682		172
Exponent*		1,359		65
Genesee & Wyoming, Cl A*		1,676		100
Graco		3,097		158
HEICO		1,814		99
HUB Group, Cl A*		3,855		137
ITT*		11,053		276
Kaman		6,068		209
LMI Aerospace*		3,614		74
MasTec*		6,696		118
Miller Industries		3,733		59
NACCO Industries, Cl A		862		84
Old Dominion Freight Line*		2,568		112
Seaboard		46		88
Thomas & Betts*		926		67

				2,627

Information Technology — 15.7%
ACI Worldwide*		5,289		200
Bottomline Technologies*		4,885		137
CACI International, Cl A*		2,606		154
Cardtronics*		8,457		225
Coherent*		3,158		175
CommVault Systems*		3,853		199
ePlus*		4,523		145
FEI*		2,018		90
Finisar*		8,910		181
IntraLinks Holdings*		17,425		102
Littelfuse		1,237		66
LSI*		12,623		109
NeuStar Cl A*		4,759		167
Semtech*		2,906		83
Tyler Technologies*		6,910		261
ValueClick*		6,292		131


	Number of Shares		Value (000)

COMMON STOCKS — continued
Information Technology — continued
Vishay Intertechnology*		13,486	$	165

				2,590

Materials — 5.4%
American Vanguard		6,583		109
Balchem		2,462		67
Boise		11,468		94
Innospec*		5,098		158
PolyOne		11,479		154
Rockwood Holdings*		2,464		131
Silgan Holdings		4,202		179

				892

Telecommunication Services — 0.9%
Cogent Communications Group*		8,490		157

Utilities — 3.8%
AGL Resources		2,247		90
El Paso Electric		3,899		128
NorthWestern		3,425		119
Portland General Electric		4,929		121
Vectren		5,766		168

				626
Total Common Stocks
(Cost $13,495)				16,096

EXCHANGE TRADED FUND — 1.0%
iShares Russell 2000 Index Fund#		2,068		167
Total Exchange Traded Fund
(Cost $136)				167

AFFILIATED MONEY MARKET FUND — 1.1%
PNC Advantage Institutional Money Market Fund, Institutional Class†		182,747		183
Total Affiliated Money Market Fund
(Cost $183)				183
Total Investments Before Short Term Investments Purchased with Collateral from Securities Loaned – 99.7%
(Cost $13,814)				16,446

SHORT TERM INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 2.9%
Affiliated Money Market Fund — 2.9%
PNC Advantage Institutional Money Market Fund, Institutional Class†		477,083		477
Total Short Term Investment Purchased with Collateral From Securities Loaned
(Cost $477)‡				477

TOTAL INVESTMENTS — 102.6%
(Cost $14,291)**				16,923
Other Assets & Liabilities – (2.6)%				(430	)
TOTAL NET ASSETS — 100.0%			$	16,493

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $14,296.


		Gross unrealized appreciation (000)		$2,928
		Gross unrealized depreciation (000)		(301)

		Net unrealized appreciation (000)		$2,627

†	See Note 2 in Notes to Schedules of Investments.

#	Security fully or partially on loan. Total Value of Securities on Loan is $ 543 (000).

‡	See Note 8 in Notes to Financial Statements.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Number of Shares		Value (000)

COMMON STOCKS — 99.9%
Consumer Discretionary — 14.7%
Ameristar Casinos		18,777	$	373
Ascena Retail Group*		7,376		285
Brinker International		14,056		388
ChinaCast Education (Hong Kong)*		31,788		175
Domino’s Pizza*		10,491		404
DSW, Cl A		4,451		251
Leapfrog Enterprises*		36,162		254
Matthews International, Cl A		6,742		209
Men’s Wearhouse		6,067		235
Monro Muffler Brake		9,597		440
Papa John’s International*		9,484		352
Polaris Industries		4,376		289
Sally Beauty Holdings*		11,405		271
Sonic Automotive, Cl A#		18,457		316

				4,242

Consumer Staples — 2.3%
Casey’s General Stores		4,789		245
Flowers Foods		8,274		158
Nu Skin Enterprises, Cl A		4,427		256

				659

Energy — 7.1%
Cloud Peak Energy*		6,630		117
Contango Oil & Gas*		6,710		427
CVR Energy		4,497		122
DCP Midstream Partners LP		6,900		336
Hugoton Royalty Trust#		13,996		207
Key Energy Services*		15,508		265
Mitcham Industries*		14,657		343
World Fuel Services		5,910		246

				2,063

Financials — 8.7%
Altisource Portfolio Solutions SA (Luxembourg)*		7,652		493
Bank of the Ozarks		5,894		173
Cash America International		3,626		168
Credit Acceptance*		4,376		421
Equity Lifestyle Properties REIT		1,773		118
Ezcorp*		6,664		210
First Busey		31,640		153
First Cash Financial Services*		7,486		317
Investors Bancorp*		11,014		160
World Acceptance*		4,497		286

				2,499

Healthcare — 17.5%
Atrion		1,153		238
Cambrex*		45,995		307
Cepheid*		5,789		234
Corvel*		4,589		208
ExamWorks Group*		11,458		118
Halozyme Therapeutics*		29,290		337
Harvard Bioscience*		59,994		249
Health Management Associates, Cl A*		31,970		236
HMS Holdings*		12,453		401
Jazz Pharmaceuticals PLC (Ireland)*		3,053		160
Ligand Pharmaceuticals, Cl B*		11,189		164
Medicis Pharmaceutical, Cl A		8,601		301
Momenta Pharmaceuticals*		15,129		222
PSS World Medical*		12,042		292


	Number of Shares		Value (000)

Questcor Pharmaceuticals*#		4,005	$	156
RTI Biologics*		39,003		144
Salix Pharmaceuticals*		4,203		207
Sciclone Pharmaceuticals*		43,122		202
Teleflex		5,212		309
US Physical Therapy		13,045		248
WellCare Health Plans*		4,734		321

				5,054

Industrials — 18.7%
Actuant		9,633		271
Altra Holdings*		9,159		178
Applied Industrial Technologies		7,273		292
Belden		3,611		143
Cascade		2,809		150
CLARCOR		2,543		128
Clean Harbors*		1,655		111
Colfax*		10,483		357
Consolidated Graphics*		7,300		341
Genesee & Wyoming, Cl A*		2,467		147
Gibraltar Industries*		14,914		206
Hawaiian Holdings*		23,072		123
HEICO		1,692		93
ITT*		14,055		351
LMI Aerospace*		14,734		300
Mistras Group*		14,224		319
Park-Ohio Holdings*		18,320		343
Quad/Graphics#		16,650		249
Raven Industries		2,271		143
Robbins & Myers		4,844		236
Teledyne Technologies*		8,109		483
Twin Disc		4,128		132
Wabtec		3,832		286

				5,382

Information Technology — 23.9%
ACI Worldwide*		10,044		379
Blackbaud		7,733		244
Cadence Design Systems*		26,372		310
Cardtronics*		14,397		383
Ceva*		5,973		147
Clicksoftware Technologies (Israel)		22,337		245
Coherent*		6,421		356
Communications Systems		9,900		144
CommVault Systems*		5,361		276
IXYS*		9,281		111
Jack Henry & Associates		10,483		354
Littelfuse		5,908		313
Loral Space & Communications*		3,561		254
Monotype Imaging Holdings*		18,171		255
MTS Systems		6,303		310
NCR*		14,997		326
NeuStar Cl A*		10,484		367
OSI Systems*		7,745		457
SolarWinds*		11,659		434
Teradyne*		18,255		300
TNS*		18,075		331
ValueClick*		15,144		315
Zygo*		14,945		287

				6,898

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Number of Shares		Value (000)

COMMON STOCKS — 98.3%
Consumer Discretionary — 10.2%
BJ’s Restaurants*		2,431	$	121
Caribou Coffee*		7,562		125
ChinaCast Education (Hong Kong)*#		19,320		106
Dillard’s, Cl A		2,908		178
Express*		15,490		369
Genesco*		2,030		138
Leapfrog Enterprises*		16,991		119
Lithia Motors, Cl A		4,937		117
Movado Group		4,296		92
RadioShack		18,173		129
Saks*#		16,574		193
Sonic Automotive, Cl A#		20,025		343
Strayer Education#		1,582		163
Sturm Ruger		5,594		234
Town Sports International Holdings*		14,711		151
True Religion Apparel*		4,017		106

				2,684

Consumer Staples — 2.2%
B&G Foods		6,449		150
Dean Foods*		18,772		230
Ruddick		4,711		193

				573

Energy — 5.8%
Atlas Pipeline Partners LP		4,003		148
BP Prudhoe Bay Royalty Trust#		4,148		508
Oil States International*		2,391		194
Permian Basin Royalty Trust#		9,040		200
Sabine Royalty Trust		7,547		486

				1,536

Financials — 37.2%
Advance America Cash Advance Centers		24,490		254
Allied World Assurance Company Holdings AG (Switzerland)		8,711		575
American Equity Investment Life Holding		37,386		452
American Safety Insurance Holdings (Bermuda)*		8,903		172
Arlington Asset Investment, Cl A		23,142		535
Ashford Hospitality Trust REIT		64,380		543
Banco Latinoamericano de Comercio Exterior SA, Cl E (Panama)		37,898		739
BRE Properties REIT		2,468		120
Cash America International		3,673		170
Citizens & Northern		22,703		452
City Holding		4,405		151
Community Bank System		13,213		361
Crawford, Cl B		56,889		250
Dime Community Bancshares		9,333		130
Extra Space Storage REIT		20,288		535
Grupo Financiero Galicia SA, ADR (Argentina)#		16,178		111
Hatteras Financial REIT		3,415		97
Horace Mann Educators		12,822		222
Lakeland Financial		8,273		209
LTC Properties REIT		8,514		263
Medallion Financial		22,738		249
MI Developments		10,641		398
Mission West Properties REIT		34,210		342
National Health Investors REIT		5,178		244
National Retail Properties REIT		8,211		219
Portfolio Recovery Associates*		1,860		130


	Number of Shares		Value (000)

Prosperity Bancshares		4,464	$	195
Senior Housing Properties Trust REIT		12,438		266
Signature Bank*		4,190		249
Susquehanna Bancshares		18,559		172
Symetra Financial		33,387		332
Univest Corp of Pennsylvania		28,779		455
Valley National Bancorp		17,466		218

				9,810

Healthcare — 6.8%
Capital Senior Living*		25,523		219
Health Management Associates, Cl A*		34,657		256
HealthStream*		6,237		128
Jazz Pharmaceuticals PLC (Ireland)*		6,678		350
OraSure Technologies*		21,965		220
Questcor Pharmaceuticals*#		6,814		265
RTI Biologics*		30,257		112
Spectrum Pharmaceuticals*		7,143		101
US Physical Therapy		6,904		131

				1,782

Industrials — 12.5%
Alaska Air Group*		3,084		212
Astronics*		9,389		314
Astronics, Cl B*		2,625		87
AT Cross, Cl A*		16,821		168
Atlas Air Worldwide Holdings*		2,534		108
Belden		6,418		253
Coleman Cable*		12,317		140
Corporate Executive Board (The)		3,166		131
Fly Leasing, ADR (Ireland)		3,358		43
Fushi Copperweld*#		38,462		308
Genesee & Wyoming, Cl A*		1,514		90
Hexcel*		12,419		314
Intersections		14,827		173
Kennametal		3,586		165
Lennox International		3,151		123
Park-Ohio Holdings*		11,029		207
Polypore International*#		3,451		142
Standex International		5,839		223
United Rentals*		2,614		109

				3,310

Information Technology — 11.2%
ADTRAN		7,351		259
Anixter International*		3,261		227
Cardtronics*		16,219		431
Communications Systems		15,048		219
DST Systems		2,212		117
GT Advanced Technologies*		49,347		423
Jabil Circuit		7,671		198
KEMET*		31,095		280
Kulicke & Soffa Industries*		2,285		26
Lattice Semiconductor*		28,675		189
Littelfuse		2,344		124
Microsemi*		11,762		246
ShoreTel*		25,537		137
Silicon Motion Technology, ADR*		5,044		90

				2,966

Materials — 6.2%
Buckeye Technologies		8,118		277


	Number of Shares		Value (000)

COMMON STOCKS — continued
Materials — continued
Coeur d’Alene Mines*		7,627	$	217
Innospec*		4,111		127
Rockwood Holdings*		2,015		107
TPC Group*		3,416		119
Worthington Industries		29,031		490
WR Grace*		5,232		298

				1,635

Telecommunication Services — 0.4%
IDT, Cl B		11,715		106

Utilities — 5.8%
AGL Resources		3,395		135
Amerigas Partners LP#		6,027		273
Cleco		5,303		204
El Paso Electric		7,499		245
NorthWestern		11,624		404
Piedmont Natural Gas		8,358		271

				1,532
Total Common Stocks
(Cost $22,738)				25,934

EXCHANGE TRADED FUND — 1.5%
iShares Russell 2000 Index Fund		4,730		383
Total Exchange Traded Fund
(Cost $389)				383

AFFILIATED MONEY MARKET FUND — 0.3%
PNC Advantage Institutional Money Market Fund, Institutional Class†		84,075		84
Total Affiliated Money Market Fund
(Cost $84)				84
Total Investments Before Short Term Investments Purchased with Collateral from Securities Loaned – 100.1%
(Cost $23,211)				26,401

SHORT TERM INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 9.3%
Affiliated Money Market Fund — 9.3%
PNC Advantage Institutional Money Market Fund, Institutional Class†		2,465,528		2,466
Total Short Term Investment Purchased with Collateral From Securities Loaned
(Cost $2,466)				2,466

TOTAL INVESTMENTS — 109.4%
(Cost $25,677)**				28,867
Other Assets & Liabilities – (9.4)%				(2,479	)
TOTAL NET ASSETS — 100.0%			$	26,388

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $ 25,646.


Gross unrealized appreciation (000)	$	4,095
Gross unrealized depreciation (000)		(874	)

Net unrealized appreciation (000)	$	3,221

†	See Note 2 in Notes to Schedules of Investments.

#	Security fully or partially on loan. Total Value of Securities on Loan is $ 1,664 (000).

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Number of Shares		Value (000)

COMMON STOCKS — 98.6%
Consumer Discretionary — 10.8%
Abercrombie & Fitch, Cl A		823	$	38
Amazon.com*		3,389		609
Apollo Group, Cl A*		1,126		48
AutoNation*		574		20
AutoZone*		249		93
Bed Bath & Beyond*		2,208		132
Best Buy		2,983		74
Big Lots*		696		30
BorgWarner*		1,017		84
Cablevision Systems, Cl A		2,236		32
CarMax*		2,066		63
Carnival (Panama)		4,151		126
CBS, Cl B		6,367		190
Chipotle Mexican Grill*		274		107
Coach		2,742		205
Comcast, Cl A		26,078		766
D.R. Horton		2,591		37
Darden Restaurants		1,281		65
DeVry		581		21
DIRECTV, Cl A*		7,022		325
Discovery Communications, Cl A*		2,672		125
Dollar Tree*		1,110		98
Expedia		917		31
Family Dollar Stores		1,179		64
Ford Motor		34,857		432
GameStop, Cl A		1,446		33
Gannett		2,908		43
Gap		3,164		74
Genuine Parts		1,450		91
Goodyear Tire & Rubber*		2,327		30
H&R Block		2,894		47
Harley-Davidson		2,145		100
Harman International Industries		662		32
Hasbro		1,279		45
Home Depot		14,729		701
International Game Technology		2,440		37
Interpublic Group		4,626		54
JC Penney		1,331		53
Johnson Controls		6,148		201
Kohl’s		2,506		124
Leggett & Platt		1,325		30
Lennar, Cl A		1,528		36
Limited Brands		2,331		108
Lowe’s		11,574		328
Macy’s		3,916		149
Marriott International, Cl A		2,729		96
Mattel		3,364		109
McDonald’s		9,709		964
McGraw-Hill		2,756		128
NetFlix*		607		67
Newell Rubbermaid		2,674		49
News, Cl A		21,532		428
NIKE, Cl B		3,557		384
Nordstrom		1,562		84
Omnicom Group		2,623		130
Orchard Supply Hardware Stores, Cl A*#		18		–
O’Reilly Automotive*		1,287		111
priceline.com*		471		295
Pulte Group*		1,458		13
Ralph Lauren		588		102
Ross Stores		2,284		122


	Number of Shares		Value (000)

Scripps Networks Interactive, Cl A		895	$	40
Sears Holdings*#		411		29
Staples		6,575		96
Starbucks		7,015		341
Starwood Hotels & Resorts Worldwide		1,707		92
Target		6,591		374
Tiffany		1,235		80
Time Warner		9,418		350
Time Warner Cable		3,112		247
TJX		6,880		252
TripAdvisor		917		30
Urban Outfitters*		985		28
VF		787		115
Viacom, Cl B		5,135		245
Walt Disney		16,926		711
Washington Post, Cl B		71		28
Whirlpool		783		59
Wyndham Worldwide		1,384		61
Wynn Resorts		706		84
Yum! Brands		4,391		291

				12,766

Consumer Staples — 10.6%
Altria Group		19,133		576
Archer-Daniels-Midland		6,302		197
Avon Products		4,060		76
Beam		1,455		80
Brown-Forman, Cl B		923		75
Campbell Soup		1,754		58
Clorox		1,301		88
Coca-Cola		21,531		1,504
Coca-Cola Enterprises		3,004		87
Colgate-Palmolive		4,588		428
ConAgra Foods		4,080		107
Constellation Brands, Cl A*		1,653		36
Costco Wholesale		4,053		349
CVS Caremark		12,188		550
Dean Foods*		1,819		22
Dr Pepper Snapple Group		2,135		81
Estee Lauder, Cl A		2,139		125
General Mills		6,101		234
H.J. Heinz		2,944		155
Hershey		1,531		93
Hormel Foods		1,283		37
J.M. Smucker		1,115		84
Kellogg		2,307		121
Kimberly-Clark		3,716		271
Kraft Foods, Cl A		16,543		630
Kroger		5,687		135
Lorillard		1,259		165
McCormick		1,223		62
Mead Johnson Nutrition		1,908		148
Molson Coors Brewing, Cl B		1,452		64
PepsiCo		14,545		915
Philip Morris International		16,152		1,349
Procter & Gamble		26,100		1,762
Reynolds American		3,128		131
Safeway		3,425		74
Sara Lee		5,818		118
SUPERVALU#		1,967		13
Sysco		5,480		161
Tyson Foods, Cl A		2,769		52


	Number of Shares		Value (000)

COMMON STOCKS — continued
Consumer Staples — continued
Walgreen		8,452	$	280
Wal-Mart Stores		16,383		968
Whole Foods Market		1,366		110

				12,571

Energy — 11.9%
Alpha Natural Resources*		1,935		36
Anadarko Petroleum		4,779		402
Apache		3,605		389
Baker Hughes		4,087		205
Cabot Oil & Gas		1,930		67
Cameron International*		2,252		125
Chesapeake Energy		6,077		152
Chevron		18,942		2,067
ConocoPhillips		12,561		961
Consol Energy		2,096		75
Denbury Resources*		4,231		84
Devon Energy		4,023		295
Diamond Offshore Drilling		668		46
El Paso		7,106		198
EOG Resources		2,483		283
EQT		1,373		73
ExxonMobil		44,866		3,881
FMC Technologies*		2,215		112
Halliburton		8,442		309
Helmerich & Payne		1,175		72
Hess		2,802		182
Marathon Oil		6,861		232
Marathon Petroleum		3,456		144
Murphy Oil		1,792		115
Nabors Industries (Bermuda)*		2,553		56
National Oilwell Varco		4,104		339
Newfield Exploration*		1,259		45
Noble (Switzerland)		2,331		94
Noble Energy		1,675		164
Occidental Petroleum		7,793		813
Peabody Energy		2,504		87
Pioneer Natural Resources		1,154		126
QEP Resources		1,651		56
Range Resources		1,485		95
Rowan*		1,171		43
Schlumberger (Netherlands)		12,783		992
Southwestern Energy*		3,229		107
Spectra Energy		6,056		190
Sunoco		1,085		42
Tesoro*		1,304		35
Valero Energy		5,358		131
Williams		5,528		165
WPX Energy		1,843		33

				14,118

Financials — 14.0%
ACE (Switzerland)		3,105		223
Aflac		4,486		212
Allstate		4,970		156
American Express		9,790		518
American International Group*		4,049		118
American Tower REIT*		3,758		235
Ameriprise Financial		2,310		129
AON		3,022		141


	Number of Shares		Value (000)

Apartment Investment & Management, Cl A REIT		1,071	$	27
Assurant		901		38
AvalonBay Communities REIT		835		108
Bank of America		94,206		751
BB&T		6,238		182
Berkshire Hathaway, Cl B*		16,716		1,311
BlackRock†		901		179
BNY Mellon		11,377		252
Boston Properties REIT		1,327		135
Capital One Financial		5,305		268
CBRE Group*		2,697		49
Charles Schwab		9,720		135
Chubb		2,615		178
Cincinnati Financial		1,490		52
Citigroup		27,718		924
CME Group		621		180
Comerica		1,659		49
Discover Financial Services		5,281		158
ETrade Financial		3,059		29
Equity Residential REIT		2,763		157
Federated Investors, Cl B#		1,365		28
Fifth Third Bancorp		8,737		119
First Horizon National		2,089		20
Franklin Resources		1,379		163
Genworth Financial, Cl A*		4,653		42
Goldman Sachs Group		4,711		542
Hartford Financial Services Group		4,117		85
HCP REIT		3,761		149
Health Care REIT		1,633		89
Host Hotels & Resorts REIT		6,305		100
Hudson City Bancorp		5,680		39
Huntington Bancshares		9,019		53
IntercontinentalExchange*		685		95
Invesco		4,426		110
JPMorgan Chase		35,808		1,405
KeyCorp		9,646		78
Kimco Realty REIT		3,910		72
Legg Mason		1,155		32
Leucadia National		1,845		53
Lincoln National		2,963		74
Loews		2,691		105
M&T Bank		1,146		94
Marsh & McLennan		5,075		158
MetLife		10,032		387
Moody’s		1,832		71
Morgan Stanley		14,040		260
NASDAQ OMX Group*		1,130		30
Northern Trust		2,283		101
NYSE Euronext		2,467		73
People’s United Financial		3,468		44
Plum Creek Timber REIT		1,499		59
PNC Financial Services Group†		4,940		294
Principal Financial Group		2,850		79
Progressive		5,791		124
ProLogis REIT		4,032		136
Prudential Financial		4,354		266
Public Storage REIT		1,342		180
Regions Financial		12,345		71
Simon Property Group REIT		2,731		370
SLM		4,688		74
State Street		4,705		199


	Number of Shares		Value (000)

COMMON STOCKS — continued
Financials — continued
SunTrust Banks		4,970	$	114
T. Rowe Price Group		2,400		148
Torchmark		1,069		52
Travelers		3,939		228
U.S. Bancorp		17,805		523
Unum Group		2,965		68
Ventas REIT		2,736		153
Vornado Realty Trust REIT		1,690		138
Wells Fargo		50,214		1,571
Weyerhaeuser REIT		4,940		103
XL Group PLC (Bermuda)		3,019		63
Zions Bancorp		1,698		32

				16,610

Healthcare — 11.1%
Abbott Laboratories		14,553		824
Aetna		3,411		159
Agilent Technologies		3,136		137
Allergan		2,835		254
AmerisourceBergen		2,531		95
Amgen		7,521		511
Baxter International		5,256		306
Becton Dickinson		2,074		158
Biogen Idec*		2,277		265
Boston Scientific*		13,959		87
Bristol-Myers Squibb		15,987		514
Cardinal Health		3,183		132
CareFusion*		2,067		53
Celgene*		4,283		314
Cerner*		1,296		96
CIGNA		2,619		116
Coventry Health Care*		1,405		46
Covidien PLC (Ireland)		4,404		230
CR Bard		788		74
DaVita*		928		80
DENTSPLY International		1,281		50
Edwards Lifesciences*		1,079		79
Eli Lilly		9,331		366
Express Scripts*		4,896		261
Forest Laboratories*		2,560		83
Gilead Sciences*		7,132		324
Hospira*		1,532		55
Humana		1,540		134
Intuitive Surgical*		359		184
Johnson & Johnson		25,716		1,674
Laboratory Corporation of America Holdings*		909		82
Life Technologies*		1,642		78
McKesson		2,341		195
Medco Health Solutions*		3,696		250
Medtronic		10,001		381
Merck		28,108		1,073
Mylan*		3,831		90
Patterson		866		28
PerkinElmer		1,572		42
Perrigo		868		89
Pfizer		71,525		1,509
Quest Diagnostics		1,472		85
St. Jude Medical		3,109		131
Stryker		3,163		170
Tenet Healthcare*		4,180		24
Thermo Fisher Scientific*		3,759		213


	Number of Shares		Value (000)

UnitedHealth Group		10,011	$	558
Varian Medical Systems*		1,075		70
Waters*		862		77
Watson Pharmaceuticals*		1,123		65
WellPoint		3,232		212
Zimmer Holdings		1,810		110

				13,193

Industrials — 10.6%
3M		6,677		585
Avery Dennison		986		30
Boeing		6,894		517
C.H. Robinson Worldwide		1,530		101
Caterpillar		6,077		694
Cintas		1,134		44
Cooper Industries PLC		1,570		96
CSX		10,491		220
Cummins		1,784		215
Danaher		5,341		282
Deere		3,952		328
Dover		1,765		113
Dun & Bradstreet		462		38
Eaton		3,398		177
Emerson Electric		7,123		358
Equifax		1,141		48
Expeditors International of Washington		1,948		85
Fastenal		2,748		145
FedEx		2,770		249
Flowserve		521		62
Fluor		1,643		99
General Dynamics		3,317		243
General Electric		98,483		1,876
Goodrich		1,143		144
Honeywell International		7,283		434
Illinois Tool Works		4,564		254
Ingersoll-Rand PLC (Ireland)		2,948		118
Iron Mountain		1,813		56
Jacobs Engineering Group*		1,188		55
Joy Global		968		84
L-3 Communications Holdings		1,058		74
Lockheed Martin		2,481		219
Masco		2,553		30
Norfolk Southern		3,263		225
Northrop Grumman		2,454		147
PACCAR		3,394		156
Pall		1,076		68
Parker Hannifin		1,523		137
Pitney Bowes		1,871		34
Precision Castparts		1,353		227
Quanta Services*		2,025		42
Raytheon		3,372		170
Republic Services		2,805		84
Robert Half International		1,335		38
Rockwell Automation		1,298		104
Rockwell Collins		1,463		87
Roper Industries		874		80
RR Donnelley & Sons#		1,945		27
Ryder System		457		24
Snap-On		535		33
Southwest Airlines		7,106		64
Stanley Black & Decker		1,732		133
Stericycle*		800		69


	Number of Shares		Value (000)

COMMON STOCKS — continued
Industrials — continued
Textron		2,570	$	71
Tyco International (Switzerland)		4,333		225
Union Pacific		4,617		509
United Parcel Service, Cl B		8,983		691
United Technologies		8,684		728
W.W. Grainger		529		110
Waste Management		4,389		154
Xylem		1,763		46

				12,556

Information Technology — 20.0%
Accenture PLC, Cl A (Ireland)		6,131		365
Adobe Systems*		4,776		157
Advanced Micro Devices*		5,307		39
Akamai Technologies*		1,747		63
Altera		2,952		113
Amphenol, Cl A		1,629		91
Analog Devices		2,772		109
Apple*		8,794		4,770
Applied Materials		12,083		148
Autodesk*		2,141		81
Automatic Data Processing		4,569		248
BMC Software*		1,592		60
Broadcom, Cl A*		4,402		164
CA		3,476		94
Cisco Systems		50,688		1,008
Citrix Systems*		1,795		134
Cognizant Technology Solutions, Cl A*		2,787		198
Computer Sciences		1,683		53
Corning		14,519		189
Dell*		15,188		263
eBay*		11,079		396
Electronic Arts*		3,072		50
EMC*		19,235		533
F5 Networks*		804		100
Fidelity National Information Services		2,505		79
First Solar*		514		17
Fiserv*		1,362		90
FLIR Systems		1,475		39
Google, Cl A*		2,386		1,475
Harris		1,186		52
Hewlett-Packard		19,278		488
Intel		48,015		1,291
International Business Machines		11,256		2,214
Intuit		2,796		162
Jabil Circuit		1,790		46
JDS Uniphase*		2,100		27
Juniper Networks*		5,143		117
KLA-Tencor		1,547		75
Lexmark International, Cl A		723		27
Linear Technology		2,106		71
LSI*		5,751		49
Mastercard, Cl A		1,010		424
MEMC Electronic Materials*		2,139		8
Microchip Technology		1,777		64
Micron Technology*		9,628		82
Microsoft (A)		70,681		2,243
Molex		1,285		35
Motorola Mobility Holdings*		2,645		105
Motorola Solutions		2,682		134
NetApp*		3,398		146


	Number of Shares		Value (000)

Novellus Systems*		647	$	30
NVIDIA*		5,556		84
Oracle		38,177		1,117
Paychex		2,961		93
QUALCOMM		16,016		996
Red Hat*		1,779		88
SAIC*		2,676		33
Salesforce.com*		1,253		179
SanDisk*		2,228		110
Symantec*		6,984		125
TE Connectivity		4,099		150
Teradata*		1,565		104
Teradyne*		1,744		29
Texas Instruments		10,771		359
Total System Services		1,486		33
VeriSign		1,461		54
Visa, Cl A		4,856		565
Western Digital*		2,314		91
Western Union		6,256		109
Xerox		12,947		107
Xilin		2,455		91
Yahoo!*		11,545		171

				23,704

Materials — 3.5%
Air Products & Chemicals		2,006		181
Airgas		715		59
Alcoa		10,171		104
Allegheny Technologies		912		40
Ball		1,628		65
Bemis		835		26
CF Industries Holdings		673		125
Cliffs Natural Resources		1,338		85
Dow Chemical		11,042		370
E.I. du Pont de Nemours		8,733		444
Eastman Chemical		1,281		69
Ecolab		2,775		167
FMC		690		68
Freeport-McMoRan Copper & Gold		9,078		386
International Flavors & Fragrances		751		43
International Paper		4,304		151
MeadWestvaco		1,613		49
Monsanto		5,035		390
Mosaic		2,620		151
Newmont Mining		4,714		280
Nucor		3,022		132
Owens-Illinois*		1,510		36
PPG Industries		1,512		138
Praxair		2,844		310
Sealed Air		1,450		29
Sherwin-Williams		896		92
Sigma-Aldrich		1,040		75
SunCoke Energy*		575		8
Titanium Metals		411		6
United States Steel		1,253		34
Vulcan Materials		1,095		49

				4,162

Telecommunication Services — 2.7%
AT&T		55,979		1,713
CenturyLink		5,848		235
Frontier Communications#		9,209		42


	Number of Shares		Value (000)

COMMON STOCKS — continued
Telecommunication Services — continued
MetroPCS Communications*		2,507	$	26
Sprint Nextel*		27,649		68
Verizon Communications		26,714		1,018
Windstream		4,735		57

				3,159

Utilities — 3.4%
AES*		5,893		80
AGL Resources		1,106		44
Ameren		2,369		76
American Electric Power		4,427		167
CenterPoint Energy		3,933		77
CMS Energy		2,479		53
Consolidated Edison		2,674		155
Constellation Energy Group		1,856		67
Dominion Resources		5,306		268
DTE Energy		1,593		86
Duke Energy		12,706		266
Edison International		3,018		126
Entergy		1,685		112
Exelon		6,302		246
FirstEnergy		3,969		176
Integrys Energy Group		721		38
NextEra Energy		3,938		234
NiSource		2,826		68
Northeast Utilities		1,762		63
NRG Energy*		2,354		40
Oneok		1,067		88
Pepco Holdings		2,078		41
PG&E		3,774		157
Pinnacle West Capital		1,097		52
PPL		5,287		151
Progress Energy		2,845		151
Public Service Enterprise Group		4,807		148
SCANA		1,043		47
Sempra Energy		2,141		127
Southern		8,014		354
TECO Energy		2,174		39
Wisconsin Energy		2,305		79
Xcel Energy		4,242		112

				3,988
Total Common Stocks (Cost $74,474)				116,827

PREFERRED STOCK — 0.0%
Consumer Discretionary — 0.0%
Orchard Supply Hardware Stores*#		18		–
Total Preferred Stock (Cost $0)				–

EXCHANGE TRADED FUND — 0.2% iShares S&P 500 Index Fund		1,632		224
Total Exchange Traded Fund (Cost $208)				224


	Number of Shares		Value (000)

RIGHTS — 0.0%
Sanofi*		2,454	$	3
Total Rights (Cost $6)				3

WARRANTS — 0.0%
American International Group*		580		5
Total Warrants (Cost $10)				5

AFFILIATED MONEY MARKET FUND — 1.0%
PNC Advantage Institutional Money Market Fund, Institutional Class† (A)		1,126,683		1,127
Total Affiliated Money Market Fund (Cost $1,127)				1,127
Total Investments Before Short Term Investments Purchased with Collateral from Securities Loaned – 99.8% (Cost $75,825)				118,186

SHORT TERM INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 0.1%
Affiliated Money Market Fund — 0.1%
PNC Advantage Institutional Money Market Fund, Institutional Class†		140,466		140
Total Short Term Investment Purchased with Collateral From Securities Loaned (Cost $140)				140

TOTAL INVESTMENTS — 99.9% (Cost $75,965)**				118,326
Other Assets & Liabilities – 0.1%			$	152
TOTAL NET ASSETS — 100.0%			$	118,478

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $83,117.


		Gross unrealized appreciation (000)		$36,734
		Gross unrealized depreciation (000)		(1,525)

		Net unrealized appreciation (000)		$35,209

†	See Note 2 in Notes to Schedules of Investments

#	Security fully or partially on loan. Total Value of Securities on Loan is $ 127 (000).

(A)

All or a portion of the security was held as collateral for open futures contracts.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)

Following is a reconciliation of Level 3 investments and other assets for which significant unobservable inputs were used to determine fair value:


	Number of Shares		Value (000)

COMMON STOCKS — 97.5%
Consumer Discretionary — 16.8%
Aaron’s*		119,830	$	3,348
American Axle & Manufacturing Holdings*		394,680		4,495
Buckle#		37,170		1,670
Coinstar*#		54,000		3,144
Dorman Products*		56,010		2,543
Gildan Activewear (Canada)		43,250		1,080
Madison Square Garden*		82,280		2,621
Penn National Gaming*		57,550		2,449
Tractor Supply#		39,610		3,386
WMS Industries*		81,042		1,785
Wolverine World Wide		40,170		1,532

				28,053

Consumer Staples — 4.2%
Boston Beer, Cl A*#		19,190		1,814
Corn Products International		42,390		2,431
TreeHouse Foods*		46,680		2,689

				6,934

Energy — 9.4%
Atwood Oceanics*		53,250		2,533
Contango Oil & Gas*		55,670		3,539
Oil States International*		33,450		2,717
Swift Energy*		80,620		2,421
World Fuel Services		108,790		4,532

				15,742

Financials — 21.9%
AmTrust Financial Services		213,130		5,757
Bank of the Ozarks		190,290		5,585
Credit Acceptance*		16,930		1,630
CVB Financial		162,070		1,745
FirstService (Canada)*#		72,520		2,339
Home Bancshares		89,520		2,256
Portfolio Recovery Associates*		54,730		3,816
Prosperity Bancshares		52,550		2,299
RLI		41,690		2,921
Virtus Investment Partners*		71,430		5,682
World Acceptance*		39,790		2,527

				36,557

Healthcare — 8.6%
Bio-Reference Labs*#		114,946		2,315
Catalyst Health Solutions*		47,750		2,961
MWI Veterinary Supply*		41,140		3,562
Neogen*		64,880		2,251
PAREXEL International*		130,790		3,202

				14,291

Industrials — 20.9%
Actuant		98,780		2,783
BE Aerospace*		106,320		4,874
Colfax*		146,510		4,984
EnerSys*		130,990		4,399
Esterline Technologies*		51,000		3,312
Genesee & Wyoming, Cl A*		38,190		2,269
HEICO		51,870		2,836
ICF International*		101,120		2,622
Regal-Beloit		43,930		2,965


	Number of Shares		Value (000)

Triumph Group		61,800	$	3,943

				34,987

Information Technology — 14.7%
Finisar*		92,700		1,881
Liquidity Services*		82,730		3,578
Open Text (Canada)*#		51,290		3,135
OSI Systems*		104,140		6,144
Rofin-Sinar Technologies*		94,240		2,211
Tyler Technologies*		102,850		3,885
Wright Express*		60,830		3,764

				24,598

Materials — 1.0%
Balchem		63,705		1,736
Total Common Stocks (Cost $120,237)				162,898

AFFILIATED MONEY MARKET FUND — 2.6%
PNC Advantage Institutional Money Market Fund, Institutional Class† (A)		4,362,886		4,363
Total Affiliated Money Market Fund (Cost $4,363)				4,363
Total Investments Before Short Term Investments Purchased with Collateral from Securities Loaned – 100.1% (Cost $124,600)				167,261

SHORT TERM INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 8.1%
Affiliated Money Market Fund — 8.1%
PNC Advantage Institutional Money Market Fund, Institutional Class†		13,596,299		13,596
Total Short Term Investment Purchased with Collateral From Securities Loaned (Cost $13,596)‡				13,596

TOTAL INVESTMENTS — 108.2% (Cost $138,196)**				180,857
Other Assets & Liabilities – (8.2)%				(13,712	)
TOTAL NET ASSETS — 100.0%			$	167,145

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $138,469.


		Gross unrealized appreciation (000)		$45,199
		Gross unrealized depreciation (000)		(2,811)

		Net unrealized appreciation (000)		$42,388

† See Note 2 in Notes to Schedules of Investments

#	Security fully or partially on loan. Total Value of Securities on Loan is $ 12,157 (000).

‡	See Note 8 in Notes to Financial Statements.

(A)

All or a portion of the security was held as collateral for open futures contracts.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Par (000)		Value (000)

ASSET BACKED SECURITIES — 7.5%
Automotive — 3.6%
Hyundai Auto Receivables Trust,
Series 2011-A, Cl A4
1.780%, 12/15/15	$	1,800	$	1,837
Volkswagen Auto Loan Enhanced Trust,
Series 2011-1, Cl A4
1.980%, 09/20/17		2,225		2,288
World Omni Auto Receivables Trust,
Series 2011-A, Cl A4
1.910%, 04/15/16		2,280		2,326

				6,451

Credit Cards — 1.4%
GE Capital Credit Card Master Note Trust,
Series 2010-3, Cl A
2.210%, 06/15/16		1,420		1,449
GE Capital Credit Card Master Note Trust,
Series 2012-1, Cl A
1.030%, 01/15/18		1,000		1,004

				2,453

Utilities — 2.5%
CenterPoint Energy Transition Bond LLC,
Series 2012-1, Cl A2
2.161%, 10/15/21		250		253
JCP&L Transition Funding LLC,
Series 2002-A, Cl A3
5.810%, 12/05/15		828		868
PSE&G Transition Funding LLC,
Series 2001-1, Cl A8
6.890%, 12/15/17		2,705		3,208

				4,329
Total Asset Backed Securities (Cost $12,508)				13,233

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.9%
Ginnie Mae,
Series 2009-111, Cl A
3.486%, 08/16/39		1,614		1,687
Total Collateralized Mortgage Obligations (Cost $1,628)				1,687

COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.6%
Credit Suisse First Boston Mortgage Securities,
Series 2005-C6, Cl A4
5.230%, 12/15/40 (A)		4,200		4,672
Total Commercial Mortgage-Backed Securities (Cost $4,157)				4,672

CORPORATE BONDS — 31.0%
Automotive — 0.4%
BorgWarner
4.625%, 09/15/20		430		461
Toyota Motor Credit (MTN)
2.050%, 01/12/17		300		306

				767


	Par (000)		Value (000)

Cable — 1.8%
DIRECTV Holdings LLC
4.600%, 02/15/21	$	775	$	841
Discovery Communications LLC
4.375%, 06/15/21		345		382
Historic TW
6.625%, 05/15/29		556		678
NBCUniversal Media LLC
5.150%, 04/30/20		500		578
News America
8.450%, 08/01/34		538		690
Viacom
3.500%, 04/01/17		80		86

				3,255

Consumer Discretionary — 0.4%
Hasbro
6.300%, 09/15/17		544		623

Consumer Services — 0.3%
Marriott International
3.000%, 03/01/19		445		445

Energy — 3.3%
Anadarko Petroleum
8.700%, 03/15/19		350		466
Burlington Resources Finance
7.200%, 08/15/31		450		615
EQT
8.125%, 06/01/19		470		557
Hess
5.600%, 02/15/41		500		580
Kinder Morgan Energy Partners LP (MTN)
6.950%, 01/15/38		872		1,032
Nexen
5.875%, 03/10/35		728		785
ONEOK Partners LP
6.125%, 02/01/41		355		419
Petrobras International Finance
3.875%, 01/27/16		705		735
Weatherford International
5.125%, 09/15/20		605		669

				5,858

Financials — 9.7%
American Express
7.000%, 03/19/18		425		523
Ameriprise Financial
7.300%, 06/28/19		390		477
Bank of America
5.750%, 12/01/17		1,410		1,476
Barclays Bank PLC
6.750%, 05/22/19		420		482
BBVA U.S. Senior, S.A. Unipersonal
3.250%, 05/16/14		800		787
Capital One Bank USA NA
8.800%, 07/15/19		325		397
Capital One Financial
6.750%, 09/15/17		465		540
Caterpillar Financial Services (MTN)
5.450%, 04/15/18		250		297
Citigroup
6.010%, 01/15/15		597		650


	Par (000)		Value (000)

CORPORATE BONDS — continued
Financials — continued
4.875%, 05/07/15	$	490	$	508
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.375%, 01/19/17		535		551
Credit Suisse
5.400%, 01/14/20		775		778
First Niagara Financial Group
6.750%, 03/19/20		700		762
General Electric Capital
4.625%, 01/07/21		745		809
General Electric Capital (MTN)
5.625%, 09/15/17		490		565
Goldman Sachs Group
5.950%, 01/18/18		300		324
6.150%, 04/01/18		505		547
HSBC Bank USA NA
4.875%, 08/24/20		600		604
International Lease Finance
6.500%, 09/01/14 144A		350		373
JPMorgan Chase
6.000%, 01/15/18		1,325		1,535
4.625%, 05/10/21		505		537
Mellon Funding
5.500%, 11/15/18		225		259
Merrill Lynch (MTN)
6.875%, 04/25/18		215		234
Morgan Stanley
2.875%, 07/28/14		200		199
4.000%, 07/24/15		250		250
Morgan Stanley (MTN)
5.450%, 01/09/17		650		669
Nordea Bank AB
4.875%, 05/13/21 144A		575		553
Santander US Debt SA Unipersonal
3.724%, 01/20/15 144A		600		582
Wachovia Capital Trust III
5.570%, 03/29/49 (A)		550		504
Westpac Banking
3.000%, 08/04/15		350		361

				17,133

Food, Beverage & Tobacco — 0.5%
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		625		823

Healthcare — 0.5%
Amgen
3.450%, 10/01/20		340		346
Johnson & Johnson
5.950%, 08/15/37		440		589

				935

Industrials — 1.3%
Amphenol
4.000%, 02/01/22		495		504
CRH America
4.125%, 01/15/16		610		619
L-3 Communications
4.950%, 02/15/21		510		533
Republic Services
5.700%, 05/15/41		580		688

				2,344


	Par (000)		Value (000)

Insurance — 2.6%
AON
3.500%, 09/30/15	$	575	$	601
Berkshire Hathaway Finance
4.250%, 01/15/21		400		438
Hartford Financial Services Group
6.300%, 03/15/18		465		502
MetLife
7.717%, 02/15/19		270		344
6.400%, 12/15/36		520		513
Principal Financial Group
8.875%, 05/15/19		350		451
Prudential Financial
7.375%, 06/15/19		685		848
5.375%, 06/21/20		75		84
Reinsurance Group of America
6.450%, 11/15/19		720		814

				4,595

Materials — 0.9%
ArcelorMittal
7.000%, 10/15/39		565		557
Freeport-McMoRan Copper & Gold
3.550%, 03/01/22		525		522
International Paper
7.500%, 08/15/21		460		591

				1,670

Real Estate Investment Trusts — 2.3%
CommonWealth REIT
5.875%, 09/15/20		785		806
Digital Realty Trust LP
4.500%, 07/15/15		750		783
Health Care REIT
5.250%, 01/15/22		715		755
ProLogis LP
4.500%, 08/15/17		320		329
6.625%, 12/01/19		370		416
Realty Income
6.750%, 08/15/19		390		456
WEA Finance LLC
4.625%, 05/10/21 144A		415		438

				3,983

Retail — 1.0%
Advance Auto Parts
4.500%, 01/15/22		350		372
AutoZone
4.000%, 11/15/20		200		211
Kroger
6.400%, 08/15/17		265		322
Wal-Mart Stores
5.250%, 09/01/35		650		766

				1,671

Technology — 1.1%
Hewlett-Packard
3.000%, 09/15/16		725		757
KLA-Tencor
6.900%, 05/01/18		570		684


	Par (000)		Value (000)

CORPORATE BONDS — continued
Technology — continued
Xerox
6.400%, 03/15/16	$	500	$	568

				2,009

Telecommunications — 2.0%
America Movil SAB de CV
5.000%, 03/30/20		630		715
AT&T
6.300%, 01/15/38		500		617
Bellsouth Capital Funding
7.875%, 02/15/30		145		192
Corning
4.750%, 03/15/42		365		371
GTE
6.940%, 04/15/28		805		1,002
Telefonica Emisiones SAU
3.992%, 02/16/16		700		704

				3,601

Transportation — 0.3%
Ryder System (MTN)
3.150%, 03/02/15		565		586

Utilities — 2.6%
Bruce Mansfield Unit
6.850%, 06/01/34		558		596
Dominion Resources
6.400%, 06/15/18		435		539
Exelon Generation LLC
5.750%, 10/01/41		585		673
Midamerican Energy Holdings
6.125%, 04/01/36		410		508
Progress Energy
7.050%, 03/15/19		580		722
Puget Sound Energy
5.757%, 10/01/39		395		481
Toledo Edison
7.250%, 05/01/20		495		622
Xcel Energy
4.700%, 05/15/20		400		453

				4,594
Total Corporate Bonds
(Cost $50,750)				54,892

MUNICIPAL BONDS — 0.7%
Ohio — 0.3%
Ohio State University General Receipts (RB)
4.910%, 06/01/40		435		498

Texas — 0.4%
Texas Transportation Commission (RB) Series B
5.178%, 04/01/30		555		672
Total Municipal Bonds
(Cost $988)				1,170

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 32.5%
Federal Home Loan Mortgage Corporation — 1.5%
9.500%, 10/01/20		45		51
8.500%, 09/01/16		2		2
8.000%, 07/01/25		42		50


	Par (000)		Value (000)

7.000%, 11/01/28	$	210	$	245
4.500%, 07/01/40		2,097		2,229

				2,577

Federal National Mortgage Association — 28.7%
9.000%, 11/01/24		83		102
7.000%, 10/01/33		77		90
6.000%, 07/01/28		0		0
6.000%, 01/01/34		89		99
6.000%, 09/01/36		0		0
6.000%, 09/01/38		2,035		2,258
5.500%, 12/01/33		3,825		4,187
5.500%, 05/01/35		710		775
5.500%, 12/01/36		2,502		2,733
5.000%, 06/01/20		1,542		1,670
5.000%, 04/01/23		824		888
5.000%, 10/01/35		4,713		5,096
5.000%, 06/01/37		1,504		1,626
5.000%, 03/01/40		2,521		2,747
4.500%, 08/01/20		2,807		3,017
4.500%, 09/01/35		1,391		1,484
4.500%, 10/01/39		6,587		7,027
4.500%, 01/01/40		1,731		1,846
4.500%, 04/01/41		1,040		1,109
4.000%, 03/01/26		1,691		1,796
4.000%, 11/01/40		3,316		3,494
4.000%, 01/01/41		1,531		1,629
4.000%, 02/01/41		2,124		2,238
4.000%, 12/01/41		1,986		2,093
3.500%, 03/01/41		2,681		2,775

				50,779

Government National Mortgage Association — 2.3%
8.500%, 11/15/21		30		31
8.500%, 07/15/22		6		7
8.250%, 04/20/17		2		2
8.000%, 01/15/30		193		235
6.500%, 06/15/32		95		111
6.000%, 08/15/32		45		51
6.000%, 11/15/34		6		7
4.500%, 07/15/39		1,728		1,889
4.000%, 09/15/41		1,704		1,838

				4,171
Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $54,750)				57,527

U.S. TREASURY OBLIGATIONS — 23.5%
U.S. Treasury Bonds — 5.2%
4.500%, 02/15/36		6,605		8,382
3.750%, 08/15/41		730		827

				9,209

U.S. Treasury Notes — 18.3%
3.000%, 09/30/16		1,600		1,760
2.625%, 08/15/20		3,135		3,365
2.250%, 01/31/15		135		142
2.000%, 02/15/22		120		120
1.750%, 08/15/12		7,855		7,913
1.375%, 04/15/12		3,430		3,435
1.375%, 01/15/13		2,560		2,586
1.375%, 05/15/13		2,250		2,281


	Par (000)		Value (000)

U.S. TREASURY OBLIGATIONS — continued
U.S. Treasury Notes — continued
1.250%, 10/31/15	$	2,325	$	2,381
1.250%, 01/31/19		415		412
0.750%, 05/31/12		8,060		8,073

				32,468

Total U.S. Treasury Obligations
(Cost $40,411)				41,677

	Number of Shares

PREFERRED STOCKS — 0.1%
Financial Conduits — 0.1%
Fannie Mae*		60,500		95
Freddie Mac*		44,080		68
Total Preferred Stocks
(Cost $2,502)				163

AFFILIATED MONEY MARKET FUND — 5.1%
PNC Advantage Institutional Money Market Fund, Institutional Class†		9,068,087		9,068
Total Affiliated Money Market Fund
(Cost $9,068)				9,068

TOTAL INVESTMENTS — 103.9%
(Cost $176,762)**				184,089
Other Assets & Liabilities – (3.9)%				(6,952	)
TOTAL NET ASSETS — 100.0%			$	177,137

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $176,853.


Gross unrealized appreciation (000)	$	9,699
Gross unrealized depreciation (000)		(2,463	)

Net unrealized appreciation (000)	$	7,236

†	See Note 2 in Notes to Schedules of Investments.

(A)

Variable Rate Security — the rate shown is the rate in effect on February 29, 2012.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total value of Rule 144A securities is $1,946 (000) and represents 1.10% of net assets as of February 29, 2012.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

COLLATERALIZED MORTGAGE OBLIGATIONS — 2.6%
Freddie Mac, Series 1273, Cl Z
7.500%, 05/15/22	$	40	$	46
Freddie Mac, Series 2642, Cl JE
5.000%, 09/15/32		1,500		1,635
Freddie Mac, Series 3064, Cl OG
5.500%, 06/15/34		1,050		1,144
Total Collateralized Mortgage Obligations
(Cost $2,689)				2,825
U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 93.1%
Federal Home Loan Mortgage Corporation — 11.5%
12.250%, 08/01/15		14		14
9.000%, 04/01/16 to 09/01/20		39		44
8.500%, 09/01/17 to 01/01/22		46		51
8.000%, 02/01/17 to 03/01/22		37		41
7.000%, 05/01/31		37		43
6.000%, 10/01/32		378		422
5.500%, 03/01/28 to 12/01/36		2,754		2,996
5.000%, 11/01/35		1,639		1,769
4.500%, 03/01/40 to 07/01/40		4,992		5,369
4.000%, 09/01/40		1,593		1,674

				12,423

Federal National Mortgage Association — 68.0%
12.500%, 05/01/15		3		4
11.250%, 05/01/14		5		5
10.000%, 06/01/21		7		8
9.000%, 02/01/17 to 10/01/19		7		8
8.500%, 11/01/21 to 09/01/23		21		24
8.000%, 02/01/23 to 03/01/23		8		9
7.500%, 09/01/22 to 07/01/31		156		187
7.000%, 12/01/15 to 09/01/31		125		142
6.500%, 12/01/12 to 02/01/38		2,484		2,821
6.000%, 06/01/27 to 07/01/37		7,405		8,206
5.500%, 09/01/17 to 03/01/36		9,819		10,737
5.000%, 06/01/18 to 10/01/39		13,675		14,832
4.500%, 04/01/18 to 08/01/40		20,073		21,582
4.000%, 07/01/25 to 03/01/41		9,254		9,784
3.500%, 10/01/26 to 11/01/41		4,764		4,948

				73,297

Government National Mortgage Association — 13.6%
15.000%, 05/15/12 to 01/15/13		14		14
14.000%, 09/15/12 to 02/15/15		5		5
13.500%, 10/15/12 to 01/20/15		31		32
13.000%, 10/15/13 to 06/15/15		18		18
12.500%, 10/15/13 to 11/20/15		52		52
12.000%, 12/15/12 to 09/15/15		46		47
11.500%, 02/15/13 to 08/15/14		16		17
9.250%, 12/20/16 to 05/15/21		29		29
9.000%, 04/15/16 to 11/15/24		172		193
8.750%, 12/15/16		31		31
8.500%, 01/15/17 to 09/15/24		144		158
8.000%, 04/15/17 to 05/20/30		444		519


	Par (000)		Value (000)
7.500%, 09/20/15 to 09/20/30	$	860	$	979
7.000%, 09/20/15 to 06/15/32		1,308		1,543
6.500%, 10/15/22 to 09/15/31		1,212		1,400
6.000%, 07/20/29		350		395
5.000%, 10/15/39		2,336		2,589
4.500%, 03/15/39 to 08/15/39		4,632		5,075
4.000%, 10/15/41		1,482		1,599

				14,695
Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $93,663)				100,415

	Number of Shares

AFFILIATED MONEY MARKET FUND — 4.0%
PNC Advantage Institutional Money Market Fund, Institutional Class†		4,319,765		4,320
Total Affiliated Money Market Fund
(Cost $4,320)				4,320

TOTAL INVESTMENTS — 99.7%
(Cost $100,672)*				107,560
Other Assets & Liabilities – 0.3%				322
TOTAL NET ASSETS — 100.0%			$	107,882

*	Aggregate cost for Federal income tax purposes is (000) $100,672.


Gross unrealized appreciation (000)	$	6,908
Gross unrealized depreciation (000)		(20	)

Net unrealized appreciation (000)	$	6,888

†	See Note 2 in Notes to Schedules of Investments.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Par (000)		Value (000)

CORPORATE BONDS — 94.9%
Aerospace — 2.5%
BE Aerospace
8.500%, 07/01/18	$	100	$	111
Spirit Aerosystems
7.500%, 10/01/17		75		82

				193

Airlines — 2.1%
Delta Air Lines
9.500%, 09/15/14 144A		150		161

Cable — 5.0%
AMC Networks
7.750%, 07/15/21 144A		100		112
Belo
8.000%, 11/15/16		150		167
DISH DBS
7.750%, 05/31/15		100		113

				392

Consumer Non-Cyclical — 5.6%
Hanesbrands
8.000%, 12/15/16		150		167
Interface
7.625%, 12/01/18		65		71
Quiksilver
6.875%, 04/15/15		200		200

				438

Consumer Services — 10.8%
General Motors Escrow Bond
8.375%, 12/31/49 (A) (B)		405		4
MGM Resorts International
11.125%, 11/15/17		200		228
NAI Entertainment Holdings LLC
8.250%, 12/15/17 144A		75		82
Palace Entertainment Holdings LLC
8.875%, 04/15/17 144A		150		156
Royal Caribbean Cruises
11.875%, 07/15/15		95		116
7.500%, 10/15/27		150		151
Speedway Motorsports
6.750%, 02/01/19		100		104

				841

Energy — 10.9%
Copano Energy LLC
7.750%, 06/01/18		165		175
Encore Acquisition
9.500%, 05/01/16		100		112
Samson Investment
9.750%, 02/15/20 144A		225		237
Tesoro
9.750%, 06/01/19		180		204
Transocean
6.375%, 12/15/21		100		118

				846

Financials — 5.0%
JPMorgan Chase
7.900%, 04/29/49 (C)		85		93


	Par (000)		Value (000)

Morgan Stanley
5.500%, 07/28/21	$	50	$	49
Wells Fargo
7.980%, 03/29/49 (C)		225		245

				387

Food, Beverage & Tobacco — 3.6%
Del Monte
7.625%, 02/15/19		175		175
TreeHouse Foods
7.750%, 03/01/18		100		110

				285

Healthcare — 6.1%
HCA
8.500%, 04/15/19		225		252
Mylan
7.875%, 07/15/20 144A		200		224

				476

Industrials — 17.9%
Darling International
8.500%, 12/15/18		100		112
H&E Equipment Services
8.375%, 07/15/16		160		166
Huntington Ingalls Industries
6.875%, 03/15/18		200		211
Iron Mountain
8.750%, 07/15/18		100		104
K Hovnanian Enterprises
10.625%, 10/15/16		150		140
Masco
7.750%, 08/01/29		177		178
Owens-Illinois
7.800%, 05/15/18		100		113
Pulte Group
7.875%, 06/15/32		120		110
Terex
10.875%, 06/01/16		100		114
USG
8.375%, 10/15/18 144A		145		149

				1,397

Materials — 7.8%
APERAM
7.750%, 04/01/18 144A		50		47
ArcelorMittal
9.850%, 06/01/19		150		182
Clearwater Paper
7.125%, 11/01/18		100		106
Cloud Peak Energy Resources LLC
8.500%, 12/15/19		100		109
Peabody Energy
7.875%, 11/01/26		150		161

				605

Media — 1.2%
Houghton Mifflin Harcourt Publishing
10.500%, 06/01/19 144A		150		91

Retail — 3.1%
Limited Brands
8.500%, 06/15/19		200		239


	Par (000)		Value (000)

CORPORATE BONDS — continued
Technology — 6.0%
Mantech International
7.250%, 04/15/18	$	175	$	182
Seagate HDD Cayman
7.750%, 12/15/18		100		113
SunGard Data Systems
10.625%, 05/15/15		160		170

				465

Transportation — 4.6%
Florida East Coast Railway
8.125%, 02/01/17		200		202
PHI
8.625%, 10/15/18		150		154

				356

Utilities — 2.7%
Calpine
7.500%, 02/15/21 144A		100		108
Puget Energy
6.000%, 09/01/21		100		107

				215
Total Corporate Bonds
(Cost $6,985)				7,387

	Number of Shares

COMMON STOCK — 0.5%
Automotive — 0.5%
General Motors*		1,645		43
Total Common Stock
(Cost $97)				43

PREFERRED STOCKS — 0.3%
Financial Conduits — 0.3%
Fannie Mae*		10,000		15
Freddie Mac*		3,000		5
Total Preferred Stocks
(Cost $324)				20

WARRANTS — 0.5%
General Motors, Cl A		1,496		25
General Motors, Cl B		1,496		17
Total Warrants
(Cost $114)				42

AFFILIATED MONEY MARKET FUND — 4.1%
PNC Advantage Institutional Money Market Fund, Institutional Class†		315,609		316
Total Affiliated Money Market Fund
(Cost $316)				316


	Value (000)

TOTAL INVESTMENTS — 100.3%
(Cost $7,836)**	$	7,808
Other Assets & Liabilities – (0.3)%		(24	)
TOTAL NET ASSETS — 100.0%	$	7,784

*	Non-income producing security

**	Aggregate cost for Federal income tax purposes is (000) $ 7,863.


Gross unrealized appreciation (000)	$	447
Gross unrealized depreciation (000)		(502	)
Net unrealized depreciation (000)	$	(55	)

†	See Note 2 in Notes to Schedules of Investments

(A)

Security fair valued at Valuation Hierarchy Level 3 using methods approved by the Board of Trustees.

(B)

Security in default.

(C)

Variable Rate Security — the rate shown is the rate in effect on February 29, 2012.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total value of Rule 144A securities is $1,367 (000) and represents 17.6% of net assets as of February 29, 2012.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)

Following is a reconciliation of Level 3 investments and other assets for which significant unobservable inputs were used to determine fair value:


	Par (000)		Value (000)

ASSET BACKED SECURITIES — 9.4%
BMW Vehicle Lease Trust,
Series 2010-1, Cl A3
0.820%, 04/15/13	$	1,130	$	1,131
BMW Vehicle Owner Trust,
Series 2011-A, Cl A3
0.760%, 08/25/15		1,165		1,167
Ford Credit Auto Lease Trust,
Series 2012-A, Cl A2
0.630%, 04/15/14		2,635		2,635
Honda Auto Receivables Owner Trust,
Series 2010-1, Cl A3
1.250%, 10/21/13		1,243		1,246
Hyundai Auto Receivables Trust,
Series 2011-A, Cl A4
1.780%, 12/15/15		2,625		2,680
Hyundai Auto Receivables Trust,
Series 2011-C, Cl A4
1.300%, 02/15/18		2,000		2,019
Nissan Auto Lease Trust,
Series 2010-A, Cl A3
1.390%, 01/15/16		1,412		1,414
USAA Auto Owner Trust,
Series 2009-2, Cl A3
1.540%, 02/18/14		421		422
Volkswagen Auto Lease Trust,
Series 2010-A, Cl A3
0.990%, 11/20/13		1,650		1,654
Volkswagen Auto Loan Enhanced Trust,
Series 2010-1, Cl A3
1.310%, 01/20/14		891		892
Volkswagen Auto Loan Enhanced Trust,
Series 2011-1, Cl A4
1.980%, 09/20/17		3,730		3,835
World Omni Auto Receivables Trust,
Series 2011-A, Cl A4
1.910%, 04/15/16		1,800		1,837

				20,932
Citibank Credit Card Issuance Trust,
Series 2009-A5, Cl A5
2.250%, 12/23/14		3,145		3,190
Discover Card Master Trust,
Series 2012-A1, Cl A1
0.810%, 08/15/17		480		480
GE Capital Credit Card Master Note Trust,
Series 2010-3, Cl A
2.210%, 06/15/16		980		1,000
GE Capital Credit Card Master Note Trust,
Series 2012-1, Cl A
1.030%, 01/15/18		1,570		1,576
GE Capital Credit Card Master Note Trust,
Series 2012-2, Cl A
2.220%, 01/15/22		850		851

				7,097

Utilities — 2.1%
CenterPoint Energy Transition Bond LLC,
Series 2012-1, Cl A2
2.161%, 10/15/21		640		649


	Par (000)		Value (000)

PSE&G Transition Funding LLC,
Series 2001-1, Cl A8
6.890%, 12/15/17	$	6,000	$	7,115

				7,764
Total Asset Backed Securities (Cost $34,416)				35,793

COLLATERALIZED MORTGAGE OBLIGATIONS — 3.0%
Freddie Mac, Series 2854, Cl DL
4.000%, 09/15/19		5,700		6,066
Ginnie Mae, Series 2003-113, Cl VB
4.500%, 02/16/22		5,035		5,184
Total Collateralized Mortgage Obligations (Cost $10,546)				11,250

COMMERCIAL MORTGAGE-BACKED SECURITY — 0.6%
Wachovia Bank Commercial Mortgage Trust,
Series 2006-C28, Cl A3
5.679%, 10/15/48		1,961		2,164
Total Commercial Mortgage-Backed Security (Cost $2,120)				2,164

CORPORATE BONDS — 47.6%
Automotive — 0.5%
BorgWarner
4.625%, 09/15/20		843		904
Toyota Motor Credit (MTN)
2.800%, 01/11/16		950		995
2.050%, 01/12/17		200		204

				2,103

Cable — 2.5%
Comcast
5.700%, 05/15/18		1,163		1,374
DIRECTV Holdings LLC
3.500%, 03/01/16		455		481
4.600%, 02/15/21		1,460		1,583
Historic TW
6.875%, 06/15/18		1,425		1,760
NBCUniversal Media LLC
5.150%, 04/30/20		1,660		1,919
News America
6.900%, 03/01/19		1,090		1,325
Viacom
2.500%, 12/15/16		280		289
3.500%, 04/01/17		800		859

				9,590

Consumer Discretionary — 0.5%
Hasbro
6.300%, 09/15/17		1,176		1,346
Marriott International
3.000%, 03/01/19		460		459

				1,805

Consumer Non-Cyclical — 0.2%
VF
1.243%, 08/23/13 (A)		650		650


	Par (000)		Value (000)

CORPORATE BONDS — continued
Consumer Staples — 0.3%
Procter & Gamble
0.451%, 02/06/14 (A)	$	1,265	$	1,266

Energy — 3.1%
Anadarko Petroleum
8.700%, 03/15/19		800		1,065
Enterprise Products Operating LLC
3.200%, 02/01/16		1,480		1,561
EQT
8.125%, 06/01/19		930		1,103
Hess
8.125%, 02/15/19		930		1,210
Kinder Morgan Energy Partners LP
5.950%, 02/15/18		1,110		1,321
Nexen
6.200%, 07/30/19		900		1,069
ONEOK Partners LP
3.250%, 02/01/16		845		884
Petrobras International Finance
3.875%, 01/27/16		1,360		1,419
Weatherford International
5.125%, 09/15/20		850		939
Williams Partners LP
4.125%, 11/15/20		1,130		1,193

				11,764

Financials — 13.6%
American Express
7.000%, 03/19/18		1,343		1,654
Ameriprise Financial
7.300%, 06/28/19		970		1,186
Bank of America
5.750%, 12/01/17		2,065		2,162
Barclays Bank PLC
6.750%, 05/22/19		1,025		1,177
BB&T
2.050%, 04/28/14		375		383
BBVA U.S. Senior, S.A. Unipersonal
3.250%, 05/16/14		1,433		1,410
Capital One Bank USA NA
8.800%, 07/15/19		1,725		2,108
Caterpillar Financial Services (MTN)
5.450%, 04/15/18		825		979
7.050%, 10/01/18		345		441
Citigroup
6.010%, 01/15/15		1,935		2,107
4.875%, 05/07/15		1,136		1,177
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.375%, 01/19/17		1,560		1,606
Credit Suisse
5.400%, 01/14/20		1,830		1,838
First Niagara Financial Group
6.750%, 03/19/20		1,050		1,143
General Electric Capital
5.500%, 01/08/20		5,210		5,945
Goldman Sachs Group
5.950%, 01/18/18		817		883
6.150%, 04/01/18		1,700		1,843
Harley-Davidson Financial Services
3.875%, 03/15/16 144A		425		443
HSBC Bank USA NA
4.875%, 08/24/20		1,300		1,308


	Par (000)		Value (000)

JPMorgan Chase
6.125%, 06/27/17	$	1,186	$	1,334
6.000%, 01/15/18		2,940		3,407
4.625%, 05/10/21		580		616
Mellon Funding
5.500%, 11/15/18		2,000		2,300
Merrill Lynch (MTN)
6.875%, 04/25/18		1,085		1,181
Morgan Stanley
2.875%, 07/28/14		1,405		1,394
Morgan Stanley (MTN)
5.450%, 01/09/17		1,435		1,477
Nordea Bank AB
4.875%, 05/13/21 144A		925		889
Santander US Debt SA Unipersonal
2.991%, 10/07/13 144A		2,000		1,977
Svenska Handelsbanken AB
3.125%, 07/12/16		660		679
TIAA Global Markets
4.950%, 07/15/13 144A		1,000		1,053
Toronto-Dominion Bank
1.375%, 07/14/14		940		956
UBS AG
5.750%, 04/25/18		925		1,022
Wachovia
5.625%, 10/15/16		1,395		1,568
Wachovia (MTN)
5.750%, 02/01/18		155		180
Wachovia Bank NA
5.600%, 03/15/16		1,030		1,151
Westpac Banking
3.000%, 08/04/15		635		655

				51,632

Food, Beverage & Tobacco — 0.7%
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19		750		987
Coca-Cola
0.553%, 05/15/12 (A)		1,000		1,001
1.800%, 09/01/16		630		648

				2,636

Healthcare — 1.4%
Amgen
3.450%, 10/01/20		750		763
Johnson & Johnson
0.593%, 05/15/14 (A)		645		649
Mead Johnson Nutrition
3.500%, 11/01/14		1,350		1,405
Quest Diagnostics
1.424%, 03/24/14 (A)		685		688
Sanofi
4.000%, 03/29/21		890		988
Teva Pharmaceutical Finance BV
1.423%, 11/08/13 (A)		650		657

				5,150

Industrials — 1.1%
CRH America
4.125%, 01/15/16		1,125		1,141
Deere
4.375%, 10/16/19		15		17


	Par (000)		Value (000)

CORPORATE BONDS — continued
Industrials — continued
GATX
4.750%, 10/01/12	$	940	$	958
L-3 Communications
4.950%, 02/15/21		1,040		1,087
Republic Services
5.000%, 03/01/20		850		960

				4,163

Insurance — 3.3%
ACE INA Holdings
2.600%, 11/23/15		470		487
AON
3.500%, 09/30/15		800		836
Berkshire Hathaway
3.750%, 08/15/21		2,270		2,384
Hartford Financial Services Group
6.300%, 03/15/18		855		924
MetLife
6.817%, 08/15/18		935		1,144
7.717%, 02/15/19		1,250		1,592
New York Life Global Funding
4.650%, 05/09/13 144A		1,340		1,402
Principal Financial Group
8.875%, 05/15/19		875		1,128
Prudential Financial
7.375%, 06/15/19		965		1,194
5.375%, 06/21/20		300		338
Reinsurance Group of America
6.450%, 11/15/19		955		1,080

				12,509

Materials — 1.1%
ArcelorMittal
9.850%, 06/01/19		760		922
5.250%, 08/05/20		800		788
Freeport-McMoRan Copper & Gold
3.550%, 03/01/22		1,230		1,224
International Paper
7.500%, 08/15/21		840		1,078

				4,012

Real Estate Investment Trusts — 1.9%
Boston Properties LP
4.125%, 05/15/21		950		1,004
CommonWealth REIT
5.875%, 09/15/20		910		934
Digital Realty Trust LP
4.500%, 07/15/15		1,340		1,398
Health Care REIT
4.950%, 01/15/21		900		941
ProLogis LP
4.500%, 08/15/17		550		566
6.625%, 12/01/19		450		506
Realty Income
5.950%, 09/15/16		1,035		1,153
WEA Finance LLC
4.625%, 05/10/21 144A		825		870

				7,372


	Par (000)		Value (000)

Retail — 2.1%
Advance Auto Parts
4.500%, 01/15/22	$	590	$	628
AutoZone
4.000%, 11/15/20		480		506
Kroger
6.150%, 01/15/20		915		1,129
McDonald’s (MTN)
5.000%, 02/01/19		10		12
Safeway
3.950%, 08/15/20		2,065		2,075
Target
0.610%, 01/11/13 (A)		415		415
0.735%, 07/18/14 (A)		1,003		1,006
Wal-Mart Stores
5.800%, 02/15/18		10		12
3.625%, 07/08/20		1,035		1,132
Yum Brands
3.750%, 11/01/21		915		946

				7,861

Technology — 2.3%
Amphenol
4.750%, 11/15/14		750		812
4.000%, 02/01/22		170		173
Google
3.625%, 05/19/21		1,255		1,389
Hewlett-Packard
3.750%, 12/01/20		2,375		2,418
International Business Machines
7.625%, 10/15/18		1,100		1,490
KLA-Tencor
6.900%, 05/01/18		1,140		1,369
Xerox
6.400%, 03/15/16		690		783
4.500%, 05/15/21		255		260

				8,694

Telecommunications — 3.0%
America Movil SAB de CV
5.000%, 03/30/20		1,485		1,686
AT&T
2.400%, 08/15/16		300		313
5.800%, 02/15/19		1,930		2,329
4.450%, 05/15/21		300		336
Corning
6.625%, 05/15/19		1,385		1,694
GTE
6.840%, 04/15/18		2,445		3,024
Telefonica Emisiones SAU
3.992%, 02/16/16		1,660		1,670
Verizon Communications
5.500%, 02/15/18		285		339

				11,391

Transportation — 1.3%
Burlington Northern Santa Fe
5.750%, 03/15/18		1,030		1,221
Norfolk Southern
7.700%, 05/15/17		1,000		1,262
Ryder System (MTN)
3.150%, 03/02/15		1,090		1,130


	Par (000)		Value (000)

CORPORATE BONDS — continued
Transportation — continued
Union Pacific
5.750%, 11/15/17	$	1,078	$	1,287

				4,900

U.S. Government Agency Backed Temporary Liquidity Guarantee Program — 6.5%
Ally Financial (TLGP) (FDIC)
0.559%, 12/19/12 (A)		1,470		1,473
General Electric Capital (MTN) (TLGP) (FDIC)
2.125%, 12/21/12		7,355		7,469
JPMorgan Chase Bank (TLGP) (FDIC)
2.125%, 06/22/12		880		885
2.125%, 12/26/12		7,280		7,397
Wells Fargo (TLGP) (FDIC)
0.766%, 06/15/12 (A)		7,610		7,625

				24,849

Utilities — 2.2%
Dominion Resources
6.400%, 06/15/18		1,000		1,238
Exelon Generation LLC
4.000%, 10/01/20		2,695		2,818
Metropolitan Edison
7.700%, 01/15/19		900		1,133
Midamerican Energy Holdings
5.750%, 04/01/18		1,335		1,585
Progress Energy
7.050%, 03/15/19		800		996
Southern
1.950%, 09/01/16		750		761

				8,531
Total Corporate Bonds (Cost $170,251)				180,878

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 9.8%
Federal National Mortgage Association — 9.8%
5.000%, 06/01/23		1,776		1,915
5.000%, 02/01/35		3,626		3,921
5.000%, 08/01/35		42		46
5.000%, 03/01/36		2,660		2,876
4.500%, 08/01/20		2,717		2,920
4.500%, 04/01/23		907		972
4.500%, 01/01/25		1,264		1,353
4.500%, 11/01/40		5,284		5,676
4.500%, 04/01/41		4,526		4,828
4.500%, 08/01/41		1,767		1,885
4.000%, 07/01/25		3,120		3,306
4.000%, 01/01/41		3,593		3,822
4.000%, 02/01/41		3,580		3,773

				37,293

Government National Mortgage Association — 0.0%
5.500%, 05/15/17		16		18
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $35,753)				37,311


	Par (000)		Value (000)

U.S. TREASURY OBLIGATIONS — 27.0%
U.S. Treasury Notes — 27.0%
4.250%, 08/15/13	$	29,290	$	30,988
3.000%, 09/30/16		9,745		10,719
2.625%, 01/31/18		9,100		9,894
2.625%, 08/15/20		6,135		6,586
2.375%, 08/31/14		10		10
2.250%, 01/31/15		350		368
2.125%, 08/15/21		14,075		14,352
2.000%, 02/15/22		580		581
1.875%, 10/31/17		4,700		4,913
1.750%, 08/15/12		2,815		2,836
1.375%, 04/15/12		7,100		7,111
1.375%, 05/15/13		3,645		3,695
1.250%, 08/31/15		3,025		3,100
1.250%, 10/31/15		2,310		2,366
1.250%, 01/31/19		5,155		5,112

				102,631
Total U.S. Treasury Obligations (Cost $101,172)				102,631


	Number of Shares

AFFILIATED MONEY MARKET FUND — 3.8%
PNC Advantage Institutional Money Market Fund, Institutional Class†		14,468,234		14,468
Total Affiliated Money Market Fund (Cost $14,468)				14,468

TOTAL INVESTMENTS — 101.2% (Cost $368,726)*				384,495
Other Assets & Liabilities – (1.2)%				(4,568	)
TOTAL NET ASSETS — 100.0%			$	379,927

*	Aggregate cost for Federal income tax purposes is (000) $368,812.


Gross unrealized appreciation (000)	$	15,834
Gross unrealized depreciation (000)		(151	)

Net unrealized appreciation (000)	$	15,683

†	See Note 2 in Notes to Schedules of Investments.

(A)

Variable Rate Security — the rate shown is the rate in effect on February 29, 2012.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total value of Rule 144A securities is $6,634 (000) and represents 1.75% of net assets as of February 29, 2012.

Please

see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

ASSET BACKED SECURITIES — 18.2%
Automotive — 13.0%
BMW Vehicle Lease Trust,
Series 2010-1, Cl A3
0.820%, 04/15/13	$	1,886	$	1,888
BMW Vehicle Lease Trust,
Series 2011-1, Cl A3
1.060%, 02/20/14		1,280		1,285
BMW Vehicle Owner Trust,
Series 2011-A, Cl A3
0.760%, 08/25/15		3,100		3,106
Ford Credit Auto Lease Trust,
Series 2012-A, Cl A2
0.630%, 04/15/14		2,175		2,175
Honda Auto Receivables Owner Trust,
Series 2010-1, Cl A3
1.250%, 10/21/13		1,021		1,024
Honda Auto Receivables Owner Trust,
Series 2011-1, Cl A3
1.130%, 10/15/14		2,450		2,465
Hyundai Auto Receivables Trust,
Series 2010-B, Cl A3
0.970%, 04/15/15		4,060		4,075
Hyundai Auto Receivables Trust,
Series 2011-A, Cl A3
1.160%, 04/15/15		3,130		3,151
Mercedes-Benz Auto Receivables Trust,
Series 2010-1, Cl A3
1.420%, 08/15/14		2,784		2,800
Mercedes-Benz Auto Receivables Trust,
Series 2011-I, Cl A3
0.850%, 03/16/15		1,800		1,806
Nissan Auto Lease Trust,
Series 2010-A, Cl A3
1.390%, 01/15/16		1,538		1,540
Nissan Auto Receivables Owner Trust,
Series 2011-B, Cl A3
0.950%, 02/16/16		1,650		1,656
Toyota Auto Receivables Owner Trust,
Series 2011-B, Cl A3
0.680%, 06/15/15		4,750		4,750
USAA Auto Owner Trust,
Series 2009-2, Cl A3
1.540%, 02/18/14		185		186
Volkswagen Auto Lease Trust,
Series 2010-A, Cl A3
0.990%, 11/20/13		2,845		2,851
Volkswagen Auto Loan Enhanced Trust,
Series 2011-1, Cl A4
1.980%, 09/20/17		4,805		4,940
World Omni Auto Receivables Trust,
Series 2011-A, Cl A3
1.110%, 05/15/15		2,715		2,729

				42,427

Credit Cards — 2.9%
Citibank Credit Card Issuance Trust,
Series 2009-A5, Cl A5
2.250%, 12/23/14		5,185		5,260


	Par (000)		Value (000)

GE Capital Credit Card Master Note Trust,
Series 2010-3, Cl A
2.210%, 06/15/16	$	1,690	$	1,725
GE Capital Credit Card Master Note Trust,
Series 2012-1, Cl A
1.030%, 01/15/18		2,460		2,469

				9,454

Equipment — 0.9%
John Deere Owner Trust,
Series 2010-A, Cl A3
1.320%, 05/15/14		1,650		1,656
John Deere Owner Trust,
Series 2011-A, Cl A3
1.290%, 01/15/16		1,220		1,230

				2,886

Mortgage Related — 0.0%
GE Mortgage Services LLC,
Series 1999-HE1, Cl A7
6.265%, 04/25/29		30		29

Utilities — 1.4%
CenterPoint Energy Transition Bond LLC,
Series 2012-1 Cl A1
0.901%, 04/15/18		4,360		4,367
Entergy Texas Restoration Funding LLC,
Series 2009-A, Cl A1
2.120%, 02/01/16		302		310

				4,677
Total Asset Backed Securities (Cost $59,271)				59,473

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.0%
Fannie Mae, Series 2003-113, Cl PD
4.000%, 02/25/17		803		815
Fannie Mae, Series 2003-36, Cl CA
4.500%, 06/25/17		192		193
Fannie Mae, Series 2003-48, Cl TJ
4.500%, 06/25/22		1,525		1,556
Fannie Mae, Series 2003-86, Cl PY
4.500%, 09/25/18		2,725		2,969
Fannie Mae, Series 2003-97, Cl DG
5.000%, 10/25/18		2,739		2,951
Fannie Mae, Series 2004-21, Cl AB
4.000%, 10/25/17		527		534
Fannie Mae, Series 2005-97, Cl HB
5.000%, 05/25/29		664		670
Fannie Mae, Series 2006-62, Cl TM
5.500%, 02/25/33		883		910
Fannie Mae, Series 2011-29, Cl PE
3.500%, 09/25/36		3,328		3,425
Freddie Mac, Series 2640, Cl JW
4.500%, 08/15/17		2,299		2,329
Freddie Mac, Series 2682, Cl LC
4.500%, 07/15/32		3,155		3,351
Freddie Mac, Series 2828, Cl JE
4.500%, 07/15/19		2,965		3,218
Freddie Mac, Series 2931, Cl DC
4.000%, 06/15/18		3,150		3,240


	Par (000)		Value (000)

COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Freddie Mac, Series 3057, Cl DG
4.500%, 07/15/23	$	465	$	470
Freddie Mac, Series 3535, Cl CA
4.000%, 05/15/24		1,297		1,391
Freddie Mac, Series 3563, Cl BC
4.000%, 06/15/22		2,255		2,303
Freddie Mac, Series 3564, Cl JA
4.000%, 01/15/18		1,186		1,253
Freddie Mac, Series 3786, Cl GN
4.000%, 08/15/35		2,872		3,049
Ginnie Mae, Series 2010-30, Cl NG
3.000%, 04/16/33		1,500		1,532
Total Collateralized Mortgage Obligations (Cost $36,397)				36,159

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%
Commercial Mortgage Pass Through Certificates,
Series 2006-C8, Cl A2B
5.248%, 12/10/46		1,007		1,008
Credit Suisse First Boston Mortgage Securities,
Series 2005-C3, Cl A2
4.512%, 07/15/37		268		269
Total Commercial Mortgage-Backed Securities (Cost $1,278)				1,277

CORPORATE BONDS — 25.0%
Automotive — 0.7%
Toyota Motor Credit
1.250%, 11/17/14		2,300		2,331

Cable — 1.0%
DIRECTV Holdings LLC
3.550%, 03/15/15		810		860
NBCUniversal Media LLC
3.650%, 04/30/15		1,700		1,823
Time Warner Cable
8.250%, 02/14/14		400		455

				3,138

Energy — 0.3%
BP Capital Markets PLC
3.625%, 05/08/14		900		953

Financials — 15.3%
Abbey National Treasury Services PLC
2.875%, 04/25/14		1,365		1,360
American Express
7.250%, 05/20/14		575		648
American Express Credit
7.300%, 08/20/13		1,000		1,087
American Honda Finance
1.850%, 09/19/14 144A		1,900		1,928
Bank of America (MTN)
7.375%, 05/15/14		2,465		2,664
Barclays Bank PLC
2.375%, 01/13/14		2,630		2,634
BB&T
2.050%, 04/28/14		1,320		1,347


	Par (000)		Value (000)

Capital One Bank USA NA
6.500%, 06/13/13	$	800	$	842
Capital One Financial
2.125%, 07/15/14		820		822
Caterpillar Financial Services (MTN)
6.125%, 02/17/14		1,500		1,656
Citigroup
6.000%, 12/13/13		2,475		2,626
Commonwealth Bank of Australia
2.125%, 03/17/14 144A		950		955
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.125%, 10/13/15		2,265		2,266
Credit Suisse
5.500%, 05/01/14		300		321
Credit Suisse (MTN)
5.000%, 05/15/13		2,700		2,806
Deutsche Bank AG
2.375%, 01/11/13		1,630		1,643
General Electric Capital
2.150%, 01/09/15		2,475		2,539
Goldman Sachs Group
5.250%, 10/15/13		2,500		2,618
HSBC Bank USA NA
4.625%, 04/01/14		1,758		1,859
HSBC USA
2.375%, 02/13/15		275		279
JPMorgan Chase
3.700%, 01/20/15		3,970		4,215
Morgan Stanley
6.000%, 05/13/14		2,465		2,583
Nordea Bank AB
2.125%, 01/14/14 144A		500		497
PACCAR Financial (MTN)
1.550%, 09/29/14		1,700		1,721
UBS AG
2.250%, 08/12/13		600		602
UBS AG (MTN)
2.250%, 01/28/14		500		500
Wells Fargo
3.625%, 04/15/15		1,715		1,838
Wells Fargo Bank NA
4.750%, 02/09/15		1,625		1,748
Westpac Banking
4.200%, 02/27/15		3,310		3,539

				50,143

Food, Beverage & Tobacco — 0.3%
General Mills
5.200%, 03/17/15		1,000		1,118

Healthcare — 0.9%
Sanofi
0.884%, 03/28/14(A)		1,560		1,567
1.200%, 09/30/14		450		457
Teva Pharmaceutical Finance III BV
1.700%, 03/21/14		975		993

				3,017

Insurance — 1.5%
Berkshire Hathaway
1.203%, 08/15/14(A)		700		709
MetLife
2.375%, 02/06/14		1,915		1,967


	Par (000)		Value (000)

CORPORATE BONDS — continued
Insurance — continued
Prudential Financial (MTN)
2.750%, 01/14/13	$	515	$	523
5.150%, 01/15/13		1,571		1,629

				4,828

Materials — 0.5%
EI du Pont de Nemours
5.875%, 01/15/14		1,400		1,528

Metals & Mining — 0.2%
Barrick Gold
1.750%, 05/30/14		650		663

Retail — 0.3%
Kroger
7.500%, 01/15/14		925		1,035

Technology — 1.0%
Hewlett-Packard
2.350%, 03/15/15		2,475		2,533
HP Enterprise Services LLC
6.000%, 08/01/13		832		887

				3,420

Telecommunications — 1.1%
AT&T
0.875%, 02/13/15		750		748
Telefonica Emisiones SAU
2.582%, 04/26/13		1,355		1,355
Verizon New England
4.750%, 10/01/13		1,460		1,536

				3,639

U.S. Government Agency Backed Temporary Liquidity Guarantee Program — 0.4%
John Deere Capital (MTN) (TLGP) (FDIC)
2.875%, 06/19/12		1,150		1,159

Utilities — 1.5%
Exelon Generation LLC
5.350%, 01/15/14		1,720		1,849
Midamerican Energy Holdings
5.000%, 02/15/14		1,272		1,372
NextEra Energy Capital Holdings
0.920%, 11/09/12 (A)		1,050		1,048
Progress Energy
6.050%, 03/15/14		450		496

				4,765
Total Corporate Bonds (Cost $80,516)				81,737

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 6.6%

Federal Home Loan Mortgage Corporation — 1.9%
6.000%, 05/01/21		713		768
5.500%, 03/01/22		679		737
5.500%, 04/01/22		904		980
5.060%, 03/01/36 (A)		860		912
4.500%, 02/01/19		644		702
4.500%, 05/01/19		2,111		2,249

				6,348


	Par (000)		Value (000)

Federal National Mortgage Association — 4.7%
6.000%, 09/01/16	$	191	$	204
5.500%, 09/01/17		524		571
5.500%, 10/01/17		205		224
5.500%, 11/01/18		489		534
5.000%, 06/01/18		480		520
5.000%, 12/01/21		770		833
4.936%, 01/01/36 (A)		943		999
4.500%, 04/01/14		98		105
4.500%, 06/01/21		2,120		2,279
3.500%, 06/01/20		2,950		3,096
3.500%, 11/01/20		2,860		3,001
3.304%, 04/01/35 (A)		773		818
2.534%, 12/01/34 (A)		361		383
2.415%, 11/01/32 (A)		60		61
2.346%, 07/01/34 (A)		513		550
2.345%, 08/01/33 (A)		524		556
2.299%, 09/01/36 (A)		554		585

				15,319
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $20,767)				21,667

U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.9%
Federal Home Loan Mortgage Corporation — 2.7%
4.875%, 11/15/13		3,605		3,886
2.125%, 09/21/12		5,070		5,125

				9,011

Federal National Mortgage Association — 1.2%
4.625%, 10/15/13		3,600		3,849
Total U.S. Government Agency Obligations (Cost $12,668)				12,860

U.S. TREASURY OBLIGATIONS — 31.7%
U.S. Treasury Notes — 31.7%
3.125%, 04/30/13		11,850		12,249
2.250%, 01/31/15		6,220		6,547
2.000%, 11/30/13		21,715		22,361
1.375%, 01/15/13		12,985		13,118
1.000%, 05/15/14		25,690		26,066
0.500%, 08/15/14		23,390		23,463
Total U.S. Treasury Obligations (Cost $103,652)				103,804


	Number of Shares		Value (000)

AFFILIATED MONEY MARKET FUND — 2.8%
PNC Advantage Institutional Money Market
Fund, Institutional Class†		9,134,454	$	9,134
Total Affiliated Money Market Fund
(Cost $9,134)				9,134

TOTAL INVESTMENTS — 99.6% (Cost $323,683)*				326,111
Other Assets & Liabilities – 0.4%				1,291
TOTAL NET ASSETS — 100.0%			$	327,402

*	Aggregate cost for Federal income tax purposes is (000) $323,685.


Gross unrealized appreciation (000)	$	2,922
Gross unrealized depreciation (000)		(496	)

Net unrealized appreciation (000)	$	2,426

†	See Note 2 in Notes to Schedules of Investments.

(A)

Variable Rate Security — the rate shown is the rate in effect on February 29, 2012.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total value of Rule 144A securities is $3,380 (000) and represents 1.03% of net assets as of February 29, 2012.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

ASSET BACKED SECURITIES — 7.5%
Automotive — 3.5%
Harley-Davidson Motorcycle Trust,
Series 2007-2, Cl A4
5.120%, 08/15/13	$	5	$	5
Honda Auto Receivables Owner Trust,
Series 2009-2, Cl A3
2.790%, 01/15/13		2		2
Honda Auto Receivables Owner Trust,
Series 2009-3, Cl A3
2.310%, 05/15/13		3		3
Hyundai Auto Receivables Trust,
Series 2009-A, Cl A3
2.030%, 08/15/13		6		6
Hyundai Auto Receivables Trust,
Series 2011-A, Cl A4
1.780%, 12/15/15		1,890		1,929
Hyundai Auto Receivables Trust,
Series 2011-C, Cl A4
1.300%, 02/15/18		1,660		1,676
Volkswagen Auto Lease Trust,
Series 2010-A, Cl A3
0.990%, 11/20/13		105		105
Volkswagen Auto Loan Enhanced Trust,
Series 2010-1, Cl A3
1.310%, 01/20/14		10		10
Volkswagen Auto Loan Enhanced Trust,
Series 2011-1, Cl A4
1.980%, 09/20/17		2,500		2,570
World Omni Auto Receivables Trust,
Series 2011-A, Cl A4
1.910%, 04/15/16		2,830		2,888

				9,194

Credit Cards — 2.1%
BA Credit Card Trust,
Series 2007-A8, Cl A8
5.590%, 11/17/14		40		41
Citibank Credit Card Issuance Trust,
Series 2005-A4, Cl A4
4.400%, 06/20/14		40		40
Citibank Credit Card Issuance Trust,
Series 2009-A4, Cl A4
4.900%, 06/23/16		1,100		1,206
Citibank Credit Card Issuance Trust,
Series 2009-A5, Cl A5
2.250%, 12/23/14		1,685		1,709
Discover Card Master Trust,
Series 2008-A4, Cl A4
5.650%, 12/15/15		160		171
GE Capital Credit Card Master Note Trust,
Series 2010-3, Cl A
2.210%, 06/15/16		1,375		1,403
GE Capital Credit Card Master Note Trust,
Series 2012-1, Cl A
1.030%, 01/15/18		1,000		1,004

				5,574


	Par (000)		Value (000)

Utilities — 1.9%
Atlantic City Electric Transition Funding LLC,
Series 2002-1, Cl A4
5.550%, 10/20/23	$	3,175	$	3,861
Entergy Texas Restoration Funding LLC,
Series 2009-A, Cl A1
2.120%, 02/01/16		1,149		1,176
PSE&G Transition Funding LLC,
Series 2001-1, Cl A8
6.890%, 12/15/17		65		77

				5,114
Total Asset Backed Securities
(Cost $18,820)				19,882

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.8%
Ginnie Mae,
Series 2009-111, Cl A
3.486%, 08/16/39		1,103		1,153
Ginnie Mae,
Series 2009-27, Cl A
3.279%, 07/16/37		893		927
Total Collateralized Mortgage Obligations
(Cost $2,007)				2,080

COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.5%
Citigroup/Deutsche Bank Commercial Mortgage
Trust, Series 2006-CD3, Cl AAB
5.608%, 10/15/48		1,100		1,162
Citigroup/Deutsche Bank Commercial Mortgage
Trust, Series 2007-CD4, Cl ASB
5.278%, 12/11/49		2,000		2,085
Commercial Mortgage Pass Through Certificates,
Series 2006-C8, Cl A2B
5.248%, 12/10/46		1,007		1,008
Credit Suisse First Boston Mortgage Securities,
Series 2005-C3, Cl A2
4.512%, 07/15/37		339		340
Credit Suisse First Boston Mortgage Securities,
Series 2005-C6, Cl A4
5.230%, 12/15/40 (A)		2,555		2,842
LB-UBS Commercial Mortgage Trust,
Series 2006-C3, Cl A2
5.532%, 03/15/32		9		9
Morgan Stanley Capital I,
Series 2007-HQ11, Cl A2
5.359%, 02/12/44		83		83
Morgan Stanley Capital I,
Series 2007-HQ11, Cl A31
5.439%, 02/12/44		435		456
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C10, Cl A4
4.748%, 02/15/41		58		61
Wachovia Bank Commercial Mortgage Trust,
Series 2006-C28, Cl A3
5.679%, 10/15/48		65		72


	Par (000)		Value (000)

COMMERCIAL MORTGAGE-BACKED SECURITIES — continued
Wachovia Bank Commercial Mortgage Trust,
Series 2007-C31, Cl A2
5.421%, 04/15/47	$	1,237	$	1,286

Total Commercial Mortgage-Backed Securities (Cost $8,462)				9,404

CORPORATE BONDS — 43.0%
Aerospace — 0.4%
BE Aerospace
8.500%, 07/01/18		622		691
Lockheed Martin
2.125%, 09/15/16		5		5
Spirit Aerosystems
7.500%, 10/01/17		387		421

				1,117

Airlines — 0.3%
Delta Air Lines
9.500%, 09/15/14 144A		826		886


Automotive — 0.6%
BorgWarner
4.625%, 09/15/20		610		654
Johnson Controls
5.700%, 03/01/41		425		481
5.000%, 03/30/20		5		6
2.600%, 12/01/16		5		5
Lear
7.875%, 03/15/18		325		359
Toyota Motor Credit (MTN)
2.800%, 01/11/16		5		5
2.050%, 01/12/17		5		5

				1,515


Cable — 2.8%
AMC Networks
7.750%, 07/15/21 144A		238		265
Belo
8.000%, 11/15/16		710		791
Comcast
5.700%, 05/15/18		655		774
DIRECTV Holdings LLC
4.600%, 02/15/21		1,285		1,394
3.500%, 03/01/16		5		5
Discovery Communications LLC
4.375%, 06/15/21		10		11
DISH DBS
7.750%, 05/31/15		705		798
Historic TW
6.875%, 06/15/18		5		6
6.625%, 05/15/29		775		945
NBCUniversal Media LLC
5.150%, 04/30/20		580		670
News America
8.450%, 08/01/34		1,090		1,398
Viacom
3.500%, 04/01/17		455		488

				7,545


	Par (000)		Value (000)

Consumer Discretionary — 0.3%
Hasbro
6.300%, 09/15/17	$	800	$	916


Consumer Non-Cyclical — 0.4%
Hanesbrands
8.000%, 12/15/16		605		673
Interface
7.625%, 12/01/18		125		137
Quiksilver
6.875%, 04/15/15		200		200
VF
1.243%, 08/23/13 (A)		5		5

				1,015


Consumer Services — 1.1%
Education Management LLC
8.750%, 06/01/14		330		332
Live Nation Entertainment
8.125%, 05/15/18 144A		250		266
MGM Resorts International
11.125%, 11/15/17		700		796
NAI Entertainment Holdings LLC
8.250%, 12/15/17 144A		75		83
Palace Entertainment Holdings LLC
8.875%, 04/15/17 144A		525		546
Royal Caribbean Cruises
11.875%, 07/15/15		516		628
7.500%, 10/15/27		260		262
Vail Resorts
6.500%, 05/01/19		50		52

				2,965


Energy — 5.7%
Anadarko Petroleum
8.700%, 03/15/19		30		40
6.375%, 09/15/17		925		1,110
Bill Barrett
7.625%, 10/01/19		450		470
Burlington Resources
8.200%, 03/15/25		150		198
Burlington Resources Finance
7.200%, 08/15/31		375		513
Chesapeake Energy
6.625%, 08/15/20		325		340
6.500%, 08/15/17		420		441
ConocoPhillips
5.200%, 05/15/18		10		12
Copano Energy LLC
7.750%, 06/01/18		795		843
Denbury Resources
8.250%, 02/15/20		299		341
El Paso Pipeline Partners Operating LLC
6.500%, 04/01/20		720		802
Encore Acquisition
9.500%, 05/01/16		494		552
Enterprise Products Operating LLC
3.200%, 02/01/16		15		16
EQT
8.125%, 06/01/19		610		723
Hess
8.125%, 02/15/19		5		6
5.600%, 02/15/41		520		603


	Par (000)		Value (000)

CORPORATE BONDS — continued
Energy — continued
Kinder Morgan Energy Partners LP
6.000%, 02/01/17	$	15	$	17
Kinder Morgan Energy Partners LP (MTN)
6.950%, 01/15/38		1,185		1,403
Nexen
5.875%, 03/10/35		1,240		1,337
ONEOK Partners LP
6.125%, 02/01/41		635		750
Petrobras International Finance
3.875%, 01/27/16		1,055		1,100
Samson Investment
9.750%, 02/15/20 144A		450		474
SeaRiver Maritime
3.540%, 09/01/12		735		728
Shell International Finance BV
4.300%, 09/22/19		10		11
Tesoro
9.750%, 06/01/19		455		518
Transocean
6.375%, 12/15/21		635		749
Weatherford International
5.125%, 09/15/20		995		1,099

				15,196


Financials — 9.7%
American Express
7.000%, 03/19/18		5		6
American Express Credit (MTN)
2.800%, 09/19/16		10		10
Ameriprise Financial
7.300%, 06/28/19		610		746
Bank of America
5.750%, 12/01/17		2,385		2,497
Bank of Montreal (MTN)
1.023%, 04/29/14 (A)		890		891
Barclays Bank PLC
6.750%, 05/22/19		715		821
BBVA U.S. Senior, S.A. Unipersonal
3.250%, 05/16/14		1,260		1,240
Bear Stearns LLC
6.400%, 10/02/17		20		23
BNP Paribas SA
3.600%, 02/23/16		20		20
Boeing Capital
2.900%, 08/15/18		10		11
Capital One Bank USA NA
8.800%, 07/15/19		800		978
Capital One Financial
6.750%, 09/15/17		495		575
4.750%, 07/15/21		5		5
Caterpillar Financial Services (MTN)
7.050%, 10/01/18		5		6
Citigroup
6.010%, 01/15/15		930		1,013
4.875%, 05/07/15		510		528
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.375%, 01/19/17		315		324
Credit Suisse
5.400%, 01/14/20		940		944
First Niagara Financial Group
7.250%, 12/15/21		440		464


	Par (000)		Value (000)

6.750%, 03/19/20	$	855	$	931
Ford Motor Credit LLC
7.000%, 04/15/15		800		888
General Electric Capital
5.500%, 01/08/20		305		348
4.625%, 01/07/21		560		608
Goldman Sachs Group
6.150%, 04/01/18		1,445		1,566
5.950%, 01/18/18		75		81
Harley-Davidson Financial Services
3.875%, 03/15/16 144A		300		313
HSBC Bank USA NA
4.875%, 08/24/20		575		579
4.625%, 04/01/14		610		645
HSBC Holdings PLC
5.250%, 12/12/12		20		21
5.100%, 04/05/21		5		6
International Lease Finance
6.500%, 09/01/14 144A		600		639
JPMorgan Chase
6.125%, 06/27/17		175		197
6.000%, 01/15/18		1,480		1,715
4.625%, 05/10/21		1,015		1,079
Mellon Funding
5.500%, 11/15/18		195		224
Merrill Lynch (MTN)
6.875%, 04/25/18		165		180
Morgan Stanley
4.000%, 07/24/15		250		250
2.875%, 07/28/14		930		923
Morgan Stanley (MTN)
5.450%, 01/09/17		650		669
Nordea Bank AB
4.875%, 05/13/21 144A		625		601
Private Export Funding
2.250%, 12/15/17		20		21
Santander US Debt SA Unipersonal
3.724%, 01/20/15 144A		1,000		970
Toronto-Dominion Bank
1.375%, 07/14/14		10		10
Wachovia
5.625%, 10/15/16		15		17
Wachovia Bank NA
4.875%, 02/01/15		50		54
Wachovia Capital Trust III
5.570%, 03/29/49 (A)		800		733
Wells Fargo
7.980%, 03/29/49 (A)		125		136
5.625%, 12/11/17		255		295
Westpac Banking
3.000%, 08/04/15		5		5

				25,806


Food, Beverage & Tobacco — 1.2%
Campbell Soup
4.250%, 04/15/21		10		11
Constellation Brands
8.375%, 12/15/14		705		800
Del Monte
7.625%, 02/15/19		540		542
Pernod-Ricard SA
5.750%, 04/07/21 144A		1,000		1,136


	Par (000)		Value (000)

CORPORATE BONDS — continued
Food, Beverage & Tobacco — continued
TreeHouse Foods
7.750%, 03/01/18	$	675	$	739

				3,228


Healthcare — 1.0%
Amgen
3.450%, 10/01/20		15		16
HCA
8.500%, 04/15/19		400		448
Johnson & Johnson
5.950%, 08/15/37		566		758
0.593%, 05/15/14 (A)		5		5
Life Technologies
5.000%, 01/15/21		775		841
Mylan
7.875%, 07/15/20 144A		600		671
Sanofi
4.000%, 03/29/21		10		11
Teva Pharmaceutical Finance BV
1.423%, 11/08/13 (A)		5		5

				2,755


Industrials — 3.5%
Amphenol
4.750%, 11/15/14		15		16
4.000%, 02/01/22		70		71
Avnet
5.875%, 06/15/20		295		321
Ball
5.750%, 05/15/21		475		511
Cintas No. 2
2.850%, 06/01/16		10		10
CRH America
4.125%, 01/15/16		650		659
H&E Equipment Services
8.375%, 07/15/16		715		740
Huntington Ingalls Industries
6.875%, 03/15/18		675		711
Iron Mountain
8.750%, 07/15/18		285		297
L-3 Communications
4.950%, 02/15/21		550		575
Martin Marietta Materials
6.250%, 05/01/37		685		621
Masco
7.750%, 08/01/29		400		402
7.125%, 03/15/20		288		307
Mohawk Industries
6.875%, 01/15/16		450		497
Owens-Illinois
7.800%, 05/15/18		650		736
Pulte Group
7.875%, 06/15/32		120		110
6.375%, 05/15/33		1,050		827
Republic Services
5.700%, 05/15/41		625		741
3.800%, 05/15/18		10		11
USG
8.375%, 10/15/18 144A		275		283


	Par (000)		Value (000)

Valmont Industries
6.625%, 04/20/20	$	652	$	761

				9,207


Insurance — 2.1%
ACE INA Holdings
2.600%, 11/23/15		10		10
AON
3.500%, 09/30/15		620		648
Berkshire Hathaway Finance
4.250%, 01/15/21		635		695
Hartford Financial Services Group
6.300%, 03/15/18		580		627
MetLife
7.717%, 02/15/19		65		83
6.817%, 08/15/18		470		575
6.400%, 12/15/36		720		710
Principal Financial Group
8.875%, 05/15/19		440		567
Prudential Financial
7.375%, 06/15/19		335		415
5.375%, 06/21/20		315		355
Reinsurance Group of America
6.450%, 11/15/19		700		791

				5,476


Materials — 2.8%
Alcoa
5.400%, 04/15/21		850		885
APERAM
7.750%, 04/01/18 144A		450		427
ArcelorMittal
9.850%, 06/01/19		960		1,164
5.250%, 08/05/20		5		5
BHP Billiton Finance USA
1.875%, 11/21/16		10		10
Clearwater Paper
7.125%, 11/01/18		485		517
Cloud Peak Energy Resources LLC
8.500%, 12/15/19		200		217
Dow Chemical
4.250%, 11/15/20		40		43
Freeport-McMoRan Copper & Gold
3.550%, 03/01/22		910		905
Georgia-Pacific LLC
5.400%, 11/01/20 144A		925		1,042
International Paper
9.375%, 05/15/19		5		7
7.500%, 08/15/21		765		982
MeadWestvaco
7.375%, 09/01/19		635		746
Peabody Energy
7.875%, 11/01/26		445		477

				7,427


Media — 0.1%
Houghton Mifflin Harcourt Publishing
10.500%, 06/01/19 144A		350		214


Real Estate Investment Trusts — 1.7%
Boston Properties LP
4.125%, 05/15/21		15		16


	Par (000)		Value (000)

CORPORATE BONDS — continued
Real Estate Investment Trusts — continued
CommonWealth REIT
5.875%, 09/15/20	$	655	$	672
Digital Realty Trust LP
4.500%, 07/15/15		852		889
Health Care REIT
5.250%, 01/15/22		795		840
ProLogis LP
6.625%, 12/01/19		445		500
4.500%, 08/15/17		240		247
Realty Income
6.750%, 08/15/19		541		633
5.950%, 09/15/16		5		6
5.750%, 01/15/21		115		127
WEA Finance LLC
4.625%, 05/10/21 144A		650		685

				4,615


Retail — 1.1%
Advance Auto Parts
5.750%, 05/01/20		545		618
AutoZone
4.000%, 11/15/20		10		11
Kroger
6.400%, 08/15/17		305		370
6.150%, 01/15/20		10		12
Limited Brands
8.500%, 06/15/19		795		950
7.000%, 05/01/20		210		234
McDonald’s (MTN)
5.000%, 02/01/19		15		18
Safeway
3.950%, 08/15/20		5		5
Target
0.735%, 07/18/14 (A)		15		15
Wal-Mart Stores
5.800%, 02/15/18		15		18
5.625%, 04/01/40		515		651
Yum Brands
3.750%, 11/01/21		5		5

				2,907


Technology — 1.4%
Hewlett-Packard
3.750%, 12/01/20		30		31
3.000%, 09/15/16		825		862
2.125%, 09/13/15		10		10
KLA-Tencor
6.900%, 05/01/18		615		738
Mantech International
7.250%, 04/15/18		770		803
Seagate HDD Cayman
7.750%, 12/15/18		600		675
Xerox
6.400%, 03/15/16		580		658
4.500%, 05/15/21		5		5

				3,782


Telecommunications — 1.6%
America Movil SAB de CV
5.000%, 03/30/20		630		715


	Par (000)		Value (000)

AT&T
6.300%, 01/15/38	$	600	$	740
4.450%, 05/15/21		20		23
2.400%, 08/15/16		5		5
Bellsouth Capital Funding
7.875%, 02/15/30		175		232
Corning
6.625%, 05/15/19		15		18
GTE
6.940%, 04/15/28		1,110		1,382
Telefonica Emisiones SAU
3.992%, 02/16/16		1,070		1,077

				4,192


Transportation — 0.8%
Florida East Coast Railway
8.125%, 02/01/17		475		480
Norfolk Southern
7.700%, 05/15/17		450		568
PHI
8.625%, 10/15/18		540		554
Ryder System (MTN)
3.150%, 03/02/15		625		648

				2,250


U.S. Government Agency Backed Temporary Liquidity
Guarantee Program — 1.4%
Ally Financial (TLGP) (FDIC)
0.559%, 12/19/12 (A)		1,600		1,603
Goldman Sachs Group (TLGP) (FDIC)
3.250%, 06/15/12		10		10
JPMorgan Chase Bank (TLGP) (FDIC)
2.125%, 12/26/12		55		56
Wells Fargo (TLGP) (FDIC)
0.766%, 06/15/12 (A)		2,000		2,004

				3,673


Utilities — 3.0%
Bruce Mansfield Unit
6.850%, 06/01/34		630		674
Calpine
7.500%, 02/15/21 144A		610		662
Dominion Resources
8.875%, 01/15/19		5		7
6.400%, 06/15/18		755		935
Duke Energy Indiana
3.750%, 07/15/20		5		5
Exelon Generation LLC
5.750%, 10/01/41		805		926
4.000%, 10/01/20		25		26
Ipalco Enterprises
7.250%, 04/01/16 144A		500		555
Midamerican Energy Holdings
6.125%, 04/01/36		5		6
5.750%, 04/01/18		15		18
NRG Energy
7.375%, 01/15/17		720		747
Progress Energy
7.050%, 03/15/19		595		741
Puget Energy
6.000%, 09/01/21		890		951


	Par (000)		Value (000)

CORPORATE BONDS — continued
Utilities — continued
Puget Sound Energy
5.757%, 10/01/39	$	495	$	603
Southern
1.950%, 09/01/16		5		5
Toledo Edison
7.250%, 05/01/20		858		1,079

				7,940

Total Corporate Bonds (Cost $107,518)				114,627


LOAN AGREEMENT — 0.2%
HCA
1.494%, 11/16/12 (A)		512		510

Total Loan Agreement (Cost $509)				510


MUNICIPAL BONDS — 0.5%
Ohio — 0.2%
Ohio State University General Receipts (RB)
4.910%, 06/01/40		595		681


Texas — 0.3%
Texas Transportation Commission (RB) Series B
5.178%, 04/01/30		600		726

Total Municipal Bonds (Cost $1,214)				1,407


U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — 28.4%
Federal Home Loan Mortgage Corporation — 3.2%
8.000%, 10/01/29		3		3
7.500%, 07/01/26		1		2
7.500%, 03/01/27		2		3
7.500%, 09/01/30		2		2
7.000%, 11/01/28		2		2
7.000%, 11/01/30		1		1
7.000%, 04/01/32		5		5
6.000%, 12/01/35		1,391		1,543
6.000%, 07/01/37		747		823
6.000%, 09/01/38		11		12
5.500%, 10/01/18		752		823
5.500%, 12/01/36		266		290
5.500%, 04/01/37		8		9
5.500%, 09/01/37		251		274
5.500%, 11/01/37		13		14
5.500%, 01/01/38		10		11
5.500%, 02/01/38		10		11
5.060%, 03/01/36 (A)		997		1,057
5.000%, 11/01/18		688		737
5.000%, 01/01/19		623		667
5.000%, 08/01/20		4		4
5.000%, 10/01/34		864		933
5.000%, 04/01/36		48		51
5.000%, 08/01/36		23		25
5.000%, 04/01/38		15		16
4.928%, 01/01/36 (A)		26		27
4.500%, 11/01/18		776		823
4.500%, 06/01/23		14		15


	Par (000)		Value (000)

4.500%, 07/01/40	$	156	$	166
2.539%, 12/01/36 (A)		13		13

				8,362


Federal National Mortgage Association — 22.2%
8.000%, 08/01/27		36		44
8.000%, 09/01/27		4		4
8.000%, 10/01/27		1		1
8.000%, 05/01/30		2		2
7.500%, 08/01/26		3		4
7.500%, 10/01/27		25		30
7.500%, 04/01/30		2		2
7.500%, 07/01/30		1		1
7.500%, 01/01/31		5		5
7.500%, 04/01/31		4		4
7.500%, 08/01/31		10		12
7.000%, 09/01/14		1		1
7.000%, 05/01/22		2		2
7.000%, 04/01/27		5		6
7.000%, 11/01/27		12		14
7.000%, 03/01/29		25		29
7.000%, 04/01/29		4		5
7.000%, 05/01/29		3		4
7.000%, 07/01/31		7		9
7.000%, 08/01/32		2		3
7.000%, 10/01/33		1		1
6.000%, 09/01/32		2		3
6.000%, 10/01/33		9		10
6.000%, 12/01/36		1,701		1,875
6.000%, 07/01/37		23		26
6.000%, 02/01/38		60		66
5.500%, 09/01/17		991		1,080
5.500%, 01/01/19		9		9
5.500%, 11/01/32		3		3
5.500%, 05/01/33		7		8
5.500%, 07/01/33		6		7
5.500%, 11/01/33		9		10
5.500%, 01/01/34		603		659
5.500%, 04/01/34		1,038		1,135
5.500%, 03/01/35		11		12
5.500%, 10/01/35		8		9
5.500%, 03/01/36		20		23
5.500%, 04/01/37		1,789		1,950
5.500%, 06/01/37		528		576
5.500%, 07/01/37		94		103
5.500%, 02/01/38		7		8
5.500%, 03/01/38		144		157
5.500%, 07/01/38		1,988		2,167
5.500%, 08/01/38		1,807		1,971
5.500%, 06/01/39		1,787		1,948
5.000%, 12/01/18		18		19
5.000%, 02/01/19		25		28
5.000%, 06/01/20		1,135		1,229
5.000%, 07/01/23		37		40
5.000%, 07/01/33		99		106
5.000%, 10/01/33		20		21
5.000%, 11/01/33		26		28
5.000%, 05/01/34		5		5
5.000%, 06/01/34		23		24
5.000%, 03/01/35		1,631		1,764
5.000%, 11/01/35		1,490		1,611
5.000%, 12/01/35		24		26


	Par (000)		Value (000)

U.S. GOVERNMENT AGENCY MORTGAGE- BACKED OBLIGATIONS — continued
Federal National Mortgage Association — continued
5.000%, 01/01/36	$	781	$	845
5.000%, 03/01/36		826		893
5.000%, 05/01/36		1,529		1,653
5.000%, 12/01/36		218		236
5.000%, 08/01/37		46		50
5.000%, 02/01/38		1,548		1,674
5.000%, 04/01/38		90		97
5.000%, 08/01/39		50		54
5.000%, 03/01/40		909		990
5.000%, 08/01/40		2,162		2,337
4.500%, 08/01/20		813		874
4.500%, 10/01/20		12		13
4.500%, 03/01/21		25		27
4.500%, 04/01/23		605		648
4.500%, 06/01/23		14		16
4.500%, 07/01/23		8		9
4.500%, 06/01/24		7		7
4.500%, 07/01/24		725		776
4.500%, 01/01/25		25		27
4.500%, 11/01/33		11		12
4.500%, 05/01/34		19		21
4.500%, 09/01/35		1,995		2,129
4.500%, 02/01/39		938		1,000
4.500%, 03/01/39		2,795		2,982
4.500%, 06/01/39		1,518		1,658
4.500%, 01/01/40		1,246		1,329
4.500%, 05/01/40		5,365		5,764
4.500%, 07/01/40		23		24
4.500%, 11/01/40		66		71
4.500%, 04/01/41		1,134		1,209
4.000%, 10/01/25		1,239		1,313
4.000%, 11/01/40		4,694		4,946
4.000%, 01/01/41		52		55
4.000%, 02/01/41		2,313		2,437
4.000%, 12/01/41		50		53
3.500%, 03/01/41		3,797		3,930
2.197%, 08/01/35 (A)		9		9

				59,067


Government National Mortgage Association — 3.0%
10.000%, 05/15/19		2		2
9.000%, 11/15/16		5		5
9.000%, 11/15/19		5		5
9.000%, 05/15/21		1		1
9.000%, 06/15/21		28		29
9.000%, 08/15/21		8		8
9.000%, 09/15/21		17		17
8.500%, 08/15/27		15		16
8.000%, 09/15/27		7		7
7.500%, 10/15/29		26		28
7.500%, 12/15/29		2		3
7.000%, 02/15/17		40		43
7.000%, 05/20/24		3		4
7.000%, 10/15/25		4		5
7.000%, 04/15/26		1		2
7.000%, 01/15/27		6		7
7.000%, 09/15/27		2		3
7.000%, 10/15/27		45		53
7.000%, 12/15/27		2		2
7.000%, 04/15/28		–		1


	Par (000)		Value (000)

7.000%, 04/15/29	$	3	$	4
6.500%, 02/15/26		3		4
6.500%, 07/15/28		4		5
6.500%, 04/15/32		3		3
6.500%, 06/15/32		2		2
6.000%, 02/15/32		7		8
6.000%, 11/15/32		3		4
6.000%, 08/15/33		1		1
5.000%, 09/15/39		2,731		3,036
4.500%, 08/15/39		1,915		2,093
4.000%, 09/15/41		2,470		2,664

				8,065

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $72,059)				75,494


U.S. TREASURY OBLIGATIONS — 13.2%
U.S. Treasury Bonds — 4.8%
4.500%, 02/15/36		8,440		10,711
3.750%, 08/15/41		1,820		2,060

				12,771


U.S. Treasury Notes — 8.4%
4.250%, 08/15/13		130		138
2.625%, 01/31/18		85		92
2.625%, 08/15/20		60		64
2.250%, 01/31/15		15		16
2.125%, 08/15/21		80		82
2.000%, 02/15/22		235		235
1.875%, 06/15/12		5,025		5,051
1.875%, 10/31/17		40		42
1.750%, 08/15/12		6,635		6,684
1.375%, 04/15/12		3,320		3,325
1.375%, 01/15/13		1,510		1,526
1.375%, 05/15/13		495		502
1.250%, 08/31/15		10		10
1.250%, 10/31/15		3,850		3,943
1.250%, 01/31/19		720		714
1.125%, 12/15/12		60		60

				22,484

Total U.S. Treasury Obligations (Cost $33,819)				35,255


	Number of Shares		Value (000)

PREFERRED STOCKS — 0.1%
Financial Conduits — 0.1%
Fannie Mae*		77,000	$	120
Freddie Mac*		52,400		81

Total Preferred Stocks (Cost $3,083)				201


AFFILIATED MONEY MARKET FUND — 4.8%
PNC Advantage Institutional Money Market
Fund, Institutional Class†		12,662,232		12,662

Total Affiliated Money Market Fund (Cost $12,662)				12,662


TOTAL INVESTMENTS — 102.0% (Cost $260,153)**				271,522

Other Assets & Liabilities – (2.0)%				(5,222	)

TOTAL NET ASSETS — 100.0%			$	266,300

* Non-income producing security

** Aggregate cost for Federal income tax purposes is (000) $260,401.


Gross unrealized appreciation (000)	$	14,281
Gross unrealized depreciation (000)		(3,160	)

Net unrealized appreciation (000)	$	11,121

†	See Note 2 in Notes to Schedules of Investments.

(A)

Variable Rate Security — the rate shown is the rate in effect on February 29, 2012.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total value of Rule 144A securities is $10,718 (000) and represents 4.02% of net assets as of February 29, 2012.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

ASSET BACKED SECURITIES — 19.2%
Automotive — 12.5%
BMW Vehicle Lease Trust,
Series 2011-1, Cl A3
1.060%, 02/20/14	$	2,660	$	2,671
BMW Vehicle Owner Trust,
Series 2011-A, Cl A2
0.630%, 02/25/14		3,645		3,647
Ford Credit Auto Lease Trust,
Series 2012-A, Cl A2
0.630%, 04/15/14		3,800		3,800
Ford Credit Auto Owner Trust,
Series 2009-D, Cl A4
2.980%, 08/15/14		8,690		8,871
Honda Auto Receivables Owner Trust,
Series 2009-3, Cl A3
2.310%, 05/15/13		891		894
Honda Auto Receivables Owner Trust,
Series 2010-1, Cl A3
1.250%, 10/21/13		2,714		2,722
Hyundai Auto Receivables Trust,
Series 2010-B, Cl A2
0.570%, 03/15/13		54		54
Hyundai Auto Receivables Trust,
Series 2011-A, Cl A3
1.160%, 04/15/15		5,925		5,965
Mercedes-Benz Auto Lease Trust,
Series 2011-1A, Cl A2
0.790%, 04/15/13 144A		3,057		3,058
Mercedes-Benz Auto Receivables Trust,
Series 2010-1, Cl A3
1.420%, 08/15/14		2,192		2,204
Nissan Auto Lease Trust,
Series 2010-A, Cl A3
1.390%, 01/15/16		2,948		2,952
Nissan Auto Lease Trust,
Series 2011-A, Cl A2A
0.700%, 01/15/14		3,713		3,714
Nissan Auto Receivables Owner Trust,
Series 2011-B, Cl A2
0.740%, 09/15/14		5,455		5,466
Toyota Auto Receivables Owner Trust,
Series 2011-B, Cl A2
0.530%, 04/15/14		5,695		5,696
Volkswagen Auto Lease Trust,
Series 2010-A, Cl A3
0.990%, 11/20/13		6,615		6,629
Volkswagen Auto Loan Enhanced Trust,
Series 2010-1, Cl A3
1.310%, 01/20/14		2,588		2,594
World Omni Auto Receivables Trust,
Series 2011-A, Cl A2
0.640%, 11/15/13		3,171		3,171

				64,108


Credit Cards — 6.1%
American Express Credit Account Master Trust,
Series 2007-5, Cl A
0.279%, 12/15/14 (A)		2,965		2,965


	Par (000)		Value (000)

BA Credit Card Trust,
Series 2008-A7, Cl A7
0.949%, 12/15/14 (A)	$	6,170	$	6,185
Capital One Multi-Asset Execution Trust,
Series 2005-A10, Cl A
0.329%, 09/15/15 (A)		7,010		7,011
Chase Issuance Trust,
Series 2007-A16, Cl A16
0.846%, 06/16/14 (A)		7,300		7,305
GE Capital Credit Card Master Note Trust,
Series 2010-3, Cl A
2.210%, 06/15/16		7,875		8,038

				31,504


Equipment — 0.6%
John Deere Owner Trust,
Series 2011-A, Cl A2
0.640%, 06/16/14		2,912		2,914

Total Asset Backed Securities
(Cost $98,452)				98,526


COLLATERALIZED MORTGAGE OBLIGATIONS — 6.7%
Banc of America Mortgage Securities
Series 2003-A, Cl 1A1
2.872%, 02/25/33 (A)		8		7
Fannie Mae, Series 2002-47, Cl PE
5.500%, 08/25/17		1,923		2,055
Fannie Mae, Series 2003-120, Cl BK
3.500%, 11/25/16		311		312
Fannie Mae, Series 2003-61, Cl HN
4.000%, 08/25/28		11		11
Fannie Mae, Series 2003-81, Cl NY
4.500%, 09/25/16		27		27
Fannie Mae, Series 2003-92, Cl PD
4.500%, 03/25/17		1,515		1,533
Fannie Mae, Series 2004-19, Cl AB
4.000%, 10/25/17		941		953
Fannie Mae, Series 2004-33, Cl MW
4.500%, 01/25/30		1,774		1,873
Fannie Mae, Series 2004-36, Cl EA
4.500%, 03/25/18		470		478
Fannie Mae, Series 2005-105, Cl TL
5.500%, 11/25/31		418		428
Fannie Mae, Series 2005-46, Cl TW
5.000%, 09/25/18		300		300
Fannie Mae, Series 2008-51, Cl CD
4.500%, 11/25/22		5,268		5,509
Freddie Mac, Series 2144, Cl ME
4.500%, 04/15/14		723		723
Freddie Mac, Series 2579, Cl MW
3.835%, 09/15/17		1,071		1,088
Freddie Mac, Series 2663, Cl BA
4.000%, 08/15/16		31		31
Freddie Mac, Series 2677, Cl LD
4.500%, 03/15/17		2,702		2,740
Freddie Mac, Series 2695, Cl BO
4.500%, 08/15/28		845		849
Freddie Mac, Series 2695, Cl DE
4.000%, 01/15/17		1,183		1,194
Freddie Mac, Series 2754, Cl PC
5.000%, 12/15/28		395		396


	Par (000)		Value (000)

COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Freddie Mac, Series 2812, Cl AB
4.500%, 10/15/18	$	858	$	877
Freddie Mac, Series 2877, Cl GP
4.000%, 11/15/18		774		792
Freddie Mac, Series 2885, Cl PC
4.500%, 03/15/18		1,890		1,913
Freddie Mac, Series 2887, Cl EA
4.500%, 12/15/18		1,325		1,360
Freddie Mac, Series 2929, Cl BD
4.250%, 06/15/19		2,085		2,158
Freddie Mac, Series 2945, Cl HE
4.500%, 02/15/19		4,121		4,242
Freddie Mac, Series 3023, Cl PN
4.850%, 01/15/29		165		165
Freddie Mac, Series 3137, Cl DN
5.000%, 02/15/20		92		92
Ginnie Mae, Series 2009-81, Cl WA
2.000%, 08/20/39		2,473		2,492

Total Collateralized Mortgage Obligations
(Cost $34,982)				34,598

CORPORATE BONDS — 17.1%
Automotive — 0.6%
Volkswagen International Finance NV
1.031%, 10/01/12 (A) 144A		3,000		3,001


Consumer Non-Cyclical — 0.3%
VF
1.243%, 08/23/13 (A)		1,545		1,545


Financials — 12.1%
American Express Bank FSB
5.550%, 10/17/12		2,650		2,727
Bank of America (MTN)
4.900%, 05/01/13		5,000		5,138
Bank of Nova Scotia
0.823%, 02/15/13 (A)		4,235		4,244
Barclays Bank PLC
2.500%, 01/23/13		3,975		4,009
Citigroup
5.500%, 04/11/13		3,670		3,808
Credit Suisse (MTN)
5.000%, 05/15/13		5,000		5,197
Deutsche Bank AG
2.375%, 01/11/13		3,950		3,981
General Electric Capital
2.100%, 01/07/14		6,000		6,120
Goldman Sachs Group
4.750%, 07/15/13		3,815		3,955
HSBC Bank PLC
0.933%, 05/15/13 144A		5,000		4,976
JPMorgan Chase (MTN)
2.050%, 01/24/14		5,845		5,959
Merrill Lynch
5.450%, 02/05/13		300		308
Morgan Stanley
5.300%, 03/01/13		860		885
Morgan Stanley (MTN)
5.750%, 08/31/12		3,000		3,070
Wachovia (MTN)
5.500%, 05/01/13		300		316


	Par (000)		Value (000)

Wells Fargo
4.375%, 01/31/13	$	4,850	$	5,020
Westpac Banking
2.250%, 11/19/12		2,375		2,405

				62,118


Food, Beverage & Tobacco — 0.4%
Anheuser-Busch InBev Worldwide
3.000%, 10/15/12		2,000		2,029


Healthcare — 0.5%
Teva Pharmaceutical Finance BV
1.423%, 11/08/13 (A)		2,240		2,263


Insurance — 1.8%
Allstate Life Global Funding Trusts (MTN)
5.375%, 04/30/13		2,000		2,108
Metropolitan Life Global Funding I
5.125%, 04/10/13 144A		3,850		4,018
Prudential Financial (MTN)
5.150%, 01/15/13		3,100		3,214

				9,340


Materials — 0.5%
BHP Billiton Finance USA
0.762%, 02/18/14 (A)		2,400		2,399


Technology — 0.2%
HP Enterprise Services LLC
6.000%, 08/01/13		1,076		1,148


Telecommunications — 0.7%
Verizon Communications
1.184%, 03/28/14 (A)		3,500		3,529

Total Corporate Bonds
(Cost $87,140)				87,372

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 0.0%
Federal National Mortgage Association — 0.0%
5.500%, 12/01/13		171		186

Total U.S. Government Agency Mortgage-Backed Obligation
(Cost $176)				186

U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.8%
Federal Home Loan Bank — 4.2%
Federal Home Loan Bank
1.625%, 09/26/12		21,040		21,214


Federal Home Loan Mortgage Corporation — 5.5%
Federal Home Mortgage Loan Mortgage Corporation
1.625%, 04/15/13		27,685		28,110


Federal National Mortgage Association — 8.1%
Federal National Mortgage Association
0.500%, 10/30/12		26,475		26,529
4.625%, 10/15/13		14,160		15,140

				41,669

Total U.S. Government Agency Obligations
(Cost $90,996)				90,993


	Par (000)		Value (000)

U.S. TREASURY OBLIGATIONS — 35.5%
U.S. Treasury Notes — 35.5%
3.375%, 07/31/13	$	39,265	$	40,994
3.125%, 04/30/13		34,200		35,353
1.375%, 09/15/12		29,930		30,126
1.375%, 01/15/13		68,210		68,911
0.625%, 07/31/12		6,410		6,423

Total U.S. Treasury Obligations
(Cost $181,832)				181,807


	Number of Shares

AFFILIATED MONEY MARKET FUND — 3.1%
PNC Advantage Institutional Money Market Fund, Institutional Class†		15,720,014		15,720

Total Affiliated Money Market Fund
(Cost $15,720)				15,720


TOTAL INVESTMENTS — 99.4%
(Cost $509,298)*				509,202

Other Assets & Liabilities – 0.6%				3,024

TOTAL NET ASSETS — 100.0%			$	512,226

*	Aggregate cost for Federal income tax purposes is (000) $509,302.

†	See Note 2 in Notes to Schedules of Investments.

(A)

Variable Rate Security — the rate shown is the rate in effect on February 29, 2012.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exemptfrom registration, normally to qualified institutional buyers. Total value of Rule 144A securities is $15,053 (000) and represents 2.9% of net assets as of February 29, 2012.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

MUNICIPAL BONDS — 97.2%
Arizona — 1.6%
Arizona School Facilities Board (RB) (AMBAC)
5.000%, 07/01/16	$	1,000	$	1,120
5.000%, 07/01/17		1,000		1,138

				2,258

California — 10.1%
California Educational Facilities Authority, University of Southern California (RB) Series C
5.250%, 10/01/24		2,100		2,751
California State (GO)
5.000%, 10/01/16		1,500		1,762
5.000%, 10/01/20		2,000		2,418
California State Department of Water Resources,
Power Supply (RB)
5.000%, 05/01/20		1,405		1,669
California State Department of Water Resources,
Power Supply (RB) Series L
5.000%, 05/01/15		2,200		2,507
Los Angeles Unified School District,
Election 2004 (GO) Series H (AGM)
5.000%, 07/01/16		1,000		1,180
5.000%, 07/01/25		2,025		2,314

				14,601

Colorado — 1.4%
Colorado Water Resources & Power Development
Authority (RB) Series A2
5.500%, 09/01/21		1,500		1,959

Delaware — 1.0%
Delaware (GO) Series 2009C
5.000%, 10/01/24		1,125		1,477

Florida — 10.1%
Citizens Property Insurance (RB) Series A-1
6.000%, 06/01/16		750		864
5.000%, 06/01/16		3,500		3,897
Florida State Department of
Transportation (RB)
5.000%, 07/01/18		1,850		2,152
Florida State Department of
Transportation (RB) Series A
5.000%, 07/01/20		4,715		5,650
University of North Florida Financing
Corporation, Housing Project
(RB) (NATL-RE FGIC)
5.000%, 11/01/18		1,720		1,962

				14,525

Georgia — 1.1%
Gwinnett County School District (GO)
5.000%, 02/01/22		1,250		1,597

Illinois — 5.2%
Chicago (RB) Series A
5.000%, 01/01/25		1,515		1,743
Illinois State Sales Tax (RB)
5.000%, 06/15/17		1,000		1,201
5.000%, 06/15/25		1,100		1,153


	Par (000)		Value (000)

Will County Forest Preservation District (GO)
5.000%, 12/15/20	$	2,775	$	3,424

				7,521

Indiana — 0.8%
Ball State University (RB) Series P
5.000%, 07/01/26		1,000		1,139

Kansas — 0.9%
Olathe, Olathe Medical Center (RB) Series A
5.000%, 09/01/26		1,190		1,335

Louisiana — 2.0%
Louisiana Public Facilities Authority, Ochsner
Clinic Foundation Project (RB)
5.250%, 05/15/23		2,655		2,885

Massachusetts — 11.4%
Massachusetts (GO) Series C
5.000%, 12/01/15		1,375		1,601
Massachusetts (RB) Series A (NATL-RE FGIC)
5.500%, 06/01/15		4,000		4,628
Massachusetts Bay Transportation
Authority (RB) Series A
5.000%, 07/01/25		1,000		1,280
Massachusetts Bay Transportation
Authority (RB) Series B
5.250%, 07/01/23		1,000		1,301
Massachusetts Development Finance Agency,
Tufts Medical Center (RB) Series I
6.250%, 01/01/27		1,000		1,140
Massachusetts Water Pollution Abatement (RB)
5.250%, 08/01/26		2,315		3,081
Massachusetts Water Resources Authority (RB)
Series B (AGM)
5.250%, 08/01/23		1,125		1,464
Massachusetts Water Resources Authority (RB)
Series J (AGM)
5.500%, 08/01/21		1,455		1,891

				16,386

Michigan — 4.5%
Michigan Environmental
Program (GO) Series A
5.000%, 05/01/17		1,000		1,177
Michigan Municipal Bond Authority, Clean Water
Pooled Project (RB)
5.000%, 10/01/14		2,000		2,234
Michigan State Hospital Finance Authority,
Edward W. Sparrow Hospital Association (RB)
5.000%, 11/15/18		1,000		1,114
Warren Consolidated Schools (GO) (Q-SBLF)
5.250%, 05/01/17		1,930		2,022

				6,547

Nebraska — 1.9%
City of Omaha, Omaha Convention
Center/Arena Project (GO)
5.250%, 04/01/25		2,050		2,686


	Par (000)		Value (000)

MUNICIPAL BONDS — continued
Nevada — 7.0%
Clark County School District (GO) Series C
5.000%, 06/15/17	$	3,000	$	3,583
Clark County, Park and Regional Justice Center
(GO) Series B (AMBAC)
5.000%, 11/01/24		1,100		1,190
Nevada (GO) Series D
5.000%, 06/01/18		4,400		5,297

				10,070

New Mexico — 1.0%
New Mexico Finance Authority (RB)
5.000%, 06/15/21		1,160		1,467

New York — 3.0%
New York Local Government Assistance
Corporation (RB) Series 2008B-C/D
5.000%, 04/01/20		3,000		3,661
New York State Dormitory Authority, Residential
Institution for Children (RB) (SONYMA)
5.000%, 06/01/15		650		721

				4,382

North Carolina — 3.9%
North Carolina Eastern Municipal Power Agency
(RB) Series A (ETM)
5.000%, 01/01/21		2,665		3,361
North Carolina Medical Care Commission,
Caromont Health (RB) (AGM)
5.000%, 02/15/14		1,000		1,067
North Carolina Medical Care Commission,
Mission Health Combined Group (RB)
5.000%, 10/01/22		1,120		1,272

				5,700

Ohio — 2.9%
Butler County Hospital Facilities,
UC Health Project (RB)
5.500%, 11/01/22		2,500		2,868
Ohio State Water Development Authority, Fresh
Water Project (RB)
5.500%, 06/01/21		1,000		1,306

				4,174

Pennsylvania — 10.1%
Allegheny County Hospital Development
Authority, University of Pittsburgh Medical
Center Project (RB) Series A
5.000%, 09/01/18		2,000		2,411
Central Bucks School District (GO)
(NATL-RE FGIC) (ETM)
5.000%, 05/15/22		1,715		2,215
Pennsylvania Higher Educational Facilties
Authority, Elizabethtown College Project (RB)
Series FF2 (RADIAN)
5.000%, 12/15/16		1,425		1,545
Philadelphia Hospitals and Higher Education
Facilties Authority, Jefferson Health System
(RB) Series B
5.000%, 05/15/17		2,740		3,201


	Par (000)		Value (000)

Philadelphia School District (GO)
Series B (AGM)
5.000%, 06/01/17	$	1,015	$	1,179
Pittsburgh (GO) Series C (AGM)
5.250%, 09/01/18		1,000		1,138
West Chester Area School District (GO) Series AA
5.000%, 03/15/22		2,400		2,920

				14,609

Texas — 11.3%
Austin Independent School
District (GO) (PSF-GTD)
5.000%, 08/01/16		2,000		2,383
Beaumont (GO)
5.000%, 03/01/20		2,040		2,484
Harris County (GO) Series B
5.000%, 10/01/21		1,000		1,239
Harris County Cultural Education Facilities
Finance Corporation, Methodist Hospital
System (RB)
5.000%, 06/01/14		750		822
Spring Branch Independent School
District (GO) (PSF-GTD)
5.000%, 02/01/17		2,000		2,398
Texas Tech University (RB) Twelfth Series
5.000%, 02/15/19		1,000		1,228
University of Texas System (RB) Series A
5.000%, 08/15/23		4,775		5,787

				16,341

Washington — 4.4%
Energy Northwest (RB) (NATL-RE IBC)
7.125%, 07/01/16		2,390		3,025
Seattle (GO) Series B
5.000%, 08/01/14		3,000		3,317

				6,342

Guam — 1.2%
Guam Territory (RB) Series A
5.000%, 01/01/25		1,500		1,713

Puerto Rico — 0.4%
Puerto Rico (GO) Series A
5.500%, 07/01/18		570		649
Total Municipal Bonds (Cost $129,637)				140,363


	Number of Shares

AFFILIATED MONEY MARKET FUND — 2.0%
PNC Tax Exempt Money Market Fund, Class I†		2,845,908		2,846
Affiliated Money Market Fund (Cost $2,846)				2,846
TOTAL INVESTMENTS — 99.2% (Cost $132,483)*				143,209
Other Assets & Liabilities – 0.8%				1,148
TOTAL NET ASSETS — 100.0%			$	144,357

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

MUNICIPAL BONDS — 99.2%
District of Columbia — 1.6%
Washington Metropolitan Area Transit Authority (RB) Series A
5.250%, 07/01/24	$	1,000	$	1,167

Maryland — 83.6%
Annapolis City (GO)
5.000%, 08/01/23		1,000		1,238
Anne Arundel County (GO)
5.000%, 03/01/16		325		340
Anne Arundel County, National Business Park Project (TAN)
5.125%, 07/01/22		1,000		1,095
Baltimore City (GO) Series A (AMBAC)
5.000%, 10/15/19		715		809
Baltimore City, Wastewater Projects, Prerefunded 07/01/15 @ 100 (RB) Series B (NATL-RE)
5.000%, 07/01/15		1,500		1,721
Baltimore City, Wastewater Projects (RB) Series A (NATL-RE FGIC)
5.000%, 07/01/22		1,000		1,189
Baltimore City, Water Projects, Prerefunded 07/01/15 @100 (RB) Series A (NATL-RE)
5.000%, 07/01/15		1,000		1,147
Baltimore County (GO)
5.000%, 02/01/25		2,535		3,176
Baltimore County, Catholic Health Initiatives Project (RB) Series A
5.000%, 09/01/21		500		561
Charles County Consolidated Public Improvement (GO)
5.000%, 03/01/18		1,000		1,231
5.000%, 07/15/19		1,335		1,670
Frederick County (GO)
5.000%, 08/01/16		2,000		2,298
5.000%, 08/01/17		1,730		1,980
Frederick County, Urbana Community Development Authority (STRB) Series A
5.000%, 07/01/24		3,020		3,389
Harford County (GO)
5.000%, 07/15/20		600		682
5.000%, 07/15/22		1,290		1,463
Howard County (GO) Series B
5.000%, 08/15/22		2,000		2,532
Maryland Community Development Administration (RB) Series B (NATL-RE)
5.150%, 06/01/22		200		200
5.125%, 06/01/17		195		195
Maryland Department of Transportation (RB)
5.000%, 02/15/21		2,500		2,966
Maryland Department of Transportation (RB) Second Issue
5.000%, 09/01/22		2,000		2,386
Maryland Economic Development Corporation, University of Maryland, College Park Project (RB)
5.000%, 07/01/15		1,665		1,839


	Par (000)		Value (000)

Maryland Health & Higher Educational Facilities Authority, Board of Child Care (RB)
5.375%, 07/01/32	$	500	$	502
Maryland Health & Higher Educational Facilities Authority, Carroll Hospital Center (RB)
5.000%, 07/01/36		975		1,000
Maryland Health & Higher Educational Facilities Authority, College of Notre Dame (RB) (NATL-RE)
5.300%, 10/01/18		460		526
Maryland Health & Higher Educational Facilities Authority, Goucher College (RB)
5.375%, 07/01/25		500		525
Maryland Health & Higher Educational Facilities Authority, John Hopkins Health System Obligated Group (RB) Series A
5.000%, 05/15/26		1,500		1,741
Maryland Health & Higher Educational Facilities Authority, Lifebridge Health (RB) (AGM)
5.000%, 07/01/19		1,000		1,126
Maryland Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center Issue (RB) Series 2006
5.000%, 07/01/17		1,550		1,715
Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System (RB) Series A (NATL-RE FHA)
5.000%, 07/01/21		725		815
Maryland Industrial Development Financing Authority, American Center for Physics Headquarters Facility (RB)
5.250%, 12/15/14		500		502
Maryland State (GO) Second Series
5.000%, 08/01/18		1,450		1,712
Maryland Transportation Authority (RB)
5.250%, 03/01/19		2,235		2,814
Maryland Transportation Authority, Transportation Facilities Project (RB)
5.000%, 07/01/19		1,500		1,811
Maryland Water Quality Financing Administration (RB) Series A
5.000%, 03/01/24		1,175		1,378
Montgomery County Revenue Authority, Department of Liquor Control (RB) Series A
5.000%, 04/01/18		1,000		1,210
5.000%, 04/01/21		1,075		1,339
Montgomery County Revenue Authority, Olney Indoor Swim Center Project (RB) Series C
5.250%, 10/01/12		50		50
Montgomery County, Consolidated Public Improvement (GO) Series A
5.000%, 08/01/18		1,500		1,869
Prince George’s County (GO) Series B
5.000%, 07/15/20		900		1,066
5.000%, 07/15/23		1,550		1,809
Prince George’s County Industrial Development Authority, Upper Marlboro Justice Center Project (RB) Series A (NATL-RE)
5.000%, 06/30/17		500		527
5.000%, 06/30/19		710		746


	Par (000)		Value (000)

MUNICIPAL BONDS — continued
Maryland — continued
University System of Maryland, Auxiliary Facility and Tuition Project (RB) Series A
5.000%, 04/01/18	$	1,200	$	1,473
Washington Suburban Sanitation Commission, Prerefunded 06/01/15 @ 100 (GO)
5.000%, 06/01/15		1,000		1,145
Washington Suburban Sanitation Commission (GO)
5.000%, 06/01/19		680		774

				62,282

Guam — 3.8%
Territory of Guam (RB) Series A
5.000%, 01/01/27		2,500		2,811

Puerto Rico — 10.2%
Puerto Rico (GO) Series A (NATL-RE IBC)
5.250%, 07/01/21		1,000		1,049
Puerto Rico (GO) Series A-4 (AGM)
5.250%, 07/01/30		500		549
Puerto Rico Electric Power Authority (RB) Series CCC
5.000%, 07/01/24		1,000		1,095
Puerto Rico Electric Power Authority (RB) Series SS (NATL-RE)
5.000%, 07/01/19		1,000		1,079
Puerto Rico Public Buildings Authority, Prerefunded 7/01/14 @ 100 (RB) Series I
5.500%, 07/01/14		1,000		1,115
Puerto Rico Public Finance Corporation (RB) Series E (ETM) (AGM)
6.000%, 08/01/26		510		728
Puerto Rico Sales Tax Financing Corporation (RB) Sub-Series A
5.000%, 08/01/24		1,750		1,978

				7,593
Total Municipal Bonds
(Cost $68,650)				73,853


	Number of Shares		Value (000)

MONEY MARKET FUND — 0.1%
T. Rowe Price Maryland Tax-Free Money Fund		102,659	$	103
Total Money Market Fund
(Cost $103)				103

TOTAL INVESTMENTS — 99.3%
(Cost $68,753)*				73,956
Other Assets & Liabilities – 0.7%				514
TOTAL NET ASSETS — 100.0%			$	74,471

*	Aggregate cost for Federal income tax purposes is (000) $68,747.


Gross unrealized appreciation (000)	$	5,236
Gross unrealized depreciation (000)		(27	)

Net unrealized appreciation (000)	$	5,209

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

MUNICIPAL BONDS — 96.0%
Michigan — 77.1%
Caledonia Community Schools (GO) (NATL-RE Q-SBLF)
5.000%, 05/01/21	$	500	$	543
Grand Rapids, Sanitary Sewer System Improvement (RB) Series A (NATL-RE FGIC)
5.375%, 01/01/16		500		577
Ingham County Building Authority (RB) (NATL- RE)
5.000%, 07/01/16		750		841
Kent County (GO)
5.000%, 01/01/18		750		904
Lake Saint Claire Clean Water Initiative (GO)
5.000%, 10/01/21		645		775
5.000%, 10/01/22		685		812
Lansing Building Authority (RB) (AMBAC)
5.000%, 06/01/19		750		841
Michigan Municipal Bond Authority, Clean Water Pooled Project (RB)
5.000%, 10/01/22		1,000		1,221
Michigan Public Power Agency, Combustion Turnbine No. 1 Project (RB) Series A (AGM)
5.000%, 01/01/20		505		592
Michigan State Hospital Finance Authority, Henry Ford Health System (RB)
5.500%, 11/15/17		750		880
Michigan State Hospital Finance Authority, Trinity Health Credit Group (RB) Series A
5.000%, 12/01/26		820		892
Michigan State Hospital Finance Authority, Trinity Health Credit Group Prerefunded 12/01/16 @ 100 (RB) Series A
5.000%, 12/01/16		180		217
Michigan State Hospital Finance Authority (RB) Series P (NATL-RE) (ETM)
5.375%, 08/15/14		100		104
Michigan State, Environmental Program (GO) Series A
6.000%, 11/01/24		1,000		1,209
5.250%, 11/01/23		1,000		1,151
Northwestern Michigan College (GO) (AMBAC)
5.000%, 04/01/18		750		830
Saginaw Valley State University (RB) Series A
5.000%, 07/01/15		500		556
Thornapple Kellogg School District (GO) (NATL-RE Q-SBLF)
5.000%, 05/01/18		750		870
Troy City School District (GO) (NATL-RE Q-SBLF)
5.000%, 05/01/17		750		870
West Branch - Rose City Area Schools (GO) (AGM Q-SBLF)
5.000%, 05/01/19		30		33

				14,718

Guam — 2.9%
Territory of Guam (RB) Series A
5.000%, 01/01/27		500		562


	Par (000)		Value (000)

Puerto Rico — 16.0%
Puerto Rico Electric Power Authority (RB) Series CCC
5.000%, 07/01/24	$	500	$	547
Puerto Rico Highway & Transportation Authority (RB) Series Z (NATL-RE)
6.250%, 07/01/13		745		792
Puerto Rico Highway & Transportation Authority, Prerefunded 7/01/13 @ 100 (RB) Series Z (NATL-RE)
6.250%, 07/01/13		5		6
Puerto Rico Public Finance Corporation (RB) Series E (ETM) (AGM)
6.000%, 08/01/26		400		571
Puerto Rico Public Improvement (GO) Series A (FGIC)
5.500%, 07/01/19		500		569
Puerto Rico Sales Tax Financing Corporation (RB) Sub-Series A
5.000%, 08/01/24		500		565

				3,050
Total Municipal Bonds
(Cost $17,079)				18,330

	Number of Shares

MONEY MARKET FUND — 3.1%
JPMorgan Michigan Municipal Money Market Fund		587,419		587
Total Money Market Fund
(Cost $587)				587

TOTAL INVESTMENTS — 99.1%
(Cost $17,666)*				18,917
Other Assets & Liabilities – 0.9%				174
TOTAL NET ASSETS — 100.0%			$	19,091

*	Aggregate cost for Federal income tax purposes is (000) $17,658.


Gross unrealized appreciation (000)	$	1,262
Gross unrealized depreciation (000)		(3	)

Net unrealized appreciation (000)	$	1,259

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

MUNICIPAL BONDS — 98.3%
Ohio — 88.3%
Akron Economic Development (RB) (NATL-RE)
6.000%, 12/01/12	$	335	$	349
Allen County Hospital Facilities, Catholic Healthcare Partners (RB) Series B
5.000%, 09/01/21		2,680		3,045
American Municipal Power, Hydroelectric Projects (RB) Series C
5.000%, 02/15/22		2,000		2,237
Butler County Hospital Facilities, UC Health Project (RB)
5.500%, 11/01/22		2,500		2,868
Canton City School District (GO) Series 2005 (NATL-RE)
5.000%, 12/01/14		1,185		1,301
Centerville Capital Facilities (GO) (NATL-RE)
5.650%, 12/01/18		45		45
Clermont County Waterworks, Sewer District Project (RB) (AMBAC)
5.250%, 08/01/15		1,000		1,059
Cleveland Waterworks (RB) Series N (NATL-RE)
5.000%, 01/01/18		1,990		2,271
Columbus (GO) Series A
5.000%, 07/01/27		2,000		2,395
Cuyahoga County (GO)
5.650%, 05/15/18		600		706
Cuyahoga County (GO) Series A
5.000%, 12/01/20		3,205		3,891
Dublin City School District (GO) (NATL-RE)
5.000%, 12/01/18		1,000		1,149
Franklin County (GO)
5.000%, 12/01/15		1,875		2,174
5.000%, 12/01/16		950		1,100
Greene County Sewer System (RB) (AMBAC)
5.000%, 12/01/16		1,500		1,737
Hamilton City School District (GO) (NATL-RE)
5.000%, 12/01/18		2,100		2,285
Hamilton County Sewer System (RB) Series B (NATL-RE)
5.000%, 12/01/17		1,325		1,525
Hilliard (GO) (NATL-RE)
5.000%, 12/01/21		1,000		1,119
Mad River Local School District (GO) (NATL-RE FGIC)
5.750%, 12/01/14		510		559
Miami University (RB) (AMBAC)
5.000%, 09/01/15		1,695		1,925
Ohio Housing Finance Agency (RB) Series 2 (Government National Mortgage Association, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation)
5.000%, 11/01/19		2,095		2,428
Ohio Housing Finance Agency (RB) Series A (AGM)
5.000%, 04/01/16		1,590		1,816
Ohio State Development Assistance, Logistics and Distribution Programs (RB) Series A
5.000%, 10/01/15		1,850		2,103


	Par (000)		Value (000)

Ohio State Higher Educational Facility Commission (GO)
5.000%, 08/01/19	$	1,800	$	2,229
Ohio State Higher Educational Facility Commission, Case Western Reserve University Project (RB) Series C
5.000%, 12/01/17		595		711
Ohio State Higher Educational Facility Commission, Case Western Reserve University Project (RB)
6.250%, 10/01/17		2,000		2,506
Ohio State Higher Educational Facility Commission, Kenyon College Project (RB) (VRDN)
5.050%, 07/01/16		2,250		2,527
Ohio State Hospital Facility, Cleveland Clinic Health System (RB) Series B
5.000%, 01/01/17		500		585
5.000%, 01/01/23		2,000		2,250
Ohio State Turnpike Commission (RB) Series A
5.000%, 02/15/18		1,000		1,191
5.000%, 02/15/19		1,000		1,199
5.000%, 02/15/25		2,525		2,916
Ohio State Turnpike Commission (RB) Series A (NATL-RE FGIC)
5.500%, 02/15/18		1,000		1,219
Ohio State University (RB) Series A
5.000%, 12/01/15		1,025		1,186
5.000%, 12/01/17		1,000		1,220
Ohio State University (RB) Series D
5.000%, 12/01/25		2,020		2,590
Ohio State Water Development Authority, Fresh Water Project (RB) Series B
5.250%, 12/01/23		1,000		1,315
5.000%, 12/01/20		2,015		2,544
Ohio State Water Development Authority, Fresh Water Project (RB) Series B (AGM)
5.500%, 12/01/20		1,835		2,390
Ohio State Water Development Authority, Water Pollution Control Project (RB) Series A
5.000%, 12/01/17		1,675		2,064
5.000%, 06/01/20		3,055		3,796
Ohio State, Major New State Infrastructure Project (RB) Series 2008-1
5.750%, 06/15/18		500		630
Olentangy Local School District (GO) (AGM)
5.500%, 12/01/19		35		35
Southwest Licking Local School District (GO) (NATL-RE FGIC)
5.750%, 12/01/16		400		464
Upper Arlington City School District (GO) (AGM)
5.000%, 12/01/15		2,000		2,280
West Chester Township (GO) (AMBAC)
5.750%, 12/01/15		2,145		2,520
Wyoming City School District (GO) Series B (NATL-RE FGIC)
5.750%, 12/01/15		740		862


	Par (000)		Value (000)

MUNICIPAL BONDS — continued
Ohio — continued
5.750%, 12/01/16	$	800	$	963
5.750%, 12/01/17		400		493
				82,772

Guam — 2.8%
Guam Territory (RB) Series A
5.000%, 01/01/26		2,350		2,666

Puerto Rico — 7.2%
Puerto Rico (GO) Series A (FSA)
5.500%, 07/01/17		100		115
Puerto Rico Electric Power Authority
(RB) Series CCC
5.000%, 07/01/24		1,500		1,642
Puerto Rico Electric Power Authority
(RB) Series VV
5.500%, 07/01/20		800		943
Puerto Rico Highway & Transportation Authority
(RB) Series Z (NATL-RE)
6.250%, 07/01/14		915		1,008
Puerto Rico Infrastructure Financing Authority
(RB) Series C (AMBAC)
5.500%, 07/01/17		160		181
Puerto Rico Public Improvement (GO)
Series A (FGIC)
5.500%, 07/01/19		500		569
Puerto Rico Sales Tax Financing Corporation
(RB) Sub-Series A
5.000%, 08/01/24		2,000		2,261
				6,719
Total Municipal Bonds
(Cost $83,818)				92,157

	Number of Shares

AFFILIATED MONEY MARKET FUND — 0.9%
PNC Ohio Municipal Money Market Fund,
Class I†		811,029		811
Total Affiliated Money Market Fund
(Cost $811)				811

TOTAL INVESTMENTS — 99.2%
(Cost $84,629)*				92,968
Other Assets & Liabilities – 0.8%				727
TOTAL NET ASSETS — 100.0%			$	93,695

*	Aggregate cost for Federal income tax purposes is (000) $84,630.


Gross unrealized appreciation (000)	$	8,339
Gross unrealized depreciation (000)		(1	)

Net unrealized appreciation (000)	$	8,338

†	See Note 2 in Notes to Schedules of Investments.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

MUNICIPAL BONDS — 95.8%
Pennsylvania — 80.6%
Allegheny County Higher Education Building Authority, Duquesne University (RB)
5.000%, 03/01/16	$	1,175	$	1,329
Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center Project (RB) Series A
5.000%, 05/15/22		1,375		1,569
Allegheny County Port Authority, Transportation (RB)
5.000%, 03/01/26		1,000		1,130
Bucks (GO)
5.125%, 05/01/22		1,255		1,511
Central Dauphin School District (GO) (AGM)
5.000%, 12/01/20		1,000		1,067
Commonwealth of Pennsylvania (GO) (NATL-RE)
5.375%, 07/01/19		1,000		1,272
Dauphin (GO)
5.000%, 11/15/20		1,000		1,144
East Stroudsburg Area School District (GO) Series A (NATL-RE FGIC)
5.750%, 09/01/16		500		595
Franklin County Industrial Development Authority, Chambersburg Hospital Project (RB)
5.000%, 07/01/14		1,000		1,081
Gettysburg Municipal Authority (RB) (NATL-RE) (ETM)
5.375%, 08/15/13		1,000		1,074
Hempfield Township Municipal Authority (RB) (AGM)
5.000%, 09/01/16		1,000		1,136
Montgomery County Higher Education & Health Authority, Arcadia University (RB)
5.250%, 04/01/23		1,000		1,091
Northampton County General Purpose Authority (RB)
5.250%, 10/01/15		1,000		1,148
Parkland School District (GO) (NATL-RE FGIC)
5.375%, 09/01/14		1,000		1,114
Pennsylvania Higher Educational Facilties Authority, University of Pennsylvania Health Systems (RB)
5.250%, 08/15/25		1,250		1,439
Pennsylvania Intergovernmental Cooperation Authority, City of Philadelphia Funding Program (STRB)
5.000%, 06/15/18		1,050		1,279
Pennsylvania Turnpike Commission (RB) Series A (AGM)
5.250%, 07/15/22		1,000		1,236
Philadelphia Parking Authority, Airport Parking (RB)
5.000%, 09/01/19		285		323
Pittsburgh (GO) Series B (AGM)
5.250%, 09/01/15		1,000		1,126
Pittsburgh Public Schools (GO) Series A (AGM)
5.000%, 09/01/20		1,000		1,175


	Par (000)		Value (000)

University of Pittsburgh, Capital Project (RB) Series B
5.000%, 09/15/18	$	1,000	$	1,234

				24,073

Guam — 2.3%
Guam Territory (RB) Series A
5.000%, 01/01/25		610		696

Puerto Rico — 12.9%
Puerto Rico Electric Power Authority (RB) Series ZZ
5.250%, 07/01/19		1,035		1,203
Puerto Rico Infrastructure Financing Authority (RB) Series C (AMBAC)
5.500%, 07/01/17		1,340		1,520
Puerto Rico Sales Tax Financing Corporation (RB) Sub-Series A
5.000%, 08/01/24		1,000		1,130

				3,853
Total Municipal Bonds
(Cost $26,477)				28,622

	Number of Shares

AFFILIATED MONEY MARKET FUND — 3.2%
PNC Pennsylvania Tax Exempt Money Market Fund, Class I†		957,263		957
Total Affiliated Money Market Fund
(Cost $957)				957


TOTAL INVESTMENTS — 99.0%
(Cost $27,434)*				29,579

Other Assets & Liabilities – 1.0%				307
TOTAL NET ASSETS — 100.0%			$	29,886

*	Aggregate cost for Federal income tax purposes is (000) $27,436.


Gross unrealized appreciation (000)	$	2,143
Gross unrealized depreciation (000)		–

Net unrealized appreciation (000)	$	2,143

†	See Note 2 in Notes to Schedules of Investments

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

MUNICIPAL BONDS — 97.8%
Alaska — 1.0%
North Slope (GO) Series A
5.000%, 06/30/13	$	1,250	$	1,327

Arizona — 5.9%
Arizona School Facilities Board (RB) (AMBAC)
5.000%, 07/01/18		1,735		1,986
Arizona School Facilities Board (RB) Series A
(AMBAC)
5.250%, 07/01/13		1,000		1,041
Arizona State (RB) Series A (AGM)
4.000%, 07/01/13		2,000		2,076
Arizona Transportation Board, Maricopa
County Regional Area (RB)
5.000%, 07/01/19		2,250		2,789

				7,892

California — 2.9%
California Statewide Communities Development
Authority, State of California Proposition 1A
Receivables Program (RB)
5.000%, 06/15/13		1,000		1,058
Los Angeles Unified School District (GO)
Series A (NATL-RE)
5.250%, 07/01/12		2,745		2,790

				3,848

Delaware — 0.9%
New Castle County (GO) Series A
5.000%, 07/15/14		1,130		1,249

District of Columbia — 2.3%
District of Columbia (RB) Series B
5.000%, 12/01/12		1,075		1,113
District of Columbia, Catholic
University of America (RB)
5.000%, 10/01/16		1,760		1,973

				3,086

Florida — 4.1%
Citizens Property Insurance (RB) Series A-1
6.000%, 06/01/16		1,800		2,073
5.000%, 06/01/14		1,000		1,084
Tampa Bay Regional Water (RB) Series B
5.000%, 10/01/18		1,875		2,312

				5,469

Georgia — 0.8%
DeKalb Private Hospital Authority,
Children’s Healthcare (RB)
5.000%, 11/15/14		1,000		1,116

Illinois — 3.9%
Illinois (RB)
5.375%, 06/15/13		1,000		1,004
5.000%, 06/15/13		1,750		1,852
Illinois Finance Authority, The Art Institute of
Chicago (RB) Series A
5.250%, 03/01/19		1,000		1,201


	Par (000)		Value (000)

Will County Forest Preservation District (GO)
4.000%, 12/15/18	$	1,000	$	1,158

				5,215

Indiana — 1.9%
Indiana Finance Authority (RB) Series A
5.250%, 02/01/17		2,100		2,545

Iowa — 1.8%
Iowa Finance Authority, Genesis
Health Systems (RB)
5.000%, 07/01/13		2,250		2,362

Kansas — 0.8%
Olathe City, Oalthe Medical Center (RB)
Series A (VRDN)
4.125%, 03/01/12		1,000		1,000

Maryland — 3.0%
Frederick, Urbana Community Development
Authority (STRB) Series A
3.000%, 07/01/12		750		756
3.000%, 07/01/13		580		596
Maryland (GO) Second Series
5.000%, 08/01/15		1,395		1,609
University System of Maryland (RB) Series A
5.000%, 04/01/13		980		983

				3,944

Massachusetts — 4.2%
Massachusetts (GO) Series C
5.000%, 12/01/15		2,000		2,328
Massachusetts Development Finance Agency,
Partners Health Care (RB) Series K-6
5.000%, 07/01/17		1,500		1,790
Massachusetts Health & Educational Facilities
Authority, Simmons College, Prerefunded
10/01/13 @100 (RB) Series F (FGIC)
5.000%, 10/01/13		1,295		1,392

				5,510

Michigan — 3.3%
Michigan (GO)
5.500%, 12/01/15		1,000		1,164
Michigan Environmental
Program (GO) Series A
5.000%, 05/01/17		1,000		1,177
Michigan Municipal Bond Authority, Clean Water
Pooled Project (RB)
5.000%, 10/01/17		1,025		1,247
Michigan Municipal Bond Authority, Drinking
Water Fund, Prerefunded 10/01/12 @100 (RB)
5.375%, 10/01/12		830		855

				4,443

Minnesota — 1.6%
Minnesota Public Facilities Authority
(RB) Series C
5.000%, 03/01/17		1,745		2,110


	Par (000)		Value (000)

MUNICIPAL BONDS — continued
Missouri — 1.0%
Missouri Highway & Transportation Commission (RB)
5.000%, 05/01/16	$	1,100	$	1,298

Nevada — 3.6%
Clark County, Motor Vehicle Fuel Tax (RB) (AMBAC)
5.000%, 07/01/17		1,805		2,133
Henderson, Catholic Healthcare West (RB) Series B
5.000%, 07/01/13		1,500		1,575
5.000%, 07/01/15		500		556
Nevada, University System (GO) Series G (NATL-RE)
5.000%, 08/01/16		500		576

				4,840

New Mexico — 3.2%
New Mexico (RB) Series D
5.000%, 07/01/15		1,725		1,979
New Mexico Finance Authority (RB) Series A (NATL-RE)
5.250%, 06/15/16		2,080		2,307

				4,286

New York — 6.4%
Erie County (GO) Series A (NATL - RE)
5.000%, 12/01/14		1,000		1,082
Long Island Power Authority, (RB) Series A
5.000%, 04/01/19		1,385		1,665
Monroe County (GO) (AMBAC)
5.000%, 06/01/14		2,500		2,709
Nassau County Interim Finance Authority (RB) Series A
5.000%, 11/15/13		1,000		1,080
New York City Transitional Finance Authority (RB) Sub-Series A-2
5.000%, 11/01/16		1,250		1,425
New York State Environmental Facilities Corporation, New York City Municipal Water Project (RB) Series K
5.500%, 06/15/13		520		555

				8,516

North Carolina — 6.2%
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Prerefunded 1/15/15 @ 100 (RB) Series A
5.000%, 01/15/15		1,500		1,693
Forsyth (GO) Series B
5.000%, 04/01/16		1,350		1,590
5.000%, 04/01/19		1,000		1,252
North Carolina (GO)
5.000%, 05/01/14		1,000		1,057
North Carolina (GO) Series B
5.000%, 04/01/13		1,500		1,577


	Par (000)		Value (000)

North Carolina Medical Care Commission, Caromont Health (RB) (AGM)
5.000%, 02/15/14	$	1,000	$	1,068

				8,237

Ohio — 3.3%
Cuyahoga County (RB) Series A
5.500%, 01/01/14		1,000		1,068
Ohio State Hospital Facility, Cleveland Clinic Health System (RB) Series A
5.000%, 01/01/15		1,000		1,117
Ohio State Water Development Authority, Fresh Water Project (RB) Series A
5.000%, 06/01/12		1,145		1,158
Ohio State Water Development Authority, Water Quality (RB)
5.000%, 12/01/13		1,000		1,082

				4,425

Oregon — 1.1%
Linn & Benton Counties School District No. 8J Greater Albany (GO) (NATL-RE)
5.000%, 06/15/14		1,275		1,401

Pennsylvania — 9.2%
Commonwealth of Pennsylvania (GO) Fourth Series
5.000%, 07/01/14		1,800		1,994
Commonwealth of Pennsylvania (GO) Third Series A
5.000%, 07/15/18		1,695		2,092
Dauphin County (GO)
5.000%, 11/15/18		1,015		1,193
Montgomery County Higher Education & Health Authority, Abington Memorial Hospital (RB) Series A
5.000%, 06/01/15		1,000		1,109
Penn Hills School District (GO) (AGM)
3.750%, 10/01/15		1,100		1,121
Pennsylvania Higher Educational Facilties Authority, University of Pennsylvania Health Systems (RB) Series A (AMBAC)
5.000%, 08/15/19		1,000		1,104
Philadelphia (RB) Series A (AMBAC)
5.000%, 08/01/13		670		712
Philadelphia Parking Authority, Airport Parking (RB)
5.000%, 09/01/12		1,000		1,019
Pittsburgh Public Schools (GO) Series B (AGM)
5.000%, 09/01/16		1,635		1,878

				12,222

South Carolina — 1.2%
South Carolina State Public Service Authority (RB) Series A (AGM)
5.000%, 01/01/13		725		753
South Carolina State Public Service Authority (RB) Series A (ETM) (AGM)
5.000%, 01/01/13		735		764

				1,517


	Par (000)		Value (000)

MUNICIPAL BONDS — continued
South Dakota — 0.8%
South Dakota Health & Educational Facilities
Authority, Regional Health (RB)
5.000%, 09/01/15	$	1,000	$	1,110

Tennessee — 2.6%
Memphis (RB)
5.000%, 12/01/14		3,115		3,472

Texas — 10.7%
Dallas Independent School
District (GO) (PSF-GTD)
5.000%, 02/15/18		2,500		3,059
Frisco (GO) (NATL-RE)
5.000%, 02/15/16		1,685		1,969
Harris County Cultural Education Facilities
Finance Corporation, Methodist Hospital
System (RB)
5.000%, 06/01/14		2,500		2,739
Houston Health Facilities Development
Corporation, Buckingham Senior Living
Community, Inc. Project, Prerefunded 2/15/14
@ 101 (RB) Series A
7.125%, 02/15/14		1,000		1,137
Texas (GO) Series A
5.000%, 10/01/17		500		614
Texas (GO) Series B
5.000%, 04/01/17		3,025		3,659
Texas Transportation Commission (RB)
5.000%, 04/01/13		1,000		1,051

				14,228

Utah — 0.9%
Nebo School District, School Building (GO)
5.000%, 07/01/19		1,000		1,247

Virginia — 2.8%
Commonwealth of Virginia
(GO) Series A
5.000%, 06/01/13		2,000		2,118
Tobacco Settlement Financing Corporation,
Prerefunded 6/01/15 @ 100 (RB)
5.625%, 06/01/15		1,425		1,656

				3,774

Washington — 2.7%
Washington (GO)
Series 2011-A
5.000%, 01/01/15		1,000		1,125
5.000%, 01/01/18		2,000		2,428

				3,553

Puerto Rico — 3.7%
Commonwealth of Puerto Rico, Public
Improvement (GO) Series A (NATL-RE IBC)
5.500%, 07/01/19		1,255		1,429
Puerto Rico Electric Power
Authority (RB) Series KK (NATL-RE)
5.500%, 07/01/16		1,000		1,148


	Par (000)		Value (000)
Puerto Rico Electric Power
Authority (RB) Series TT
5.000%, 07/01/17	$	1,125	$	1,281
Puerto Rico Highway & Transportation
Authority (RB) Series Y
6.250%, 07/01/13		1,000		1,063

				4,921
Total Municipal Bonds (Cost $125,431)				130,163


	Number of shares

AFFILIATED MONEY MARKET FUND — 1.3%
PNC Tax Exempt Money Market Fund, Class I†		1,737,714		1,738
Total Affiliated Money Market Fund (Cost $1,738)				1,738
TOTAL INVESTMENTS — 99.1% (Cost $127,169)*				131,901
Other Assets & Liabilities – 0.9%				1,154
TOTAL NET ASSETS — 100.0%			$	133,055

*	Aggregate cost for Federal income tax purposes is (000) $127,169.


Gross unrealized appreciation (000)	$	4,764
Gross unrealized depreciation (000)		(32	)

Net unrealized appreciation (000)	$	4,732

†	See Note 2 in Notes to Schedules of Investments

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

U.S. GOVERNMENT AGENCY OBLIGATIONS — 52.1%
Federal Farm Credit Bank — 10.2%
Federal Farm Credit Bank (DN)
0.190%, 05/02/12	$	25,000	$	24,992
Federal Farm Credit Bank (FRN)
0.200%, 03/01/12		15,200		15,201
0.267%, 03/06/12		9,000		9,003
0.217%, 03/06/12		7,000		7,000
0.197%, 03/06/12		10,100		10,099
0.274%, 03/12/12		10,000		10,006
0.176%, 03/19/12		15,000		15,000
0.434%, 03/27/12		5,800		5,807
0.200%, 03/27/12		9,200		9,201
0.244%, 03/28/12		6,800		6,802

				113,111


Federal Home Loan Bank — 19.3%
Federal Home Loan Bank
2.250%, 04/13/12		10,000		10,024
1.125%, 05/18/12		10,000		10,021
3.625%, 06/08/12		4,000		4,037
1.375%, 06/08/12		10,000		10,034
0.250%, 07/20/12		9,500		9,504
0.250%, 07/30/12		5,000		5,003
0.220%, 08/22/12		30,000		30,018
0.220%, 09/12/12		5,800		5,800
0.180%, 11/14/12		9,300		9,300
Federal Home Loan Bank (DN)
0.080%, 03/28/12		21,700		21,699
0.110%, 05/11/12		18,500		18,496
0.150%, 05/16/12		10,000		9,997
0.080%, 05/21/12		8,550		8,549
0.610%, 06/01/12		5,015		5,014
0.110%, 06/01/12		2,066		2,066
0.231%, 08/03/12		11,000		10,989
Federal Home Loan Bank (FRN)
0.230%, 03/01/12		8,900		8,901
0.155%, 03/01/12		10,000		10,000
0.150%, 03/01/12		15,000		15,000
0.120%, 03/01/12		10,000		9,999

				214,451


Federal Home Loan Mortgage Corporation — 7.1%
Federal Home Loan Mortgage Corporation
2.125%, 03/23/12		12,000		12,014
1.125%, 07/27/12		10,000		10,040
1.000%, 08/28/12		4,000		4,017
Federal Home Loan Mortgage Corporation (DN)
0.090%, 04/02/12		10,100		10,099
0.065%, 05/29/12		10,700		10,698
0.060%, 06/05/12		6,500		6,499
0.110%, 06/06/12		6,684		6,682
0.115%, 06/11/12		11,040		11,036
0.060%, 06/18/12		2,775		2,775
0.060%, 06/25/12		5,000		4,999

				78,859


Federal National Mortgage Association — 15.5%
Federal National Mortgage Association
1.080%, 03/30/12		11,000		11,008
1.250%, 06/22/12		28,103		28,200
1.125%, 07/30/12		10,400		10,436
0.625%, 09/24/12		24,465		24,529


	Par (000)		Value (000)

Federal National Mortgage Association (DN)
0.070%, 03/05/12	$	4,600	$	4,600
0.291%, 03/23/12		18,500		18,497
0.075%, 05/02/12		8,120		8,119
0.070%, 05/30/12		18,872		18,869
0.060%, 06/04/12		10,000		9,998
0.110%, 06/06/12		4,000		3,999
0.075%, 06/13/12		4,400		4,399
Federal National Mortgage Association (FRN)
0.300%, 03/01/12		15,000		15,018
0.266%, 03/23/12		5,000		5,002
0.234%, 03/26/12		4,700		4,700
0.400%, 05/01/12		5,300		5,311

				172,685

Total U.S. Government Agency Obligations
(Cost $579,106)				579,106


U.S. TREASURY OBLIGATIONS — 3.6%
U.S. Treasury Bills† — 0.3%
0.105%, 06/07/12		3,000		2,999

				2,999


U.S. Treasury Notes — 3.3%
1.875%, 06/15/12		15,000		15,077
1.000%, 03/31/12		12,000		12,007
0.375%, 10/31/12		10,000		10,016

				37,100

Total U.S. Treasury Obligations
(Cost $40,099)				40,099


	Number of Shares

MONEY MARKET FUND — 0.1%
AIM Government & Agency Portfolio		980,842	981

Total Money Market Fund
(Cost $981)			981


AFFILIATED MONEY MARKET FUND — 1.3%
PNC Advantage Institutional Government Money
Market Fund, Institutional Class††		15,002,006	15,002

Total Affiliated Money Market Fund
(Cost $15,002)			15,002


	Par (000)

REPURCHASE AGREEMENTS — 43.6%
Deutsche Bank Securities, Inc.
0.200% (dated 02/29/12, due 03/01/12,repurchase price $88,000,489, collateralized by Federal Home Loan Mortgage Corporation Bond, 4.000%, due 02/01/42, total value $89,790,001)	$	88,000	88,000


	Par (000)		Value (000)

REPURCHASE AGREEMENTS — continued
Goldman Sachs & Co.

0.180% (dated 02/29/12, due 03/01/12,repurchase price $81,000,405, collateralized by Federal Home Loan Mortgage Corporation Bond, 5.500%, due 08/01/38, total value $82,620,000)	$	81,000	$	81,000

0.190% (dated 02/29/12, due 03/01/12,repurchase price $25,000,132, collateralized by Bank of America Corporation Notes (TLGP) (FDIC), 0.556% to 2.375%, due 04/30/12 to 06/22/12, total value $25,500,000)		25,000		25,000

HSBC Securities USA

0.190% (dated 02/29/12, due 03/01/12,repurchase price $94,000,496, collateralized by Federal National Mortgage Association Bond, 6.500%, due 10/01/38, total value $95,882,516)		94,000		94,000

Merrill Lynch Pierce Fenner and Smith, Inc.

0.170% (dated 02/29/12, due 03/01/12,repurchase price $64,000,302, collateralized by Federal Home Loan Mortgage Corporation Bond and Federal National Mortgage Association Bond, 4.000% to 5.000%, due 07/01/31 to 04/01/40, total value $65,280,001)		64,000		64,000

RBS Securities, Inc.

0.150% (dated 02/29/12, due 03/01/12,repurchase price $50,000,208, collateralized by U.S. Treasury Note, 1.500%, due 07/31/16,total value $51,000,832)		50,000		50,000

UBS Securities LLC

0.200% (dated 02/29/12, due 03/01/12,repurchase price $82,794,460, collateralized by Federal Farm Credit Bank Note, Federal Home Loan Bank Bond, Federal Home Loan Mortgage Corporation Bonds and Federal National Mortgage Association Bonds, 0.050%to 15.500%, due 03/01/12 to 02/01/42, total value $84,449,880)		82,794		82,794

Total Repurchase Agreements
(Cost $484,794)				484,794


TOTAL INVESTMENTS — 100.7%
(Cost $1,119,982)*				1,119,982

Other Assets & Liabilities – (0.7)%				(8,302	)

TOTAL NET ASSETS — 100.0%			$	1,111,680

*	Also cost for Federal income tax purposes.

†	The rate shown is the effective yield at purchase date.

††	See Note 2 in Notes to Schedules of Investments.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

ASSET BACKED SECURITIES — 0.7%
Automotive — 0.7%
Ford Credit Auto Lease Trust,
Series 2011-B, Cl A1
0.480%, 11/15/12 144A	$	3,433	$	3,434
Ford Credit Auto Owner Trust,
Series 2012-A, Cl A1
0.449%, 02/15/13 144A		2,453		2,453
Honda Auto Receivables Owner Trust,
Series 2012-1, Cl A1
0.413%, 03/15/13		3,400		3,400
Hyundai Auto Lease Securitization Trust,
Series 2011-A, Cl A1
0.307%, 08/15/12 144A		1,559		1,559
Volkswagen Auto Loan Enhanced Trust,
Series 2012-1, Cl A1
0.439%, 01/22/13		2,994		2,994
Total Asset Backed Securities (Cost $13,840)				13,840

BANK NOTE — 0.8%
Banks — 0.8%
Goldman Sachs Promissory Note
0.840%, 05/01/12 (A)		15,000		15,000
Total Bank Note (Cost $15,000)				15,000

CERTIFICATES OF DEPOSIT — 7.3%
Banks — 1.0%
Branch Banking & Trust
0.200%, 03/19/12		18,200		18,200

Yankee — 6.3%
Australia & New Zealand Banking Group NY
0.300%, 07/13/12		18,000		18,000
Bank of Montreal CHI
0.110%, 04/12/12		10,000		10,000
0.440%, 05/22/12		16,000		16,000
Bank of Nova Scotia Houston
0.310%, 08/02/12		10,000		10,000
0.320%, 08/06/12		9,000		9,000
Canadian Imperial Bank of Commerce NY
0.731%, 05/04/12		3,500		3,501
Rabobank Nederland NV NY
0.500%, 05/29/12		16,000		16,002
Svenska Handelsbanken NY
0.746%, 03/29/12		4,425		4,426
0.310%, 04/18/12		9,000		9,000
0.285%, 04/30/12		6,000		6,000
0.270%, 05/02/12		14,500		14,500
Westpac Banking NY
0.380%, 05/15/12		5,200		5,202

				121,631
Total Certificates of Deposit (Cost $139,831)				139,831

ASSET BACKED COMMERCIAL PAPER — 10.8%
Financial Services — 10.8%
Alpine Securitization
0.180%, 03/08/12		10,000		10,000
0.170%, 03/20/12		16,000		15,999


	Par (000)		Value (000)

0.180%, 03/27/12	$	12,000	$	11,998
Chariot Funding LLC
0.130%, 03/22/12		20,000		19,999
0.130%, 03/26/12		8,500		8,499
Fairway Finance LLC
0.150%, 03/26/12		7,000		6,999
0.150%, 04/02/12		4,000		3,999
FCAR Owner Trust
0.170%, 03/14/12		16,000		15,999
0.220%, 04/09/12		16,000		15,996
Gemini Securitization LLC
0.230%, 03/23/12		12,000		11,998
Jupiter Securitization LLC
0.120%, 03/22/12		10,000		9,999
Liberty Street Funding LLC
0.130%, 03/27/12		9,000		8,999
Straight-A Funding LLC
0.160%, 03/19/12		30,435		30,433
0.190%, 04/24/12		7,500		7,498
Variable Funding Capital
0.180%, 03/12/12		16,000		15,999
0.130%, 03/30/12		13,000		12,999
Total Asset Backed Commercial Paper (Cost $207,413)				207,413

COMMERCIAL PAPER† — 38.4%
Banks — 23.4%
Australia & New Zealand Banking Group
0.450%, 04/05/12		9,000		8,996
0.180%, 05/16/12		12,000		11,995
Bank of Nova Scotia
0.170%, 04/09/12		10,000		9,998
Canadian Imperial Holding
0.170%, 04/05/12		21,700		21,696
0.370%, 05/03/12		15,000		14,990
Commonwealth Bank of Australia
0.180%, 05/31/12		18,550		18,542
0.398%, 06/22/12		18,500		18,500
Deutsche Bank Financial LLC
0.180%, 03/06/12		15,000		15,000
0.190%, 03/09/12		11,500		11,500
0.230%, 03/22/12		12,000		11,998
DnB NOR Bank ASA
0.200%, 03/05/12		12,000		12,000
0.320%, 04/16/12		7,000		6,996
0.320%, 04/16/12		12,000		11,995
0.280%, 04/25/12		7,000		6,997
HSBC USA
0.260%, 04/23/12		19,000		18,993
0.260%, 04/30/12		8,120		8,117
0.250%, 05/07/12		10,500		10,495
JPMorgan Chase
0.300%, 07/26/12		19,000		18,977
National Australia Funding Delaware
0.150%, 03/14/12		17,000		16,999
0.300%, 05/01/12		7,500		7,496
0.270%, 06/05/12		19,000		18,986
Nordea North America
0.420%, 04/05/12		8,000		7,997
0.300%, 04/17/12		15,000		14,994
0.340%, 05/07/12		10,000		9,994
0.330%, 05/17/12		4,000		3,997


	Par (000)		Value (000)

COMMERCIAL PAPER† — continued
Banks — continued
Rabobank USA Financial
0.450%, 04/04/12	$	7,000	$	6,997
Standard Chartered Bank
0.360%, 03/13/12		18,000		17,998
0.360%, 03/19/12		21,000		20,996
Svenska Handelsbanken
0.300%, 05/23/12		4,000		3,997
Toronto Dominion Holdings USA
0.180%, 04/12/12		22,000		21,995
0.170%, 05/01/12		10,000		9,997
0.380%, 05/03/12		8,100		8,095
UOB Funding LLC
0.300%, 04/09/12		20,000		19,994
Westpac Banking
0.310%, 03/01/12		15,000		15,000
0.370%, 08/03/12		5,000		4,992

				448,309

Financial Services — 7.3%
American Honda Finance
0.150%, 04/18/12		6,500		6,499
General Electric Capital Services
0.160%, 03/06/12		10,000		10,000
0.290%, 03/14/12		18,000		17,998
0.170%, 05/10/12		10,000		9,997
PACCAR Financial
0.090%, 03/05/12		8,300		8,300
0.140%, 04/16/12		5,100		5,099
0.130%, 04/27/12		10,000		9,998
0.150%, 05/14/12		14,400		14,395
Toyota Motor Credit
0.150%, 04/16/12		2,000		2,000
0.150%, 04/16/12		11,480		11,478
0.160%, 04/30/12		10,000		9,997
0.190%, 05/29/12		14,500		14,493
UBS Finance Delaware LLC
0.110%, 03/02/12		3,000		3,000
0.100%, 03/23/12		16,000		15,999

				139,253

Food, Beverage & Tobacco — 1.9%
Coca-Cola
0.160%, 03/07/12		10,000		10,000
0.170%, 05/18/12		7,000		6,997
0.130%, 06/05/12		20,000		19,993

				36,990

Healthcare — 1.2%
Ascension Health Alliance
0.150%, 03/29/12		7,000		6,999
Catholic Health Initiatives
0.250%, 03/01/12		5,200		5,200
0.250%, 03/27/12		5,950		5,950
0.300%, 04/04/12		5,200		5,200

				23,349

Insurance — 2.5%
Metlife Funding
0.110%, 03/12/12		1,012		1,012


	Par (000)		Value (000)

Metlife Short Term Funding
0.270%, 03/06/12	$	38,000	$	37,999
New York Life Capital
0.160%, 03/16/12		9,000		8,999

				48,010

Sovereign Agency — 2.1%
Kreditansalt Fur Wiederaufbau (Germany)
0.230%, 03/20/12		25,500		25,497
0.220%, 04/05/12		13,500		13,497

				38,994
Total Commercial Paper (Cost $734,905)				734,905

CORPORATE BOND — 0.3%
Banks — 0.3%
Wells Fargo
5.250%, 10/23/12		6,500		6,684
Total Corporate Bond (Cost $6,684)				6,684

FUNDING AGREEMENT — 1.0%
New York Life Funding Agreement (FRN) 0.601%, 06/15/12 (A)		19,000		19,000
Total Funding Agreement (Cost $19,000)				19,000

MUNICIPAL SECURITIES — 14.3%
Connecticut — 1.7%
Connecticut Health & Educational Facility Authority, Yale University (RB)
Series U (VRDN)
0.100%, 03/07/12		32,540		32,540

Massachusetts — 0.5%
Massachusetts Health & Educational Facilities Authority, Harvard University (RB) Series Y (VRDN)
0.100%, 03/07/12		9,030		9,030

Mississippi — 1.4%
Mississippi Business Finance Corporation, Chevron USA Inc. Project (RB) Series C (VRDN)
0.090%, 03/07/12		9,000		9,000
0.080%, 03/01/12		9,180		9,180
Mississippi Business Finance Corporation, Chevron USA Inc. Project (RB) Series E (VRDN)
0.130%, 03/01/12		9,600		9,600

				27,780

North Carolina — 0.9%
University of North Carolina at Chapel Hill (RB)
Series C (VRDN)
0.090%, 03/07/12		17,495		17,495

Ohio — 3.6%
Ohio State Common Schools (GO)
Series A (VRDN)
0.110%, 03/07/12		23,680		23,680


	Par (000)		Value (000)

MUNICIPAL SECURITIES — continued
Ohio — continued
Ohio State Common Schools (GO)
Series B (VRDN)
0.110%, 03/07/12	$	5,360	$	5,360
Ohio State Higher Educational Facility Commission, Cleveland Clinic Health System (RB)
Series B-4 (VRDN)
0.090%, 03/01/12		12,900		12,900
Ohio State University General Receipts (RB)
Series B (VRDN)
0.120%, 03/07/12		19,380		19,380
0.110%, 03/07/12		8,000		8,000

				69,320

Texas — 4.5%
Houston Higher Education Finance, Rice University Project (RB) Series A (VRDN)
0.130%, 03/01/12		5,700		5,700
Houston Higher Education Finance, Rice
University Project (RB) Series B (VRDN)
0.090%, 03/07/12		4,500		4,500
0.070%, 03/01/12		4,700		4,700
Lower Neches Valley Authority Industrial Development, ExxonMobil Project (RB) Series A (VRDN)
0.120%, 03/01/12		30,300		30,300
Red River Education Financing Corporation,
Texas Christian University
Project (RB) (VRDN)
0.140%, 03/07/12		16,000		16,000
0.110%, 03/07/12		9,600		9,600
University of Texas System (RB) Series B (VRDN)
0.090%, 03/07/12		15,000		15,000

				85,800

Virginia — 1.3%
Loudoun County Industrial Development Authority, Howard Hughes Medical Institute (RB) Series B (VRDN)
0.080%, 03/07/12		10,800		10,800
Loudoun County Industrial Development Authority, Howard Hughes Medical Institute (RB) Series E (VRDN)
0.110%, 03/07/12		13,400		13,400

				24,200

Wyoming — 0.4%
Uinta County, Chevron USA, Inc.
Project (RB) (VRDN)
0.080%, 03/01/12		7,500		7,500
Total Municipal Securities (Cost $273,665)				273,665


	Par (000)		Value (000)

U.S. GOVERNMENT AGENCY OBLIGATION — 0.7%

Federal Home Loan Bank — 0.7%
Federal Home Loan Bank
0.250%, 08/08/12	$	14,200	$	14,208
Total U.S. Government Agency Obligation (Cost $14,208)				14,208

U.S. TREASURY OBLIGATIONS — 5.7%
U.S. Treasury Notes — 5.7%
1.375%, 09/15/12		15,000		15,102
1.375%, 10/15/12		15,000		15,118
1.000%, 03/31/12		18,000		18,011
0.750%, 05/31/12		15,000		15,024
0.625%, 12/31/12		15,000		15,058
0.500%, 11/30/12		15,000		15,040
0.375%, 10/31/12		15,000		15,024

				108,377
Total U.S. Treasury Obligations (Cost $108,377)				108,377

REPURCHASE AGREEMENTS — 20.4%
Deutsche Bank Securities, Inc. 0.200% (dated 02/29/12, due 03/01/12, repurchase price $70,000,390, collateralized by Federal Home Loan Mortgage Corporation Bonds, 4.000% to 5.000%, due 03/01/38 to 01/01/42, total value $71,400,000)		70,000		70,000
Goldman Sachs & Co. 0.180% (dated 02/29/12, due 03/01/12, repurchase price $68,000,340, collateralized by Federal National Mortgage Association Bond, 4.000%, due 02/01/42, total value $69,360,001)		68,000		68,000
0.190% (dated 02/29/12, due 03/01/12, repurchase price $18,000,095, collateralized by Bank of America Corporation Notes (TLGP) (FDIC), 0.949% to 3.125%, due 06/15/12 to 06/22/12, total value $18,360,000)		18,000		18,000
HSBC Securities USA 0.190% (dated 02/29/12, due 03/01/12, repurchase price $76,000,401, collateralized by Federal National Mortgage Association Bond, 6.500%, due 10/01/38, total value $77,523,040)		76,000		76,000
Merrill Lynch Pierce Fenner and Smith, Inc. 0.170% (dated 02/29/12, due 03/01/12, repurchase price $49,000,231, collateralized by Federal National Mortgage Association Bond, 5.500%, due 09/01/36, total value $49,980,000)		49,000		49,000


	Par (000)		Value (000)

REPURCHASE AGREEMENTS — continued

RBS Securities, Inc.
0.150% (dated 02/29/12, due 03/01/12, repurchase price $36,000,150, collateralized by U.S. Treasury Note, 1.500%, due 07/31/16, total value $36,720,497)	$	36,000	$	36,000

UBS Securities LLC
0.200% (dated 02/29/12, due 03/01/12, repurchase price $73,595,409, collateralized by Federal Home Loan Mortgage Corporation Bonds and Federal National Mortgage Association Bonds, 2.459% to 8.250%, due 06/01/12 to 03/01/42, total value $75,066,900)		73,595		73,595
Total Repurchase Agreements (Cost $390,595)				390,595
TOTAL INVESTMENTS — 100.4% (Cost $1,923,518)*				1,923,518
Other Assets & Liabilities – (0.4)%				(7,612	)
TOTAL NET ASSETS — 100.0%			$	1,915,906

*	Also cost for Federal income tax purposes.

†	The rate shown is the effective yield at purchase date.

(A)

Illiquid Security. Total value of illiquid securities is $34,000 (000) and represents 1.8% of net assets as of February 29, 2012.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total value of Rule 144A securities is $7,446 (000) and represents 0.4% of net assets as of February 29, 2012.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Par (000)		Value (000)

MUNICIPAL SECURITIES — 99.2%
Ohio — 98.7%
Allen County Hospital Facilities, Catholic Healthcare Partners (RB) Series A (LOC - Bank of America) (VRDN)
0.140%, 03/01/12	$	11,300	$	11,300
Allen County Hospital Facilities, Catholic Healthcare Partners (RB) Series B (LOC - JPMorgan Chase) (VRDN)
0.100%, 03/01/12		11,600		11,600
Allen County Hospital Facilities, Catholic Healthcare Partners (RB) Series C (LOC - Bank of Nova Scotia) (VRDN)
0.130%, 03/01/12		17,000		17,000
Avon Local School District (BAN) (GO) (DD)
1.000%, 12/13/12		1,670		1,676
Cleveland-Cuyahoga County Port Authority, Cleveland Museum of Art Project (RB) Series D (SBPA - JP Morgan Chase Bank) (VRDN)
0.160%, 03/07/12		6,300		6,300
Columbus (GO) Series 1 (SBPA - JP Morgan Chase Bank) (VRDN)
0.130%, 03/07/12		400		400
Columbus (TAN) (GO) Series 1
2.000%, 11/29/12		5,000		5,066
Columbus City School District (BAN) (GO)
1.000%, 11/30/12		1,325		1,331
Cuyahoga Falls (BAN) (GO)
1.000%, 12/06/12		2,000		2,007
Fairfield Township (BAN) (GO)
1.625%, 06/07/12		2,000		2,005
Franklin County Hospital Facilities, Ohio Health Corporation (RB) Series B (SBPA - Barclays Bank PLC) (VRDN)
0.120%, 03/07/12		8,000		8,000
Franklin County Hospital Improvement, Nationwide Hospital Project (RB) Series B (VRDN)
0.130%, 03/07/12		8,300		8,300
Franklin County, Holy Cross Health Systems (RB) (VRDN)
0.120%, 03/07/12		8,200		8,200
Lake County (BAN) (GO)
1.000%, 08/02/12		2,850		2,853
Logan County (BAN) (GO)
1.500%, 11/08/12		3,400		3,412
Montgomery County, Catholic Health Initiatives (RB) Series B-1 (SBPA - Bank of New York Mellon) (VRDN)
0.120%, 03/07/12		12,800		12,800
Montgomery County, Miami Valley Hospital (RB) Series B (SBPA - JP Morgan) (VRDN)
0.100%, 03/01/12		3,000		3,000
Ohio State (GO) Series B (VRDN)
0.100%, 03/07/12		1,050		1,050
0.110%, 03/07/12		5,200		5,200
Ohio State (GO) Series C (VRDN)
0.110%, 03/07/12		1,975		1,975


	Par (000)		Value (000)

Ohio State Higher Educational Facility Commission, Case Western Reserve University 2002 Project (RB) Series A (SBPA - Landesbank Hessen - Thuringen) (VRDN)
0.170%, 03/01/12	$	8,185	$	8,185
Ohio State Higher Educational Facility Commission, Case Western Reserve University Project (RB) Series B-2 (LOC - U.S. Bank) (VRDN)
0.100%, 03/01/12		3,500		3,500
Ohio State Higher Educational Facility Commission, Cleveland Clinic Health System (RB) Series B-4 (VRDN)
0.090%, 03/01/12		7,500		7,500
Ohio State Higher Educational Facility Commission, Marietta College 2007 Project (RB) (LOC - JP Morgan Chase Bank) (VRDN)
0.170%, 03/07/12		4,945		4,945
Ohio State Higher Educational Facility Commission, Oberlin College 2008 Project (RB) (SBPA - U.S. Bank NA) (VRDN)
0.120%, 03/07/12		3,800		3,800
Ohio State Higher Educational Facility Commission, Xavier University 2000 Project (RB) (LOC - U.S. Bank) (VRDN)
0.130%, 03/07/12		5,120		5,120
Ohio State Higher Educational Facility Commission, Xavier University 2008 Project (RB) Series A (LOC - U.S. Bank) (VRDN)
0.130%, 03/07/12		4,800		4,800
Ohio State University (RB) (VRDN)
0.120%, 03/07/12		5,800		5,800
Ohio State University (RB) Series E (VRDN)
0.100%, 03/07/12		5,000		5,000
Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project (RB) Series B (LOC - Well Fargo Bank) (VRDN)
0.150%, 03/01/12		8,000		8,000
Ohio State Water Development Authority, Water Quality (RB) Series 2003
5.000%, 06/01/12		2,670		2,702
Stow (BAN) (GO)
1.500%, 05/05/12		2,000		2,003

Puerto Rico — 0.5%
Commonwealth of Puerto Rico, Public Improvement (GO) Series C-5-2 (LOC - Barclays Bank PLC) (AGM) (VRDN)
0.140%, 03/07/12		1,000		1,000
Total Municipal Securities
(Cost $175,830)				175,830

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Par (000)		Value (000)

MUNICIPAL SECURITIES — 103.9%
Pennsylvania — 103.9%
Bucks County Industrial Development Authority,
Grand View Hospital (RB) Series A
(LOC - TD Bank) (VRDN)
0.120%, 03/07/12	$	1,000	$	1,000
Central York School District (GO) (DD)
1.250%, 06/01/12		3,325		3,333
Delaware County Industrial Development
Authority, Resource Recovery Facilities (RB)
Series G (VRDN)
0.110%, 03/07/12		2,500		2,500
Delaware County Industrial Development
Authority, United Parcel Service
Project (RB) (VRDN)
0.130%, 03/01/12		3,600		3,600
Emmaus General Authority (RB) Sub-Series B-24
(LOC - U.S. Bank) (VRDN)
0.140%, 03/07/12		1,000		1,000
Erie Water Authority (RB) Series B
(LOC - Federal Home Loan Bank) (AGM)
(VRDN)
2.500%, 06/01/12		1,100		1,106
Geisinger Authority, Geisinger Health System
(RB) Series B (SBPA - U.S. Bank) (VRDN)
0.090%, 03/01/12		1,200		1,200
Geisinger Authority, Geisinger Health System
(RB) (SBPA - Bank of America) (VRDN)
0.120%, 03/01/12		2,700		2,700
Haverford Township School District (GO)
(LOC - TD Bank) (VRDN)
0.170%, 03/07/12		1,170		1,170
Lancaster County Hospital Authority, Masonic
Homes Project (RB) Series D (LOC - JP
Morgan Chase) (VRDN)
0.150%, 03/01/12		7,270		7,270
Lancaster County Hospital Authority, The
Lancaster General Hospital Project (RB)
(LOC - Bank of America) (VRDN)
0.210%, 03/01/12		6,300		6,300
Lower Merion Township School District, Capital
Project (GO) Series B
(LOC - U.S. Bank) (VRDN)
0.160%, 03/07/12		6,330		6,330
Northampton County General Purpose Authority,
Lafayette College (RB) Series A
(SBPA - TD Bank) (VRDN)
0.150%, 03/07/12		3,000		3,000
Northampton County General Purpose Authority,
Lehigh University (RB) (SBPA - TD Bank)
(VRDN)
0.130%, 03/07/12		1,000		1,000
Northampton County Higher Education
Authority, Lehigh University (RB) Series A
(SBPA - Wells Fargo) (VRDN)
0.130%, 03/07/12		2,100		2,100
Pennsylvania Higher Educational Facilties
Authority, Drexel University (RB) Series B
(LOC - Wells Fargo Bank) (VRDN)
0.150%, 03/07/12		1,910		1,910


	Par (000)		Value (000)

Pennsylvania Intergovernmental Cooperation
Authority, Philadelphia Funding Program
(STRB) Series 2009
5.000%, 06/15/12	$	1,000	$	1,014
Philadelphia (GO) Series B (LOC - Royal Bank of
Canada) (VRDN)
0.140%, 03/07/12		2,000		2,000
Philadelphia Gas Works (RB) Series B
(LOC - Wells Fargo Bank) (VRDN)
0.110%, 03/07/12		2,000		2,000
Philadelphia Hospitals & Higher Education
Facilities Authority, Children’s Hospital of
Philadelphia Project (RB) Series A
(SPBA - Bank of America) (VRDN)
0.100%, 03/01/12		5,600		5,600
Philadelphia School District (GO) Series F
(LOC - Barclays Bank PLC) (VRDN)
0.150%, 03/07/12		5,500		5,500
Philadelphia School District (GO) Series G
(LOC - Wells Fargo Bank) (VRDN)
0.130%, 03/07/12		1,800		1,800
Phoenixville Borough (GO)
2.000%, 11/15/12		1,220		1,235
Pittsburgh Water & Sewer Authority (RB)
Sub-Series C-1C (LOC - Washington Federal
Savings Bank & Federal Home Loan Bank)
(AGM) (VRDN)
0.450%, 09/01/12		3,500		3,500
St. Mary Hospital Authority, Catholic Health
Initiatives (RB) Series C (VRDN)
0.120%, 03/07/12		3,600		3,600
Temple University of the Commonwealth System of Higher Education, University Funding
Obligations (RN)
1.500%, 04/04/12		3,000		3,003
Tredyffrin Township (GO)
1.000%, 11/15/12		985		989
University of Pittsburgh (RN)
2.000%, 06/18/12		2,000		2,010
Washington County Authority, University of
Pennsylvania Project (RB) (VRDN)
0.130%, 03/07/12		3,510		3,510
York County (GO)
1.000%, 04/30/12		2,000		2,002
Total Municipal Securities (Cost $83,282)				83,282

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)


	Par (000)		Value (000)

MUNICIPAL SECURITIES — 100.7%
Colorado — 1.2%
Colorado Housing & Finance Authority (RB) Series I-B3 (LOC - Federal Home Loan Mortgage Corporation and Federal National Mortgage Association) (VRDN)
0.130%, 03/07/12	$	8,050	$	8,050


Connecticut — 0.4%
Connecticut (GO) Series A (SBPA - Landesbank Hessen-Thuringen) (VRDN)
0.170%, 03/07/12		2,500		2,500


District of Columbia — 2.0%
District of Columbia, Georgetown University (RB) Series C (LOC -TD Bank) (VRDN)
0.120%, 03/07/12		13,500		13,500


Indiana — 0.4%
Indiana Finance Authority, State Revolving Fund Program (RB) Series A
4.000%, 02/01/13		2,500		2,587


Iowa — 1.5%
Iowa City (RB) (SBPA - U.S. Bank) (VRDN)
0.180%, 03/01/12		9,065		9,065
Iowa Higher Education Loan Authority, Morningside College (RAN) (LOC - U.S. Bank)
2.000%, 05/18/12		1,100		1,103

				10,168


Kentucky — 2.7%
Berea Educational Facilities, Berea College Project (RB) Series A (VRDN)
0.150%, 03/01/12		4,450		4,450
Berea Educational Facilities, Berea College Project (RB) Series B (VRDN)
0.150%, 03/01/12		6,495		6,495
Kentucky Economic Development Finance Authority, Baptist Healthcare System (RB) Series B-2 (LOC - JPMorgan Chase Bank) (VRDN)
0.100%, 03/01/12		6,890		6,890

				17,835


Louisiana — 2.3%
Louisiana Public Facilities Authority, CHRISTUS Health (RB) Series B-3 (LOC - Bank of New York Mellon) (VRDN)
0.110%, 03/07/12		10,000		10,000
Louisiana Public Facilities Authority, Franciscan Missionaries of Our Lady Health System Project (RB) Series D (LOC - U.S. Bank) (VRDN)
0.100%, 03/01/12		5,300		5,300

				15,300


	Par (000)		Value (000)

Maryland — 1.6%
Baltimore Industrial Development Authority, Baltimore Capital Aquisition (RB) (LOC - Bayerische Landesbank) (VRDN)
0.240%, 03/07/12	$	10,900	$	10,900


Massachusetts — 7.8%
Massachusetts Health & Educational Facilities Authority, Children’s Hospital Project (RB) Series N-4 (LOC - JPMorgan Chase Bank) (VRDN)
0.140%, 03/01/12		17,195		17,195
Massachusetts Health & Educational Facilities Authority, Partners Healthcare System (RB) Series F-4 (SBPA - Bank of America) (VRDN)
0.150%, 03/07/12		26,800		26,800
Massachusetts Water Resources Authority (RB) Sub-Series C (LOC - Landesbank Hessen-Thuringen) (VRDN)
0.140%, 03/01/12		4,340		4,340
Massachusetts Water Resources Authority (RB) Sub-Series D (LOC - Landesbank Baden-Wurttemberg) (VRDN)
0.200%, 03/01/12		4,050		4,050

				52,385


Michigan — 3.9%
Michigan Finance Authority (RB) Series C-3 (LOC - Scotiabank)
2.000%, 08/20/12		6,000		6,048
Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group (RB) (VRDN)
0.450%, 03/01/12		5,000		5,000
University of Michigan Hospital (RB)
Series B (VRDN)
0.130%, 03/07/12		15,000		15,000

				26,048


Minnesota — 1.3%
Minneapolis, University Gateway Project (RB) Series B (SBPA - Wells Fargo Bank) (VRDN)
0.150%, 03/07/12		8,720		8,720


Missouri — 1.9%
Missouri Development Finance Board, The Nelson Gallery Foundation (RB) Series A (SBPA - JPMorgan Chase Bank) (VRDN)
0.100%, 03/01/12		5,000		5,000
Missouri State Health & Educational Facilities Authority, Ascension Health (RB) Series C-3 (VRDN)
0.110%, 03/07/12		7,875		7,875

				12,875


Nevada — 3.6%
Reno, ReTRAC-Reno Transportation Rail Access Corridor Project (RB)
(LOC - Bank of New York Mellon) (VRDN)
0.100%, 03/01/12		24,300		24,300


	Par (000)		Value (000)

MUNICIPAL SECURITIES — continued
New Mexico — 0.6%
New Mexico Hospital Equipment Loan Council, Presbyterian HealthCare (RB) Series C (SBPA - Wells Fargo Bank) (VRDN)
0.150%, 03/07/12	$	3,870	$	3,870


New York — 6.3%
New York (GO) Sub-Series B-3 (LOC - TD Bank) (VRDN)
0.110%, 03/07/12		16,200		16,200
New York (GO) Sub-Series D-3 (LOC - Bank of New York Mellon) (VRDN)
0.100%, 03/01/12		6,000		6,000
New York (GO) Sub-Series L-4 (LOC - U.S. Bank) (VRDN)
0.080%, 03/01/12		5,500		5,500
New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution (RB) Series CC-1 (SBPA - Bank of Nova Scotia) (VRDN)
0.130%, 03/01/12		6,000		6,000
New York City Transitional Finance Authority, New York City Recovery (RB) Series 3 (SBPA - Landesbank Baden-Wurtemburg) (VRDN)
0.120%, 03/01/12		8,700		8,700

				42,400


North Carolina — 4.9%
North Carolina Educational Facilities Finance Agency, Davidson College (RB) Series B (VRDN)
0.150%, 03/07/12		13,715		13,715
North Carolina State University at Raleigh (RB) Series B (SBPA - Bayerische Landesbank) (VRDN)
0.120%, 03/07/12		16,300		16,300
University of North Carolina at Chapel Hill (RB) Series B (VRDN)
0.090%, 03/07/12		2,635		2,635

				32,650


Ohio — 17.1%
Allen County Hospital Facilities, Catholic Healthcare Partners (RB) Series B (LOC - JPMorgan Chase) (VRDN)
0.100%, 03/01/12		4,000		4,000
Allen County Hospital Facilities, Catholic Healthcare Partners (RB) Series C (LOC - Bank of Nova Scotia) (VRDN)
0.130%, 03/01/12		8,200		8,200
Cuyahoga County, Cleveland Clinic (RB) Sub-Series B-3 (SBPA - U.S. Bank) (VRDN)
0.100%, 03/01/12		3,000		3,000
Franklin County Hospital Facilities, Ohio Health Corporation (RB) Series A
(SBPA - Barclays Bank PLC) (VRDN)
0.120%, 03/07/12		4,500		4,500


	Par (000)		Value (000)

Franklin County Hospital Facilities, Ohio Health Corporation (RB) Series B
(SBPA - Barclays Bank PLC) (VRDN)
0.120%, 03/07/12	$	10,000	$	10,000
Franklin County Hospital Improvement, Nationwide Hospital Project (RB) Series B (VRDN)
0.130%, 03/07/12		16,700		16,700
Franklin County, Holy Cross Health Systems (RB) (VRDN)
0.120%, 03/07/12		8,200		8,200
Montgomery County, Catholic Health Initiatives (RB) Series B-1 (SBPA - Bank of New York Mellon) (VRDN)
0.120%, 03/07/12		3,400		3,400
Ohio State (GO) Series A (VRDN)
0.100%, 03/07/12		12,500		12,500
Ohio State (GO) Series B (VRDN)
0.110%, 03/07/12		7,700		7,700
Ohio State Higher Educational Facility Commission, Case Western Reserve University 2002 Project (RB) Series A (SBPA - Landesbank Hessen - Thuringen) (VRDN)
0.170%, 03/01/12		26,755		26,755
Ohio State Higher Educational Facility Commission, Case Western Reserve University Project (RB) Series B-1 (LOC - U.S. Bank) (VRDN)
0.160%, 03/01/12		3,350		3,350
Ohio State Higher Educational Facility Commission, Cleveland Clinic Health System (RB) Series B-4 (VRDN)
0.090%, 03/01/12		6,000		6,000

				114,305


Oklahoma — 1.9%
Oklahoma Turnpike Authority (RB) Series F (SBPA - JPMorgan Chase Bank ) (VRDN)
0.100%, 03/01/12		12,950		12,950


Pennsylvania — 11.4%
Delaware County Industrial Development Authority, Resource Recovery Facilities (RB) Series G (VRDN)
0.110%, 03/07/12		15,050		15,050
Erie Water Authority (RB) Series B (LOC - Federal Home Loan Bank) (AGM) (VRDN)
2.500%, 06/01/12		1,000		1,005
Geisinger Authority, Geisinger Health System (RB) (SBPA - Bank of America) (VRDN)
0.120%, 03/01/12		1,000		1,000
Lower Merion Township School District, Capital Project (GO) Series B (LOC - U.S. Bank) (VRDN)
0.160%, 03/07/12		9,770		9,770
Northampton County Higher Education Authority, Lehigh University (RB) Series A (SBPA - Wells Fargo) (VRDN)
0.130%, 03/07/12		1,900		1,900


	Par (000)		Value (000)

MUNICIPAL SECURITIES — continued
Pennsylvania — continued
Philadelphia (GO) Series B (LOC - Royal Bank of Canada) (VRDN)
0.140%, 03/07/12	$	3,000	$	3,000
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital of Philadelphia Project (RB) Series A (SBPA - Bank of America) (VRDN)
0.100%, 03/01/12		10,735		10,735
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital of Philadelphia Project (RB) Series B (SBPA - Bank of America) (VRDN)
0.100%, 03/01/12		6,000		6,000
Philadelphia Hospitals & Higher Education Facilities Authority, Children’s Hospital of Philadelphia Project (RB) Series B (SBPA - JPMorgan Chase Bank) (VRDN)
0.100%, 03/01/12		7,000		7,000
Pittsburgh Water & Sewer Authority (RB) Sub-Series C-1C (LOC - Washington Federal Savings Bank and Federal Home Loan Bank) (AGM) (VRDN)
0.450%, 09/01/12		1,500		1,500
St. Mary Hospital Authority, Catholic Health Initiatives (RB) Series C (VRDN)
0.120%, 03/07/12		8,300		8,300
Washington County Authority, University of Pennsylvania (RB) (VRDN)
0.130%, 03/07/12		10,865		10,865

				76,125

Tennessee — 1.5%
Chattanooga Health Educational & Housing Facility Board, Catholic Health Initiatives (RB) Series C (VRDN)
0.120%, 03/07/12		9,840		9,840

Texas — 16.8%
Garland IAM Commercial Paper Notes (GO)
0.150%, 06/04/12		10,000		10,000
Harris County Cultural Education Facilities Finance Corporation, Methodist Hospital System (RB) Sub-Series C-1 (VRDN)
0.090%, 03/01/12		10,000		10,000
Harris County Cultural Education Facilities Finance Corporation, Methodist Hospital System (RB) Sub-Series C-2 (VRDN)
0.090%, 03/01/12		12,000		12,000
Harris County Health Facilities Development, Texas Children’s Health (RB) Series 2 (SBPA - Bank of Nova Scotia) (VRDN)
0.130%, 03/01/12		25,665		25,665
Red River Education Financing Corporation, Texas Christian University Project (RB) (VRDN)
0.110%, 03/07/12		5,000		5,000
0.140%, 03/07/12		22,000		22,000


	Par (000)		Value (000)

Tarrant County Health Facilities Development Corporation, Cook Children’s Medical System (RB) Series B (VRDN)
0.130%, 03/07/12	$	8,000	$	8,000
Texas (TRAN) Series A
2.500%, 08/30/12		10,000		10,112
University of Texas, Financing System (RB) Series B (VRDN)
0.090%, 03/07/12		10,000		10,000

				112,777

Utah — 1.5%
Utah County, IHC Health Services (RB) Series C (SPBA - U.S. Bank) (VRDN)
0.130%, 03/07/12		10,000		10,000

Virginia — 6.9%
Fairfax County Industrial Development Authority, Fairfax Hospital (RB) Series D (VRDN)
0.130%, 03/07/12		4,700		4,700
Fairfax County Industrial Development Authority, INOVA Health System Project (RB) Series A-2 (SBPA - JPMorgan Chase Bank) (VRDN)
0.100%, 03/01/12		17,295		17,295
Fairfax County Industrial Development Authority, INOVA Health System Project (RB) Series C-1 (SBPA - JPMorgan Chase Bank) (VRDN)
0.100%, 03/01/12		3,565		3,565
Loudoun County Industrial Development Authority, Howard Hughes Medical (RB) Series A (VRDN)
0.080%, 03/07/12		5,000		5,000
Loudoun County Industrial Development Authority, Howard Hughes Medical (RB) Series B (VRDN)
0.100%, 03/07/12		9,000		9,000
Virginia College Building Authority, 21st Century College and Equipment Programs (RB) Series B (SBPA - Wachovia Bank) (VRDN)
0.150%, 03/01/12		6,300		6,300

				45,860

Wyoming — 1.2%
Uinta County, Chevron USA, Inc. Project (RB) (VRDN)
0.080%, 03/01/12		8,000		8,000
Total Municipal Securities (Cost $673,945)				673,945


	Number of Shares

AFFILIATED MONEY MARKET FUND — 0.0%
BlackRock Liquidity Funds MuniFund Portfolio†		276,879	277
Total Affiliated Money Market Fund (Cost $277)			277

A summary of inputs used to value the Fund’s investments as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedule of Investments.)


	Par (000)		Value (000)

U.S. TREASURY OBLIGATIONS — 109.8%
U.S. Treasury Bills† — 79.5%
0.010%, 03/01/12	$	30,000	$	30,000
0.050%, 03/01/12		20,000		20,000
0.235%, 03/08/12		35,000		35,000
0.028%, 03/15/12		8,000		8,000
0.043%, 03/15/12		15,000		15,000
0.050%, 03/15/12		5,000		5,000
0.015%, 03/22/12		5,000		5,000
0.030%, 03/22/12		8,500		8,500
0.032%, 03/22/12		5,000		5,000
0.050%, 03/22/12		5,000		5,000
0.075%, 03/29/12		28,000		27,998
0.040%, 04/05/12		15,000		14,999
0.205%, 04/05/12		5,500		5,499
0.205%, 04/05/12		10,000		10,000
0.228%, 04/05/12		5,800		5,799
0.018%, 04/12/12		11,000		10,999
0.088%, 04/19/12		6,000		5,999
0.105%, 04/19/12		23,500		23,497
0.066%, 04/26/12		15,000		14,998
0.065%, 05/03/12		10,000		9,999
0.077%, 05/03/12		10,000		9,999
0.160%, 05/03/12		3,000		2,999
0.160%, 05/03/12		10,000		9,999
0.165%, 05/03/12		500		500
0.044%, 05/17/12		7,500		7,498
0.080%, 06/14/12		10,000		9,998
0.103%, 07/19/12		20,000		19,992
0.118%, 07/19/12		8,000		7,996
0.102%, 07/26/12		7,000		6,997
0.116%, 07/26/12		2,000		1,999

				344,264

U.S. Treasury Notes — 30.3%
1.375%, 03/15/12		25,000		25,013
1.000%, 03/31/12		20,000		20,015
4.500%, 03/31/12		7,000		7,026
1.375%, 04/15/12		10,000		10,017
1.000%, 04/30/12		14,000		14,022
1.375%, 05/15/12		15,000		15,041
1.875%, 06/15/12		40,000		40,212

				131,346
Total U.S. Treasury Obligations (Cost $475,610)				475,610


	Number of Shares		Value (000)

MONEY MARKET FUND — 0.7%
Federated U.S. Treasury Cash Reserve Money Market Fund		2,740,176	$	2,740
Total Money Market Fund (Cost $2,740)				2,740

AFFILIATED MONEY MARKET FUND — 0.1%
BlackRock Treasury Trust Fund††		500,000		500
Total Affiliated Money Market Fund (Cost $500)				500

TOTAL INVESTMENTS — 110.6% (Cost $478,850)*				478,850
Other Assets & Liabilities — (10.6)%				(45,768	)
TOTAL NET ASSETS — 100.0%			$	433,082

* Also cost for Federal income tax purposes.

† The rate shown is the effective yield at purchase date.

†† See Note 2 in Notes to Schedules of Investments.

Please see Investment Abbreviations and Definitions on Page 107.

A summary of inputs used to value the fund’s net assets as of February 29, 2012 is as follows. (See Note 1 in Notes to Schedules of Investments.)

FRN — Floating Rate Note: the rate shown is the rate in effect on February 29, 2012,

and the date shown is the final maturity date, not the next reset or put date.

NATL-RE — National Public Finance Guarantee Corporation (formerly Municipal Bond Insurance Association)

VRDN — Variable Rate Demand Note: the rate shown is the rate in effect on February 29, 2012,

VRDO — Variable Rate Demand Obligation: the rate shown is the rate in effect on February 29, 2012,

PNC Funds (the “Trust”), a Delaware statutory trust, is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company. As of February 29, 2012, the Trust offered for sale shares of 30 Funds.

The Trust currently offers four asset categories that consist of the following Funds (each referred to as a “Fund” or collectively as the “Funds”):

Balanced Allocation Fund, International Equity Fund, Large Cap Core Equity Fund, Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Value Fund, Multi-Factor Small Cap Core Fund, Multi-Factor Small Cap Growth Fund, Multi-Factor Small Cap Value Fund, S&P 500 Index Fund and Small Cap Fund;

Bond Fund, Government Mortgage Fund, High Yield Bond Fund, Intermediate Bond Fund, Limited Maturity Bond Fund, Total Return Advantage Fund and Ultra Short Bond Fund;

IntermediateTax Exempt Bond Fund, MarylandTax Exempt Bond Fund, Michigan Intermediate Municipal Bond Fund, Ohio Intermediate Tax Exempt Bond Fund, Pennsylvania Intermediate Municipal Bond Fund and Tax Exempt Limited Maturity Bond Fund;

Government Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund, Pennsylvania Tax Exempt Money Market Fund, Tax Exempt Money Market Fund and Treasury Money Market Fund.

The following is a summary of significant accounting policies followed by the Funds.

Investment securities that are listed on a securities exchange or quoted on a national market system, and for which market quotations are readily available, are valued at the last quoted sales price at the official close of trading on the New York Stock Exchange (“NYSE”), (normally 4:00 p.m. Eastern Time). Securities quoted on the NASDAQ^® National Market system are valued at the official closing price. Other securities traded on over-the-counter markets are valued on the basis of their closing over-the-counter bid prices. Equity securities for which there were no transactions, and for which market quotations are not readily available, are valued at the mean between the most recent bid and asked prices. Fixed income securities, for which quoted bid prices are readily available and are representative of the bid side of the market, are valued at the quoted bid price. The Funds, under supervision of the Board of Trustees of the Trust (the “Board”), reserve the right to alternatively utilize the mean between the most recent bid and asked prices, should such prices be determined to more accurately represent the value of fixed income securities. However, certain fixed income prices furnished by pricing services may be based on methods, which include consideration of yields or prices of bonds of comparable quality, stability, risk, coupon, maturity, type, trading characteristics and other market data or factors; indications as to values from dealers or other financial institutions that trade the securities; and general market conditions. The pricing services may also employ electronic data processing techniques and matrix systems, which incorporate dealer-supplied valuations, to determine value. The Board has approved the use of such pricing services. A number of pricing services are available, and the Funds may use various pricing services or discontinue the use of any pricing service.

Short-term obligations with maturities of 60 days or less when purchased are valued at amortized cost, which approximates market value. The amortized cost method values a security at its cost at the time of purchase and thereafter assumes a constant accretion of discount or amortization of premium to maturity. If this method is determined to be unreliable during certain market conditions or for other reasons, a Fund may value its securities at market price or fair value prices may be determined in good faith using methods approved by the Board. Short-term obligations with greater than 60 days to maturity when purchased are valued at mark-to-market until the 60th day before maturity; after which they are valued at amortized cost until maturity.

Foreign securities are valued based upon quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Foreign securities may trade on weekends or other days when the Fund does not calculate net asset value. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund.

Investments in underlying PNC Funds or in any other mutual funds are valued at their respective net asset values as determined by those Funds each business day.

The Board has approved and regularly reviews fair value pricing methods to be used in determining the good faith value of the investments of the Funds in the event that market quotations are not readily available or, if available, do not reflect the impact of certain market events. Fair valuation most commonly occurs with foreign securities. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of trading on the NYSE, that affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading the entire day and no other market prices are available. Significant events (e.g., movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) (generally, the close of trading on the NYSE) that may impact the value of securities traded in these foreign markets. In these cases, information furnished daily by an independent pricing service may be utilized to adjust closing market prices of certain foreign common stocks to reflect their fair value. Because the frequency of significant events is not predictable, fair valuation of certain securities may occur on a frequent basis. When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.

The Financial Accounting Standards Board (“FASB”) statement “Fair Value Measurements and Disclosures” defines fair value as the price that the fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment. Valuation techniques should maximize the use of observable market data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Fair value measurements utilize a hierarchy based on the observability of inputs used to establish fair value. These inputs, listed below, are summarized in three broad levels and investment assets reported at fair value are classified on the basis of the lowest level input that is significant to fair value:

Equity securities for which market quotations are readily available, that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.

Investment Companies – investments in open-end mutual funds which are valued at their closing net asset value.

All Securities – quoted prices for similar securities; quoted prices based on recently executed transactions; adjusted quoted prices based on observable and formulaic inputs; certain non-exchange traded derivatives such as swaps, forwards, or over-the-counter traded options based on pricing models using inputs observed on actively quoted markets; or, observable correlated market inputs.

Equity Securities and Investment Trusts – certain foreign equity securities that are fair value adjusted through an independent pricing service which considers statistically relevant trading pattern correlation in relation to the intraday trading in the U.S. markets for investments such as the movement of certain indexes, American Depositary Receipts, futures or exchange-traded funds; or, certain money market investment trusts falling outside of the 1940 Act that are priced at amortized cost.

Fixed Income Securities – Pricing service-supplied valuations, including matrix pricing, based on methods which consider standard inputs (“standard inputs”) such as yields or prices of bonds of comparable quality, stability, risk, coupon, maturity, type, trading factors, indications of value from dealers or other financial institutions that trade the securities; short term obligations valued at amortized cost; repurchase agreements; or, the use of multiple broker quoted prices or indications of value.

All Securities – modeling or manual pricing based on each Fund’s own assumptions in determining fair valuation of investments.

Equity Securities – The significant use of unobservable inputs or inputs rendered stale due to infrequency.

Fixed Income Securities – single broker quotes in the form of an indication of value; or, pricing utilizing standard inputs which are considered unobservable.

Each Fund recognizes transfers into and out of levels at the end of the reporting period. Certain foreign equity securities that are fair value adjusted through an independent pricing service which considers statistically relevant trading patterns may periodically move from input valuation Level 2 to input valuation Level 1 when not meeting the fair value adjustment trigger requirements. The Funds did not have any significant transfers between Level 1 and Level 2 during the period ended February 29, 2012.

Other financial instruments are derivative instruments not reflected in total investments within the Schedules of Investments, such as futures, forwards and swaps which are valued at the unrealized appreciation/depreciation on the investment.

The inputs and methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The valuation hierarchy of each Fund’s securities as of February 29, 2012 can be found at the end of each Fund’s Schedule of Investments.

Investment transactions are recorded on a trade date basis for purposes of preparing the Schedules of Investments.

The books and records of the Balanced Allocation and International Equity Funds are maintained in U.S. dollars. The foreign currency market values of investment securities and other assets and liabilities stated in foreign currencies are translated at the exchange rates prevailing at the end of the period.

Each Fund may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included as interest income, even though investors do not receive their principal until maturity.

Certain Funds may invest in direct debt instruments which represent interests in amounts owed by corporate, governmental or other borrowers to lenders or lending syndicates. A Fund’s investment in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. As of February 29, 2012, there were no unfunded loan commitments in the Funds.

Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund purchases a debt obligation from a financial institution such as a bank or broker-dealer, subject to a mutual agreement that the seller will repurchase the obligation at

an agreed-upon price and time. The debt obligation is collateralized by securities held in safekeeping by the Fund’s custodian or another qualified custodian or in the Federal Reserve/U.S. Treasury book-entry system with value no less than the repurchase price (including accrued interest). If the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and any resulting loss may be subject to legal proceedings.

Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will designate liquid assets in the amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in any future gains and losses with respect to the security.

Certain Funds may purchase or sell securities on a when-issued basis. These transactions (principally, TBA’s or To Be Announced) are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Certain Funds may enter into futures contracts for the purpose of managing exposure to the securities markets or to movements in interest rates and currency values. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. The daily change in the contract is recorded as an unrealized gain or loss. The Fund recognizes a realized gain or loss when the contract is closed. The unrealized gain or loss on open futures contracts at February 29, 2012 is included in the respective Fund’s Schedule of Investments.

There are several risks in connection with the use of futures contracts including the risk of loss in excess of the amount recognized in a Fund’s Schedule of Investments to the extent of total notional value. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the investments held by the Fund. The Funds are subject to equity price risk in the normal course of pursuing its investment objectives. In addition, there is the risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market. Certain Funds, particularly the International Equity and Balanced Allocation Funds, may also use futures to gain cost efficient diversified exposure to a specific country or region.

Equity Index futures are primarily used by the Equity Funds to maintain market exposure for short-term liquidity within a respective Fund. To accomplish such a strategy, a Fund may purchase an Equity Index future to maintain market exposure in lieu of purchasing individual securities for portions of the Fund that are being held for short-term liquidity or other reasons. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Details of futures contracts open as of February 29, 2012 are included in the respective Fund’s Schedule of Investments.

During the period ended ended February 29, 2012, the futures transactions executed by the Equity Funds were as follows:

The Balanced Allocation and International Equity Funds may invest in foreign equity certificates (“certificates”) which are sometimes also called equity linked certificates or participation notes. When doing so, the Funds purchase the certificates from an issuer, who in turn holds shares of the underlying stock (“equity security”) in the local market and issues a call note for the underlying equity security. If the Fund exercises its call and closes its position, the shares are sold and the note is redeemed with the proceeds. Each note represents one share of the underlying equity security; therefore, the price, performance and liquidity of the note are all directly linked to the underlying equity security. The notes can be redeemed for the full value of the underlying equity security, less transactional and other costs. Such certificates are typically utilized as a cost-effective means of direct investment into certain markets. In addition to the market risk related to the underlying equity security, the Fund bears additional counterparty risk to the issuer or guarantor.

The common stock of The PNC Financial Services Group, Inc. (“PNC Group”), the indirect parent company of PNC Capital Advisors, LLC, the investment adviser (the “Adviser”) to the Trust and the common stock of BlackRock, Inc., an affiliate of the Adviser to the Trust, are included in the S&P 500^® Index. Like the other stocks in the S&P 500^® Index, the S&P 500 Index Fund will invest in the common stock of the PNC Group and BlackRock, Inc. in approximately the same proportion as the percentages those common stocks represent in the S&P 500^® Index.

Pursuant to SEC rules, the Funds may invest cash balances not otherwise invested in portfolio securities and cash collateral from securities lending programs to purchase shares of the Money Market Funds offered by the Trust, PNC Advantage Funds and/or the BlackRock Funds. The Adviser will waive fees in an amount that offsets any distribution fees charged by the Money Market Funds.

PNC Group owns a minority interest in BlackRock, Inc. As a result, the BlackRock Funds are considered affiliates of the Adviser. The total net purchases and sales of affiliated holdings for the period ended February 29, 2012 are shown in the table below.

Amounts presented as positive numbers represent net purchases of the respective Funds. Amounts presented as (negative) numbers represent net sales of the respective Funds.

Some countries in which certain of the Funds may invest require government approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities exchanges in the United States. Consequently, acquisition and disposition of securities by a Fund may be inhibited. In addition, a significant proportion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets are held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by a Fund.

The Balanced Allocation, Bond, Government Mortgage, High Yield Bond, Intermediate Bond, Limited Maturity Bond, Total Return Advantage and Ultra Short Bond Funds may invest in securities whose value is derived from an underlying pool of mortgages or consumer loans. Prepayment of these loans may shorten the stated maturity of these respective obligations and may result in a loss.

The MarylandTax Exempt Bond, Michigan Intermediate Municipal Bond, Ohio IntermediateTax Exempt Bond, Pennsylvania Intermediate Municipal Bond, Ohio Municipal Money Market and Pennsylvania Tax Exempt Money Market Funds follow an investment policy of investing primarily in municipal obligations of one state. The Intermediate Tax Exempt Bond and Tax Exempt Money Market Funds follow an investment policy of investing in municipal obligations of various states which may, at times, comprise concentrations in one or several states. Economic changes affecting each state and related public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the Funds.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Each Equity, Fixed Income and Tax Exempt Bond Fund may invest up to 15% of its net assets in illiquid securities. Each of the Money Market Funds may invest up to 5% of net assets in illiquid securities. Such securities may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of some of these securities may adversely affect a Fund’s ability to dispose of such securities in a timely manner and at a fair price. Securities acquired under the provisions of Rule 144A can only be traded between qualified institutional buyers. Any such security will not be considered illiquid so long as it is determined by the Board or the Adviser, acting under guidelines approved and monitored by the Board, that an adequate trading market exists for that security. Details of investments in illiquid and/or restricted securities are included in each Fund’s Schedule of Investments.

Subsequent events have been evaluated through the date that the Schedules of Investments were available to be issued. All subsequent events determined to be relevant and material to the Schedules of Investments have been appropriately recorded.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


	Foreign Common Stock
Balance, 05/31/11		$ 24
Accrued discounts/premiums		–
Realized gain (loss)		–
Change in unrealized appreciation (depreciation)		(18)
Purchases		–
Sales		–
Transfers in and/or out of Level 3		–
Paydowns


Balance, 02/29/12		$ 6


	Foreign Common Stock

Balance, 05/31/11		$ 213
Accrued discounts/premiums		–
Realized gain (loss)		–
Change in unrealized appreciation (depreciation)		(156)
Purchases		–
Sales		–
Transfers in and/or out of Level 3		–

Balance, 02/29/12	$	57


	Number of Shares		Value (000)

COMMON STOCKS — continued
Materials — 7.0%
American Vanguard		22,989	$	380
Domtar (Canada)		1,804		173
Innospec*		11,691		362
Minerals Technologies		3,520		227
Myers Industries		21,970		293
Rockwood Holdings*		6,015		320
Sensient Technologies		6,985		258

				2,013
Total Common Stocks
(Cost $23,931)				28,810

AFFILIATED MONEY MARKET FUND — 0.2%
PNC Advantage Institutional Money Market Fund, Institutional Class†		52,374		52
Total Affiliated Money Market Fund
(Cost $52)				52
Total Investments Before Short Term Investments Purchased with Collateral from Securities Loaned – 100.1%
(Cost $23,983)				28,862

SHORT TERM INVESTMENT PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 2.6%
Affiliated Money Market Fund — 2.6%
PNC Advantage Institutional Money Market Fund, Institutional Class†		756,499		756
Total Short Term Investment Purchased with Collateral From Securities Loaned
(Cost $756)‡				756

TOTAL INVESTMENTS — 102.7%
(Cost $24,739)**				29,618
Other Assets & Liabilities – (2.7)%				(790	)
TOTAL NET ASSETS — 100.0%			$	28,828


		P N C B a l a n c e d A l l o c a t i o n F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


		P N C I n t e r n a t i o n a l E q u i t y F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


P N C L a r g e C a p C o r e E q u i t y F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 29 , 2 0 1 2 (U n a u d i t e d)


P N C L a r g e C a p G r o w t h F u n d
S C H E D U L E O F I N V E S T M E N T S F e b r u a r y 2 9, 2 0 1 2 (U n a u d i t e d)


P N C L a r g e C a p V a l u e F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9, 2 0 1 2 (U n a u d i t e d)


P N C M i d C a p V a l u e F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9, 2 0 1 2 (U n a u d i t e d)


P N C M u l t i - F a c t o r S m a l l C a p C o r e F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9, 2 0 1 2 (U n a u d i t e d)


P N C M u l t i - F a c t o r S m a l l C a p C o r e F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9, 2 0 1 2 ( U n a u d i t e d )


Gross unrealized appreciation (000)			$5,636
Gross unrealized depreciation (000)			(738)

Net unrealized appreciation (000)			$4,898


P N C M u l t i - F a ct o r S m a l l C a p V a l u e F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


		P N C S & P 5 0 0 I n d e x F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9, 2 0 1 2 ( U n a u d i t e d )


	Level 1 Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)	Level 3 Significant Unobservable Inputs (000)	Total Value at February 29, 2012 (000)
Affiliated Money Market Fund	$	1,127	$–	$–	$	1,127
Common Stocks		116,827	–	–		116,827
Exchange Traded Fund		224	–	–		224
Rights		3	–	–		3
Short Term Investment Purchased With Collateral From Securities Loaned		140	–	–		140
Warrants		5	–	–		5


Total Assets – Investments in Securities	$	118,326	$–	$–	$	118,326

Other Financial Instruments
Futures Contracts	$	57	$–	$–	$	57

Total Assets - Other Financial Instruments	$	57	$–	$–	$	57


		Common Stock
Balance, 05/31/11		$ –
Accrued discounts/premiums		–
Realized gain (loss)		1
Change in unrealized appreciation (depreciation)		1
Purchases		(2)
Sales		–
Transfers in and/or out of Level 3		–

Balance, 02/29/12		$–


		P N C S m a l l C a p F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


		P N C B o n d F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


P N C G o v e r n m e n t M o r t g a g e F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


P N C H i g h Y i e l d B o n d F u n d
S C H E D U L E O F I N V E S TM E N T S
F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


		Corporate Bonds
Balance, 05/31/11		$–
Accrued discounts/premiums		–
Realized gain (loss)		–
Change in unrealized appreciation (depreciation)		–
Purchases		–
Sales		–
Transfers in and/or out of Level 3*		4

Balance, 02/29/12		$4


		P N C I n t e r m e d i a t e B o n d F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9, 2 0 1 2 (U n a u d i t e d)


P N C L i m i t e d M a t u r i t y B o n d F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9, 2 0 1 2 (U n a u d i t e d)


		P N C To t a l R e t u r n A d v a n t a g e F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9 , 2 0 1 2 (U n a u d i t e d)


P N C U l t r a S h o r t B o n d F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


P N C I n t e r m e d i a t e Ta x E x e m p t B o n d F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9, 2 0 1 2 (U n a u d i t e d)


Gross unrealized appreciation (000)	$	10,818
Gross unrealized depreciation (000)		(92	)

Net unrealized appreciation (000)	$	10,726


		P N C M a r y l a n d T a x E x e m p t B o n d F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


P N C M i c h i g a n I n t e r m e d i a t e M u n i c i p a l B o n d F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


P N C O h i o I n t e r m e d i a t e Ta x E x e m p t B o n d F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


		P N C P e n n s y l v a n i a I n t e r m e d i a t e M u n i c i p a l B o n d F u n d
		S C H E D U L E O F I N V E S T M E N T S
		F e b r u a r y 2 9 , 2 0 1 2 ( U n a u d i t e d )


		P N C T a x E x e m p t L i m i t e d M a t u r i t y B o n d F u n d
		S C H E D U L E O F I N V E S T ME N T S
		F e b r u a r y 2 9 , 2 0 1 2 (U n a u d i t e d)


P N C Ta x E x e m p t L i m i t e d M a t u r i t y B o n d F u n d
S C H E D U L E O F I N V E S T M E N T S
F e b r u a r y 2 9, 2 0 1 2 (U n a u d i t e d)