UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            811-04416                

                         PNC Funds                                

(Exact name of registrant as specified in charter)

One East Pratt Street – 5^th Floor

                                     Baltimore, MD 21202                                         

(Address of principal executive offices) (Zip code)

Delaware Corporations LLC

800 Delaware Avenue

                         Wilmington, Delaware 19801                        

(Name and address of agent for service)

Registrant’s telephone number, including area code:   1-800-622-3863 

Date of fiscal year end:  May 31 

Date of reporting period: November 30, 2016

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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.

Item 1. Reports to Stockholders.

The Semi-Annual Report to Shareholders is attached herewith.

PNC MONEY MARKET FUNDS

SEMI-ANNUAL REPORT

MONEY MARKET FUNDS

Government Money Market Fund

Treasury Money Market Fund

Advantage Institutional Treasury     Money Market Fund

OTHER PNC FUNDS

TARGET DATE FUNDS

Retirement Income Fund

Target 2020 Fund

Target 2030 Fund

Target 2040 Fund

Target 2050 Fund

EQUITY FUNDS

Balanced Allocation Fund

International Equity Fund

International Growth Fund

Large Cap Core Fund

Large Cap Growth Fund

Large Cap Value Fund

Mid Cap Index Fund

Multi-Factor Small Cap Core Fund

Multi-Factor Small Cap Growth Fund

Multi-Factor Small Cap Value Fund

S&P 500 Index Fund

Small Cap Fund

Small Cap Index Fund

FIXED INCOME FUNDS

Bond Fund

Government Mortgage Fund

High Yield Bond Fund

Intermediate Bond Fund

Limited Maturity Bond Fund

Total Return Advantage Fund

Ultra Short Bond Fund

TAX EXEMPT BOND FUNDS

Intermediate Tax Exempt Bond

    Fund

Maryland Tax Exempt

    Bond Fund

Ohio Intermediate Tax Exempt

    Bond Fund

Tax Exempt Limited Maturity

    Bond Fund

T A B L E   O F  C O N T E N T S

Letter to Shareholders	1
Abbreviations and Definitions for Schedules of Investments and Financial Statements	4
Summary of Portfolio Holdings/Yields	6
Expense Tables	8
	Financial Highlights	Schedule of Investments
Government Money Market Fund	9		12
Treasury Money Market Fund	10		16
Advantage Institutional Treasury Money Market Fund	11		18
Statements of Assets and Liabilities			20
Statements of Operations			22
Statements of Changes in Net Assets			24
Notes to Financial Statements			25
Trustees’ Review and Approval of Advisory Agreements			33
Results of Shareholder Meetings			35
Proxy Voting and Quarterly Schedules of Investments			38

This material must be preceded or accompanied by a prospectus.

You should consider the investment objectives, risks, charges and expenses of the PNC Money Market Funds (individually, a “Fund”, collectively, the “Funds”) carefully before investing. A prospectus and other information about the Funds may be obtained by calling your investment professional, calling 1-800-622-FUND (3863) or downloading one at pncfunds.com. Please read it carefully before investing.

NOT FDIC INSURED ● NO BANK GUARANTEE ● MAY LOSE VALUE

PNC Capital Advisors, LLC (“PCA”), a subsidiary of The PNC Financial Services Group, Inc., serves as investment adviser and co-administrator to PNC Funds and PNC Advantage Funds and receives fees for its services. PNC Funds and PNC Advantage Funds are distributed by PNC Funds Distributor, LLC (the “Underwriter”), Three Canal Plaza, Suite 100, Portland, ME 04101. The Underwriter is not affiliated with PCA and is not a bank.

^©2017 The PNC Financial Services Group, Inc. All rights reserved.

An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

P N C  M o n e y   M a r k e t  F u n d s

L E T T E R  T O  S H A R E H O L D E R S

Dear Shareholders:

We are pleased to present this semi-annual report for PNC Money Market Funds for the six months ended November 30, 2016 (the “semi-annual period”).

Please note that in connection with the July 2014 amendments to Rule 2a-7 under the Investment Company Act of 1940 (the “Amended Rule”), which is the primary rule governing the operation of money market funds, the final deadline passed during the semi-annual period for money market funds to be compliant with certain requirements of the Amended Rule. As of October 14, 2016, PNC Money Market Funds are in compliance with all requirements. Further, PNC Capital Advisors, LLC (the “Adviser”) manages PNC Government Money Market Fund, PNCTreasury Money Market Fund and PNC Advantage Institutional Treasury Money Market Fund, so that on and after October 14, 2016, each qualifies as a “government money market fund” under the Amended Rule, enabling each to continue to seek to maintain a stable net asset value (“NAV”) per share of one dollar.

Before reviewing the financial statements and schedules of investments of your individual mutual fund investments, it may be useful to take a brief look at the major factors affecting the economy and the money markets during the semi-annual period.

Economic Review

The U.S. economy improved during the semi-annual period despite spikes of volatility in the capital markets. Indeed, in the third quarter of 2016, U.S. Gross Domestic Product (“GDP”) grew at an annualized pace of 3.5% after the second quarter’s modest 1.4% growth. The manufacturing side of the economy modestly improved. While fixed investment declined, personal consumption was strong and net exports increased. Government spending showed a modest uptick. Inventories were additive for the first time in five quarters. Employment was a strong positive for the economy. On average, non-farm payrolls increased 176,000 per month during the third quarter, and the unemployment rate declined to 4.6%, a nine-year low. As the semi-annual period drew to a close, November 2016 saw a recovery in housing construction and sales in large part due to low mortgage rates, improvement in median household income and low unemployment. Dollar strength in November 2016 was noteworthy given the near certainty of an interest rate hike in December 2016. (After the semi-annual period, the U.S. Federal Reserve (the “Fed”) raised the targeted federal funds rate by 0.25% on December 14, 2016.) Speculation over an acceleration in growth and prospects for fiscal stimulus took center stage upon the conclusion of the U.S. presidential election.

Elsewhere, Europe and the U.K. were working through the effects of the Brexit referendum, wherein the U.K. surprisingly voted at the end of June 2016 to withdraw its membership from the European Union. The European Central Bank indicated it would maintain its quantitative easing policy combined with negative interest rates. As the Brexit strategy unfolded, the British pound came underpressure. China’s breakneck growth has been decelerating for several years, yet its 6.7% year-over-year growth through the second quarter far outpaces the developed world’s pace. Additionally, China continued to let its currency depreciate relative to the U.S. dollar to help spur exports. By contrast, Japan was fighting an appreciating currency and was openly considering more monetary and targeted fiscal policy stimulus.

“The U.S. economy improved...despite spikes of volatility in the capital markets.”

Commentary provided by PNC Capital Advisors, LLC as of November 30, 2016

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P N C  M o n e y  M a r k e t  F u n d s

L E T T E R  T O  S H A R E H O L D E R S

“Domestic interest rate sentiment has shifted post-presidential election to higher interest rates in 2017...”

Commentary provided by PNC Capital Advisors, LLC as of November 30, 2016

Money Markets

Yields in the taxable and tax-exempt money markets remained extremely low throughout the semi-annual period but did edge higher as investors priced in the potential, and later the reality, of the Fed’s interest rate hike in December 2016.

The first Fed meeting during the semi-annual period occurred in June 2016. Although the Fed’s subsequent statement was marginally dovish, or implying lower interest rates for longer, and economic data estimates for GDP, inflation and unemployment, were largely unchanged, the fed funds forecasts shifted in a materially dovish way. Median projections for 2017-2018, as well as the long-term fed funds rate estimate, all came down. During the third calendar quarter, yields on traditional money market instruments rose, as Fed guidance and market expectations of future policy rates better aligned. The Fed’s September 2016 meeting was a “close call,” marking the first time in five years that three members dissented on the no action decision. Despite the division in opinions and the hawkish tone of the statement, Fed chair Yellen suggested in her press conference that the labor market had continued room for improvement and that she did not feel the economy risked overheating. Overall, total money market assets remained unchanged during the semi-annual period, although assets streamed out of prime money market funds and into government money market funds ahead of the mid-October 2016 compliance date for implementation of the Amended Rule requirements.

Our View Ahead

We expect U.S. economic growth in 2017 to accelerate from 2016’s rate, primarily driven by income and wage gains, possible tax reforms and a boost from financial markets. In our view, fiscal policy, centered around corporate tax reform as well as infrastructure improvements, should be slightly positive looking to 2017 and beyond. However, the timing and magnitude of fiscal stimulus, as well as its impact on the deficit, remains uncertain. Further, poor productivity could act as a restraint on growth. We believe other developed and emerging markets will likely look to the U.S. to be the marginal force for world economic growth in the new year. In particular, we believe European economic growth is likely to stay in the modest 1% to 1.5% range unless there are more dynamic fiscal policy changes from the continental European Union members. While the European Central Bank is anticipated to continue its quantitative easing policy combined with negative interest rates, we feel further stimulus to generate faster European Union growth will need to come from fiscal stimulus and/or labor market reforms.

As for the capital markets, following an unexpected double-digit gain in 2016, it is our view that equity markets are likely to produce more modest, single-digit returns contingent on earnings following through during the coming year. We further believe fixed income markets remain vulnerable given monetary policy expectations and the outlook for rising inflation amidst the U.S. election result and the Fed’s recent statements. With employment near the natural rate of unemployment and inflation gradually moving toward the Fed’s target, we believe the Fed is poised to wind down its extraordinary measures over the past few years and to raise interest rates further in the new year. Domestic interest rate sentiment has shifted post-presidential election to higher interest rates in 2017 as many of the incoming administration’s policy positions are deemed to be pro-growth and inflationary. Most economists forecast the policy rate moving higher by 50 to 75 basis points (a basis point is 1/100th of a percentage point) in 2017 at a measured pace, but we remain skeptical that longer-term rates will move considerably higher. If real interest rates increase, financial conditions should eventually tighten and act to temper economic enthusiasm. In our view, the Fed, as always, will be data-dependent in its decision-making and will need to see economic policies take hold before rates change materially from current levels. If the new administration carries through on its rhetoric, municipal securities could lose some relative attractiveness should personal tax rates be reduced.

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P N C  M o n e y  M a r k e t  F u n d s

L E T T E R  T O  S H A R E H O L D E R S

Vigilance remains paramount. We believe relative safety, diversification and liquidity will likely remain important and ongoing considerations for investors in the money markets. We therefore continue to believe that money market funds will continue to play a key role in investors’ portfolios.

We thank you for being a part of the PNC Money Market Funds and for maintaining a long-term perspective as a basic tenet of your investment approach. We value your ongoing confidence in us and look forward to serving your investment needs in the years ahead.

Best Regards,

Mark McGlone	Jennifer E. Spratley
President and Chief Investment Officer	President
PNC Capital Advisors, LLC	PNC Funds
	PNC Advantage Funds

This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to PNC Funds and PNC Advantage Funds, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and PNC Capital Advisors, LLC undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of PNC Funds and PNC Advantage Funds’ trading intent.

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P N C  M o n e y  M a r k e t  F u n d s

A B B R E V I A T I O N S  A N D  D E  F I N I T I O N S  F O R  S C H E D U L E S  O F   I N V E S T M E N T S

A N D  F I N A N C I A L  S T A T E M E N T S

Schedules of Investments:

DN — Discount Note. The rate shown is the effective yield at purchase date.

FRN —  Floating Rate Note. The rate shown is the rate in effect on November 30, 2016, and the date shown is the final maturity date, not the next reset or put date. The rate floats based on a predetermined index.

LLC — Limited Liability Company

Financial Statements:

— Amounts designated as “ — “ are either zero or rounded to zero.

See Notes to Financial Statements.

4

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P N C  M o n e y  M a r k e t  F u n d s

S U M M A R Y  O F  P O R T F O L I O  H O L D I N G S / Y I E L D S  ( U n a u d i t e d )

The tables below present portfolio holdings as of November 30, 2016 as a percentage of total investments for each of the PNC Money Market Funds.

Government Money Market Fund
Repurchase Agreements	29.0	%
Federal Home Loan Bank	23.0
Federal Farm Credit Bank	16.2
Federal Home Loan Mortgage Corpration	13.8
U.S. Treasury Notes	11.8
Federal National Mortgage Association	3.3
Money Market Funds	1.6
U.S. Treasury Bills	1.3
	100.0	%
Treasury Money Market Fund
U.S. Treasury Notes	56.4	%
U.S. Treasury Bills	41.6
Money Market Funds	2.0
	100.0	%

Advantage Institutional Treasury Money Market Fund
Repurchase Agreements	49.4	%
U.S. Treasury Notes	41.1
U.S. Treasury Bills	8.1
Money Market Fund	1.4
	100.0	%

6

The yields in the tables below represent the annualization of the Fund’s declared dividends over the seven-day period ended November 30, 2016. For the seven-day period ended November 30, 2016, the Current Yield and the Effective Yield for each Fund were the same.

Current Yield is a measure of a Fund’s yield earned if dividends are paid in cash and are not reinvested. Effective Yield is a measure of a Fund’s yield that assumes that all dividends were reinvested in additional Fund shares instead of being paid in cash.

7-Day Current and Effective Yields as of November 30, 2016
	Class I		Class A		Advisor Class
Fund	Net	Unsubsidized*	Net	Unsubsidized*	Net	Unsubsidized*
Government Money Market Fund	0.24%	0.24%	0.24%	0.24%	0.24%	0.24%
Treasury Money Market Fund	0.18%	0.18%	0.18%	0.18%	–	–
7-Day Current and Effective Yields as of November 30, 2016
	Institutional Shares		Advisor Shares		Service Shares
Fund	Net	Unsubsidized*	Net	Unsubsidized*	Net	Unsubsidized*
Advantage Institutional Treasury Money Market Fund	0.10%	0.10%	0.00%**	0.00%**	0.00%**	0.00%**

* Unsubsidized Yield reflects the yield without fee waivers and expense reimbursements in effect. There were no fee waivers or expense reimbursements for the seven-day period ended November 30, 2016.

** Net assets of Advisor Shares and Service Shares at November 30, 2016 were comprised solely of seed capital of $10 and $13, respectively. Ratios for the seven-day period rounded to 0.00%.

Performance quoted represents past performance and does not guarantee future results. Investment return will fluctuate, so current performance may be higher or lower than shown here. Current performance data is available at pncfunds.com.

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P N C   M o n e y   M a r k e t   F u n d s

E X P E N S E    T A B L E S    (U n a u d i t e d)

The expenses shown in the Expense Tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactional costs were included, your costs would be higher.

The “Annualized Expense Ratio” reflects the actual expenses net of fee waivers, where applicable, for the six-month period (June 1, 2016 to November 30, 2016).

⁽¹⁾ Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (183) in the most recent fiscal half-year, then divided by 365.

⁽²⁾ Assumes annual return of 5% before expenses.

All mutual funds have operating expenses. As a shareholder of a Fund, you incur operating expenses, including investment advisory fees, distribution (12b-1) and shareholder services fees, where applicable, and other Fund expenses. Such expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of a Fund. A Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The Expense Tables provided below are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the six-month period shown and held for the entire six-month period (June 1, 2016 to November 30, 2016).

The Expense Table that appears for your Fund illustrates your Fund’s costs in two ways.

• Actual Expenses. This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Class of a Fund under the heading “Expenses Paid During Period.”

• Hypothetical Example for Comparison Purposes. This section is intended to help you compare your Fund’s costs with those of other mutual funds. It is based on your Fund’s actual expense ratio and assumes that your Fund had an annual return of 5% before expenses during the period shown. In this case — because the return used is not your Fund’s actual return — the results may not be used to estimate your actual ending account value or expenses you paid during this period. The example is useful in making comparisons between your Fund and other funds because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on an assumed annual l5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

	Beginning		Ending				Expenses
	Account		Account		Annualized		Paid
	Value		Value		Expense		During
	06/01/16		11/30/16		Ratio		Period(1)
Government Money Market Fund
Actual
Class I		$1,000.00		$1,000.94		0.21%		$1.03
Class A		1,000.00		1,000.93		0.21		1.04
Advisor Class		1,000.00		1,000.93		0.20		1.01
Hypothetical(2)
Class I		1,000.00		1,024.04		0.21		1.05
Class A		1,000.00		1,024.03		0.21		1.05
Advisor Class		1,000.00		1,024.06		0.20		1.02

	Beginning		Ending				Expenses
	Account		Account		Annualized		Paid
	Value		Value		Expense		During
	06/01/16		11/30/16		Ratio		Period(1)
Treasury Money Market Fund
Actual
Class I		$1,000.00		$1,000.51		0.24%		$1.21
Class A		1,000.00		1,000.51		0.24		1.20
Hypothetical(2)
Class I		1,000.00		1,023.86		0.24		1.22
Class A		1,000.00		1,023.87		0.24		1.22
Advantage Institutional Treasury Money Market Fund
Actual
Institutional Shares		$1,000.00		$1,000.38		0.25%		$1.25
Hypothetical(2)
Institutional Shares		1,000.00		1,023.82		0.25		1.27

8

P N C  M o n e y  M a r k e t  F u n d s   F I N A N C I A L  H I G H L I G H T S    ( U n a u d i t e d ) S e l e c t e d  P e r  S h a r e  D a  t a  a n d  R a t i o s F o r  t h e  S i x  M o n t h s  E n  d e d  N o v e m b e r  3 0,  2 0 1 6, a n d   f o r   t h e   Y e a r s   E n d e d   M a y   3 1 , u n l e s s  o t h e r w i s e  i n d  i c a t e d

	Government Money Market Fund
	Class I																		Class A
	2016*			2016			2015			2014			2013			2012			2016*			2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net Investment Income†		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Realized and Unrealized Gain (Loss) on Investments		–	**		–			–	**		–			–	**		–			–	**		–	**		–	**		–			–	**		–
Total from Investment Operations		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Dividends from Net Investment Income		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Distributions from Net Realized Gains		–			–			–			–			–			–			–			–			–			–			–			–
Total Distributions		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		0.09	%		0.05	%		0.03	%		0.01	%		0.01	%		0.02	%		0.09	%		0.05	%		0.03	%		0.01	%		0.01	%		0.02	%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	9,094,511		$	4,776,561		$	720,219		$	738,100		$	809,229		$	960,513		$	405,464		$	361,440		$	321,524		$	133,915		$	79,789		$	109,523
Ratio of Expenses to Average Net Assets		0.21	%		0.19	%		0.07	%		0.07	%		0.15	%		0.12	%		0.21	%		0.16	%		0.06	%		0.02	%(1)		0.15	%		0.12	%
Ratio of Net Investment Income to Average Net Assets		0.19	%		0.06	%		0.02	%		0.01	%		0.01	%		0.01	%		0.19	%		0.05	%		0.02	%		0.06	%(1)		0.01	%		0.01	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.21	%		0.27	%		0.35	%		0.36	%		0.36	%		0.35	%		0.21	%		0.28	%		0.35	%		0.36	%		0.36	%		0.35	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.19	%		(0.02	)%		(0.26	)%		(0.28	)%		(0.20	)%		(0.22	)%		0.19	%		(0.07	)%		(0.27	)%		(0.28	)%		(0.20	)%		(0.22	)%
	Government Money Market Fund
	Advisor Class
				2016*						2016(2)
Net Asset Value, Beginning of Period		$   1.00						$  1.00
Net Investment Income†		–**									–**
Realized and Unrealized Gain (Loss) on Investments		–**									–
Total from Investment Operations		–**									–**
Dividends from Net Investment Income		–**									–**
Distributions from Net Realized Gains		–									–
Total Distributions		–**						–**
Net Asset Value, End of Period		$   1.00						$  1.00
Total Return		0.09%						0.05%
Ratios/Supplemental Data Net Assets End of Period (000)		$8,654									$   875
Ratio of Expenses to Average Net Assets		0.20%									0.18%
Ratio of Net Investment Income to Average Net Assets		0.21%									0.05%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.20%									0.25%    `
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.21%									(0.02)%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Amount represents less than $0.005 per share.

† Per share data calculated using average shares outstanding method.

(1) During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares. This voluntary commitment represented a 0.05% impact to Class A ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A shareholders. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

(2) Advisor Class Shares commenced operations on September 14, 2015. All ratios for the period have been annualized. Total return for the period has not been annualized.

See Notes to Financial Statements.

9

P N C  M o n e y  M a r k e t  F u n d s   F I N A N C I A L  H I G H L I G H T S    ( U n a u d i t e d ) S e l e c t e d  P e r  S h a r e  D a  t a  a n d  R a t i o s F o r  t h e  S i x  M o n t h s  E n  d e d  N o v e m b e r  3 0,  2 0 1 6, a n d   f o r   t h e   Y e a r s   E n d e d   M a y   3 1 , u n l e s s  o t h e r w i s e  i n d  i c a t e d

	Treasury Money Market Fund
	Class I																		Class A
	2016*			2016			2015			2014			2013			2012			2016*			2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period		$          1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net Investment Income†		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Realized and Unrealized Gain (Loss) on Investments		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Total from Investment Operations		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Dividends from Net Investment Income		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Distributions from Net Realized Gains		–			–			–			–			–			–			–			–			–			–			–			–
Total Distributions		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**		–	**
Net Asset Value, End of Period		$          1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		0.05	%		0.03	%		0.02	%		0.02	%		0.01	%		0.01	%		0.05	%		0.03	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratios/Supplemental Data
Net Assets End of Period (000)		$1,045,602		$	1,215,072		$	225,196		$	214,348		$	289,839		$	326,694		$	217,292		$	138,150		$	144,448		$	173,571		$	120,798		$	83,704
Ratio of Expenses to Average Net Assets		0.24	%		0.15	%		0.02	%		0.04	%		0.08	%		0.04	%		0.24	%		0.13	%		0.02	%		0.03	%(1)		0.08	%		0.04	%
Ratio of Net Investment Income to Average Net Assets		0.10	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%		0.11	%		0.02	%		0.01	%		0.02	%(1)		0.01	%		0.01	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.24	%		0.31	%		0.37	%		0.36	%		0.37	%		0.36	%		0.24	%		0.32	%		0.37	%		0.36	%		0.37	%		0.36	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.10	%		(0.14	)%		(0.34	)%		(0.31	)%		(0.28	)%		(0.31	)%		0.11	%		(0.17	)%		(0.34	)%		(0.31	)%		(0.28	)%		(0.31	)%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Amount represents less than $0.005 per share.

† Per share data calculated using average shares outstanding method.

(1) During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares. This voluntary commitment represented a 0.01% impact to Class A ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A shareholders. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

10

P N C  M o n e y  M a r k e t  F u n d s   F I N A N C I A L  H I G H L I G H T S    ( U n a u d i t e d ) S e l e c t e d  P e r  S h a r e  D a  t a  a n d  R a t i o s F o r  t h e  S i x  M o n t h s  E n  d e d  N o v e m b e r  3 0,  2 0 1 6, a n d   f o r   t h e   Y e a r s   E n d e d   M a y   3 1 , u n l e s s  o t h e r w i s e  i n d  i c a t e d

	Advantage Institutional Treasury Money Market Fund
	Institutional Shares																		Advisor Shares																		Service Shares
	2016*			2016			2015			2014			2013			2012			2016*			2016			2015			2014			2013			2012			2016*			2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net Investment Income†		–	**		–	**		–	**		–	**		–	**		–	**		–			–	**		–	**		–	**		–	**		–	**		–			–	**		–	**		–	**		–	**		–	**
Realized and Unrealized Gain (Loss) on Investments		–			–			–	**		–			–	**		–			–			–	**		–	**		–			–	**		–			–			–	**		–	**		–			–	**		–
Total from Investment Operations		–	**		–	**		–	**		–	**		–	**		–	**		–			–	**		–	**		–	**		–	**		–	**		–			–	**		–	**		–	**		–	**		–	**
Dividends from Net Investment Income		–	**		–	**		–	**		–	**		–	**		–	**		–			–	**		–	**		–	**		–	**		–	**		–			–	**		–	**		–	**		–	**		–	**
Distributions from Net Realized Gains		–			–			–			–			–			–			–			–			–			–			–			–			–			–			–			–			–			–
Total Distributions		–	**		–	**		–	**		–	**		–	**		–	**		–			–	**		–	**		–	**		–	**		–	**		–			–	**		–	**		–	**		–	**		–	**
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		0.04	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	495,322		$	453,917		$	112,304		$	174,871		$	115,062		$	111,735		$	–	(1)	$	–	(1)	$	34,829		$	10,980		$	8,412		$	3,619		$	–	(1)	$	–	(1)	$	3,401		$	1,601		$	2,711		$	11,149
Ratio of Expenses to Average Net Assets		0.25	%		0.17	%		0.05	%		0.05	%		0.12	%		0.08	%		0.00	%		0.16	%		0.05	%		0.05	%		0.13	%		0.07	%		0.00	%		0.10	%		0.05	%		0.05	%		0.14	%		0.09	%
Ratio of Net Investment Income to Average Net Assets		0.07	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.25	%		0.24	%		0.28	%		0.26	%		0.28	%		0.30	%		0.00	%		0.25	%		0.29	%		0.27	%		0.29	%		0.32	%		0.00	%		0.26	%		0.29	%		0.27	%		0.29	%		0.31	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.07	%		(0.05	)%		(0.22	)%		(0.20	)%		(0.15	)%		(0.21	)%		0.00	%		(0.07	)%		(0.23	)%		(0.21	)%		(0.15	)%		(0.24	)%		0.00	%		(0.14	)%		(0.23	)%		(0.21	)%		(0.14	)%		(0.21	)%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Amount represents less than $0.005 per share.

† Per share data calculated using average shares outstanding method.

(1) At November 30, 2016 and May 31, 2016, net assets of the Advisor and Service Shares represented seed capital.

See Notes to Financial Statements.

11

P N C  G o v e r n m e n t    M o n e y  M a r k e t  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 56.8%
Federal Farm Credit Bank — 16.3%
Federal Farm Credit Bank
0.570%, 12/14/16 (FRN)	$	10,000	$	10,000
0.637%, 01/30/17 (FRN)		20,000		20,001
0.637%, 02/21/17 (FRN)		17,000		17,004
0.617%, 04/20/17 (FRN)		25,000		25,002
0.714%, 04/24/17 (FRN)		10,000		10,011
0.593%, 04/26/17 (FRN)		60,000		60,000
0.629%, 05/24/17 (FRN)		12,000		12,007
0.582%, 05/25/17 (FRN)		40,000		40,000
0.650%, 05/30/17 (FRN)		49,890		49,937
0.650%, 06/14/17 (FRN)		10,300		10,309
0.582%, 06/20/17 (FRN)		70,000		70,001
0.500%, 07/03/17 (FRN)		14,200		14,197
0.530%, 07/13/17 (FRN)		17,000		17,009
0.568%, 07/14/17 (FRN)		15,000		15,002
0.570%, 07/28/17 (FRN)		100,000		100,027
0.505%, 08/18/17 (FRN)		30,000		29,998
0.590%, 08/21/17 (FRN)		30,000		30,010
0.540%, 08/24/17 (FRN)		45,000		44,997
0.540%, 08/28/17 (FRN)		25,000		25,000
0.510%, 09/01/17 (FRN)		55,000		55,000
0.588%, 09/13/17 (FRN)		50,000		50,010
0.730%, 09/14/17 (FRN)		63,600		63,688
0.663%, 09/14/17 (FRN)		18,000		17,999
0.673%, 09/28/17 (FRN)		40,000		39,997
0.663%, 10/06/17 (FRN)		20,000		19,998
0.550%, 10/23/17 (FRN)		25,000		24,998
0.871%, 11/27/17 (FRN)		15,000		15,022
0.741%, 12/18/17 (FRN)		30,000		30,000
0.600%, 12/22/17 (FRN)		15,000		14,998
0.510%, 03/14/18 (FRN)		40,000		39,995
0.600%, 05/14/18 (FRN)		50,000		50,007
0.650%, 08/10/18 (FRN)		28,000		27,986
Federal Farm Credit Bank (DN)
0.363%, 12/05/16		63,470		63,467
0.522%, 12/21/16		20,000		19,994
0.315%, 12/23/16		27,270		27,265
0.366%, 12/27/16		15,500		15,496
0.492%, 02/16/17		10,000		9,990
0.461%, 02/24/17		24,725		24,698
0.471%, 03/20/17		25,000		24,964
0.492%, 04/11/17		10,000		9,982
0.562%, 05/01/17		15,000		14,965
0.573%, 05/24/17		15,000		14,959
0.583%, 05/26/17		20,000		19,943
0.603%, 06/12/17		15,000		14,952
0.603%, 06/29/17		42,000		41,853
0.634%, 07/03/17		25,000		24,906
0.614%, 07/06/17		25,000		24,908
0.553%, 07/07/17		25,000		24,917
0.603%, 07/11/17		20,000		19,926
0.683%, 07/18/17		25,000		24,892
0.634%, 07/25/17		25,000		24,897
0.644%, 07/28/17		25,000		24,894
0.634%, 08/04/17		15,000		14,935
0.684%, 08/10/17		15,000		14,929
				1,551,942
Federal Home Loan Bank — 23.2%
Federal Home Loan Bank
0.562%, 12/20/16 (FRN)		50,000		50,000

	Par (000)		Value (000)
0.470%, 01/25/17	$	25,000	$	24,998
0.582%, 01/27/17 (FRN)		30,000		30,000
0.506%, 02/14/17 (FRN)		17,000		16,998
0.656%, 02/22/17 (FRN)		25,000		25,015
0.680%, 02/27/17		25,000		24,998
0.442%, 03/16/17 (FRN)		85,000		85,001
0.550%, 03/17/17 (FRN)		40,000		40,010
0.702%, 04/25/17 (FRN)		25,000		25,009
0.589%, 04/25/17 (FRN)		52,000		51,998
0.414%, 05/01/17 (FRN)		40,000		39,996
0.766%, 05/16/17 (FRN)		20,000		19,999
0.625%, 05/30/17		74,000		74,013
1.000%, 06/09/17		32,025		32,089
1.000%, 06/21/17		40,185		40,264
0.580%, 07/03/17 (FRN)		28,500		28,521
0.461%, 07/27/17 (FRN)		50,000		49,999
0.570%, 08/03/17 (FRN)		75,000		75,000
0.506%, 08/07/17 (FRN)		25,000		25,000
0.565%, 08/08/17 (FRN)		25,000		25,001
0.515%, 08/17/17 (FRN)		25,000		25,000
0.552%, 08/21/17 (FRN)		15,000		15,002
0.750%, 09/08/17		25,000		25,012
0.797%, 10/10/17 (FRN)		45,000		45,000
0.637%, 10/20/17 (FRN)		50,000		50,000
0.609%, 11/02/17 (FRN)		25,000		25,000
0.707%, 11/13/17 (FRN)		25,000		25,001
0.496%, 11/22/17 (FRN)		75,000		74,993
0.575%, 05/17/18 (FRN)		25,000		25,000
Federal Home Loan Bank (DN)
0.250%, 12/02/16		32,150		32,150
0.350%, 12/07/16		15,000		14,999
0.491%, 12/12/16		50,000		49,993
0.260%, 12/20/16		21,552		21,549
0.278%, 12/21/16		90,000		89,986
0.290%, 12/23/16		50,000		49,991
0.370%, 12/27/16		20,000		19,995
0.372%, 12/28/16		42,100		42,088
0.390%, 12/29/16		25,000		24,992
0.383%, 01/04/17		10,650		10,646
0.361%, 01/05/17		25,000		24,991
0.361%, 01/06/17		10,900		10,896
0.446%, 01/13/17		25,000		24,987
0.373%, 01/17/17		90,000		89,956
0.421%, 01/18/17		25,000		24,986
0.471%, 01/20/17		30,000		29,980
0.441%, 01/25/17		94,496		94,432
0.451%, 01/27/17		16,590		16,578
0.467%, 02/01/17		117,300		117,206
0.501%, 02/06/17		20,000		19,981
0.501%, 02/09/17		13,000		12,987
0.461%, 02/17/17		18,760		18,741
0.486%, 03/08/17		12,900		12,883
0.509%, 03/10/17		49,000		48,932
0.524%, 03/24/17		35,400		35,342
0.481%, 04/21/17		37,000		36,930
0.587%, 04/26/17		60,750		60,606
0.600%, 05/12/17		48,000		47,871
0.632%, 05/19/17		25,000		24,926
				2,203,517

See Notes to Financial Statements.

12

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — continued
Federal Home Loan Mortgage Corporation — 13.9%
Federal Home Loan Mortgage Corporation
1.000%, 03/08/17	$	10,280	$	10,293
0.406%, 05/04/17 (FRN)		40,000		40,000
0.750%, 07/14/17		58,925		58,961
0.692%, 07/21/17 (FRN)		18,500		18,515
Federal Home Loan Mortgage Corporation (DN)
0.531%, 12/01/16		25,000		25,000
0.401%, 12/05/16		30,000		29,999
0.364%, 12/06/16		120,000		119,994
0.361%, 12/07/16		25,000		24,998
0.348%, 12/14/16		100,000		99,987
0.441%, 12/16/16		30,000		29,994
0.436%, 12/20/16		171,300		171,261
0.401%, 12/22/16		40,000		39,991
0.417%, 12/28/16		40,000		39,988
0.366%, 01/03/17		67,387		67,364
0.401%, 01/04/17		17,259		17,252
0.350%, 01/09/17		25,000		24,991
0.390%, 01/18/17		48,300		48,275
0.391%, 01/19/17		25,000		24,987
0.411%, 02/03/17		15,000		14,989
0.453%, 02/07/17		33,500		33,471
0.451%, 02/10/17		17,021		17,006
0.483%, 02/15/17		35,000		34,964
0.421%, 02/21/17		15,000		14,986
0.521%, 02/23/17		32,500		32,461
0.441%, 02/28/17		25,000		24,973
0.421%, 03/21/17		60,000		59,923
0.547%, 03/27/17		45,000		44,921
0.482%, 03/29/17		25,000		24,961
0.566%, 04/06/17		40,000		39,921
0.592%, 04/21/17		40,000		39,908
0.602%, 05/05/17		18,000		17,953
0.521%, 05/17/17		30,000		29,928
				1,322,215
Federal National Mortgage Association — 3.4%
Federal National Mortgage Association
1.250%, 01/30/17		24,973		24,998
0.750%, 04/20/17		31,421		31,446
0.552%, 08/16/17 (FRN)		19,770		19,774
0.543%, 10/05/17 (FRN)		50,000		49,986
Federal National Mortgage Association (DN)
0.572%, 01/05/17		35,000		34,981
0.391%, 01/17/17		14,000		13,993
0.436%, 02/01/17		25,000		24,981
0.381%, 02/03/17		15,000		14,990
0.451%, 02/15/17		45,000		44,957
0.391%, 03/01/17		20,000		19,980
0.396%, 03/20/17		25,000		24,970
0.401%, 03/31/17		15,000		14,980
				320,036
Total U.S. Government Agency Obligations (Cost $5,397,710)				5,397,710

	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 13.2%
U.S. Treasury Bills† — 1.3%
0.330%, 12/08/16	$	25,000	$	24,998
0.300%, 12/15/16		75,000		74,992
0.320%, 01/12/17		25,000		24,990
				124,980
U.S. Treasury Notes — 11.9%
0.625%, 12/15/16		70,000		70,006
0.575%, 01/31/17 (FRN)		125,000		125,016
0.875%, 01/31/17		60,000		60,040
0.625%, 02/15/17		55,000		55,020
0.875%, 02/28/17		110,000		110,113
0.750%, 03/15/17		75,000		75,045
0.500%, 03/31/17		75,000		75,001
0.875%, 04/15/17		75,000		75,115
0.565%, 04/30/17 (FRN)		150,000		150,015
0.875%, 04/30/17		30,000		30,046
0.875%, 05/15/17		105,000		105,168
0.750%, 06/30/17		100,000		100,055
0.875%, 07/15/17		25,000		25,037
0.568%, 07/31/17 (FRN)		45,000		45,009
0.659%, 10/31/17 (FRN)		25,000		25,028
				1,125,714
Total U.S. Treasury Obligations (Cost $1,250,694)				1,250,694
	Number of Shares
MONEY MARKET FUNDS — 1.6%
Invesco Government & Agency Portfolio, Institutional Class 0.290% (A)		1,000,000		1,000
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (A)		154,569,038		154,569
Total Money Market Funds (Cost $155,569)				155,569

See Notes to Financial Statements.

13

P N C  G o v e r n m e n t  M o n e y  M a r k e t  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

N o v e m b e r  30 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
REPURCHASE AGREEMENTS†† — 29.2%
Credit Suisse Securities LLC
0.270% (dated 11/30/16, due 12/01/16, repurchase price $200,001,500, collateralized by U.S. Treasury Note, 1.750%, due 03/31/22, total value $204,001,486)	$	200,000	$	200,000
Deutsche Bank Securities Inc.
0.260% (dated 11/30/16, due 12/01/16, repurchase price $100,000,722, collateralized by U.S. Treasury Note, 2.250%, due 11/15/25, total value $102,000,081)		100,000		100,000
Goldman Sachs & Co.
0.280% (dated 11/30/16, due 12/01/16, repurchase price $625,004,861, collateralized by Federal Home Loan Mortgage Corporation Bond and Federal National Mortgage Association Bonds, 3.000% to 5.000%, due 02/01/27 to 12/01/46, total value $637,500,000)		625,000		625,000
HSBC Securities USA
0.260% (dated 11/30/16, due 12/01/16, repurchase price $500,003,611, collateralized by U.S. Treasury Notes, 0.125% to 0.625%, due 04/15/21 to 07/15/26, total value $510,004,618) (B)		500,000		500,000
0.270% (dated 11/30/16, due 12/01/16, repurchase price $150,001,125, collateralized by Federal National Mortgage Association Bonds, 3.000% to 6.500%, due 08/01/22 to 07/01/46, total value $153,003,345) (B)		150,000		150,000
Merrill Lynch Pierce Fenner & Smith
0.280% (dated 11/30/16, due 12/01/16, repurchase price $100,000,778, collateralized by Government National Mortgage Association Bond, 3.500%, due 04/20/46, total value $102,000,001)		100,000		100,000
Mitsubishi UFJ Securities Inc.
0.220% (dated 11/30/16, due 12/01/16, repurchase price $50,000,306, collateralized by Federal Home Loan Mortgage Corporation Bonds and Federal National Mortgage Association Bonds, 2.500% to 4.000%, due 05/01/28 to 12/01/46, total value $51,000,312)		50,000		50,000

	Par (000)		Value (000)
RBC Capital Markets LLC
0.260% (dated 11/30/16, due 12/01/16, repurchase price $200,001,444, collateralized by Federal Home Loan Mortgage Corporation Bonds, Federal National Mortgage Association Bonds and Government National Mortgage Association Bond, 2.000% to 7.500%, due 01/01/19 to 12/01/46, total value $204,001,474)	$	200,000	$	200,000
Royal Bank of Scotland 0.260%
(dated 11/30/16, due 12/01/16, repurchase price $500,003,611, collateralized by U.S. Treasury Notes, 0.125% to 2.625%, due 01/15/17 to 07/15/24, total value $510,005,001)		500,000		500,000
Toronto Dominion Securities LLC
0.270% (dated 11/30/16, due 12/01/16, repurchase price $355,002,663, collateralized by Federal National Mortgage Association Bonds, Government National Mortgage Association Bonds, U.S. Treasury Bill and U.S. Treasury Note, 0.000% to 4.500%, due 12/15/16 to 11/01/46, total value $362,100,070)		355,000		355,000
Total Repurchase Agreements (Cost $2,780,000)				2,780,000
TOTAL INVESTMENTS — 100.8% (Cost $9,583,973)*				9,583,973
Other Assets & Liabilities – (0.8)%				(75,344	)
TOTAL NET ASSETS — 100.0%			$	9,508,629

* Also cost for Federal income tax purposes.

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

†† As of November 30, 2016, the total value of repurchase agreements was $2,780,000 (000) and the value of collateral received, excluding excess, was $2,780,000 (000). See Note 2 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

(B) As of November 30, 2016, the total value of HSBC Securities USA Repurchase Agreements is $650,000 (000) (collateral value of $ 663,008 (000)).

See Notes to Financial Statements.

14

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Money Market Funds		$	155,569		$	–		$	–		$	155,569
Repurchase Agreements			–			2,780,000			–			2,780,000
U.S. Government Agency Obligations			–			5,397,710			–			5,397,710
U.S. Treasury Obligations			–			1,250,694			–			1,250,694
Total Assets - Investments in Securities		$	155,569		$	9,428,404		$	–		$	9,583,973

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

15

P N C  T r e a s u r y  M o n e y  M a r k e t  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

N o v e m b e r  30 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 99.4%
U.S. Treasury Bills† — 42.2%
0.228%, 12/01/16	$	80,000	$	80,000
0.330%, 12/08/16		80,000		79,995
0.300%, 12/15/16		90,000		89,992
0.320%, 12/22/16		83,000		82,988
0.346%, 12/29/16		30,000		29,992
0.320%, 01/12/17		25,000		24,991
0.426%, 01/19/17		10,000		9,995
0.322%, 01/26/17		20,000		19,990
0.385%, 02/02/17		40,000		39,973
0.480%, 02/09/17		20,000		19,981
0.429%, 02/16/17		10,000		9,991
0.466%, 03/02/17		25,000		24,971
0.468%, 04/27/17		10,000		9,981
0.575%, 05/25/17		10,000		9,972
				532,812
U.S. Treasury Notes — 57.2%
0.625%, 12/15/16		52,000		52,004
0.750%, 01/15/17		25,000		25,011
0.500%, 01/31/17		47,000		47,005
0.575%, 01/31/17 (FRN)		117,000		117,013
0.625%, 02/15/17		50,000		50,021
0.875%, 02/28/17		18,000		18,019
0.750%, 03/15/17		33,000		33,026
0.565%, 04/30/17 (FRN)		130,000		130,023
0.875%, 05/15/17		20,000		20,028
0.625%, 05/31/17		17,000		17,000
0.568%, 07/31/17 (FRN)		135,000		135,038
0.625%, 07/31/17		10,000		9,995
0.625%, 08/31/17		10,000		9,991
0.659%, 10/31/17 (FRN)		58,000		58,058
				722,232
Total U.S. Treasury Obligations (Cost $1,255,044)				1,255,044

	Number of Shares		Value (000)
MONEY MARKET FUNDS — 2.0%
BlackRock Treasury Trust Fund Institutional Class, 0.240%†† (A)		500,000		$      500
Dreyfus Treasury Prime Cash Management Institutional Shares, 0.240% (A)		25,348,672		25,349
Total Money Market Funds (Cost $25,849)				25,849
TOTAL INVESTMENTS — 101.4% (Cost $1,280,893)*				1,280,893
Other Assets & Liabilities – (1.4)%				(17,999	)
TOTAL NET ASSETS — 100.0%			$	1,262,894

* Also cost for Federal income tax purposes.

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

†† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

16

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Money Market Funds		$	25,849		$	–		$	–		$	25,849
U.S. Treasury Obligations			–			1,255,044			–			1,255,044
Total Assets - Investments in Securities		$	25,849		$	1,255,044		$	–		$	1,280,893

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

17

P N C  A d v a n t a g e  I n s t i t u t i o n a l  T r e a s u r y  M o n e y  M a r k e t  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — 50.3%
U.S. Treasury Bills† — 8.3%
0.300%, 12/15/16	$	4,000	$	4,000
0.320%, 12/22/16		3,000		2,999
0.346%, 12/29/16		9,000		8,998
0.426%, 01/19/17		20,000		19,988
0.480%, 02/09/17		5,000		4,995
				40,980
U.S. Treasury Notes — 42.0%
0.625%, 12/15/16		9,000		9,001
0.750%, 01/15/17		5,000		5,002
0.500%, 01/31/17		10,000		10,001
0.575%, 01/31/17 (FRN)		19,000		19,002
0.500%, 02/28/17		4,000		4,001
0.750%, 03/15/17		18,000		18,015
0.565%, 04/30/17 (FRN)		43,000		43,005
0.875%, 05/15/17		10,000		10,014
0.625%, 05/31/17		13,000		13,003
0.568%, 07/31/17 (FRN)		30,000		30,003
0.625%, 07/31/17		9,000		8,995
0.625%, 08/31/17		5,000		4,995
0.659%, 10/31/17 (FRN)		30,000		30,024
0.763%, 01/31/18 (FRN)		3,000		3,007
				208,068
Total U.S. Treasury Obligations (Cost $249,048)				249,048
	Number of Shares
MONEY MARKET FUND — 1.4%
Invesco Treasury Portfolio, Institutional Class 0.260% (A)		7,083,450		7,083
Total Money Market Fund (Cost $7,083)				7,083

	Par (000)		Value (000)
REPURCHASE AGREEMENTS†† — 50.5%
Goldman Sachs & Co.
0.250% (dated 11/30/16, due 12/01/16, repurchase price $35,000,243, collateralized by U.S. Treasury Bills, U.S. Treasury Bonds and U.S. Treasury Notes, 0.000% to 9.000%, due 12/31/16 to 08/15/27, total value $35,700,053)	$	35,000	$	35,000
HSBC Securities USA
0.260% (dated 11/30/16, due 12/01/16,repurchase price $50,000,361, collateralized by U.S. Treasury Note, 0.125%, due 04/15/20, total value $51,002,998)		50,000		50,000
Merrill Lynch Pierce Fenner & Smith
0.250% (dated 11/30/16, due 12/01/16, repurchase price $50,000,347, collateralized by U.S. Treasury Bond, 3.750%, due 08/15/41, total value $51,000,058)		50,000		50,000
Mitsubishi UFJ Securities Inc.
0.210% (dated 11/30/16, due 12/01/16, repurchase price $25,000,146, collateralized by U.S. Treasury Bills, U.S. Treasury Bond, U.S. Treasury Notes, U.S. Treasury Inflation Adjusted Notes and U.S. Treasury Inflation Bond, 0.000% to 3.875%, due 12/15/16 to 08/15/43, total value $25,500,223)		25,000		25,000
Royal Bank of Canada Capital Markets LLC
0.250% (dated 11/30/16, due 12/01/16, repurchase price $50,000,347, collateralized by U.S. Treasury Bonds and U.S. Treasury Notes, 1.000% to 8.125%, due 03/31/17 to 08/15/23, total value $51,000,360)		50,000		50,000
Toronto Dominion Securities LLC
0.260% (dated 11/30/16, due 12/01/16, repurchase price $40,000,289, collateralized by U.S. Treasury Bond and U.S. Treasury Note, 1.750% and 4.375%, due 02/28/22 and 11/15/39, total value $40,800,055)		40,000		40,000
Total Repurchase Agreements (Cost $250,000)				250,000
TOTAL INVESTMENTS — 102.2% (Cost $506,131)*				506,131
Other Assets & Liabilities — (2.2)%				(10,809	)
TOTAL NET ASSETS — 100.0%			$	495,322

* Also cost for Federal income tax purposes.

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

†† As of November 30, 2016, the total value of repurchase agreements was $250,000 (000) and the value of collateral received, excluding excess, was $250,000 (000). See Note 2 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

18

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Money Market Fund		$	7,083		$	–		$	–		$	7,083
Repurchase Agreements			–			250,000			–			250,000
U.S. Treasury Obligations			–			249,048			–			249,048
Total Assets - Investments in Securities		$	7,083		$	499,048		$	–		$	506,131

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

19

P N C  M o n e y  M a r k e t  F u n d s

S T A T E M E N T S  O F  A S S E T S  A N D  L I A B I L I T I E S  ( 0 0 0 )

N o v e m b e r  30,  2 0 1 6  (U n a u d i t e d)

	Government			Treasury			Advantage
	Money Market			Money Market			Institutional Treasury
	Fund			Fund			Money Market
ASSETS
Investments in non-affiliates at value		$	6,803,973		$	1,280,393		$	256,131
Investments in affiliates at value			–			500			–
Investments in repurchase agreements at value			2,780,000			–			250,000
Total Investments at value(1)			9,583,973			1,280,893			506,131
Receivable for shares of beneficial interest issued			49			14			–
Dividends and interest receivable			3,270			737			184
Prepaid expenses			26			35			30
Other assets			218			96			37
Total Assets			9,587,536			1,281,775			506,382
LIABILITIES
Payable for shares of beneficial interest redeemed			75,280			18,300			10,793
Dividends payable
Class I			1,682			138			–
Class A			73			21			–
Institutional Shares			–			–			40
Investment advisory fees payable			1,169			153			64
Administration fees payable			268			51			30
Custodian fees payable			41			6			5
Transfer agent fees payable			7			3			5
Trustees’ deferred compensation payable			218			96			37
Trustees’ fees payable			35			30			22
Other liabilities			134			83			64
Total Liabilities			78,907			18,881			11,060
TOTAL NET ASSETS		$	9,508,629		$	1,262,894		$	495,322
Investments in non-affiliates at cost		$	6,803,973		$	1,280,393		$	256,131
Investments in affiliates at cost			–			500			–
Investments in repurchase agreements at cost			2,780,000			–			250,000
(1) Total Investments at cost		$	9,583,973		$	1,280,893		$	506,131

See Notes to Financial Statements.

20

	Government				Treasury				Advantage
	Money Market				Money Market				Institutional Treasury
	Fund				Fund				Money Market
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	9,508,767			$	1,262,965			$	495,332
Undistributed (Distributions in Excess of ) Net Investment Income			(90	)			(59	)			(10	)
Accumulated Net Realized Gain (Loss) on Investments			(48	)			(12	)			–
Total Net Assets		$	9,508,629			$	1,262,894			$	495,322
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	9,094,510,771			$	1,045,602,286				N/A
Class I shares outstanding			9,094,759,741				1,045,658,932				N/A
Net Asset Value, Offering and Redemption Price Per Share		$	1.00			$	1.00				N/A
Net assets applicable to Class A		$	405,464,310			$	217,291,682				N/A
Class A shares outstanding			405,463,067				217,314,129				N/A
Net Asset Value, Offering and Redemption Price Per Share		$	1.00			$	1.00				N/A
Net assets applicable to Institutional shares			N/A				N/A			$	495,321,757
Institutional shares outstanding			N/A				N/A				495,336,722
Net Asset Value, Offering and Redemption			N/A				N/A			$	1.00
Net assets applicable to Advisor Class(1)		$	8,654,240				N/A				N/A
Advisor Class shares outstanding			8,654,596				N/A				N/A
Net Asset Value, Offering and Redemption Price Per Share		$	1.00				N/A				N/A
Net assets applicable to Advisor shares(1)			N/A				N/A			$	10.00
Advisor shares outstanding			N/A				N/A				10.00
Net Asset Value, Offering and Redemption Price Per Share			N/A				N/A			$	1.00
Net assets applicable to Service shares(1)			N/A				N/A			$	13.00
Service shares outstanding			N/A				N/A				13.00
Net Asset Value, Offering and Redemption Price Per Share			N/A				N/A			$	1.00

⁽¹⁾     At November 30, 2016, net assets of the Advisor and Service Shares of Advantage Institutional Treasury Money Market Fund represented initial seed capital.

See Notes to Financial Statements.

21

P N C  M o n e y  M a r k e t  F u n d s

S T A T E M E N T S  O F  O P E R A T I O N S  ( 0 0 0 )

F o r  t h e  S i x  -  M o n t h  P e r i o d  E n d e d  N o v e m b e r  30,  2 0 1 6  (U n a u d i t e d)

	Government			Treasury				Advantage
	Money Market			Money Market				Institutional Treasury
	Fund			Fund				Money Market
Investment Income:
Dividends		$	334		$	36			$	19
Interest			18,678			2,085				911
Total Investment Income			19,012			2,121				930
Expenses:
Investment advisory fees			7,236			924				430
Administration fees			2,136			308				105
Transfer agent fees			21			12				16
Custodian fees			117			15				12
Professional fees			98			96				62
Pricing service fees			1			1				1
Printing and shareholder reports			92			19				18
Registration and filing fees			49			18				19
Trustees’ fees			83			54				33
Miscellaneous			101			40				24
Total Expenses			9,934			1,487				720
Less:
Waiver of investment advisory fees(1)			–			(5	)			(5	)
Net Expenses			9,934			1,482				715
Net Investment Income (Loss)			9,078			639				215
Realized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold			12			(2	)			–
Net Increase (Decrease) in Net Assets Resulting from Operations		$	9,090		$	637			$	215

⁽¹⁾     See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

22

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P N C  M o n e y  M a r k e t  F u n d s

S T A T E M E N T S  O F  C H A N G E S  I N  N E T  A S S E T S  ( 0 0 0 ) ( U n a u d i t e d )

	Government Money Market Fund								Treasury Money Market Fund								Advantage Institutional Treasury Money Market
	For the Six-Month Period Ended November 30, 2016				For the Year Ended May 31, 2016				For the Six-Month Period Ended November 30, 2016				For the Year Ended May 31, 2016				For the Six-Month Period Ended November 30, 2016				For the Year Ended May 31, 2016
Investment Activities:
Net investment income (loss)		$	9,078			$	909			$	639			$	125			$	215			$	74
Net realized gain (loss) on investments sold			12				–				(2	)			(2	)			–				–
Net increase (decrease) in net assets resulting from operations			9,090				909				637				123				215				74
Dividends from net investment income:
Class I			(8,639	)			(766	)			(555	)			(101	)			–				–
Class A			(378	)			(190	)			(84	)			(39	)			–				–
Advisor Class			(6	)			(1	)			–				–				–				–
Institutional Shares			–				–				–				–				(215	)			(63	)
Advisor Shares			–				–				–				–				–				(14	)
Total dividends			(9,023	)			(957	)			(639	)			(140	)			(215	)			(77	)
Share Transactions (all at $1.00 per share):
Proceeds from shares issued:
Class I			8,820,769				6,801,271				844,345				1,726,844				–				–
Class A			632,970				1,478,768				308,252				647,504				–				–
Advisor Class			9,080				35,533				–				–				–				–
Institutional Shares			–				–				–				–				503,539				1,023,862
Advisor Shares			–				–				–				–				–				116,737
Service Shares			–				–				–				–				–				9,267
Proceeds from Reorganization shares(1) :
Class I			–				71,447				–				–				–				–
Advisor Class			–				14,907				–				–				–				–
Reinvestment of dividends:
Class I			208				10				1				1				–				–
Class A			13				2				4				1				–				–
Advisor Class			6				–				–				–				–				–
Institutional Shares			–				–				–				–				1				–
Total proceeds from shares issued and reinvested			9,463,046				8,401,938				1,152,602				2,374,350				503,540				1,149,866
Value of shares redeemed:
Class I			(4,503,092	)			(2,816,347	)			(1,013,814	)			(736,956	)			–				–
Class A			(588,962	)			(1,438,846	)			(229,114	)			(653,798	)			–				–
Advisor Class			(1,306	)			(49,564	)			–				–				–				–
Institutional Shares			–				–				–				–				(462,135	)			(682,245	)
Advisor Shares			–				–				–				–				–				(151,567	)
Service Shares			–				–												–				(12,668	)
Total value of shares redeemed			(5,093,360	)			(4,304,757	)			(1,242,928	)			(1,390,754	)			(462,135	)			(846,480	)
Increase (decrease) in net assets from share transactions			4,369,686				4,097,181				(90,326	)			983,596				41,405				303,386
Total increase (decrease) in net assets			4,369,753				4,097,133				(90,328	)			983,579				41,405				303,383
Net Assets:
Beginning of period			5,138,876				1,041,743				1,353,222				369,643				453,917				150,534
End of period*		$	9,508,629			$	5,138,876			$	1,262,894			$	1,353,222			$	495,322			$	453,917
*Including undistributed (distributions in excess of) net investment income		$	(90	)		$	(145	)		$	(59	)		$	(59	)		$	(10	)		$	(10	)

⁽¹⁾     See Note 1 in Notes to Financial Statements.

See Notes to Financial Statements.

24

P N C   M o n e y   M a r k e t   F u n d s

N O T E S   T O   F I N A N C I A L  S T A T E M E N T S

N o v e m b e r   30,  2 0 1 6 (U n a u d i t e d)

1. Fund Organization

PNC Funds and PNC Advantage Funds (the “Trusts”), each a Delaware statutory trust, are registered under the Investment Company Act of 1940 (the “1940 Act”), as open-end management investment companies. As of November 30, 2016, the Trusts offered for sale shares of 32 Funds (collectively, the “Funds”). PNC Advantage Institutional Treasury Money Market Fund is the sole series of PNC Advantage Funds; PNC Government Money Market Fund and PNC Treasury Money Market Fund are each series of PNC Funds. Each of the Funds is authorized to issue various classes of shares (individually, a “Class”, collectively, the “Classes”). Each share class represents an interest in the same portfolio of investments of the respective Fund and is substantially the same in all respects, except that the classes are generally subject to different distribution (12b-1) fees and/or shareholder services fees, sales charges and investment minimums. With respect to the PNC Money Market Funds, as defined below, Class I, Advisor Class, Class A, Institutional, Advisor and Service Shares are sold without a sales charge.

Effective June 8, 2016, PNC Tax Exempt Money Market Fund was liquidated pursuant to a plan approved by the Board of Trustees (the “Board”) on February 25, 2016.

As of November 30, 2016, the Trusts offered five categories of Funds:

Target Date Funds

PNC Retirement Income Fund, PNC Target 2020 Fund, PNC Target 2030 Fund, PNC Target 2040 Fund and PNC Target 2050 Fund;

Equity Funds

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

Fixed Income Funds

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

Tax Exempt Bond Funds

PNC Intermediate Tax Exempt Bond Fund, PNC Maryland Tax Exempt Bond Fund, PNC Ohio Intermediate Tax Exempt Bond Fund and PNC Tax Exempt Limited Maturity Bond Fund; and

Money Market Funds

PNC Government Money Market Fund, PNC Treasury Money Market Fund and PNC Advantage Institutional Treasury Money Market Fund.

The financial statements presented herein are those of the Money Market Funds (each referred to as a “Fund,” or collectively as the “Funds”). The financial statements of the Target Date Funds, Equity Funds, Fixed Income Funds and Tax Exempt Bond Funds are not presented herein, but are presented separately.

Fund Reorganization

On June 4, 2015, the Board approved an agreement and plan of reorganization (the “Reorganization”) to which PNC Advantage Institutional Government Money Market Fund (the “Target Fund”), a money market fund organized under a separate trust and managed by PNC Capital Advisors, LLC (the “Adviser”), would be reorganized with and into PNC Government Money Market Fund (the “Acquiring Fund”). On September 14, 2015, the Target Fund was reorganized into the Acquiring Fund, each of which has substantially similar investment objectives and identical principal investment strategies. The net assets of the Target Fund were transferred at fair value in a tax-free exchange to the Acquiring Fund after the close of business on September 11, 2015. With this transfer, a shareholder of the Target Fund’s Institutional Shares automatically became a shareholder of Class I Shares of the Acquiring Fund. A shareholder of the Target Fund’s Advisor Shares became a shareholder in the newly formed Advisor Class of the Acquiring Fund.

25

P N C   M o n e y   M a r k e t   F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r   30,   2 0 1 6 (U n a u d i t e d)

2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

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

Investment Valuation

The investments of the Funds, other than investments in other money market funds, funding agreements and repurchase agreements, are valued at amortized cost, which approximates market value. The amortized cost method values an investment at its cost at the time of purchase and thereafter assumes a constant proportionate accretion of discount or amortization of premium to its effective maturity. If this method is determined to be unreliable during certain market conditions or for other reasons, a Fund may value its investments at market price, or fair value prices may be determined in good faith using methods approved by the Board. No such investments held on November 30, 2016 were valued using a method other than amortized cost.

Investments in other money market funds are valued at their respective net asset values (“NAV”) as determined by those funds each business day.

Investments in repurchase agreements and funding agreements are generally valued at par, which approximates market value, each business day.

Fair value represents the estimated 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:

• Level 1 — quoted prices in active markets for identical assets and liabilities, including, but not limited to:

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

• Level 2 — other significant observable inputs, including but not limited to:

All Securities – quoted prices for similar securities; quoted prices based on recently executed transactions; adjusted quoted prices based on observable and formulaic inputs; or, observable correlated market inputs.

Fixed Income Securities, Money Market Fund Investments valued at Amortized Cost and Funding and Repurchase Agreements valued at Par – independent pricing service-supplied valuations or quoted prices for similar securities or obligations, including matrix pricing, based on methods which consider standard inputs such as yields or prices of securities or obligations of comparable quality, stability, risk, coupon, collateral (as applicable), maturity, type, trading factors, multiple indications of value from dealers or other financial institutions that trade the securities or obligations.

• Level 3 — significant unobservable inputs, including but not limited to:

26

All Securities – modeling or manual pricing based on each Fund’s own assumptions in determining fair value of investments; or, the significant use of unobservable inputs or stale inputs.

Each Fund recognizes transfers into and out of levels, if any, at the end of the reporting period.

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 November 30, 2016 can be found at the end of each Fund’s Schedule of Investments.

Investment Transactions, Investment Income and Expenses

Investment transactions are recorded on a trade date basis for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Discounts and premiums are accreted and amortized, respectively, to interest income over the estimated lives of the respective investments using the effective interest method. Expenses common to all of the Funds are allocated among the Funds on the basis of each Fund’s respective average net assets or other appropriate allocation methodologies, including a fixed or straight-line allocation across Funds. Expenses common to all Classes, investment income, and realized and unrealized gains and losses on investments are allocated to each Class based upon the relative daily net assets of each Class. Distribution (12b-1) fees and shareholder services fees relating to a specific Class are charged directly to that Class.

Dividends and Distributions to Shareholders

Dividends from net investment income for each of the Funds are declared daily and paid monthly. Any net realized capital gains will be distributed at least annually by each of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Delayed-Delivery Transactions

Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities 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, a 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.

Repurchase Agreements

Each Fund, with the exception of Treasury Money Market Fund, may engage in repurchase agreement 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). A custody agreement in connection with the Master Repurchase Agreement defines eligible securities for collateral in relation to each repurchase agreement. If the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value. Upon an event of default under the Master Repurchase Agreement, if the seller defaults and the value of the collateral security declines or if the seller enters an insolvency proceeding, the Fund may suffer time delays and incur costs in connection with the disposition of the collateral security and recovery of any losses incurred.

At period end, certain Funds had investments in repurchase agreements. The gross value and related collateral received for these investments are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral received exceeded the value of the repurchase agreements as of November 30, 2016.

27

P N C  M o n e y  M a r k e t  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  30,  2 0 1 6  (U n a u d i t e d)

Master Agreements and Netting Arrangements

Certain Funds are parties to various agreements, including but not limited to Master Repurchase Agreements, which govern the terms of certain transactions with select counterparties (collectively “Master Agreements”). These Master Agreements generally include provisions for general obligations, agreements, representations, collateral and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that, if triggered, would cause an event, default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination or default event, the total market value exposure would be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. An election made by a counterparty to terminate a transaction early under a Master Agreement could have an adverse impact on a Fund’s financial statements. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral under the Master Agreements is usually in the form of cash, U.S. Treasury or U.S. Government agency securities, but can include other types of securities. There can be no assurance that the Master Agreements will be successful in limiting credit or counterparty risk. Details of the counterparties and the collateral as of November 30, 2016 are included in each Fund’s Schedule of Investments.

3. Investment Advisory Fees and Other Transactions with Affiliates

Investment Advisory Fees

Fees paid by the Funds pursuant to the Advisory Agreement with PNC Capital Advisors, LLC (the “Adviser”), an indirect wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC Group”), are payable monthly and are calculated at an annual rate of each Fund’s average daily net assets. The Adviser may, from time to time, waive any portion of its fees and reimburse certain expenses of a Fund. Such waivers and reimbursements are voluntary and may be changed or discontinued at any time. Any such waivers and reimbursements are not subject to recoupment by the Adviser. The table below lists the advisory fees, waivers and expense reimbursements that were in effect during the six-month period ended November 30, 2016.

During the six-month period ended November 30, 2016, the Adviser voluntarily agreed to waive advisory fees and reimburse expenses to the extent necessary to maintain a minimum daily net yield of at least 0.03% for PNC Government Money Market Fund and 0.01% for PNC Treasury Money Market Fund and PNC Advantage Institutional Treasury Money Market Fund.

				Net
		Effective		Effective
	Annual	Annual	Fee	Annual	Expense
	Rate	Rate	Waiver	Rate	Reimbursement
Government Money Market Fund	0.15%	0.15%	0.00%	0.15%	0.00%
Treasury Money Market Fund	0.15%	0.15%	0.00%*	0.15%	0.00%
Advantage Institutional Treasury Money Market Fund	0.15%	0.15%	0.00%*	0.15%	0.00%

      *    Ratios for the period rounded to 0.00%.

Shareholder Services Fees

The Trusts maintain Shareholder Services Plans (the “Services Plans”) with respect to the Class A and Advisor Class Shares of PNC Funds and Advisor and Service Shares of PNC Advantage Funds. Pursuant to the Services Plans, theTrusts enter into shareholder servicing agreements with certain financial institutions, including affiliates of the Adviser, under which they agree to provide, for PNC Funds, shareholder administrative services to their customers who beneficially own Class A and Advisor Class Shares in consideration for payment of up to 0.25% of the average daily net assets of each Fund’s Class A Shares and up to 0.10% of the average daily net assets of each Fund’s Advisor Class Shares and for PNC Advantage Funds, shareholder administrative services to their customers who beneficially own Advisor and Service Shares in consideration for payment of up to 0.10% and 0.25% of the average daily net assets attributable to Advisor and Service Shares, respectively.

28

Trustees’ Fees

For his or her service as a Trustee of the Trusts, each Trustee, effective January 1, 2017, receives an annual fee of $85,000 plus $7,750 for each Board meeting attended in person, and such amount, up to a maximum of $3,750, as may be determined for each special Board meeting attended, in addition to a reimbursement of all out-of-pocket expenses incurred as a Trustee. Each Trustee also receives $800 for each Audit Committee meeting attended. The Chairman of the Board receives an additional fee of $25,000 per year and the Chairman of the Audit Committee receives an additional fee of $10,000 per year for their services in these capacities. Prior to January 1, 2017, each Trustee received an annual fee of $79,000 plus $7,250 for each Board meeting attended in person, and such amount, up to a maximum of $3,250, as may be determined for each special Board meeting attended, in addition to a reimbursement of all out-of-pocket expenses incurred as a Trustee. The Chairman of the Board received an additional fee of $25,000 per year and the Chairman of the Audit Committee received an additional fee of $10,000 per year for their services in these capacities. No person who is an officer, director, trustee, or employee of the Adviser, the Underwriter, or any parent or subsidiary thereof, who serves as an officer, trustee, or employee of the Trusts receives any compensation from the Trusts. Fees are paid quarterly in arrears and are allocated to the Funds based on a number of factors, including their average daily net assets.

Trustees who receive fees are eligible for participation in the Trust’s Deferred Compensation Plan (the “Plan”), which is an unfunded, nonqualified deferred compensation plan. The Plan allows each eligible Trustee to defer receipt of all or a percentage of fees that would otherwise be payable for services performed.

Administration Fees

TheTrusts, BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) and the Adviser are parties to Co-Administration and Accounting Services Agreements, pursuant to which BNY Mellon and the Adviser serve as Co-Administrators to the Trusts. Prior to October 1, 2016, BNY Mellon and the Adviser served as Co-Administrators to PNC Funds in exchange for fees at the annual rate of 0.05% based on average daily net assets of PNC Funds, excluding the average daily net assets of the Target Date Funds. Effective October 1, 2016, the new fee schedule in the Board-approved Amended and Restated Co-Administration and Accounting Services Fee Letter was implemented whereby BNY Mellon and the Adviser are entitled to an annual fee paid by each series of PNC Funds, excluding the average daily net assets of the Target Date Funds, based solely on its net assets as follows: 0.05% of the Fund’s average aggregate net assets up to $1 billion, 0.03% of the Fund’s average aggregate net assets between $1 billion and $10 billion, and 0.01% of the Fund’s average aggregate net assets in excess of $10 billion. For their services to PNC Funds as Co-Administrators during the six-month period ended November 30, 2016, approximately 0.0177% was allocated to BNY Mellon and approximately 0.0320% was allocated to the Adviser in aggregate.

For their services to PNC Advantage Funds as Co-Administrators during the six-month period ended November 30, 2016, BNY Mellon received fees at the annual rate of 0.0125% of PNC Advantage Institutional Treasury Money Market Fund’s first $1 billion of average daily net assets and 0.01% of such Fund’s average daily net assets in excess of $1 billion. The Adviser received 0.01% of PNC Advantage Institutional Treasury Money Market Fund’s average net assets. BNY Mellon also receives other transaction-based charges from the Trusts and is reimbursed for out-of-pocket expenses by the Trusts.

Affiliated Money Market Funds

Pursuant to SEC rules, the Funds may invest cash balances not otherwise invested in portfolio securities to purchase shares of other money market funds offered by the Trusts, or the money market funds of BlackRock Funds. The Funds will bear the costs and fees associated with investments in other investment companies, including other investment companies managed by the Adviser or its affiliates, except that the Adviser has agreed to waive its advisory fee in an amount equal to the advisory fee paid to the Adviser by a PNC money market fund with respect to a Fund’s short-term reserves swept into a PNC money market fund. Certain other contractual and voluntary advisory fee waivers may reduce the Adviser’s obligation to waive its advisory fees in connection with such investments. This waiver may be terminated at any time without prior notice.

PNC Group owns a minority interest in BlackRock, Inc. As a result, the BlackRock Funds could be deemed to be affiliates of the Adviser.

The amount invested by PNC Treasury Money Market Fund in BlackRock Treasury Trust Fund remained unchanged during the six-month period ended November 30, 2016.

Details of affiliated holdings at November 30, 2016 are included in the respective Fund’s Schedule of Investments.

For the six-month period ended November 30, 2016, total income from affiliates for PNC Treasury Money Market Fund was less than $500. The amount is included, but not separately disclosed, in the Statements of Operations.

29

P N C  M o n e y  M a r k e t  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  30,  2 0 1 6  (U n a u d i t e d)

4. Custodian, Distribution/12b-1 and Transfer Agent Fees

Custodian Fees

The Bank of New York Mellon, an affiliate of BNY Mellon (one of the Co-Administrators of the Trusts), serves as the Custodian of the Trusts. The Custodian fees for the Trusts (excluding the Target Date Funds) are calculated at the following annual rate: 0.0025% of the first $5 billion of the combined average daily gross assets of the Trusts (excluding the Target Date Funds), 0.002% of the next $5 billion of the combined average daily gross assets of the Trusts (excluding the Target Date Funds) and 0.001% of the combined average daily gross assets in excess of $10 billion of the Trusts (excluding the Target Date Funds). The Custodian fees are allocated to the Trusts (excluding the Target Date Funds) based on each Fund’s relative average daily net assets. The Bank of New York Mellon also receives other transaction-based charges from the Trust and is reimbursed for out-of-pocket expenses by the Trust.

Distribution/12b-1 Fees

For its services to the Trusts, the Underwriter, a wholly owned subsidiary of Foreside Financial Group, LLC, receives an annual fee payable directly by the Adviser. PNC Funds has adopted a distribution plan for Class A Shares in accordance with Rule 12b-1 under the 1940 Act (“Rule 12b-1”). Pursuant to the Class A Shares plan, PNC Government Money Market Fund and PNC Treasury Money Market Fund reimburse the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.10% per annum of the average daily net assets of those Funds’ Class A Shares. The Board renewed a commitment whereby actual distribution fees for Class A Shares will be no more than 0.00% per annum. This commitment continues through September 28, 2017, at which time the Board will consider whether to renew, revise or discontinue it.

During the six-month period ended November 30, 2016, the 12b-1 accrual was at an annual rate of 0.00% for each of PNC Government Money Market Fund and PNC Treasury Money Market Fund.

Transfer Agent

BNY Mellon serves as Transfer Agent for the Funds. For its services as Transfer Agent, BNY Mellon receives a fee based primarily upon the number of accounts serviced. Certain minimum fees and transaction charges may apply.

5. Federal Income Taxes

Each Fund is classified as a separate taxable entity for Federal income tax purposes and intends to continue to qualify as a separate “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.

Each Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as an expense during the current year. A tax position that does meet the more-likely-than-not threshold shall be measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the relevant taxing authority. Management has analyzed each Fund’s tax positions through the six-month period ended November 30, 2016 and for each Fund’s open tax years (years ended May 31, 2013 through May 31, 2016) and has concluded that no provision for income tax is required in each Fund’s financial statements.

The amount of dividends from net investment income and distributions from net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature and are attributable primarily to differences in the book/tax treatment of deferred compensation. The character and timing of dividends and/or distributions made during the year from net investment income and/or net realized capital gains may differ from the year that the income or realized capital gains (losses) were recorded by the Funds. To the extent any of these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise. Accordingly, the following permanent differences have been reclassified to/from the following accounts for the fiscal year ended May 31, 2016:

	Undistributed
	(Distributions in Excess of)	Accumulated
	Net Investment	Net Realized	Paid-in
	Income	Losses	Capital
	(000)	(000)	(000)
Government Money Market Fund	$(4)	$–	$4

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. During the fiscal year ended May 31, 2016, capital loss carryforwards that were utilized to offset capital gains were as follows:

30

	(000)
Government Money Market Fund		$–*
*Amount represents less than $500.

At May 31, 2016, the Funds had capital loss carryforwards (in thousands) available to offset future realized capital gains through the indicated expiration dates:    

	Expiring May 31,
	2017		2018		Indefinite			Total
Government Money Market Fund		$59		$–		$1			$60
Treasury Money Market Fund		–		8		1			9
Advantage Institutional Treasury Money Market Fund		–		–		–	*		–	*
*Amount represents less than $500.

Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), net capital losses incurred after May 31, 2011 may be carried forward indefinitely with their character retained as short term or long term. Net capital losses incurred prior to May 31, 2011 may be carried forward for eight years and are treated as short-term capital losses in the year to which they were carried. However, the Modernization Act requires that post-enactment net capital losses (i.e., those incurred after May 31, 2011) be used before pre-enactment net capital loss carryforwards, which increases the likelihood that pre-enactment capital loss carryforwards will expire unused.

6. Certain Principal Risks

An investment in a Fund is subject to a number of risks. Below is a discussion of some, but not all, of the risks of investing in the Funds. Please see the relevant Fund’s prospectus for a discussion of the principal risks of investing in the Fund.

Each of the Funds may invest up to 5% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale 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.

Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include letters of credit, liquidity guarantees and third-party insurance.

7. Borrowing Arrangements

InterFund Lending

The Trusts have received an exemptive order from the SEC that permits the Funds to lend money and borrow money for temporary purposes directly to and from another Fund pursuant to a master interfund lending agreement. The Money Market Funds do not participate in the interfund lending program as borrowing funds or lending funds.

8. Indemnifications

In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnifications. The Funds have not historically incurred material expenses in respect of those provisions.

9. Relevant Accounting Pronouncements

In August 2014, the FASB issued guidance requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective prospectively for annual periods ending after December 15, 2016, and interim periods thereafter. At this time, management is evaluating the implications of these changes on the financial statements.

31

P N C  M o n e y  M a r k e t  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  30,  2 0 1 6  (U n a u d i t e d)

10. SEC Adopted Amendments

On October 13, 2016, the SEC adopted new and amended rules, as applicable, (the “Rules”) to modernize and enhance the reporting and disclosure of information by registered investment companies. The Rules are intended to enhance the quality of information available to investors and allow the SEC to more effectively collect and use data reported by funds. These Rules generally become effective in 2018. Management is currently evaluating the implications of the Rules and the impact on the Funds’ financial statement disclosures, if any.

11. Subsequent Events

Subsequent events have been evaluated through the date that the financial statements were issued. There were no material subsequent events identified which required adjustment to, or additional disclosure in, the financial statements.

32

T R U S T E E S’  R E V I E W  A  N D  A P P R O V A L  O F  A D V I S O R Y  A G R E E M E N T S

(U n a u d i t e d)

Approval of Advisory Agreement

At meetings held in June and August of 2016, the Trustees of PNC Funds and PNC Advantage Funds (the “Trusts”), each of whom is not an “interested person” (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Trusts (collectively, the “Trustees” or the “Board”), met in person to consider the proposed renewal of the advisory agreements (“Advisory Agreements”) between the Trusts and PNC Capital Advisors, LLC (the “Adviser”) for an additional one-year period, with respect to each of the PNC Funds and PNC Advantage Institutional Treasury Money Market Fund (each, a “Fund,” and collectively, the “Funds”). The following summarizes the Trustees’ process of requesting and evaluating the information they believed to be reasonably necessary to determine whether to approve the renewal of each Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors.

Before the June 2016 meeting, theTrustees, with the assistance of their independent counsel (“Independent Counsel”), compiled an information request and submitted the request to the Adviser. The Adviser provided a written response to that request in advance of the meeting. The process to review the Adviser’s response was divided into two meetings. At the first meeting in June, the Adviser addressed with the Trustees the materials that had been provided to the Trustees in response to their request for information and relating to the services it provides to the Funds, including a wide variety of services not expressly contemplated by the Advisory Agreements. At that meeting, the Trustees also had the opportunity to meet amongst themselves and with Independent Counsel to discuss and evaluate those materials and request any additional information they determined, in light of the legal advice furnished to them and their own business judgment, to be relevant for their evaluation before meeting a second time in August 2016 to consider whether to approve the renewal of the Advisory Agreements. Although the Advisory Agreements for all of the Funds were considered at the same Board meetings, the Trustees considered each Fund’s Advisory Agreement separately.

At the June 2016 meeting, the Trustees also discussed with Independent Counsel a memorandum prepared by Independent Counsel that provided a summary of the Trustees’ fiduciary responsibilities, including those arising under applicable state and federal laws, relating to their consideration of the continuation of the Advisory Agreements. The extensive materials provided by the Adviser in connection with their request reflected Independent Counsel’s prior discussions with the Trustees concerning their responsibilities and information they indicated would be helpful to their review of each Advisory Agreement. These materials addressed, among other things:

• the nature of the advisory services provided by the Adviser, including any actual or expected changes in services;

• the assets of each Fund and the Adviser’s total assets under management;

• the portfolio management personnel and their compensation structure;

• the performance of the Funds managed by the Adviser compared to the performance of composites of other accounts managed by the Adviser using substantially similar investment policies (where applicable);

• the performance of the Funds managed by the Adviser compared to their benchmarks (where applicable) and the performance of other peer funds managed by other advisers pursuant to substantially similar investment strategies;

• the profitability of each Advisory Agreement to the Adviser;

• other benefits the Adviser and its affiliates enjoy as a result of the Adviser’s relationship to the Funds;

• the Adviser’s brokerage, trading, and soft dollar practices and the Funds’ securities lending practices;

• each Fund’s contractual and net advisory fees and net operating expenses compared to those of peer groups derived based on recommendations from Barrington Partners;

• the compliance program of the Adviser;

• voluntary expense waivers, expense reimbursements and/or expense limitations in effect with respect to the Funds (where applicable);

• the Adviser’s and its affiliates’ disaster recovery plans and cybersecurity program; and

33

T R U S T E E S’  R E V I E W  A N D  A P P  R O V A L  O F  A D V I S O R Y  A G R E E M E N T S

(U n a u d i t e d)

• the Adviser’s risk management and monitoring measures.

The materials provided by the Adviser included detailed information on a number of topics, including a discussion on a Fund-by-Fund basis of each Fund’s performance relative to its peer funds and its benchmark (where applicable) and the advisory fees charged by the Adviser versus each Fund’s peer group. The Trustees also considered information provided by the Adviser regarding the process for the peer group selection, including the involvement of a third-party consultant, Barrington Partners. The Trustees discussed various factors including, but not limited to, the resources the Adviser devotes to management of the Funds and a comparison of the fees charged to the Funds with those charged to the Adviser’s other clients with substantially similar investment strategies, if applicable. In that regard, the Trustees also considered information provided by the Adviser regarding differences in the services provided and the resources dedicated to those other accounts as compared to those provided and dedicated to the Funds as well as other considerations the Adviser provided that were relevant to the consideration of the differences in fees (where applicable). As part of this review, the Trustees specifically considered the fees charged to affiliates in relation to the advisory services provided and concluded that the services provided were not comparable to the services provided by the Adviser to the Funds, noting particularly that the affiliates may use multiple advisers for a single client mandate. The Trustees also considered, where applicable, the fee waivers and/or expense limitations in place for a Fund.

In their evaluation of the profitability information the Adviser provided, the Trustees considered the Adviser’s profitability in respect of each Fund both before and after consideration of any distribution-related expenses. The Trustees also considered the information the Adviser had presented regarding the cost allocation methodology the Adviser used in determining the profitability information presented. The Trustees also requested, received and evaluated additional information regarding how the profitability information presented would differ if certain other cost allocation methodologies were used. The Trustees also considered in evaluating the Adviser’s profitability, the profitability information presented for certain other asset managers who are required to make financial information publicly available. In evaluating that information, the Trustees noted, among other things, that the profitability information for those other managers was not presented on a fund-by-fund basis and might represent the profitability of a fund family with a mix of business significantly different from the Adviser’s. In evaluating the Funds’ advisory fees and PNC’s profitability in respect of each Fund, the Trustees also considered the significant investments the Adviser has made in the Funds and the entrepreneurial and other risks the Adviser bears by sponsoring the Funds.

The Trustees also considered the extent to which economies of scale achieved by the Adviser are shared with Fund shareholders. In that regard, the Trustees concluded that the Funds’ advisory fee schedules and the fee waivers and/or other expense limitation arrangements (where applicable) that may apply were appropriate and supported the renewal of the Advisory Agreements.

The Trustees also were informed by the Adviser that there were no pending litigation or regulatory actions against the Adviser that would adversely affect or prohibit the Adviser providing services to the Funds.

In advance of the Board meeting held in August 2016, the Trustees again met in an executive session with Independent Counsel and discussed the information provided in response to their supplemental information request.

Based on their cumulative review, the Trustees concluded at their August 2016 meeting that the Adviser had the capabilities, resources and personnel necessary to serve as the investment adviser to each Fund. With respect to the advisory fees applicable to each Fund, the Trustees concluded such fees were fair and reasonable in each instance.

Based on their evaluation of all material factors, including those described above, the Trustees concluded at their August 2016 meeting that the terms of the agreements remained reasonable and fair and voted to approve the renewal of each Advisory Agreement between the Trusts, and the Adviser on behalf of each Fund for a one-year period commencing October 1, 2016, after a finding that the renewal of each Advisory Agreement was in the best interests of the relevant Fund and its shareholders.

34

R E S U L T S  O F  S H A R E H O  L D E R  M E E T I N G S

At a special meeting of all series of the Trusts (referred to here as the “Funds”) held on October 5, 2016 (and at a meeting adjourned to November 4, 2016 with respect to PNC Multi-Factor Small Cap Growth Fund), shareholders of the Funds voted on the following proposals:

Proposal 1.

	Number of Eligible Votes:
	For		Withheld
To elect eight Nominees, including two new Trustees, to serve on the Board of Trustees until the next meeting of shareholders at which Trustees are elected.
Dorothy A. Berry		10,170,026,637		46,270,233
John G. Drosdick		10,170,449,117		45,847,752
Dale C. LaPorte		10,169,957,819		46,339,050
L. White Matthews, III		10,170,501,545		45,795,325
Edward D. Miller, M.D.		10,169,992,023		46,304,846
Stephen M. Todd		10,167,894,205		48,402,664
Maryann Bruce*		10,192,782,102		23,514,767
Mark Hancock*		10,192,328,217		23,968,653
*The new Trustees.

Shareholders of the Funds voted to approve the above proposal.

Proposal 2.*

	Number of Eligible Votes:
	For		Against		Abstain		Broker Non-Vote
Amendment of “fundamental” investment restriction on lending.
PNC Balanced Allocation Fund		3,841,133		3,773		15,976		529,838
PNC International Equity Fund		28,893,359		6,394		9,441		5,157,239
PNC International Growth Fund		301,857		–		–		–
PNC Large Cap Core Fund		1,216,335		15,256		–		172,540
PNC Large Cap Growth Fund		2,173,878		3,732		10,364		893,969
PNC Large Cap Value Fund		3,371,335		7,124		5,162		1,794,819
PNC Multi-Factor Small Cap Core Fund		4,914,152		48,501		57,671		2,129,001
PNC Multi-Factor Small Cap Growth Fund		1,950,229		70,859		47,230		715,908
PNC Multi-Factor Small Cap Value Fund		703,965		20,531		7,137		283,008
PNC Small Cap Fund		28,747,349		72,429		35,496		11,166,885
PNC Bond Fund		7,499,894		1,885		1,957		153,010
PNC Government Mortgage Fund		4,365,049		3,550		5,079		1,085,000
PNC High Yield Bond Fund		1,348,813		623		–		264,718
PNC Intermediate Bond Fund		22,567,005		194		–		400,191
PNC Limited Maturity Bond Fund		21,207,932		–		918		1,499,662
PNC Total Return Advantage Fund		14,008,217		5,205		1,454		1,243,317

35

R E S U L T S  O F  S H A R E H O L D E R  M  E E T I N G S

	Number of Eligible Votes:
	For		Against		Abstain		Broker     Non-Vote
PNC Ultra Short Bond Fund		28,431,557		–		5,187		381,111
PNC S&P 500 Index Fund		7,705,061		10,185		1,397		1,233,011
PNC Intermediate Tax Exempt Bond Fund		8,035,374		–		1,715		307,497
PNC Ohio Intermediate Tax Exempt Bond Fund		3,362,089		77,402		–		467,449
PNC Maryland Tax Exempt Bond Fund		3,939,426		2,664		3,642		69,883
PNC Tax Exempt Limited Maturity Bond Fund		12,366,726		–		12,358		132,149
PNC Government Money Market Fund		8,641,515,513		106,468,532		9,662,461		7,903,235
PNC Treasury Money Market		821,405,085		3,651,954		101,525		6,882,033
PNC Advantage Institutional Treasury Money Market Fund		366,359,458		8,948,270		88,538		–

* Proposal 2 was voted on by shareholders of the following Funds: PNC Balanced Allocation Fund, PNC International Equity Fund, PNC International Growth Fund, PNC Large Cap Core Fund, PNC Large Cap Growth Fund, PNC Large Cap Value Fund, PNC Multi-Factor Small Cap Core Fund, PNC Multi-Factor Small Cap Growth Fund, PNC Multi-Factor Small Cap Value Fund, PNC Small Cap Fund, PNC Bond Fund, PNC Government Mortgage Fund, PNC High Yield Bond Fund, PNC Intermediate Bond Fund, PNC Limited Maturity Bond Fund, PNC Total Return Advantage Fund, PNC Ultra Short Bond Fund, PNC S&P 500 Index Fund, PNC Intermediate Tax Exempt Bond Fund, PNC Maryland Tax Exempt Bond Fund, PNC Ohio Intermediate Tax Exempt Bond Fund and PNC Tax Exempt Limited Maturity Bond Fund, PNC Government Money Market Fund, PNCTreasury Money Market Fund and PNC Advantage Institutional Treasury Money Market Fund.

Shareholders of the Funds voted to approve the above proposal.

Proposal 3.**

	Number of Eligible Votes:
	For		Against		Abstain		Broker     Non-Vote
Amendment of “fundamental” investment restriction on borrowing.
PNC Balanced Allocation Fund		3,841,133		3,773		15,976		529,838
PNC International Equity Fund		28,893,562		9,956		5,676		5,157,239
PNC International Growth Fund		301,857		–		–		–
PNC Large Cap Core Fund		1,216,679		14,911		–		172,540
PNC Large Cap Growth Fund		2,174,291		3,319		10,364		893,969
PNC Large Cap Value Fund		3,371,154		7,000		5,467		1,794,819
PNC Multi-Factor Small Cap Core Fund		4,914,080		49,007		57,237		2,129,001
PNC Multi-Factor Small Cap Growth Fund		1,951,568		70,338		46,412		715,908
PNC Multi-Factor Small Cap Value Fund		702,267		21,217		8,149		283,008
PNC Small Cap Fund		28,745,867		72,940		36,467		11,166,885
PNC Bond Fund		7,499,894		1,885		1,957		153,010
PNC Government Mortgage Fund		4,365,318		2,693		5,667		1,085,000
PNC High Yield Bond Fund		1,348,813		623		–		264,718

36

	Number of Eligible Votes:
	For		Against		Abstain		Broker     Non-Vote
PNC Intermediate Bond Fund		22,566,907		292		–		400,191
PNC Limited Maturity Bond Fund		21,207,448		–		1,402		1,499,662
PNC Total Return Advantage Fund		14,009,265		4,157		1,454		1,243,317
PNC Ultra Short Bond Fund		28,431,557		–		5,187		381,111
PNC S&P 500 Index Fund		7,705,219		9,524		1,900		1,233,011
PNC Intermediate Tax Exempt Bond Fund		8,035,374		–		1,715		307,497
PNC Maryland Tax Exempt Bond Fund		3,939,426		2,664		3,642		69,883
PNC Ohio Intermediate Tax Exempt Bond Fund		3,362,089		77,402		–		467,449
PNC Tax Exempt Limited Maturity Bond Fund		12,366,726		–		12,358		132,149
PNC Government Money Market Fund		8,641,512,999		106,470,534		9,662,974		7,903,235
PNC Treasury Money Market Fund		821,344,360		3,651,954		162,250		6,882,033
PNC Advantage Institutional Treasury Money Market Fund		366,359,458		8,948,270		88,538		–

** Proposal 3 was voted on by shareholders of the following Funds: PNC Balanced Allocation Fund, PNC International Equity Fund, PNC International Growth Fund, PNC Large Cap Core Fund, PNC Large Cap Growth Fund, PNC Large Cap Value Fund, PNC Multi-Factor Small Cap Core Fund, PNC Multi-Factor Small Cap Growth Fund, PNC Multi-Factor Small Cap Value Fund, PNC Small Cap Fund, PNC Bond Fund, PNC Government Mortgage Fund, PNC High Yield Bond Fund, PNC Intermediate Bond Fund, PNC Limited Maturity Bond Fund, PNC Total Return Advantage Fund, PNC Ultra Short Bond Fund, PNC S&P 500 Index Fund, PNC Intermediate Tax Exempt Bond Fund, PNC Maryland Tax Exempt Bond Fund, PNC Ohio Intermediate Tax Exempt Bond Fund and PNC Tax Exempt Limited Maturity Bond Fund, PNC Government Money Market Fund, PNC Treasury Money Market Fund and PNC Advantage Institutional Treasury Money Market Fund.

Shareholders of the Funds voted to approve the above proposal.

37

P N C  M o n e y  M a r k e t  F u n d s

P R O X Y  V O T I N G  A N D   Q U A R T E R L Y  S C H E D U L E S  O F  I N V E S T M E N T S

(U n a u d i t e d)

Proxy Voting

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to their portfolio securities as well as information regarding how the Trusts voted proxies during the most recent 12-month period ended June 30, is available upon request, without charge, by calling 1-800-622-FUND (3863), visiting the website of the Trusts at pncfunds.com, or on the SEC’s website at http://www.sec.gov.

Quarterly Schedule of Investments

The Form N-Q, which includes a complete schedule of investments, must be filed with the SEC within 60 days of the end of the first and third fiscal quarters of the Trusts. The Forms N-Q of the Trusts are available upon request, without charge, by calling 1-800-622-FUND (3863), visiting the website of the Trusts at pncfunds.com, on the SEC’s website at http://www.sec.gov, or they may be reviewed and/or copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room).

38

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P N C  M o n e y  M a r k e t  F u n d s

P N C  F U N D S  N O T I C E  O F  P R I V A C Y  P O L I C Y  &  P R A C T I C E S

(U n a u d i t e d)

The funds recognize and respect the privacy concerns and expectations of our customers(1). Federal law gives customers the right to limit some but not all sharing of customer information that we collect. Federal law also requires us to tell you how we collect, share and protect your personal information.

This notice is provided to you so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties who are not affiliated with the funds.

Collection of Customer Information

The funds collect nonpublic personal information about our customers from the following sources:

• Account Applications and other forms, which may include a customer’s name, address, social security number, date of birth, and information about a customer’s investment goals and risk tolerance;

• Account History, including information about the transactions and balances in a customer’s accounts; and

• Correspondence, written, telephonic or electronic, between a customer and the funds or service providers to the funds.

Disclosure of Customer Information⁽²⁾

The funds may disclose all of the information described above to certain third parties who are not affiliated with the funds under one or more of these circumstances:

• As Authorized – if you request or authorize the disclosure of the information.

• As Permitted by Law – for example, sharing information with companies who maintain or service customer accounts for the funds is permitted and is essential for us to provide shareholders with necessary or useful services with respect to their accounts.

• Under Joint Agreements – the funds may also share information with companies that perform marketing services on our behalf or to other financial institutions with whom the funds have joint marketing agreements, such as The PNC Financial Services Group, Inc. and its affiliates.

These third parties must agree to strict confidentiality provisions to assure the protection of your information.

Sharing of Customer Information

We do not share such customer information with affiliates or non-affiliates for use in their marketing activities.

Security of Customer Information

The funds require service providers to the funds:

• to maintain policies and procedures designed to assure only appropriate access to, and use of, information about customers of the funds; and

• to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of the funds.

The funds will adhere to the policies and practices described in this notice regardless of whether you are a current or former shareholder of the funds. If you have any questions concerning this Notice, or about the funds in general, please call: 1-800-622-3863 for PNC Funds.

⁽¹⁾  For purposes of this notice, the terms “customer” or “customers” includes individuals who provide nonpublic personal information to the funds, but do not invest in the funds’ shares.

⁽²⁾  The funds do not share information about shareholders who are residents of California with affiliates of the funds or with unaffiliated companies under joint marketing agreements.

Investment Adviser

PNC Capital Advisors, LLC

One East Pratt Street, 5th Floor

Baltimore, MD 21202

Underwriter

PNC Funds Distributor, LLC

Three Canal Plaza,

Suite 100,

Portland, ME 04101

www.foreside.com

Legal Counsel

Ropes & Gray LLP

800 Boylston Street

Boston, MA 02199-3600

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

P.O. Box 9795 Providence, RI 02940-9795 PRESORTED STANDARD U.S. POSTAGE PAID BNY MELLON

TARGET DATE FUNDS
Retirement Income Fund
Target 2020 Fund
Target 2030 Fund
Target 2040 Fund
Target 2050 Fund
EQUITY FUNDS
Balanced Allocation Fund
International Equity Fund
International Growth Fund
Large Cap Core Fund
Large Cap Growth Fund
Large Cap Value Fund
Mid Cap Index Fund
Multi-Factor Small Cap
Core Fund
Multi-Factor Small Cap
Growth Fund
Multi-Factor Small Cap
Value Fund
S&P 500 Index Fund
Small Cap Fund
Small Cap Index Fund
FIXED INCOME FUNDS
Bond Fund
Government Mortgage Fund
High Yield Bond Fund
Intermediate Bond Fund
Limited Maturity Bond Fund
Total Return Advantage Fund
Ultra Short Bond Fund
TAX EXEMPT BOND FUNDS
Intermediate Tax Exempt
Bond Fund
Maryland Tax Exempt
Bond Fund
Ohio Intermediate Tax
Exempt Bond Fund
Tax Exempt Limited Maturity     Bond Fund	This material must be preceded or accompanied by a prospectus.
OTHER PNC FUNDS MONEY MARKET FUNDS Government Money     Market Fund	You should consider the investment objectives, risks, charges and expenses of the PNC Target Date Funds, PNC Equity Funds, PNC Fixed Income Funds and PNC Tax Exempt Bond Funds (individually, a “Fund”, collectively, the “Funds”) carefully before investing. A prospectus and other information about the Funds may be obtained by calling your investment professional, calling 1-800-622-FUND (3863) or downloading one at pncfunds.com. Please read it carefully before investing.
Treasury Money Market Fund
	N O T  F D I C  I N S U R E D      N O  B A N K  G U A R A N T E E     M A Y  L O S E  V A L U E
	Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at pncfunds.com. PNC Capital Advisors, LLC (“PCA”), a subsidiary of The PNC Financial Services Group, Inc., serves as investment adviser and co-administrator to PNC Funds and receives fees for its services. PNC Funds are distributed by PNC Funds Distributor, LLC (the “Underwriter”), Three Canal Plaza, Suite 100, Portland, ME 04101. The Underwriter is not affiliated with PCA and is not a bank. ©2017 The PNC Financial Services Group, Inc. All rights reserved.

TABLE OF CONTENTS

Letter to Shareholders					1
Abbreviations and Definitions for Schedules of Investments and Financial Statements					5
PNC Target Date Funds
Summary of Portfolio Holdings					6
Expense Tables					7
	Financial Highlights		Schedule of Investments
Retirement Income Fund		8		13
Target 2020 Fund		9		15
Target 2030 Fund		10		17
Target 2040 Fund		11		19
Target 2050 Fund		12		21
Statements of Assets and Liabilities					23
Statements of Operations					25
Statements of Changes in Net Assets					27
PNC Equity Funds
Summary of Portfolio Holdings					29
Expense Tables					31
	Financial Highlights		Schedule of Investments
Balanced Allocation Fund		33		46
International Equity Fund		34		56
International Growth Fund		35		62
Large Cap Core Fund		36		66
Large Cap Growth Fund		37		68
Large Cap Value Fund		38		70
Mid Cap Index Fund		39		72
Multi-Factor Small Cap Core Fund		40		74
Multi-Factor Small Cap Growth Fund		41		77
Multi-Factor Small Cap Value Fund		42		80
S&P 500 Index Fund		43		83
Small Cap Fund		44		86
Small Cap Index Fund		45		88
Statements of Assets and Liabilities					91
Statements of Operations					99
Statements of Changes in Net Assets					103
PNC Fixed Income and Tax Exempt Bond  Funds
Summary of Portfolio Holdings					107
Expense Tables					110
	Financial Highlights		Schedule of Investments
Bond Fund		112		123
Government Mortgage Fund		113		128
High Yield Bond Fund		114		130
Intermediate Bond Fund		115		133
Limited Maturity Bond Fund		116		138
Total Return Advantage Fund		117		142
Ultra Short Bond Fund		118		148
Intermediate Tax Exempt Bond Fund		119		152
Maryland Tax Exempt Bond Fund		120		155
Ohio Intermediate Tax Exempt Bond Fund		121		157
Tax Exempt Limited Maturity Bond Fund		122		159
Statements of Assets and Liabilities					163
Statements of Operations					169
Statements of Changes in Net Assets					173
Notes to Financial Statements					177
Trustees’ Review and Approval of Advisory and Sub Advisory Agreements					205
Results of Shareholder Meetings					208
Proxy Voting and Quarterly Schedules of Investments					211

P N C  F u n d s

L E T T E R  T O  S H A R E H O L D E R S

“The U.S. economy improved...despite spikes of volatility in the capital markets.”

Commentary provided by PNC Capital Advisors, LLC as of November 30, 2016

*Past performance is no guarantee of future results.

References to Fund performance throughout is the performance of Class I Shares.

1

Dear Shareholders:

We are pleased to present this semi-annual report for PNC Target Date Funds, PNC Equity Funds, PNC Fixed Income Funds and PNC Tax Exempt Bond Funds for the six months ended November 30, 2016 (the “semi-annual period”).

The semi-annual period was a challenging one for many of the PNC Funds, as volatility remained persistent in both the equity and fixed income markets amidst a series of macroeconomic themes and political events: the U.K.’s surprise “leave” vote on membership in the European Union, popularly known as Brexit, a strengthening U.S. dollar versus a basket of major currencies, the evolving monetary policy by the U.S. Federal Reserve (the “Fed”) and other major central banks, divergent economic growth among major economies, and the uncertainty in advance of U.S. elections which ended in an unanticipated result.

The broad U.S. equity markets were mostly positive, although developed international equity markets generally declined during the semi-annual period. Not surprisingly, then, eleven of the thirteen PNC Equity Funds generated positive absolute returns during the semi-annual period, with the two international equity-oriented PNC Equity Funds the exceptions. Please note that on August 23, 2016, PNC Funds’ Board of Trustees approved the liquidations of PNC Mid Cap Fund, which occurred after close of business October 31, 2016, and PNC Mid Cap Index Fund and PNC Small Cap Index Fund, which occurred after close of business December 30, 2016. All five PNC Target Date Funds also posted positive absolute returns during the semi-annual period. The broad taxable and tax-exempt fixed income markets struggled, pressured by the rise in interest rates later in the semi-annual period. In turn, five of the seven PNC Fixed Income Funds and all four PNC Tax Exempt Bond Funds similarly posted negative absolute returns.

All that said, we are investors, not traders, and as such, we maintain a long-term perspective and remain disciplined in our investment strategies as we navigate the short-term turbulence of choppy and uncertain markets. We continue to believe that by offering the opportunity to diversify your investments among an array of equity, taxable fixed income and tax-exempt fixed income mutual funds, PNC Capital Advisors, LLC may help you and/or your adviser fulfill your individual asset allocation objectives.

Following a synopsis of the major factors affecting the financial markets during the semi-annual period, you will find the financial statements and schedules of portfolio investments for each of the PNC Funds.

Economic Review

The U.S. economy improved during the semi-annual period despite spikes of volatility in the capital markets. Indeed, in the third quarter of 2016, U.S. Gross Domestic Product (“GDP”) grew at an annualized pace of 3.5% after the second quarter’s modest 1.4% growth. The manufacturing side of the economy modestly improved. While fixed investment declined, personal consumption was strong and net exports increased. Government spending showed a modest uptick. Inventories were additive for the first time in five quarters. Employment was a strong positive for the economy. On average, non-farm payrolls increased 176,000 per month during the third quarter, and the unemployment rate declined to 4.6%, a nine-year low. As the semi-annual period drew to a close, November 2016 saw a recovery in housing construction and sales in large part due to low mortgage rates, improvement in median household income and low unemployment. Dollar strength in November 2016 was noteworthy given the near certainty of an interest rate hike in December 2016. (After the semi-annual period, the Fed raised the targeted federal funds rate by 0.25% on December 14, 2016.) Speculation over an acceleration in growth and prospects for fiscal stimulus took center stage upon the conclusion of the U.S. presidential election.

P N C  F u n d s

L E T T E R  T O  S H A R E H O L D E R S

Elsewhere, Europe and the U.K. were working through the effects of the Brexit referendum, wherein the U.K. surprisingly voted at the end of June 2016 to withdraw its membership from the European Union. The European Central Bank indicated it would maintain its quantitative easing policy combined with negative interest rates. As the Brexit strategy unfolded, the British pound came under pressure. China’s breakneck growth has been decelerating for several years, yet its 6.7% year-over-year growth through the second quarter far outpaces the developed world’s pace. Additionally, China continued to let its currency depreciate relative to the U.S. dollar to help spur exports. By contrast, Japan was fighting an appreciating currency and was openly considering more monetary and targeted fiscal policy stimulus.

Equities

U.S. equity markets, as measured by the Russell Investments Indices, advanced, posting solid positive returns during the semi-annual period. Small-cap stocks led the way, with the Russell 2000^® Index returning 15.37%, mid-cap stocks returned 7.14% as reflected by the Russell Midcap^® Index, and for large-cap stocks the Russell 1000^® Index returned 6.26%. Internationally, equity market returns were more mixed, with developed market equities declining modestly, but emerging market equities advancing strongly. Developed international markets, as measured by the MSCI EAFE^® Index, returned -1.25%, and emerging markets, as gauged by the MSCI Emerging Markets Index, posted a return of 8.42%, each in U.S. dollar terms.

U.S. and international equity markets performed strongly during the third quarter of 2016, as investors took advantage of the Brexit vote-related selloff late in June 2016 to redeploy into risk assets. Equity markets then generally fell back in October 2016, as pre-U.S. election jitters and concerns about interest rates took the stage. There was a dramatic change in theme after the U.S. presidential election in early November 2016, as a rally ensued among U.S. stocks while both developed and emerging market equity markets lost ground. Populist political risk in Europe and continued currency volatility weighed on international equities.

Within U.S. equity markets, value stocks bested growth stocks during the semi-annual period across the capitalization spectrum. In large-cap, the Russell 1000^® Value Index gained 8.63%, while the Russell 1000^® Growth Index rose 3.94%. For small-cap, the Russell 2000^® Value Index was up 19.62%, and the Russell 2000^® Growth Index appreciated 11.09%.

Fixed Income

The Bloomberg Barclays U.S. Aggregate Bond Index returned -0.92% for the semi-annual period, with the taxable fixed income markets experiencing concerns about rising interest and inflation rates. Broadly speaking, fixed income markets were characterized by a rise in U.S. Treasury rates and a rally in spread, or non-U.S. Treasury, sectors through October 2016. The rise in U.S. Treasury rates accelerated after the election while credit spreads continued their tightening.

For the semi-annual period overall, the Bloomberg Barclays U.S.Treasury Index returned -1.89%, and the U.S.Treasury yield curve steepened. Rates rose across the yield curve, or spectrum of maturities, especially following the U.S. presidential election. Shorter-term interest rates rose as they were impacted by monetary policy, and longer-term rates surged even more, impacted by a possible fiscal stimulus funded by debt. Two-year Treasury yields rose 24 basis points (a basis point is 1/100th of a percentage point) to 1.11%, its highest level in six years. Ten-year Treasury yields rose 53 basis points to 2.37%, and long-term Treasury yields increased 38 basis points to 3.02%. Treasury inflation protected securities (“TIPS”), as measured by the Bloomberg Barclays U.S. TIPS Index, posted a return of 0.68% during the semi-annual period, boosted into positive territory in part by the increase in oil prices late in the semi-annual period, as the Organization of the Petroleum Exporting Countries (OPEC) reached its first production cut agreement since the global financial crisis.

2

P N C  F u n d s

L E T T E R  T O  S H A R E H O L D E R S

“We believe other developed and emerging markets will likely look to the U.S. to be the marginal force for world economic growth in the new year.”

 Commentary provided by PNC Capital Advisors, LLC as of November 30, 2016

3

To compare, the Bloomberg Barclays U.S. Corporate Investment Grade Index returned 0.09% during the semi-annual period, while the Bloomberg Barclays U.S. Corporate High Yield Index returned 6.43%, as lower quality securities rallied, credit spreads narrowed and commodity prices jumped. As was the case for other higher quality securities, securitized bonds generated rather flat returns during the semi-annual period. The Bloomberg Barclays U.S. Mortgage-Backed Securities Fixed Rate Index returned -0.59%, and the Bloomberg Barclays Asset-Backed Securities Index gained 0.47% for the semi-annual period as a whole.

The tax-exempt bond market overall underperformed the taxable fixed income market, as rising interest rates across the term structure pushed total returns negative. The Bloomberg Barclays Municipal Bond Index returned -3.52% during the semi-annual period. The June 2016 Brexit vote, being a surprise to most and thus not properly discounted in the markets globally, was actually a positive for municipal bonds. Long-dated municipal bond yields plummeted to lows following the vote, largely mirroring the trend experienced by U.S. Treasury yields, which also decreased to their lowest levels on June 27, 2016 before bouncing back up in the final days of the second quarter and then rising through much of the remainder of the semi-annual period. Municipal bonds experienced their worst performance in November 2016 since 2008, as theTrump victory and Republican sweep of Congress led to a steep rise in interest rates. Concerns over future infrastructure spending and tax policies also pressured municipal bond prices. Conversely, slight credit spread narrowing served to partially offset rate-driven losses. Also noteworthy, the municipal market reported 56 consecutive weeks of cash inflows into tax-exempt bond mutual funds before fund flows turned sharply negative in November 2016. Through the semi-annual period, Puerto Rico and other distressed markets made headlines but offered little threat to the broader municipal market, as investment grade bonds held steady. The 10-year AAA municipal yield as a percent of the 10-year U.S.Treasury yield remained under 100% for much of the semi-annual period but pushed over 100% in November 2016, indicating municipal bonds’ cheapening relative to U.S.Treasury bonds. Cumulative municipal market issuance as of November 2016 was up about 11% year over year.

Our View Ahead

We expect U.S. economic growth in 2017 to accelerate from 2016’s rate, primarily driven by income and wage gains, possible tax reforms and a boost from financial markets. In our view, fiscal policy, centered around corporate tax reform as well as infrastructure improvements, should be slightly positive looking to 2017 and beyond. However, the timing and magnitude of fiscal stimulus, as well as its impact on the deficit, remains uncertain. Further, poor productivity could act as a restraint on growth. We believe other developed and emerging markets will likely look to the U.S. to be the marginal force for world economic growth in the new year. In particular, we believe European economic growth is likely to stay in the modest 1% to 1.5% range unless there are more dynamic fiscal policy changes from the continental European Union members. While the European Central Bank is anticipated to continue its quantitative easing policy combined with negative interest rates, we feel further stimulus to generate faster European Union growth will need to come from fiscal stimulus and/or labor market reforms.

P N C  F u n d s

L E T T E R  T O  S H A R E H O L D E R S

As for the capital markets, following an unexpected double-digit gain in 2016, it is our view that equity markets are likely to produce more modest, single-digit returns contingent on earnings following through during the coming year. We further believe fixed income markets remain vulnerable given monetary policy expectations and the outlook for rising inflation amidst the U.S. election result and the Fed’s recent statements. With employment near the natural rate of unemployment and inflation gradually moving toward the Fed’s target, we believe the Fed is poised to wind down its extraordinary measures over the past few years and to raise interest rates further in the new year. Domestic interest rate sentiment has shifted post-presidential election to higher interest rates in 2017 as many of the incoming administration’s policy positions are deemed to be pro-growth and inflationary. Most economists forecast the policy rate moving higher by 50 to 75 basis points in 2017 at a measured pace, but we remain skeptical that longer-term rates will move considerably higher. If real interest rates increase, financial conditions should eventually tighten and act to temper economic enthusiasm. In our view, the Fed, as always, will be data-dependent in its decision making and will need to see economic policies take hold before rates change materially from current levels. If the new administration carries through on its rhetoric, municipal securities could lose some relative attractiveness should personal tax rates be reduced.

Vigilance remains paramount. In all asset classes, we believe individual security selection and careful sector allocation decisions will be key to performance going forward. As we consider the optimal risk-reward positioning for our Funds as we conclude 2016 and begin 2017, we intend to continue to evaluate, among many other factors, the longer-term impacts and potential turbulence that may result from the historic U.K. referendum to exit the European Union and from a Trump administration in the U.S.

We thank you for being a part of the PNC Funds and for maintaining a long-term perspective as a basic tenet of your investment approach. We value your ongoing confidence in us and look forward to serving your investment needs in the years ahead.

Best Regards,

Mark McGlone	Jennifer E. Spratley
President and Chief Investment Officer	President
PNC Capital Advisors, LLC	PNC Funds

This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to PNC Funds, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and PNC Capital Advisors, LLC undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of PNC Funds’ trading intent.

4

P N C   F u n d s

A B B R E V I A T I O N S   A N D   D E F I N I T I O N S   F O R   S C H E D U L E S   O F

I N V E S T M E N T S   A N D   F I N A N C I A L   S T A T E M E N T S

Schedules of Investments:

ADR — American Depositary Receipt

AGM — Assured Guaranty Municipal

AMBAC — Ambac Assurance Corporation

BAN — Bond Anticipation Note

Cl — Class

DD — Delayed Delivery Security

ETF — Exchange-Traded Fund

ETM — Escrowed to Maturity

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GMTN — Global Multi-Currency Notes

GNMA — Government National Mortgage Association

GO — General Obligation

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

NATL-RE — National Public Finance Guaranty Corporation

PLC — Public Limited Company

PSF-GTD — Permanent School Fund - Guaranteed

RB — Revenue Bond

REIT — Real Estate Investment Trust

SBPA — Standby Bond Purchase Agreement

STRB — Special Tax Revenue Bond

VRDN — Variable Rate Demand Note: the rate shown is the rate in effect on November 30, 2016, and the date shown is the next reset or put date.

Financial Statements:

— Amounts designated as “ — ” are either zero or rounded to zero.

See Notes to Financial Statements.

5

P N C  T a r g e t  D a t e  F u n d s

S U M M A R Y  O F  P O R T F O L I O  H O L D I N G S

( U n a u d i t e d )

The tables below present portfolio holdings as a percentage of total investments for each of the PNC Target Date Funds as of November 30, 2016.

Retirement Income Fund
Fixed Income Funds	55.9	%
Domestic Equity Funds	23.5
Money Market Fund	12.2
International Equity Funds	6.8
Real Estate Fund	1.6
	100.0	%
Target 2020 Fund
Fixed Income Funds	47.4	%
Domestic Equity Funds	30.2
International Equity Funds	10.1
Money Market Fund	6.3
Real Estate Fund	3.3
Commodity Fund	2.7
	100.0	%

Target 2030 Fund
Domestic Equity Funds	44.5	%
Fixed Income Funds	27.5
International Equity Funds	16.2
Money Market Fund	4.9
Real Estate Fund	3.9
Commodity Fund	3.0
	100.0	%
Target 2040 Fund
Domestic Equity Funds	54.8	%
International Equity Funds	21.8
Fixed Income Funds	13.4
Money Market Fund	3.5
Real Estate Fund	3.5
Commodity Fund	3.0
	100.0	%
Target 2050 Fund
Domestic Equity Funds	58.7	%
International Equity Funds	23.9
Fixed Income Funds	8.0
Real Estate Fund	3.3
Money Market Fund	3.1
Commodity Fund	3.0
	100.0	%

6

P N C   T a r g e t  D a t e  F u n d s

E X P E N S E   T A B L E S  ( U n a u d i t e d )

The expenses shown in the Expense Tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), including contingent deferred sales charges, all of which are described in the Prospectus. If these transactional costs were included, your costs would be higher. The “Annualized Expense Ratio” reflects the actual expenses, net of fee waivers, where applicable, for the six-month period June 1, 2016 to November 30, 2016. The “Annualized Expense Ratio” does not reflect Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were included, expenses would be higher.

All mutual funds have operating expenses. As a shareholder of a Fund, you incur operating expenses, including investment advisory fees, distribution (12b-1) fees and shareholder services fees, where applicable, and other Fund expenses. Such expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of a Fund. A Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The Expense Tables provided below are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the six-month period shown and held for the entire six-month period (June 1, 2016 to November 30, 2016).

The Expense Table for your Fund illustrates your Fund’s costs in two ways.

• Actual Expenses. This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Class of the Fund under the heading “Expenses Paid During Period.”

• Hypothetical Example for Comparison Purposes. This section is intended to help you compare your Fund’s costs with those of other mutual funds. It is based on your Fund’s actual expense ratio and assumes that your Fund had an annual return of 5% before expenses during the period shown. In this case — because the return used is not your Fund’s actual return — the results may not be used to estimate your actual ending account value or expenses you paid during this period. The example is useful in making comparisons between your Fund and other funds because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on an assumed annual 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

	Beginning Account Value 06/01/16		Ending Account Value 11/30/16		Annual- ized Expense Ratio		Expenses Paid During Period(1)
	Retirement Income Fund(2)
Actual
Class I		$1,000.00	$	1,011.78		0.11%		$0.57
Hypothetical(3)
Class I		1,000.00		1,024.50		0.11		0.58
	Target 2020 Fund
Actual
Class I		$1,000.00	$	1,017.24		0.11%		$0.58
Class T		1,000.00		1,012.69		0.46		2.30
Hypothetical(3)
Class I		1,000.00		1,024.50		0.11		0.58
Class T		1,000.00		1,022.79		0.46		2.31
	Target 2030 Fund(2)
Actual
Class I		$1,000.00	$	1,025.56		0.11%		$0.57
Hypothetical(3)
Class I		1,000.00		1,024.50		0.11		0.57

	Beginning Account Value 06/01/16		Ending Account Value 11/30/16		Annual- ized Expense Ratio		Expenses Paid During Period(1)
	Target 2040 Fund
Actual
Class I		$1,000.00	$	1,032.45		0.11%		$0.58
Class T(4)		1,000.00		1,032.48		(0.15)		(0.76	)
Hypothetical(3)
Class I		1,000.00		1,024.50		0.11		0.58
Class T(4)		1,000.00		1,025.82		(0.15)		(0.76	)
	Target 2050 Fund
Actual
Class I		$1,000.00	$	1,036.08		0.11%		$0.58
Class T		1,000.00		1,042.57		0.49		2.51
Hypothetical(3)
Class I		1,000.00		1,024.50		0.11		0.58
Class T		1,000.00		1,022.61		0.49		2.49

⁽¹⁾  Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), then divided by 365.

⁽²⁾  Actual and hypothetical expense examples are not presented for six-month periods in which net assets are represented by initial seed capital and no other shareholder activity occurred.

⁽³⁾  Assumes annual return of 5% before expenses.

⁽⁴⁾  During the six months ended November 30, 2016, a portion of the Fund’s Class T Shares 12b-1 fees were not paid to financial intermediaries and were returned to the Class T Shares net asset value of the Target 2040 Fund. Excluding this item, the ratio of expenses to average net assets would have been 0.32%.

7

P N C  T a r g e t  D a t e  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 , u n l e s s  o t h e r w i s e  i n d i c a t e d

	Retirement Income Fund(1)
	Class I
	2016*		2016		2015		2014		2013(2)
Net Asset Value, Beginning of Period		$10.04		$10.52		$10.73		$10.24		$ 10.00
Net Investment Income(3)(4)		0.06		0.14		0.15		0.12		0.10
Capital gain distributions received from affiliated investments(3)		–		0.02		0.02		–**		0.04
Realized and Unrealized Gain (Loss) on Investments		0.06		(0.16)		0.18		0.56		0.24
Total from Investment Operations		0.12		–		0.35		0.68		0.38
Dividends from Net Investment Income		(0.06)		(0.17)		(0.22)		(0.13)		(0.14)
Distributions from Net Realized Gains		–		(0.31)		(0.34)		(0.06)		–
Total Distributions		(0.06)		(0.48)		(0.56)		(0.19)		(0.14)
Net Asset Value, End of Period		$10.10		$10.04		$10.52		$10.73		$ 10.24
Total Return		1.18%		0.04%		3.28%		6.67%		3.85%
Ratios/Supplemental Data
Net Assets End of Period (000)		$ 3,762		$ 3,693		$ 2,617		$ 1,107		$1,038
Ratio of Expenses to Average Net Assets(5)		0.11%		0.11%		0.11%		0.11%		0.11%
Ratio of Net Investment Income to Average Net Assets		1.15%		1.37%		1.45%		1.11%		1.54%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)(5)		3.39%		5.04%		6.83%		3.39%		12.55%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(2.13)%		(3.56)%		(5.27)%		(2.17)%		(10.90)%
Portfolio Turnover Rate		1%		104%		194%		318%		0%

^* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

^** Amount represents less than $0.005 per share.

⁽¹⁾  At November 30, 2016, net assets of the Class T Shares represented initial seed capital. There was no other shareholder activity in this share class during the reporting period; therefore, no information is presented.

⁽²⁾  Class I commenced operations on October 1, 2012. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽³⁾  Per share data calculated using average shares outstanding method.

⁽⁴⁾  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

⁽⁵⁾  Does not include expenses of the investment companies in which the Fund invests.

See Notes to Financial Statements.

8

P N C  T a r g e t  D a t e  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 , u n l e s s  o t h e r w i s e  i n d i c a t e d

	Target 2020 Fund
	Class I												Class T
		201	6*		201	6		201	5	201	4	2013(1)		201	6*		2016(2)
Net Asset Value, Beginning of Period	$	11.02		$	11.48		$	11.17		$10.45		$10.00		$ 11.03		$	11.47
Net Investment Income(3)(4)		0.07			0.17			0.15		0.17		0.12		0.05			0.09
Capital gain distributions received from affiliated investments(3)		–			0.03			0.01		0.01		0.05		–			0.03
Realized and Unrealized Gain (Loss) on Investments		0.12			(0.29	)		0.33		0.77		0.41		0.09			(0.19)
Total from Investment Operations		0.19			(0.09	)		0.49		0.95		0.58		0.14			(0.07)
Dividends from Net Investment Income		–			(0.16	)		(0.14	)	(0.12	)	(0.13)		–			(0.16)
Distributions from Net Realized Gains		–			(0.21	)		(0.04	)	(0.11	)	–		–			(0.21)
Total Distributions		–			(0.37	)		(0.18	)	(0.23	)	(0.13)		–			(0.37)
Net Asset Value, End of Period	$	11.21		$	11.02		$	11.48		$11.17		$10.45		$ 11.17		$	11.03
Total Return		1.72	%		(0.70	)%		4.47	%	9.19	%	5.89%		1.27	%		(0.53)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	7,994		$	8,307		$	3,552		$ 1,156		$ 1,059		$       –(5)		$	3
Ratio of Expenses to Average Net Assets(6)		0.11	%		0.11	%		0.11	%	0.11	%	0.11%		0.46	%		0.39%
Ratio of Net Investment Income to Average Net Assets		1.25	%		1.57	%		1.35	%	1.60	%	1.77%		0.88	%		0.79%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)(6)		1.64	%		2.67	%		5.58	%	9.21	%	12.47%		1.88	%		2.40%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.28	)%		(0.99	)%		(4.12	)%	(7.50	)%	(10.59)%		(0.54	)%		(1.22)%
Portfolio Turnover Rate		1	%		39	%		124	%	9	%	0%		1	%		39%

^*   For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾  Class I commenced operations on October 1, 2012. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽²⁾  Class T commenced operations on April 28, 2015. Prior to February 9, 2016, net assets of this share class represented seed capital; therefore, no information is presented for the 2015 fiscal year.

⁽³⁾  Per share data calculated using average shares outstanding method.

⁽⁴⁾  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

⁽⁵⁾  At November 30, 2016, net assets of the Class T Shares represented initial seed capital.

⁽⁶⁾  Does not include expenses of the investment companies in which the Fund invests.

See Notes to Financial Statements.

9

	Target 2030 Fund(1)
	Class I
	2016*		2016		2015		2014		2013(2)
Net Asset Value, Beginning of Period		$ 11.74		$12.48		$11.89		$10.69		$ 10.00
Net Investment Income(3)(4)		0.08		0.20		0.17		0.18		0.11
Capital gain distributions received from affiliated investments(3)		–		0.03		0.02		0.01		0.03
Realized and Unrealized Gain (Loss) on Investments		0.22		(0.48)		0.55		1.16		0.66
Total from Investment Operations		0.30		(0.25)		0.74		1.35		0.80
Dividends from Net Investment Income		–		(0.19)		(0.15)		(0.12)		(0.11)
Distributions from Net Realized Gains		–		(0.30)		–		(0.03)		–
Total Distributions		–		(0.49)		(0.15)		(0.15)		(0.11)
Net Asset Value, End of Period		$ 12.04		$11.74		$12.48		$11.89		$ 10.69
Total Return		2.56%		(1.91)%		6.27%		12.74%		8.12%
Ratios/Supplemental Data
Net Assets End of Period (000)		$10,582		$ 9,004		$ 4,110		$ 1,601		$ 1,205
Ratio of Expenses to Average Net Assets(5)		0.11%		0.11%		0.11%		0.11%		0.11%
Ratio of Net Investment Income to Average Net Assets		1.27%		1.73%		1.40%		1.63%		1.55%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)(5)		1.36%		2.51%		4.66%		7.83%		12.32%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.02%		(0.67)%		(3.15)%		(6.09)%		(10.66)%
Portfolio Turnover Rate		3%		18%		70%		5%		0%

^*   For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾  At November 30, 2016, net assets of the Class T Shares represented initial seed capital. There was no other shareholder activity in this share class during the reporting period; therefore, no information is presented.

⁽²⁾  Class I commenced operations on October 1, 2012. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽³⁾  Per share data calculated using average shares outstanding method.

⁽⁴⁾  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

⁽⁵⁾  Does not include expenses of the investment companies in which the Fund invests.

See Notes to Financial Statements.

10

P N C  T a r g e t  D a t e  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1, u n l e s s  o t h e r w i s e  i n d i c a t e d

	Target 2040 Fund
	Class I												Class T
		201	6*		201	6		201	5	201	4	2013(1)		201	6*		2016(2)
Net Asset Value, Beginning of Period	$	11.71		$	13.05		$	12.25		$10.87		$10.00		$11.70		$	13.09
Net Investment Income(3)(4)		0.07			0.20			0.16		0.17		0.10		0.08			0.20
Capital gain distributions received from affiliated investments(3)		–			0.03			0.02		0.01		0.02		–			0.03
Realized and Unrealized Gain (Loss) on Investments		0.31			(0.59	)		0.79		1.41		0.84		0.30			(0.65)
Total from Investment Operations		0.38			(0.36	)		0.97		1.59		0.96		0.38			(0.42)
Dividends from Net Investment Income		–			(0.19	)		(0.17	)	(0.13	)	(0.09)		–			(0.18)
Distributions from Net Realized Gains		–			(0.79	)		–		(0.08	)	–		–			(0.79)
Total Distributions		–			(0.98	)		(0.17	)	(0.21	)	(0.09)		–			(0.97)
Net Asset Value, End of Period	$	12.09		$	11.71		$	13.05		$12.25		$10.87		$12.08		$	11.70
Total Return		3.25	%		(2.64	)%		8.00	%	14.72	%	9.74%		3.25	%		(3.12)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	3,538		$	3,297		$	2,409		$ 1,259		$ 1,097		$       2		$	1
Ratio of Expenses to Average Net Assets(5)		0.11	%		0.11	%		0.11	%	0.11	%	0.11%		(0.15	)%(6)		0.21%
Ratio of Net Investment Income to Average Net Assets		1.18	%		1.70	%		1.24	%	1.52	%	1.42%		1.40	%		1.73%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)(5)		3.72	%		5.24	%		6.46	%	8.79	%	12.34%		3.46	%		5.30%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(2.43	)%		(3.43	)%		(5.11	)%	(7.16	)%	(10.81)%		(2.21	)%		(3.36)%
Portfolio Turnover Rate		4	%		27	%		103	%	7	%	0%		4	%		27%

*   For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾ Class I commenced operations on October 1, 2012. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽²⁾ Class T commenced operations on April 28, 2015. Prior to September 2, 2015, net assets of this share class represented seed capital; therefore, no information is presented for the 2015 fiscal year.

⁽³⁾ Per share data calculated using average shares outstanding method.

⁽⁴⁾ Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

⁽⁵⁾ Does not include expenses of the investment companies in which the Fund invests.

⁽⁶⁾ During the six months ended November 30, 2016, a portion of the Fund’s Class T Shares 12b-1 fees were added back to the Class T Shares net asset value of the Target 2040 Fund. Excluding this item, the total return would have been 3.08%, the ratio of expenses to average net assets would have been 0.32% and the ratio of net investment income to average net assets would have been 0.93%.

See Notes to Financial Statements.

11

	Target 2050 Fund
	Class I												Class T
		201	6*		201	6		201	5	201	4	2013(1)		201	6*	201	6		2015(2)
Net Asset Value, Beginning of Period	$	8.59		$	13.21		$	12.41		$10.93		$10.00		$ 9.63		$13.22		$	13.31
Net Investment Income(3)(4)		0.05			0.15			0.18		0.17		0.10		0.03		0.14			–**
Capital gain distributions received from affiliated investments(3)		–			0.01			0.03		0.01		0.01		–		0.01			–
Realized and Unrealized Gain (Loss) on Investments		0.26			(0.53	)		0.76		1.49		0.91		0.38		0.29			(0.09)
Total from Investment Operations		0.31			(0.37	)		0.97		1.67		1.02		0.41		0.44			(0.09)
Dividends from Net Investment Income		–			(0.22	)		(0.17	)	(0.13	)	(0.09)		–		–			–
Distributions from Net Realized Gains		–			(4.03	)		–	**	(0.06	)	–		–		(4.03)			–
Total Distributions		–			(4.25	)		(0.17	)	(0.19	)	(0.09)		–		(4.03)			–
Net Asset Value, End of Period	$	8.90		$	8.59		$	13.21		$12.41		$10.93		$10.04		$    9.63		$	13.22
Total Return		3.61	%		(2.56	)%		7.88	%	15.41	%	10.28%		4.26	%	4.38	%		(0.68)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	1,344		$	1,166		$	1,729		$ 1,350		$ 1,164		$        3		$       –(5)		$	5
Ratio of Expenses to Average Net Assets(6)		0.11	%		0.11	%		0.11	%	0.11	%	0.11%		0.49	%	0.59	%		0.65%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.10	%		1.50	%		1.37	%	1.48	%	1.38%		0.69	%	1.05	%		(0.28)%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)(6)		10.02	%		14.71	%		7.95	%	9.27	%	12.00%		10.46	%	19.44	%		5.81%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(8.81	)%		(13.10	)%		(6.47	)%	(7.68	)%	(10.51)%		(9.28	)%	(17.80	)%		(5.44)%
Portfolio Turnover Rate		7	%		74	%		52	%	7	%	0%		7	%	74	%		52%

*   For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

**   Amount represents less than $0.005 per share.

⁽¹⁾   Class I commenced operations on October 1, 2012. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽²⁾   Class T commenced operations on April 28, 2015. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽³⁾   Per share data calculated using average shares outstanding method.

⁽⁴⁾   Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

⁽⁵⁾   At May 31, 2016, net assets of the Class T Shares represented initial seed capital.

⁽⁶⁾   Does not include expenses of the investment companies in which the Fund invests.

See Notes to Financial Statements.

12

P N C  R e t i r e m e n t  I n c o m 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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)
MUTUAL FUNDS — 95.0%
Domestic Equity Funds — 18.9%
PNC Large Cap Growth Fund,
Class I Shares†		7,826	$	227
PNC Large Cap Value Fund,
Class I Shares†		10,493		233
PNC Multi-Factor Small Cap Core Fund,
Class I Shares†		2,848		67
PNC S&P 500 Index Fund,
Class I Shares†		6,878		118
PNC Small Cap Fund,
Class I Shares†		2,804		65
				710
Fixed Income Funds — 55.9%
Eaton Vance Floating-Rate Fund,
Class I Shares		5,816		52
PNC Bond Fund,
Class I Shares†		81,676		834
PNC High Yield Bond Fund,
Class I Shares†		12,990		98
PNC Limited Maturity Bond Fund,
Class I Shares†		84,800		858
Vanguard Inflation-Protected Securities Fund,
Admiral Shares		9,974		263
				2,105
International Equity Funds — 6.4%
PNC International Equity Fund,
Class I Shares†		10,311		190
Vanguard Emerging Markets Stock Index Fund,
Admiral Shares		1,658		50
				240
Money Market Fund — 12.2%
PNC Government Money Market Fund,
Class I Shares 0.240%† (A)		457,969		458
Real Estate Fund — 1.6%
Vanguard REIT Index Fund,
Admiral Shares		542		62
Total Mutual Funds
(Cost $3,478)				3,575

	Number of Shares		Value (000)
EXCHANGE-TRADED FUNDS — 5.0%
Domestic Equity Funds — 4.6%
iShares Select Dividend ETF†		662	$	57
SPDR® S&P® Dividend ETF		667		57
WisdomTree LargeCap Dividend Fund		754		59
				173
International Equity Funds — 0.4%
iShares MSCI EAFE Small-Cap ETF†		148		7
Vanguard FTSE All World ex-US Small-Cap ETF		80		8
				15
Total Exchange-Traded Funds
(Cost $149)				188
TOTAL INVESTMENTS — 100.0%
(Cost $3,627)*				3,763
Other Assets & Liabilities – 0.0%				(1	)
TOTAL NET ASSETS — 100.0%			$	3,762

*   Aggregate cost for Federal income tax purposes is (000) $3,630.

Gross unrealized appreciation (000)	$150
Gross unrealized depreciation (000)	(17	)
Net unrealized appreciation (000)	$133

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A)   The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

13

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Exchange-Traded Funds		$	188		$	–		$	–		$	188
Mutual Funds			3,575			–			–			3,575
Total Assets - Investments in Securities		$	3,763		$	–		$	–		$	3,763

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

14

P N C  T a r g e t  2 0 2 0  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)
MUTUAL FUNDS — 91.2%
Domestic Equity Funds — 24.8%
PNC Large Cap Growth Fund,
Class I Shares†		22,000	$	638
PNC Large Cap Value Fund,
Class I Shares†		29,795		662
PNC Multi-Factor Small Cap Core Fund,
Class I Shares†		7,573		178
PNC S&P 500 Index Fund,
Class I Shares†		19,375		331
PNC Small Cap Fund,
Class I Shares†		7,497		174
				1,983
Fixed Income Funds — 47.4%
Eaton Vance Floating-Rate Fund,
Class I Shares		16,475		146
PNC Bond Fund,
Class I Shares†		172,880		1,765
PNC High Yield Bond Fund,
Class I Shares†		32,924		249
PNC Limited Maturity Bond Fund,
Class I Shares†		105,588		1,069
Vanguard Inflation-Protected Securities Fund,
Admiral Shares		21,140		558
				3,787
International Equity Funds — 9.4%
PNC International Equity Fund,
Class I Shares†		32,629		603
Vanguard Emerging Markets Stock Index Fund,
Admiral Shares		5,081		152
				755
Money Market Fund — 6.3%
PNC Government Money Market Fund,
Class I Shares 0.240%† (A)		504,031		504
Real Estate Fund — 3.3%
Vanguard REIT Index Fund,
Admiral Shares		2,330		266
Total Mutual Funds
(Cost $7,032)				7,295

	Number of Shares		Value (000)
EXCHANGE-TRADED FUNDS — 8.7%
Commodity Fund — 2.8%
PowerShares DB Commodity Index
Tracking Fund*		14,451	$	220
Domestic Equity Funds — 5.3%
iShares Select Dividend ETF†		1,636		143
SPDR® S&P® Dividend ETF		1,648		140
WisdomTree LargeCap Dividend Fund		1,836		143
				426
International Equity Funds — 0.6%
iShares MSCI EAFE Small-Cap ETF†		492		24
Vanguard FTSE All World ex-US Small-Cap ETF		261		25
				49
Total Exchange-Traded Funds
(Cost $599)				695
TOTAL INVESTMENTS — 99.9%
(Cost $7,631)**				7,990
Other Assets & Liabilities – 0.1%				4
TOTAL NET ASSETS — 100.0%			$	7,994

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $7,704.

Gross unrealized appreciation (000)	$318
Gross unrealized depreciation (000)	(32	)
Net unrealized appreciation (000)	$286

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A)  The rate quoted is the annualized seven-day effective yield of the fund at

  period end.

See Notes to Financial Statements.

15

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Exchange-Traded Funds		$	695		$	–		$	–		$	695
Mutual Funds			7,295			–			–			7,295
Total Assets - Investments in Securities		$	7,990		$	–		$	–		$	7,990

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

16

P N C  T a r g e t  2 0 3 0  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)
MUTUAL FUNDS — 87.9%
Domestic Equity Funds — 36.9%
PNC Large Cap Growth Fund,
Class I Shares†		43,692	$	1,267
PNC Large Cap Value Fund,
Class I Shares†		58,805		1,306
PNC Multi-Factor Small Cap Core Fund,
Class I Shares†		14,565		342
PNC S&P 500 Index Fund,
Class I Shares†		37,712		645
PNC Small Cap Fund,
Class I Shares†		14,753		342
				3,902
Fixed Income Funds — 27.5%
Eaton Vance Floating-Rate Fund,
Class I Shares		21,385		189
PNC Bond Fund,
Class I Shares†		183,918		1,878
PNC High Yield Bond Fund,
Class I Shares†		38,071		288
PNC Limited Maturity Bond Fund,
Class I Shares†		25,655		260
Vanguard Inflation-Protected Securities Fund,
Admiral Shares		11,199		296
				2,911
International Equity Funds — 14.8%
PNC International Equity Fund,
Class I Shares†		65,877		1,218
Vanguard Emerging Markets Stock Index Fund,
Admiral Shares		11,585		347
				1,565
Money Market Fund — 4.9%
PNC Government Money Market Fund,
Class I Shares 0.240%† (A)		515,342		515
Real Estate Fund — 3.8%
Vanguard REIT Index Fund,
Admiral Shares		3,584		409
Total Mutual Funds
(Cost $8,957)				9,302

	Number of Shares		Value (000)
EXCHANGE-TRADED FUNDS — 12.1%
Commodity Fund — 3.0%
PowerShares DB Commodity Index
Tracking Fund*		20,622	$	314
Domestic Equity Funds — 7.7%
iShares Select Dividend ETF†		3,111		271
SPDR® S&P® Dividend ETF		3,194		272
WisdomTree LargeCap Dividend Fund		3,442		269
				812
International Equity Funds — 1.4%
iShares MSCI EAFE Small-Cap ETF†		1,536		76
Vanguard FTSE All World ex-US Small-Cap ETF		806		76
				152
Total Exchange-Traded Funds
(Cost $1,147)				1,278
TOTAL INVESTMENTS — 100.0%
(Cost $10,104)**				10,580
Other Assets & Liabilities – 0.0%				2
TOTAL NET ASSETS — 100.0%			$	10,582

* Non-income producing security.

**   Aggregate cost for Federal income tax purposes is (000) $10,114.

Gross unrealized appreciation (000)	$517
Gross unrealized depreciation (000)	(51	)
Net unrealized appreciation (000)	$466

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A)  The rate quoted is the annualized seven-day effective yield of the fund at

  period end.

See Notes to Financial Statements.

17

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Exchange-Traded Funds		$	1,278		$	–		$	–		$	1,278
Mutual Funds			9,302			–			–			9,302
Total Assets - Investments in Securities		$	10,580		$	–		$	–		$	10,580

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

18

P N C  T a r g e t  2 0 4 0  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)
MUTUAL FUNDS — 84.8%
Domestic Equity Funds — 45.0%
PNC Large Cap Growth Fund,
Class I Shares†		18,213	$	528
PNC Large Cap Value Fund,
Class I Shares†		24,030		534
PNC Multi-Factor Small Cap Core Fund,
Class I Shares†		5,632		133
PNC S&P 500 Index Fund,
Class I Shares†		15,483		265
PNC Small Cap Fund,
Class I Shares†		5,803		134
				1,594
Fixed Income Funds — 13.4%
Eaton Vance Floating-Rate Fund,
Class I Shares		4,378		39
PNC Bond Fund,
Class I Shares†		34,673		354
PNC High Yield Bond Fund,
Class I Shares†		7,442		56
Vanguard Inflation-Protected Securities Fund,
Admiral Shares		939		25
				474
International Equity Funds — 19.4%
PNC International Equity Fund,
Class I Shares†		28,381		525
Vanguard Emerging Markets Stock Index Fund,
Admiral Shares		5,355		160
				685
Money Market Fund — 3.5%
PNC Government Money Market Fund,
Class I Shares 0.240%† (A)		123,739		124
Real Estate Fund — 3.5%
Vanguard REIT Index Fund,
Admiral Shares		1,096		125
Total Mutual Funds
(Cost $2,831)				3,002

	Number of Shares		Value (000)
EXCHANGE-TRADED FUNDS — 15.3%
Commodity Fund — 3.0%
PowerShares DB Commodity Index
Tracking Fund*		7,028	$	107
Domestic Equity Funds — 9.8%
iShares Select Dividend ETF†		1,321		115
SPDR® S&P® Dividend ETF		1,351		115
WisdomTree LargeCap Dividend Fund		1,480		116
				346
International Equity Funds — 2.5%
iShares MSCI EAFE Small-Cap ETF†		892		44
Vanguard FTSE All World ex-US Small-Cap ETF		469		44
				88
Total Exchange-Traded Funds
(Cost $467)				541
TOTAL INVESTMENTS — 100.1%
(Cost $3,298)**				3,543
Other Assets & Liabilities – (0.1)%				(3	)
TOTAL NET ASSETS — 100.0%			$	3,540

* Non-income producing security.

**   Aggregate cost for Federal income tax purposes is (000) $3,314.

Gross unrealized appreciation (000)	$240
Gross unrealized depreciation (000)	(11	)
Net unrealized appreciation (000)	$229

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A)  The rate quoted is the annualized seven-day effective yield of the fund at

  period end.

See Notes to Financial Statements.

19

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Exchange-Traded Funds		$	541		$	–		$	–		$	541
Mutual Funds			3,002			–			–			3,002
Total Assets - Investments in Securities		$	3,543		$	–		$	–		$	3,543

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

20

P N C  T a r g e t  2 0 5 0  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)
MUTUAL FUNDS — 83.8%
Domestic Equity Funds — 48.3%
PNC Large Cap Growth Fund,
Class I Shares†		7,401	$	215
PNC Large Cap Value Fund,
Class I Shares†		9,781		217
PNC Multi-Factor Small Cap Core Fund,
Class I Shares†		2,358		55
PNC S&P 500 Index Fund,
Class I Shares†		6,282		107
PNC Small Cap Fund,
Class I Shares†		2,400		56
				650
Fixed Income Funds — 8.0%
Eaton Vance Floating-Rate Fund,
Class I Shares		852		7
PNC Bond Fund,
Class I Shares†		7,942		81
PNC High Yield Bond Fund,
Class I Shares†		1,703		13
Vanguard Inflation-Protected Securities Fund,
Admiral Shares		262		7
				108
International Equity Funds — 21.1%
PNC International Equity Fund,
Class I Shares†		11,720		217
Vanguard Emerging Markets Stock Index Fund,
Admiral Shares		2,262		68
				285
Money Market Fund — 3.1%
PNC Government Money Market Fund,
Class I Shares 0.240%† (A)		41,427		41
Real Estate Fund — 3.3%
Vanguard REIT Index Fund,
Admiral Shares		396		45
Total Mutual Funds
(Cost $1,057)				1,129

	Number of Shares		Value (000)
EXCHANGE-TRADED FUNDS — 16.4%
Commodity Fund — 3.1%
PowerShares DB Commodity Index
Tracking Fund*		2,687	$	41
Domestic Equity Funds — 10.5%
iShares Select Dividend ETF†		538		47
SPDR® S&P® Dividend ETF		559		48
WisdomTree LargeCap Dividend Fund		609		47
				142
International Equity Funds — 2.8%
iShares MSCI EAFE Small-Cap ETF†		386		19
Vanguard FTSE All World ex-US Small-Cap ETF		202		19
				38
Total Exchange-Traded Funds
(Cost $189)				221
TOTAL INVESTMENTS — 100.2%
(Cost $1,246)**				1,350
Other Assets & Liabilities – (0.2)%				(3	)
TOTAL NET ASSETS — 100.0%			$	1,347

* Non-income producing security.

**  Aggregate cost for Federal income tax purposes is (000) $1,246.

Gross unrealized appreciation (000)	$106
Gross unrealized depreciation (000)	(2	)
Net unrealized appreciation (000)	$104

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

21

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Exchange-Traded Funds		$	221		$	–		$	–		$	221
Mutual Funds			1,129			–			–			1,129
Total Assets - Investments in Securities		$	1,350		$	–		$	–		$	1,350

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

22

P N C  T a r g e t  D a t e  F u n d s

S T A T E M E N T S  O F  A S S E T S  A N D  L I A B I L I T I E S  ( 0 0 0 )

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Retirement Income Fund				Target 2020 Fund				Target 2030 Fund
ASSETS
Investments in non-affiliates at value		$	551			$	1,650			$	2,172
Investments in affiliates at value			3,212				6,340				8,408
Total Investments at value			3,763				7,990				10,580
Receivable for shares of beneficial interest issued			–				1				–
Dividends and interest receivable			3				7				6
Receivable from Adviser			11				11				11
Prepaid expenses			8				8				9
Other assets			–				–				1
Total Assets			3,785				8,017				10,607
LIABILITIES
Administration fees payable			4				4				4
Custodian fees payable			3				3				3
Transfer agent fees payable			3				3				3
Trustees’ deferred compensation payable			–				–				1
Trustees’ fees payable			3				3				3
Other liabilities			10				10				11
Total Liabilities			23				23				25
TOTAL NET ASSETS		$	3,762			$	7,994			$	10,582
Investments in non-affiliates at cost		$	504			$	1,528			$	2,052
Investments in affiliates at cost			3,123				6,103				8,052
Total Investments at cost		$	3,627			$	7,631				10,104
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	3,616			$	7,666			$	10,061
Undistributed (Distributions in Excess of) Net Investment Income			4				88				86
Accumulated Net Realized Gain (Loss) on Investments			6				(119	)			(41	)
Net Unrealized Appreciation/Depreciation on Investments			136				359				476
Total Net Assets		$	3,762			$	7,994			$	10,582
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	3,761,745			$	7,994,157			$	10,581,676
Class I shares outstanding			372,435				713,104				878,542
Net Asset Value, Offering and Redemption Price Per Share		$	10.10			$	11.21			$	12.04
Net assets applicable to Class T(1)		$	10.33			$	10.00			$	10.20
Class T shares outstanding			0.996				0.895				0.828
Net Asset Value and Redemption Price Per Share		$	10.37			$	11.17			$	12.32
Maximum Offering Price Per Share(2)		$	10.75			$	11.58			$	12.77
Maximum Sales Charge Per Share			3.50	%			3.50	%			3.50	%

⁽¹⁾  At November 30, 2016, net assets of the Class T Shares of the Retirement Income Fund, the Target 2020 Fund and the Target 2030 Fund represented initial seed capital. There was no other shareholder activity in this share class for Retirement Income Fund and Target 2030 Fund during the reporting period.

⁽²⁾  Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

See Notes to Financial Statements.

23

	Target 2040 Fund				Target 2050 Fund
ASSETS
Investments in non-affiliates at value		$	731			$	282
Investments in affiliates at value			2,812				1,068
Total Investments at value			3,543				1,350
Dividends and interest receivable			1				–
Receivable from Adviser			11				11
Prepaid expenses			9				9
Total Assets			3,564				1,370
LIABILITIES
Administration fees payable			4				4
Custodian fees payable			3				3
Transfer agent fees payable			3				3
Trustees’ fees payable			4				4
Other liabilities			10				9
Total Liabilities			24				23
TOTAL NET ASSETS		$	3,540			$	1,347
Investments in non-affiliates at cost		$	676			$	256
Investments in affiliates at cost			2,622				990
Total Investments at cost		$	3,298			$	1,246
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	3,285			$	1,222
Undistributed (Distributions in Excess of) Net Investment Income			22				8
Accumulated Net Realized Gain (Loss) on Investments			(12	)			13
Net Unrealized Appreciation/Depreciation on Investments			245				104
Total Net Assets		$	3,540			$	1,347
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	3,538,005			$	1,344,144
Class I shares outstanding			292,714				151,108
Net Asset Value, Offering and Redemption Price Per Share		$	12.09			$	8.90
Net assets applicable to Class T		$	1,572			$	2,883
Class T shares outstanding			130.10				287.11
Net Asset Value and Redemption Price Per Share		$	12.08			$	10.04
Maximum Offering Price Per Share(1)		$	12.52			$	10.40
Maximum Sales Charge Per Share			3.50	%			3.50	%

⁽¹⁾  Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

See Notes to Financial Statements.

24

P N C  T a r g e t  D a t e  F u n d s

S T A T E M E N T S  O F  O P E R A T I O N S  ( 0 0 0 )

F o r  t h e  S i x - M o n t h  P e r i o d  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Retirement Income Fund				Target 2020       Fund
Investment Income:
Dividends from unaffiliated investments		$	5			$	15
Dividends from affiliated investments(1)			19				41
Total Investment Income			24				56
Expenses:
Administration fees			18				18
Transfer agent fees			10				10
Custodian fees			7				7
Professional fees			15				15
Printing and shareholder reports			1				1
Registration and filing fees			9				11
Trustees’ fees			4				4
Miscellaneous			–				1
Total Expenses			64				67
Less:
Adviser expense reimbursement(1)			(62	)			(63)
Net Expenses			2				4
Net Investment Income (Loss)			22				52
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments sold			3				2
Net realized gain (loss) on affiliated investments sold(1)			–				1
Net change in unrealized appreciation/depreciation on unaffiliated investments			8				27
Net change in unrealized appreciation/depreciation on affiliated investments			11				58
Net Gain (Loss) on Investments			22				88
Net Increase (Decrease) in Net Assets Resulting from Operations		$	44			$	140

⁽¹⁾  See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

25

Target 2030 Fund				Target 2040 Fund				Target 2050 Fund
	$	23			$	8			$	4
		46				14				4
		69				22				8
		18				18				18
		10				10				10
		7				7				7
		15				15				15
		1				1				1
		11				9				8
		5				3				4
		1				1				–
		68				64				63
		(63	)			(62	)			(62	)
		5				2				1
		64				20				7
		(9	)			(5	)			–
		(1	)			–				(1	)
		56				26				9
		139				70				28
		185				91				36
	$	249			$	111			$	43

See Notes to Financial Statements.

26

P N C  T a r g e t  D a t e  F u n d s

S T A T E M E N T S  O F  C H A N G E S  I N  N E T  A S S E T S   ( 0 0 0 )  ( U n a u d i t e d )

	Retirement Income Fund								Target 2020 Fund
	For the Six-Month Period Ended November 30, 2016				For the Year Ended May 31, 2016				For the Six-Month Period Ended November 30, 2016				For the   Year Ended   May 31, 2016
Investment Activities:
Net investment income (loss)		$	22			$	36			$	52			$	92
Net realized gain (loss) on investments sold and capital gain distributions received from affiliated investments			3				9				3				(104	)
Net change in unrealized appreciation/depreciation on investments			19				34				85				171
Net increase (decrease) in net assets resulting from operations			44				79				140				159
Dividends to Shareholders:
Dividends from net investment income:
Class I			(22	)			(35	)			–				(71	)
Distributions from net realized gains:
Class I			–				(57	)			–				(91	)
Total dividends and distributions			(22	)			(92	)			–				(162	)
Share Transactions:
Proceeds from shares issued:
Class I			112				3,587				346				6,631
Class T			–				–				–				3
Reinvestment of dividends and distributions:
Class I			22				93				–				162
Total proceeds from shares issued and reinvested			134				3,680				346				6,796
Value of shares redeemed:
Class I			(87	)			(2,591	)			(799	)			(2,035	)
Class T			–				–				(3	)			–
Total value of shares redeemed			(87	)			(2,591	)			(802	)			(2,035	)
Increase (decrease) in net assets from share transactions			47				1,089				(456	)			4,761
Total increase (decrease) in net assets			69				1,076				(316	)			4,758
Net Assets:
Beginning of period			3,693				2,617				8,310				3,552
End of period*		$	3,762			$	3,693			$	7,994			$	8,310
*Including undistributed (distributions in excess of) net investment income		$	4			$	4			$	88			$	36

See Notes to Financial Statements.

27

Target 2030 Fund								Target 2040 Fund									Target 2050 Fund
For the Six-Month     Period Ended     November 30, 2016				For the Year Ended May 31, 2016				For the Six-Month Period Ended November 30, 2016				For the Year Ended May 31, 2016				For the Six-Month Period Ended November 30, 2016				For the     Year Ended     May 31, 2016
	$	64			$	111			$	20			$	45			$	7			$	14
		(10	)			(36	)			(5	)			(3	)			(1	)			103
		195				62				96				(54	)			37				(119	)
		249				137				111				(12	)			43				(2	)
		–				(93	)			–				(41	)			–				(14	)
		–				(145	)			–				(169	)			–				(257	)
		–				(238	)			–				(210	)			–				(271	)
		1,539				5,422				458				1,614				262				642
		–				–				–				2				3				–
		–				238				–				210				–				270
		1,539				5,660				458				1,826				265				912
		(210	)			(665	)			(327	)			(715	)			(127	)			(1,202	)
		–				–				–				–				–				(5	)
		(210	)			(665	)			(327	)			(715	)			(127	)			(1,207	)
		1,329				4,995				131				1,111				138				(295	)
		1,578				4,894				242				889				181				(568	)
		9,004				4,110				3,298				2,409				1,166				1,734
	$	10,582			$	9,004			$	3,540			$	3,298			$	1,347			$	1,166
	$	86			$	22			$	22			$	2			$	8			$	1

See Notes to Financial Statements.

28

P N C  E q u i t y  F u n ds

S U M M A R Y  O F  P O R T F O L I O  H O L D I N G S

( U n a u d i t e d )

29

The tables below present portfolio holdings as a percentage of total investments before collateral for loaned securities for each of the PNC Equity Funds as of November 30, 2016.

Balanced Allocation Fund
Common Stocks	30.7	%
Corporate Bonds	15.3
Exchange-Traded Funds	15.1
U.S. Treasury Obligations	12.5
U.S. Government Agency Mortgage-Backed Obligations	11.2
Foreign Common Stocks	9.6
Money Market Fund	3.0
Asset-Backed Securities	2.2
Master Limited Partnerships	0.2
Transportation Revenue Bond	0.2
	100.0	%
International Equity Fund
United Kingdom	14.1	%
Germany	12.8
Japan	10.7
France	5.4
Switzerland	4.7
Norway	4.0
Thailand	3.4
Sweden	3.3
Twenty Seven Other Countries	36.2
Money Market Fund	5.4
	100.0	%
International Growth Fund
Japan	15.3	%
Germany	10.4
United Kingdom	10.3
Switzerland	8.2
China	4.8
Hong Kong	4.5
Australia	3.7
Ireland	3.7
Twenty One Other Countries	36.0
Money Market Fund	2.1
Exchange-Traded Fund	1.0
	100.0	%
Large Cap Core Fund
Information Technology	17.9	%
Financials	16.7
Consumer Discretionary	14.0
Healthcare	12.7
Industrials	11.4
Consumer Staples	9.0
Energy	6.1
Materials	4.0
Utilities	2.7
Real Estate Investment Trusts	2.0
Telecommunication Services	1.8
Exchange-Traded Fund	1.5
Money Market Fund	0.2
	100.0	%

Large Cap Growth Fund
Information Technology	29.8	%
Consumer Discretionary	22.2
Healthcare	14.5
Industrials	13.5
Consumer Staples	9.3
Materials	5.2
Financials	2.8
Exchange-Traded Fund	1.2
Real Estate Investment Trust	0.9
Money Market Fund	0.6
	100.0	%
Large Cap Value Fund
Financials	27.2	%
Energy	13.3
Industrials	11.0
Healthcare	10.1
Information Technology	9.6
Consumer Staples	7.2
Consumer Discretionary	5.8
Utilities	5.1
Materials	3.4
Telecommunication Services	2.5
Real Estate Investment Trusts	2.2
Exchange-Traded Fund	1.5
Money Market Fund	1.1
	100.0	%
Mid Cap Index Fund
Information Technology	16.4	%
Financials	15.4
Industrials	14.3
Consumer Discretionary	11.3
Real Estate Investment Trusts	11.1
Healthcare	7.6
Materials	7.4
Utilities	5.1
Consumer Staples	4.1
Energy	3.9
Money Market Fund	2.1
Exchange-Traded Fund	1.1
Telecommunication Services	0.2
	100.0	%

Multi-Factor Small Cap Core Fund
Information Technology	19.1	%
Financials	18.8
Healthcare	12.9
Industrials	12.6
Consumer Discretionary	10.9
Materials	6.1
Real Estate Investment Trusts	5.0
Money Market Fund	4.8
Consumer Staples	3.0
Utilities	2.9
Master Limited Partnerships	1.7
Energy	1.1
Telecommunication Services	1.1
	100.0	%
Multi-Factor Small Cap Growth Fund
Healthcare	24.1	%
Information Technology	22.4
Industrials	16.6
Consumer Discretionary	15.8
Materials	6.3
Financials	5.3
Real Estate Investment Trusts	3.5
Consumer Staples	2.8
Energy	1.3
Utilities	1.0
Telecommunication Services	0.8
Money Market Fund	0.1
	100.0	%
Multi-Factor Small Cap Value Fund
Financials	31.9	%
Industrials	15.2
Information Technology	12.8
Real Estate Investment Trusts	9.1
Consumer Discretionary	7.8
Utilities	5.9
Materials	4.3
Consumer Staples	3.6
Healthcare	2.9
Energy	2.4
Telecommunication Services	1.7
Master Limited Partnership	1.5
Money Market Fund	0.9
	100.0	%

S&P 500 Index Fund
Information Technology	19.6	%
Financials	15.4
Healthcare	13.4
Consumer Discretionary	12.3
Industrials	10.7
Consumer Staples	9.2
Energy	7.5
Utilities	3.1
Materials	2.9
Real Estate Investment Trusts	2.8
Telecommunication Services	2.5
Money Market Fund	0.6
	100.0	%
Small Cap Fund
Financials	32.3	%
Industrials	21.4
Consumer Discretionary	15.6
Information Technology	10.2
Healthcare	6.5
Money Market Fund	4.5
Materials	4.2
Real Estate Investment Trusts	3.3
Consumer Staples	1.1
Energy	0.9
	100.0	%
Small Cap Index Fund
Exchange-Traded Fund	91.2	%
Money Market Fund	8.6
Healthcare	0.1
Real Estate Investment Trust	0.1
Telecommunication Services	–*
Energy	–*
Rights	–*
Warrants	–*
	100.0	%
* Amount represents less than 0.1%.

30

P N C  E q u i t y  F u n d s

E X P E N S E  T A B L E S       ( U n a u d i t e d )

The expenses shown in the Expense Tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), including contingent deferred sales charges, all of which is described in the Prospectus. If these transactional costs were included, your costs would be higher. The “Annualized Expense Ratio” reflects the actual expenses, net of fee waivers, where applicable, for the six-month period (June 1, 2016 to November 30, 2016).

All mutual funds have operating expenses. As a shareholder of a Fund, you incur operating expenses, including investment advisory fees, distribution (12b-1) and shareholder services fees, where applicable, and other Fund expenses. Such expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of a Fund. A Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The Expense Tables provided on the following pages are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire six-month period (June 1, 2016 to November 30, 2016).

The Expense Table for your Fund illustrates your Fund’s costs in two ways.

● Actual Expenses. This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Class of the Fund under the heading “Expenses Paid During Period.”

● Hypothetical Example for Comparison Purposes. This section is intended to help you compare your Fund’s costs with those of other mutual funds. It is based on your Fund’s actual expense ratio and assumes that your Fund had an annual return of 5% before expenses during the period shown. In this case — because the return used is not your Fund’s actual return — the results may not be used to estimate your actual ending account value or expenses you paid during this period. The example is useful in making comparisons between your Fund and other funds because the SEC requires all mutual funds to calculate expenses based on an assumed annual 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

	Beginning Account Value 06/01/16		Ending Account Value 11/30/16		Annual- ized Expense Ratio			Expenses Paid During Period(1)
Balanced Allocation  Fund
Actual
Class I		$1,000.00		$1,014.19		0.95	%	$4.80
Class A		1,000.00		1,012.76		1.23		6.19
Class C		1,000.00		1,009.35		1.91		9.62
Class T		1,000.00		1,014.61		0.93		4.70
Hypothetical(2)
Class I		1,000.00		1,020.31		0.95		4.81
Class A		1,000.00		1,018.92		1.23		6.20
Class C		1,000.00		1,015.50		1.91		9.65
Class T		1,000.00		1,020.40		0.93		4.72
International Equity Fund
Actual
Class I		$1,000.00		$  994.07		0.98	%	$4.88
Class A		1,000.00		992.95		1.28		6.40
Class C		1,000.00		989.24		1.96		9.79
Hypothetical(2)
Class I		1,000.00		1,020.18		0.98		4.94
Class A		1,000.00		1,018.64		1.28		6.49
Class C		1,000.00		1,015.23		1.96		9.92

	Beginning Account Value 06/01/16		Ending Account Value 11/30/16		Annual- ized Expense Ratio			Expenses Paid During Period(1)
International Growth Fund
Actual
Class I		$1,000.00		$  955.73		0.85	%	$4.17
Class A		1,000.00		956.66		0.99		4.87
Hypothetical(2)
Class I		1,000.00		1,020.81		0.85		4.31
Class A		1,000.00		1,020.09		0.99		5.02
Large  Cap Core Fund
Actual
Class I		$1,000.00		$1,035.04		0.90	%	$4.59
Class A		1,000.00		1,033.59		1.18		6.03
Class C		1,000.00		1,030.17		1.88		9.58
Hypothetical(2)
Class I		1,000.00		1,020.56		0.90		4.56
Class A		1,000.00		1,019.14		1.18		5.99
Class C		1,000.00		1,015.63		1.88		9.51

⁽¹⁾  Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), then divided by 365.

⁽²⁾  Assumes annual return of 5% before expenses.

31

	Beginning Account Value 06/01/16		Ending Account Value 11/30/16		Annualized Expense Ratio			Expenses Paid During Period(1)
Large Cap Growth Fund
Actual
Class I		$1,000.00		$1,020.05		0.90	%	$4.55
Class A		1,000.00		1,018.28		1.20		6.05
Class C		1,000.00		1,015.01		1.84		9.31
Hypothetical(2)
Class I		1,000.00		1,020.56		0.90		4.55
Class A		1,000.00		1,019.07		1.20		6.05
Class C		1,000.00		1,015.82		1.84		9.32
Large Cap Value Fund
Actual
Class I		$1,000.00		$1,043.47		0.90	%	$4.61
Class A		1,000.00		1,041.66		1.20		6.12
Class C		1,000.00		1,038.58		1.79		9.15
Hypothetical(2)
Class I		1,000.00		1,020.56		0.90		4.55
Class A		1,000.00		1,019.08		1.20		6.05
Class C		1,000.00		1,016.09		1.79		9.05
Mid Cap Index Fund
Actual
Class I		$1,000.00		$1,099.50		0.25	%	$1.32
Class R4		1,000.00		1,097.53		0.40		2.10
Hypothetical(2)
Class I		1,000.00		1,023.82		0.25		1.27
Class R4		1,000.00		1,023.06		0.40		2.03
Multi-Factor Small Cap Core Fund
Actual
Class I		$1,000.00		$1,149.56		0.85	%	$4.60
Class A		1,000.00		1,147.71		1.15		6.19
Class C(3)		1,000.00		1,066.07		1.83		3.06
Hypothetical(2)
Class I		1,000.00		1,020.79		0.85		4.32
Class A		1,000.00		1,019.30		1.15		5.82
Class C(3)		1,000.00		1,008.08		1.83		2.97

	Beginning Account Value 06/01/16		Ending Account Value 11/30/16		Annualized Expense Ratio			Expenses Paid During Period(1)
Multi-Factor Small Cap Growth Fund
Actual
Class I		$1,000.00		$1,094.69		0.86	%	$4.49
Class A		1,000.00		1,093.31		1.15		6.05
Class C		1,000.00		1,089.27		1.85		9.71
Hypothetical(2)
Class I		1,000.00		1,020.78		0.86		4.33
Class A		1,000.00		1,019.29		1.15		5.83
Class C		1,000.00		1,015.78		1.85		9.36
Multi-Factor Small Cap Value Fund
Actual
Class I		$1,000.00		$1,160.90		0.86	%	$4.64
Class A		1,000.00		1,159.39		1.15		6.21
Class C		1,000.00		1,154.74		1.81		9.77
Hypothetical(2)
Class I		1,000.00		1,020.78		0.86		4.34
Class A		1,000.00		1,019.32		1.15		5.81
Class C		1,000.00		1,016.00		1.81		9.14
S&P 500 Index Fund
Actual
Class I		$1,000.00		$1,059.28		0.20	%	$1.03
Class A		1,000.00		1,057.43		0.45		2.30
Class C		1,000.00		1,054.14		1.19		6.12
Class R4		1,000.00		1,058.42		0.35		1.81
Class R5		1,000.00		1,059.02		0.25		1.29
Hypothetical(2)
Class I		1,000.00		1,024.07		0.20		1.01
Class A		1,000.00		1,022.84		0.45		2.26
Class C		1,000.00		1,019.11		1.19		6.01
Class R4		1,000.00		1,023.31		0.35		1.78
Class R5		1,000.00		1,023.82		0.25		1.27
Small Cap Fund
Actual
Class I		$1,000.00		$1,099.20		0.99	%	$  5.20
Class A		1,000.00		1,097.85		1.25		6.58
Class C		1,000.00		1,093.64		1.98		10.41
Hypothetical(2)
Class I		1,000.00		1,020.11		0.99		5.01
Class A		1,000.00		1,018.79		1.25		6.34
Class C		1,000.00		1,015.12		1.98		10.02
Small Cap Index Fund
Actual
Class I		$1,000.00		$1,143.28		0.25	%	$1.34
Class R4		1,000.00		1,143.28		0.45		2.42
Hypothetical(2)
Class I		1,000.00		1,023.82		0.25		1.26
Class R4		1,000.00		1,022.81		0.45		2.28

⁽¹⁾ Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), then divided by 365.

⁽²⁾ Assumes annual return of 5% before expenses.

⁽³⁾ Actual expense calculation for Class C Shares of Multi-Factor Small Cap Core Fund is based on expenses since re-commencement of operations (October 3, 2016) and Hypothetical Expense calculation for the share class assumes the share class has been in existence for 183 days, and is based on expenses since June 1, 2016.

32

P N C   E q u i t y   F u n d s F I N A N C I A L   H I G H L I G H T S  ( U n a u d i t e d ) S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 , a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 , u n l e s s  o t h e r w i s e  i n d i c a t e d

	Balanced Allocation Fund
	Class I													Class A
		2016	*	201	6	201	5	201	4	201	3	2012			2016	*	201	6	201	5	201	4	201	3	2012
Net Asset Value, Beginning of Period		$12.78		$13.81		$13.29		$12.02		$10.47		$10.74			$12.82		$13.85		$13.34		$12.04		$10.51		$10.77
Net Investment Income(1)		0.09		0.20		0.18		0.17		0.15		0.17			0.07		0.16		0.14		0.14		0.12		0.15
Realized and Unrealized Gain (Loss) on Investments		0.09		(0.41	)	0.53		1.27		1.56		(0.26	)		0.09		(0.41	)	0.53		1.30		1.54		(0.26	)
Total from Investment Operations		0.18		(0.21	)	0.71		1.44		1.71		(0.09	)		0.16		(0.25	)	0.67		1.44		1.66		(0.11	)
Payment by Affiliate(1)		–		–		–		–		–		–	**(2)		–		–		–		–		–		–	**(2)
Contributions of Capital by Affiliate(1)		–		–		–		–	**(3)	–		–			–		–		–		–	**(3)	–		–
Dividends from Net Investment Income		(0.14	)	(0.22	)	(0.19	)	(0.17	)	(0.16	)	(0.18	)		(0.11	)	(0.18	)	(0.16	)	(0.14	)	(0.13	)	(0.15	)
Distributions from Net Realized Gains		(0.08	)	(0.60	)	–		–		–		–			(0.08	)	(0.60	)	–		–		–		–
Total Distributions		(0.22	)	(0.82	)	(0.19	)	(0.17	)	(0.16	)	(0.18	)		(0.19	)	(0.78	)	(0.16	)	(0.14	)	(0.13	)	(0.15	)
Net Asset Value, End of Period		$12.74		$12.78		$13.81		$13.29		$12.02		$10.47			$12.79		$12.82		$13.85		$13.34		$12.04		$10.51
Total Return†		1.42	%	(1.43	)%	5.43	%	12.14	%	16.43	%	(0.75	)%(2)		1.28	%	(1.69	)%	5.08	%	12.04	%	15.93	%	(0.95	)%(2)
Ratios/Supplemental Data
Net Assets End of Period (000)		$21,126		$48,965		$54,649		$57,001		$50,513		$45,922			$9,045		$9,559		$10,330		$10,822		$10,513		$10,439
Ratio of Expenses to Average Net Assets		0.95	%	0.97	%	1.00	%	1.00	%	1.00	%	1.00	%		1.23	%	1.24	%	1.28	%	1.20	%(4)	1.29	%	1.20	%(5)
Ratio of Net Investment Income to Average Net Assets		1.42	%	1.52	%	1.35	%	1.32	%	1.32	%	1.64	%		1.15	%	1.25	%	1.07	%	1.13	%(4)	1.04	%	1.41	%(5)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.33	%	1.33	%	1.15	%	1.15	%	1.19	%	1.12	%		1.61	%	1.60	%	1.43	%	1.43	%	1.48	%	1.42	%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.04	%	1.16	%	1.20	%	1.17	%	1.13	%	1.52	%		0.77	%	0.89	%	0.92	%	0.90	%	0.85	%	1.19	%
Portfolio Turnover Rate		46	%	64	%	43	%	55	%	62	%	63	%		46	%	64	%	43	%	55	%	62	%	63	%

	Balanced Allocation Fund
	Class C																		Class T
		2016	*		201	6		201	5		201	4		201	3		2012			2016	*		2016(6)
Net Asset Value, Beginning of Period	$	12.62		$	13.64		$	13.16		$	11.91		$	10.41		$	10.67		$	12.87		$	13.78
Net Investment Income(1)		0.03			0.07			0.05			0.05			0.04			0.06			0.09			0.19
Realized and Unrealized Gain (Loss) on Investments		0.09			(0.40	)		0.53			1.27			1.53			(0.25	)		0.10			(0.30)
Total from Investment Operations		0.12			(0.33	)		0.58			1.32			1.57			(0.19	)		0.19			(0.11)
Payment by Affiliate(1)		–			–			–			–			–			–	**(2)		–			–
Contributions of Capital by Affiliate(1)		–			–			–			–	**(3)		–			–			–			–
Dividends from Net Investment Income		(0.05	)		(0.09	)		(0.10	)		(0.07	)		(0.07	)		(0.07	)		(0.11	)		(0.20)
Distributions from Net Realized Gains		(0.08	)		(0.60	)		–			–			–			–			(0.08	)		(0.60)
Total Distributions		(0.13	)		(0.69	)		(0.10	)		(0.07	)		(0.07	)		(0.07	)		(0.19	)		(0.80)
Net Asset Value, End of Period	$	12.61		$	12.62		$	13.64		$	13.16		$	11.91		$	10.41		$	12.87		$	12.87
Total Return†		0.94	%		(2.31	)%		4.42	%		11.10	%		15.18	%		(1.73	)%(2)		1.46	%		(0.69)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	632		$	614		$	688		$	794		$	839		$	798		$	1		$	1
Ratio of Expenses to Average Net Assets		1.91	%		1.91	%		1.96	%		1.95	%(4)		2.00	%		2.00	%		0.93	%		0.97%
Ratio of Net Investment Income to Average Net Assets		0.44	%		0.57	%		0.39	%		0.39	%(4)		0.32	%		0.61	%		1.42	%		1.50%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.27	%		2.27	%		2.11	%		2.12	%		2.19	%		2.13	%		1.28	%		1.38%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.08	%		0.21	%		0.24	%		0.22	%		0.13	%		0.48	%		1.07	%		1.09%
Portfolio Turnover Rate		46	%		64	%		43	%		55	%		62	%		63	%		46	%		64%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2012, a payment was made by the Adviser to offset a trade error in the Fund. The payment, net of the trade error, had no impact on the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽⁴⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.08% and 0.02% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁵⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.09% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

⁽⁶⁾  Class T Shares commenced operations on April 28, 2015. Prior to November 18, 2015, net assets of this share class represented initial seed capital; therefore, no information is presented for the 2015 fiscal year.

See Notes to Financial Statements.

33

	International Equity Fund
	Class I																		Class A
		2016	*		201	6		201	5		201	4		201	3		2012			2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	18.58		$	20.61		$	20.45		$	17.12		$	12.99		$	16.30		$	18.42		$	20.45		$	20.31		$	17.00		$	12.90		$	16.15
Net Investment Income (Loss)(1)		0.02			0.24			0.30			0.26			0.22			0.18			(0.01	)		0.21			0.24			0.23			0.17			0.14
Realized and Unrealized Gain (Loss) on Investments		(0.13	)		(1.90	)		0.13			3.36			4.04			(3.31	)		(0.12	)		(1.91	)		0.12			3.32			4.02			(3.26	)
Total from Investment Operations		(0.11	)		(1.66	)		0.43			3.62			4.26			(3.13	)		(0.13	)		(1.70	)		0.36			3.55			4.19			(3.12	)
Payment by Affiliate(1)		–			–			–			–			–			–	**(2)		–			–			–			–			–			–	**(2)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(3)		–			–	**(4)		–			–			–			–	**(3)		–			–	**(4)
Dividends from Net Investment Income		–			(0.37	)		(0.27	)		(0.29	)		(0.13	)		(0.18	)		–			(0.33	)		(0.22	)		(0.24	)		(0.09	)		(0.13	)
Total Distributions		–			(0.37	)		(0.27	)		(0.29	)		(0.13	)		(0.18	)		–			(0.33	)		(0.22	)		(0.24	)		(0.09	)		(0.13	)
Net Asset Value, End of Period	$	18.47		$	18.58		$	20.61		$	20.45		$	17.12		$	12.99		$	18.29		$	18.42		$	20.45		$	20.31		$	17.00		$	12.90
Total Return†		(0.59	)%		(8.02	)%		2.25	%		21.26	%		32.92	%		(19.18	)%(2)(4)		(0.71	)%		(8.31	)%		1.85	%		20.96	%		32.52	%		(19.30	)%(2)(4)
Ratios/Supplemental Data
Net Assets End of Period (000)	$	778,678		$	769,692		$	631,411		$	591,650		$	378,076		$	301,919		$	39,449		$	33,483		$	18,963		$	13,920		$	8,867		$	7,757
Ratio of Expenses to Average Net Assets		0.98	%		0.98	%		0.98	%		1.04	%		1.21	%		1.23	%		1.28	%		1.27	%		1.27	%		1.23	%(5)		1.51	%		1.42	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.24	%		1.31	%		1.49	%		1.33	%		1.45	%		1.26	%		(0.07	)%		1.15	%		1.23	%		1.22	%(5)		1.12	%		0.97	%(6)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.06	%		1.06	%		1.09	%		1.18	%		1.21	%		1.23	%		1.36	%		1.35	%		1.38	%		1.47	%		1.51	%		1.53	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers)		0.16	%		1.23	%		1.38	%		1.19	%		1.45	%		1.26	%		(0.15	)%		1.07	%		1.12	%		0.98	%		1.12	%		0.86	%
Portfolio Turnover Rate		14	%		19	%		29	%		31	%		34	%		31	%		14	%		19	%		29	%		31	%		34	%		31	%

	International Equity Fund
	Class C
		2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	17.66		$	19.64		$	19.54		$	16.40		$	12.46		$	15.59
Net Investment Income (Loss)(1)		(0.06	)		0.06			0.13			0.23			0.05			0.03
Realized and Unrealized Gain (Loss) on Investments		(0.13	)		(1.80	)		0.10			3.06			3.89			(3.15	)
Total from Investment Operations		(0.19	)		(1.74	)		0.23			3.29			3.94			(3.12	)
Payment by Affiliate(1)		–			–			–			–			–			–	**(2)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(3)		–			–	**(4)
Dividends from Net Investment Income		–			(0.24	)		(0.13	)		(0.15	)		–			(0.01	)
Total Distributions		–			(0.24	)		(0.13	)		(0.15	)		–			(0.01	)
Net Asset Value, End of Period	$	17.47		$	17.66		$	19.64		$	19.54		$	16.40		$	12.46
Total Return†		(1.08	)%		(8.87	)%		1.32	%		20.17	%		31.62	%		(19.98	)%(2)(4)
Ratios/Supplemental Data
Net Assets End of Period (000)	$	2,787		$	3,126		$	2,566		$	1,662		$	350		$	313
Ratio of Expenses to Average Net Assets		1.96	%		1.90	%		1.88	%		1.89	%(5)		2.21	%		2.23	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.73	)%		0.35	%		0.66	%		1.21	%(5)		0.38	%		0.19	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.04	%		1.98	%		1.99	%		2.10	%		2.21	%		2.23	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.81	)%		0.27	%		0.55	%		1.00	%		0.38	%		0.19	%
Portfolio Turnover Rate		14	%		19	%		29	%		31	%		34	%		31	%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2012, a payment was made by the Adviser to offset a trade error in the Fund. The payment, net of the trade error, had no impact on the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a payment was made by the Adviser to offset losses relating to a change in valuation methodology of an asset in the securities lending collateral account of the Acquired Funds prior to the Reorganization. The payment had no impact on the total return of the Fund.

⁽⁵⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.09% and 0.05% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁶⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.11% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

34

P N C  E q u i t y  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 ,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	International Growth Fund(1)
	Class I				Class A
	2016*		2016		2016*		2016
Net Asset Value, Beginning of Period		$10.92		$10.00		$10.91		$10.00
Net Investment Income (Loss)(2)		0.01		0.06		–**		0.06
Realized and Unrealized Gain (Loss) on Investments		(0.49)		0.86		(0.47)		0.85
Total from Investment Operations		(0.48)		0.92		(0.47)		0.91
Dividends from Net Investment Income		(0.09)		–		(0.08)		–
Distributions from Net Realized Gains		(0.02)		–		(0.02)		–
Total Distributions		(0.11)				(0.10)
Net Asset Value, End of Period		$10.33		$10.92		$10.34		$10.91
Total Return†		(4.43)%		9.20%		(4.33)%		9.10%
Ratios/Supplemental Data
Net Assets End of Period (000)		$ 3,131		$ 3,273		$     31		$      22
Ratio of Expenses to Average Net Assets		0.85%		0.85%		0.99%		1.12%
Ratio of Net Investment Income to Average Net Assets		0.19%		2.41%		0.01%		2.14%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		4.49%		6.48%		4.67%		6.75%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(3.45)%		(3.22)%		(3.67)%		(3.49)%
Portfolio Turnover Rate		28%		8%		28%		8%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  International Growth Fund commenced operations on February 29, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽²⁾  Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.

35

	Large Cap Core Fund
	Class I																		Class A
		2016	*		201	6		201	5		201	4		201	3		2012			2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	17.20		$	17.52		$	15.11		$	12.82		$	10.79		$	10.96		$	16.83		$	17.15		$	14.81		$	12.56		$	10.57		$	10.73
Net Investment Income (Loss)(1)		0.09			0.21			0.14			0.12			0.15			0.12			0.07			0.16			0.09			0.10			0.11			0.10
Realized and Unrealized Gain (Loss) on Investments		0.51			(0.34	)		2.41			2.30			2.02			(0.17	)		0.49			(0.32	)		2.36			2.24			1.99			(0.17	)
Total from Investment Operations		0.60			(0.13	)		2.55			2.42			2.17			(0.05	)		0.56			(0.16	)		2.45			2.34			2.10			(0.07	)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–			–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		(0.10	)		(0.19	)		(0.14	)		(0.13	)		(0.14	)		(0.12	)		(0.07	)		(0.16	)		(0.11	)		(0.09	)		(0.11	)		(0.09	)
Total Distributions		(0.10	)		(0.19	)		(0.14	)		(0.13	)		(0.14	)		(0.12	)		(0.07	)		(0.16	)		(0.11	)		(0.09	)		(0.11	)		(0.09	)
Net Asset Value, End of Period	$	17.70		$	17.20		$	17.52		$	15.11		$	12.82		$	10.79		$	17.32		$	16.83		$	17.15		$	14.81		$	12.56		$	10.57
Total Return†		3.50	%		(0.74	)%		16.96	%		19.00	%		20.21	%		(0.46	)%		3.36	%		(0.95	)%		16.61	%		18.74	%		19.92	%		(0.67	)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	19,417		$	24,315		$	23,527		$	21,865		$	26,530		$	17,840		$	2,879		$	3,674		$	2,860		$	2,784		$	2,705		$	2,596
Ratio of Expenses to Average Net Assets		0.90	%		0.91	%		0.94	%		0.94	%		0.94	%		0.94	%		1.18	%		1.18	%		1.21	%		1.11	%(3)		1.22	%		1.13	%(4)
Ratio of Net Investment Income to Average Net Assets		1.05	%		1.26	%		0.84	%		0.89	%		1.25	%		1.13	%		0.78	%		0.94	%		0.57	%		0.71	%(3)		0.95	%		0.92	%(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.35	%		1.29	%		1.25	%		1.16	%		1.18	%		1.26	%		1.64	%		1.56	%		1.52	%		1.43	%		1.46	%		1.55	%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.60	%		0.88	%		0.53	%		0.67	%		1.01	%		0.81	%		0.32	%		0.56	%		0.26	%		0.39	%		0.71	%		0.50	%
Portfolio Turnover Rate		30	%		57	%		61	%		69	%		80	%		60	%		30	%		57	%		61	%		69	%		80	%		60	%

	Large Cap Core Fund
	Class C
		2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	15.53		$	15.89		$	13.76		$	11.68		$	9.84		$	10.01
Net Investment Income (Loss)(1)		0.01			0.05			(0.02	)		–			0.02			0.01
Realized and Unrealized Gain (Loss) on Investments		0.46			(0.32	)		2.20			2.09			1.85			(0.16	)
Total from Investment Operations		0.47			(0.27	)		2.18			2.09			1.87			(0.15	)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		(0.02	)		(0.09	)		(0.05	)		(0.01	)		(0.03	)		(0.02	)
Total Distributions		(0.02	)		(0.09	)		(0.05	)		(0.01	)		(0.03	)		(0.02	)
Net Asset Value, End of Period	$	15.98		$	15.53		$	15.89		$	13.76		$	11.68		$	9.84
Total Return†		3.02	%		(1.68	)%		15.83	%		17.92	%		19.00	%		(1.49	)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	241		$	261		$	260		$	155		$	124		$	128
Ratio of Expenses to Average Net Assets		1.88	%		1.84	%		1.92	%		1.85	%(3)		1.94	%		1.94	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.08	%		0.33	%		(0.14	)%		(0.02	)%(3)		0.22	%		0.12	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.34	%		2.22	%		2.22	%		2.13	%		2.18	%		2.27	%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.38	)%		(0.05	)%		(0.44	)%		(0.30	)%		(0.02	)%		(0.21	)%
Portfolio Turnover Rate		30	%		57	%		61	%		69	%		80	%		60	%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.10% and 0.05% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.09% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

36

P N C  E q u i t y  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 ,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	Large Cap Growth Fund
	Class I																		Class A
		2016	*		201	6		201	5		201	4		201	3		2012			2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	28.43		$	29.47		$	25.03		$	20.42		$	17.31		$	17.24		$	27.89		$	28.92		$	24.58		$	20.02		$	16.96		$	16.88
Net Investment Income (Loss)(1)		0.09			0.23			0.13			0.12			0.14			0.11			0.05			0.16			0.05			0.09			0.09			0.07
Realized and Unrealized Gain (Loss) on Investments		0.48			(1.08	)		4.42			4.63			3.12			0.05			0.46			(1.07	)		4.33			4.54			3.07			0.05
Total from Investment Operations		0.57			(0.85	)		4.55			4.75			3.26			0.16			0.51			(0.91	)		4.38			4.63			3.16			0.12
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–			–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		–			(0.19	)		(0.11	)		(0.14	)		(0.15	)		(0.09	)		–			(0.12	)		(0.04	)		(0.07	)		(0.10	)		(0.04	)
Total Distributions		–			(0.19	)		(0.11	)		(0.14	)		(0.15	)		(0.09	)		–			(0.12	)		(0.04	)		(0.07	)		(0.10	)		(0.04	)
Net Asset Value, End of Period	$	29.00		$	28.43		$	29.47		$	25.03		$	20.42		$	17.31		$	28.40		$	27.89		$	28.92		$	24.58		$	20.02		$	16.96
Total Return†		2.01	%		(2.89	)%		18.20	%		23.31	%		18.96	%		0.98	%		1.83	%		(3.15	)%		17.84	%		23.16	%		18.68	%		0.71	%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	57,462		$	69,130		$	82,360		$	53,738		$	56,042		$	56,731		$	31,247		$	27,037		$	15,403		$	12,973		$	12,045		$	12,159
Ratio of Expenses to Average Net Assets		0.90	%		0.93	%		0.98	%		0.98	%		0.98	%		0.98	%		1.20	%		1.21	%		1.26	%		1.08	%(3)		1.28	%		1.17	%(4)
Ratio of Net Investment Income to Average Net Assets		0.62	%		0.81	%		0.46	%		0.53	%		0.77	%		0.63	%		0.36	%		0.59	%		0.17	%		0.43	%(3)		0.47	%		0.43	%(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.09	%		1.09	%		1.04	%		1.11	%		1.12	%		1.09	%		1.39	%		1.39	%		1.33	%		1.39	%		1.42	%		1.39	%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.43	%		0.65	%		0.40	%		0.40	%		0.63	%		0.52	%		0.17	%		0.41	%		0.10	%		0.12	%		0.33	%		0.21	%
Portfolio Turnover Rate		38	%		81	%		63	%		70	%		75	%		61	%		38	%		81	%		63	%		70	%		75	%		61	%

	Large Cap Growth Fund
	Class C
		2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	25.33		$	26.31		$	22.44		$	18.31		$	15.54		$	15.55
Net Investment Income (Loss)(1)		(0.04	)		(0.01	)		(0.10	)		(0.01	)		(0.04	)		(0.06	)
Realized and Unrealized Gain (Loss) on Investments		0.42			(0.97	)		3.97			4.14			2.81			0.05
Total from Investment Operations		0.38			(0.98	)		3.87			4.13			2.77			(0.01	)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–
Total Distributions		–			–			–			–			–			–
Net Asset Value, End of Period	$	25.71		$	25.33		$	26.31		$	22.44		$	18.31		$	15.54
Total Return†		1.50	%		(3.69	)%		17.20	%		22.56	%		17.83	%		(0.06	)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	674		$	950		$	1,311		$	283		$	259		$	216
Ratio of Expenses to Average Net Assets		1.84	%		1.76	%		1.85	%		1.55	%(3)		1.98	%		1.98	%
Ratio of Net Investment Loss to Average Net Assets		(0.31	)%		(0.04	)%		(0.40	)%		(0.04	)%(3)		(0.23	)%		(0.38	)%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.04	%		1.92	%		1.88	%		1.89	%		2.12	%		2.08	%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.51	)%		(0.20	)%		(0.43	)%		(0.38	)%		(0.37	)%		(0.48	)%
Portfolio Turnover Rate		38	%		81	%		63	%		70	%		75	%		61	%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.18% and 0.22% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.11% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

37

	Large Cap Value Fund
	Class I																		Class A
		2016	*		201	6		201	5		201	4		201	3		2012			2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	21.44		$	21.96		$	20.29		$	16.93		$	13.60		$	14.22		$	21.38		$	21.92		$	20.26		$	16.88		$	13.56		$	14.16
Net Investment Income(1)		0.17			0.36			0.21			0.19			0.21			0.21			0.14			0.30			0.15			0.16			0.17			0.18
Realized and Unrealized Gain (Loss) on Investments		0.76			(0.54	)		1.68			3.37			3.34			(0.62	)		0.75			(0.54	)		1.67			3.36			3.32			(0.62	)
Total from Investment Operations		0.93			(0.18	)		1.89			3.56			3.55			(0.41	)		0.89			(0.24	)		1.82			3.52			3.49			(0.44	)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–			–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		(0.16	)		(0.34	)		(0.22	)		(0.20	)		(0.22	)		(0.21	)		(0.13	)		(0.30	)		(0.16	)		(0.14	)		(0.17	)		(0.16	)
Total Distributions		(0.16	)		(0.34	)		(0.22	)		(0.20	)		(0.22	)		(0.21	)		(0.13	)		(0.30	)		(0.16	)		(0.14	)		(0.17	)		(0.16	)
Net Asset Value, End of Period	$	22.21		$	21.44		$	21.96		$	20.29		$	16.93		$	13.60		$	22.14		$	21.38		$	21.92		$	20.26		$	16.88		$	13.56
Total Return†		4.35	%		(0.80	)%		9.36	%		21.15	%		26.31	%		(2.86	)%		4.17	%		(1.10	)%		9.02	%		20.97	%		25.94	%		(3.03	)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	69,883		$	77,554		$	90,375		$	100,626		$	91,849		$	102,960		$	41,020		$	35,716		$	24,613		$	24,746		$	23,691		$	22,020
Ratio of Expenses to Average Net Assets		0.90	%		0.93	%		0.98	%		0.99	%		1.03	%		0.99	%		1.20	%		1.21	%		1.27	%		1.14	%(3)		1.33	%		1.18	%(4)
Ratio of Net Investment Income to Average Net Assets		1.53	%		1.71	%		1.00	%		1.03	%		1.40	%		1.53	%		1.27	%		1.40	%		0.73	%		0.88	%(3)		1.10	%		1.35	%(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.06	%		1.03	%		1.00	%		1.02	%		1.03	%		0.99	%		1.35	%		1.31	%		1.30	%		1.30	%		1.33	%		1.29	%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.37	%		1.61	%		0.98	%		1.00	%		1.40	%		1.53	%		1.12	%		1.30	%		0.70	%		0.72	%		1.10	%		1.24	%
Portfolio Turnover Rate		43	%		77	%		64	%		57	%		100	%		23	%		43	%		77	%		64	%		57	%		100	%		23	%

	Large Cap Value Fund
	Class C
		2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	21.00		$	21.56		$	19.93		$	16.61		$	13.34		$	13.95
Net Investment Income(1)		0.07			0.18			0.03			0.06			0.06			0.07
Realized and Unrealized Gain (Loss) on Investments		0.74			(0.53	)		1.66			3.29			3.28			(0.61	)
Total from Investment Operations		0.81			(0.35	)		1.69			3.35			3.34			(0.54	)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		(0.06	)		(0.21	)		(0.06	)		(0.03	)		(0.07	)		(0.07	)
Total Distributions		(0.06	)		(0.21	)		(0.06	)		(0.03	)		(0.07	)		(0.07	)
Net Asset Value, End of Period	$	21.75		$	21.00		$	21.56		$	19.93			16.61			13.34
Total Return†		3.86	%		(1.64	)%		8.52	%		20.21	%		25.13	%		(3.85	)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	218		$	186		$	212		$	173		$	149		$	126
Ratio of Expenses to Average Net Assets		1.79	%		1.78	%		1.84	%		1.71	%(3)		2.03	%		1.99	%
Ratio of Net Investment Income to Average Net Assets		0.65	%		0.85	%		0.15	%		0.30	%(3)		0.40	%		0.54	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.95	%		1.88	%		1.87	%		1.86	%		2.03	%		1.99	%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.49	%		0.75	%		0.12	%		0.15	%		0.40	%		0.54	%
Portfolio Turnover Rate		43	%		77	%		64	%		57	%		100	%		23	%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.14% and 0.12% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.11% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

38

P N C   E q u i t y  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 ,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	Mid Cap Index Fund
	Class I												Class R4
		2016	*		201	6		201	5		2014	(1)		2016	*		201	6		2015(2)
Net Asset Value, Beginning of Period	$	10.71		$	11.14		$	10.39		$	10.00		$	10.72		$	11.14		$	10.39
Net Investment Income (Loss)(3)		0.09			0.14			0.13			0.05			0.08			0.12			0.15
Realized and Unrealized Gain (Loss) on Investments		0.97			(0.26	)		0.99			0.34			0.96			(0.24	)		0.96
Total from Investment Operations		1.06			(0.12	)		1.12			0.39			1.04			(0.12	)		1.11
Dividends from Net Investment Income		(0.04	)		(0.13	)		(0.14	)		–			(0.04	)		(0.12	)		(0.14)
Distributions from Net Realized Gains		–			(0.18	)		(0.23	)		–			–			(0.18	)		(0.22)
Total Distributions		(0.04	)		(0.31	)		(0.37	)		–			(0.04	)		(0.30	)		(0.36)
Net Asset Value, End of Period	$	11.73		$	10.71		$	11.14		$	10.39		$	11.72		$	10.72		$	11.14
Total Return		9.95	%		(0.85	)%		11.00	%		3.90	%		9.75	%		(0.84	)%		11.00%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	3,414		$	3,149		$	4,747		$	3,118		$	2,417		$	2,167		$	145
Ratio of Expenses to Average Net Assets		0.25	%		0.25	%		0.25	%		0.25	%		0.40	%		0.40	%		0.26%
Ratio of Net Investment Income to Average Net Assets		1.65	%		1.39	%		1.18	%		1.23	%		1.50	%		1.21	%		1.32%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.65	%		2.71	%		2.67	%		2.98	%		2.80	%		3.03	%		3.18%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.75	)%		(1.07	)%		(1.24	)%		(1.50	)%		(0.90	)%		(1.42	)%		(1.60)%
Portfolio Turnover Rate		18	%		88	%		119	%		16	%		18	%		88	%		119%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾  Class I Shares commenced operations on December 30, 2013. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽²⁾  Class R4 Shares commenced operations on December 30, 2013. Prior to April 25, 2015, net assets of this share class represented seed capital; therefore, no 2014 information is presented. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽³⁾  Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.

39

	Multi-Factor Small Cap Core Fund
	Class I																	Class A
		2016	*		2016			201	5		201	4		201	3		2012		201	6*		201	6	201	5	201	4	201	3	201	2
Net Asset Value, Beginning of Period	$	20.46		$	21.20		$	18.38		$	15.39		$	10.90		$	11.62	$	20.31		$	21.06		$18.29		$15.33		$10.87		$11.59
Net Investment Income (Loss)(1)		0.07		$	0.11		$	0.06		$	(0.01	)		0.19			0.05		0.03			0.05		–	**	(0.06)		0.22		0.02
Realized and Unrealized Gain (Loss) on Investments		2.99			(0.79	)		2.80			3.08			4.41			(0.75)		2.97			(0.78	)	2.79		3.06		4.34		(0.74)
Total from Investment Operations		3.06			(0.68	)		2.86			3.07			4.60			(0.70)		3.00			(0.73	)	2.79		3.00		4.56		(0.72)
Dividends from Net Investment Income		–			(0.04	)		(0.04	)		(0.08	)		(0.11	)		(0.02)		–			–		(0.02)		(0.04	)	(0.10	)	–
Distributions from Net Realized Gains		–			(0.02	)		–			–			–			–		–			(0.02	)	–		–		–		–
Total Distributions		–			(0.06	)		(0.04	)		(0.08	)		(0.11	)		(0.02)		–			(0.02	)	(0.02)		(0.04	)	(0.10	)	–
Net Asset Value, End of Period	$	23.52			20.46			21.20			18.38		$	15.39		$	10.90	$	23.31		$	20.31		$ 21.06		$18.29		$15.33		$ 10.87
Total Return†		14.96	%		(3.20	)%		15.59	%		19.93	%		42.43	%		(6.00)%		14.77	%		(3.48	)%	15.25	%	19.57	%	42.11	%	(6.21)	%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	180,922		$	112,055		$	60,168		$	32,973		$	20,430		$	15,298	$	87,804		$	71,831		$ 56,528		$ 6,098		$ 2,662		$ 285
Ratio of Expenses to Average Net Assets		0.85	%		0.85	%		0.93	%		0.95	%		0.95	%		0.95%		1.15	%		1.12	%	1.20	%	1.23	%(2)	1.23	%	1.16	%(3)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.61	%		0.56	%		0.32	%		(0.05	)%		1.49	%		0.42%		0.32	%		0.27	%	0.00	%	(0.33	)%(2)	1.65	%	0.21	%(3)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.12	%		1.19	%		1.22	%		1.36	%		1.47	%		1.42%		1.42	%		1.46	%	1.48	%	1.65	%	1.83	%	1.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.34	%		0.22	%		0.03	%		(0.46	)%		0.97	%		(0.05)%		0.05	%		(0.07	)%	(0.28	)%	(0.75	)%	1.05	%	(0.33)	%
Portfolio Turnover Rate		38	%		77	%		92	%		102	%		76	%		77%		38	%		77	%	92	%	102	%	76	%	77	%

	Multi-Factor Small Cap Core Fund
	Class C
	2016*(4)
Net Asset Value, Beginning of Period	$22.10
Net Investment Income (Loss)(1)	(0.01)
Realized and Unrealized Gain (Loss) on Investments	1.47
Total from Investment Operations	1.46
Dividends from Net Investment Income	–
Distributions from Net Realized Gains	–
Total Distributions	–
Net Asset Value, End of Period	$23.56
Total Return†	6.70%
Ratios/Supplemental Data
Net Assets End of Period (000)	$     14
Ratio of Expenses to Average Net Assets	1.83%
Ratio of Net Investment Loss to Average Net Assets	(0.17)%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)	2.11%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)	(0.45)%
Portfolio Turnover Rate	38%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares. This voluntary commitment had no impact to Class A ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A shareholders.

⁽³⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.07% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

⁽⁴⁾  Class C commenced operations on October 3, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

See Notes to Financial Statements.

40

P N C  E q u i t y  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 ,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	Multi-Factor Small Cap Growth Fund
	Class I																		Class A
		2016	*		2016			2015			2014			2013			2012			2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	19.64		$	20.91		$	18.41		$	15.67		$	11.79		$	12.73		$	19.29		$	20.58		$	18.17		$	15.46		$	11.63		$	12.59
Net Investment Income (Loss)(1)		0.08			0.01			(0.04)			(0.02)			0.08			0.03			0.05			(0.05)			(0.09)			(0.06)			0.04			–	**
Realized and Unrealized Gain (Loss) on Investments		1.78			(0.75)			3.25			2.81			3.88			(0.97)			1.75			(0.74)			3.21			2.77			3.83			(0.96)
Total from Investment Operations		1.86			(0.74)			3.21			2.79			3.96			(0.94)			1.80			(0.79)			3.12			2.71			3.87			(0.96)
Contributions of Capital by Affiliate(1)		–			–			–			–*	*(2)		–			–			–			–			–			–*	*(2)		–			–
Dividends from Net Investment Income		–			(0.03)			–			(0.05)			(0.08)			–			–			–			–*	*		–			(0.04)			–
Distributions from Net Realized Gains		–			(0.50)			(0.71)			–			–			–			–			(0.50)			(0.71)			–			–			–
Total Distributions		–			(0.53)			(0.71)			(0.05)			(0.08)			–			–			(0.50)			(0.71)			–			(0.04)			–
Net Asset Value, End of Period	$	21.50		$	19.64		$	20.91		$	18.41		$	15.67		$	11.79		$	21.09		$	19.29		$	20.58		$	18.17		$	15.46		$	11.63
Total Return†		9.47	%		(3.63)	%		17.83	%		17.79	%		33.76	%		(7.38)	%		9.33	%		(3.87)	%		17.51	%		17.54	%		33.39	%		(7.63)	%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	64,500		$	49,112		$	17,115		$	11,841		$	8,891		$	9,674		$	41,221		$	37,139		$	23,806		$	20,193		$	19,605		$	16,875
Ratio of Expenses to Average Net Assets		0.86	%		0.85	%		0.93	%		0.95	%		0.95	%		0.95	%		1.15	%		1.12	%		1.20	%		1.12	%(3)		1.23	%		1.17	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.79	%		0.06	%		(0.20	)%		(0.14	)%		0.58	%		0.26	%		0.47	%		(0.24	)%		(0.47	)%		(0.32	)%(3)		0.31	%		0.03	%(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.29	%		1.45	%		1.56	%		1.76	%		1.89	%		1.81	%		1.60	%		1.72	%		1.85	%		2.02	%		2.17	%		2.09	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.36	%		(0.54	)%		(0.83	)%		(0.95	)%		(0.36	)%		(0.60	)%		0.02	%		(0.84	)%		(1.12	)%		(1.22	)%		(0.63	)%		(0.89)	%
Portfolio Turnover Rate		50	%		66	%		82	%		85	%		60	%		108	%		50	%		66	%		82	%		85	%		60	%		108	%

	Multi-Factor Small Cap Growth Fund
	Class C
		2016	*		2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.82		$	20.22		$	17.98		$	15.41		$	11.64		$	12.69
Net Investment Income (Loss)(1)		(0.02	)		(0.16	)		(0.22	)		(0.18	)		(0.05	)		(0.09	)
Realized and Unrealized Gain (Loss) on Investments		1.70			(0.74	)		3.17			2.75			3.82			(0.96	)
Total from Investment Operations		1.68			(0.90	)		2.95			2.57			3.77			(1.05	)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		–			–			–			–			–			–
Distributions from Net Realized Gains		–			(0.50	)		(0.71	)		–			–			–
Total Distributions		–			(0.50	)		(0.71	)		–			–			–
Net Asset Value, End of Period	$	20.50		$	18.82		$	20.22		$	17.98		$	15.41		$	11.64
Total Return†		8.93	%		(4.49	)%		16.74	%		16.68	%		32.39	%		(8.27	)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	8,626		$	7,595		$	1,318		$	258		$	159		$	122
Ratio of Expenses to Average Net Assets		1.85	%		1.77	%		1.87	%		1.86	%(3)		1.95	%		1.95	%
Ratio of Net Investment Loss to Average Net Assets		(0.23	)%		(0.84	)%		(1.16	)%		(1.05	)%(3)		(0.41	)%		(0.74	)%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.28	%		2.37	%		2.42	%		2.70	%		2.89	%		2.81	%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.66	)%		(1.44	)%		(1.71	)%		(1.89	)%		(1.35	)%		(1.60	)%
Portfolio Turnover Rate		50	%		66	%		82	%		85	%		60	%		108	%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.09% and 0.03% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.06% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

41

	Multi-Factor Small Cap Value Fund
	Class I											Class A
	2016*		2016		2015		2014		2013		2012	2016*		2016		2015		2014		2013		2012
Net Asset Value, Beginning of Period	$	19.89	$	21.47	$	19.08	$	16.09		$12.38	$13.89	$	18.32	$	19.81	$	17.62	$	14.84	$	11.45	$12.83
Net Investment Income (Loss)(1)		0.27		0.49		0.42		0.22		0.49	0.16		0.22		0.40		0.34		0.18		0.44	0.13
Realized and Unrealized Gain (Loss) on Investments		2.93		(1.68)		2.16		3.04		3.57	(1.54)		2.70		(1.56)		1.99		2.82		3.26	(1.42)
Total from Investment Operations		3.20		(1.19)		2.58		3.26		4.06	(1.38)		2.92		(1.16)		2.33		3.00		3.70	(1.29)
Contributions of Capital by Affiliate(1)		–		–		–		0.01(2)		–	–		–		–		–		0.01(2)		–	–
Dividends from Net Investment Income		–		(0.39)		(0.19)		(0.28)		(0.35)	(0.13)		–		(0.33)		(0.14)		(0.23)		(0.31)	(0.09)
Total Distributions		–		(0.39)		(0.19)		(0.28)		(0.35)	(0.13)		–		(0.33)		(0.14)		(0.23)		(0.31)	(0.09)
Net Asset Value, End of Period	$	23.09	$	19.89	$	21.47	$	19.08		$16.09	$12.38	$	21.24	$	18.32	$	19.81	$	17.62	$	14.84	$11.45
Total Return†		16.09%		(5.49)%		13.57%		20.36%		33.33%	(9.96)%		15.94%		(5.79)%		13.26%		20.34%		32.82%	(10.08)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	15,489	$	13,442	$	16,038	$	9,639		$8,321	$ 9,623	$	12,858	$	11,351	$	13,454	$	13,673	$	13,459	$12,704
Ratio of Expenses to Average Net Assets		0.86%		0.85%		1.02%		1.25%		1.25%	1.25%		1.15%		1.12%		1.30%		1.32%(3)		1.54%	1.43%(4)
Ratio of Net Investment Income to Average Net Assets		2.58%		2.49%		2.04%		1.18%		3.54%	1.24%		2.30%		2.21%		1.80%		1.09%(3)		3.42%	1.08%(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.63%		1.63%		1.55%		1.68%		1.77%	1.62%		1.93%		1.90%		1.84%		1.95%		2.06%	1.92%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.81%		1.71%		1.51%		0.75%		3.02%	0.87%		1.52%		1.43%		1.26%		0.46%		2.90%	0.59%
Portfolio Turnover Rate		52%		105%		94%		109%		108%	91%		52%		105%		94%		109%		108%	91%

	Multi-Factor Small Cap Value Fund
	Class C
	2016*		2016		2015		2014		2013		2012
Net Asset Value, Beginning of Period		$16.35	$	17.72	$	15.76	$	13.31	$	10.29	$11.55
Net Investment Income (Loss)(1)		0.14		0.25		0.19		0.06		0.32	0.03
Realized and Unrealized Gain (Loss) on Investments		2.39		(1.38)		1.80		2.52		2.92	(1.29)
Total from Investment Operations		2.53		(1.13)		1.99		2.58		3.24	(1.26)
Contributions of Capital by Affiliate(1)		–		–		–		0.01(2)		–	–
Dividends from Net Investment Income		–		(0.24)		(0.03)		(0.14)		(0.22)	–**
Total Distributions		–		(0.24)		(0.03)		(0.14)		(0.22)	–**
Net Asset Value, End of Period		$18.88	$	16.35	$	17.72	$	15.76	$	13.31	$10.29
Total Return†		15.47%		(6.30)%		12.67%		19.51%		31.91%	(10.88)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	1,454	$	1,550	$	1,511	$	1,495	$	1,152	$ 1,004
Ratio of Expenses to Average Net Assets		1.81%		1.75%		1.94%		1.99%(3)		2.25%	2.25%
Ratio of Net Investment Income to Average Net Assets		1.64%		1.57%		1.11%		0.42%(3)		2.79%	0.27%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.56%		2.53%		2.47%		2.57%		2.77%	2.63%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.89%		0.79%		0.58%		(0.16)%		2.27%	(0.11)%
Portfolio Turnover Rate		52%		105%		94%		109%		108%	91%

*  For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, 0.06%, 0.07% and 0.08% of Class I, Class A, and Class C total returns, respectively, were attributable to a voluntary payment made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. Excluding this item, the total returns would have been 20.30%, 20.27%, and 19.43% for Class I, Class A, and Class C, respectively.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.20% and 0.15% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.11% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

42

P N C  E q u i t y  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 ,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	S&P 500 Index Fund
	Class I																		Class A
		2016	*		2016			201	5		201	4		201	3		2012			2016	*		201	6	201	5	2014	2013	2012
Net Asset Value, Beginning of Period	$	16.30		$	16.68		$	15.37		$	13.01		$	10.46		$	10.71		$	16.24		$	16.61		$15.31		$ 12.95	$ 10.41	$ 10.67
Net Investment Income(1)		0.17			0.32			0.29			0.25			0.22			0.19			0.15			0.28		0.25		0.22	0.19	0.16
Realized and Unrealized Gain (Loss) on Investments		0.79			(0.17	)		1.46			2.36			2.55			(0.26	)		0.78			(0.16	)	1.45		2.35	2.54	(0.26)
Total from Investment Operations		0.96			0.15			1.75			2.61			2.77			(0.07	)		0.93			0.12		1.70		2.57	2.73	(0.10)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–	**(3)		–			–		–		–**(2)	–	–**(3)
Dividends from Net Investment Income		(0.16	)		(0.31	)		(0.29	)		(0.25	)		(0.22	)		(0.18	)		(0.14	)		(0.27	)	(0.25	)	(0.21)	(0.19)	(0.16)
Distributions from Net Realized Gains		–			(0.22	)		(0.15	)		–			–			–			–			(0.22	)	(0.15	)	–	–	–
Total Distributions		(0.16	)		(0.53	)		(0.44	)		(0.25	)		(0.22	)		(0.18	)		(0.14	)		(0.49	)	(0.40	)	(0.21)	(0.19)	(0.16)
Net Asset Value, End of Period	$	17.10		$	16.30		$	16.68		$	15.37		$	13.01		$	10.46		$	17.03		$	16.24		$16.61		$ 15.31	$ 12.95	$ 10.41
Total Return†		5.93	%		1.08	%		11.52	%		20.23	%		26.78	%		(0.55	)%(3)		5.74	%		0.91	%	11.24	%	20.01%	26.50%	(0.91)%(3)
Ratios/Supplemental Data
Net Assets End of Period (000)	$	135,952		$	138,427		$	171,990		$	137,732		$	97,902		$	88,355		$	16,486		$	20,003		$20,721		$19,093	$23,632	$20,712
Ratio of Expenses to Average Net Assets		0.20	%		0.20	%		0.20	%		0.27	%		0.36	%		0.35	%		0.45	%		0.44	%	0.45	%	0.49%(4)	0.62%	0.61%
Ratio of Net Investment Income to Average Net Assets		2.04	%		2.01	%		1.82	%		1.80	%		1.90	%		1.82	%		1.78	%		1.77	%	1.57	%	1.57%(4)	1.65%	1.56%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.33	%		0.32	%		0.32	%		0.34	%		0.36	%		0.35	%		0.59	%		0.56	%	0.56	%	0.58%	0.62%	0.61%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.91	%		1.89	%		1.70	%		1.73	%		1.90	%		1.82	%		1.64	%		1.65	%	1.46	%	1.47%	1.65%	1.56%
Portfolio Turnover Rate		4	%		7	%		8	%		18	%		12	%		9	%		4	%		7	%	8	%	18%	12%	9%

	S&P 500 Index Fund
	Class C																		Class R4									Class R5
	2016*			2016			2015			2014			2013			2012			2016*			2016			2015(5)			2016*			2016			2015			2014(5)
Net Asset Value, Beginning of Period	$	16.06		$	16.47		$	15.17		$	12.86		$	10.34		$	10.60		$	16.30		$	16.68		$	15.36		$	16.30		$	16.68		$	15.37		$14.65
Net Investment Income(1)		0.09			0.17			0.14			0.11			0.11			0.08			0.16			0.30			0.28			0.17			0.32			0.11		0.13
Realized and Unrealized Gain (Loss) on Investments		0.78			(0.17)			1.44			2.32			2.53			(0.26)			0.79			(0.17	)		1.47			0.79			(0.17)			1.64		0.66
Total from Investment Operations		0.87			–			1.58			2.43			2.64			(0.18)			0.95			0.13			1.75			0.96			0.15			1.75		0.79
Contributions of Capital by Affiliate(1)		–			–			–			–*	*(2)		–			–*	*(3)		–			–			–			–			–			–		–
Dividends from Net Investment Income		(0.08)			(0.19)			(0.13)			(0.12)			(0.12)			(0.08)			(0.15)			(0.29)			(0.28)			(0.16)			(0.31)			(0.29)		(0.07)
Distributions from Net Realized Gains		–			(0.22)			(0.15)			–			–			–			–			(0.22)			(0.15)			–			(0.22)			(0.15)		–
Total Distributions		(0.08)			(0.41)			(0.28)			(0.12)			(0.12)			(0.08)			(0.15)			(0.51)			(0.43)			(0.16)			(0.53)			(0.44)		(0.07)
Net Asset Value, End of Period	$	16.85		$	16.06		$	16.47		$	15.17		$	12.86		$	10.34		$	17.10		$	16.30		$	16.68		$	17.10		$	16.30		$	16.68		$15.37
Total Return†		5.41	%		0.14	%		10.46	%		19.01	%		25.66	%		(1.66	)%(3)		5.84	%		0.94	%		11.52	%		5.90	%		1.04	%		11.51	%	5.38%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	7,233		$	7,023		$	8,416		$	11,089		$	6,496		$	1,705		$	4,966		$	4,944		$	3,889		$	786		$	560		$	187		$6
Ratio of Expenses to Average Net Assets		1.19	%		1.14	%		1.16	%		1.26	%(4)		1.36	%		1.35	%		0.35	%		0.35	%		0.36	%		0.25	%		0.25	%		0.25	%	0.19%
Ratio of Net Investment Income to Average Net Assets		1.06	%		1.07	%		0.86	%		0.81	%(4)		0.90	%		0.82	%		1.90	%		1.88	%		1.69	%		2.02	%		2.00	%		1.79	%	2.05%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.32	%		1.26	%		1.27	%		1.33	%		1.36	%		1.35	%		0.48	%		0.47	%		0.47	%		0.38	%		0.37	%		0.35	%	0.38%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.93	%		0.95	%		0.75	%		0.73	%		0.90	%		0.82	%		1.77	%		1.76	%		1.58	%		1.89	%		1.88	%		1.69	%	1.87%
Portfolio Turnover Rate		4	%		7	%		8	%		18	%		12	%		9	%		4	%		7	%		8	%		4	%		7	%		8	%	18%

*  For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2012, a payment was made by the Adviser to offset a trade error in the Fund. The payment, net of the trade error, had no impact on the total return of the Fund.

⁽⁴⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.03% and 0.01% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁵⁾  Class R4 and Class R5 commenced operations on December 30, 2013. Prior to September 3, 2014, net assets of the Class R4 Shares represented initial seed capital; therefore, no information is presented for the 2014 fiscal year. All ratios for the period have been annualized. Total return for the period has not been annualized.

See Notes to Financial Statements.

43

	Small Cap Fund
	Class I																		Class A
		2016	*		2016			2015			2014			2013			2012			2016	*		2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	21.07		$	22.53		$	20.21		$	17.91		$	12.99		$	12.85		$	20.44		$	21.90			$19.69			$17.51			$ 12.74			$ 12.62
Net Investment Income (Loss)(1)		–	**		(0.03	)		0.07			(0.01	)		(0.06	)		(0.06	)		(0.03	)		(0.10	)		–	**		(0.06	)		(0.10	)		(0.09	)
Realized and Unrealized Gain (Loss) on Investments		2.09			(1.17	)		2.68			2.59			4.98			0.19			2.03			(1.13	)		2.63			2.52			4.87			0.20
Total from Investment Operations		2.09			(1.20	)		2.75			2.58			4.92			0.13			2.00			(1.23	)		2.63			2.46			4.77			0.11
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			0.01	(3)		–			–			–			–	**(2)		–			0.01	(3)
Dividends from Net Investment Income		–			(0.03	)		(0.01	)		–			–			–			–			–			–			–			–			–
Distributions from Net Realized Gains		–			(0.23	)		(0.42	)		(0.28	)		–			–			–			(0.23	)		(0.42	)		(0.28	)		–			–
Total Distributions		–			(0.26	)		(0.43	)		(0.28	)		–			–			–			(0.23	)		(0.42	)		(0.28	)		–			–
Net Asset Value, End of Period	$	23.16		$	21.07		$	22.53		$	20.21		$	17.91		$	12.99		$	22.44		$	20.44		$	21.90		$	19.69		$	17.51		$	12.74
Total Return†		9.92	%		(5.34	)%		13.78	%		14.39	%		37.88	%		1.09	%(3)		9.79	%		(5.62	)%		13.50	%		14.03%			37.44	%		0.95	%(3)
Ratios/Supplemental Data
Net Assets End of Period (000)	$	1,131,713		$	1,045,985		$	565,795		$	375,901		$	207,230		$	151,860		$	57,112		$	65,491		$	68,302		$	61,134		$	23,371		$	2,210
Ratio of Expenses to Average Net Assets		0.99	%		0.99	%		0.99	%		0.99	%		1.19	%		1.24	%		1.25	%		1.28	%		1.29%			1.29	%(4)		1.46	%		1.45	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.03	%		(0.16	)%		0.32	%		(0.06	)%		(0.39	)%		(0.51	)%		(0.29	)%		(0.48	)%		(0.02)%			(0.30)	%(4)		(0.68)%			(0.74)	%(5)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.08	%		1.10	%		1.15	%		1.28	%		1.28	%		1.24	%		1.35	%		1.39	%		1.45%			1.58%			1.61%			1.54%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.06	)%		(0.27	)%		0.16	%		(0.35	)%		(0.48	)%		(0.51	)%		(0.39	)%		(0.59	)%		(0.18)%			(0.59	)%		(0.83	)%		(0.83)	%
Portfolio Turnover Rate		13	%		15	%		23	%		24	%		27	%		32	%		13	%		15	%		23%			24%			27%			32%

	Small Cap Fund
	Class C
	2016*		2016		2015		2014		2013		2012
Net Asset Value, Beginning of Period		$18.69	$	20.17	$	18.29	$	16.40	$	12.02	$	12.00
Net Investment Income (Loss)(1)		(0.10)		(0.21)		(0.13)		(0.19)		(0.20)		(0.18	)
Realized and Unrealized Gain (Loss) on Investments		1.85		(1.04)		2.43		2.36		4.58		0.19
Total from Investment Operations		1.75		(1.25)		2.30		2.17		4.38		0.01
Contributions of Capital by Affiliate(1)		–		–		–		–**(2)		–		0.01(3	)
Distributions from Net Realized Gains		–		(0.23)		(0.42)		(0.28)		–		–
Total Distributions		–		(0.23)		(0.42)		(0.28)		–		–
Net Asset Value, End of Period		$20.44	$	18.69	$	20.17	$	18.29	$	16.40	$	12.02
Total Return†		9.36%		(6.21)%		12.72%		13.21%		36.44%		0.17	%(3)
Ratios/Supplemental Data
Net Assets End of Period (000)		$26,124	$	28,220	$	21,015	$	17,802	$	5,576	$	726
Ratio of Expenses to Average Net Assets		1.98%		1.95%		1.95%		1.99%(4)		2.14%		2.25	%
Ratio of Net Investment Loss to Average Net Assets		(1.00)%		(1.12)%		(0.66)%		(1.02)%(4)		(1.37)%		(1.54	)%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.06%		2.06%		2.11%		2.28%		2.31%		2.25	%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(1.08)%		(1.23)%		(0.82)%		(1.31)%		(1.54)%		(1.54	)%
Portfolio Turnover Rate		13%		15%		23%		24%		27%		32	%

*  For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2012, a payment was made by the Adviser to offset losses relating to a change in valuation methodology of an asset in the securities lending collateral account of the Acquired Funds prior to the Reorganization. Excluding this item, the total returns would have been 1.01%, 0.87%, and 0.08% for Class I, Class A, and Class C, respectively.

⁽⁴⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment had no impact to Class A ratios and Class C ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders.

⁽⁵⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.09% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

44

P N C  E q u i t y  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 ,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	Small Cap Index Fund
	Class I											Class R4
		2016	*		2016			2015			2014(1)		2016	*		2016			2015	(2)
Net Asset Value, Beginning of Period	$	9.90		$	10.66		$	9.83		$	10.00	$	9.90		$	10.66		$	9.83
Net Investment Income (Loss)(3)		0.06			0.12			0.11			0.04		0.03			0.10			0.08
Realized and Unrealized Gain (Loss) on Investments		1.36			(0.66	)		1.04			(0.21)		1.39			(0.65	)		0.75
Total from Investment Operations		1.42			(0.54	)		1.15			(0.17)		1.42			(0.55	)		0.83
Dividends from Net Investment Income		(0.04	)		(0.10	)		(0.12	)		–		(0.04	)		(0.09	)		–
Distributions from Net Realized Gains		–			(0.12	)		(0.20	)		–		–			(0.12	)		–
Total Distributions		(0.04	)		(0.22	)		(0.32	)		–		(0.04	)		(0.21	)		–
Net Asset Value, End of Period	$	11.28		$	9.90		$	10.66		$	9.83	$	11.28		$	9.90		$	10.66
Total Return		14.33	%		(4.96	)%		11.82	%		(1.70)%		14.33	%		(5.05	)%		11.82	%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	112		$	8,085		$	5,562		$	4,917	$	1,510		$	1,308		$	274
Ratio of Expenses to Average Net Assets		0.25	%		0.25	%		0.25	%		0.25%		0.45	%		0.40	%		0.28	%
Ratio of Net Investment Income to Average Net Assets		1.22	%		1.24	%		1.05	%		1.06%		0.56	%		1.04	%		0.80	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.00	%		2.09	%		2.65	%		2.84%		7.70	%		2.31	%		3.76	%
Ratio of Net Investment Loss to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.53	)%		(0.60	)%		(1.35	)%		(1.53)%		(6.69	)%		(0.87	)%		(2.68	)%
Portfolio Turnover Rate		166	%		23	%		18	%		4%		166	%		23	%		18	%

*  For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽¹⁾  Class I Shares commenced operations on December 30, 2013. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽²⁾  Class R4 Shares commenced operations on December 30, 2013. Prior to April 25, 2015, net assets of this share class represented seed capital; therefore, no 2014 information is presented. All ratios for the period have been annualized. Total return for the period has not been annualized.

⁽³⁾  Per share data calculated using average shares outstanding method.

See Notes to Financial Statements.

45

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value        (000)
COMMON STOCKS — 32.6%
Consumer Discretionary — 4.5%
American Axle & Manufacturing Holdings*		301		$	5
Bright Horizons Family Solutions*		121			8
Burlington Stores*		1,150			101
Cavco Industries*		94			9
Charter Communications, Cl A*		270			74
Churchill Downs		76			12
Comcast, Cl A		1,570			109
DeVry Education Group		165			5
Dick’s Sporting Goods		1,160			69
Domino’s Pizza		360			61
Dorman Products*		416			30
Drew Industries		362			38
GNC Holdings, Cl A		216			3
Golden Entertainment*		279			4
Home Depot		1,460			189
HSN		116			4
Lithia Motors, Cl A		349			32
Madison Square Garden, Cl A*		114			20
McDonald’s		430			51
Mohawk Industries*		380			75
Monro Muffler Brake		77			5
NACCO Industries, Cl A		98			9
Newell Brands		1,390			65
NIKE, Cl B		820			41
O’Reilly Automotive*		310			85
Papa John’s International		63			6
Party City Holdco*		262			4
Pool		32			3
Scripps Networks Interactive, Cl A		1,070			74
Standard Motor Products		186			9
Vail Resorts		450			71
Vista Outdoor*		111			4
Walt Disney		530			53
Wolverine World Wide		250			6
Wyndham Worldwide		670			48
					1,382
Consumer Staples — 2.9%
Altria Group		2,650			170
BostonBeer, Cl A*		33			6
Constellation Brands, Cl A		400			61
Dr Pepper Snapple Group		450			39
General Mills		860			52
Kraft Heinz		820			67
PepsiCo		1,731			173
Post Holdings*		790			60
Procter & Gamble		1,095			90
Reynolds American		1,650			89
SpartanNash		257			9
TreeHouse Foods*		70			5
Tyson Foods, Cl A		990			56
					877
Energy — 0.7%
EnLink Midstream LLC		334			6
Exxon Mobil		1,675			146
Valero Energy		900			55

	Number of Shares		Value        (000)
World Fuel Services		190		$	9
					216
Financials — 5.6%
Allegiance Bancshares*		134			4
AMERISAFE		261			17
AmTrust Financial Services		1,262			32
Bank of the Ozarks		801			39
Banner		81			4
Capital Bank Financial, Cl A		232			8
CenterState Banks		374			8
Cincinnati Financial		710			55
Credit Acceptance*		136			26
Diamond Hill Investment Group*		68			14
Eagle Bancorp*		630			37
Employers Holdings		282			10
FBL Financial Group, Cl A		92			7
Fidelity Southern		285			6
First Busey		313			9
First Financial Bancorp		300			8
First Merchants		156			5
First Midwest Bancorp		175			4
Home BancShares		853			22
Hope Bancorp		429			9
Huntington Bancshares		7,720			96
JPMorgan Chase		2,838			228
KCG Holdings, Cl A*		680			10
KeyCorp		4,180			72
LegacyTexas Financial Group		753			30
Mercantile Bank		275			9
Meta Financial Group		82			8
Morgan Stanley		2,960			122
National General Holdings		1,163			26
PRA Group*		1,027			37
Principal Financial Group		1,910			110
Prudential Financial		940			95
RLI		432			26
S&P Global		590			70
South State		169			14
SunTrust Banks		2,010			104
T. Rowe Price Group		600			44
Travelers		810			92
U.S. Bancorp		1,910			95
Wells Fargo		2,189			116
WSFS Financial		155			7
					1,735
Healthcare — 4.2%
Abbott Laboratories		2,850			108
Akorn*		120			3
Amgen		1,030			148
ANI Pharmaceuticals*		156			9
Biogen*		320			94
Cantel Medical		154			13
Celgene*		410			49
Dyax* (A) (B)		677			1
Edwards Lifesciences*		540			45
Exelixis*		386			7
Glaukos*		133			4
INC Research Holdings, Cl A*		73			4
Ironwood Pharmaceuticals*		549			9

See Notes to Financial Statements.

46

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value         (000)
COMMON STOCKS — continued
Healthcare — continued
Johnson & Johnson		2,217		$	247
MacroGenics*		123			3
Medidata Solutions*		104			6
Merck		1,181			72
Molina Healthcare*		67			4
Natus Medical*		131			5
Neogen*		525			33
PAREXEL International*		356			21
Pfizer		4,711			151
Quintiles IMS Holdings*		730			56
Supernus Pharmaceuticals*		325			7
Thermo Fisher Scientific		560			78
U.S. Physical Therapy		132			8
UnitedHealth Group		550			87
Vanda Pharmaceuticals*		601			10
Vascular Solutions*		189			10
					1,292
Industrials — 4.5%
3M		480			82
AECOM*		109			4
American Woodmark*		61			5
Astronics*		636			23
Carlisle		520			58
Cintas		480			55
Colfax*		226			9
Comfort Systems USA		249			8
Curtiss-Wright		80			8
Douglas Dynamics		174			6
EMCOR Group		148			10
EnerSys		511			41
Equifax		430			49
Exponent		206			13
General Dynamics		940			165
General Electric		2,930			90
Genesee & Wyoming, Cl A*		114			9
GP Strategies*		331			9
Hawaiian Holdings*		142			7
HEICO		314			25
Honeywell International		1,470			167
Illinois Tool Works		440			55
Insperity		61			4
KLX*		284			11
Lockheed Martin		590			157
Moog, Cl A*		127			9
Multi-Color		101			7
Northrop Grumman		290			72
On Assignment*		507			21
Patrick Industries*		320			23
Raytheon		450			67
RBC Bearings*		79			7
TriNet Group*		332			8
United Technologies		450			48
Universal Forest Products		110			11
WageWorks*		119			9
Wesco Aircraft Holdings*		1,300			19
					1,371
Information Technology — 5.6%
Alphabet, Cl A*		245			190

	Number of Shares		Value         (000)
Anixter International*		104		$	8
Apple		2,349			260
Applied Materials		2,230			72
Arrow Electronics*		780			53
Aspen Technology*		95			5
Barracuda Networks*		175			4
CACI International, Cl A*		58			7
CDW		1,440			74
Cisco Systems		4,462			133
CoreLogic*		232			9
Euronet Worldwide*		67			5
ExlService Holdings*		130			6
Facebook, Cl A*		1,390			165
Intel		3,250			113
Kulicke & Soffa Industries*		506			8
Lam Research		910			96
Littelfuse		62			9
Manhattan Associates*		559			29
Mastercard, Cl A		450			46
Microsemi*		282			15
MKS Instruments		172			10
OSI Systems*		162			12
Paychex		1,250			74
Plantronics		150			8
Qualys*		117			4
Sanmina*		269			9
Silicon Laboratories*		148			10
Take-Two Interactive Software*		163			8
Tech Data*		45			4
Texas Instruments		2,660			197
Tyler Technologies*		138			20
Vantiv,Cl A*		800			45
WEX*		182			20
					1,728
Materials — 1.6%
AEP Industries		103			12
Air Products & Chemicals		300			43
Balchem		265			21
Berry Plastics Group*		1,650			82
Dow Chemical		2,610			145
Graphic Packaging Holding		262			3
Innophos Holdings		268			15
International Flavors & Fragrances		360			44
International Paper		800			39
Minerals Technologies		105			9
Neenah Paper		287			24
PolyOne		135			4
SunCoke Energy*		665			8
Vulcan Materials		380			48
					497
Real Estate Investment Trusts — 1.0%
Agree Realty REIT		214			10
American Assets Trust REIT		105			4
CoreCivic REIT		482			11
Extra Space Storage REIT		800			56
Lamar Advertising, Cl A REIT		1,020			68
Post Properties REIT		63			4
Prologis REIT		880			45
PS Business Parks REIT		73			8
Simon Property Group REIT		260			47

See Notes to Financial Statements.

47

	Number of Shares		Value         (000)
COMMON STOCKS — continued
Real Estate Investment Trusts — continued
Summit Hotel Properties REIT		461		$	6
Welltower REIT		620			39
					298
Technology — 0.5%
Microsoft		2,782			168
					168
Telecommunication Services — 0.5%
8x8*		350			5
AT&T		1,737			67
IDT, Cl B		255			6
Verizon Communications		1,810			90
					168
Utilities — 1.0%
American Electric Power		780			46
American Water Works		890			64
DTE Energy		580			54
NextEra Energy		548			63
NRG Yield, Cl C		434			7
SJW Group		139			7
WGL Holdings		63			5
Xcel Energy		1,530			60
					306
Total Common Stocks (Cost $7,678)					10,038
FOREIGN COMMON STOCKS — 10.2%
Consumer Discretionary — 1.6%
Carnival (Panama)		3,030			156
Compass Group PLC (United Kingdom)		1,577			27
Domino’s Pizza Enterprises (Australia)		379			19
Dufry AG (Switzerland)*		151			19
Helen of Troy (Bermuda)*		205			17
Just Eat PLC (United Kingdom)*		5,132			38
Liberty Global PLC, Cl A (United Kingdom)*		259			6
lululemon athletica (Canada)*		298			17
LVMH Moet Hennessy Louis Vuitton SE (France)		79			14
Pandora A/S (Denmark)		204			24
Sony, ADR (Japan)		1,839			53
TAL Education Group, ADR (China)*		453			35
XXL ASA (Norway) 144A		1,585			19
Zalando SE (Germany)* 144A		847			31
zooplus AG (Germany)*		112			14
					489
Consumer Staples — 0.8%
Adecoagro SA (Luxembourg)*		718			8
Anheuser-Busch InBev NV, ADR (Belgium)		269			28
Bellamy’s Australia (Australia)		2,627			24
Davide Campari-Milano SpA (Italy)		2,689			26
Fresh Del Monte Produce (Cayman Islands)		128			8
Heineken NV (Netherlands)		229			17
Kao (Japan)		500			23
Koninklijke Ahold Delhaize NV (Netherlands)		1,495			29
Nestle SA (Switzerland)		601			40
Puregold Price Club (Philippines)		21,800			17
Reckitt Benckiser Group PLC (United Kingdom)		435			37
					257

	Number of Shares		Value         (000)
Energy — 0.9%
BP PLC, ADR (United Kingdom)		1,500		$	52
Cosan, Cl A (Bermuda)		783			6
Schlumberger (Curacao)		1,000			84
TOTAL SA, ADR (France)		2,050			98
TransCanada (Canada)		1,010			45
					285
Financials — 1.2%
AIA Group (Hong Kong)		7,594			46
Argo Group International Holdings (Bermuda)		178			11
Banco Macro SA, ADR (Argentina)		40			3
Cerved Information Solutions SpA (Italy)		1,791			14
Chubb (Switzerland)		793			102
Danske Bank A/S (Denmark)		1,107			32
Equity Group Holdings (Kenya)		49,393			15
Essent Group (Bermuda)*		155			5
FinecoBank Banca Fineco SpA (Italy)		1,578			8
HDFC Bank, ADR (India)		726			47
IRF European Finance Investments (Bermuda)* (A) (B)		31,579			–
Nihon M&A Center (Japan)		800			22
OneBeacon Insurance Group, Cl A (Bermuda)		541			8
Ping An Insurance Group of China, Cl H (China)		6,957			38
Srisawad Power 1979 PCL (Thailand)		22,307			26
					377
Healthcare — 1.0%
Ambu A/S, Cl B (Denmark)		173			7
Bayer AG (Germany)		212			20
Clinigen Group PLC (United Kingdom)		2,668			25
CYBERDYNE (Japan)*		1,900			25
Flamel Technologies SA, ADR (France)*		309			3
GN Store Nord A/S (Denmark)		1,201			23
ICON PLC (Ireland)*		658			50
M3 (Japan)		1,000			26
NMC Health PLC (United Kingdom)		1,999			34
Ono Pharmaceutical (Japan)		1,400			31
Shire PLC (United Kingdom)		505			30
Sysmex (Japan)		300			18
Vitrolife AB (Sweden)		313			13
					305
Industrials — 1.2%
Ashtead Group PLC (United Kingdom)		2,270			44
dorma+kaba Holding AG (Switzerland)*		34			25
Geberit AG (Switzerland)		88			35
Hexagon AB, Cl B (Sweden)		474			17
Ingersoll-Rand PLC (Ireland)		1,020			76
Kingspan Group PLC (Ireland)		728			19
Nidec (Japan)		400			36
Novanta (Canada)*		336			7
Rational AG (Germany)		53			23
Schneider Electric SE (France)		207			14
Siemens AG (Germany)		339			38
SMC (Japan)		41			12
Tomra Systems ASA (Norway)		1,976			20
					366
Information Technology — 2.4%
Accenture PLC, Cl A (Ireland)		1,080			129
Aconex (Australia)*		3,152			11

See Notes to Financial Statements.

48

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value         (000)
FOREIGN COMMON STOCKS — continued
Information Technology — continued
Alibaba Group Holding, ADR (China)*		542		$	51
Amdocs (Guernsey)		1,150			68
CyberArk Software (Israel)*		523			27
Dassault Systemes SA (France)		225			17
EVERTEC (Puerto Rico)		611			11
Globant SA (Luxembourg)*		130			4
KCE Electronics PCL (Thailand)		7,872			26
Keyence (Japan)		86			59
LINE, ADR (Japan)*		719			28
Mellanox Technologies (Israel)*		210			9
MercadoLibre (Argentina)		147			23
Mobileye NV (Israel)*		690			26
NXP Semiconductors NV (Netherlands)*		391			39
Open Text (Canada)		206			13
SAP SE, ADR (Germany)		548			46
Temenos Group AG (Switzerland)*		394			27
Tencent Holdings (Hong Kong)		2,723			68
Wirecard AG (Germany)		1,123			50
					732
Materials — 0.3%
CRH PLC, ADR (Ireland)		756			25
James Hardie Industries PLC (Australia)		2,290			35
Randgold Resources, ADR (United Kingdom)		239			17
					77
Real Estate Investment Trusts — 0.5%
Colliers International Group (Canada)		333			12
Daito Trust Construction (Japan)		105			16
Deutsche Wohnen AG (Germany)		819			25
FirstService (Canada)		441			19
Mitsubishi Estate (Japan)		2,000			41
VIB Vermoegen AG (Germany)		819			16
Yanlord Land Group (Singapore)		27,396			27
					156
Telecommunication Services — 0.3%
Magyar Telekom Telecommunications PLC (Hungary)		23,936			40
Safaricom (Kenya)		160,814			31
Telekomunikasi Indonesia Persero Tbk PT, ADR (Indonesia)		592			17
					88
Utilities — 0.0%
Pampa Energia SA, ADR (Argentina)*		163			6
					6
Total Foreign Common Stocks (Cost $2,817)					3,138
EXCHANGE-TRADED FUNDS — 16.0%
iShares MSCI EAFE Growth ETF†		12,224			771
iShares MSCI EAFE Value ETF†		46,278			2,127
iShares MSCI Emerging Markets ETF†		20,011			710
iShares TIPS Bond ETF†		2,750			312
SPDR® S&P 500® ETF Trust		3,155			695
Vanguard Short-Term Inflation-Protected Securities ETF*		6,300			311

	Number of Shares			Value         (000)
Total Exchange-Traded Funds (Cost $4,935)					$	4,926
MASTER LIMITED PARTNERSHIPS — 0.2%
Energy — 0.2%
Alliance Resource Partners LP			398			9
Magellan Midstream Partners LP			620			43
						52
Financials — 0.0%
Ares Management LP			282			5
Total Master Limited Partnerships (Cost $49)						57
	Par (000)
ASSET-BACKED SECURITIES — 2.3%
Automotive — 1.6%
BMW Vehicle Owner Trust, Series 2016-A, Cl A3 1.160%, 11/25/20		$	115			114
Fifth Third Auto Trust, Series 2015-1, Cl A3 1.420%, 03/16/20			95			95
Ford Credit Auto Lease Trust, Series 2016-A, Cl A2A 1.420%, 11/15/18			81			81
Ford Credit Auto Owner Trust, Series 2016-A, Cl A3 1.390%, 07/15/20			25			25
Honda Auto Receivables Owner Trust, Series 2016-2, Cl A3 1.390%, 04/15/20			35			35
Honda Auto Receivables Owner Trust, Series 2016-3, Cl A4 1.330%, 11/18/22			70			69
Hyundai Auto Receivables Trust, Series 2015-B, Cl A2A 0.690%, 04/16/18			23			23
Volkswagen Auto Lease Trust, Series 2015-A, Cl A3 1.250%, 12/20/17			65			65
						507
Credit Cards — 0.7%
BA Credit Card Trust, Series 2015-A2, Cl A 1.360%, 09/15/20			100			100
Capital One Multi-Asset Execution Trust, Series 2016-A3, Cl A3 1.340%, 04/15/22			115			115
						215
Total Asset-Backed Securities (Cost $723)						722

See Notes to Financial Statements.

49

	Par (000)			Value         (000)
CORPORATE BONDS — 16.2%
Aerospace — 0.1%
Lockheed Martin 3.800%, 03/01/45		$	50		$	46
						46
Automotive — 0.3%
General Motors 6.600%, 04/01/36			20			23
General Motors Financial 3.200%, 07/13/20			35			35
Lear 5.375%, 03/15/24			50			52
						110
Cable — 0.8%
Charter Communications Operating LLC 6.384%, 10/23/35 144A			90			101
Comcast 3.200%, 07/15/36			40			36
Discovery Communications LLC 3.250%, 04/01/23 4.900%, 03/11/26			40 25			39 26
Thomson Reuters 1.650%, 09/29/17			40			40
						242
Consumer Discretionary — 0.2%
Hasbro 6.300%, 09/15/17			30			31
Marriott International 3.125%, 06/15/26			30			29
						60
Consumer Services — 0.4%
Avon Products 7.000%, 03/15/23			25			23
Graham Holdings 7.250%, 02/01/19			30			32
Royal Caribbean Cruises 7.500%, 10/15/27			42			50
Sotheby’s 5.250%, 10/01/22 144A			25			24
						129
Consumer Staples — 0.2%
WhiteWave Foods 5.375%, 10/01/22			50			55
						55
Energy — 2.2%
Anadarko Petroleum 4.850%, 03/15/21			15			16
Boardwalk Pipelines LP 3.375%, 02/01/23 5.950%, 06/01/26			25 15			24 16
ConocoPhillips 4.150%, 11/15/34 6.500%, 02/01/39			10 15			9 18
Energy Transfer Partners LP 4.050%, 03/15/25 6.125%, 12/15/45			35 30			34 30

	Par (000)			Value         (000)
EQT 4.875%, 11/15/21		$	40		$	43
EQT Midstream Partners LP 4.125%, 12/01/26			45			43
Freeport-McMoran Oil & Gas LLC 6.875%, 02/15/23			20			21
HollyFrontier 5.875%, 04/01/26			45			45
Kinder Morgan Energy Partners LP 6.500%, 04/01/20			15			17
Kinder Morgan Energy Partners LP (MTN) 6.950%, 01/15/38			45			50
McDermott International 8.000%, 05/01/21 144A			40			39
Newfield Exploration 5.375%, 01/01/26			30			31
Petroleos Mexicanos (GMTN) 4.250%, 01/15/25			25			22
PHI 5.250%, 03/15/19			20			19
Phillips 66 4.650%, 11/15/34			30			30
Rowan 4.875%, 06/01/22 4.750%, 01/15/24			50 10			43 9
Tesoro 5.375%, 10/01/22			35			36
Valero Energy 3.400%, 09/15/26			40			38
Williams Partners LP 4.125%, 11/15/20			35			36
						669
Financials — 4.4%
American Express Credit (GMTN) 2.250%, 08/15/19			50			50
Bank of America 6.250%, 09/29/49  (C)			35			35
Bank of America (GMTN) 2.000%, 01/11/18			65			65
Bank of America (MTN) 4.000%, 04/01/24			60			62
4.200%, 08/26/24			30			30
3.248%, 10/21/27			10			10
BankUnited 4.875%, 11/17/25			35			34
Bear Stearns LLC 7.250%, 02/01/18			35			37
Citigroup 2.150%, 07/30/18			30			30
2.050%, 12/07/18			10			10
4.450%, 09/29/27			55			56
6.250%, 12/29/49  (C)			25			26
Credit Suisse AG (GMTN) 5.400%, 01/14/20			75			80
Deutsche Bank AG 2.950%, 08/20/20			60			58
Deutsche Bank AG (GMTN) 2.850%, 05/10/19			15			15
Goldman Sachs Group 2.350%, 11/15/21			65			63
5.750%, 01/24/22			50			56

See Notes to Financial Statements.

50

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par     (000)		Value         (000)
CORPORATE BONDS — continued
Financials — continued
HSBC Holdings PLC
5.100%, 04/05/21		$60		$	65
International Lease Finance
6.250%, 05/15/19		25			27
JPMorgan Chase
4.625%, 05/10/21		60			65
7.900%, 12/29/49  (C)		30			30
Morgan Stanley (GMTN)
2.125%, 04/25/18		95			95
Morgan Stanley (MTN)
4.100%, 05/22/23		50			51
Royal Bank of Scotland Group PLC
6.000%, 12/19/23		35			35
Santander UK Group Holdings PLC (GMTN)
3.125%, 01/08/21		45			45
State Street
5.250%, 12/29/49  (C)		25			26
Visa
4.150%, 12/14/35		65			67
Wells Fargo
5.900%, 12/29/49  (C)		35			35
Wells Fargo (MTN)
3.300%, 09/09/24		55			55
Westpac Banking
2.250%, 07/30/18		30			30
					1,343
Food, Beverage & Tobacco — 0.4%
Anheuser-Busch InBev Finance
4.900%, 02/01/46		35			37
Constellation Brands
6.000%, 05/01/22		50			57
Kraft Heinz Foods
5.200%, 07/15/45		30			32
					126
Healthcare — 1.2%
Abbott Laboratories
3.750%, 11/30/26		80			79
Actavis Funding SCS
3.450%, 03/15/22		30			30
Amgen
4.400%, 05/01/45		50			48
HCA
4.250%, 10/15/19		45			46
Johnson & Johnson
3.550%, 03/01/36		50			50
Mylan NV
3.950%, 06/15/26 144A		25			23
Select Medical
6.375%, 06/01/21		30			29
Shire Acquisitions Investments Ireland DAC
1.900%, 09/23/19		40			39
Teva Pharmaceutical Finance III BV
3.150%, 10/01/26		40			37
					381
Industrials — 1.2%
Avnet
4.625%, 04/15/26		35			34

	Par     (000)		Value         (000)
Ball
4.000%, 11/15/23		$55		$	54
CNH Industrial NV
4.500%, 08/15/23		50			49
Crown Cork & Seal
7.375%, 12/15/26		20			22
General Electric
4.125%, 10/09/42		40			40
KLX
5.875%, 12/01/22 144A		35			36
Masco
7.750%, 08/01/29		25			30
Owens-Brockway Glass Container
6.375%, 08/15/25 144A		25			26
Owens-Illinois
7.800%, 05/15/18		10			11
PulteGroup
7.875%, 06/15/32		40			44
USG
8.250%, 01/15/18		20			21
					367
Information Technology — 0.1%
VeriSign
4.625%, 05/01/23		25			25
					25
Insurance — 0.7%
Berkshire Hathaway Finance
4.250%, 01/15/21		60			65
Hartford Financial Services Group
6.300%, 03/15/18		45			47
MetLife
6.400%, 12/15/36		30			33
Teachers Insurance & Annuity Association of America
4.900%, 09/15/44 144A		30			32
XLIT
4.450%, 03/31/25		45			44
					221
Materials — 0.1%
Cytec Industries
3.950%, 05/01/25		45			43
					43
Real Estate Investment Trusts — 0.7%
American Campus Communities Operating Partnership LP REIT
4.125%, 07/01/24		55			56
AvalonBay Communities (MTN) REIT
3.900%, 10/15/46		30			28
Realty Income REIT
5.375%, 09/15/17		50			52
3.250%, 10/15/22		30			30
Spirit Realty LP REIT
4.450%, 09/15/26 144A		50			47
					213
Retail — 1.0%
Expedia
5.000%, 02/15/26		60			62

See Notes to Financial Statements.

51

	Par     (000)		Value         (000)
CORPORATE BONDS — continued
Retail — continued
Hanesbrands
4.625%, 05/15/24 144A		$25		$	25
Levi Strauss
6.875%, 05/01/22		30			31
Priceline Group
3.600%, 06/01/26		50			49
Wal-Mart Stores
5.625%, 04/01/40		80			99
Wolverine World Wide
5.000%, 09/01/26 144A		30			29
					295
Technology — 0.7%
Activision Blizzard
3.400%, 09/15/26 144A		40			38
Apple
3.850%, 05/04/43		65			61
KLA-Tencor
4.125%, 11/01/21		55			57
Microsoft
3.450%, 08/08/36		35			33
Oracle
4.300%, 07/08/34		35			36
					225
Telecommunications — 0.8%
AT&T
4.600%, 02/15/21		40			42
4.450%, 04/01/24		45			47
4.750%, 05/15/46		35			33
DigitalGlobe
5.250%, 02/01/21 144A		20			20
Verizon Communications
4.272%, 01/15/36		55			52
Vodafone Group PLC
1.250%, 09/26/17		40			40
					234
Transportation — 0.3%
ERAC USA Finance LLC
5.625%, 03/15/42 144A		50			55
FedEx
3.900%, 02/01/35		35			33
					88
Utilities — 0.4%
Berkshire Hathaway Energy
6.125%, 04/01/36		35			44
Dominion Resources VA
1.400%, 09/15/17		40			40
NextEra Energy Capital Holdings
2.056%, 09/01/17		40			40
					124
Total Corporate Bonds (Cost $4,964)					4,996

	Par     (000)			Value         (000)
MUNICIPAL BOND — 0.2%
Texas — 0.2%
Texas Transportation Commission (RB) Series B 5.178%, 04/01/30		$	45		$	54
Total Municipal Bond (Cost $53)						54
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 11.9%
Federal Home Loan Mortgage Corporation — 1.6%
4.000%, 01/01/41			81			86
4.000%, 10/01/43			103			109
4.000%, 10/01/44			176			187
3.500%, 06/01/42			107			110
						492
Federal National Mortgage Association — 9.3%
5.500%, 07/01/33			3			3
5.500%, 05/01/35			20			22
5.000%, 08/01/40			129			142
4.500%, 06/01/40			150			164
4.500%, 01/01/41			87			94
4.500%, 03/01/41			81			88
4.000%, 03/01/26			23			24
4.000%, 12/01/40			80			84
4.000%, 01/01/41			116			123
4.000%, 02/01/41			93			98
3.500%, 01/01/26			89			92
3.500%, 10/01/26			61			63
3.500%, 11/01/29			113			118
3.500%, 03/01/41			91			93
3.500%, 08/01/42			182			187
3.500%, 02/01/43			103			106
3.500%, 08/01/43			93			96
3.500%, 08/01/44			155			160
3.500%, 12/01/45			141			145
3.500%, 07/01/46			116			119
3.000%, 06/01/28			70			72
3.000%, 11/01/42			145			145
3.000%, 04/01/43			168			168
3.000%, 05/01/43			140			140
3.000%, 06/01/46			160			159
2.500%, 11/01/27			151			152
						2,857
Government National Mortgage Association — 1.0%
4.500%, 10/20/45			77			83
4.000%, 09/15/41			79			84
4.000%, 10/20/43			47			50
3.500%, 07/15/42			39			41
3.500%, 12/20/42			52			55
						313
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $3,631)					3,662
U.S. TREASURY OBLIGATIONS — 13.2%
U.S. Treasury Bonds — 2.2%
3.750%, 08/15/41			120			136
3.125%, 08/15/44			150			152

See Notes to Financial Statements.

52

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
U.S. TREASURY OBLIGATIONS — continued
U.S. Treasury Bonds — continued
2.500%, 02/15/45		$435	$	389
				677
U.S. Treasury Notes — 11.0%
2.625%, 08/15/20		50		52
2.375%, 08/15/24		300		302
2.250%, 11/15/24		10		10
2.125%, 08/15/21		380		384
2.125%, 05/15/25		135		133
2.000%, 07/31/20		80		81
2.000%, 02/28/21		365		369
2.000%, 02/15/23		95		94
1.750%, 10/31/20		590		592
1.625%, 07/31/19		180		181
1.625%, 12/31/19		50		50
1.625%, 08/15/22		260		254
1.500%, 08/31/18		120		121
1.500%, 12/31/18		30		30
1.250%, 10/31/19		200		199
1.125%, 01/15/19		100		100
1.000%, 03/31/17		20		20
1.000%, 06/30/19		345		342
0.875%, 07/15/18		95		95
				3,409
Total U.S. Treasury Obligations (Cost $4,185)				4,086

	Number of Shares		Value (000)
MONEY MARKET FUND — 3.2%
PNC Government Money Market Fund, Class I Shares 0.240%† (D)		979,778	$	980
Total Money Market Fund (Cost $980)				980
TOTAL INVESTMENTS — 106.0%
(Cost $30,015)**				32,659
Other Assets & Liabilities – (6.0)%				(1,855	)
TOTAL NET ASSETS — 100.0%			$	30,804

* Non-income producing security.

**  Aggregate cost for Federal income tax purposes is (000) $30,089.

Gross unrealized appreciation (000)	$3,186
Gross unrealized depreciation (000)	(616	)
Net unrealized appreciation (000)	$2,570

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) Illiquid Security. Total value of illiquid securities is $1 (000) and represents less than 0.1% of net assets as of November 30, 2016.

(B) Security fair valued using methods approved by the Board of Trustees.

(C) Variable Rate Security — the rate shown is the rate in effect on November 30, 2016.

(D) The rate quoted is the annualized seven-day effective yield of the fund at period end.

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 $545 (000) and represents 1.8% of net assets as of November 30, 2016.

See Notes to Financial Statements.

53

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Other Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Asset-Backed Securities		$	–		$	722		$	–		$	722
Common Stocks			10,037			–			1			10,038
Corporate Bonds			–			4,996			–			4,996
Exchange-Traded Funds			4,926			–			–			4,926
Foreign Common Stocks:
Argentina			32			–			–			32
Australia			–			89			–			89
Belgium			28			–			–			28
Bermuda			47			–			–			47
Canada			113			–			–			113
Cayman Islands			8			–			–			8
China			86			38			–			124
Curacao			84			–			–			84
Denmark			–			86			–			86
France			101			45			–			146
Germany			46			217			–			263
Guernsey			68			–			–			68
Hong Kong			–			114			–			114
Hungary			–			40			–			40
India			47			–			–			47
Indonesia			17			–			–			17
Ireland			299			–			–			299
Israel			62			–			–			62
Italy			–			48			–			48
Japan			81			309			–			390
Kenya			46			–			–			46
Luxembourg			12			–			–			12
Netherlands			39			46			–			85
Norway			–			39			–			39
Panama			156			–			–			156
Philippines			–			17			–			17
Puerto Rico			11			–			–			11
Singapore			27			–			–			27
Sweden			–			30			–			30
Switzerland			102			146			–			248
Thailand			–			52			–			52
United Kingdom			100			210			–			310
Master Limited Partnerships			57			–			–			57
Money Market Fund			980			–			–			980
Municipal Bond			–			54			–			54
U.S. Government Agency Mortgage-Backed Obligations			–			3,662			–			3,662

See Notes to Financial Statements.

54

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

N o v e m b e r  3 0 ,  2 0 1 6   ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Other Significant Unobservable Inputs (000)			Total Value (000)
U.S. Treasury Obligations		$	–		$	4,086			–		$	4,086
Total Assets - Investments in Securities		$	17,612		$	15,046		$	1		$	32,659

There were no material transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

55

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value        (000)
FOREIGN COMMON STOCKS — 94.4%
Consumer Discretionary — 16.4%
Barratt Developments PLC (United Kingdom)		1,533,576		$	8,988
Bellway PLC (United Kingdom)		311,359			9,511
Christian Dior SA (France)		48,700			9,464
Cie Generale des Etablissements Michelin (France)		78,200			8,349
Compass Group PLC (United Kingdom)		256,873			4,398
Domino’s Pizza Enterprises (Australia)		62,048			3,101
Dufry AG (Switzerland)*		23,931			2,960
Duni AB (Sweden)		417,000			5,238
Gourmet Master (Taiwan)		457,677			3,813
Industria de Diseno Textil SA (Spain)		129,799			4,436
International Game Technology PLC (United Kingdom)		427,229			11,014
IPSOS (France)		109,172			3,170
Just Eat PLC (United Kingdom)*		727,918			5,330
Kia Motors (South Korea)		205,600			6,568
lululemon athletica (Canada)*		48,953			2,790
LVMH Moet Hennessy
Louis Vuitton SE (France)#		11,808			2,145
Pandora A/S (Denmark)		32,335			3,837
Persimmon PLC (United Kingdom)		414,645			8,793
Sony, ADR (Japan)		246,516			7,166
TAL Education Group, ADR (China)*		66,442			5,085
Taylor Wimpey PLC (United Kingdom)		4,740,450			8,773
XXL ASA (Norway) 144A		250,972			2,976
Zalando SE (Germany)* 144A		118,745			4,423
zooplus AG (Germany)*		16,857			2,164
					134,492
Consumer Staples — 6.4%
Anheuser-Busch InBev SA (Belgium)		41,979			4,362
Asahi Group Holdings (Japan)		255,500			8,363
Bellamy’s Australia (Australia)#		424,074			3,846
BGF retail (South Korea)		36,586			2,717
Davide Campari-Milano SpA (Italy)		402,860			3,876
Greencore Group PLC (Ireland)		1,482,153			5,392
Heineken NV (Netherlands)		30,112			2,254
Kao (Japan)		68,500			3,175
Koninklijke Ahold Delhaize NV (Netherlands)		232,331			4,575
Nestle SA (Switzerland)		88,425			5,951
Puregold Price Club (Philippines)		2,764,400			2,168
Reckitt Benckiser Group PLC (United Kingdom)		70,022			5,915
					52,594
Energy — 3.0%
Sasol (South Africa)		268,250			7,202
Thai Oil PCL (Thailand)		4,708,850			9,771
WorleyParsons (Australia)*#		1,244,600			8,026
					24,999
Financials — 13.6%
AIA Group (Hong Kong)		1,016,004			6,187
Cerved Information Solutions SpA (Italy)		285,709			2,300
Danske Bank A/S (Denmark)		153,985			4,482
DNB ASA (Norway)		677,544			9,971
Equity Group Holdings (Kenya)		6,511,925			1,919
FinecoBank Banca Fineco SpA (Italy)		224,910			1,161
Hannover Rueck SE (Germany)		79,000			8,384
HDFC Bank, ADR (India)		116,114			7,492

	Number of Shares		Value        (000)
IRF European Finance
Investments (Bermuda)* (A) (B)		284,500		$	–
Muenchener Rueckversicherungs AG (Germany)		39,300			7,160
Nihon M&A Center (Japan)		127,400			3,482
Ping An Insurance Group of China, Cl H (China)		915,024			5,050
Popular (Puerto Rico)		207,000			8,415
Sberbank of Russia, ADR (Russia)		467,600			4,716
Siam Commercial Bank PCL (Thailand) (B)		2,337,500			9,579
SpareBank 1 SR Bank ASA (Norway)		1,267,853			8,342
Srisawad Power 1979 PCL (Thailand)		3,550,205			4,076
Standard Chartered PLC (United Kingdom)*		1,171,318			9,385
Svenska Handelsbanken AB (Sweden)		672,300			9,331
					111,432
Healthcare — 8.6%
Ambu A/S, Cl B (Denmark)		28,191			1,089
Bayer AG (Germany)		33,191			3,126
Clinigen Group PLC (United Kingdom)		415,669			3,927
CYBERDYNE (Japan)*#		258,600			3,413
GN Store Nord A/S (Denmark)		165,393			3,220
Grifols SA (Spain)		262,044			5,131
Hypermarcas SA (Brazil)		14,387			110
ICON PLC (Ireland)*		76,354			5,775
M3 (Japan)		126,900			3,302
NMC Health PLC (United Kingdom)		309,899			5,232
Novartis AG (Switzerland)		100,766			6,945
Ono Pharmaceutical (Japan)		223,800			4,992
Roche Holding AG (Switzerland)		39,493			8,790
Shire PLC (United Kingdom)		81,347			4,738
Sysmex (Japan)		55,600			3,390
Teva Pharmaceutical Industries, ADR (Israel)		136,630			5,151
Vitrolife AB (Sweden)		50,267			2,018
					70,349
Industrials — 13.2%
ANDRITZ AG (Austria)		175,900			9,065
Ashtead Group PLC (United Kingdom)		375,604			7,356
BBA Aviation PLC (United Kingdom)		2,307,349			7,567
Caverion (Finland)#		254,238			1,752
dorma+kaba Holding AG (Switzerland)*		5,265			3,804
Geberit AG (Switzerland)		13,801			5,455
Hexagon AB, Cl B (Sweden)		75,931			2,692
Kingspan Group PLC (Ireland)		119,031			3,179
Kone OYJ, Cl B (Finland)		172,200			7,577
Konecranes OYJ (Finland)#		343,382			11,822
Loomis AB, Cl B (Sweden)		278,831			7,373
Nidec (Japan)		67,700			6,151
Rational AG (Germany)		8,286			3,647
Schneider Electric SE (France)		29,502			1,958
Siemens AG (Germany)		52,682			5,938
SMC (Japan)		18,926			5,483
Tomra Systems ASA (Norway)		317,882			3,174
TREVI Finanziaria Industriale SpA (Italy)*#		1,719,170			1,476
Vinci SA (France)		138,600			8,976
YIT OYJ (Finland)		440,538			3,522
					107,967
Information Technology — 12.2%
Aconex (Australia)*#		802,900			2,716
Alibaba Group Holding, ADR (China)*		85,596			8,048
Broadcom (Singapore)		23,082			3,935
CyberArk Software (Israel)*		84,792			4,325

See Notes to Financial Statements.

56

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

N o v e m b e r  3 0,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)
FOREIGN COMMON STOCKS — continued
Information Technology — continued
Dassault Systemes SA (France)		30,473	$	2,321
Infosys, ADR (India)		419,260		6,071
KCE Electronics PCL (Thailand)		1,287,262		4,344
Keyence (Japan)		6,835		4,727
LINE, ADR (Japan)*#		116,064		4,491
MercadoLibre (Argentina)		23,884		3,769
Mobileye NV (Israel)*		116,099		4,322
NCSoft (South Korea)		17,420		4,060
NXP Semiconductors NV (Netherlands)*		62,999		6,246
Samsung Electronics (South Korea)		7,711		11,475
SAP SE, ADR (Germany)#		81,731		6,802
Temenos Group AG (Switzerland)*		63,471		4,404
Tencent Holdings (Hong Kong)		439,847		10,953
Wirecard AG (Germany)		164,082		7,317
				100,326
Materials — 14.2%
Agnico Eagle Mines (Canada)#		72,389		2,971
BASF SE (Germany)		108,700		9,393
BHP Billiton PLC (United Kingdom)		33,699		555
BHP Billiton PLC, ADR (United Kingdom)		351,800		11,652
CRH PLC, ADR (Ireland)		149,357		4,945
Fortuna Silver Mines (Canada)*		417,878		2,536
Imerys SA (France)		114,552		7,976
James Hardie Industries PLC (Australia)		308,183		4,717
LANXESS AG (Germany)		168,400		10,415
Linde AG (Germany)		54,900		9,223
Methanex (Canada)		287,200		12,642
Randgold Resources, ADR (United Kingdom)#		38,244		2,749
Showa Denko KK (Japan)		767,500		10,511
Solvay SA (Belgium)		79,812		9,125
Symrise AG (Germany)		130,030		7,895
Syrah Resources (Australia)*#		163,372		335
Yara International ASA (Norway)		231,500		8,560
				116,200
Real Estate Investment Trusts — 2.4%
Daito Trust Construction (Japan)		23,925		3,729
Deutsche Wohnen AG (Germany)		127,797		3,937
Mitsubishi Estate (Japan)		275,000		5,627
VIB Vermoegen AG (Germany)		130,755		2,582
Yanlord Land Group (Singapore)		4,258,178		4,115
				19,990
Telecommunication Services — 4.2%
Deutsche Telekom AG (Germany)		445,761		7,015
Freenet AG (Germany)		218,119		5,561
KDDI (Japan)		361,700		9,471
Magyar Telekom Telecom- munications PLC (Hungary)		3,417,128		5,695
Safaricom (Kenya)		21,561,789		4,215
Telekomunikasi Indonesia
Persero Tbk PT, ADR (Indonesia)		95,232		2,676
				34,633
Utilities — 0.2%
Red Electrica SA (Spain)		95,204		1,693
				1,693

	Number of Shares		Value (000)
Total Foreign Common Stocks (Cost $749,091)			$	774,675
MONEY MARKET FUND — 5.4%
PNC Government Money Market Fund, Class I Shares 0.240%† (C) (D)		44,278,861		44,279
Total Money Market Fund (Cost $44,279)				44,279
Total Investments Before Short-Term Investments Purchased with Collateral from Securities Loaned – 99.8% (Cost $793,370)				818,954
SHORT-TERM INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 4.4%
Affiliated Money Market Fund — 3.4%
PNC Government Money Market Fund, Class I Shares 0.240%† (C)		27,965,828		27,966
Money Market Fund — 1.0%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (C)		8,437,800		8,438
Total Short-Term Investments Purchased With Collateral From Securities Loaned (Cost $36,404)‡				36,404
TOTAL INVESTMENTS — 104.2% (Cost $829,774)**				855,358
Other Assets & Liabilities – (4.2)%				(34,444	)
TOTAL NET ASSETS — 100.0%			$	820,914

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $831,196.

Gross unrealized appreciation (000)	$80,607
Gross unrealized depreciation (000)	(56,445)
Net unrealized appreciation (000)	$24,162

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

# Security fully or partially on loan. Total Value of Securities on Loan is $31,931 (000).

‡ See Note 9 in Notes to Financial Statements.

(A) Illiquid Security. Total value of illiquid securities is $0 (000) and represents less than 0.1% of net assets as of November 30, 2016.

(B) Security fair valued using methods approved by the Board of Trustees.

(C) The rate quoted is the annualized seven-day effective yield of the fund at period end.

(D) All or a portion of the security has been segregated on the Fund’s books and records 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 $7,399 (000) and represents 0.9% of net assets as of November 30, 2016.

See Notes to Financial Statements.

57

Futures Contracts:

Description	Number of Contracts		Notional Cost Amount (000)		Expiration Date		Unrealized Appreciation (000)
TOPIX Index Future		31		4,011		12/09/16		25

    Cash in the amount of $171,398 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 $4,447,958 have been segregated on the Fund’s books and records.

See Notes to Financial Statements.

58

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

N o v e m b e r   3 0,  2 0 1 6   ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Other Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Foreign Common Stocks:
Argentina		$	3,769		$	–		$	–		$	3,769
Australia			–			22,741			–			22,741
Austria			–			9,065			–			9,065
Belgium			4,362			9,125			–			13,487
Bermuda			–			–			–			–
Brazil			–			110			–			110
Canada			20,939			–			–			20,939
China			13,133			5,050			–			18,183
Denmark			–			12,628			–			12,628
Finland			–			24,673			–			24,673
France			–			44,359			–			44,359
Germany			6,802			98,180			–			104,982
Hong Kong			–			17,140			–			17,140
Hungary			–			5,695			–			5,695
India			13,563			–			–			13,563
Indonesia			2,676			–			–			2,676
Ireland			13,899			5,392			–			19,291
Israel			13,798			–			–			13,798
Italy			1,476			7,337			–			8,813
Japan			11,657			75,816			–			87,473
Kenya			6,134			–			–			6,134
Netherlands			6,246			6,829			–			13,075
Norway			–			33,023			–			33,023
Philippines			–			2,168			–			2,168
Puerto Rico			8,415			–			–			8,415
Russia			4,716			–			–			4,716
Singapore			8,050			–			–			8,050
South Africa			–			7,202			–			7,202
South Korea			–			24,820			–			24,820
Spain			–			11,260			–			11,260
Sweden			–			26,652			–			26,652
Switzerland			–			38,309			–			38,309
Taiwan			–			3,813						3,813
Thailand			–			27,770			–			27,770
United Kingdom			29,342			86,541			–			115,883
Money Market Fund			44,279			–			–			44,279
Short-Term Investments Purchased with Collateral From Securities Loaned			36,404			–			–			36,404
Total Assets - Investments in Securities		$	249,660		$	605,698		$	–		$	855,358

See Notes to Financial Statements.

59

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Other Financial Instruments
Futures Contracts		$	25		$	–		$	–		$	25
Total Assets - Other Financial Instruments		$	25		$	–		$	–		$	25

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value. As of November 30, 2016, such liabilities are categorized within the valuation hierarchy as follows:

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Liabilities:
Payable for collateral received for loaned securities		$	–		$	36,404		$	–		$	36,404
Total Liabilities -Collateral Received for Loaned Securities		$	–		$	36,404		$	–		$	36,404

There were no transfers between Level 1 and Level 2 during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

60

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

N o v e m b e r  3 0,  2 0 1 6  ( U n a u d i t e d )

At November 30, 2016, country diversification of the Fund was as follows:

Country Diversification	% of Net       Assets			Value         (000)
Foreign Common Stocks
United Kingdom		14.1	%		$115,883
Germany		12.8			104,982
Japan		10.7			87,473
France		5.4			44,359
Switzerland		4.7			38,309
Norway		4.0			33,023
Thailand		3.4			27,770
Sweden		3.2			26,652
South Korea		3.0			24,820
Finland		3.0			24,673
Australia		2.8			22,741
Canada		2.5			20,939
Ireland		2.3			19,291
China		2.2			18,183
Hong Kong		2.1			17,140
Israel		1.7			13,798
India		1.7			13,563
Belgium		1.6			13,487
Netherlands		1.6			13,075
Denmark		1.5			12,628
Spain		1.4			11,260
Austria		1.1			9,065
Italy		1.1			8,813
Puerto Rico		1.0			8,415
Singapore		1.0			8,050
South Africa		0.9			7,202
Kenya		0.7			6,134
Hungary		0.7			5,695
Russia		0.6			4,716
Taiwan		0.5			3,813
Argentina		0.5			3,769
Indonesia		0.3			2,676
Philippines		0.3			2,168
Brazil		0.0	*		110
Bermuda		0.0			–
Total Foreign Common Stocks		94.4			774,675
Money Market Fund		5.4	%		$44,279
Total Investments Before Collateral for Loaned Securities		99.8			818,954
Short-Term Investments Purchased with Collateral for Loaned Securities		4.4			36,404
Total Investments		104.2			855,358
Other Assets and Liabilities		(4.2	)		(34,444	)
Net Assets		100.0	%		$820,914

* Amount represents less than 0.1%.

See Notes to Financial Statements.

61

P N C   I n t e r n a t i o n a l  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value      (000)
FOREIGN COMMON STOCKS — 97.8%
Consumer Discretionary — 14.4%
Compass Group PLC (United Kingdom)		2,141		$37
Domino’s Pizza Enterprises (Australia)		506		25
Dufry AG (Switzerland)*		199		25
Gourmet Master (Taiwan)		3,805		32
Industria de Diseno Textil SA (Spain)		1,086		37
Just Eat PLC (United Kingdom)*		6,093		45
lululemon athletica (Canada)*		408		23
LVMH Moet Hennessy Louis Vuitton SE (France)		99		18
Pandora A/S (Denmark)		272		32
Sony, ADR (Japan)		2,063		60
TAL Education Group, ADR (China)*		555		42
XXL ASA (Norway) 144A		2,170		26
Zalando SE (Germany)* 144A		993		37
zooplus AG (Germany)*		126		16
				455
Consumer Staples — 10.3%
Anheuser-Busch InBev SA (Belgium)		359		37
Bellamy’s Australia (Australia)		3,540		32
BGF retail (South Korea)		304		23
Davide Campari-Milano SpA (Italy)		3,114		30
Heineken NV (Netherlands)		251		19
Kao (Japan)		573		27
Koninklijke Ahold Delhaize NV (Netherlands)		1,943		38
Nestle SA (Switzerland)		743		50
Puregold Price Club (Philippines)		23,100		18
Reckitt Benckiser Group PLC (United Kingdom)		607		51
				325
Financials — 9.5%
AIA Group (Hong Kong)		8,504		52
Cerved Information Solutions SpA (Italy)		2,365		19
Danske Bank A/S (Denmark)		1,281		37
Equity Group Holdings (Kenya)		57,221		17
FinecoBank Banca Fineco SpA (Italy)		1,882		10
HDFC Bank, ADR (India)		973		63
Nihon M&A Center (Japan)		968		26
Ping An Insurance Group of China, Cl H (China)		7,659		42
Srisawad Power 1979 PCL (Thailand)		29,875		34
				300
Healthcare — 15.3%
Ambu A/S, Cl B (Denmark)		235		9
Bayer AG (Germany)		280		26
Clinigen Group PLC (United Kingdom)		3,010		28
CYBERDYNE (Japan)*		2,164		29
GN Store Nord A/S (Denmark)		1,384		27
Grifols SA (Spain)		2,183		43
Hypermarcas SA (Brazil)		113		1
ICON PLC (Ireland)*		638		48
M3 (Japan)		1,100		29
NMC Health PLC (United Kingdom)		2,641		45
Ono Pharmaceutical (Japan)		1,826		41
Roche Holding AG, ADR (Switzerland)		2,643		73
Shire PLC (United Kingdom)		672		39
Sysmex (Japan)		500		30
Vitrolife AB (Sweden)		417		17
				485

	Number of Shares		Value      (000)
Industrials — 12.9%
Ashtead Group PLC (United Kingdom)		3,131		$61
dorma+kaba Holding AG (Switzerland)*		47		34
Geberit AG (Switzerland)		113		45
Hexagon AB, Cl B (Sweden)		632		22
Kingspan Group PLC (Ireland)		1,033		28
Nidec (Japan)		525		48
Rational AG (Germany)		70		31
Schneider Electric SE (France)		246		16
Siemens AG (Germany)		441		50
SMC (Japan)		158		46
Tomra Systems ASA (Norway)		2,643		26
				407
Information Technology — 21.6%
Aconex (Australia)*		6,568		22
Alibaba Group Holding, ADR (China)*		719		68
Broadcom (Singapore)		181		31
CyberArk Software (Israel)*		701		36
Dassault Systemes SA (France)		254		19
KCE Electronics PCL (Thailand)		10,285		35
Keyence (Japan)		57		39
LINE, ADR (Japan)*		960		37
MercadoLibre (Argentina)		191		30
Mobileye NV (Israel)*		962		36
NCSoft (South Korea)		142		33
NXP Semiconductors NV (Netherlands)*		527		52
SAP SE, ADR (Germany)		669		56
Temenos Group AG (Switzerland)*		515		36
Tencent Holdings (Hong Kong)		3,651		91
Wirecard AG (Germany)		1,372		61
				682
Materials — 4.7%
Agnico Eagle Mines (Canada)		586		24
CRH PLC, ADR (Ireland)		1,234		41
Fortuna Silver Mines (Canada)*		3,404		20
James Hardie Industries PLC (Australia)		2,423		37
Randgold Resources, ADR (United Kingdom)		319		23
Syrah Resources (Australia)*		1,356		3
				148
Real Estate Investment Trusts — 5.3%
Daito Trust Construction (Japan)		200		31
Deutsche Wohnen AG (Germany)		1,093		34
Mitsubishi Estate (Japan)		2,301		47
VIB Vermoegen AG (Germany)		1,090		21
Yanlord Land Group (Singapore)		35,842		35
				168
Telecommunication Services — 3.4%
Magyar Telekom Telecom-munications PLC (Hungary)		29,241		49
Safaricom (Kenya)		189,637		37
Telekomunikasi Indonesia Persero Tbk PT, ADR (Indonesia)		790		22
				108

See Notes to Financial Statements.

62

P N C   I n t e r n a t i o n a l  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value      (000)
FOREIGN COMMON STOCKS — continued
Utilities — 0.4%
Red Electrica SA (Spain)		798		$	14
					14
Total Foreign Common Stocks (Cost $2,985)					3,092
EXCHANGE-TRADED FUND — 1.0%
iShares MSCI Japan ETF†		648			33
Total Exchange-Traded Fund (Cost $32)					33

	Number of Shares		Value     (000)
MONEY MARKET FUND — 2.2%
PNC Government Money Market Fund,
Class I Shares 0.240%†   (A)		68,176		$68
Total Money Market Fund (Cost $68)				68
TOTAL INVESTMENTS — 101.0%
(Cost $3,085)**				3,193
Other Assets & Liabilities – (1.0)%				(31	)
TOTAL NET ASSETS — 100.0%				$3,162

* Non-income producing security.

**  Aggregate cost for Federal income tax purposes is (000) $3,085.

Gross unrealized appreciation (000)	$256
Gross unrealized depreciation (000)	(148)
Net unrealized appreciation (000)	$108

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

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 $63 (000) and represents 2.0% of net assets as of November 30, 2016.

See Notes to Financial Statements.

63

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total             Value             (000)
Assets:
Exchange-Traded Fund		$	33		$	–		$	–		$	33
Foreign Common Stocks:
Argentina			30			–			–			30
Australia			–			119			–			119
Belgium			37			–			–			37
Brazil			–			1			–			1
Canada			67			–			–			67
China			110			42			–			152
Denmark			–			105			–			105
France			–			53			–			53
Germany			56			276			–			332
Hong Kong			–			143			–			143
Hungary			–			49			–			49
India			63			–			–			63
Indonesia			22			–			–			22
Ireland			117			–			–			117
Israel			72			–			–			72
Italy			–			59			–			59
Japan			97			393			–			490
Kenya			54			–			–			54
Netherlands			52			57			–			109
Norway			–			52			–			52
Philippines			–			18			–			18
Singapore			66			–			–			66
South Korea			–			56			–			56
Spain			–			94			–			94
Sweden			–			39			–			39
Switzerland			74			189			–			263
Taiwan			–			32			–			32
Thailand			–			69			–			69
United Kingdom			51			278			–			329
Money Market Fund			68			–			–			68
Total Assets - Investments in Securities		$	1,069		$	2,124		$	–		$	3,193

The Fund held securities valued at $170 (000) as of May 31, 2016 that were transferred from Level 1 to Level 2 of the valuation hierarchy during the six-month period ended November 30, 2016. The common stocks that transferred from Level 1 to Level 2 did so as a result of foreign equities that were being valued based on quoted prices as of May 31, 2016 that are now being fair value adjusted as of November 30, 2016. The value of securities that were transferred to Level 2 as of November 30, 2016 is $166 (000). (See Note 2 in Notes to Financial Statements).

The Fund held securities valued at $24 (000) as of May 31, 2016 that were transferred from Level 2 to Level 1 of the valuation hierarchy during the six-month period ended November 30, 2016. The common stocks that transferred from Level 2 to Level 1 did so as a result of foreign equities that were fair value adjusted as of May 31, 2016 that are now being valued based on quoted prices as of November 30, 2016. The value of securities that were transferred to Level 1 as of November 30, 2016 is $28 (000). (See Note 2 in Notes to Financial Statements).

See Notes to Financial Statements.

64

P N C   I n t e r n a t i o n a l  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

At November 30, 2016, country diversification of the Fund was as follows:

Country Diversification	% of Net     Assets			Value             (000)
Foreign Common Stocks
Japan		15.5	%		$    490
Germany		10.5			332
United Kingdom		10.4			329
Switzerland		8.3			263
China		4.8			152
Hong Kong		4.5			143
Australia		3.8			119
Ireland		3.7			117
Netherlands		3.5			109
Denmark		3.3			105
Spain		3.0			94
Israel		2.3			72
Thailand		2.2			69
Canada		2.1			67
Singapore		2.1			66
India		2.0			63
Italy		1.9			59
South Korea		1.8			56
Kenya		1.7			54
France		1.7			53
Norway		1.6			52
Hungary		1.5			49
Sweden		1.2			39
Belgium		1.2			37
Taiwan		1.0			32
Argentina		0.9			30
Indonesia		0.7			22
Philippines		0.6			18
Brazil		0.0	*		1
Total Foreign Common Stocks		97.8			3,092
Exchange-Traded Fund		1.0			33
Money Market Fund		2.2			68
Total Investments		101.0			3,193
Other Assets and Liabilities		(1.0	)		(31	)
Net Assets		100.0	%		$3,162

* Amount represents less than 0.1%.

See Notes to Financial Statements.

65

P N C  L a r g e  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value         (000)
COMMON STOCKS — 98.1%
Consumer Discretionary — 14.0%
Burlington Stores*		2,950		$	259
CBS, Cl B		4,210			256
Comcast, Cl A		7,010			487
Dick’s Sporting Goods		3,670			217
Home Depot		3,420			443
Mohawk Industries*		1,060			209
NIKE, Cl B		5,420			272
O’Reilly Automotive*		1,290			354
Walt Disney		4,210			417
Wyndham Worldwide		3,350			241
					3,155
Consumer Staples — 9.0%
Altria Group		4,500			288
Constellation Brands, Cl A		2,880			435
Dr Pepper Snapple Group		4,660			404
Kraft Heinz		4,390			359
PepsiCo		3,690			369
Tyson Foods, Cl A		3,040			173
					2,028
Energy — 6.0%
Devon Energy		5,490			265
Exxon Mobil		3,307			289
Schlumberger (Curacao)		4,430			372
TOTAL SA, ADR (France)		9,120			435
					1,361
Financials — 16.6%
BNY Mellon		5,010			238
Citizens Financial Group		11,240			377
JPMorgan Chase		9,560			766
Morgan Stanley		7,460			308
Northern Trust		4,490			369
S&P Global		3,040			362
State Street		4,940			389
SunTrust Banks		7,572			393
Visa, Cl A		3,360			260
Wells Fargo		5,322			282
					3,744
Healthcare — 12.7%
Abbott Laboratories		5,440			207
Aetna		2,050			268
Amgen		2,840			409
Biogen*		910			268
Edwards Lifesciences*		2,970			246
Johnson & Johnson		4,799			534
Pfizer		13,000			418
Thermo Fisher Scientific		1,850			259
UnitedHealth Group		1,550			246
					2,855
Industrials — 11.4%
Cintas		2,580			296
Equifax		1,680			192
General Dynamics		2,130			374
General Electric		6,994			215
Honeywell International		2,880			328
Illinois Tool Works		2,510			314
Ingersoll-Rand PLC (Ireland)		3,230			241

	Number of Shares		Value         (000)
Northrop Grumman		1,500		$	374
Raytheon		1,600			239
					2,573
Information Technology — 17.9%
Accenture PLC, Cl A (Ireland)		2,210			264
Alphabet, Cl A*		839			651
Apple		5,088			562
Applied Materials		10,890			351
Cisco Systems		5,810			173
Facebook, Cl A*		4,700			557
Intel		6,350			220
Lam Research		3,740			396
Microsoft		4,180			252
Texas Instruments		5,310			393
Vantiv, ClA*		3,810			215
					4,034
Materials — 4.0%
Berry Plastics Group*		7,320			364
Dow Chemical		5,770			322
Vulcan Materials		1,760			221
					907
Real Estate Investment Trusts — 2.0%
Prologis REIT		5,040			256
Simon Property Group REIT		1,040			187
					443
Telecommunication Services — 1.8%
Verizon Communications		8,040			401
Utilities — 2.7%
American Water Works		3,200			232
WEC Energy Group		6,580			368
					600
Total Common Stocks
(Cost $20,015)					22,101
EXCHANGE-TRADED FUND — 1.5%
SPDR® S&P 500® ETF Trust		1,500			331
Total Exchange-Traded Fund (Cost $325)					331
MONEY MARKET FUND — 0.2%
PNC Government Money Market Fund, Class I Shares 0.240%† (A)		52,986			53
Total Money Market Fund (Cost $53)					53
TOTAL INVESTMENTS — 99.8%
(Cost $20,393)**					22,485
Other Assets & Liabilities – 0.2%					52
TOTAL NET ASSETS — 100.0%				$	22,537

See Notes to Financial Statements.

66

P N C  L a r g e  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $20,407.

Gross unrealized appreciation (000)	$2,451
Gross unrealized depreciation (000)	(373	)
Net unrealized appreciation (000)	$2,078

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Common Stocks		$	22,101		$	–		$	–		$	22,101
Exchange-Traded Fund			331			–			–			331
Money Market Fund			53			–			–			53
Total Assets - Investments in Securities		$	22,485		$	–		$	–		$	22,485

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

67

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value         (000)
COMMON STOCKS — 98.1%
Consumer Discretionary — 22.2%
Burlington Stores*		21,740		$	1,911
Carnival (Panama)		23,150			1,190
Charter Communications, Cl A*		5,110			1,407
Comcast, Cl A		29,940			2,081
Dick’s Sporting Goods		22,070			1,304
Domino’s Pizza		6,900			1,159
Home Depot		17,580			2,275
Mohawk Industries*		6,920			1,366
Newell Brands		25,880			1,217
NIKE, Cl B		15,360			769
O’Reilly Automotive*		5,380			1,477
Scripps Networks Interactive, Cl A		19,740			1,367
Vail Resorts		8,370			1,326
Walt Disney		9,990			990
					19,839
Consumer Staples — 9.3%
Altria Group		13,180			842
Constellation Brands, Cl A		7,210			1,090
Dr Pepper Snapple Group		9,070			787
Kraft Heinz		15,200			1,241
PepsiCo		21,580			2,160
Post Holdings*		14,580			1,113
Tyson Foods, Cl A		18,530			1,053
					8,286
Financials — 2.8%
Morgan Stanley		28,360			1,173
S&P Global		11,260			1,340
					2,513
Healthcare — 14.5%
Abbott Laboratories		21,240			809
Amgen		11,810			1,701
Biogen*		6,040			1,776
Celgene*		8,100			960
Edwards Lifesciences*		10,410			863
Johnson & Johnson		16,310			1,815
Pfizer		27,000			868
Quintiles IMS Holdings*		13,350			1,026
Thermo Fisher Scientific		10,630			1,489
UnitedHealth Group		10,320			1,634
					12,941
Industrials — 13.4%
Carlisle		10,240			1,149
Cintas		9,130			1,046
Equifax		8,040			920
General Dynamics		8,690			1,524
Honeywell International		9,650			1,099
Illinois Tool Works		8,140			1,019
Ingersoll-Rand PLC (Ireland)		19,160			1,428
Lockheed Martin		4,700			1,247
Northrop Grumman		5,460			1,363
Raytheon		8,110			1,213
					12,008
Information Technology — 29.8%
Accenture PLC, Cl A (Ireland)		11,870			1,418

	Number of Shares		Value         (000)
Alphabet, Cl A*		4,510		$	3,499
Amdocs (Guernsey)		21,860			1,289
Apple		36,306			4,013
Applied Materials		42,140			1,357
Arrow Electronics*		15,340			1,047
CDW		28,440			1,457
Facebook, Cl A*		25,860			3,062
Intel		37,150			1,289
Lam Research		17,120			1,815
Mastercard, Cl A		8,590			878
Microsoft		53,060			3,197
Texas Instruments		19,430			1,437
Vantiv, ClA*		15,080			851
					26,609
Materials — 5.2%
Berry Plastics Group*		31,400			1,563
Dow Chemical		23,520			1,310
International Flavors & Fragrances		6,750			817
Vulcan Materials		7,240			910
					4,600
Real Estate Investment Trust — 0.9%
Prologis REIT		16,600			845
Total Common Stocks
(Cost $79,647)					87,641
EXCHANGE-TRADED FUND — 1.2%
iShares Russell 1000 Growth ETF†		10,000			1,040
Total Exchange-Traded Fund (Cost $1,035)					1,040
MONEY MARKET FUND — 0.6%
PNC Government Money Market Fund, Class I Shares 0.240%† (A)		574,566			575
Total Money Market Fund (Cost $575)					575
TOTAL INVESTMENTS — 99.9%
(Cost $81,257)**					89,256
Other Assets & Liabilities – 0.1%					127
TOTAL NET ASSETS — 100.0%				$	89,383

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $81,320.

Gross unrealized appreciation (000)	$9,053
Gross unrealized depreciation (000)	(1,117)
Net unrealized appreciation (000)	$7,936

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

68

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Common Stocks		$	87,641		$	–		$	–		$	87,641
Exchange-Traded Fund			1,040			–			–			1,040
Money Market Fund			575			–			–			575
Total Assets - Investments in Securities		$	89,256		$	–		$	–		$	89,256

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

69

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value       (000)
COMMON STOCKS — 97.3%
Consumer Discretionary — 5.8%
Carnival (Panama)		31,270		$	1,607
Comcast, Cl A		21,400			1,487
Home Depot		7,610			985
Scripps Networks Interactive, Cl A		15,720			1,089
Time Warner		13,730			1,261
					6,429
Consumer Staples — 7.2%
Constellation Brands, Cl A		7,490			1,132
Ingredion		9,500			1,115
Kraft Heinz		20,920			1,708
PepsiCo		13,920			1,394
Spectrum Brands Holdings		12,930			1,550
Tyson Foods, Cl A		19,000			1,079
					7,978
Energy — 13.3%
BP PLC, ADR (United Kingdom)		33,250			1,164
Chevron		18,000			2,008
Devon Energy		37,800			1,827
Diamondback Energy*		11,270			1,216
Exxon Mobil		21,560			1,882
Schlumberger (Curacao)		30,100			2,530
TOTAL SA, ADR (France)		42,750			2,037
TransCanada (Canada)		22,760			1,020
Valero Energy		17,330			1,067
					14,751
Financials — 27.1%
AmTrust Financial Services		58,570			1,491
Bank of America		55,270			1,167
BNY Mellon		39,720			1,884
Cincinnati Financial		27,130			2,082
Citizens Financial Group		58,820			1,971
Discover Financial Services		29,250			1,982
JPMorgan Chase		70,590			5,659
KeyCorp		71,330			1,235
Marsh & McLennan		23,530			1,631
Morgan Stanley		51,320			2,123
Northern Trust		27,650			2,271
S&P Global		13,060			1,554
State Street		23,360			1,841
SunTrust Banks		35,890			1,865
Wells Fargo		26,310			1,392
					30,148
Healthcare — 10.1%
Abbott Laboratories		38,740			1,475
Johnson & Johnson		30,900			3,439
Merck		23,340			1,428
Pfizer		76,610			2,462
Thermo Fisher Scientific		9,060			1,270
UnitedHealth Group		7,190			1,138
					11,212
Industrials — 11.0%
Carlisle		10,880			1,220
Equifax		10,150			1,162
General Dynamics		8,000			1,403
General Electric		34,680			1,067
Honeywell International		8,340			950

	Number of Shares		Value       (000)
Illinois Tool Works		9,830		$	1,231
Ingersoll-Rand PLC (Ireland)		17,660			1,316
Northrop Grumman		8,240			2,057
Raytheon		12,140			1,816
					12,222
Information Technology — 9.6%
Accenture PLC, Cl A (Ireland)		9,690			1,157
Amdocs (Guernsey)		18,490			1,090
CDW		30,640			1,570
Cisco Systems		40,050			1,194
Intel		82,070			2,848
Lam Research		14,060			1,491
Texas Instruments		17,740			1,312
					10,662
Materials — 3.4%
Berry Plastics Group*		25,290			1,259
Dow Chemical		25,000			1,393
Vulcan Materials		8,520			1,070
					3,722
Real Estate Investment Trusts — 2.2% Prologis REIT		29,700			1,512
Simon Property Group REIT		5,430			975
					2,487
Telecommunication Services — 2.5%
AT&T		42,060			1,625
Verizon Communications		23,630			1,179
					2,804
Utilities — 5.1%
American Electric Power		16,580			979
American Water Works		24,510			1,776
DTE Energy		11,220			1,044
WEC Energy Group		16,300			913
Xcel Energy		24,750			966
					5,678
Total Common Stocks (Cost $99,099)					108,093
EXCHANGE-TRADED FUND — 1.5%
iShares Russell 1000 Value ETF†		15,000			1,649
Total Exchange-Traded Fund (Cost $1,537)					1,649
MONEY MARKET FUND — 1.0%
PNC Government Money Market Fund, Class I Shares 0.240%† (A)		1,155,545			1,156
Total Money Market Fund (Cost $1,156)					1,156
TOTAL INVESTMENTS — 99.8% (Cost $101,792)**					110,898
Other Assets & Liabilities – 0.2%					223
TOTAL NET ASSETS — 100.0%				$	111,121

See Notes to Financial Statements.

70

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $101,928.

Gross unrealized appreciation (000)	$10,753
Gross unrealized depreciation (000)	(1,783)
Net unrealized appreciation (000)	$   8,970

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Common Stocks		$	108,093		$	–		$	–		$	108,093
Exchange-Traded Fund			1,649			–			–			1,649
Money Market Fund			1,156			–			–			1,156
Total Assets - Investments in Securities		$	110,898		$	–		$	–		$	110,898

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

71

P N C   M i d   C a p   I n d e x   F u n d

C O N D E N S E D  S C H E D U L E  O F  I N V E S T M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)			Percentage of Net Assets†
COMMON STOCKS — 97.0%
Consumer Discretionary — 11.3%
Domino’s Pizza		158		$	27		0.4%
Other Securities		18,248			634		10.9%
					661		11.3%
Consumer Staples — 4.1%
Ingredion		267			31		0.5%
WhiteWave Foods*		647			36		0.6%
Other Securities		4,928			172		3.0%
					239		4.1%
Energy — 3.9%
Other Securities		10,705			229		3.9%
Financials — 15.4%
Alleghany*		58			33		0.6%
Everest Re Group (Bermuda)		144			30		0.5%
FactSet Research Systems		156			25		0.4%
MSCI		343			27		0.5%
New York Community Bancorp		1,873			30		0.5%
Raymond James Financial		421			30		0.5%
Reinsurance Group of America		220			27		0.5%
SEI Investments		517			24		0.4%
Signature Bank*		204			31		0.5%
SVB Financial Group*		163			26		0.4%
Other Securities		19,386			618		10.6%
					901		15.4%
Healthcare — 7.6%
Align Technology*		279			26		0.5%
IDEXX Laboratories*		318			37		0.6%
MEDNAX*		372			24		0.4%
ResMed		550			34		0.6%
Teleflex		195			29		0.5%
Other Securities		5,636			291		5.0%
					441		7.6%
Industrials — 14.4%
A.O. Smith		556			27		0.5%
Carlisle		242			27		0.5%
Huntington Ingalls Industries		176			31		0.5%
IDEX		283			27		0.5%
JetBlue Airways*		1,191			24		0.4%
Wabtec		329			28		0.5%
Other Securities		11,948			673		11.5%
					837		14.4%
Information Technology — 16.4%
ANSYS*		321			30		0.5%
Broadridge Financial Solutions		451			29		0.5%
Cadence Design Systems*		1,104			29		0.5%
CDK Global		584			34		0.6%
Computer Sciences		460			28		0.5%
Gartner*		340			35		0.6%
Jack Henry & Associates		311			27		0.5%
Synopsys*		529			32		0.5%
Trimble Navigation*		894			25		0.4%
Other Securities		20,447			689		11.8%
					958		16.4%

	Number of Shares		Value (000)				Percentage of Net Assets†
Materials — 7.4%
Ashland Global Holdings		234		$	26			0.4%
Packaging Corporation of America		312			27			0.5%
RPM International		532			28			0.5%
Steel Dynamics		838			30			0.5%
Valspar		291			30			0.5%
Other Securities		5,978			289			5.0%
					430			7.4%
Real Estate Investment Trusts — 11.2%
Alexandria Real Estate Equities REIT		283			31			0.5%
Camden Property Trust REIT		340			27			0.5%
Duke Realty REIT		1,349			34			0.6%
Kilroy Realty REIT		331			24			0.4%
Mid-America Apartment Com-munities REIT		310			28			0.5%
National Retail Properties REIT		579			25			0.4%
Regency Centers REIT		411			27			0.5%
Other Securities		13,944			455			7.8%
					651			11.2%
Telecommunication Services — 0.2%
Other Securities		379			10			0.2%
Utilities — 5.1%
Atmos Energy		400			29			0.5%
UGI		632			28			0.5%
Westar Energy		511			29			0.5%
Other Securities		5,416			213			3.6%
					299			5.1%
Total Common Stocks (Cost $4,745)					5,656			97.0%
EXCHANGE-TRADED FUND — 1.1%
SPDR® S&P MidCap 400® ETF Trust		226			67			1.1%
Total Exchange-Traded Fund (Cost $62)					67			1.1%
MONEY MARKET FUND — 2.1%
PNC Government Money Market Fund,
Class I Shares 0.240%††(A)		121,004			121			2.1%
Total Money Market Fund (Cost $121)					121			2.1%
TOTAL INVESTMENTS — 100.2%
(Cost $4,928)**					5,844			100.2%
Other Assets & Liabilities					(13	)		(0.2)%
TOTAL NET ASSETS				$	5,831			100.0%

See Notes to Financial Statements.

72

P N C  M i d   C a p  I n d e x  F u n d

C O N D E N S E D  S C H E D U L E  O F  I N V E S T M E N T S

N o v e m b e r  3 0 ,  2 0 1 6   ( U n a u d i t e d )

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $5,117.

Gross unrealized appreciation (000)	$829
Gross unrealized depreciation (000)	(102)
Net unrealized appreciation (000)	$727

† “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1.0% of the net assets of the Fund or an investment in an affiliate. Some of the individual securities within this category may include non-income producing securities.

†† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s largest 50 holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the SEC. The complete Schedule of Investments is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov.

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Common Stocks		$	5,656		$	–		$	–		$	5,656
Exchange-Traded Fund			67			–			–			67
Money Market Fund			121			–			–			121
Total Assets - Investments in Securities		$	5,844		$	–		$	–		$	5,844

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

73

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value      (000)
COMMON STOCKS — 95.6%
Consumer Discretionary — 11.1%
Bright Horizons Family Solutions*		40,140		$	2,763
Cavco Industries*		31,172			2,947
Churchill Downs		24,692			3,780
DeVry Education Group		55,915			1,669
GNC Holdings, Cl A		70,952			1,025
Golden Entertainment*		93,306			1,159
Helen of Troy (Bermuda)*		13,314			1,133
Liberty Global PLC, Cl A (United Kingdom)*		85,720			1,850
NACCO Industries, Cl A		32,527			3,090
Papa John’s International		20,370			1,800
Party City Holdco*		86,372			1,386
Pool		10,342			1,041
Standard Motor Products		61,583			3,076
Vista Outdoor*		31,615			1,269
Wolverine World Wide		82,531			1,859
					29,847
Consumer Staples — 3.1%
Adecoagro SA (Luxembourg)*		236,621			2,598
Fresh Del Monte Produce		42,475			2,634
SpartanNash		85,063			3,080
					8,312
Energy — 1.1%
Cosan, Cl A (Bermuda)		251,073			1,805
EnLink Midstream#		60,830			1,113
					2,918
Financials — 19.2%
Allegiance Bancshares*		44,830			1,372
Argo Group International Holdings (Bermuda)		58,553			3,715
Banco Macro SA, ADR (Argentina)		13,017			901
Banner		26,480			1,380
Capital Bank Financial, Cl A		77,111			2,761
CenterState Banks		123,636			2,772
Employers Holdings		93,522			3,306
Essent Group (Bermuda)*		51,330			1,567
FBL Financial Group, Cl A		30,418			2,328
Fidelity Southern		94,322			2,103
First Busey		104,444			2,863
First Financial Bancorp		98,822			2,648
First Merchants		51,637			1,773
First Midwest Bancorp		57,662			1,400
Hope Bancorp		122,228			2,432
KCG Holdings, Cl A*		225,766			3,192
Mercantile Bank		91,245			2,994
Meta Financial Group		26,880			2,445
OneBeacon Insurance Group, Cl A		180,252			2,767
South State		55,620			4,725
WSFS Financial		51,092			2,179
					51,623
Healthcare — 13.2%
Akorn*		41,021			870
ANI Pharmaceuticals*		51,918			3,060
Cantel Medical		50,926			4,154
Dyax* (A) (B)		51,786			57
Exelixis*		131,710			2,229
Flamel Technologies SA, ADR (France)*		88,046			935
Glaukos*		44,052			1,375
ICON PLC (Ireland)*		45,071			3,409

	Number of Shares		Value      (000)
INC Research Holdings, Cl A*		23,727		$	1,175
Ironwood Pharmaceuticals*		165,967			2,590
MacroGenics*		41,319			1,071
Medidata Solutions*		34,643			1,913
Molina Healthcare*		21,911			1,158
Natus Medical*		43,536			1,735
PAREXEL International*		22,455			1,325
Supernus Pharmaceuticals*		108,534			2,339
U.S. Physical Therapy		43,984			2,815
Vanda Pharmaceuticals*		201,224			3,310
					35,520
Industrials — 12.9%
AECOM*		36,301			1,320
American Woodmark*		20,000			1,533
CECO Environmental		119,520			1,696
Comfort Systems USA		82,457			2,655
Curtiss-Wright		26,282			2,642
Douglas Dynamics		57,348			1,832
EMCOR Group		49,263			3,417
EnerSys		40,152			3,195
Hawaiian Holdings*		47,246			2,426
Moog, Cl A*		43,129			3,012
Multi-Color		33,389			2,401
RBC Bearings*		25,837			2,190
TriNet Group*		112,682			2,843
Universal Forest Products		36,363			3,612
					34,774
Information Technology — 19.5%
8x8*		115,766			1,580
Anixter International*		33,424			2,612
Aspen Technology*		31,649			1,672
Barracuda Networks*		57,737			1,273
CACI International, Cl A*		18,991			2,457
CoreLogic*		76,755			2,896
Euronet Worldwide*		21,645			1,552
EVERTEC (Puerto Rico)		202,879			3,703
ExlService Holdings*		43,352			2,062
Globant SA (Luxembourg)*#		43,711			1,498
Kulicke & Soffa Industries*		162,248			2,503
Littelfuse		20,346			2,966
Mellanox Technologies (Israel)*		69,508			2,881
Microsemi*		71,362			3,907
MKS Instruments		48,863			2,812
Novanta (Canada)*		111,517			2,258
Plantronics		50,725			2,629
Qualys*		39,722			1,319
Sanmina*		88,816			2,918
Silicon Laboratories*		48,870			3,243
Take-Two Interactive Software*		53,772			2,647
Tech Data*		12,608			1,070
					52,458
Materials — 6.2%
AEP Industries		34,016			4,009
Innophos Holdings		76,325			4,161
Minerals Technologies		33,657			2,726
Neenah Paper		23,209			1,970
PolyOne		45,127			1,488
SunCoke Energy*		213,090			2,434
					16,788

See Notes to Financial Statements.

74

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value      (000)
COMMON STOCKS — continued
Real Estate Investment Trusts — 5.1%
Agree Realty REIT		70,625		$	3,170
American Assets Trust REIT		34,732			1,391
CoreCivic REIT		125,309			2,846
CorEnergy Infrastructure Trust REIT		5,332			175
Post Properties REIT		20,386			1,326
PS Business Parks REIT		23,907			2,671
Summit Hotel Properties REIT		144,542			2,055
					13,634
Telecommunication Services — 1.2%
Boingo Wireless*		108,714			1,326
IDT, Cl B		84,297			1,785
					3,111
Utilities — 3.0%
NRG Yield, Cl C		147,629			2,266
Pampa Energia SA, ADR (Argentina)*		53,481			1,868
SJW Group		44,406			2,383
WGL Holdings		20,380			1,479
					7,996
Total Common Stocks (Cost $210,214)					256,981
MASTER LIMITED PARTNERSHIPS — 1.8%
Energy — 1.2%
Alliance Resource Partners LP		133,136			3,156
Financials — 0.6% Ares Management LP#		93,357			1,596
Total Master Limited Partnerships (Cost $4,131)					4,752

	Number of Shares		Value     (000)
MONEY MARKET FUND — 4.9%
PNC Government Money Market Fund, Class I Shares 0.240%† (C)		13,095,966		$   13,096
Total Money Market Fund (Cost $13,096)				13,096
Total Investments Before Short-Term Investments Purchased with Collateral from Securities Loaned – 102.3% (Cost $227,441)				274,829
SHORT-TERM INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 1.1%
Affiliated Money Market Fund — 0.8%
PNC Government Money Market Fund, Class I Shares 0.240%† (C)		2,263,009		2,263
Money Market Fund — 0.3%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (C)		682,791		683
Total Short-Term Investments Purchased With Collateral From Securities Loaned (Cost $2,946)‡				2,946
TOTAL INVESTMENTS — 103.4% (Cost $230,387)**				277,775
Other Assets & Liabilities – (3.4)%				(9,035	)
TOTAL NET ASSETS — 100.0%				$268,740

* Non-income producing security.

**   Aggregate cost for Federal income tax purposes is (000) $231,227.

Gross unrealized appreciation (000)	$50,255
Gross unrealized depreciation (000)	(3,707	)
Net unrealized appreciation (000)	$46,548

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

# Security fully or partially on loan. Total Value of Securities on Loan is $2,982 (000).

‡ See Note 9 in Notes to Financial Statements.

(A) Illiquid Security. Total value of illiquid securities is $57 (000) and represents less than 0.1% of net assets as of November 30, 2016.

(B) Security fair valued using methods approved by the Board of Trustees.

(C) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

75

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value         (000)
Assets:
Common Stocks		$	256,924		$	–		$	57		$	256,981
Master Limited Partnerships			4,752			–			–			4,752
Money Market Fund			13,096			–			–			13,096
Short-Term Investments Purchased With Collateral From Securities Loaned			2,946			–			–			2,946
Total Assets - Investments in Securities		$	277,718		$	–		$	57		$	277,775

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value. As of November 30, 2016, such liabilities are categorized within the valuation hierarchy as follows:

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value         (000)
Liabilities:
Payable for collateral received for loaned securities		$	–		$	2,946		$	–		$	2,946
Total Liabilities - Collateral Received for Loaned Securities		$	–		$	2,946		$	–		$	2,946

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

76

P N C  M u l t i - F a c t o r  S m a l l  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

N o v e m b e r  3 0 ,  2 0 16   ( U n a u d i t e d )

	Number  of Shares		Value      (000)
COMMON STOCKS — 99.9%
Consumer Discretionary — 15.8%
American Axle & Manufacturing Holdings*		60,808		$	952
Bright Horizons Family Solutions*		18,385			1,265
CalAtlantic Group		24,398			815
Cavco Industries*		10,794			1,021
Churchill Downs		7,412			1,135
Drew Industries		8,291			871
Francesca’s Holdings*		52,820			844
Grand Canyon Education*		15,726			898
Helen of Troy (Bermuda)*		13,581			1,156
Horizon Global*		50,045			1,151
Iconix Brand Group*		85,122			764
NACCO Industries, Cl A		10,962			1,041
Papa John’s International		7,060			624
Party City Holdco*		61,444			986
Pool		13,758			1,384
Standard Motor Products		11,300			564
Tenneco*		15,890			937
Thor Industries		10,045			1,010
ZAGG*		91,330			603
					18,021
Consumer Staples — 2.8%
Fresh Del Monte Produce		27,834			1,726
J&J Snack Foods		8,650			1,050
Nomad Foods (Virgin Islands)*		43,746			412
					3,188
Energy — 1.3%
EP Energy, Cl A*#		165,983			881
U.S. Silica Holdings		11,200			567
					1,448
Financials — 5.3%
BNC Bancorp		37,601			1,135
Employers Holdings		30,639			1,083
First Busey		48,150			1,320
First Commonwealth Financial		51,963			656
Horace Mann Educators		19,273			774
Navigators Group		10,780			1,136
					6,104
Healthcare — 24.1%
Amphastar Pharmaceuticals*		68,810			1,395
Array BioPharma*		125,044			1,012
BioSpecifics Technologies*		20,822			1,028
Cambrex*		12,908			647
Cantel Medical		24,826			2,025
Charles River Laboratories International*		10,471			744
Cotiviti Holdings*		36,333			1,082
CryoLife		31,600			621
Cytokinetics*		101,049			1,213
Dyax* (A) (B)		28,169			31
Eagle Pharmaceutical*#		16,886			1,333
Exelixis*		60,767			1,028
HealthSouth		25,481			1,062
HMS Holdings*		25,593			469
ICON PLC (Ireland)*		17,485			1,323
INC Research Holdings, Cl A*		24,833			1,229
Lannett*#		18,808			431
Lantheus Holdings*		75,552			688
Ligand Pharmaceuticals*		7,694			803

	Number  of Shares		Value      (000)
Masimo*		9,092	$	563
Medidata Solutions*		14,279		789
Molina Healthcare*		28,567		1,510
Momenta Pharmaceuticals*		70,601		999
Omnicell*		28,959		1,038
PAREXEL International*		10,719		632
Penumbra*		12,717		787
PRA Health Sciences*		9,714		522
Supernus Pharmaceuticals*		54,619		1,177
Xencor*		52,127		1,332
				27,513
Industrials — 16.6%
AZZ		17,538		1,142
Beacon Roofing Supply*		24,362		1,130
Comfort Systems USA		47,182		1,519
Curtiss-Wright		13,800		1,387
Deluxe		15,645		1,059
Douglas Dynamics		25,356		810
Dycom Industries*		8,924		654
EnerSys		8,211		653
Global Brass & Copper Holdings		31,953		915
Healthcare Services Group		26,564		1,035
John Bean Technologies		16,652		1,502
Matthews International, Cl A		31,998		2,328
Mueller Industries		34,444		1,309
Multi-Color		10,096		726
National Presto Industries#		10,713		1,019
Patrick Industries*		16,260		1,160
Teledyne Technologies*		4,795		599
				18,947
Information Technology — 22.4%
Aspen Technology*		28,273		1,494
Belden		11,036		816
Cardtronics PLC, Cl A (United Kingdom)*		11,629		575
ChipMOS TECHNOLOGIES, ADR (Taiwan)		34,728		549
CoreLogic*		31,126		1,174
Euronet Worldwide*		19,173		1,375
EVERTEC (Puerto Rico)		73,051		1,333
Exar*		108,359		1,083
ExlService Holdings*		31,609		1,503
Fair Isaac		13,221		1,503
Integrated Device Technology*		31,161		729
j2 Global		11,755		864
LogMeIn		9,068		915
Methode Electronics		36,946		1,365
Microsemi*		43,193		2,365
NETGEAR*		20,387		1,095
NIC		69,610		1,747
RealPage*		44,413		1,270
RingCentral, Cl A*		36,162		779
Sanmina*		18,046		593
Sapiens International NV (Curacao)		70,571		1,045
Silicon Laboratories*		22,373		1,485
				25,657
Materials — 6.3%
AEP Industries		9,667		1,139
GCP Applied Technologies*		39,062		1,094
Graphic Packaging Holding		45,630		574
Innospec		25,172		1,654

See Notes to Financial Statements.

77

	Number of Shares		Value      (000)
COMMON STOCKS — continued
Materials — continued
Neenah Paper		23,625	$	2,006
Orion Engineered Carbons SA (Luxembourg)		39,296		750
				7,217
Real Estate Investment Trusts — 3.5%
GEO Group REIT		25,594		851
Gladstone Commercial REIT		29,663		546
Rayonier REIT		40,692		1,079
RE/MAX Holdings, Cl A REIT		17,116		839
Ryman Hospitality Properties REIT		10,821		637
				3,952
Telecommunication Services — 0.8%
Boingo Wireless*		79,704		972
Utilities — 1.0%
SJW Group		11,344		609
Unitil		13,298		565
				1,174
Total Common Stocks				.
(Cost $94,778)				114,193
MONEY MARKET FUND — 0.1%
PNC Government Money Market Fund, Class I Shares 0.240%† (C)		166,359		166
Total Money Market Fund (Cost $166)				166
Total Investments Before Short-Term Investments Purchased with Collateral from Securities Loaned – 100.0%
(Cost $94,944)				114,359

	Number of Shares		Value      (000)
SHORT-TERM INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 2.6%
Affiliated Money Market Fund — 2.0%
PNC Government Money Market Fund, Class I Shares 0.240%† (C)		2,294,997		$2,295
Money Market Fund — 0.6%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (C)		692,442		692
Total Short-Term Investments Purchased With Collateral From Securities Loaned
(Cost $2,987)‡				2,987
TOTAL INVESTMENTS — 102.6%
(Cost $97,931)**				117,346
Other Assets & Liabilities – (2.6)%				(2,999	)
TOTAL NET ASSETS — 100.0%				$114,347

* Non-income producing security.

**   Aggregate cost for Federal income tax purposes is (000) $98,348.

Gross unrealized appreciation (000)	$20,316
Gross unrealized depreciation (000)	(1,318	)
Net unrealized appreciation (000)	$18,998

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

# Security fully or partially on loan. Total Value of Securities on Loan is $3,110 (000).

‡ See Note 9 in Notes to Financial Statements.

(A) Illiquid Security. Total value of illiquid securities is $31 (000) and represents less than 0.1% of net assets as of November 30, 2016.

(B) Security fair valued using methods approved by the Board of Trustees.

(C) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

78

P N C   M u l t i-F a c t o r   S m a l l   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

N o v e m b e r  30,  2 0 1 6   (U n a u d i t e d)

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value         (000)
Assets:
Common Stocks		$	114,162		$	–		$	31		$	114,193
Money Market Fund			166			–			–			166
Short-Term Investments Purchased With Collateral From Securities Loaned			2,987			–			–			2,987
Total Assets - Investments in Securities		$	117,315		$	–		$	31		$	117,346

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value. As of November 30, 2016, such liabilities are categorized within the valuation hierarchy as follows:

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value         (000)
Liabilities:
Payable for collateral received for loaned securities		$	–		$	2,987		$	–		$	2,987
Total Liabilities - Collateral Received for Loaned Securities		$	–		$	2,987		$	–		$	2,987

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

79

P N C  M ul t i - F a c t o r  S m a l l  C a p  Va 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

N o v e m b e r  3 0,  2 0 1 6  ( U n a u d i t e d )

	Number  of Shares		Value      (000)
COMMON STOCKS — 97.7%
Consumer Discretionary — 7.8%
Amaya (Canada)*#		7,316		$	106
American Axle & Manufacturing Holdings*		20,195			316
Conn’s*#		17,015			191
Cooper-Standard Holding*		1,594			152
Ethan Allen Interiors		6,377			220
Francesca’s Holdings*		7,731			124
LGI Homes*		4,024			131
Lithia Motors, Cl A		1,953			180
Meredith		3,937			219
NACCO Industries, Cl A		1,254			119
Smith & Wesson Holding*#		4,888			114
Starz, Cl A*		4,683			159
Steven Madden*		7,961			295
					2,326
Consumer Staples — 3.6%
Alliance One International*		8,902			132
B&G Foods		4,730			202
Natural Health Trends#		6,233			158
SpartanNash		10,190			369
Universal		3,676			202
					1,063
Energy — 2.4%
Archrock		10,469			141
Cosan, Cl A (Bermuda)		47,440			341
Hallador Energy		25,739			236
					718
Financials — 32.0%
American Equity Investment Life Holding		10,085			209
Ares Commercial Real Estate REIT		43,114			583
Banco Latinoamericano de Comercio Exterior SA, Cl E (Panama)		21,948			625
Brookline Bancorp		12,472			186
Camden National		4,149			162
Cardinal Financial		23,915			764
Citizens & Northern		5,455			130
Community Bank System		4,398			249
CYS Investments REIT		49,465			398
Dime Community Bancshares		16,021			300
Dynex Capital REIT		39,139			270
EMC Insurance Group		4,660			129
First BanCorp (Puerto Rico)*		66,930			396
First Commonwealth Financial		30,058			379
FNB		9,699			148
Fulton Financial		25,710			456
Genworth Financial, Cl A*		31,075			133
Heartland Financial USA		5,064			217
Horace Mann Educators		6,538			263
Huntington Bancshares		14,469			180
Lakeland Bancorp		10,891			191
Maiden Holdings (Bermuda)		39,401			607
MTGE Investment REIT		11,781			197
NMI Holdings, Cl A*		20,148			173
Prospect Capital#		57,269			461
S&T Bancorp		6,429			228
South State		1,777			151
Stonegate Bank		3,696			144
Umpqua Holdings		15,473			275
Univest Corporation of Pennsylvania		8,780			251

	Number  of Shares		Value      (000)
Waterstone Financial		14,127		$	253
World Acceptance*		7,426			418
					9,526
Healthcare — 2.9%
AMAG Pharmaceuticals*		3,786			126
INC Research Holdings, Cl A*		2,858			141
Landauer		4,652			230
Meridian Bioscience		9,694			168
Supernus Pharmaceuticals*		9,212			199
					864
Industrials — 15.2%
AAR		21,941			809
American Railcar Industries#		12,588			565
Argan		3,709			224
Barrett Business Services		4,291			250
Ennis		13,009			210
General Cable		15,956			299
Global Brass & Copper Holdings		3,892			112
Greenbrier#		8,375			325
National Presto Industries		1,560			148
Navigant Consulting*		13,587			336
Ritchie Bros. Auctioneers (Canada)		6,190			237
RPX*		15,103			158
Viad		3,537			155
Wabash National*		33,464			461
Wesco Aircraft Holdings*		15,967			236
					4,525
Information Technology — 12.8%
Actua*		12,023			163
Bazaarvoice*		27,660			147
Bel Fuse, Cl B		9,365			274
Canadian Solar (Canada)*#		10,199			118
EVERTEC (Puerto Rico)		17,543			320
Intersil, Cl A		7,791			173
Knowles*		12,324			198
ManTech International, Cl A		4,119			177
Mentor Graphics		4,814			176
Net 1 UEPS Technologies*		26,560			303
Photronics*		11,826			118
Plexus*		3,235			165
Sanmina*		20,868			685
Tech Data*		3,429			291
Tessera Technologies		4,953			196
Xcerra*		32,347			205
Zynga, Cl A*		38,431			110
					3,819
Materials — 4.3%
Braskem SA, ADR (Brazil)		33,724			550
Chase		2,616			211
Clearwater Paper*		1,824			114
Hecla Mining		24,902			151
Olympic Steel		5,849			143
SunCoke Energy*		9,963			114
					1,283
Real Estate Investment Trusts — 9.1%
Ashford Hospitality Trust REIT		65,898			463
CoreSite Realty REIT		2,929			207

See Notes to Financial Statements.

80

P N C   M u l t i - F a c t 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

N o v e m b e r   3 0,   2 0 1 6  ( U n a u d i t e d )

	Number  of Shares		Value      (000)
COMMON STOCKS — continued
Real Estate Investment Trusts — continued
DiamondRock Hospitality REIT		40,282		$	427
Forestar Group REIT*		13,514			181
Monmouth Real Estate Investment REIT		21,435			301
NorthStar Realty Finance REIT		10,747			163
Select Income REIT		14,942			365
Summit Hotel Properties REIT		27,654			393
Xinyuan Real Estate, ADR (Cayman Islands) REIT#		38,413			212
					2,712
Telecommunication Services — 1.7%
8x8*		17,820			243
Consolidated Communications Holdings		9,085			260
					503
Utilities — 5.9%
Cia Paranaense de Energia, Cl P, ADR (Brazil)		61,000			520
El Paso Electric		5,052			228
NorthWestern		7,036			395
Otter Tail		3,268			125
Spire		7,585			489
					1,757
Total Common Stocks
(Cost $25,633)					29,096
MASTER LIMITED PARTNERSHIP — 1.5%
Energy — 1.5%
Alliance Resource Partners LP		18,678			443
Total Master Limited Partnership
(Cost $442)					443
MONEY MARKET FUND — 0.9%
PNC Government Money Market Fund, Class I Shares 0.240%† (A)		276,059			276
Total Money Market Fund
(Cost $276)					276
Total Investments Before Short-Term Investments Purchased with Collateral from Securities Loaned – 100.1%
(Cost $26,351)					29,815

	Number  of Shares		Value      (000)
SHORT-TERM INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 6.7%
Affiliated Money Market Fund — 5.2%
PNC Government Money Market Fund, Class I Shares 0.240%† (A)		1,542,957		$1,543
Money Market Fund — 1.5%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (A)		465,538		465
Total Short-Term Investments Purchased With Collateral From Securities Loaned (Cost $2,008)‡				2,008
TOTAL INVESTMENTS — 106.8%
(Cost $28,359)**				31,823
Other Assets & Liabilities – (6.8)%				(2,022	)
TOTAL NET ASSETS — 100.0%				$29,801

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $28,452.

Gross unrealized appreciation (000)	$4,353
Gross unrealized depreciation (000)	(982)
Net unrealized appreciation (000)	$3,371

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

# Security fully or partially on loan. Total Value of Securities on Loan is $1,985 (000).

‡ See Note 9 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

81

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value         (000)
Assets:
Common Stocks		$	29,096		$	–		$	–		$	29,096
Master Limited Partnership			443			–			–			443
Money Market Fund			276			–			–			276
Short-Term Investments Purchased With Collateral From Securities Loaned			2,008			–			–			2,008
Total Assets - Investments in Securities		$	31,823		$	–		$	–		$	31,823

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value. As of November 30, 2016, such liabilities are categorized within the valuation hierarchy as follows:

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value         (000)
Liabilities:
Payable for collateral received for loaned securities		$	–		$	2,008		$	–		$	2,008
Total Liabilities - Collateral Received for Loaned Securities		$	–		$	2,008		$	–		$	2,008

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

82

P N C  S & P  5 0 0  I n d e x  F u n d

C O N D E N S E D  S C H E D U L E  O F  I N V E S T M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value   (000)			Percentage of Net Assets†
COMMON STOCKS — 99.1%
Consumer Discretionary — 12.3%
Amazon.com*		3,391		$	2,545		1.5%
Comcast, Cl A		20,473			1,423		0.9%
Home Depot		10,663			1,380		0.8%
McDonald’s		7,347			876		0.5%
Starbucks		12,751			739		0.5%
Walt Disney		12,914			1,280		0.8%
Other Securities		225,858			12,087		7.3%
					20,330		12.3%
Consumer Staples — 9.2%
Altria Group		17,109			1,094		0.7%
Coca-Cola		33,792			1,363		0.8%
PepsiCo		12,437			1,245		0.8%
Philip Morris International		13,409			1,184		0.7%
Procter & Gamble		22,992			1,896		1.1%
Wal-Mart Stores		13,039			918		0.6%
Other Securities		117,139			7,522		4.5%
					15,222		9.2%
Energy — 7.5%
Chevron		16,430			1,833		1.1%
Exxon Mobil		36,196			3,160		1.9%
Schlumberger (Curacao)		12,166			1,022		0.6%
Other Securities		137,003			6,401		3.9%
					12,416		7.5%
Financials — 15.4%
Bank of America		89,225			1,884		1.1%
Berkshire Hathaway, Cl B*		16,499			2,598		1.6%
BlackRock††		1,049			389		0.2%
Citigroup		25,236			1,423		0.9%
JPMorgan Chase		31,429			2,520		1.5%
PNC Financial Services Group††		4,263			471		0.3%
Visa, Cl A		16,418			1,269		0.8%
Wells Fargo		40,272			2,131		1.3%
Other Securities		235,024			12,755		7.7%
					25,440		15.4%
Healthcare — 13.4%
AbbVie		14,192			863		0.5%
Amgen		6,396			922		0.6%
Bristol-Myers Squibb		14,466			816		0.5%
Celgene*		6,579			780		0.5%
Gilead Sciences		11,387			839		0.5%
Johnson & Johnson		23,639			2,631		1.6%
Medtronic PLC (Ireland)		11,928			871		0.5%
Merck		23,881			1,461		0.9%
Pfizer		52,711			1,694		1.0%
UnitedHealth Group		8,198			1,298		0.8%
Other Securities		118,442			9,953		6.0%
					22,128		13.4%
Industrials — 10.7%
3M		5,252			902		0.6%
Boeing		5,096			767		0.5%
General Electric		78,365			2,410		1.5%
Honeywell International		6,420			731		0.4%
Union Pacific		7,220			732		0.4%
United Technologies		6,757			728		0.4%

	Number of Shares		Value   (000)			Percentage of Net Assets†
Other Securities		144,559		$	11,410		6.9%
					17,680		10.7%
Information Technology —19.5%
Alphabet, Cl A*		2,529			1,962		1.2%
Alphabet, Cl C*		2,535			1,922		1.2%
Apple		43,869			4,848		2.9%
Cisco Systems		43,487			1,297		0.8%
Facebook, Cl A*		20,066			2,376		1.4%
Intel		40,162			1,394		0.8%
International Business Machines		7,588			1,231		0.7%
Mastercard, Cl A		8,350			853		0.5%
Microsoft		67,134			4,046		2.5%
Oracle		25,793			1,037		0.6%
QUALCOMM		12,586			857		0.5%
Other Securities		206,602			10,517		6.4%
					32,340		19.5%
Materials — 2.9%
Other Securities		75,343			4,828		2.9%
Real Estate Investment Trusts — 2.7%
Other Securities		70,746			4,515		2.7%
Telecommunication Services — 2.5%
AT&T		52,983			2,047		1.2%
Verizon Communications		35,165			1,755		1.1%
Other Securities		17,893			291		0.2%
					4,093		2.5%
Utilities — 3.0%
Other Securities		99,613			5,026		3.0%
Total Common Stocks
(Cost $70,202)					164,018		99.1%
MONEY MARKET FUND — 0.6%
PNC Government Money Market Fund, Class I Shares 0.240%††(A)		967,895		$	968		0.6%
Total Money Market Fund
(Cost $968)					968		0.6%
Total Investments Before Short- Term Investments Purchased with Collateral from Securities Loaned – 99.7%
(Cost $71,170)					164,986		99.7%

See Notes to Financial Statements.

83

	Number of Shares		Value (000)		Percentage of Net Assets†
SHORT-TERM INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 0.1%
Affiliated Money Market Fund — 0.1%
PNC Government Money Market Fund, Class I Shares 0.240%††(A)		65,394	$	65		0.1%
Money Market Fund — 0.0%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (A)		19,731		20		0.0%
Total Short-Term Investments Purchased With Collateral From Securities Loaned (Cost $85)‡				85		0.1%
TOTAL INVESTMENTS — 99.8%
(Cost $71,255)**				165,071		99.8%
Other Assets & Liabilities				352		0.2%
TOTAL NET ASSETS			$	165,423		100.0%

* Non-income producing security.

**  Aggregate cost for Federal income tax purposes is (000) $76,946.

Gross unrealized appreciation (000)	$	89,542
Gross unrealized depreciation (000)		(1,417	)
Net unrealized appreciation (000)	$	88,125

† “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1.0% of the net assets of the Fund or an investment in an affiliate. Some of the individual securities within this category may include securities fully or partially on loan and/or non-income producing securities. Total Value of Securities on Loan is $83 (000).

†† Affiliated Holding. See Note 3 in Notes to Financial Statements.

‡ See Note 9 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

The Condensed Schedule of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s largest 50 holdings, each investment of any issuer that exceeds 1% of the Fund’s net assets and investments in affiliates. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the SEC. The complete Schedule of Investments is available (i) without charge, upon request, by calling 1-800-622-FUND (3863); and (ii) on the SEC’s website at http://www.sec.gov.

See Notes to Financial Statements.

84

P N C  S & P  5 0 0  I n d e x  F u n d

C O N D E N S E D  S C H E D U L E  O F  I N V E S T M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Common Stocks		$	164,018		$	–		$	–		$	164,018
Money Market Fund			968			–			–			968
Short-Term Investments Purchased With Collateral From Securities Loaned			85			–			–			85
Total Assets - Investments in Securities		$	165,071		$	–		$	–		$	165,071

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value. As of November 30, 2016, such liabilities are categorized within the valuation hierarchy as follows:

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Liabilities:
Payable for collateral received for loaned securities		$	–		$	85		$	–		$	85
Total Liabilities - Collateral Received for Loaned Securities		$	–		$	85		$	–		$	85

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

85

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)
COMMON STOCKS — 95.8%
Consumer Discretionary — 15.7%
American Axle & Manufacturing Holdings*		391,163	$	6,126
Dorman Products*		541,139		39,092
Drew Industries		470,855		49,487
Helen of Troy (Bermuda)*		197,081		16,772
HSN		151,357		5,767
Lithia Motors, Cl A		453,542		41,680
Madison Square Garden, Cl A*		146,373		25,416
Monro Muffler Brake		99,839		5,970
				190,310
Consumer Staples — 1.1%
Boston Beer, Cl A*		43,292		7,494
TreeHouse Foods*		90,595		6,280
				13,774
Energy — 0.9%
World Fuel Services		246,766		10,971
Financials — 32.5%
AMERISAFE		340,120		21,615
AmTrust Financial Services		1,640,551		41,768
Bank of the Ozarks		1,040,844		50,502
Credit Acceptance*#		176,796		33,916
Diamond Hill Investment Group* (A)		73,157		15,297
Eagle Bancorp* (A)		818,311		48,076
Home BancShares		1,108,557		28,678
LegacyTexas Financial Group		978,977		38,435
National General Holdings (A)		1,511,421		34,143
PRA Group*		1,335,498		48,011
RLI		561,335		33,703
				394,144
Healthcare — 6.5%
Neogen*		681,857		43,148
PAREXEL International*		372,770		21,994
Vascular Solutions*		246,302		13,571
				78,713
Industrials — 21.4%
Astronics* (A)		825,939		30,494
Colfax*		293,207		11,027
EnerSys		506,749		40,327
Exponent		267,343		16,214
Genesee & Wyoming, Cl A*		147,837		11,295
GP Strategies* (A)		430,273		11,295
HEICO		408,784		32,090
Insperity		78,627		5,693
KLX*		369,387		14,402
On Assignment*		658,942		27,208
Patrick Industries*		335,905		23,967
WageWorks*		154,807		11,432
Wesco Aircraft Holdings*		1,689,720		24,923
				260,367
Information Technology — 10.2%
Manhattan Associates*		726,187		38,052
Open Text (Canada)		268,026		17,036
OSI Systems*		210,873		15,963
Tyler Technologies*		179,113		26,670

	Number of Shares		Value (000)
WEX*		236,420	$	26,127
				123,848
Materials — 4.2%
Balchem		344,599		27,520
Neenah Paper		281,027		23,859
				51,379
Real Estate Investment Trusts — 3.3%
Colliers International Group (Canada) (A)		432,719		15,275
FirstService (Canada) (A)		573,029		24,875
				40,150
Total Common Stocks (Cost $873,850)				1,163,656
MONEY MARKET FUND — 4.5%
PNC Government Money Market Fund, Class I Shares 0.240%† (B)		54,863,369		54,863
Total Money Market Fund (Cost $54,863)				54,863
Total Investments Before Short-Term Investments Purchased with Collateral from Securities Loaned – 100.3%
(Cost $928,713)				1,218,519
SHORT-TERM INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 2.9%
Affiliated Money Market Fund — 2.2%
PNC Government Money Market Fund, Class I Shares 0.240%† (B)		27,183,517		27,183
Money Market Fund — 0.7%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (B)		8,201,763		8,202
Total Short-Term Investments Purchased With Collateral From Securities Loaned (Cost $35,385)‡				35,385
TOTAL INVESTMENTS — 103.2% (Cost $964,098)**				1,253,904
Other Assets & Liabilities – (3.2)%				(38,955	)
TOTAL NET ASSETS — 100.0%			$	1,214,949

* Non-income producing security.

**   Aggregate cost for Federal income tax purposes is (000) $973,826.

Gross unrealized appreciation (000)	$284,552
Gross unrealized depreciation (000)	(4,474	)
Net unrealized appreciation (000)	$280,078

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

# Security fully or partially on loan. Total Value of Securities on Loan is $33,572 (000).

‡ See Note 9 in Notes to Financial Statements.

(A) Security deemed to be partially illiquid. Total value of illiquid portion of such securities is $361 (000) and represents 0.03% of net assets as of November 30, 2016.

(B) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

86

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value         (000)
Assets:
Common Stocks		$	1,163,656		$	–		$	–		$	1,163,656
Money Market Fund			54,863			–			–			54,863
Short-Term Investments Purchased With Collateral From Securities Loaned			35,385			–			–			35,385
Total Assets - Investments in Securities		$	1,253,904		$	–		$	–		$	1,253,904

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value. As of November 30, 2016, such liabilities are categorized within the valuation hierarchy as follows:

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total         Value         (000)
Liabilities:
Payable for collateral received for loaned securities		$	–		$	35,385		$	–		$	35,385
Total Liabilities - Collateral Received for Loaned Securities		$	–		$	35,385		$	–		$	35,385

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

87

P N C  S m a l l  C a p  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Number of Shares		Value (000)
COMMON STOCKS — 0.1%
Energy — 0.0%
Seventy Seven Energy Escrow Shares* (A) (B)		4,372	$	–
Healthcare — 0.1%
Dyax* (A) (B)		828		1
Real Estate Investment Trust — 0.0%
United Development Funding IV		204		1
Telecommunication Services — 0.0%
Leap Wireless International (A) (B)		180		–
Total Common Stocks (Cost $4)				2
EXCHANGE-TRADED FUND — 92.7%
iShares Russell 2000 Index Fund†		11,430		1,504
Total Exchange-Traded Fund (Cost $1,403)				1,504
MONEY MARKET FUND — 8.8%
PNC Government Money Market Fund, Class I Shares 0.240%† (C)		141,868		142
Total Money Market Fund (Cost $142)				142
RIGHTS — 0.0%
Chelsea Therapeutics International (A) (B)		309		–
Total Rights (Cost $ –)				–

	Number of Shares		Value (000)
WARRANTS — 0.0%
Hercules Offshore, Exp. 11/08/21 (A) (B)		64	$	–
Seventy Seven Energy, Series B Exp. 08/01/21 (A) (B)		219		–
Seventy Seven Energy, Series C Exp. 08/01/23 (A) (B)		243		–
Total Warrants (Cost $ – )				–
TOTAL INVESTMENTS — 101.6%
(Cost $1,549)**				1,648
Other Assets & Liabilities – (1.6)%				(26)
TOTAL NET ASSETS — 100.0%			$	1,622

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $1,561.

Gross unrealized appreciation (000)	$90
Gross unrealized depreciation (000)	(3	)
Net unrealized appreciation (000)	$87

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) Illiquid Security. Total value of illiquid securities is $1 (000) and represents less than 0.1% of net assets as of November 30, 2016.

(B) Security fair valued using methods approved by the Board of Trustees.

(C) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

88

P N C  S m a l l  C a p  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Schedules of Investments).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Common Stocks		$	1		$	–		$	1		$	2
Exchange-Traded Fund			1,504			–			–			1,504
Money Market Fund			142			–			–			142
Rights			–			–			–			–
Warrants			–			–			–			–
Total Assets - Investments in Securities		$	1,647		$	–		$	1		$	1,648

There were no transfers between Levels during the six-month period ended November 30, 2016.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending November 30, 2016.

See Notes to Financial Statements.

89

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P N C  E q u i t y  F u n d s

S T A T E M E N T S  O F  A S S E T S  A N D  L I A B I L I T I E S  ( 0 0 0 )

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Balanced Allocation Fund			International Equity Fund			International Growth Fund			Large Cap Core Fund
ASSETS
Investments in non-affiliates at value		$	27,759		$	774,675		$	3,092		$	22,432
Investments in affiliates at value			4,900			44,279			101			53
Short-term investment in non-affiliates held as collateral for loaned securities at value			–			8,438			–			–
Short-term investment in affiliates purchased with collateral from securities loaned at value			–			27,966			–			–
Total Investments at value(1)(2)			32,659			855,358			3,193			22,485
Cash			–			62			–			6
Initial margin held by broker for open futures contracts			–			171			–			–
Receivable for investments sold			25,228			11,076			71			–
Receivable for shares of beneficial interest issued			7			947			–			42
Variation margin receivable from broker for open futures contracts			–			21			–			–
Dividends and interest receivable			156			2,291			4			50
Foreign currency, at value(3)			2			133			1			–
Receivable from Adviser			–			–			6			–
Prepaid expenses			25			41			3			18
Other assets			14			94			–			9
Total Assets			58,091			870,194			3,278			22,610
LIABILITIES
Payable for collateral received for loaned securities			–			36,404			–			–
Payable for shares of beneficial interest redeemed			26,953			730			–			30
Payable for investment securities purchased			186			11,243			73			–
Dividends payable
Class I			9			–			–			–
Class A			3			–			–			–
Investment advisory fees payable			17			553			–			3
12b-1 fees payable
Class A			3			8			–			1
Class C			–			2			–			–
Shareholder servicing fees payable
Class A			3			10			–			1
Class C			–			1			–			–
Administration fees payable			5			44			2			3
Custodian fees payable			2			34			8			–
Transfer agent fees payable			16			31			3			9
Trustees’ deferred compensation payable			14			94			–			9
Trustees’ fees payable			4			24			5			4
Other liabilities			72			102			25			13
Total Liabilities			27,287			49,280			116			73
TOTAL NET ASSETS		$	30,804		$	820,914		$	3,162		$	22,537
Investments in non-affiliates at cost		$	24,986		$	749,091		$	2,985		$	20,340
Investments in affiliates at cost			5,029			44,279			100			53
Short-term investment in non-affiliates held as collateral for loaned securities at cost			–			8,438			–			–
Short-term investment in affiliates purchased with collateral from securities loaned at cost			–			27,966			–			–
(1)Total Investments at cost		$	30,015		$	829,774		$	3,085		$	20,393
(2)Includes securities on loan with a value of		$	–		$	31,931		$	–		$	–
(3)Foreign currency, at cost		$	2		$	133		$	1		$	–

See Notes to Financial Statements.

91

	Balanced Allocation Fund				International Equity Fund				International Growth Fund				Large Cap Core Fund
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	27,560			$	825,025			$	3,064			$	45,813
Undistributed (Distributions in Excess of) Net Investment Income			(95	)			7,381				(3	)			44
Accumulated Net Realized Gain (Loss) on Investments and Futures			696				(36,945	)			(7	)			(25,412	)
Net Unrealized Appreciation/Depreciation of Foreign Currency and Translation of Other Assets and Liabilities in Foreign Currency			(1	)			(156	)			–				–
Net Unrealized Appreciation/Depreciation on
Investments and Futures			2,644				25,609				108				2,092
Total Net Assets		$	30,804			$	820,914			$	3,162			$	22,537
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	21,126,411			$	778,677,856			$	3,131,333			$	19,416,520
Class I shares outstanding			1,657,761				42,149,411				303,147				1,097,096
Net Asset Value, Offering and Redemption Price Per Share		$	12.74			$	18.47			$	10.33			$	17.70
Net assets applicable to Class A		$	9,045,302			$	39,449,447			$	31,083			$	2,879,000
Class A shares outstanding			707,167				2,157,031				3,007				166,213
Net Asset Value and Redemption Price Per Share		$	12.79			$	18.29			$	10.34			$	17.32
Maximum Offering Price Per Share(4)		$	13.43			$	19.35			$	10.94			$	18.33
Maximum Sales Charge Per Share			4.75	%			5.50	%			5.50	%			5.50	%
Net assets applicable to Class C		$	631,726			$	2,787,147				N/A			$	241,469
Class C shares outstanding			50,110				159,530				N/A				15,108
Net Asset Value and Offering Price Per Share(5)		$	12.61			$	17.47				N/A			$	15.98
Net assets applicable to Class T		$	1,042.20				N/A				N/A				N/A
Class T shares outstanding			81				N/A				N/A				N/A
Net Asset Value and Redemption Price Per Share		$	12.87				N/A				N/A				N/A
Maximum Offering Price Per Share(4)		$	13.34				N/A				N/A				N/A
Maximum Sales Charge Per Share			3.50	%			N/A				N/A				N/A

⁽⁴⁾  Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

⁽⁵⁾  Class C Shares are sold with a contingent deferred sales charge.

See Notes to Financial Statements.

92

P N C  E q u i t y  F u n d s

S T A T E M E N T S  O F  A S S E T S  A N D  L I A B I L I T I E S  ( 0 0 0 )

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Large Cap Growth Fund			Large Cap Value Fund			Mid Cap         Index Fund
ASSETS
Investments in non-affiliates at value		$	87,641		$	108,093		$	5,723
Investments in affiliates at value			1,615			2,805			121
Total Investments at value(1)			89,256			110,898			5,844
Receivable for investments sold			–			2,460			–
Receivable for shares of beneficial interest issued			173			170			–
Dividends and interest receivable			186			329			7
Receivable from Adviser			–			–			13
Prepaid expenses			19			26			–
Other assets			25			35			–
Total Assets			89,659			113,918			5,864
LIABILITIES
Payable for shares of beneficial interest redeemed			118			86			–
Payable for investment securities purchased			–			2,534			–
Dividends payable
Class A			–			1			–
Investment advisory fees payable			41			51			–
12b-1 fees payable
Class A			7			10			–
Class C			1			–			–
Shareholder servicing fees payable
Class A			8			10			–
Class R4			–			–			1
Administration fees payable			6			7			2
Custodian fees payable			2			1			3
Transfer agent fees payable			26			17			3
Trustees’ deferred compensation payable			25			35			–
Trustees’ fees payable			6			7			3
Other liabilities			36			38			21
Total Liabilities			276			2,797			33
TOTAL NET ASSETS		$	89,383		$	111,121		$	5,831
Investments in non-affiliates at cost		$	79,647		$	99,099		$	4,807
Investments in affiliates at cost			1,610			2,693			121
(1)Total Investments at cost		$	81,257		$	101,792		$	4,928

See Notes to Financial Statements.

93

	Large Cap Growth Fund				Large Cap Value Fund				Mid Cap         Index Fund
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	100,166			$	172,822			$	5,051
Undistributed (Distributions in Excess of) Net Investment Income			570				339				43
Accumulated Net Realized Gain (Loss) on Investments and Futures			(19,352	)			(71,146	)			(179	)
Net Unrealized Appreciation/Depreciation on Investments and Futures			7,999				9,106				916
Total Net Assets		$	89,383			$	111,121			$	5,831
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	57,461,750			$	69,883,094			$	3,414,373
Class I shares outstanding			1,981,570				3,146,749				291,203
Net Asset Value, Offering and Redemption Price Per Share		$	29.00			$	22.21			$	11.73
Net assets applicable to Class A		$	31,247,213			$	41,019,701				N/A
Class A shares outstanding			1,100,159				1,852,329				N/A
Net Asset Value and Redemption Price Per Share		$	28.40			$	22.14				N/A
Maximum Offering Price Per Share(2)		$	30.05			$	23.43				N/A
Maximum Sales Charge Per Share			5.50	%			5.50	%			N/A
Net assets applicable to Class C		$	673,587			$	217,999				N/A
Class C shares outstanding			26,197				10,021				N/A
Net Asset Value, Offering and Redemption Price Per Share(3)		$	25.71			$	21.75				N/A
Net assets applicable to Class R4			N/A				N/A			$	2,416,409
Class R4 shares outstanding			N/A				N/A				206,110
Net Asset Value and Offering Price Per Share			N/A				N/A			$	11.72

⁽²⁾  Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

⁽³⁾  Class C Shares are sold with a contingent deferred sales charge.

See Notes to Financial Statements.

94

P N C  E q u i t y  F u n d s

S T A T E M E N T S  O F  A S S E T S  A N D  L I A B I L I T I E S  ( 0 0 0 )

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Multi-Factor Small Cap Core Fund			Multi-Factor Small Cap Growth Fund			Multi-Factor     Small Cap     Value Fund
ASSETS
Investments in non-affiliates at value		$	261,733		$	114,193		$	29,539
Investments in affiliates at value			13,096			166			276
Short-term investment in non-affiliates held as collateral for loaned securities at value			683			692			465
Short-term investment in affiliates purchased with collateral from securities loaned at value			2,263			2,295			1,543
Total Investments at value(1)(2)			277,775			117,346			31,823
Cash			5			75			–
Receivable for investments sold			4,466			–			–
Receivable for shares of beneficial interest issued			1,820			120			2
Dividends and interest receivable			289			158			34
Prepaid expenses			40			25			21
Other assets			13			9			15
Total Assets			284,408			117,733			31,895
LIABILITIES
Payable for collateral received for loaned securities			2,946			2,987			2,008
Payable for shares of beneficial interest redeemed			657			233			16
Payable for investment securities purchased			11,810			–			–
Investment advisory fees payable			129			41			3
12b-1 fees payable
Class A			19			10			3
Class C			–			5			1
Shareholder servicing fees payable
Class A			27			12			3
Class C			–			8			1
Administration fees payable			13			7			3
Custodian fees payable			5			3			2
Transfer agent fees payable			16			40			16
Trustees’ deferred compensation payable			13			9			15
Trustees’ fees payable			7			6			4
Other liabilities			26			25			19
Total Liabilities			15,668			3,386			2,094
TOTAL NET ASSETS		$	268,740		$	114,347		$	29,801
Investments in non-affiliates at cost		$	214,345		$	94,778		$	26,075
Investments in affiliates at cost			13,096			166			276
Short-term investment in non-affiliates held as collateral for loaned securities at cost			683			692			465
Short-term investment in affiliates purchased with collateral from securities loaned at cost			2,263			2,295			1,543
(1)Total Investments at cost		$	230,387		$	97,931		$	28,359
(2)Includes securities on loan with a value of		$	2,982		$	3,110		$	1,985

See Notes to Financial Statements.

95

	Multi-Factor Small Cap Core Fund				Multi-Factor Small Cap Growth Fund				Multi-Factor Small Cap Value Fund
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	228,863			$	96,378			$	74,136
Undistributed (Accumulated) Net Investment Income (Loss)			1,002				308				1,047
Accumulated Net Realized Gain (Loss) on Investments and Futures			(8,513	)			(1,754	)			(48,846	)
Net Unrealized Appreciation/Depreciation on Investments and Futures			47,388				19,415				3,464
Total Net Assets		$	268,740			$	114,347			$	29,801
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	180,922,054			$	64,499,743			$	15,489,006
Class I shares outstanding			7,693,428				2,999,372				670,929
Net Asset Value, Offering and Redemption Price Per Share		$	23.52			$	21.50			$	23.09
Net assets applicable to Class A		$	87,804,141			$	41,220,942			$	12,858,525
Class A shares outstanding			3,766,470				1,954,243				605,517
Net Asset Value and Redemption Price Per Share		$	23.31			$	21.09			$	21.24
Maximum Offering Price Per Share(3)		$	24.67			$	22.32			$	22.48
Maximum Sales Charge Per Share			5.50	%			5.50	%			5.50	%
Net assets applicable to Class C		$	14,114			$	8,625,820			$	1,453,700
Class C shares outstanding			599				420,704				76,979
Net Asset Value and Offering Price Per Share(4)		$	23.56			$	20.50			$	18.88

⁽³⁾  Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

⁽⁴⁾  Class C Shares are sold with a contingent deferred sales charge.

See Notes to Financial Statements.

96

P N C  E q u i t y  F u n d s

S T A T E M E N T S  O F  A S S E T S  A N D  L I A B I L I T I E S  ( 0 0 0 )

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )  

	S&P 500 Index Fund			Small Cap Fund			Small Cap     Index Fund
ASSETS
Investments in non-affiliates at value		$	163,158		$	1,163,656		$	2
Investments in affiliates at value			1,828			54,863			1,646
Short-term investment in non-affiliates held as collateral for loaned securities at value			20			8,202			–
Short-term investment in affiliates purchased with collateral from securities loaned at value			65			27,183			–
Total Investments at value(1)(2)			165,071			1,253,904			1,648
Cash			64			299			–
Receivable for investments sold			997			–			–
Receivable for shares of beneficial interest issued			46			1,153			1
Dividends and interest receivable			393			2,294			4
Receivable from Adviser			4			–			21
Prepaid expenses			39			78			–
Other assets			29			85			1
Total Assets			166,643			1,257,813			1,675
LIABILITIES
Payable for collateral received for loaned securities			85			35,385			–
Payable for shares of beneficial interest redeemed			1,007			3,286			–
Payable for investment securities purchased			–			2,983			–
Investment advisory fees payable			–			751			–
12b-1 fees payable
Class A			–			8			–
Class C			5			16			–
Shareholder servicing fees payable
Class A			4			18			–
Class C			3			16			–
Class R4			1			–			–
Administration fees payable			9			52			2
Custodian fees payable			–			9			–
Transfer agent fees payable			17			100			3
Trustees’ deferred compensation payable			29			85			1
Trustees’ fees payable			8			26			3
Other liabilities			52			129			44
Total Liabilities			1,220			42,864			53
TOTAL NET ASSETS		$	165,423		$	1,214,949		$	1,622
Investments in non-affiliates at cost		$	69,812		$	873,850		$	4
Investments in affiliates at cost			1,358			54,863			1,545
Short-term investment in non-affiliates held as collateral for loaned securities at cost			20			8,202			–
Short-term investment in affiliates purchased with collateral from securities loaned at cost			65			27,183			–
(1)Total Investments at cost		$	71,255		$	964,098		$	1,549
(2)Includes securities on loan with a value of		$	83		$	33,572		$	–

See Notes to Financial Statements.

97

	S&P 500 Index Fund				Small Cap Fund				Small Cap     Index Fund
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	69,466			$	967,267			$	1,261
Undistributed (Distributions in Excess of) Net Investment Income			613				(607	)			38
Accumulated Net Realized Gain (Loss) on Investments and Futures			1,528				(41,517	)			224
Net Unrealized Appreciation/Depreciation on Investments and Futures			93,816				289,806				99
Total Net Assets		$	165,423			$	1,214,949			$	1,622
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	135,952,041			$	1,131,712,790			$	112,593
Class I shares outstanding			7,948,398				48,864,957				9,984
Net Asset Value, Offering and Redemption Price Per Share		$	17.10			$	23.16			$	11.28
Net assets applicable to Class A		$	16,485,981			$	57,112,412				N/A
Class A shares outstanding			967,828				2,545,515				N/A
Net Asset Value and Redemption Price Per Share		$	17.03			$	22.44				N/A
Maximum Offering Price Per Share(3)		$	17.47			$	23.75				N/A
Maximum Sales Charge Per Share			2.50	%			5.50	%			N/A
Net assets applicable to Class C		$	7,232,700			$	26,123,397				N/A
Class C shares outstanding			429,255				1,277,778				N/A
Net Asset Value and Offering Price Per Share(4)		$	16.85			$	20.44				N/A
Net assets applicable to Class R4		$	4,965,914				N/A			$	1,509,717
Class R4 shares outstanding			290,331				N/A				133,890
Net Asset Value and Offering Price Per Share		$	17.10				N/A			$	11.28
Net assets applicable to Class R5		$	786,686				N/A				N/A
Class R5 shares outstanding			45,994				N/A				N/A
Net Asset Value and Offering Price Per Share		$	17.10				N/A				N/A

⁽³⁾ Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

⁽⁴⁾ Class C Shares are sold with a contingent deferred sales charge.

See Notes to Financial Statements.

98

P N C  E q u i t y  F u n d s

S T A T E M E N T S  O F  O P E R A T I O N S  ( 0 0 0 )

F o r  t h e  S i x - M o n t h  P e r i o d  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Balanced Allocation Fund				International Equity Fund				International Growth Fund				Large Cap     Core Fund
Investment Income:
Dividends from unaffiliated investments		$	281			$	4,711			$	18			$	242
Dividends from affiliated investments(1)			121				40				–				–
Interest			298				30				–				–
Security lending income (net of fees)(2)			12				482				–				1
Less: foreign taxes withheld			(4	)			(267	)			(1	)			(2	)
Total Investment Income			708				4,996				17				241
Expenses:
Investment advisory fees			223				3,689				13				93
Administration fees			18				220				3				8
12b-1 fees:
Class A			2				9				–				1
Class C			2				11				–				1
Shareholder servicing fees:
Class A			11				43				–				4
Class C			1				4				–				–
Class R4			–				–				–				–
Transfer agent fees			34				74				10				21
Commitment fees			–				2				–				–
Custodian fees			15				102				13				2
Professional fees			24				69				18				17
Pricing service fees			29				14				12				1
Printing and shareholder reports			19				30				1				2
Registration and filing fees			24				28				2				16
Trustees’ fees			5				37				3				5
Miscellaneous			5				64				–				2
Total Expenses			412				4,396				75				173
Less:
Waiver of investment advisory fees(1)			(112	)			(327	)			(13	)			(56	)
Advisor expense reimbursement(1)			–				–				(48	)			–
Net Expenses			300				4,069				14				117
Net Investment Income (Loss)			408				927				3				124
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on unaffiliated investments sold			2,562				9,910				(5	)			1,140
Net realized gain (loss) on affiliated investments sold(1)			(1,326	)			–				–				–
Net realized gain (loss) on futures			(2	)			99				–				–
Net realized gain (loss) on foreign currency transactions			(12	)			(372	)			–				–
Net change in unrealized appreciation/depreciation on unaffiliated investments			(2,266	)			(15,109	)			(142	)			(394	)
Net change in unrealized appreciation/depreciation on affiliated investments			1,483				–				(1	)			–
Net change in unrealized appreciation/depreciation on futures			–				(49	)			–				–
Net change in unrealized appreciation/depreciation on foreign currency translation			(2	)			(142	)			–				–
Net Gain (Loss) on Investments			437				(5,663	)			(148	)			746
Net Increase (Decrease) in Net Assets Resulting from Operations		$	845			$	(4,736	)		$	(145	)		$	870

⁽¹⁾ See Note 3 in Notes to Financial Statements.

⁽²⁾ See Note 9 in Notes to Financial Statements.

See Notes to Financial Statements.

99

Large Cap Growth Fund			Large Cap Value Fund				Mid Cap Index Fund				Multi-Factor Small Cap Core Fund				Multi-Factor Small Cap Growth Fund
	$	729		$	1,453			$	52			$	1,529			$	852
		6			18				–				5				2
		–			–				–				–				–
		5			–				–				74				23
		–			(21	)			–				(1	)			(12	)
		740			1,450				52				1,607				865
		362			446				4				986				478
		26			32				2				57				28
		7			11				–				19				10
		3			1				–				–				30
		36			52				–				97				49
		1			–				–				–				10
		–			–				2				–				–
		65			65				10				60				76
		–			–				–				2				2
		3			3				6				8				7
		21			23				18				30				24
		1			1				8				2				2
		16			15				1				21				16
		17			20				20				21				24
		8			8				3				12				8
		9			12				–				26				18
		575			689				74				1,341				782
		(94)			(90	)			(4	)			(292	)			(231	)
		–			–				(62	)			–				–
		481			599				8				1,049				551
		259			851				44				558				314
		1,712			4,043				16				(2,140	)			(553	)
		–			–				–				–				–
		44			–				–				–				–
		–			–				–				–				–
		24			25				452				32,832				10,054
		3			108				–				–				–
		(44)			–				–				–				–
		–			–				–				–				–
		1,739			4,176				468				30,692				9,501
	$	1,998		$	5,027			$	512			$	31,250			$	9,815

See Notes to Financial Statements.

100

P N C  E q u i t y  F u n d s

S T A T E M E N T S  O F  O P E R A T I O N S  ( 0 0 0 )

F o r  t h e  S i x-M o n t h  P e r i o d  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Multi-Factor Small Cap Value Fund				S&P 500 Index Fund				Small Cap Fund				Small Cap     Index Fund
Investment Income:
Dividends from unaffiliated investments		$	401			$	1,888			$	5,228			$	44
Dividends from affiliated investments(1)			–				12				24				1
Interest			4				–				–				3
Security lending income (net of fees)(2)			71				4				720				–
Less: foreign taxes withheld			–				–				(46	)			–
Total Investment Income			476				1,904				5,926				48
Expenses:
Investment advisory fees			125				95				5,261				5
Administration fees			9				44				290				3
12b-1 fees:
Class A			3				–				3				–
Class C			5				26				103				–
Shareholder servicing fees:
Class A			14				23				86				–
Class C			2				9				34				–
Class R4			–				4				–				1
Transfer agent fees			33				38				221				10
Commitment fees			1				–				2				–
Custodian fees			3				7				19				15
Professional fees			17				27				86				19
Pricing service fees			2				10				1				32
Printing and shareholder reports			6				6				96				1
Registration and filing fees			18				31				61				20
Trustees’ fees			5				11				49				4
Miscellaneous			5				15				224				–
Total Expenses			248				346				6,536				110
Less:
Waiver of investment advisory fees(1)			(105	)			(95	)			(530	)			(5	)
Advisor expense reimbursement(1)			–				(19	)			–				(95	)
Net Expenses			143				232				6,006				10
Net Investment Income (Loss)			333				1,672				(80	)			38
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on unaffiliated investments sold			1,040				5,222				(16,409	)			471
Net realized gain (loss) on affiliated investments sold(1)			–				13				–				(51	)
Net realized gain (loss) on futures			–				46				–				–
Net change in unrealized appreciation/depreciation on unaffiliated investments			2,779				2,642				127,962				194
Net change in unrealized appreciation/depreciation on affiliated investments			–				74				–				93
Net change in unrealized appreciation/depreciation on futures			–				(44	)			–				–
Net Gain (Loss) on Investments			3,819				7,953				111,553				707
Net Increase (Decrease) in Net Assets Resulting from Operations		$	4,152			$	9,625			$	111,473			$	745

⁽¹⁾ See Note 3 in Notes to Financial Statements.

⁽²⁾ See Note 9 in Notes to Financial Statements.

See Notes to Financial Statements.

101

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P N C  E q u i t y  F u n d s

S T A T E M E N T S   O F   C H A N G E S   I N   N E T   A S S E T S   ( 0 0 0 )  ( U n a u d i t e d )

	Balanced Allocation Fund								International Equity Fund								International Growth Fund
	For the Six-Month Period Ended November 30, 2016				For the Year Ended May 31, 2016				For the Six-Month Period Ended November 30, 2016				For the Year Ended May 31, 2016				For the Six-Month Period Ended November 30, 2016				For the Period     February 29** -     May 31,     2016
Investment Activities:
Net investment income (loss)		$	408			$	906			$	927			$	9,096			$	3			$	19
Net realized gain (loss) on investments sold, futures and foreign currency transactions			1,222				1,025				9,637				(22,966	)			(5	)			5
Net change in unrealized appreciation/depreciation on investments, futures and foreign currency translation			(785	)			(2,960	)			(15,300	)			(37,105	)			(143	)			251
Net increase (decrease) in net assets resulting from operations			845				(1,029	)			(4,736	)			(50,975	)			(145	)			275
Dividends to Shareholders
Dividends from net investment income:
Class I			(528	)			(846	)			–				(13,647	)			(25	)			–
Class A			(82	)			(133	)			–				(384	)			–				–
Class C			(2	)			(5	)			–				(43	)			–				–
Distributions from net realized gains:
Class I			(307	)			(2,333	)			–				–				(7	)			–
Class A			(58	)			(435	)			–				–				–				–
Class C			(4	)			(29	)			–				–				–				–
Total dividends and distributions			(981	)			(3,781	)			–				(14,074	)			(32	)			–
Share Transactions:
Proceeds from shares issued:
Class I			576				2,199				60,421				248,290				2				3,000
Class A			104				417				10,663				23,823				12				20
Class C			31				9				364				1,462				–				–
Class T			–				1				–				–				–				–
Reinvestment of dividends and distributions:
Class I			816				3,110				–				7,876				31				–
Class A			132				543				–				335				–				–
Class C			6				33				–				28				–				–
Total proceeds from shares issued and reinvested			1,665				6,312				71,448				281,814				45				3,020
Value of shares redeemed:
Class I			(29,106	)			(6,985	)			(47,120	)			(55,118	)			–				–
Class A			(739	)			(980	)			(4,304	)			(7,653	)			(1	)			–
Class C			(19	)			(65	)			(675	)			(633	)			–				–
Total value of shares redeemed			(29,864	)			(8,030	)			(52,099	)			(63,404	)			(1	)			–
Increase (decrease) in net assets from share transactions			(28,199	)			(1,718	)			19,349				218,410				44				3,020
Total increase (decrease) in net assets			(28,335	)			(6,528	)			14,613				153,361				(133	)			3,295
Net Assets:
Beginning of period			59,139				65,667				806,301				652,940				3,295				–
End of period*		$	30,804			$	59,139			$	820,914			$	806,301			$	3,162			$	3,295
*Including undistributed (distributions in excess of) net investment income		$	(95	)		$	109			$	7,381			$	6,454			$	(3	)		$	19

^** Commencement of operations.

See Notes to Financial Statements.

103

Large Cap Core Fund							Large Cap Growth Fund									Large Cap Value Fund
For the     Six-Month     Period Ended     November 30,     2016			For the Year Ended May 31, 2016					For the Six-Month Period Ended November 30, 2016				For the Year Ended May 31, 2016					For the Six-Month Period Ended November 30, 2016				For the     Year Ended     May 31,     2016
	$	124		$	322				$	259			$	703				$	851			$	1,823
		1,140			1,691					1,756				6,789					4,043				5,759
		(394)			(2,270	)				(17	)			(10,162	)				133				(8,823	)
		870			(257	)				1,998				(2,670	)				5,027				(1,241	)
		(121)			(262	)				–				(461	)				(549	)			(1,384	)
		(15)			(31	)				–				(94	)				(261	)			(341	)
		–			(2	)				–				–					(1	)			(2	)
		–			–					–				–					–				–
		–			–					–				–					–				–
		–			–					–				–					–				–
		(136)			(295	)				–				(555	)				(811	)			(1,727	)
		462			3,870					1,515				6,567					1,369				8,476
		36			3,104					6,539				15,204					15,141				19,752
		3			168					23				314					25				12
		–			–					–				–					–				–
		62			163					–				264					295				677
		14			30					–				83					239				314
		–			1					–				–					1				1
		577			7,336					8,077				22,432					17,070				29,232
		(6,044)			(2,868	)				(14,663	)			(17,474	)				(11,987	)			(19,345	)
		(950)			(2,145	)				(2,832	)			(3,080	)				(11,634	)			(8,627	)
		(30)			(168	)				(314	)			(610	)				–				(36	)
		(7,024)			(5,181	)				(17,809	)			(21,164	)				(23,621	)			(28,008	)
		(6,447)			2,155					(9,732	)			1,268					(6,551	)			1,224
		(5,713)			1,603					(7,734	)			(1,957	)				(2,335	)			(1,744	)
		28,250			26,647					97,117				99,074					113,456				115,200
	$	22,537		$	28,250				$	89,383			$	97,117				$	111,121			$	113,456
	$	44		$	56				$	570			$	311				$	339			$	299

See Notes to Financial Statements.

104

P N C  E q u i t y  F u n d s

S T A T E M E N T S  O F  C H A N G E S  I N  N E T  A S S E T S  ( 0 0 0 )  ( U n a u d i t e d )

	Mid Cap Index Fund						Multi-Factor Small Cap Core Fund						Multi-Factor Small Cap Growth Fund
	For the Six-Month Period Ended November 30, 2016			For the Year Ended May 31, 2016			For the Six-Month Period Ended November 30, 2016			For the Year Ended May 31, 2016			For the Six-Month Period Ended November 30, 2016			For the     Year Ended     May 31,     2016
Investment Activities:
Net investment income (loss)		$      44			$      58			$       558			$       610			$      314			$      (94)
Net realized gain (loss) on investments sold and futures		16			(38	)		(2,140	)		(6,144	)		(553	)		(237)
Net change in unrealized appreciation/depreciation on investments and futures		452			42			32,832			1,415			10,054			(814)
Net increase (decrease) in net assets resulting from operations		512			62			31,250			(4,119	)		9,815			(1,145)
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I		(13	)		(38	)		–			(183	)		–			(40)
Class A		–			–			–			–			–			–
Class C		–			–			–			–			–			–
Class R4		(9	)		(15	)		–			–			–			–
Class R5		–			–			–			–			–			–
Distributions from net realized gains:
Class I		–			(49	)		–			(74	)		–			(721)
Class A		–			–			–			(48	)		–			(756)
Class C		–			–			–			–			–			(125)
Class R4		–			(22	)		–			–			–			–
Class R5		–			–			–			–			–			–
Total dividends and distributions		(22	)		(124	)		–			(305	)		–			(1,642)
Share Transactions:
Proceeds from shares issued:
Class I		367			441			63,342			74,344			18,425			38,561
Class A		–			–			16,932			46,107			7,129			18,421
Class C		–			–			13			–			1,318			7,012
Class R4		113			2,266			–			–			–			–
Class R5		–			–			–			–			–			–
Reinvestment of dividends and distributions:
Class I		13			87			–			118			–			539
Class A		–			–			–			37			–			580
Class C		–			–			–			–			–			94
Class R4		9			37			–			–			–			–
Class R5		–			–			–			–			–			–
Total proceeds from shares issued and reinvested		502			2,831			80,287			120,606			26,872			65,207
Value of shares redeemed:
Class I		(399	)		(2,007	)		(14,751	)		(20,412	)		(8,634	)		(6,195)
Class A		–			–			(11,932	)		(28,580	)		(6,569	)		(3,992)
Class C		–			–			–			–			(983	)		(626)
Class R4		(78	)		(338	)		–			–			–			–
Class R5		–			–			–			–			–			–
Total value of shares redeemed		(477	)		(2,345	)		(26,683	)		(48,992	)		(16,186	)		(10,813)
Increase (decrease) in net assets from share transactions		25			486			53,604			71,614			10,686			54,394
Total increase (decrease) in net assets		515			424			84,854			67,190			20,501			51,607
Net Assets:
Beginning of period		5,316			4,892			183,886			116,696			93,846			42,239
End of period*		$ 5,831			$ 5,316			$268,740			$183,886			$114,347			$93,846
*Including undistributed (distributions in excess of) net investment income		$      43			$      21			$       1,002			$        444			$      308			$       (6)

See Notes to Financial Statements.

105

Multi-Factor Small Cap Value Fund				S&P 500 Index Fund						Small Cap Fund						Small Cap Index Fund
For the     Six-Month     Period Ended     November 30, 2016	For the Year Ended May 31, 2016			For the Six-Month Period Ended November 30, 2016			For the Year Ended May 31, 2016			For the Six-Month Period Ended November 30, 2016			For the Year Ended May 31, 2016			For the Six-Month Period Ended November 30, 2016			For the     Year Ended     May 31,     2016
$     333		$     619			$    1,672			$    3,364			$    (80	)		$    (1,723	)		$      38			$     111
1,040		(156	)		5,281			3,066			(16,409	)		(20,183	)		420			(92)
2,779		(2,049	)		2,672			(5,339	)		127,962			(7,597	)		287			(505)
4,152		(1,586	)		9,625			1,091			111,473			(29,503	)		745			(486)
–		(257	)		(1,318	)		(2,880	)		–			(992	)		(29	)		(85)
–		(215	)		(150	)		(324	)		–			–			–			–
–		(24	)		(33	)		(98	)		–			–			–			–
–		–			(42	)		(85	)		–			–			(4	)		(9)
–		–			(6	)		(8	)		–			–			–			–
–		–			–			(1,936	)		–			(7,553	)		–			(99)
–		–			–			(255	)		–			(764	)		–			–
–		–			–			(112	)		–			(307	)		–			–
–		–			–			(67	)		–			–						(12)
–		–			–			(7	)		–			–			–			–
–		(496	)		(1,549	)		(5,772	)		–			(9,616	)		(33	)		(205)
1,333		3,263			4,005			14,137			143,645			690,928			193			7,845
507		765			1,488			3,394			13,298			31,679			–			–
3		722			587			1,466			632			11,915			–			–
–		–			416			1,762			–			–			109			1,435
–		–			250			365			–			–			–			–
–		155			994			3,805			–			6,107			29			184
–		207			142			561			–			642			–			–
–		17			31			203			–			191			–			–
–		–			43			152			–			–			5			21
–		–			6			15			–			–			–			–
1,843		5,129			7,962			25,860			157,575			741,462			336			9,485
(1,455)		(5,106	)		(14,039	)		(47,463	)		(160,912	)		(184,354	)		(8,725	)		(4,875)
(774)		(2,042	)		(6,061	)		(4,326	)		(27,796	)		(30,204	)		–			–
(308)		(559	)		(744	)		(2,824	)		(5,087	)		(3,201	)		–			–
–		–			(668	)		(799	)		–			–			(94	)		(362)
–		–			(60	)		(13	)		–			–			–			–
(2,537)		(7,707	)		(21,572	)		(55,425	)		(193,795	)		(217,759	)		(8,819	)		(5,237)
(694)		(2,578	)		(13,610	)		(29,565	)		(36,220	)		523,703			(8,483	)		4,248
3,458		(4,660	)		(5,534	)		(34,246	)		75,253			484,584			(7,771	)		3,557
26,343		31,003			170,957			205,203			1,139,696			655,112			9,393			5,836
$29,801		$26,343			$165,423			$170,957			$1,214,949			$1,139,696			$1,622			$9,393
$  1,047		$     714			$       613			$       490			$        (607	)		$       (527)			$     38			$     33

See Notes to Financial Statements.

106

P N C  F i x e d  I n c o m e  a n d  T a x  E x e m p t  B o n d  F u n d s

S U M M A R Y  O F  P O R T F O L I O  H O L D I N G S

( U n a u d i t e d )

107

The tables below present portfolio holdings as a percentage of total investments before collateral for loaned securities for each of the PNC Fixed Income and Tax Exempt Bond Funds as of November 30, 2016.

Bond Fund
Corporate Bonds	36.2	%
Federal National Mortgage Association	23.3
U.S. Treasury Notes	21.6
Asset-Backed Securities	8.0
U.S. Treasury Bonds	4.3
Government National Mortgage Association	2.9
Federal Home Loan Mortgage Corporation	2.4
Money Market Fund	0.9
Transportation Revenue Bond	0.4
	100.0	%
Government Mortgage Fund
Federal National Mortgage Association	65.7	%
Federal Home Loan Mortgage Corporation	11.5
Government National Mortgage Association	11.0
U.S. Treasury Notes	7.5
Collateralized Mortgage Obligations	2.7
Money Market Fund	1.6
	100.0	%
High Yield Bond Fund
Corporate Bonds	93.1	%
Money Market Fund	6.9
	100.0	%
Intermediate Bond Fund
Corporate Bonds	42.4	%
U.S. Treasury Notes	31.2
Asset-Backed Securities	17.6
Federal National Mortgage Association	6.4
Other Government and Agency Obligations	1.5
Money Market Fund	0.9
	100.0	%

Limited Maturity Bond Fund
U.S. Treasury Notes	35.6	%
Corporate Bonds	32.4
Asset-Backed Securities	22.2
Collateralized Mortgage Obligations	4.3
Federal National Mortgage Association	3.2
Federal Home Loan Mortgage Corporation	1.1
Money Market Fund	0.8
Commercial Paper	0.4
	100.0	%
Total Return Advantage Fund
Corporate Bonds	38.7	%
Federal National Mortgage Association	24.1
U.S. Treasury Notes	20.4
Asset-Backed Securities	6.2
U.S. Treasury Bonds	4.7
Federal Home Loan Mortgage Corporation	2.6
Government National Mortgage Association	2.3
Money Market Fund	0.6
Transportation Revenue Bond	0.4
	100.0	%
Ultra Short Bond Fund
Corporate Bonds	33.1	%
U.S. Treasury Notes	31.5
Asset-Backed Securities	23.7
Commercial Paper	8.2
Collateralized Mortgage Obligations	3.2
Money Market Fund	0.3
	100.0	%

Intermediate Tax Exempt Bond Fund
Refunding Bonds	31.9	%
Education Revenue Bonds	15.6
Transportation Revenue Bonds	11.5
Prerefunded & Escrowed to Maturity	9.3
Industrial/Development Revenue Bonds	6.7
General Obligations	6.4
Other Revenue Bonds	6.4
Refunding Notes	5.9
Hospital/Nursing Home Revenue Bonds	3.3
Public Facilities Revenue Bonds	1.5
Utility Revenue Bonds	1.5
	100.0	%
Maryland Tax Exempt Bond Fund
Refunding Bonds	35.0	%
Hospital/Nursing Home Revenue Bonds	21.2
General Obligations	15.5
Refunding Notes	7.1
Other Revenue Bonds	6.6
Education Revenue Bonds	5.7
Prerefunded & Escrowed to Maturity	3.0
Public Facilities Revenue Bonds	3.0
Water/Sewer Revenue Bonds	2.9
	100.0	%

Ohio Intermediate Tax Exempt Bond Fund
Hospital/Nursing Home Revenue Bonds	17.8	%
Education Revenue Bonds	17.3
Refunding Bonds	16.9
General Obligations	15.2
Prerefunded & Escrowed to Maturity	12.7
Industrial/Development Revenue Bonds	5.7
Utility Revenue Bonds	4.2
Refunding Notes	3.7
Other Revenue Bonds	3.6
Water/Sewer Revenue Bonds	2.9
	100.0	%
Tax Exempt Limited Maturity Bond Fund
Refunding Bonds	33.9	%
General Obligations	10.8
Refunding Notes	9.3
Education Revenue Bonds	9.2
Transportation Revenue Bonds	8.2
Hospital/Nursing Home Revenue Bonds	6.5
Prerefunded & Escrowed to Maturity	4.7
Utility Revenue Bonds	4.6
Other Revenue Bonds	4.2
Industrial/Development Revenue Bonds	2.7
Public Facilities Revenue Bonds	2.5
Anticipation Notes	2.2
Water/Sewer Revenue Bonds	1.2
	100.0	%

108

P N C  F i x e d  I n c o m e  a n d  T a x  E x e m p t  B o n d  F u n d s

S U M M A R Y  O F  P O R T F O L I O  H O L D I N G S

( U n a u d i t e d )

109

At November 30, 2016, the following percentages of each Fund’s net assets were insured by bond insurers:

Bond Insurer	Intermediate Tax Exempt Bond	Maryland Tax Exempt Bond	Ohio Intermediate Tax Exempt Bond	Tax Exempt Limited Maturity Bond
AGM	6.9%	2.0%	–%	1.5%
AMBAC	1.3	–	–	1.4
GNMA/FNMA/FHLMC	1.4	–	5.6	–
NATL-RE	2.3	4.0	–	–
PSF-GTD	–	–	–	5.4
Total	11.9%	6.0%	5.6%	8.3%

P N C  F i x e d  I n c o m e  F u n d s  a n d  T a x  E x e m p t  B o n d  F u n d s

E X P E N S E    T A B L E S

( U n a u d i t e d )

The expenses shown in the Expense Tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), including contingent deferred sales charges, all of which is described in the Prospectus. If these transactional costs were included, your costs would be higher. The “Annualized Expense Ratio” reflects the actual expenses net of fee waivers, where applicable, for the six-month period (June 1, 2016 to November 30, 2016).

All mutual funds have operating expenses. As a shareholder of a Fund, you incur operating expenses, including investment advisory fees, distribution (12b-1) and shareholder services fees, where applicable, and other Fund expenses. Such expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of a Fund. A Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The Expense Tables provided on the following pages are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire six-month period (June 1, 2016 to November 30, 2016).

The Expense Table for your Fund illustrates your Fund’s costs in two ways.

● Actual Expenses. This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Class of the Fund under the heading “Expenses Paid During Period.”

● Hypothetical Example for Comparison Purposes. This section is intended to help you compare your Fund’s costs with those of other mutual funds. It is based on your Fund’s actual expense ratio and assumes that your Fund had an annual return of 5% before expenses during the period shown. In this case — because the return used is not your Fund’s actual return — the results may not be used to estimate your actual ending account value or expenses you paid during this period. The example is useful in making comparisons between your Fund and other funds because the SEC requires all mutual funds to calculate expenses based on an assumed annual 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

	Beginning Account Value 06/01/16			Ending Account Value 11/30/16			Annualized Expense Ratio			Expenses  Paid  During  Period(1)
Bond Fund
Actual
Class I		$	1,000.00		$	988.30		0.53	%		$	2.64
Class A			1,000.00			987.19		0.78				3.86
Class C			1,000.00			983.41		1.53				7.60
Hypothetical(2)
Class I			1,000.00			1,022.42		0.53				2.68
Class A			1,000.00			1,021.18		0.78				3.93
Class C			1,000.00			1,017.40		1.53				7.73
Government Mortgage Fund
Actual
Class I		$	1,000.00		$	989.11		0.65	%		$	3.23
Class A			1,000.00			988.81		0.92				4.60
Class C			1,000.00			984.12		1.65				8.18
Hypothetical(2)
Class I			1,000.00			1,021.82		0.65				3.28
Class A			1,000.00			1,020.44		0.92				4.67
Class C			1,000.00			1,016.82		1.65				8.32
High Yield Bond Fund
Actual
Class I		$	1,000.00		$	1,052.90		0.76	%		$	3.89
Class A			1,000.00			1,051.17		1.01				5.20
Hypothetical(2)
Class I			1,000.00			1,021.28		0.76				3.83
Class A			1,000.00			1,020.00		1.01				5.12

	Beginning Account Value 06/01/16			Ending Account Value 11/30/16			Annualized Expense Ratio			Expenses  Paid  During  Period(1)
Intermediate Bond Fund
Actual
Class I		$	1,000.00		$	992.95		0.54	%		$	2.68
Class A			1,000.00			991.61		0.81				4.05
Class C			1,000.00			988.16		1.52				7.56
Hypothetical(2)
Class I			1,000.00			1,022.38		0.54				2.72
Class A			1,000.00			1,021.00		0.81				4.11
Class C			1,000.00			1,017.46		1.52				7.67
Limited Maturity Bond Fund
Actual
Class I		$	1,000.00		$	999.64		0.49	%		$	2.45
Class A			1,000.00			998.45		0.74				3.70
Class C			1,000.00			995.16		1.39				6.95
Hypothetical(2)
Class I			1,000.00			1,022.62		0.49				2.48
Class A			1,000.00			1,021.36		0.74				3.74
Class C			1,000.00			1,018.10		1.39				7.03
Total Return Advantage Fund
Actual
Class I		$	1,000.00		$	995.12		0.53	%		$	2.64
Class A			1,000.00			994.70		0.81				4.06
Class C			1,000.00			991.13		1.53				7.62
Hypothetical(2)
Class I			1,000.00			1,022.42		0.53				2.68
Class A			1,000.00			1,021.00		0.81				4.11
Class C			1,000.00			1,017.41		1.53				7.72

⁽¹⁾  Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), then divided by 365.

⁽²⁾  Assumes annual return of 5% before expenses.

110

P N C  F i x e d  I n c o m e  F u n d s  a n d  T a x  E x e m p t  B o n d  F u n d s

E X P E N S E    T A B L E S

( U n a u d i t e d )

	Beginning Account Value 06/01/16			Ending Account Value 11/30/16			Annualized Expense Ratio			Expenses  Paid  During  Period(1)
Ultra Short Bond Fund
Actual
Class I		$	1,000.00		$	1,002.79		0.31	%		$	1.57
Class A			1,000.00			1,001.35		0.60				3.02
Hypothetical(2)
Class I			1,000.00			1,023.50		0.31				1.58
Class A			1,000.00			1,022.05		0.60				3.05
Intermediate Tax Exempt Bond Fund
Actual
Class I		$	1,000.00		$	968.15		0.54	%		$	2.64
Class A			1,000.00			966.95		0.75				3.70
Class C			1,000.00			962.71		1.53				7.54
Hypothetical(2)
Class I			1,000.00			1,022.39		0.54				2.71
Class A			1,000.00			1,021.30		0.75				3.81
Class C			1,000.00			1,017.39		1.53				7.75
Maryland Tax Exempt Bond Fund
Actual
Class I		$	1,000.00		$	970.54		0.53	%		$	2.64
Class A			1,000.00			969.15		0.82				4.02
Class C			1,000.00			965.77		1.51				7.43
Hypothetical(2)
Class I			1,000.00			1,022.39		0.53				2.71
Class A			1,000.00			1,020.98		0.82				4.13
Class C			1,000.00			1,017.51		1.51				7.63

	Beginning Account Value 06/01/16			Ending Account Value 11/30/16			Annualized Expense Ratio			Expenses  Paid  During  Period(1)
Ohio Intermediate Tax Exempt Bond Fund
Actual
Class I		$	1,000.00		$	968.91		0.72	%		$	3.53
Class A			1,000.00			967.44		1.00				4.91
Class C			1,000.00			963.90		1.72				8.45
Hypothetical(2)
Class I			1,000.00			1,021.48		0.72				3.62
Class A			1,000.00			1,020.07		1.00				5.04
Class C			1,000.00			1,016.46		1.72				8.68
Tax Exempt Limited Maturity Bond Fund
Actual
Class I		$	1,000.00		$	983.06		0.53	%		$	2.65
Class A			1,000.00			981.67		0.82				4.06
Hypothetical(2)
Class I			1,000.00			1,022.40		0.53				2.70
Class A			1,000.00			1,020.97		0.82				4.14

⁽¹⁾ Expenses are equal to each Class’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), then divided by 365.

⁽²⁾  Assumes annual return of 5% before expenses.

111

P N C  F i x e d  I n c o m e  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0,  2 0 1 6,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y   3 1,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	Bond Fund
	Class I														Class A
	2016*		2016		2015		2014			2013		2012			2016*		2016		2015		2014		2013		2012
Net Asset Value, Beginning of Period	$	10.44	$	10.55	$	10.56	$	10.55		$	10.80	$	10.53		$	10.47	$	10.58	$	10.61	$	10.57	$	10.83	$	10.55
Net Investment Income(1)		0.10		0.19		0.18		0.18			0.20		0.30			0.09		0.17		0.15		0.18		0.18		0.28
Realized and Unrealized Gain (Loss) on Investments		(0.22)		0.04		0.04		0.04			(0.03)		0.29			(0.22)		0.04		0.05		0.04		(0.05)		0.30
Total from Investment Operations		(0.12)		0.23		0.22		0.22			0.17		0.59			(0.13)		0.21		0.20		0.22		0.13		0.58
Contributions of Capital by Affiliate(1)		–		–		–		–**	(2)		–		–			–		–		–		–**(2)		–		–
Dividends from Net Investment Income		(0.11)		(0.21)		(0.20)		(0.20)			(0.23)		(0.32	)		(0.10)		(0.19)		(0.20)		(0.17)		(0.20)		(0.30)
Distributions from Net Realized Gains		–		(0.13)		(0.03)		(0.01)			(0.19)		–			–		(0.13)		(0.03)		(0.01)		(0.19)		–
Total Distributions		(0.11)		(0.34)		(0.23)		(0.21)			(0.42)		(0.32	)		(0.10)		(0.32)		(0.23)		(0.18)		(0.39)		(0.30)
Net Asset Value, End of Period	$	10.21	$	10.44	$	10.55	$	10.56		$	10.55	$	10.80		$	10.24	$	10.47	$	10.58	$	10.61	$	10.57	$	10.83
Total Return†		(1.17)%		2.27%		2.11%		2.08%			1.56%		5.69	%		(1.28)%		2.04%		1.95%		2.11%		1.18%		5.56%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	57,965	$	83,084	$	145,422	$	173,997		$	193,899	$	182,239		$	2,855	$	2,985	$	3,258	$	3,644	$	3,937	$	4,449
Ratio of Expenses to Average Net Assets		0.53%		0.55%		0.58%		0.61%			0.60%		0.59	%		0.78%		0.79%		0.84%		0.59%(3)		0.88%		0.81%(4)
Ratio of Net Investment Income to Average Net Assets		1.95%		1.87%		1.69%		1.73%			1.87%		2.87	%		1.69%		1.62%		1.43%		1.75%(3)		1.64%		2.66%(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.69%		0.63%		0.58%		0.61%			0.60%		0.59	%		0.94%		0.88%		0.84%		0.86%		0.88%		0.87%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.79%		1.79%		1.69%		1.73%			1.87%		2.87	%		1.53%		1.53%		1.43%		1.48%		1.64%		2.60%
Portfolio Turnover Rate		68%		111%		66%		86%			71%		58	%		68%		111%		66%		86%		71%		58%

	Bond Fund
	Class C
		201	6*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	10.44		$	10.54		$	10.56		$	10.54		$	10.80		$	10.53
Net Investment Income(1)		0.05			0.09			0.07			0.07			0.10			0.20
Realized and Unrealized Gain (Loss) on Investments		(0.22	)		0.05			0.03			0.05			(0.05	)		0.28
Total from Investment Operations		(0.17	)		0.14			0.10			0.12			0.05			0.48
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		(0.06	)		(0.11	)		(0.09	)		(0.09	)		(0.12	)		(0.21)
Distributions from Net Realized Gains		–			(0.13	)		(0.03	)		(0.01	)		(0.19	)		–
Total Distributions		(0.06	)		(0.24	)		(0.12	)		(0.10	)		(0.31	)		(0.21)
Net Asset Value, End of Period	$	10.21		$	10.44		$	10.54		$	10.56		$	10.54		$	10.80
Total Return†		(1.66	)%		1.39	%		1.01	%		1.16	%		0.46	%		4.65%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	223		$	256		$	264		$	300		$	286		$	308
Ratio of Expenses to Average Net Assets		1.53	%		1.52	%		1.58	%		1.61	%(3)		1.60	%		1.60%
Ratio of Net Investment Income to Average Net Assets		0.94	%		0.89	%		0.70	%		0.69	%(3)		0.91	%		1.91%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.70	%		1.62	%		1.58	%		1.61	%		1.60	%		1.60%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.77	%		0.79	%		0.70	%		0.69	%		0.91	%		1.91%
Portfolio Turnover Rate		68	%		111	%		66	%		86	%		71	%		58%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Amount represents less than $0.005 per share.

† Total return excludes sales charge.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.27% impact to Class A ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower. The voluntary commitment had no impact to Class C ratios.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.06% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

112

P N C  F i x e d  I n c o m e  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0,  2 0 1 6,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y   3 1,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	Government Mortgage Fund
	Class I																	Class A
		2016	*		201	6		201	5		201	4		201	3		2012		2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	9.22		$	9.30		$	9.29		$	9.35		$	9.70		$	9.67	$	9.21		$	9.29		$	9.30		$	9.35		$	9.70		$	9.66
Net Investment Income(1)		0.09			0.18			0.20			0.22			0.24			0.34		0.08			0.15			0.17			0.20			0.22			0.32
Realized and Unrealized Gain (Loss) on Investments		(0.19	)		(0.03	)		0.05			(0.01	)		(0.29	)		0.07		(0.18	)		(0.02	)		0.05			(0.01	)		(0.30	)		0.07
Total from Investment Operations		(0.10	)		0.15			0.25			0.21			(0.05	)		0.41		(0.10	)		0.13			0.22			0.19			(0.08	)		0.39
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–		–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		(0.11	)		(0.23	)		(0.24	)		(0.27	)		(0.30	)		(0.38)		(0.10	)		(0.21	)		(0.23	)		(0.24	)		(0.27	)		(0.35)
Total Distributions		(0.11	)		(0.23	)		(0.24	)		(0.27	)		(0.30	)		(0.38)		(0.10	)		(0.21	)		(0.23	)		(0.24	)		(0.27	)		(0.35)
Net Asset Value, End of Period	$	9.01		$	9.22		$	9.30		$	9.29		$	9.35		$	9.70	$	9.01		$	9.21		$	9.29		$	9.30		$	9.35		$	9.70
Total Return†		(1.09	)%		1.66	%		2.77	%		2.30	%		(0.55	)%		4.27%		(1.12	)%		1.39	%		2.36	%		2.13	%		(0.83	)%		4.15%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	41,541		$	42,625		$	50,345		$	51,269		$	87,433		$	88,197	$	8,777		$	9,239		$	9,878		$	10,888		$	8,505		$	11,882
Ratio of Expenses to Average Net Assets		0.65	%		0.69	%		0.73	%		0.71	%		0.66	%		0.65%		0.92	%		0.96	%		1.01	%		0.90	%(3)		0.94	%		0.86%	(4)
Ratio of Net Investment Income to Average Net Assets		1.94	%		1.90	%		2.10	%		2.41	%		2.45	%		3.55%		1.67	%		1.62	%		1.86	%		2.14	%(3)		2.31	%		3.33%	(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.80	%		0.80	%		0.73	%		0.71	%		0.66	%		0.65%		1.07	%		1.07	%		1.01	%		0.98	%		0.94	%		0.93%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.79	%		1.79	%		2.10	%		2.41	%		2.45	%		3.55%		1.52	%		1.51	%		1.86	%		2.06	%		2.31	%		3.26%
Portfolio Turnover Rate		16	%		13	%		30	%		3	%		54	%		29%		16	%		13	%		30	%		3	%		54	%		29%

	Government Mortgage Fund
	Class C
		201	6*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	9.21		$	9.28		$	9.28		$	9.34		$	9.68		$	9.65
Net Investment Income(1)		0.04			0.09			0.12			0.13			0.15			0.24
Realized and Unrealized Gain (Loss) on Investments		(0.19	)		(0.02	)		0.03			(0.01	)		(0.29	)		0.07
Total from Investment Operations		(0.15	)		0.07			0.15			0.12			(0.14	)		0.31
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		(0.06	)		(0.14	)		(0.15	)		(0.18	)		(0.20	)		(0.28)
Total Distributions		(0.06	)		(0.14	)		(0.15	)		(0.18	)		(0.20	)		(0.28)
Net Asset Value, End of Period	$	9.00		$	9.21		$	9.28		$	9.28		$	9.34		$	9.68
Total Return†		(1.59	)%		0.76	%		1.64	%		1.29	%		(1.44	)%		3.23%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	659		$	744		$	1,185		$	1,638		$	2,920		$	3,906
Ratio of Expenses to Average Net Assets		1.65	%		1.69	%		1.73	%		1.71	%(3)		1.66	%		1.65%
Ratio of Net Investment Income to Average Net Assets		0.97	%		1.00	%		1.28	%		1.46	%(3)		1.61	%		2.49%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.80	%		1.79	%		1.73	%		1.71	%		1.66	%		1.65%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.82	%		0.90	%		1.28	%		1.46	%		1.61	%		2.49%
Portfolio Turnover Rate		16	%		13	%		30	%		3	%		54	%		29%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Amount represents less than $0.005 per share.

† Total return excludes sales charge.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.08% impact to Class A ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower. The voluntary commitment had no impact to Class C ratios.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.07% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

113

	High Yield Bond Fund
	Class I																	Class A
		201	6*		201	6		201	5		201	4		201	3		2012		201	6*		201	6		201	5		201	4		201	3		201	2
Net Asset Value, Beginning of Period	$	7.36		$	8.06		$	8.52		$	8.39		$	8.04		$	8.35	$	7.37		$	8.07		$	8.53		$	8.40		$	8.05		$	8.36
Net Investment Income(1)		0.18			0.42			0.40			0.42			0.46			0.55		0.17			0.39			0.38			0.40			0.44			0.53
Realized and Unrealized Gain (Loss) on Investments		0.21			(0.63	)		(0.36	)		0.13			0.54			(0.13)		0.21			(0.62	)		(0.36	)		0.13			0.53			(0.13	)
Total from Investment Operations		0.39			(0.21	)		0.04			0.55			1.00			0.42		0.38			(0.23	)		0.02			0.53			0.97			0.40
Dividends from Net Investment Income		(0.18	)		(0.42	)		(0.40	)		(0.42	)		(0.47	)		(0.55)		(0.17	)		(0.40	)		(0.38	)		(0.40	)		(0.44	)		(0.53	)
Distributions from Net Realized Gains		–			(0.07	)		(0.10	)		–			(0.18	)		(0.18)		–			(0.07	)		(0.10	)		–			(0.18	)		(0.18	)
Total Distributions		(0.18	)		(0.49	)		(0.50	)		(0.42	)		(0.65	)		(0.73)		(0.17	)		(0.47	)		(0.48	)		(0.40	)		(0.62	)		(0.71	)
Net Asset Value, End of Period	$	7.57		$	7.36		$	8.06		$	8.52		$	8.39		$	8.04	$	7.58		$	7.37		$	8.07		$	8.53		$	8.40		$	8.05
Total Return†		5.29	%		(2.36	)%		0.62	%		6.79	%		12.75	%		5.45%		5.12	%		(2.58	)%		0.38	%		6.51	%		12.44	%		5.19	%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	9,545		$	11,104		$	19,160		$	29,709		$	16,700		$	9,123	$	434		$	2,375		$	622		$	628		$	493		$	471
Ratio of Expenses to Average Net Assets		0.76	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75%		1.01	%		1.01	%		1.01	%		0.99	%(2)		1.01	%		1.01	% (3)
Ratio of Net Investment Income to Average Net Assets		4.69	%		5.68	%		4.88	%		5.05	%		5.52	%		6.80%		4.42	%		5.29	%		4.66	%		4.81	%(2)		5.34	%		6.57	% (3)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.45	%		1.22	%		0.93	%		0.84	%		1.09	%		1.19%		1.68	%		1.55	%		1.20	%		1.10	%		1.34	%		1.45	%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		4.00	%		5.21	%		4.70	%		4.96	%		5.18	%		6.36%		3.75	%		4.75	%		4.47	%		4.70	%		5.01	%		6.13	%
Portfolio Turnover Rate		17	%		46	%		40	%		59	%		35	%		32%		17	%		46	%		40	%		59	%		35	%		32	%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares. This voluntary commitment represented a 0.02% impact to Class A ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A shareholders. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

⁽³⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which had no impact to Class A ratios.

See Notes to Financial Statements.

114

P N C  F i x e d  I n c o m e  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0,  2 0 1 6,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y   3 1,
	u n l e s s  o t h e r w i s e  i n d i c a t e d

	Intermediate Bond Fund
	Class I																		Class A
		2016	*		2016			2015			2014			2013			2012			2016	*	201	6	201	5	201	4	201	3	2012
Net Asset Value, Beginning of Period	$	10.98		$	11.06		$	11.07		$	11.26		$	11.48		$	11.38			$10.99		$11.06		$11.09		$11.28		$11.49		$11.40
Net Investment Income(1)		0.08			0.16			0.13			0.13			0.18			0.27			0.07		0.13		0.10		0.12		0.15		0.25
Realized and Unrealized Gain (Loss) on Investments		(0.16	)		(0.04	)		0.03			0.02			0.04			0.23			(0.16	)	(0.03	)	0.03		0.01		0.05		0.22
Total from Investment Operations		(0.08	)		0.12			0.16			0.15			0.22			0.50			(0.09	)	0.10		0.13		0.13		0.20		0.47
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–			–		–		–		–	**(2)	–		–
Dividends from Net Investment Income		(0.08	)		(0.16	)		(0.13	)		(0.13	)		(0.19	)		(0.28	)		(0.07	)	(0.13	)	(0.12	)	(0.11	)	(0.16	)	(0.26)
Distributions from Net Realized Gains		–			(0.04	)		(0.04	)		(0.21	)		(0.25	)		(0.12	)		–		(0.04	)	(0.04	)	(0.21	)	(0.25	)	(0.12)
Total Distributions		(0.08	)		(0.20	)		(0.17	)		(0.34	)		(0.44	)		(0.40	)		(0.07	)	(0.17	)	(0.16	)	(0.32	)	(0.41	)	(0.38)
Net Asset Value, End of Period	$	10.82		$	10.98		$	11.06		$	11.07		$	11.26		$	11.48			$ 10.83		$10.99		$11.06		$11.09		$11.28		$11.49
Total Return†		(0.71	)%		1.09	%		1.47	%		1.42	%		1.93	%		4.43	%		(0.84	)%	0.92	%	1.20	%	1.16	%	1.73	%	4.11%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	225,785		$	290,793		$	331,466		$	361,838		$	378,963		$	397,082			$3,615		$3,885		$4,159		$4,991		$5,565		$6,298
Ratio of Expenses to Average Net Assets		0.54	%		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%		0.81	%	0.79	%	0.79	%	0.63	%(3)	0.81	%	0.74%(4)
Ratio of Net Investment Income to Average Net Assets		1.48	%		1.47	%		1.16	%		1.15	%		1.56	%		2.37	%		1.20	%	1.21	%	0.89	%	1.06	%(3)	1.30	%	2.18%(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.54	%		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%		0.81	%	0.79	%	0.79	%	0.79	%	0.81	%	0.81%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.48	%		1.47	%		1.16	%		1.15	%		1.56	%		2.37	%		1.20	%	1.21	%	0.89	%	0.89	%	1.30	%	2.11%
Portfolio Turnover Rate		52	%		87	%		47	%		69	%		83	%		48	%		52	%	87	%	47	%	69	%	83	%	48%

	Intermediate Bond Fund
	Class C
		2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	11.03		$	11.10		$	11.12		$	11.31		$	11.53		$	11.43
Net Investment Income(1)		0.03			0.06			0.02			0.02			0.06			0.16
Realized and Unrealized Gain (Loss) on Investments		(0.16	)		(0.03	)		0.03			0.03			0.04			0.23
Total from Investment Operations		(0.13	)		0.03			0.05			0.05			0.10			0.39
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–
Dividends from Net Investment Income		(0.03	)		(0.06	)		(0.03	)		(0.03	)		(0.07	)		(0.17)
Distributions from Net Realized Gains		–			(0.04	)		(0.04	)		(0.21	)		(0.25	)		(0.12)
Total Distributions		(0.03	)		(0.10	)		(0.07	)		(0.24	)		(0.32	)		(0.29)
Net Asset Value, End of Period	$	10.87		$	11.03		$	11.10		$	11.12		$	11.31		$	11.53
Total Return†		(1.18	)%		0.22	%		0.42	%		0.43	%		0.91	%		3.38%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	484		$	422		$	421		$	724		$	1,322		$	1,083
Ratio of Expenses to Average Net Assets		1.52	%		1.49	%		1.51	%		1.50	%(3)		1.53	%		1.53%
Ratio of Net Investment Income to Average Net Assets		0.49	%		0.52	%		0.17	%		0.21	%(3)		0.52	%		1.40%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.52	%		1.49	%		1.51	%		1.52	%		1.53	%		1.53%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.49	%		0.52	%		0.17	%		0.19	%		0.52	%		1.40%
Portfolio Turnover Rate		52	%		87	%		47	%		69	%		83	%		48%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

** Amount represents less than $0.005 per share.

† Total return excludes sales charge.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.17% and 0.02% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.07% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

115

	Limited Maturity Bond Fund
	Class I																		Class A
		2016*			2016			2015			2014			2013			2012			2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	10.17		$	10.18		$	10.20		$	10.18		$	10.19		$	10.23		$	10.21		$	10.22		$	10.26		$	10.21		$	10.22		$	10.26
Net Investment Income(1)		0.04			0.07			0.04			0.04			0.06			0.11			0.03			0.04			0.02			0.05			0.03			0.09
Realized and Unrealized Gain (Loss) on Investments		(0.04	)		–			–			0.03			0.01			(0.02	)		(0.05	)		–			0.01			0.03			0.01			(0.02)
Total from Investment Operations		–			0.07			0.04			0.07			0.07			0.09			(0.02	)		0.04			0.03			0.08			0.04			0.07
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–	**(3)		–			–			–			–	**(2)		–			–**	(3)
Dividends from Net Investment Income		(0.05	)		(0.08	)		(0.06	)		(0.05	)		(0.08	)		(0.13	)		(0.03	)		(0.05	)		(0.07	)		(0.03	)		(0.05	)		(0.11)
Total Distributions		(0.05	)		(0.08	)		(0.06	)		(0.05	)		(0.08	)		(0.13	)		(0.03	)		(0.05	)		(0.07	)		(0.03	)		(0.05	)		(0.11)
Net Asset Value, End of Period	$	10.12		$	10.17		$	10.18		$	10.20		$	10.18		$	10.19		$	10.16		$	10.21		$	10.22		$	10.26		$	10.21		$	10.22
Total Return†		(0.04	)%		0.64	%		0.35	%		0.71	%		0.72	%		0.88	%(3)		(0.16	)%		0.40	%		0.30	%		0.81	%		0.44	%		0.67%	(3)
Ratios/Supplemental Data
Net Assets End of Period (000)	$	314,307		$	286,767		$	321,337		$	337,808		$	323,255		$	337,295		$	2,011		$	6,158		$	5,736		$	3,299		$	3,924		$	5,116
Ratio of Expenses to Average Net Assets		0.49	%		0.49	%		0.48	%		0.49	%		0.49	%		0.48	%		0.74	%		0.73	%		0.71	%		0.35	%(4)		0.77	%		0.69%	(5)
Ratio of Net Investment Income to Average Net Assets		0.86	%		0.66	%		0.44	%		0.37	%		0.54	%		1.06	%		0.63	%		0.41	%		0.17	%		0.52	%(4)		0.32	%		0.93%	(5)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.49	%		0.49	%		0.48	%		0.49	%		0.49	%		0.48	%		0.74	%		0.74	%		0.71	%		0.69	%		0.77	%		0.76%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.86	%		0.66	%		0.44	%		0.37	%		0.54	%		1.06	%		0.63	%		0.40	%		0.17	%		0.18	%		0.32	%		0.86%
Portfolio Turnover Rate		61	%		75	%		58	%		68	%		53	%		77	%		61	%		75	%		58	%		68	%		53	%		77%

	Limited Maturity Bond Fund
	Class C
		2016	*		201	6		201	5		201	4		201	3		2012
Net Asset Value, Beginning of Period	$	10.20		$	10.21		$	10.23		$	10.21		$	10.22		$	10.26
Net Investment Income (Loss)(1)		–			(0.01	)		(0.01	)		(0.01	)		(0.02	)		0.01
Realized and Unrealized Gain (Loss) on Investments		(0.05	)		–			(0.01	)		0.03			0.01			(0.02	)
Total from Investment Operations		(0.05	)		(0.01	)		(0.02	)		0.02			(0.01	)		(0.01	)
Contributions of Capital by Affiliate(1)		–			–			–			–	**(2)		–			–	**(3)
Dividends from Net Investment Income		–	**		–	**		–	**		–	**		–	**		(0.03	)
Total Distributions		–	**		–	**		–	**		–	**		–	**		(0.03	)
Net Asset Value, End of Period	$	10.15		$	10.20		$	10.21		$	10.23		$	10.21		$	10.22
Total Return†		(0.48	)%		(0.09	)%		(0.17	)%		0.21	%		(0.09	)%		(0.12	)%(3)
Ratios/Supplemental Data
Net Assets End of Period (000)	$	492		$	525		$	651		$	1,288		$	1,709		$	2,326
Ratio of Expenses to Average Net Assets		1.39	%		1.21	%		1.09	%		0.94	%(4)		1.30	%		1.48	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.04	)%		(0.06	)%		(0.09	)%		(0.06	)%(4)		(0.21	)%		0.11	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.49	%		1.49	%		1.48	%		1.44	%		1.49	%		1.48	%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		(0.14	)%		(0.34	)%		(0.48	)%		(0.56	)%		(0.40	)%		0.11	%
Portfolio Turnover Rate		61	%		75	%		58	%		68	%		53	%		77	%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2012, a payment was made by the Adviser to offset losses relating to a change in valuation methodology of an asset in the securities lending collateral account of the Acquired Funds prior to the Reorganization. The payment had no impact on the total return of the Fund.

⁽⁴⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.34% and 0.05% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁵⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.07% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

116

P N C  F i x e d  I n c o m e  F u n d s	S e l e c t e d   P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1, u n l e s s  o t h e r w i s e  i n d i c a t e d

	Total Return Advantage Fund
	Class I																	Class A
		2016*		2016			2015			2014			2013			2012			2016*		2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.78	$	10.91		$	10.97		$	10.91		$	10.88		$	10.64		$	10.78	$	10.92		$	10.97		$	10.91		$	10.89		$	10.65
Net Investment Income(1)		0.12		0.25			0.23			0.25			0.27			0.37			0.10		0.21			0.20			0.23			0.24			0.35
Realized and Unrealized Gain (Loss) on Investments		(0.17)		(0.11	)		(0.04	)		0.07			0.05			0.25			(0.15)		(0.11	)		(0.03	)		0.06			0.04			0.25
Total from Investment Operations		(0.05)		0.14			0.19			0.32			0.32			0.62			(0.05)		0.10			0.17			0.29			0.28			0.60
Contributions of Capital by Affiliate(1)		–		–			–			–	**(2)		–			–	**(3)		–		–			–			–	**(2)		–			–	**(3)
Dividends from Net Investment Income		(0.13)		(0.27	)		(0.25	)		(0.26	)		(0.29	)		(0.38	)		(0.12)		(0.24	)		(0.22	)		(0.23	)		(0.26	)		(0.36	)
Distributions from Net Realized Gains		–		–			–			–			–			–			–		–			–			–			–			–
Total Distributions		(0.13)		(0.27	)		(0.25	)		(0.26	)		(0.29	)		(0.38	)		(0.12)		(0.24	)		(0.22	)		(0.23	)		(0.26	)		(0.36	)
Net Asset Value, End of Period	$	10.60	$	10.78		$	10.91		$	10.97		$	10.91		$	10.88		$	10.61	$	10.78		$	10.92		$	10.97		$	10.91		$	10.89
Total Return†		(0.49)%		1.32	%		1.71	%		2.99	%		2.96	%		5.92	%(3)		(0.53)%		0.96	%		1.52	%		2.71	%		2.58	%		5.70	%(3)
Ratios/Supplemental Data
Net Assets End of Period (000)	$	147,710	$	168,676		$	191,272		$	249,494		$	266,378		$	263,356		$	14,548	$	11,770		$	4,053		$	4,645		$	5,439		$	5,969
Ratio of Expenses to Average Net Assets		0.53%		0.54	%		0.56	%		0.56	%		0.56	%		0.56	%		0.81%		0.81	%		0.84	%		0.81	%(4)		0.84	%		0.76	%(5)
Ratio of Net Investment Income to Average Net Assets		2.21%		2.32	%		2.08	%		2.37	%		2.43	%		3.42	%		1.91%		1.95	%		1.80	%		2.13	%(4)		2.17	%		3.23	%(5)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.60%		0.59	%		0.56	%		0.56	%		0.56	%		0.56	%		0.88%		0.87	%		0.84	%		0.84	%		0.84	%		0.84	%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.14%		2.27	%		2.08	%		2.37	%		2.43	%		3.42	%		1.84%		1.89	%		1.80	%		2.10	%		2.17	%		3.15	%
Portfolio Turnover Rate		37%		53	%		51	%		59	%		71	%		44	%		37%		53	%		51	%		59	%		71	%		44	%

	Total Return Advantage Fund
	Class C
		2016*		2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.80	$	10.94		$	10.99		$	10.94		$	10.91		$	10.67
Net Investment Income(1)		0.07		0.14			0.12			0.15			0.14			0.26
Realized and Unrealized Gain (Loss) on Investments		(0.16)		(0.12	)		(0.03	)		0.05			0.07			0.25
Total from Investment Operations		(0.09)		0.02			0.09			0.20			0.21			0.51
Contributions of Capital by Affiliate(1)		–		–			–			–	**(2)		–			–	**(3)
Dividends from Net Investment Income		(0.08)		(0.16	)		(0.14	)		(0.15	)		(0.18	)		(0.27	)
Distributions from Net Realized Gains		–		–			–			–			–			–
Total Distributions		(0.08)		(0.16	)		(0.14	)		(0.15	)		(0.18	)		(0.27	)
Net Asset Value, End of Period	$	10.63	$	10.80		$	10.94		$	10.99		$	10.94		$	10.91
Total Return†		(0.89)%		0.24	%		0.80	%		1.87	%		1.94	%		4.87	%(3)
Ratios/Supplemental Data
Net Assets End of Period (000)	$	912	$	992		$	1,077		$	1,042		$	965		$	616
Ratio of Expenses to Average Net Assets		1.53%		1.52	%		1.55	%		1.54	%(4)		1.56	%		1.55	%
Ratio of Net Investment Income to Average Net Assets		1.21%		1.33	%		1.07	%		1.38	%(4)		1.31	%		2.41	%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.60%		1.57	%		1.55	%		1.56	%		1.56	%		1.55	%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.14%		1.28	%		1.07	%		1.36	%		1.31	%		2.41	%
Portfolio Turnover Rate		37%		53	%		51	%		59	%		71	%		44	%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2012, a payment was made by the Adviser to offset losses relating to a change in valuation methodology of an asset in the securities lending collateral account of the Acquired Funds prior to the Reorganization. The payment had no impact on the total return of the Fund.

⁽⁴⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.03% and 0.02% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁵⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.08% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

117

	Ultra Short Bond Fund
	Class I																	Class A
		2016*			2016			2015			2014			2013			2012		2016*			2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.94		$	9.94		$	9.96		$	9.97		$	9.98		$	10.01	$	9.95		$	9.95		$	9.98		$	9.98		$	9.99		$	10.03
Net Investment Income (Loss)(1)		0.04			0.04			0.02			0.02			0.02			0.02		0.02			0.01			–	**		(0.01	)		–	**		0.01
Realized and Unrealized Gain (Loss) on Investments		(0.01	)		0.01			–			–			0.02			0.01		(0.01	)		0.01			(0.02	)		0.02			0.01			(0.01)
Total from Investment Operations		0.03			0.05			0.02			0.02			0.04			0.03		0.01			0.02			(0.02	)		0.01			0.01			–
Dividends from Net Investment Income		(0.04	)		(0.05	)		(0.04	)		(0.03	)		(0.05	)		(0.06)		(0.02	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)		(0.04)
Total Distributions		(0.04	)		(0.05	)		(0.04	)		(0.03	)		(0.05	)		(0.06)		(0.02	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)		(0.04)
Net Asset Value, End of Period	$	9.93		$	9.94		$	9.94		$	9.96		$	9.97		$	9.98	$	9.94		$	9.95		$	9.95		$	9.98		$	9.98		$	9.99
Total Return†		0.28	%		0.48	%		0.16	%		0.24	%		0.39	%		0.26%		0.14	%		0.20	%		(0.20	)%		0.06	%		0.11	%		(0.01)%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	428,212		$	374,899		$	407,537		$	433,326		$	404,709		$	541,798	$	1,322		$	1,286		$	1,554		$	2,286		$	3,735		$	5,733
Ratio of Expenses to Average Net Assets		0.31	%		0.32	%		0.33	%		0.34	%		0.34	%		0.34%		0.60	%		0.60	%		0.59	%		0.61	%(2)		0.62	%		0.50%	(3)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.74	%		0.40	%		0.20	%		0.17	%		0.23	%		0.19%		0.45	%		0.12	%		0.00	%		(0.06	)%(2)		(0.03	)%		0.14%	(3)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.31	%		0.32	%		0.33	%		0.34	%		0.34	%		0.34%		0.60	%		0.60	%		0.62	%		0.62	%		0.62	%		0.62%
Ratio of Net Investment Income (Loss) to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.74	%		0.40	%		0.20	%		0.17	%		0.23	%		0.19%		0.45	%		0.12	%		(0.03	)%		(0.07	)%		(0.03	)%		0.02%
Portfolio Turnover Rate(4)		66	%		91	%		90	%		94	%		93	%		102%		66	%		91	%		90	%		94	%		93	%		102%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares. This voluntary commitment had no impact to Class A ratios.

⁽³⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.12% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

⁽⁴⁾  Due to its investment strategy, the Ultra Short Bond Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, and may lower Fund performance.

See Notes to Financial Statements.

118

P N C  F i x e d  I n c o m e  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 ,
	u n l e s s   o t h e r w i s e   i n d i c a t e d

	Intermediate Tax Exempt Bond Fund
	Class I													Class A
	2016*		2016		2015		2014			2013		2012		2016*	2016		2015		2014			2013		2012
Net Asset Value, Beginning of Period	$	9.79	$	9.59	$	9.89	$	10.10		$	10.25	$	9.76	$ 9.75	$	9.55	$	9.88	$	10.06		$	10.21	$	9.72
Net Investment Income(1)		0.11		0.25		0.25		0.26			0.25		0.26	0.10		0.22		0.23		0.26			0.23		0.23
Realized and Unrealized Gain (Loss) on Investments		(0.42)		0.23		(0.02)		0.06			(0.07)		0.56	(0.42)		0.23		(0.03)		0.07			(0.07)		0.56
Total from Investment Operations		(0.31)		0.48		0.23		0.32			0.18		0.82	(0.32)		0.45		0.20		0.33			0.16		0.79
Contributions of Capital by Affiliate(1)		–		–		–		–**	(2)		–		–	–		–		–		–**	(2)		–		–
Dividends from Net Investment Income		(0.11)		(0.25)		(0.25)		(0.26)			(0.25)		(0.26)	(0.10)		(0.22)		(0.25)		(0.24)			(0.23)		(0.23)
Distributions from Net Realized Gains		–		(0.03)		(0.28)		(0.27)			(0.08)		(0.07)	–		(0.03)		(0.28)		(0.27)			(0.08)		(0.07)
Total Distributions		(0.11)		(0.28)		(0.53)		(0.53)			(0.33)		(0.33)	(0.10)		(0.25)		(0.53)		(0.51)			(0.31)		(0.30)
Net Asset Value, End of Period	$	9.37	$	9.79	$	9.59	$	9.89		$	10.10	$	10.25	$ 9.33	$	9.75	$	9.55	$	9.88		$	10.06	$	10.21
Total Return†		(3.19)%		5.03%		2.38%		3.38%			1.84%		8.49%	(3.31)%		4.82%		2.10%		3.47%			1.55%		8.28%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	74,729	$	79,299	$	75,621	$	81,906		$	127,046	$	137,504	$2,794	$	2,913	$	2,823	$	2,858		$	3,092	$	4,039
Ratio of Expenses to Average Net Assets		0.53%		0.53%		0.53%		0.53%			0.53%		0.53%	0.75%		0.74%		0.78%		0.48%	(3)		0.81%		0.75%	(4)
Ratio of Net Investment Income to Average Net Assets		2.28%		2.53%		2.55%		2.66%			2.48%		2.56%	2.07%		2.32%		2.30%		2.71%	(3)		2.21%		2.35%	(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.64%		0.64%		0.61%		0.58%			0.56%		0.55%	0.86%		0.85%		0.86%		0.81%			0.84%		0.83%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.17%		2.42%		2.47%		2.61%			2.45%		2.54%	1.96%		2.21%		2.22%		2.38%			2.18%		2.27%
Portfolio Turnover Rate		15%		22%		23%		27%			35%		19%	15%		22%		23%		27%			35%		19%

	Intermediate Tax Exempt Bond Fund
	Class C
	2016*		2016		2015		2014			2013		2012
Net Asset Value, Beginning of Period	$	9.66	$	9.46	$	9.76	$	9.97		$	10.12	$	9.63
Net Investment Income(1)		0.06		0.15		0.15		0.16			0.15		0.15
Realized and Unrealized Gain (Loss) on Investments		(0.42)		0.23		(0.01)		0.06			(0.07)		0.56
Total from Investment Operations		(0.36)		0.38		0.14		0.22			0.08		0.71
Contributions of Capital by Affiliate(1)		–		–		–		–**	(2)		–		–
Dividends from Net Investment Income		(0.06)		(0.15)		(0.16)		(0.16)			(0.15)		(0.15)
Distributions from Net Realized Gains		–		(0.03)		(0.28)		(0.27)			(0.08)		(0.07)
Total Distributions		(0.06)		(0.18)		(0.44)		(0.43)			(0.23)		(0.22)
Net Asset Value, End of Period	$	9.24	$	9.66	$	9.46	$	9.76		$	9.97	$	10.12
Total Return†		(3.73)%		4.09%		1.42%		2.37%			0.82%		7.49%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	268	$	314	$	392	$	353		$	521	$	495
Ratio of Expenses to Average Net Assets		1.53%		1.46%		1.51%		1.52%	(3)		1.53%		1.53%
Ratio of Net Investment Income to Average Net Assets		1.28%		1.60%		1.56%		1.69%	(3)		1.48%		1.55%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.64%		1.57%		1.59%		1.59%			1.56%		1.54%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.18%		1.49%		1.48%		1.62%			1.45%		1.54%
Portfolio Turnover Rate		15%		22%		23%		27%			35%		19%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.28% and 0.01% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.06% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

119

	Maryland Tax Exempt Bond Fund
	Class I													Class A
	2016*		2016		2015		2014			2013		2012		2016*	2016		2015		2014			2013		2012
Net Asset Value, Beginning of Period	$	11.22	$	11.06	$	11.19	$	11.41		$	11.65	$	11.27	$11.21	$	11.05	$	11.20	$	11.41		$	11.65	$	11.27
Net Investment Income(1)		0.12		0.27		0.29		0.31			0.31		0.32	0.11		0.24		0.26		0.30			0.28		0.29
Realized and Unrealized Gain (Loss) on Investments		(0.45)		0.19		(0.06)		(0.17)			(0.15)		0.48	(0.45)		0.19		(0.06)		(0.18)			(0.15)		0.48
Total from Investment Operations		(0.33)		0.46		0.23		0.14			0.16		0.80	(0.34)		0.43		0.20		0.12			0.13		0.77
Contributions of Capital by Affiliate(1)		–		–		–		–**	(2)		–		–	–		–		–		–**	(2)		–		–
Dividends from Net Investment Income		(0.12)		(0.27)		(0.29)		(0.31)			(0.31)		(0.32)	(0.11)		(0.24)		(0.28)		(0.28)			(0.28)		(0.29)
Distributions from Net Realized Gains		–		(0.03)		(0.07)		(0.05)			(0.09)		(0.10)	–		(0.03)		(0.07)		(0.05)			(0.09)		(0.10)
Total Distributions		(0.12)		(0.30)		(0.36)		(0.36)			(0.40)		(0.42)	(0.11)		(0.27)		(0.35)		(0.33)			(0.37)		(0.39)
Net Asset Value, End of Period	$	10.77	$	11.22	$	11.06	$	11.19		$	11.41	$	11.65	$10.76	$	11.21	$	11.05	$	11.20		$	11.41	$	11.65
Total Return†		(2.95)%		4.19%		2.09%		1.31%			1.35%		7.23%	(3.09)%		3.90%		1.83%		1.18%			1.06%		6.96%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	42,342	$	46,366	$	50,336	$	55,118		$	66,494	$	73,197	$    202	$	212	$	306	$	555		$	677	$	832
Ratio of Expenses to Average Net Assets		0.53%		0.53%		0.53%		0.53%			0.53%		0.53%	0.82%		0.81%		0.80%		0.63%	(3)		0.81%		0.78%	(4)
Ratio of Net Investment Income to Average Net Assets		2.20%		2.44%		2.59%		2.78%			2.68%		2.79%	1.91%		2.16%		2.31%		2.68%	(3)		2.39%		2.54%	(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.70%		0.67%		0.61%		0.57%			0.56%		0.55%	0.98%		0.94%		0.88%		0.80%			0.84%		0.83%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.03%		2.30%		2.51%		2.74%			2.65%		2.77%	1.75%		2.03%		2.23%		2.51%			2.36%		2.49%
Portfolio Turnover Rate		3%		18%		9%		4%			14%		21%	3%		18%		9%		4%			14%		21%

	Maryland Tax Exempt  Bond Fund
	Class C
	2016*		2016		2015		2014			2013		2012
Net Asset Value, Beginning of Period		$11.21		$11.06		$11.19		$11.40			$11.65		$11.27
Net Investment Income(1)		0.07		0.17		0.18		0.21			0.19		0.20
Realized and Unrealized Gain (Loss) on Investments		(0.45)		0.18		(0.05)		(0.17)			(0.16)		0.48
Total from Investment Operations		(0.38)		0.35		0.13		0.04			0.03		0.68
Contributions of Capital by Affiliate(1)		–		–		–		–**	(2)		–		–
Dividends from Net Investment Income		(0.07)		(0.17)		(0.19)		(0.20)			(0.19)		(0.20)
Distributions from Net Realized Gains		–		(0.03)		(0.07)		(0.05)			(0.09)		(0.10)
Total Distributions		(0.07)		(0.20)		(0.26)		(0.25)			(0.28)		(0.30)
Net Asset Value, End of Period		$10.76		$11.21		$11.06		$11.19			$11.40		$11.65
Total Return†		(3.42)%		3.12%		1.17%		0.44%			0.23%		6.08%
Ratios/Supplemental Data
Net Assets End of Period (000)		$      22		$      23		$      56		$      55			$      54		$      1
Ratio of Expenses to Average Net Assets		1.51%		1.47%		1.51%		1.42%	(3)		1.50%		1.51%
Ratio of Net Investment Income to Average Net Assets		1.22%		1.49%		1.60%		1.89%	(3)		1.65%		1.71%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.67%		1.60%		1.59%		1.53%			1.54%		1.51%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.06%		1.36%		1.52%		1.78%			1.61%		1.71%
Portfolio Turnover Rate		3%		18%		9%		4%			14%		21%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares and Class C Shares. This voluntary commitment represented a 0.13% and 0.07% impact to Class A and Class C ratios, respectively, and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A and Class C shareholders. Excluding this item, the expense ratios would have been higher and the net investment income ratios would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.03% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

120

P N C  F i x e d  I n c o m e  F u n d s	S e l e c t e d  P e r  S h a r e  D a t a  a n d  R a t i o s
F I N A N C I A L  H I G H L I G H T S  ( U n a u d i t e d )	F o r  t h e  S i x  M o n t h s  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6 ,
	a n d  f o r  t h e  Y e a r s  E n d e d  M a y  3 1 ,
	u n l e s s   o t h e r w i s e   i n d i c a t e d

	Ohio Intermediate Tax Exempt Bond Fund
	Class I													Class A
	2016*		2016		2015		2014			2013		2012		2016*	2016		2015		2014			2013		2012
Net Asset Value, Beginning of Period	$	10.98	$	10.88	$	11.13	$	11.39		$	11.70	$	11.34	$10.95	$	10.85	$	11.10	$	11.35		$	11.66	$	11.31
Net Investment Income(1)		0.11		0.25		0.28		0.32			0.34		0.35	0.10		0.21		0.25		0.29			0.31		0.33
Realized and Unrealized Gain (Loss) on Investments		(0.45)		0.23		(0.10)		(0.11)			(0.17)		0.57	(0.45)		0.23		(0.10)		(0.10)			(0.17)		0.56
Total from Investment Operations		(0.34)		0.48		0.18		0.21			0.17		0.92	(0.35)		0.44		0.15		0.19			0.14		0.89
Contributions of Capital by Affiliate(1)		–		–		–		–**	(2)		–		–	–		–		–		–**	(2)		–		–
Dividends from Net Investment Income		(0.11)		(0.25)		(0.28)		(0.32)			(0.34)		(0.35)	(0.10)		(0.21)		(0.25)		(0.29)			(0.31)		(0.33)
Distributions from Net Realized Gains		–		(0.13)		(0.15)		(0.15)			(0.14)		(0.21)	–		(0.13)		(0.15)		(0.15)			(0.14)		(0.21)
Total Distributions		(0.11)		(0.38)		(0.43)		(0.47)			(0.48)		(0.56)	(0.10)		(0.34)		(0.40)		(0.44)			(0.45)		(0.54)
Net Asset Value, End of Period	$	10.53	$	10.98	$	10.88	$	11.13		$	11.39	$	11.70	$10.50	$	10.95	$	10.85	$	11.10		$	11.35	$	11.66
Total Return†		(3.11)%		4.42%		1.58%		2.01%			1.47%		8.29%	(3.26)%		4.13%		1.36%		1.82%			1.18%		7.98%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	36,238	$	39,861	$	44,480	$	56,863		$	76,086	$	82,881	$3,893	$	4,189	$	4,515	$	5,294		$	6,567	$	7,843
Ratio of Expenses to Average Net Assets		0.72%		0.70%		0.61%		0.58%			0.56%		0.55%	1.00%		0.98%		0.90%		0.80%	(3)		0.84%		0.76%	(4)
Ratio of Net Investment Income to Average Net Assets		2.04%		2.25%		2.53%		2.90%			2.93%		3.03%	1.76%		1.96%		2.27%		2.67%	(3)		2.65%		2.83%	(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.72%		0.70%		0.61%		0.58%			0.56%		0.55%	1.00%		0.98%		0.90%		0.85%			0.84%		0.83%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		2.04%		2.25%		2.53%		2.90%			2.93%		3.03%	1.76%		1.96%		2.27%		2.62%			2.65%		2.76%
Portfolio Turnover Rate		3%		20%		15%		11%			15%		14%	3%		20%		15%		11%			15%		14%

	Ohio Intermediate Tax Exempt Bond Fund
	Class C
	2016*		2016		2015		2014			2013		2012
Net Asset Value, Beginning of Period		$10.92		$10.82		$11.06		$11.32			$11.63		$11.28
Net Investment Income(1)		0.06		0.14		0.18		0.21			0.22		0.23
Realized and Unrealized Gain (Loss) on Investments		(0.45)		0.23		(0.10)		(0.11)			(0.17)		0.56
Total from Investment Operations		(0.39)		0.37		0.08		0.10			0.05		0.79
Contributions of Capital by Affiliate(1)		–		–		–		–**	(2)		–		–
Dividends from Net Investment Income		(0.06)		(0.14)		(0.17)		(0.21)			(0.22)		(0.23)
Distributions from Net Realized Gains		–		(0.13)		(0.15)		(0.15)			(0.14)		(0.21)
Total Distributions		(0.06)		(0.27)		(0.32)		(0.36)			(0.36)		(0.44)
Net Asset Value, End of Period		$10.47		$10.92		$10.82		$11.06			$11.32		$11.63
Total Return†		(3.61)%		3.40%		0.66%		0.99%			0.45%		7.16%
Ratios/Supplemental Data
Net Assets End of Period (000)		$    643		$    467		$    458		$    459			$    620		$    692
Ratio of Expenses to Average Net Assets		1.72%		1.70%		1.63%		1.58%			1.56%		1.55%
Ratio of Net Investment Income to Average Net Assets		1.05%		1.25%		1.59%		1.90%			1.94%		2.04%
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.72%		1.70%		1.63%		1.58%			1.56%		1.55%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.05%		1.25%		1.59%		1.90%			1.94%		2.04%
Portfolio Turnover Rate		3%		20%		15%		11%			15%		14%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares. This voluntary commitment represented a 0.05% impact to Class A ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A shareholders. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.07% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

121

	Tax Exempt Limited Maturity Bond Fund
	Class I														Class A
	2016*		2016		2015		2014			2013		2012			2016*		2016		2015		2014			2013		2012
Net Asset Value, Beginning of Period	$	10.46	$	10.39	$	10.50	$	10.52		$	10.64	$	10.44		$	10.47	$	10.39	$	10.50	$	10.53		$	10.64	$	10.45
Net Investment Income(1)		0.07		0.16		0.16		0.15			0.17		0.19			0.06		0.13		0.13		0.12			0.14		0.17
Realized and Unrealized Gain (Loss) on Investments		(0.25)		0.07		(0.11)		–**			(0.10)		0.20			(0.25)		0.08		(0.11)		(0.01)			(0.09)		0.19
Total from Investment Operations		(0.18)		0.23		0.05		0.15			0.07		0.39			(0.19)		0.21		0.02		0.11			0.05		0.36
Contributions of Capital by Affiliate(1)		–		–		–		–**	(2)		–		–			–		–		–		–**	(2)		–		–
Dividends from Net Investment Income		(0.07)		(0.16)		(0.16)		(0.15)			(0.17)		(0.19	)		(0.06)		(0.13)		(0.13)		(0.12)			(0.14)		(0.17)
Distributions from Net Realized Gains		–		–		–		(0.02)			(0.02)		–			–		–		–		(0.02)			(0.02)		–
Total Distributions		(0.07)		(0.16)		(0.16)		(0.17)			(0.19)		(0.19	)		(0.06)		(0.13)		(0.13)		(0.14)			(0.16)		(0.17)
Net Asset Value, End of Period	$	10.21	$	10.46	$	10.39	$	10.50		$	10.52	$	10.64		$	10.22	$	10.47	$	10.39	$	10.50		$	10.53	$	10.64
Total Return†		(1.69)%		2.19%		0.46%		1.47%			0.67%		3.78	%		(1.83)%		2.01%		0.19%		1.12%			0.49%		3.45%
Ratios/Supplemental Data
Net Assets End of Period (000)	$	132,247	$	131,767	$	133,081	$	144,797		$	145,668	$	140,442		$	214	$	249	$	452	$	470		$	541	$	526
Ratio of Expenses to Average Net Assets		0.53%		0.53%		0.53%		0.53%			0.53%		0.53	%		0.82%		0.80%		0.81%		0.80%	(3)		0.81%		0.76%	(4)
Ratio of Net Investment Income to Average Net Assets		1.42%		1.49%		1.50%		1.42%			1.60%		1.81	%		1.13%		1.22%		1.23%		1.19%	(3)		1.32%		1.59%	(4)
Ratio of Expenses to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		0.57%		0.56%		0.55%		0.54%			0.55%		0.53	%		0.85%		0.83%		0.83%		0.83%			0.83%		0.82%
Ratio of Net Investment Income to Average Net Assets (Before Fee Waivers and Reimbursement, as applicable)		1.38%		1.46%		1.48%		1.41%			1.58%		1.81	%		1.10%		1.19%		1.21%		1.16%			1.30%		1.53%
Portfolio Turnover Rate		16%		29%		36%		48%			51%		19	%		16%		29%		36%		48%			51%		19%

* For the six-month period ended November 30, 2016. All ratios for the period have been annualized. Total return for the period has not been annualized.

† Total return excludes sales charge.

** Amount represents less than $0.005 per share.

⁽¹⁾  Per share data calculated using average shares outstanding method.

⁽²⁾  During the fiscal year ended May 31, 2014, a voluntary payment was made by PNC Bank, N.A., an affiliate of the Adviser. The payment represents a reimbursement of shareholder services fees borne in prior periods by Class C Shares of the Fund. For tax purposes, this amount represents capital. The payment had no impact to the total return of the Fund.

⁽³⁾  During the fiscal year ended May 31, 2014, the Underwriter committed to make a voluntary expense reimbursement to Class A Shares. This voluntary commitment represented a 0.01% impact to Class A ratios and represented shareholder services fees paid to the Underwriter in prior fiscal years in its role as default broker-dealer to certain Class A shareholders. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

⁽⁴⁾  During the fiscal year ended May 31, 2012, a portion of the Trust’s Class A distribution plan payable balance in excess of actual expenses incurred was added back to the Class A net asset value of the Fund, which represented a 0.05% impact to Class A ratios. Excluding this item, the expense ratio would have been higher and the net investment income ratio would have been lower.

See Notes to Financial Statements.

122

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value         (000)
ASSET-BACKED SECURITIES — 8.0%
Automotive — 3.5%
Fifth Third Auto Trust,
Series 2015-1, Cl A3
1.420%, 03/16/20		$375		$    375
Ford Credit Auto Lease Trust,
Series 2016-A, Cl A2A
1.420%, 11/15/18		309		309
Ford Credit Auto Owner Trust,
Series 2016-A, Cl A3
1.390%, 07/15/20		85		85
Honda Auto Receivables Owner Trust,
Series 2015-4, Cl A3
1.230%, 09/23/19		305		305
Honda Auto Receivables Owner Trust,
Series 2016-2, Cl A3
1.390%, 04/15/20		130		130
Honda Auto Receivables Owner Trust,
Series 2016-3, Cl A4
1.330%, 11/18/22		200		198
Hyundai Auto Receivables Trust,
Series 2015-B, Cl A2A
0.690%, 04/16/18		75		75
Mercedes-Benz Auto Receivables Trust,
Series 2015-1, Cl A2A
0.820%, 06/15/18		258		258
Volkswagen Auto Lease Trust,
Series 2015-A, Cl A3
1.250%, 12/20/17		405		405
				2,140
Credit Cards — 3.7%
BA Credit Card Trust,
Series 2015-A2, Cl A
1.360%, 09/15/20		905		906
Capital One Multi-Asset Execution Trust,
Series 2014-A5, Cl A5
1.480%, 07/15/20		365		366
Capital One Multi-Asset Execution Trust,
Series 2016-A3, Cl A3
1.340%, 04/15/22		395		392
Synchrony Credit Card Master Note Trust,
Series 2012-6, Cl A
1.360%, 08/17/20		595		596
				2,260
Equipment — 0.4%
John Deere Owner Trust,
Series 2014-B, Cl A3
1.070%, 11/15/18		209		209
Utilities — 0.4%
CenterPoint Energy Transition Bond LLC,
Series 2012-1, Cl A2
2.161%, 10/15/21		250		253
Total Asset-Backed Securities (Cost $4,861)				4,862

	Par (000)		Value         (000)
CORPORATE BONDS — 36.2%
Aerospace — 0.3%
Lockheed Martin
3.800%, 03/01/45		$235		$218
Automotive — 1.1%
General Motors Financial
3.200%, 07/13/20		250		250
Toyota Motor Credit (MTN)
3.400%, 09/15/21		200		208
Volkswagen Group of America Finance LLC
1.290%, 05/23/17 (A) 144A		200		200
				658
Cable — 1.5%
Comcast
3.200%, 07/15/36		180		161
Discovery Communications LLC
3.250%, 04/01/23		245		239
Scripps Networks Interactive
2.800%, 06/15/20		165		165
Thomson Reuters
1.650%, 09/29/17		195		195
Time Warner Cable
4.500%, 09/15/42		170		150
				910
Consumer Discretionary — 1.2%
Carnival
3.950%, 10/15/20		295		310
Hasbro
6.300%, 09/15/17		249		258
Marriott International
3.125%, 06/15/26		185		176
				744
Consumer Services — 0.3%
Automatic Data Processing
3.375%, 09/15/25		190		195
Consumer Staples — 0.3%
WhiteWave Foods
5.375%, 10/01/22		190		210
Energy — 3.0%
ConocoPhillips
6.500%, 02/01/39		135		165
Energy Transfer Partners LP
6.125%, 12/15/45		60		60
4.050%, 03/15/25		240		232
EQT
4.875%, 11/15/21		245		261
HollyFrontier
5.875%, 04/01/26		200		201
Kinder Morgan Energy Partners LP
6.500%, 04/01/20		121		133
Kinder Morgan Energy Partners LP (MTN)
6.950%, 01/15/38		187		208
Petroleos Mexicanos
6.000%, 03/05/20		155		162
Phillips 66
4.650%, 11/15/34		165		167
Valero Energy
3.400%, 09/15/26		105		99

See Notes to Financial Statements.

123

	Par (000)		Value         (000)
CORPORATE BONDS — continued
Energy — continued
Williams Partners LP
4.125%, 11/15/20	$	165	$	169
				1,857
Financials — 11.3%
AvalonBay Communities (MTN)
3.900%, 10/15/46		125		114
Bank of America (GMTN)
2.000%, 01/11/18		280		281
Bank of America (MTN)
4.200%, 08/26/24		335		340
4.000%, 04/01/24		235		243
3.248%, 10/21/27		60		57
BankUnited
4.875%, 11/17/25		220		214
BB&T (MTN)
2.050%, 05/10/21		180		177
BBVA Bancomer SA
4.375%, 04/10/24 144A		250		246
Bear Stearns LLC
7.250%, 02/01/18		140		149
Capital One Financial
4.200%, 10/29/25		100		100
Capital One NA
2.400%, 09/05/19		250		251
Citigroup
4.450%, 09/29/27		200		202
2.050%, 12/07/18		305		305
Credit Suisse (GMTN)
5.400%, 01/14/20		205		219
Deutsche Bank AG
2.950%, 08/20/20		315		304
Goldman Sachs Group
5.750%, 01/24/22		160		181
2.350%, 11/15/21		170		165
HSBC Holdings PLC
5.100%, 04/05/21		310		335
International Lease Finance
6.250%, 05/15/19		150		161
JPMorgan Chase
4.625%, 05/10/21		350		377
4.125%, 12/15/26		100		102
Lloyds Banking Group PLC
4.650%, 03/24/26		250		249
Morgan Stanley (GMTN)
2.125%, 04/25/18		250		251
Morgan Stanley (MTN)
4.100%, 05/22/23		180		184
2.625%, 11/17/21		235		232
Santander UK Group Holdings PLC
2.875%, 10/16/20		220		217
State Street
1.950%, 05/19/21		125		122
Toronto-Dominion Bank
3.625%, 09/15/31 (A)		110		106
Toronto-Dominion Bank (GMTN)
2.500%, 12/14/20		165		166
Visa
4.150%, 12/14/35		310		321
Wells Fargo
5.900%, 12/29/49 (A)		160		161

	Par (000)			Value         (000)
Westpac Banking
2.250%, 07/30/18		$	235		$    237
1.650%, 05/13/19			125		124
					6,893
Food, Beverage & Tobacco — 0.7%
Anheuser-Busch InBev Finance
4.900%, 02/01/46			190		203
4.700%, 02/01/36			80		84
Kraft Heinz Foods
5.200%, 07/15/45			145		154
					441
Healthcare — 3.9%
Abbott Laboratories
3.750%, 11/30/26			370		364
AbbVie
2.300%, 05/14/21			145		142
1.750%, 11/06/17			270		272
Actavis Funding SCS
3.450%, 03/15/22			160		162
Amgen
4.400%, 05/01/45			245		233
Johnson & Johnson
3.550%, 03/01/36			220		218
Mylan NV
3.950%, 06/15/26 144A			160		150
Novartis Capital
3.700%, 09/21/42			195		185
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26			135		127
1.900%, 09/23/19			200		197
Teva Pharmaceutical Finance BV
2.950%, 12/18/22			150		145
Teva Pharmaceutical Finance IV BV
3.650%, 11/10/21			160		162
					2,357
Industrials — 0.7%
General Electric
4.125%, 10/09/42			190		189
L-3 Communications
3.850%, 12/15/26			255		254
					443
Insurance — 2.2%
Assurant
2.500%, 03/15/18			235		237
Berkshire Hathaway Finance
4.250%, 01/15/21			215		231
Hartford Financial Services Group
6.300%, 03/15/18			221		233
MetLife
6.400%, 12/15/36			150		162
Teachers Insurance & Annuity Association of America
4.900%, 09/15/44 144A			190		202
XLIT
4.450%, 03/31/25			112		111
2.300%, 12/15/18			150		151
					1,327

See Notes to Financial Statements.

124

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)			Value         (000)
CORPORATE BONDS — continued
Materials — 0.4%
Cytec Industries
3.950%, 05/01/25		$	250		$	237
Real Estate Investment Trusts — 1.8%
American Campus Communities Operating
Partnership LP
3.750%, 04/15/23			290			292
Host Hotels & Resorts LP
3.750%, 10/15/23			175			172
Kimco Realty REIT
2.800%, 10/01/26			170			158
Realty Income
5.375%, 09/15/17			100			103
3.250%, 10/15/22			155			156
Spirit Realty LP
4.450%, 09/15/26 144A			220			208
						1,089
Retail — 1.3%
Expedia
5.000%, 02/15/26			200			206
Priceline Group
3.600%, 06/01/26			125			123
Wal-Mart Stores
5.625%, 04/01/40			385			477
						806
Technology — 2.3%
Activision Blizzard
3.400%, 09/15/26 144A			170			161
Apple
3.850%, 05/04/43			325			305
Avnet
4.625%, 04/15/26			160			155
Fidelity National Information Services
3.000%, 08/15/26			185			172
KLA-Tencor
4.125%, 11/01/21			225			234
Microsoft
3.450%, 08/08/36			200			189
Oracle
4.300%, 07/08/34			160			164
						1,380
Telecommunications — 1.7%
AT&T
4.750%, 05/15/46			145			135
4.600%, 02/15/21			325			344
4.450%, 04/01/24			110			114
Verizon Communications
4.272%, 01/15/36			260			248
Vodafone Group PLC
1.250%, 09/26/17			195			194
						1,035
Transportation — 0.7%
ERAC USA Finance LLC
5.625%, 03/15/42 144A			200			218
FedEx
3.900%, 02/01/35			200			189
						407

	Par (000)			Value         (000)
Utilities — 1.5%
Berkshire Hathaway Energy
6.125%, 04/01/36		$	152		$	189
Dominion Resources VA
1.400%, 09/15/17			210			210
Florida Power & Light
4.050%, 10/01/44			120			121
NextEra Energy Capital Holdings
2.056%, 09/01/17			195			196
Puget Sound Energy
5.757%, 10/01/39			147			178
						894
Total Corporate Bonds (Cost $22,111)						22,101
MUNICIPAL BOND — 0.5%
Texas — 0.5%
Texas Transportation Commission (RB) Series B
5.178%, 04/01/30			240			285
Total Municipal Bond (Cost $243)						285
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 28.6%
Federal Home Loan Mortgage Corporation — 2.4%
9.500%, 10/01/20			2			2
8.000%, 07/01/25			18			21
6.000%, 09/01/19			4			5
5.500%, 06/01/33 (B)			–			–
4.500%, 07/01/40			408			441
3.500%, 06/01/42			637			655
3.000%, 12/01/42			323			322
2.936%, 01/01/36 (A)			5			5
2.662%, 12/01/36 (A)			6			6
						1,457
Federal National Mortgage Association — 23.3%
8.000%, 03/01/31			1			1
6.000%, 09/01/37			2			2
5.500%, 05/01/35			180			202
5.500%, 03/01/36			19			22
5.000%, 03/01/40			431			477
4.500%, 10/01/39			670			724
4.500%, 04/01/40			389			425
4.500%, 04/01/41			294			319
4.000%, 09/01/39			15			16
4.000%, 11/01/40			646			682
4.000%, 01/01/41			788			837
4.000%, 02/01/41			477			503
4.000%, 07/01/42			482			507
4.000%, 11/01/44			365			386
4.000%, 11/01/45			501			527
3.500%, 01/01/28			302			315
3.500%, 09/01/29			368			384
3.500%, 11/01/29			233			243
3.500%, 03/01/41			509			522
3.500%, 07/01/42			557			575
3.500%, 08/01/42			582			599
3.500%, 10/01/42			485			500
3.500%, 11/01/42			47			49
3.500%, 02/01/43			583			601

See Notes to Financial Statements.

125

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued
Federal National Mortgage Association — continued
3.500%, 08/01/43	$	494	$	508
3.500%, 12/01/45		398		408
3.000%, 06/01/27		447		460
3.000%, 11/01/27		428		440
3.000%, 04/01/43		597		597
3.000%, 06/01/43		370		370
3.000%, 05/01/46		495		493
3.000%, 06/01/46		788		785
2.721%, 08/01/35 (A)		3		3
2.500%, 11/01/27		752		756
				14,238
Government National Mortgage Association — 2.9%
8.500%, 11/15/21		16		16
8.500%, 07/15/22		4		4
8.250%, 04/20/17 (B)		–		–
4.500%, 10/20/45		345		370
4.000%, 09/15/41		653		694
3.500%, 12/20/42		654		684
				1,768
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $17,253)				17,463
U.S. TREASURY OBLIGATIONS — 25.9%
U.S. Treasury Bonds — 4.3%
4.500%, 02/15/36		165		209
3.750%, 08/15/41		305		345
3.125%, 08/15/44		320		325
3.000%, 11/15/44		775		769
2.875%, 08/15/45		1,025		990
				2,638
U.S. Treasury Notes — 21.6%
2.625%, 08/15/20		190		197
2.500%, 08/15/23		545		556
2.250%, 11/15/25		1,560		1,544
2.125%, 08/15/21		100		101
2.125%, 09/30/21		420		424
2.000%, 07/31/20		170		172
2.000%, 02/28/21		2,895		2,922
2.000%, 02/15/23		585		581

	Par (000)		Value (000)
1.750%, 10/31/20	$	2,895	$	2,902
1.625%, 12/31/19		150		151
1.625%, 08/15/22		1,595		1,559
1.250%, 10/31/19		1,270		1,265
1.000%, 06/30/19		465		462
1.000%, 11/30/19		365		361
				13,197
Total U.S. Treasury Obligations (Cost $16,220)				15,835

	Number of Shares
MONEY MARKET FUND — 0.8%
PNC Government Money Market Fund,
Class I Shares 0.240%† (C)		527,255		527
Total Money Market Fund (Cost $527)				527
TOTAL INVESTMENTS — 100.0% (Cost $61,215)*				61,073
Other Assets & Liabilities – 0.0%				(30	)
TOTAL NET ASSETS — 100.0%			$	61,043

* Aggregate cost for Federal income tax purposes is (000) $61,285.

Gross unrealized appreciation (000)	$652
Gross unrealized depreciation (000)	(864)
Net unrealized depreciation (000)	$(212)

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2016.

(B) Par and Value are less than $500.

(C) The rate quoted is the annualized seven-day effective yield of the fund at period end.

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 $1,385 (000) and represents 2.3% of net assets as of November 30, 2016.

See Notes to Financial Statements.

126

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total     Value     (000)
Assets:
Asset-Backed Securities		$	–		$	4,862		$	–		$	4,862
Corporate Bonds			–			22,101			–			22,101
Money Market Fund			527			–			–			527
Municipal Bond			–			285			–			285
U.S. Government Agency Mortgage- Backed Obligations			–			17,463			–			17,463
U.S. Treasury Obligations			–			15,835			–			15,835
Total Assets - Investments in Securities		$	527		$	60,546		$	–		$	61,073

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

127

P N C  G o v e r n m e n t  M o r t g a g e  F u nd

S C H E D U L E  O F  I N V E S T M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value     (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 88.1%
Federal Home Loan Mortgage Corporation — 11.5%
9.000%, 12/01/16 to 09/01/20	$	1	$	1
8.500%, 11/01/18 to 01/01/22		4		4
8.000%, 02/01/17 to 03/01/22		1		1
7.000%, 05/01/31		9		9
6.000%, 10/01/32		87		100
5.500%, 03/01/28		67		76
4.500%, 03/01/40 to 07/01/40		1,007		1,095
4.000%, 09/01/40 to 01/01/41		681		719
3.500%, 06/01/42 to 12/01/42		1,805		1,857
3.000%, 03/01/43 to 06/01/46		2,007		1,998
				5,860
Federal National Mortgage Association — 65.7%
10.000%, 06/01/21		1		1
9.000%, 02/01/17 to 10/01/19		2		2
8.500%, 11/01/21 to 09/01/23		3		3
8.000%, 02/01/23 to 03/01/23		3		3
7.500%, 09/01/22 to 07/01/31		67		79
7.000%, 09/01/31		30		31
6.500%, 02/01/38		348		394
6.000%, 01/01/37		433		496
5.500%, 12/01/18 to 01/01/35		1,010		1,133
5.000%, 10/01/35 to 10/01/39		1,134		1,253
4.500%, 06/01/20 to 09/01/43		3,028		3,289
4.000%, 07/01/25 to 04/01/46		6,201		6,544
3.500%, 08/01/26 to 02/01/46		10,050		10,356
3.000%, 04/01/27 to 06/01/46		7,280		7,343
2.500%, 09/01/27 to 08/01/30		2,534		2,547
				33,474
Government National Mortgage Association — 10.9%
9.250%, 12/15/19 to 05/15/21		14		14
9.000%, 07/15/17 to 11/15/24		29		31
8.500%, 03/20/17 to 09/15/24		39		41
8.000%, 04/15/17 to 04/15/30		104		112
7.500%, 05/15/22 to 09/20/30		175		188
7.000%, 03/15/23 to 07/15/31		284		313
5.000%, 10/15/39		373		417
4.500%, 03/15/39 to 10/20/45		1,183		1,289
4.000%, 09/15/39 to 10/20/44		1,841		1,955
3.500%, 06/20/42 to 01/20/43		1,167		1,216
				5,576
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $44,511)				44,910

	Par (000)		Value     (000)
U.S. TREASURY OBLIGATIONS — 7.5%
U.S. Treasury Notes — 7.5%
2.000%, 02/15/23	$	1,005	$	998
1.250%, 10/31/19		1,320		1,315
0.750%, 02/28/18		1,520		1,516
				3,829
Total U.S. Treasury Obligations (Cost $3,902)				3,829
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.7%
Fannie Mae, Series 2013-2, Cl AB
2.000%, 02/25/43		690		676
Freddie Mac, Series 1273, Cl Z
7.500%, 05/15/22		15		16
Freddie Mac, Series 4265, Cl GA
3.000%, 11/15/41		350		358
Ginnie Mae, Series 2002-92, Cl PB
5.500%, 12/20/32		307		340
Total Collateralized Mortgage Obligations (Cost $1,416)				1,390
	Number of Shares
MONEY MARKET FUND — 1.6%
PNC Government Money Market Fund,
Class I Shares 0.240%† (A)		814,454		814
Total Money Market Fund (Cost $814)				814
TOTAL INVESTMENTS — 99.9% (Cost $50,643)*				50,943
Other Assets & Liabilities – 0.1%				34
TOTAL NET ASSETS — 100.0%			$	50,977

* Aggregate cost for Federal income tax purposes is (000) $50,644.

Gross unrealized appreciation (000)	$962
Gross unrealized depreciation (000)	(663	)
Net unrealized appreciation (000)	$299

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

128

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  OF  I N V E S T M E N T S

N o v e m b e r  3 0,  2 0 1 6  ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Collateralized Mortgage Obligations		$	–		$	1,390		$	–		$	1,390
Money Market Fund			814			–			–			814
U.S. Government Agency Mortgage- Backed Obligations			–			44,910			–			44,910
U.S. Treasury Obligations			–			3,829			–			3,829
Total Assets - Investments in Securities		$	814		$	50,129		$	–		$	50,943

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

129

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 T M E N T  S

N o v e m b e r  3 0,  2 0 1 6 ( U n a u d i t e d )

	Par (000)		Value (000)
CORPORATE BONDS — 85.1%
Automotive — 4.5%
General Motors Escrow Bond
8.375%, 07/15/33 (A) (B) (C)	$	405	$	–
Lear
5.375%, 03/15/24		125		131
Penske Automotive Group
5.500%, 05/15/26		165		159
Tenneco
5.375%, 12/15/24		150		154
				444
Cable — 6.5%
Cable One
5.750%, 06/15/22 144A		200		206
CCO Holdings LLC
6.625%, 01/31/22		115		120
CSC Holdings LLC
8.625%, 02/15/19		225		248
Sinclair Television Group
5.625%, 08/01/24 144A		75		74
				648
Consumer Discretionary — 0.8%
National CineMedia LLC
5.750%, 08/15/26		75		77
Consumer Services — 9.2%
Avon Products
7.000%, 03/15/23		75		69
H&E Equipment Services
7.000%, 09/01/22		190		200
Royal Caribbean Cruises
7.500%, 10/15/27		240		284
Service Corporation International
5.375%, 05/15/24		100		104
Sotheby’s
5.250%, 10/01/22 144A		270		263
				920
Consumer Staples — 1.3%
Lamb Weston Holdings
4.875%, 11/01/26 144A		135		134
Energy — 13.9%
Boardwalk Pipelines LP
5.950%, 06/01/26		150		160
Chesapeake Energy
7.250%, 12/15/18		50		52
Cloud Peak Energy Resources LLC
12.000%, 11/01/21		37		38
Continental Resources
5.000%, 09/15/22		150		150
Denbury Resources
5.500%, 05/01/22		85		70
Freeport-McMoran Oil & Gas LLC
6.875%, 02/15/23		75		80
Kinder Morgan (GMTN)
7.750%, 01/15/32		200		236
McDermott International
8.000%, 05/01/21 144A		200		196
PHI
5.250%, 03/15/19		115		108

	Par (000)		Value (000)
Regency Energy Partners LP
5.875%, 03/01/22	$	125	$	138
Rowan
4.875%, 06/01/22		50		43
Transocean
6.000%, 03/15/18		110		111
				1,382
Financials — 10.1%
Ally Financial
4.750%, 09/10/18		125		129
Bank of America
6.250%, 09/29/49 (D)		100		100
BankUnited
4.875%, 11/17/25		125		122
Citigroup
6.250%, 12/29/49 (D)		125		128
5.800%, 11/29/49 (D)		125		124
International Lease Finance
6.250%, 05/15/19		200		215
Royal Bank of Scotland Group PLC
6.000%, 12/19/23		190		192
				1,010
Food, Beverage & Tobacco — 1.1%
Constellation Brands
6.000%, 05/01/22		100		114
Healthcare — 7.5%
DaVita
5.750%, 08/15/22		166		172
HCA
5.875%, 03/15/22		308		331
Select Medical
6.375%, 06/01/21		175		168
Tenet Healthcare
6.000%, 10/01/20		75		76
				747
Industrials — 14.6%
Ball
4.000%, 11/15/23		150		147
Bombardier
7.750%, 03/15/20 144A		140		141
CNH Industrial Capital LLC
3.375%, 07/15/19		215		215
CNH Industrial NV
4.500%, 08/15/23		40		39
Crown Cork & Seal
7.375%, 12/15/26		165		187
KLX
5.875%, 12/01/22 144A		225		230
Owens-Brockway Glass Container
6.375%, 08/15/25 144A		225		238
PulteGroup
7.875%, 06/15/32		235		259
				1,456
Information Technology — 2.2%
VeriSign
4.625%, 05/01/23		220		224

See Notes to Financial Statements.

130

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 T M E N T S

N o v e m b e r  3 0,  2 0 1 6 ( U n a u d i t e d )

	Par (000)		Value (000)
CORPORATE BONDS — continued
Materials — 2.9%
Eldorado Gold
6.125%, 12/15/20 144A		$150	$	151
Novelis
5.875%, 09/30/26 144A		135		135
				286
Retail — 10.5%
Expedia
5.000%, 02/15/26		210		216
Hanesbrands
4.625%, 05/15/24 144A		215		215
Levi Strauss
6.875%, 05/01/22		190		199
Sally Holdings LLC
5.500%, 11/01/23		188		196
Wolverine World Wide
5.000%, 09/01/26 144A		230		220
				1,046
Total Corporate Bonds (Cost $8,351)				8,488

	Number of Shares		Value (000)
MONEY MARKET FUND — 6.3%
PNC Government Money Market Fund,
Class I Shares 0.240%† (E)		632,916	$	633
Total Money Market Fund (Cost $633)				633
TOTAL INVESTMENTS — 91.4% (Cost $8,984)*				9,121
Other Assets & Liabilities – 8.6%				858
TOTAL NET ASSETS — 100.0%			$	9,979

* Aggregate cost for Federal income tax purposes is (000) $8,987.

Gross unrealized appreciation (000)	$224
Gross unrealized depreciation (000)	(90	)
Net unrealized appreciation (000)	$134

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) Illiquid Security. Total value of illiquid securities is $0 (000) and represents less than 0.1% of net assets as of November 30, 2016.

(B) Security fair valued using methods approved by the Board of Trustees.

(C) Security in default.

(D) Variable Rate Security — the rate shown is the rate in effect on November 30, 2016.

(E) The rate quoted is the annualized seven-day effective yield of the fund at period end.

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 $2,204 (000) and represents 22.1% of net assets as of November 30, 2016.

See Notes to Financial Statements.

131

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total Value (000)
Corporate Bonds	$	–	$	8,488	$	–	$	8,488
Money Market Fund		633		–		–		633
Total Assets - Investments in Securities	$	633	$	8,488	$	–	$	9,121

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

132

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
ASSET-BACKED SECURITIES — 17.5%
Automotive — 7.0%
BMW Vehicle Owner Trust,
Series 2016-A, Cl A3
1.160%, 11/25/20	$	1,480	$	1,471
Fifth Third Auto Trust,
Series 2015-1, Cl A3
1.420%, 03/16/20		3,000		3,004
Ford Credit Auto Owner Trust,
Series 2015-A, Cl A3
1.280%, 09/15/19		1,048		1,049
Honda Auto Receivables Owner Trust,
Series 2015-4, Cl A3
1.230%, 09/23/19		640		639
Honda Auto Receivables Owner Trust,
Series 2016-3, Cl A4
1.330%, 11/18/22		1,000		990
Hyundai Auto Receivables Trust,
Series 2013-B, Cl A4
1.010%, 02/15/19		1,018		1,018
Hyundai Auto Receivables Trust,
Series 2015-A, Cl A3
1.050%, 04/15/19		902		901
Mercedes-Benz Auto Receivables Trust,
Series 2016-1, Cl A3
1.260%, 02/16/21		670		667
Mercedes-Benz Auto Receivables Trust,
Series 2015-1, Cl A2A
0.820%, 06/15/18		824		823
Nissan Auto Receivables Owner Trust,
Series 2015-C Cl A3
1.370%, 05/15/20		1,175		1,175
Toyota Auto Receivables Owner Trust,
Series 2015-C, Cl A3
1.340%, 06/17/19		2,590		2,594
Volkswagen Auto Lease Trust,
Series 2015-A, Cl A3
1.250%, 12/20/17		1,654		1,653
				15,984
Credit Cards — 9.5%
American Express Credit Account Master Trust,
Series 2014-3, Cl A
1.490%, 04/15/20		3,295		3,304
BA Credit Card Trust,
Series 2015-A2, Cl A
1.360%, 09/15/20		1,655		1,656
Capital One Multi-Asset Execution Trust,
Series 2014-A5, Cl A5
1.480%, 07/15/20		2,590		2,596
Capital One Multi-Asset Execution Trust,
Series 2015-A1, Cl A1
1.390%, 01/15/21		2,610		2,613
Capital One Multi-Asset Execution Trust,
Series 2016-A3, Cl A3
1.340%, 04/15/22		2,000		1,987
Chase Issuance Trust,
Series 2015-A2, Cl A2
1.590%, 02/18/20		4,225		4,240

	Par (000)		Value (000)
Citibank Credit Card Issuance Trust,
Series 2016-A1, Cl A1
1.750%, 11/19/21	$	2,305	$	2,305
Discover Card Execution Note Trust,
Series 2016-A4, Cl A4
1.390%, 03/15/22		455		452
Synchrony Credit Card Master Note Trust,
Series 2012-2, Cl A
2.220%, 01/15/22		850		858
Synchrony Credit Card Master Note Trust,
Series 2012-6, Cl A
1.360%, 08/17/20		1,825		1,827
				21,838
Equipment — 0.7%
John Deere Owner Trust,
Series 2014-B, Cl A3
1.070%, 11/15/18		1,079		1,079
John Deere Owner Trust,
Series 2016-A, Cl A3
1.360%, 04/15/20		645		644
				1,723
Financials — 0.0%
GS Mortgage Securities Trust,
Series 2011-GC5, Cl A2
2.999%, 08/10/44		60		60
Utilities — 0.3%
CenterPoint Energy Transition Bond LLC,
Series 2012-1, Cl A2
2.161%, 10/15/21		640		648
Total Asset-Backed Securities
(Cost $40,259)				40,253
CORPORATE BONDS — 42.3%
Automotive — 2.4%
Ford Motor Credit LLC
3.000%, 06/12/17		1,000		1,008
General Motors Financial
3.200%, 07/13/20		1,500		1,498
PACCAR Financial (MTN)
1.435%, 12/06/18 (A)		800		805
Toyota Motor Credit Corp. (MTN)
1.111%, 05/16/17 (A)		1,465		1,466
Volkswagen Group of America Finance LLC
1.290%, 05/23/17 (A) 144A		855		854
				5,631
Cable — 0.5%
Discovery Communications LLC
3.300%, 05/15/22		1,040		1,035
Consumer Discretionary — 1.4%
Carnival
3.950%, 10/15/20		845		889
Hasbro
6.300%, 09/15/17		1,431		1,483

See Notes to Financial Statements.

133

	Par (000)		Value (000)
CORPORATE BONDS — continued
Consumer Discretionary — continued
Marriott International
3.125%, 06/15/26	$	985	$	937
				3,309
Consumer Staples — 0.3%
WhiteWave Foods
5.375%, 10/01/22		600		662
Energy — 3.2%
Energy Transfer Partners LP
4.050%, 03/15/25		1,725		1,670
EQT
4.875%, 11/15/21		1,145		1,220
Exxon Mobil
1.622%, 03/01/19 (A)		435		441
HollyFrontier
5.875%, 04/01/26		710		711
Kinder Morgan Energy Partners LP
4.150%, 03/01/22		1,176		1,204
Petroleos Mexicanos (GMTN)
3.500%, 07/23/20		300		291
4.250%, 01/15/25		410		365
Phillips 66 Partners LP
3.550%, 10/01/26		625		595
Valero Energy
3.400%, 09/15/26		860		812
				7,309
Financials — 16.9%
American Express
3.625%, 12/05/24		875		874
AvalonBay Communities (MTN)
2.900%, 10/15/26		850		803
Bank of America (MTN)
5.625%, 07/01/20		825		909
2.503%, 10/21/22		865		839
4.200%, 08/26/24		550		559
Bank of Nova Scotia/The
2.125%, 09/11/19		535		538
BankUnited
4.875%, 11/17/25		690		672
BB&T (MTN)
6.850%, 04/30/19		10		11
3.950%, 03/22/22		560		586
BBVA Bancomer SA
4.375%, 04/10/24 144A		1,270		1,248
BNP Paribas SA (MTN)
1.250%, 12/12/16		15		15
Capital One Financial
3.500%, 06/15/23		1,745		1,746
Citigroup
2.050%, 12/07/18		1,045		1,045
4.450%, 09/29/27		540		546
Credit Suisse AG (GMTN)
5.400%, 01/14/20		725		773
Credit Suisse Group Funding Guernsey
3.750%, 03/26/25		1,090		1,044
Deutsche Bank AG
1.350%, 05/30/17		980		976
Deutsche Bank AG (GMTN)
2.850%, 05/10/19		465		459

	Par (000)		Value (000)
Fifth Third Bancorp
2.300%, 03/01/19	$	1,240	$	1,245
GE Capital International Funding Unlimited Co.
3.373%, 11/15/25		583		590
Goldman Sachs Group
5.750%, 01/24/22		1,270		1,433
HSBC Bank USA NA
4.875%, 08/24/20		1,215		1,291
HSBC Holdings PLC
4.300%, 03/08/26		420		431
International Lease Finance
6.250%, 05/15/19		905		971
John Deere Capital
1.442%, 01/08/19 (A)		1,640		1,651
JPMorgan Chase
4.625%, 05/10/21		625		673
3.375%, 05/01/23		605		604
4.125%, 12/15/26		770		788
KeyCorp (MTN)
2.900%, 09/15/20		710		718
Lloyds Banking Group
3.100%, 07/06/21#		840		846
Morgan Stanley (GMTN)
2.375%, 07/23/19		1,267		1,272
Morgan Stanley (MTN)
2.625%, 11/17/21		590		583
4.100%, 05/22/23		425		435
MUFG Americas Holdings
3.500%, 06/18/22		570		584
Royal Bank of Canada
1.200%, 09/19/17		715		715
1.875%, 02/05/20		2,400		2,386
Royal Bank of Canada (GMTN)
1.367%, 07/29/19 (A)		845		847
Santander UK Group Holdings PLC
2.875%, 10/16/20		1,205		1,189
Toronto-Dominion Bank (GMTN)
2.125%, 07/02/19		1,240		1,246
US Bancorp (MTN)
2.950%, 07/15/22		575		580
Visa
2.800%, 12/14/22		895		901
Wells Fargo (MTN)
2.550%, 12/07/20		960		961
4.100%, 06/03/26		750		762
Westpac Banking
2.600%, 11/23/20		1,440		1,445
				38,790
Food, Beverage & Tobacco — 1.1%
Anheuser-Busch InBev Finance
3.700%, 02/01/24		365		378
3.650%, 02/01/26		675		678
Anheuser-Busch InBev Worldwide
5.375%, 01/15/20		570		622
Dr Pepper Snapple Group
2.550%, 09/15/26		855		794
				2,472
Healthcare — 3.5%
Abbott Laboratories
3.400%, 11/30/23		980		968

See Notes to Financial Statements.

134

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
CORPORATE BONDS — continued
Healthcare — continued
AbbVie
1.750%, 11/06/17	$	1,087	$	1,094
3.200%, 05/14/26		720		684
Actavis Funding SCS
3.450%, 03/15/22		695		705
Aetna
1.500%, 11/15/17		1,658		1,658
Mylan NV
3.950%, 06/15/26 144A		690		646
Shire Acquisitions Investments Ireland DAC
2.400%, 09/23/21		880		851
Teva Pharmaceutical Finance BV
2.950%, 12/18/22		1,535		1,486
				8,092
Industrials — 0.3%
Avnet
4.625%, 04/15/26		760		737
Insurance — 1.3%
Assurant
2.500%, 03/15/18		800		806
Berkshire Hathaway
3.750%, 08/15/21#		640		682
MetLife
4.368%, 09/15/23		645		695
XLIT
2.300%, 12/15/18		805		811
				2,994
Materials — 1.1%
Cytec Industries
3.950%, 05/01/25		910		864
Monsanto
2.125%, 07/15/19		1,252		1,249
Westlake Chemical Corp.
3.600%, 08/15/26 144A		340		327
				2,440
Real Estate Investment Trusts — 1.8%
American Campus Communities Operating
Partnership LP
3.750%, 04/15/23		930		938
Host Hotels & Resorts LP
3.750%, 10/15/23		975		956
Realty Income REIT
3.250%, 10/15/22		665		671
Spirit Realty LP
4.450%, 09/15/26 144A		825		779
Ventas Realty LP
3.500%, 02/01/25		895		881
				4,225
Retail — 1.7%
CVS Health
3.500%, 07/20/22		920		944
Expedia
5.000%, 02/15/26		655		673
Lowe’s
1.265%, 09/10/19 (A)		1,225		1,228

	Par (000)		Value (000)
Priceline Group
3.650%, 03/15/25	$	440	$	439
3.600%, 06/01/26		670		662
				3,946
Technology — 2.3%
Activision Blizzard
3.400%, 09/15/26 144A		860		813
Apple
2.400%, 05/03/23		960		935
Fidelity National Information Services
3.000%, 08/15/26		855		796
KLA-Tencor
4.125%, 11/01/21		905		943
Oracle
2.500%, 05/15/22		1,185		1,173
Xilinx
3.000%, 03/15/21		605		611
				5,271
Telecommunications — 2.8%
AT&T
4.600%, 02/15/21		1,630		1,725
4.450%, 04/01/24		800		831
Charter Communications Operating LLC
4.464%, 07/23/22 144A		1,400		1,453
Cisco Systems
1.511%, 02/21/18 (A)		890		895
Verizon Communications
5.150%, 09/15/23		650		719
Vodafone Group PLC
5.625%, 02/27/17		861		869
				6,492
Utilities — 1.7%
Berkshire Hathaway Energy
3.500%, 02/01/25		655		666
Exelon Generation LLC
4.000%, 10/01/20		745		774
Southern
2.750%, 06/15/20		1,405		1,417
Xcel Energy
4.700%, 05/15/20		891		951
				3,808
Total Corporate Bonds (Cost $97,581)				97,213
OTHER GOVERNMENT AND AGENCY OBLIGATIONS — 1.5%
Canada — 0.9%
CPPIB Capital
1.250%, 09/20/19 144A		1,225		1,209
Province of Quebec
2.500%, 04/20/26		945		913
				2,122

See Notes to Financial Statements.

135

	Par (000)		Value (000)
OTHER GOVERNMENT AND AGENCY OBLIGATIONS — continued
Supranational — 0.6%
International Bank for Reconstruction &
Development
1.375%, 09/20/21	$	1,410	$	1,369
Total Other Government and Agency Obligations (Cost $3,572)				3,491
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.8%
Federal National Mortgage Association — 5.8%
4.000%, 12/01/45		2,044		2,151
3.500%, 07/01/43		2,016		2,077
3.500%, 02/01/46		2,038		2,092
3.000%, 01/01/31		2,034		2,092
3.000%, 06/01/46		2,104		2,095
2.500%, 10/01/31		2,879		2,892
				13,399
Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $13,685)				13,399
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%
Federal National Mortgage Association — 0.6%
1.875%, 09/24/26		715		661
1.250%, 08/17/21		705		683
				1,344
Total U.S. Government Agency Obligations
(Cost $1,413)				1,344
U.S. TREASURY OBLIGATIONS — 31.2%
U.S. Treasury Notes — 31.2%
2.625%, 08/15/20		5,975		6,184
2.625%, 11/15/20		1,085		1,123
2.500%, 08/15/23		6,435		6,559
2.500%, 05/15/24		725		737
2.375%, 08/15/24		2,680		2,696
2.250%, 11/15/24		4,810		4,787
2.125%, 08/15/21		14,639		14,803
2.125%, 09/30/21		3,650		3,688
2.125%, 05/15/25		1,775		1,744
2.000%, 07/31/20		4,490		4,549
2.000%, 02/28/21		8,685		8,766
1.750%, 10/31/20		2,305		2,311
1.625%, 07/31/19		810		816
1.625%, 08/15/22		4,855		4,747
1.500%, 10/31/19		6,690		6,710
1.250%, 10/31/19		720		717
1.000%, 11/30/19		690		682
				71,619
Total U.S. Treasury Obligations
(Cost $72,689)				71,619

	Number of Shares		Value (000)
MONEY MARKET FUND — 0.9%
PNC Government Money Market Fund,
Class I Shares 0.240%† (B)		2,063,615	$	2,064
Total Money Market Fund
(Cost $2,064)				2,064
Total Investments Before Short-Term Investments Purchased with Collateral from Securities Loaned – 99.8%
(Cost $231,263)				229,383
SHORT-TERM INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 0.7%
Affiliated Money Market Fund — 0.5%
PNC Government Money Market Fund,
Class I Shares 0.240%† (B)		1,203,011		1,203
Money Market Fund — 0.2%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (B)		362,971		363
Total Short-Term Investments Purchased With Collateral From Securities Loaned
(Cost $1,566)‡				1,566
TOTAL INVESTMENTS — 100.5%
(Cost $232,829)*				230,949
Other Assets & Liabilities – (0.5)%				(1,065	)
TOTAL NET ASSETS — 100.0%			$	229,884

* Aggregate cost for Federal income tax purposes is (000) $232,923.

Gross unrealized appreciation (000)	$731
Gross unrealized depreciation (000)	(2,705	)
Net unrealized depreciation (000)	$(1,974)

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

# Security fully or partially on loan. Total Value of Securities on Loan is $1,512 (000).

‡ See Note 9 in Notes to Financial Statements.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2016.

(B) The rate quoted is the annualized seven-day effective yield of the fund at period end.

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 $7,329 (000) and represents 3.2% of net assets as of November 30, 2016.

See Notes to Financial Statements.

136

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Asset-Backed Securities		$	–		$	40,253		$	–		$	40,253
Corporate Bonds			–			97,213			–			97,213
Money Market Fund			2,064			–			–			2,064
Other Government and Agency Obligations			–			3,491			–			3,491
Short-Term Investments Purchased With Collateral From Securities Loaned			1,566			–			–			1,566
U.S. Government Agency Mortgage- Backed Obligations			–			13,399			–			13,399
U.S. Government Agency Obligations			–			1,344			–			1,344
U.S. Treasury Obligations			–			71,619			–			71,619
Total Assets - Investments in Securities		$	3,630		$	227,319		$	–		$	230,949

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value. As of November 30, 2016, such liabilities are categorized within the valuation hierarchy as follows:

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Liabilities:
Payable for collateral received for loaned securities		$	–		$	1,566		$	–		$	1,566
Total Liabilities - Collateral Received for Loaned Securities		$	–		$	1,566		$	–		$	1,566

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

137

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

N o v e m b e r  3 0 ,   2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
ASSET-BACKED SECURITIES — 22.2%
Automotive — 12.7%
BMW Vehicle Owner Trust,
Series 2016-A, Cl A3
1.160%, 11/25/20	$	1,030	$	1,024
Fifth Third Auto Trust,
Series 2015-1, Cl A3
1.420%, 03/16/20		3,960		3,965
Ford Credit Auto Owner Trust,
Series 2015-A, Cl A3
1.280%, 09/15/19		2,692		2,694
Ford Credit Auto Owner Trust,
Series 2016-A, Cl A3
1.390%, 07/15/20		3,100		3,102
Honda Auto Receivables Owner Trust,
Series 2015-4, Cl A3
1.230%, 09/23/19		3,085		3,081
Honda Auto Receivables Owner Trust,
Series 2016-4, Cl A3
1.210%, 12/18/20		1,780		1,769
Huntington Auto Trust,
Series 2016-1, Cl A3
1.590%, 11/16/20		1,345		1,345
Hyundai Auto Receivables Trust,
Series 2015-A, Cl A4
1.370%, 07/15/20		2,515		2,515
Hyundai Auto Receivables Trust,
Series 2015-C, Cl A3
1.460%, 02/18/20		1,900		1,903
Mercedes-Benz Auto Receivables Trust,
Series 2016-1, Cl A3
1.260%, 02/16/21		3,170		3,156
Nissan Auto Receivables Owner Trust,
Series 2013-B, Cl A4
1.310%, 10/15/19		3,743		3,747
Nissan Auto Receivables Owner Trust,
Series 2015-B, Cl A3
1.340%, 03/16/20		4,130		4,133
Toyota Auto Receivables Owner Trust,
Series 2016-A, Cl A3
1.250%, 03/16/20		3,490		3,486
Toyota Auto Receivables,
Series 2016-C, Cl A3
1.140%, 08/17/20		2,490		2,477
Volkswagen Auto Lease Trust,
Series 2015-A, Cl A3
1.250%, 12/20/17		1,305		1,305
Volkswagen Auto Loan Enhanced Trust,
Series 2013-2, Cl A3
0.700%, 04/20/18		538		537
				40,239
Credit Cards — 7.8%
American Express Credit Account Master Trust,
Series 2014-4, Cl A
1.430%, 06/15/20		4,080		4,088
BA Credit Card Trust,
Series 2015-A2, Cl A
1.360%, 09/15/20		4,255		4,258

	Par (000)		Value (000)
Capital One Multi-Asset Execution Trust,
Series 2016-A3, Cl A3
1.340%, 04/15/22	$	3,505	$	3,482
Chase Issuance Trust,
Series 2015-A7, Cl A7
1.620%, 07/15/20		4,860		4,879
Citibank Credit Card Issuance Trust,
Series 2016-A1, Cl A1
1.750%, 11/19/21		4,385		4,385
Discover Card Execution Note Trust,
Series 2016-A4, Cl A4
1.390%, 03/15/22		3,650		3,624
				24,716
Equipment — 1.5%
John Deere Owner Trust,
Series 2014-B, Cl A3
1.070%, 11/15/18		2,709		2,709
John Deere Owner Trust,
Series 2016-A, Cl A3
1.360%, 04/15/20		2,060		2,057
				4,766
Utilities — 0.2%
CenterPoint Energy Transition Bond IV LLC,
Series 2012-1, Cl A1
0.901%, 04/15/18		500		500
Total Asset-Backed Securities (Cost $70,303)				70,221
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.3%
Fannie Mae, Series 2003-86, Cl PY
4.500%, 09/25/18		447		456
Fannie Mae, Series 2003-97, Cl DG
5.000%, 10/25/18		301		308
Fannie Mae, Series 2014-33, Cl AH
3.000%, 06/25/29		2,458		2,539
Freddie Mac Series 3945 A, Cl A
3.000%, 03/15/26		2,632		2,714
Freddie Mac, Series 2682, Cl LC
4.500%, 07/15/32		15		15
Freddie Mac, Series 2828, Cl JE
4.500%, 07/15/19		488		505
Freddie Mac, Series 3535, Cl CA
4.000%, 05/15/24		112		114
Freddie Mac, Series 3564, Cl JA
4.000%, 01/15/18		340		346
Freddie Mac, Series 3693, Cl BD
3.000%, 07/15/25		2,155		2,225
Freddie Mac, Series 3741, Cl PA
2.150%, 02/15/35		2,389		2,404
Freddie Mac, Series 3786, Cl GN
4.000%, 08/15/35		764		783
Freddie Mac, Series 4266, Cl LG
2.500%, 06/15/28		1,136		1,155
Ginnie Mae, Series 1998-GN1, Cl A
7.110%, 08/25/27 (A)		–		–
Total Collateralized Mortgage Obligations (Cost $13,634)				13,564

See Notes to Financial Statements.

138

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
COMMERCIAL PAPER — 0.4%
Shell International Finanace BV
1.017%, 05/10/17	$	1,320	$	1,315
Total Commercial Paper (Cost $1,314)				1,315
CORPORATE BONDS — 32.3%
Automotive — 2.6%
Daimler Finance North America LLC
1.650%, 03/02/18 144A		2,150		2,147
Ford Motor Credit LLC
2.375%, 01/16/18		1,500		1,507
Hyundai Capital America (MTN)
2.000%, 03/19/18 144A		1,835		1,834
Volkswagen Group of America Finance LLC
1.250%, 05/23/17 144A		1,950		1,946
1.650%, 05/22/18 144A		825		820
				8,254
Consumer Discretionary — 0.4%
Carnival
1.875%, 12/15/17		1,142		1,147
Energy — 2.8%
BP Capital Markets PLC
1.674%, 02/13/18		1,660		1,660
Enterprise Products Operating LLC
1.650%, 05/07/18		1,420		1,414
Exxon Mobil
0.890%, 03/15/17 (B)		1,320		1,320
Kinder Morgan
2.000%, 12/01/17		1,695		1,698
Marathon Petroleum
2.700%, 12/14/18		600		608
TransCanada PipeLines
1.875%, 01/12/18		953		953
Valero Energy
6.125%, 02/01/20		1,135		1,256
				8,909
Financials — 14.9%
American Express
7.000%, 03/19/18		700		746
American Express Credit (MTN)
1.800%, 07/31/18		1,625		1,627
Bank of America (MTN)
2.650%, 04/01/19		2,995		3,025
Bank of America NA
5.300%, 03/15/17		1,000		1,011
Bank of Montreal (MTN)
1.500%, 07/18/19		665		656
Bank of Nova Scotia
1.650%, 06/14/19		2,080		2,059
BNP Paribas SA (MTN)
2.400%, 12/12/18		1,365		1,378
2.450%, 03/17/19		1,399		1,408
Capital One NA
1.500%, 03/22/18		2,000		1,991
Citigroup
2.500%, 09/26/18		3,975		4,014
Commonwealth Bank of Australia (GMTN)
1.625%, 03/12/18		785		785

	Par (000)		Value (000)
2.050%, 03/15/19	$	1,935	$	1,934
Cooperatieve Rabobank UA (MTN)
2.250%, 01/14/20		1,935		1,932
Credit Suisse (GMTN)
1.750%, 01/29/18		2,410		2,407
Deutsche Bank AG
1.400%, 02/13/17		1,000		1,000
1.350%, 05/30/17		1,700		1,692
Goldman Sachs Group
2.375%, 01/22/18		2,800		2,817
HSBC USA
1.625%, 01/16/18		2,040		2,038
JPMorgan Chase
2.250%, 01/23/20		3,200		3,191
Morgan Stanley (GMTN)
2.125%, 04/25/18		2,390		2,397
MUFG Americas Holdings
1.625%, 02/09/18		1,115		1,111
National Australia Bank (GMTN)
2.000%, 01/14/19		1,860		1,861
Royal Bank of Canada
2.100%, 10/14/20		2,400		2,394
Santander UK PLC
2.500%, 03/14/19		1,595		1,603
UBS AG (GMTN)
1.375%, 08/14/17		700		700
1.800%, 03/26/18		635		635
Wells Fargo
2.150%, 01/30/20		820		814
				47,226
Food, Beverage & Tobacco — 1.1%
Anheuser-Busch Inbev Finance
1.900%, 02/01/19		875		875
Diageo Capital PLC
5.750%, 10/23/17		1,600		1,661
Kraft Heinz Foods
2.000%, 07/02/18		875		877
				3,413
Healthcare — 4.5%
Abbott Laboratories
2.350%, 11/22/19		1,265		1,266
AbbVie
1.800%, 05/14/18		1,595		1,594
Actavis Funding SCS
1.300%, 06/15/17		1,690		1,691
Aetna
1.900%, 06/07/19		835		831
Cardinal Health
1.950%, 06/15/18		1,300		1,303
Celgene
2.125%, 08/15/18		1,500		1,507
Shire Acquisitions Investments Ireland DAC
1.900%, 09/23/19		2,435		2,402
Stryker
2.000%, 03/08/19		1,450		1,452
Teva Pharmaceutical Finance III BV
1.700%, 07/19/19		2,435		2,389
				14,435

See Notes to Financial Statements.

139

	Par (000)		Value (000)
CORPORATE BONDS — continued
Insurance — 1.1%
Assurant
2.500%, 03/15/18	$	1,280	$	1,290
Hartford Financial Services Group
6.300%, 03/15/18		1,230		1,295
XLIT
2.300%, 12/15/18		990		997
				3,582
Materials — 0.4%
Monsanto
2.125%, 07/15/19		1,320		1,317
Real Estate Investment Trusts — 0.7%
Boston Properties LP
3.700%, 11/15/18		655		676
Realty Income
2.000%, 01/31/18		1,411		1,416
				2,092
Technology — 1.1%
Amphenol
1.550%, 09/15/17		2,150		2,153
Xilinx
2.125%, 03/15/19		1,292		1,295
				3,448
Telecommunications — 1.4%
AT&T
2.450%, 06/30/20		3,180		3,148
Cisco Systems
1.400%, 09/20/19		1,250		1,235
				4,383
Utilities — 1.3%
Duke Energy
5.050%, 09/15/19		835		901
NextEra Energy Capital Holdings
2.300%, 04/01/19		1,470		1,481
Southern Power
1.950%, 12/15/19		1,680		1,665
				4,047
Total Corporate Bonds (Cost $102,574)				102,253
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 4.3%
Federal Home Loan Mortgage Corporation — 1.1%
6.000%, 05/01/21		61		63
5.500%, 03/01/22		126		135
5.500%, 04/01/22		162		173
4.500%, 02/01/19		70		72
4.500%, 05/01/19		252		259
3.000%, 11/01/28		2,416		2,484
2.637%, 03/01/36 (B)		244		259
				3,445
Federal National Mortgage Association — 3.2%
5.500%, 09/01/17		12		12
5.500%, 10/01/17		10		10
5.500%, 11/01/18		42		42
5.000%, 06/01/18		38		39

	Par (000)		Value (000)
5.000%, 12/01/21	$	67	$	69
4.500%, 06/01/21		199		205
4.000%, 08/01/21		199		206
3.500%, 01/01/24		1,661		1,730
3.500%, 07/01/25		1,663		1,736
3.500%, 06/01/26		2,694		2,809
2.837%, 01/01/36 (B)		215		226
2.646%, 09/01/36 (B)		330		348
2.000%, 07/01/23		2,784		2,787
				10,219
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $13,701)				13,664
U.S. TREASURY OBLIGATIONS — 35.4%
U.S. Treasury Notes — 35.4%
1.625%, 07/31/19		12,295		12,391
1.500%, 12/31/18		15,650		15,764
1.500%, 01/31/19		6,125		6,168
1.375%, 06/30/18		10,225		10,277
1.375%, 09/30/18		12,820		12,879
1.250%, 11/15/18		17,070		17,111
1.250%, 10/31/19		7,140		7,114
1.000%, 09/30/19		10,110		10,007
0.875%, 04/15/19		7,980		7,913
0.750%, 02/15/19		12,845		12,728
Total U.S. Treasury Obligations (Cost $113,121)				112,352
	Number of Shares
MONEY MARKET FUND — 0.8%
PNC Government Money Market Fund,
Class I Shares 0.240%† (C)		2,572,252		2,572
Total Money Market Fund (Cost $2,572)				2,572
TOTAL INVESTMENTS — 99.7%     (Cost $317,219)*				315,941
Other Assets & Liabilities – 0.3%				869
TOTAL NET ASSETS — 100.0%			$	316,810

* Aggregate cost for Federal income tax purposes is (000) $317,232.

Gross unrealized appreciation (000)	$256
Gross unrealized depreciation (000)	(1,547	)
Net unrealized depreciation (000)	$(1,291	)

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) Par and Value are less than $500.

(B) Variable Rate Security — the rate shown is the rate in effect on November 30, 2016.

(C) The rate quoted is the annualized seven-day effective yield of the fund at period end.

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 $6,747 (000) and represents 2.1% of net assets as of November 30, 2016.

See Notes to Financial Statements.

140

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Asset-Backed Securities		$	–		$	70,221		$	–		$	70,221
Collateralized Mortgage Obligations			–			13,564			–			13,564
Commercial Paper			–			1,315			–			1,315
Corporate Bonds			–			102,253			–			102,253
Money Market Fund			2,572			–			–			2,572
U.S. Government Agency Mortgage-Backed Obligations			–			13,664			–			13,664
U.S. Treasury Obligations			–			112,352			–			112,352
Total Assets - Investments in Securities		$	2,572		$	313,369		$	–		$	315,941

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

141

P N C  T o 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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
ASSET-BACKED SECURITIES — 6.2%
Automotive — 2.3%
BMW Vehicle Owner Trust,
Series 2016-A, Cl A3
1.160%, 11/25/20	$	925	$	920
Fifth Third Auto Trust,
Series 2015-1, Cl A3
1.420%, 03/16/20		755		756
Ford Credit Auto Lease Trust,
Series 2016-A, Cl A2A
1.420%, 11/15/18		667		668
Ford Credit Auto Owner Trust,
Series 2016-A, CL A3
1.390%, 07/15/20		185		185
Honda Auto Receivables Owner Trust,
Series 2016-3, Cl A4
1.330%, 11/18/22		535		530
Hyundai Auto Receivables Trust,
Series 2015-B, Cl A2A
0.690%, 04/16/18		189		189
Mercedes-Benz Auto Receivables Trust,
Series 2015-1, Cl A2A
0.820%, 06/15/18		548		547
				3,795
Credit Cards — 3.0%
BA Credit Card Trust,
Series 2015-A2, Cl A
1.360%, 09/15/20		2,005		2,006
Capital One Multi-Asset Execution Trust,
Series 2014-A5, Cl A5
1.480%, 07/15/20		1,080		1,083
Capital One Multi-Asset Execution Trust,
Series 2016-A3, Cl A3
1.340%, 04/15/22		915		909
Synchrony Credit Card Master Note Trust,
Series 2012-6, Cl A
1.360%, 08/17/20		865		866
				4,864
Equipment — 0.4%
John Deere Owner Trust,
Series 2014-B, Cl A3
1.070%, 11/15/18		563		563
Utilities — 0.5%
Atlantic City Electric Transition Funding LLC,
Series 2002-1, Cl A4
5.550%, 10/20/23		781		852
Total Asset-Backed Securities (Cost $10,017)				10,074

	Par (000)		Value (000)
CORPORATE BONDS — 38.5%
Aerospace — 0.3%
Lockheed Martin
3.800%, 03/01/45		$625		$581
Automotive — 1.0%
General Motors
6.600%, 04/01/36		115		129
General Motors Financial
3.200%, 07/13/20		545		545
Lear
5.375%, 03/15/24		495		517
Volkswagen Group of America Finance LLC
1.290%, 05/23/17 (A) 144A		500		499
				1,690
Cable — 2.1%
Belo
7.750%, 06/01/27		435		465
Charter Communications Operating LLC
6.384%, 10/23/35 144A		675		755
Comcast
3.200%, 07/15/36		300		269
CSC Holdings LLC
8.625%, 02/15/19		200		220
Discovery Communications LLC
4.900%, 03/11/26		330		346
3.250%, 04/01/23		500		487
Thomson Reuters
1.650%, 09/29/17		520		521
Time Warner Cable
4.500%, 09/15/42		170		150
Time Warner Entertainment LP
8.375%, 03/15/23		135		168
				3,381
Consumer Discretionary — 0.6%
Hasbro
6.300%, 09/15/17		535		554
Marriott International
3.125%, 06/15/26		460		438
				992
Consumer Services — 0.8%
Avon Products
7.000%, 03/15/23		365		335
Graham Holdings
7.250%, 02/01/19		375		402
Royal Caribbean Cruises
7.500%, 10/15/27		287		340
Sotheby’s
5.250%, 10/01/22 144A		252		246
				1,323
Consumer Staples — 0.3%
WhiteWave Foods
5.375%, 10/01/22		390		430
Energy — 5.8%
Anadarko Petroleum
4.850%, 03/15/21		135		144
Boardwalk Pipelines LP
5.950%, 06/01/26		95		101

See Notes to Financial Statements.

142

P N C  T o 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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
CORPORATE BONDS — continued
Energy — continued
3.375%, 02/01/23	$	625	$	590
Burlington Resources Finance
7.200%, 08/15/31		375		467
Cloud Peak Energy Resources LLC
12.000%, 11/01/21		210		216
Energy Transfer Partners LP
6.125%, 12/15/45		245		247
4.050%, 03/15/25		425		412
EQT
4.875%, 11/15/21		915		975
EQT Midstream Partners LP
4.125%, 12/01/26		550		528
Freeport-McMoran Oil & Gas LLC
6.875%, 02/15/23		375		401
HollyFrontier
5.875%, 04/01/26		625		626
Kinder Morgan Energy Partners LP
6.500%, 04/01/20		270		297
Kinder Morgan Energy Partners LP (MTN)
6.950%, 01/15/38		525		583
McDermott International
8.000%, 05/01/21 144A		285		280
Newfield Exploration
5.375%, 01/01/26		280		284
Petroleos Mexicanos
6.000%, 03/05/20		225		235
Petroleos Mexicanos (GMTN)
4.250%, 01/15/25		165		147
PHI
5.250%, 03/15/19		155		145
Phillips 66
4.650%, 11/15/34		485		491
Rowan
4.875%, 06/01/22		635		549
4.750%, 01/15/24		305		262
Tesoro
5.375%, 10/01/22		500		520
Valero Energy
3.400%, 09/15/26		425		402
Williams Partners LP
4.125%, 11/15/20		500		511
				9,413
Financials — 11.4%
American Express Credit (MTN)
2.375%, 05/26/20		55		55
Bank of America
6.250%, 09/29/49 (A)		460		458
Bank of America (GMTN)
2.000%, 01/11/18		750		752
Bank of America (MTN)
5.625%, 07/01/20		700		771
4.200%, 08/26/24		495		503
4.000%, 04/01/24		150		155
BankUnited
4.875%, 11/17/25		552		538
BBVA Bancomer SA
4.375%, 04/10/24 144A		500		491
Bear Stearns LLC
7.250%, 02/01/18		470		499

	Par (000)		Value (000)
Capital One NA
2.400%, 09/05/19	$	655	$	657
Citigroup
6.250%, 12/29/49 (A)		340		349
4.450%, 09/29/27		940		951
2.150%, 07/30/18		230		231
Credit Suisse AG (GMTN)
5.400%, 01/14/20		515		549
Deutsche Bank AG
2.950%, 08/20/20		205		198
1.350%, 05/30/17		345		343
Discover Bank
3.100%, 06/04/20		250		253
Goldman Sachs Group
5.750%, 01/24/22		435		491
3.500%, 11/16/26		325		318
2.350%, 11/15/21		475		461
HSBC Bank USA NA
4.875%, 08/24/20		675		717
HSBC Holdings PLC
6.375%, 12/29/49 (A)		500		488
5.250%, 03/14/44		500		527
International Lease Finance
6.250%, 05/15/19		350		375
JPMorgan Chase
7.900%, 12/29/49 (A)		615		624
4.625%, 05/10/21		540		581
Lloyds Banking Group PLC
4.650%, 03/24/26		500		498
Morgan Stanley (GMTN)
2.125%, 04/25/18		735		737
Morgan Stanley (MTN)
4.100%, 05/22/23		415		425
2.625%, 11/17/21		610		603
Royal Bank of Scotland Group PLC
5.125%, 05/28/24		650		631
Santander UK Group Holdings PLC (GMTN)
3.125%, 01/08/21		640		636
State Street
5.250%, 12/29/49 (A)		350		357
Visa
4.150%, 12/14/35		790		819
Wells Fargo
7.980%, 03/29/49 (A)		125		128
5.900%, 12/29/49 (A)		545		548
Wells Fargo (MTN)
3.300%, 09/09/24		450		447
Westpac Banking
2.250%, 07/30/18		460		464
				18,628
Food, Beverage & Tobacco — 0.8%
Anheuser-Busch InBev Finance
4.900%, 02/01/46		595		635
4.700%, 02/01/36		160		167
Kraft Heinz Foods
5.200%, 07/15/45		255		271
5.000%, 06/04/42		185		190
				1,263

See Notes to Financial Statements.

143

	Par (000)		Value (000)
CORPORATE BONDS — continued
Healthcare — 2.6%
Abbott Laboratories
3.750%, 11/30/26	$	1,000	$	984
Actavis Funding SCS
3.450%, 03/15/22		435		442
Amgen
4.400%, 05/01/45		635		604
HCA
4.250%, 10/15/19		70		72
Johnson & Johnson
3.550%, 03/01/36		660		654
Mylan NV
3.950%, 06/15/26 144A		425		398
Select Medical
6.375%, 06/01/21		215		206
Shire Acquisitions Investments Ireland DAC
1.900%, 09/23/19		535		528
Teva Pharmaceutical Finance BV
2.950%, 12/18/22		95		92
Teva Pharmaceutical Finance III BV
3.150%, 10/01/26		275		255
				4,235
Industrials — 1.7%
Ball
5.250%, 07/01/25		180		187
4.000%, 11/15/23		375		367
CNH Industrial Capital LLC
3.625%, 04/15/18		135		136
Crown Cork & Seal
7.375%, 12/15/26		150		170
General Electric
4.125%, 10/09/42		520		517
KLX
5.875%, 12/01/22 144A		425		435
Masco
7.750%, 08/01/29		45		54
3.500%, 04/01/21		80		80
Owens-Brockway Glass Container
6.375%, 08/15/25 144A		225		238
Owens-Illinois
7.800%, 05/15/18		10		11
PulteGroup
7.875%, 06/15/32		315		347
USG
8.250%, 01/15/18		300		316
				2,858
Information Technology — 0.2%
VeriSign
4.625%, 05/01/23		375		382
Insurance — 1.4%
Hartford Financial Services Group
6.300%, 03/15/18		575		605
MetLife
6.400%, 12/15/36		460		498
Teachers Insurance & Annuity Association of America
4.900%, 09/15/44 144A		560		596
XLIT
4.450%, 03/31/25		640		632
				2,331

	Par (000)		Value (000)
Materials — 0.4%
ArcelorMittal
7.250%, 02/25/22	$	190	$	213
Cytec Industries
3.950%, 05/01/25		368		349
Novelis
5.875%, 09/30/26 144A		175		175
				737
Real Estate Investment Trusts — 1.5%
American Campus Communities Operating Partnership LP
4.125%, 07/01/24		720		736
AvalonBay Communities (MTN)
3.900%, 10/15/46		340		311
Realty Income
5.375%, 09/15/17		498		512
3.250%, 10/15/22		410		414
Spirit Realty LP
4.450%, 09/15/26 144A		450		425
				2,398
Retail — 2.1%
Expedia
5.000%, 02/15/26		500		514
Hanesbrands
4.625%, 05/15/24 144A		225		225
Levi Strauss
6.875%, 05/01/22		250		262
Priceline Group
3.600%, 06/01/26		650		642
Wal-Mart Stores
5.625%, 04/01/40		1,015		1,257
Wolverine World Wide
5.000%, 09/01/26 144A		475		456
				3,356
Technology — 2.1%
Activision Blizzard
3.400%, 09/15/26 144A		485		459
Apple
3.850%, 05/04/43		870		816
Avnet
4.625%, 04/15/26		420		407
KLA-Tencor
4.125%, 11/01/21		785		818
Microsoft
3.450%, 08/08/36		450		425
Oracle
4.300%, 07/08/34		455		467
				3,392
Telecommunications — 1.8%
AT&T
4.750%, 05/15/46		380		354
4.600%, 02/15/21		405		429
4.450%, 04/01/24		590		612
DigitalGlobe
5.250%, 02/01/21 144A		295		295
Verizon Communications
4.272%, 01/15/36		745		710

See Notes to Financial Statements.

144

P N C   T o 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

N o v e m b e r   3 0,   2 0 1 6   ( U n a u d i t e d )

	Par (000)		Value (000)
CORPORATE BONDS — continued
Telecommunications — continued
Vodafone Group PLC
1.250%, 09/26/17	$	520	$	518
				2,918
Transportation — 0.9%
Burlington Northern Santa Fe LLC
4.550%, 09/01/44		380		398
ERAC USA Finance LLC
5.625%, 03/15/42 144A		500		545
FedEx
3.900%, 02/01/35		540		511
				1,454
Utilities — 0.7%
Dominion Resources VA
1.400%, 09/15/17		558		557
NextEra Energy Capital Holdings
2.056%, 09/01/17		513		515
				1,072
Total Corporate Bonds (Cost $62,785)				62,834
MUNICIPAL BOND — 0.4%
Texas — 0.4%
Texas Transportation Commission (RB) Series B
5.178%, 04/01/30		630		748
Total Municipal Bond
(Cost $685)				748
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 28.9%
Federal Home Loan Mortgage Corporation — 2.6%
8.000%, 10/01/29		1		1
7.500%, 03/01/27		1		1
6.000%, 12/01/35		446		517
5.500%, 09/01/37		48		55
5.500%, 01/01/38		1		1
4.500%, 03/01/40		383		418
4.500%, 06/01/41		600		649
4.000%, 10/01/43		1,376		1,456
3.500%, 06/01/42		782		804
2.637%, 03/01/36 (A)		283		301
				4,203
Federal National Mortgage Association — 24.0%
8.000%, 08/01/27		9		10
8.000%, 09/01/27		3		3
7.500%, 08/01/26		1		1
7.500%, 10/01/27		9		10
7.500%, 04/01/31		3		3
7.500%, 08/01/31		3		4
7.000%, 04/01/27		2		2
7.000%, 11/01/27		4		5
7.000%, 08/01/32		1		1
5.500%, 05/01/33		2		2
5.500%, 04/01/34		216		243
5.500%, 06/01/34		10		11
5.500%, 03/01/36		7		8
5.500%, 07/01/37		9		10

	Par (000)		Value (000)
5.500%, 05/01/38	$	13		15
5.000%, 07/01/33		13		14
5.000%, 08/01/37		219		241
5.000%, 03/01/40		274		303
5.000%, 07/01/40		37		41
5.000%, 08/01/40		426		468
4.500%, 02/01/39		273		294
4.500%, 06/01/39		242		265
4.500%, 10/01/39		39		42
4.500%, 05/01/40		1,566		1,700
4.500%, 07/01/40		5		6
4.500%, 11/01/40		874		946
4.500%, 02/01/41		114		123
4.500%, 08/01/41		15		16
4.000%, 10/01/25		331		347
4.000%, 11/01/40		959		1,013
4.000%, 01/01/41		58		62
4.000%, 02/01/41		1,182		1,248
4.000%, 11/01/41		18		19
4.000%, 12/01/41		40		42
4.000%, 01/01/42		51		54
4.000%, 02/01/42		1,202		1,267
4.000%, 07/01/42		1,205		1,267
4.000%, 08/01/42		709		749
4.000%, 07/01/45		1,114		1,172
4.000%, 11/01/45		1,461		1,537
3.500%, 02/01/26		238		248
3.500%, 09/01/26		19		20
3.500%, 11/01/26		263		274
3.500%, 01/01/28		1,296		1,350
3.500%, 11/01/29		946		986
3.500%, 03/01/41		1,461		1,499
3.500%, 01/01/42		30		31
3.500%, 06/01/42		1,247		1,285
3.500%, 08/01/42		2,121		2,185
3.500%, 09/01/42		36		38
3.500%, 10/01/42		1,212		1,250
3.500%, 11/01/42		35		36
3.500%, 06/01/43		1,207		1,244
3.500%, 07/01/43		1,510		1,556
3.500%, 12/01/45		2,564		2,632
3.000%, 06/01/27		814		837
3.000%, 10/01/27		600		617
3.000%, 11/01/29		438		450
3.000%, 11/01/42		1,899		1,899
3.000%, 04/01/43		2,532		2,532
3.000%, 05/01/43		1,129		1,128
3.000%, 06/01/46		1,712		1,705
2.500%, 11/01/27		1,782		1,790
				39,156
Government National Mortgage Association — 2.3%
10.000%, 05/15/19		1		1
9.500%, 03/15/20 (B)		–		–
9.000%, 11/15/19		1		1
9.000%, 05/15/21 (B)		–		–
9.000%, 06/15/21		4		4
9.000%, 08/15/21		5		5
9.000%, 09/15/21		8		8
8.500%, 08/15/27		13		13
8.000%, 09/15/27		6		6
7.500%, 08/15/29 (B)		–		–

See Notes to Financial Statements.

145

	Par (000)		Value (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued
Government National Mortgage Association — continued
7.500%, 10/15/29	$	20		21
7.500%, 12/15/29		1		1
7.000%, 02/15/17		2		2
7.000%, 05/20/24		1		1
7.000%, 10/15/27		20		21
7.000%, 12/15/27		1		2
7.000%, 04/15/28 (B)		–		–
7.000%, 04/15/29		2		2
4.500%, 06/15/41 (B)		–		–
4.500%, 10/20/45		1,136		1,218
4.000%, 09/15/41		1,193		1,269
3.500%, 07/15/42		1,106		1,152
3.500%, 12/20/42		26		27
				3,754
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $47,083)				47,113
U.S. TREASURY OBLIGATIONS — 25.0%
U.S. Treasury Bonds — 4.7%
4.500%, 02/15/36		170		216
3.750%, 08/15/41		3,005		3,401
3.125%, 08/15/44		2,800		2,846
2.500%, 02/15/45		1,315		1,175
				7,638
U.S. Treasury Notes — 20.3%
2.625%, 08/15/20		2,705		2,800
2.500%, 08/15/23		295		301
2.375%, 08/15/24		435		438
2.250%, 11/15/24		470		468
2.125%, 08/15/21		4,240		4,287
2.125%, 05/15/25		385		378
2.000%, 07/31/20		7,630		7,731
2.000%, 02/28/21		2,905		2,932
2.000%, 02/15/23		1,475		1,464
1.750%, 10/31/20		5,415		5,429
1.625%, 07/31/19		240		242
1.625%, 08/15/22		2,995		2,928
1.000%, 06/30/19		3,390		3,364
1.000%, 11/30/19		400		395
				33,157
Total U.S. Treasury Obligations (Cost $42,072)				40,795

	Number of Shares
MONEY MARKET FUND — 0.6%
PNC Government Money Market Fund,
Class I Shares 0.240%† (C)		954,405	$	954
Total Money Market Fund (Cost $954)				954
TOTAL INVESTMENTS — 99.6%
(Cost $163,596)*				162,518
Other Assets & Liabilities – 0.4%				652
TOTAL NET ASSETS — 100.0%			$	163,170

* Aggregate cost for Federal income tax purposes is (000) $163,619.

Gross unrealized appreciation (000)	$1,594
Gross unrealized depreciation (000)	(2,695	)
Net unrealized depreciation (000)	$(1,101	)

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2016.

(B) Par and Value are less than $500.

(C) The rate quoted is the annualized seven-day effective yield of the fund at period end.

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 $6,518 (000) and represents 4.0% of net assets as of November 30, 2016.

See Notes to Financial Statements.

146

P N C   T o 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

N o v e m b e r  3 0 ,   2 0 1 6   ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total     Value     (000)
Assets:
Asset-Backed Securities		$	–		$	10,074		$	–		$	10,074
Corporate Bonds			–			62,834			–			62,834
Money Market Fund			954			–			–			954
Municipal Bond			–			748			–			748
U.S. Government Agency Mortgage-Backed Obligations			–			47,113			–			47,113
U.S. Treasury Obligations			–			40,795			–			40,795
Total Assets - Investments in Securities		$	954		$	161,564		$	–		$	162,518

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

147

P N C  U l t r a  S h or 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  

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
ASSET-BACKED SECURITIES — 23.7%
Automotive — 14.3%
BMW Vehicle Owner Trust,
Series 2016-A, Cl A2A
0.990%, 05/25/19	$	4,800	$	4,794
Fifth Third Auto Trust,
Series 2014-2, Cl A4
1.380%, 12/15/20		5,285		5,291
Fifth Third Auto Trust,
Series 2014-3, Cl A3
0.960%, 03/15/19		2,625		2,623
Ford Credit Auto Owner Trust,
Series 2014-A, Cl A3
0.790%, 05/15/18		648		647
Ford Credit Auto Owner Trust,
Series 2015-A, Cl A3
1.280%, 09/15/19		5,644		5,648
Honda Auto Receivables Owner Trust,
Series 2015-4, Cl A3
1.230%, 09/23/19		4,885		4,880
Honda Auto Receivables Owner Trust,
Series 2016-2, Cl A2
1.130%, 09/17/18		2,680		2,680
Huntington Auto Trust,
Series 2016-1, Cl A2
1.290%, 05/15/19		2,595		2,595
Hyundai Auto Receivables Trust,
Series 2013-B, Cl A4
1.010%, 02/15/19		1,643		1,643
Hyundai Auto Receivables Trust,
Series 2015-C, Cl A3
1.460%, 02/18/20		4,920		4,929
Mercedes-Benz Auto Receivables Trust,
Series 2015-1, Cl A2A
0.820%, 06/15/18		1,435		1,434
Mercedes-Benz Auto Receivables Trust,
Series 2016-1, CL A2A
1.110%, 03/15/19		2,185		2,185
Nissan Auto Receivables Owner Trust,
Series 2015-B, Cl A2A
0.830%, 07/16/18		2,067		2,066
Nissan Auto Receivables Owner Trust,
Series 2016-A, Cl A2A
1.060%, 02/15/19		4,466		4,466
Toyota Auto Receivables Owner Trust,
Series 2014-C, Cl A4
1.440%, 04/15/20		4,430		4,438
Toyota Auto Receivables Owner Trust,
Series 2015-C, Cl A2A
0.920%, 02/15/18		680		680
Toyota Auto Receivables Owner Trust,
Series 2016-D, Cl A2A
1.060%, 05/15/19		2,190		2,188
USAA Auto Owner Trust,
Series 2015-1, Cl A3
1.200%, 06/17/19		5,510		5,514
Volkswagen Auto Loan Enhanced Trust,
Series 2014-1, Cl A3
0.910%, 10/22/18		2,557		2,553
				61,254

	Par (000)		Value (000)
Credit Cards — 8.5%
American Express Credit Account Master Trust,
Series 2014-4, Cl A
1.430%, 06/15/20	$	6,150	$	6,163
BA Credit Card Trust,
Series 2015-A2, Cl A
1.360%, 09/15/20		4,130		4,133
Capital One Multi-Asset Execution Trust,
Series 2014-A5, Cl A5
1.480%, 07/15/20		6,080		6,095
Chase Issuance Trust,
Series 2015-A2, Cl A2
1.590%, 02/18/20		5,820		5,841
Citibank Credit Card Issuance Trust,
Series 2014-A8, Cl A8
1.730%, 04/09/20		5,500		5,530
Discover Card Execution Note Trust,
Series 2007-A1, Cl A1
5.650%, 03/16/20		3,739		3,868
Synchrony Credit Card Master Note Trust,
Series 2010-2, Cl A
4.470%, 03/15/20		4,888		4,933
				36,563
Equipment — 0.8%
John Deere Owner Trust,
Series 2015-A, Cl A2A
0.870%, 02/15/18		551		551
John Deere Owner Trust,
Series 2016-A, Cl A2
1.150%, 10/15/18		2,875		2,876
				3,427
Utilities — 0.1%
CenterPoint Energy Transition Bond IV LLC,
Series 2012-1, Cl A1
0.901%, 04/15/18		536		536
Total Asset-Backed Securities
(Cost $101,887)				101,780
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.2%
Banc of America Mortgage Trust,
Series 2003-A, Cl 1A1
2.747%, 02/25/33 (A)		7		7
Fannie Mae, Series 2002-47, Cl PE
5.500%, 08/25/17		3		3
Fannie Mae, Series 2002-55, Cl GC
5.500%, 09/25/17		11		11
Fannie Mae, Series 2003-15, Cl CB
5.000%, 03/25/18		596		606
Fannie Mae, Series 2003-24, Cl BC
5.000%, 04/25/18		86		87
Fannie Mae, Series 2003-74, Cl PG
4.500%, 08/25/18		554		565
Fannie Mae, Series 2003-120, Cl BY
4.000%, 12/25/18		605		616
Fannie Mae, Series 2008-18, Cl ND
4.000%, 05/25/20		262		265
Fannie Mae, Series 2011-6, Cl BA
2.750%, 06/25/20		1,506		1,521

See Notes to Financial Statements.

148

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
COLLATERALIZED MORTGAGE OBLIGATIONS — continued
Freddie Mac, Series 2677, Cl LE
4.500%, 09/15/18	$	758	$	777
Freddie Mac, Series 2748, Cl LG
4.500%, 02/15/19		557		570
Freddie Mac, Series 2892, Cl DB
4.500%, 11/15/19		1,292		1,326
Freddie Mac, Series 3825, Cl AB
3.000%, 08/15/20		1,247		1,263
Freddie Mac, Series 3826, Cl MC
1.750%, 07/15/18		499		499
Freddie Mac, Series 3955, Cl YA
1.750%, 03/15/21		4,660		4,677
Freddie Mac, Series 3977, Cl GA
1.500%, 07/15/19		1,055		1,057
Total Collateralized Mortgage Obligations (Cost $13,828)				13,850
COMMERCIAL PAPER — 8.3%
Bank of Tokyo - Mitsubishi UFJ
1.065%, 01/24/17		3,760		3,756
Credit Suisse
1.423%, 04/28/17		4,000		3,979
MetLife
1.056%, 04/24/17		5,000		4,977
Nordea Bank AB
1.237%, 03/08/17		4,500		4,490
Pfizer
0.803%, 01/26/17		3,500		3,497
Sheffield Receivables
1.331%, 03/27/17		3,500		3,488
Shell International Finanace BV
1.017%, 05/10/17		1,885		1,878
Svenska Handelsbanken AB
0.943%, 01/06/17		5,000		4,998
Toyota Motor Credit
1.201%, 07/14/17		4,450		4,419
Total Commercial Paper (Cost $35,464)				35,482
CORPORATE BONDS — 33.2%
Automotive — 1.6%
American Honda Finance
1.500%, 11/19/18		1,980		1,977
American Honda Finance (MTN)
0.950%, 05/05/17		2,465		2,463
Ford Motor Credit LLC
3.000%, 06/12/17		2,500		2,518
				6,958
Cable — 0.5%
Thomson Reuters
1.300%, 02/23/17		2,065		2,066
Consumer Discretionary — 1.0%
Carnival
1.875%, 12/15/17		1,905		1,914
Marriott International
6.375%, 06/15/17		2,377		2,439
				4,353

	Par (000)		Value (000)
Energy — 0.6%
Enterprise Products Operating LLC
6.300%, 09/15/17	$	2,300	$	2,376
Financials — 17.9%
American Express
7.000%, 03/19/18		750		799
American Express Credit (MTN)
1.800%, 07/31/18		3,100		3,104
Bank of America (GMTN)
2.000%, 01/11/18		4,500		4,509
Bank of Nova Scotia
1.375%, 12/18/17		4,200		4,195
BNP Paribas SA (MTN)
2.400%, 12/12/18		2,990		3,018
Branch Banking & Trust (MTN)
1.220%, 05/23/17 (A)		3,360		3,360
Capital One Bank USA NA
1.200%, 02/13/17		3,000		3,000
Citigroup
1.800%, 02/05/18		4,500		4,499
Cooperatieve Rabobank UA (GMTN)
3.375%, 01/19/17		3,965		3,977
Deutsche Bank AG
6.000%, 09/01/17		3,190		3,267
Goldman Sachs Group
2.375%, 01/22/18		3,310		3,330
Hartford Financial Services Group
5.375%, 03/15/17		1,710		1,728
HSBC USA
1.625%, 01/16/18		4,000		3,996
JPMorgan Chase
1.625%, 05/15/18		4,500		4,491
Morgan Stanley (GMTN)
2.125%, 04/25/18		3,250		3,260
MUFG Americas Holdings
1.625%, 02/09/18		1,704		1,698
Royal Bank of Canada
1.200%, 09/19/17		4,000		4,000
Santander UK PLC
1.375%, 03/13/17		4,350		4,351
Toronto Dominion Bank (MTN)
1.400%, 04/30/18		3,830		3,821
US Bank NA (GMTN)
1.370%, 08/23/17 (A)		4,110		4,116
Wells Fargo (GMTN)
1.500%, 01/16/18		4,525		4,515
Westpac Banking
2.250%, 07/30/18		4,000		4,032
				77,066
Food, Beverage & Tobacco — 0.7%
Anheuser-Busch InBev Finance
1.125%, 01/27/17		3,000		3,000
Healthcare — 2.2%
AbbVie
1.750%, 11/06/17		3,070		3,090
Aetna
1.700%, 06/07/18		2,175		2,175
GlaxoSmithKline Capital PLC
1.500%, 05/08/17		2,460		2,465

See Notes to Financial Statements.

149

	Par (000)		Value (000)
CORPORATE BONDS — continued
Healthcare — continued
Teva Pharmaceutical Finance Netherlands III BV
1.400%, 07/20/18	$	350	$	347
UnitedHealth Group
1.450%, 07/17/17		1,380		1,383
				9,460
Materials — 0.6%
Caterpillar Financial Services (GMTN)
1.500%, 02/23/18		2,705		2,705
Real Estate Investment Trusts — 0.6%
Realty Income
5.375%, 09/15/17		2,290		2,356
Retail — 1.3%
eBay
1.350%, 07/15/17		940		940
McDonald’s (MTN)
5.300%, 03/15/17		2,800		2,834
Walgreens Boots Alliance
1.750%, 11/17/17		1,629		1,634
				5,408
Technology — 0.7%
Amphenol
1.550%, 09/15/17		2,790		2,794
Telecommunications — 2.9%
AT&T
5.500%, 02/01/18		2,850		2,966
Cisco Systems
1.400%, 02/28/18		3,840		3,842
Verizon Communications
1.350%, 06/09/17		3,000		3,005
Vodafone Group
1.625%, 03/20/17		2,700		2,702
				12,515
Utilities — 2.6%
National Rural Utilities Cooperative Finance (MTN)
0.950%, 04/24/17		1,980		1,980
NextEra Energy Capital Holdings
1.586%, 06/01/17		2,082		2,084
1.649%, 09/01/18		1,180		1,178
Southern
1.550%, 07/01/18		850		847
Southern Power
1.850%, 12/01/17		2,400		2,408
Xcel Energy
1.200%, 06/01/17		2,800		2,797
				11,294
Total Corporate Bonds (Cost $142,406)				142,351
U.S. TREASURY OBLIGATIONS — 31.5%
U.S. Treasury Notes — 31.5%
1.500%, 08/31/18		10,770		10,844
1.000%, 12/15/17		12,825		12,837
1.000%, 05/31/18		22,130		22,120
0.875%, 01/31/18		22,185		22,165
0.750%, 10/31/17		23,055		23,034

	Par (000)		Value (000)
0.750%, 12/31/17	$	16,995	$	16,964
0.750%, 03/31/18		21,925		21,855
0.625%, 09/30/17		5,610		5,601
Total U.S. Treasury Obligations (Cost $135,709)				135,420
	Number of Shares
MONEY MARKET FUND — 0.3%
PNC Government Money Market Fund, Class I Shares 0.240%† (B)		1,403,907		1,404
Total Money Market Fund (Cost $1,404)				1,404
TOTAL INVESTMENTS — 100.2%
(Cost $430,698)*				430,287
Other Assets & Liabilities – (0.2)%				(753	)
TOTAL NET ASSETS — 100.0%			$	429,534

* Aggregate cost for Federal income tax purposes is (000) $430,706.

Gross unrealized appreciation (000)	$	147
Gross unrealized depreciation (000)		(566	)
Net unrealized depreciation (000)	$	(419	)

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) Variable Rate Security — the rate shown is the rate in effect on November 30, 2016.

(B) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

150

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

N o v e m b e r   3 0,  2 0 1 6   ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total     Value     (000)
Assets:
Asset-Backed Securities		$	–		$	101,780		$	–		$	101,780
Collateralized Mortgage Obligations			–			13,850			–			13,850
Commercial Paper			–			35,482			–			35,482
Corporate Bonds			–			142,351			–			142,351
Money Market Fund			1,404			–			–			1,404
U.S. Treasury Obligations			–			135,420			–			135,420
Total Assets - Investments in Securities		$	1,404		$	428,883		$	–		$	430,287

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

151

P N C  I n t e r m e d i a t e  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
MUNICIPAL BONDS — 97.7%
Alaska — 4.8%
Alaska Housing Finance Corporation, State Capital Project (RB) Series C
5.000%, 06/01/29	$	1,165	$	1,328
Alaska International Airports System (RB) Series A
5.000%, 10/01/30		1,190		1,323
Municipality of Anchorage, Electric Utility (RB) Series A
4.000%, 12/01/20		1,000		1,083
				3,734
Arizona — 4.1%
Arizona School Facilities Board (RB) (AMBAC)
5.000%, 07/01/17		1,000		1,023
Arizona Transportation Board (RB) 2016 Series
5.000%, 07/01/20		1,950		2,168
				3,191
California — 2.9%
California Public Works Board, Various Capital Project (RB) Series A
5.000%, 04/01/23		1,000		1,137
California State (GO)
5.000%, 09/01/27		1,000		1,123
				2,260
Connecticut — 2.9%
Connecticut State Health & Educational Facility Authority, Quinnipiac University (RB) Series L
5.000%, 07/01/30		2,000		2,230
Florida — 13.0%
Broward County, Florida Port Facilities (RB) Series A (AGM)
5.000%, 09/01/24		1,000		1,112
Citizens Property Insurance (RB) Series A-1
5.000%, 06/01/21		1,400		1,569
5.000%, 06/01/22		1,500		1,691
Miami-Dade County, Florida Aviation (RB) Series A
5.000%, 10/01/28		1,000		1,140
University of North Florida Financing Corporation, Housing Project, Prerefunded 11/01/17 @100 (RB) (NATL-RE)
5.000%, 11/01/17		1,720		1,782
Volusia County Educational Facility Authority (RB)
5.000%, 06/01/26		1,500		1,715
Volusia County Educational Facility Authority (RB) Series B
5.000%, 10/15/29		1,000		1,117
				10,126
Georgia — 2.2%
Atlanta Department of Aviation (RB) Series A
5.000%, 01/01/24		1,500		1,749

	Par (000)		Value (000)
Illinois — 5.7%
Chicago Midway International Airport (RB) Series B
5.000%, 01/01/23	$	2,500	$	2,865
Illinois State (GO)
5.250%, 07/01/28		1,535		1,569
				4,434
Indiana — 9.6%
Ball State University, Housing and Dining System (RB)
5.000%, 07/01/26		1,250		1,433
Ball State University, Student Fee (RB) Series P
5.000%, 07/01/26		1,000		1,107
Indiana Finance Authority, Beacon Health Systems Obligated Group (RB) Series A
5.000%, 08/15/25		2,000		2,277
Purdue University Student Fee (RB) Series CC
5.000%, 07/01/25		1,245		1,474
5.000%, 07/01/32		1,000		1,153
				7,444
Kansas — 1.7%
Olathe, Olathe Medical Center (RB) Series A
5.000%, 09/01/26		1,190		1,315
Kentucky — 0.6%
Berea Educational Facilities, Berea College Project (RB) Series A (VRDN)
0.590%, 06/01/32		500		500
Louisiana — 5.4%
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Prerefunded 05/15/21 @ 100 (RB)
5.250%, 05/15/21		2,655		3,019
New Orleans Aviation Board (RB) Series A
5.000%, 01/01/25		1,000		1,148
				4,167
Massachusetts — 9.0%
Commonwealth of Massachusetts (GO) Series B (AGM)
5.250%, 08/01/28		1,000		1,232
Massachusetts Development Finance Agency, Tufts Medical Center (RB) Series I
6.250%, 01/01/27		1,000		1,135
Massachusetts Housing Finance Agency (RB) Series 171
4.000%, 12/01/44		1,565		1,638
Massachusetts Water Resources Authority (RB) Series B (AGM)
5.250%, 08/01/23		1,125		1,337
Massachusetts Water Resources Authority (RB) Series J (AGM)
5.500%, 08/01/21		1,455		1,684
				7,026
Michigan — 3.2%
Michigan Finance Authority, Unemployment Obligation Assessment (RB) Series B
5.000%, 07/01/20		2,000		2,175

See Notes to Financial Statements.

152

P N C  I n t e r m e d i a t e  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Michigan — continued
Michigan State Hospital Finance Authority, Sparrow Health Obligated Group (RB)
5.000%, 11/15/18	$	290	$	301
				2,476
Mississippi — 1.3%
Mississippi Business Finance, Chevron USA Project (RB) Series C (VRDN)
0.520%, 12/01/30		1,000		1,000
Missouri — 4.0%
Cape Girardeau County Industrial Development Authority, St. Francis Medical Center (RB) Series A
5.000%, 06/01/26		1,705		1,882
5.000%, 06/01/27		1,145		1,262
				3,144
New Jersey — 1.4%
South Jersey Transportation Authority LLC (RB) Series A
5.000%, 11/01/29		1,000		1,064
New York — 2.8%
New York Local Government Assistance Corporation (RB) Series 2008B-C/D
5.000%, 04/01/20		2,000		2,153
North Carolina — 3.0%
North Carolina Eastern Municipal Power Agency, Prerefunded 07/01/22 @ 100 (RB) Series A
5.000%, 07/01/22		2,000		2,298
Ohio — 3.0%
Ohio State Higher Education (GO) Series C
5.000%, 08/01/20		1,000		1,114
Ohio State University (RB) Series D
5.000%, 12/01/29		1,000		1,210
				2,324
Oklahoma — 1.4%
Oklahoma Housing Finance Agency (RB) Series A (GNMA)
5.000%, 09/01/27		1,000		1,112
Pennsylvania — 7.5%
Allegheny County Higher Education Building Authority, Chatham University (RB) Series A
5.000%, 09/01/24		1,000		1,112
Monroeville Finance Authority (RB)
5.000%, 02/15/26		850		991
5.000%, 02/15/27		1,275		1,499
Philadelphia Authority for Industrial Development, Temple University (RB) Second Series of 2016
5.000%, 04/01/31		1,000		1,116
Philadelphia Gas Works (RB) Thirteenth Series
5.000%, 08/01/22		1,000		1,115
				5,833

	Par (000)		Value (000)
Texas — 6.1%
Brownsville Utilities System (RB) Series A
5.000%, 09/01/25	$	2,220	$	2,522
Dallas-Fort Worth International Airport (RB) Series G
5.000%, 11/01/26		1,125		1,245
Lower Neches Valley Authority Industrial Development Corporation, Exxon Mobil Project (RB) Series 2012 (VRDN)
0.500%, 05/01/46		1,000		1,000
				4,767
Guam — 2.1%
Guam (RB) Series A
5.000%, 01/01/25		1,500		1,629
Total Municipal Bonds
(Cost $75,051)				75,976
TOTAL INVESTMENTS — 97.7%
(Cost $75,051)*				75,976
Other Assets & Liabilities – 2.3%				1,815
TOTAL NET ASSETS — 100.0%				$77,791

* Aggregate cost for Federal income tax purposes is (000) $75,052.

Gross unrealized appreciation (000)	$1,751
Gross unrealized depreciation (000)	(827	)
Net unrealized appreciation (000)	$   924

See Notes to Financial Statements.

153

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Municipal Bonds		$	–		$	75,976		$	–		$	75,976
Total Assets - Investments in Securities		$	–		$	75,976		$	–		$	75,976

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

154

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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
MUNICIPAL BONDS — 95.6%
Maryland — 89.3%
Annapolis, Public Improvement (GO)
5.000%, 08/01/23	$	775	$	876
Anne Arundel County Consolidated General Improvement (GO)
5.000%, 04/01/31		1,000		1,148
Baltimore County Consolidated Public Improvement (GO) Series B
5.000%, 08/01/29		1,500		1,743
Baltimore, Wastewater Projects (RB) Series A (NATL-RE)
5.000%, 07/01/22		875		951
Baltimore, Water Project (RB) Series B
5.000%, 07/01/28		1,010		1,160
Cecil County Consolidated Public Improvement (GO)
4.000%, 02/01/30		1,000		1,061
Frederick County, Public Facilities (GO) Series A
5.000%, 08/01/28		1,000		1,193
Frederick County, Urbana Community Development Authority (STRB) Series A
5.000%, 07/01/24		2,020		2,221
Howard County (GO) Series B
5.000%, 08/15/22		1,500		1,704
Maryland Community Development Administration (RB) Series B (NATL-RE)
5.150%, 06/01/22		20		20
5.125%, 06/01/17		10		10
Maryland Economic Development Corporation, Potomac Electric Project (RB)
6.200%, 09/01/22		1,500		1,644
Maryland Health & Higher Educational Facilities Authority, Goucher College (RB) Series A
5.000%, 07/01/25		1,160		1,300
Maryland Health & Higher Educational Facilities Authority, Johns Hopkins Health System (RB)
5.000%, 05/15/26		1,500		1,655
5.000%, 07/01/27		2,200		2,444
Maryland Health & Higher Educational Facilities Authority, Lifebridge Health (RB) (AGM)
5.000%, 07/01/19		850		869
Maryland Health & Higher Educational Facilities Authority, MedStar Health (RB) Series A
5.000%, 08/15/26		3,000		3,398
Maryland Health & Higher Educational Facilities Authority, Peninsula Medical Center (RB)
5.000%, 07/01/30		1,000		1,114
Maryland Stadium Authority (RB)
5.000%, 06/15/21		1,280		1,437
Maryland Stadium Authority, Baltimore City Public Schools (RB)
5.000%, 05/01/32		1,000		1,145
Maryland Water Quality Financing Administration, Prerefunded 03/01/18 @ 100 (RB) Series A
5.000%, 03/01/18		1,175		1,231
Montgomery County (GO) Series A
5.000%, 11/01/29		1,000		1,166
Montgomery County Revenue Authority, Department of Liquor Control (RB) Series A
5.000%, 04/01/21		1,075		1,205

	Par (000)		Value (000)
Prince George’s County Consolidated Public Improvement (GO) Series B
5.000%, 07/15/20	$	900	$	922
5.000%, 07/15/23		1,550		1,588
Prince George’s County Industrial Development Authority, Upper Marlboro Justice Center Project (RB) Series A (NATL-RE)
5.000%, 06/30/19		710		712
University System of Maryland (RB) Series A
5.000%, 04/01/28		1,000		1,181
Washington Suburban Sanitary Commission Consolidated Public Improvement (GO)
5.000%, 06/01/27		1,000		1,199
Worcester County Consolidated Public Improvement (GO)
5.000%, 03/01/22		1,500		1,717
				38,014
Guam — 6.3%
Guam (RB) Series A
5.000%, 01/01/27		2,500		2,695
Total Municipal Bonds
(Cost $40,593)				40,709
TOTAL INVESTMENTS — 95.6%
(Cost $40,593)*				40,709
Other Assets & Liabilities – 4.4%				1,857
TOTAL NET ASSETS — 100.0%				$42,566

* Aggregate cost for Federal income tax purposes is (000) $40,591.

Gross unrealized appreciation (000)	$769
Gross unrealized depreciation (000)	(651)
Net unrealized appreciation (000)	$118

See Notes to Financial Statements.

155

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Municipal Bonds		$	–		$	40,709		$	–		$	40,709
Total Assets - Investments in Securities		$	–		$	40,709		$	–		$	40,709

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

156

P N C  O h i o  I n t e r m e d i a t e  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

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Par (000)		Value (000)
MUNICIPAL BONDS — 98.5%
Ohio — 94.9%
Allen County Hospital Facilities, Catholic Healthcare Partners (RB) Series B
5.000%, 09/01/21	$	1,680	$	1,850
American Municipal Power, AMP Fremont Energy Center Project (RB) Series B
5.000%, 02/15/25		1,500		1,680
American Municipal Power, Hydroelectric Projects (RB) Series C
5.000%, 02/15/22		2,000		2,206
Columbus, Prerefunded 07/01/21 @ 100 (GO) Series A
5.000%, 07/01/27		1,500		1,698
Cuyahoga County, Prerefunded 12/01/19 @ 100 (GO) Series A
5.000%, 12/01/19		1,000		1,100
Dublin City School District (GO)
5.000%, 12/01/21		1,145		1,305
Franklin County Hospital Facilities, OhioHealth Corporation (RB)
5.000%, 05/15/28		1,150		1,313
Hamilton County Hospital Facilities, UC Health (RB)
5.000%, 02/01/28		830		921
5.000%, 02/01/29		850		936
Kent State University (RB)
5.000%, 05/01/30		1,000		1,150
Lucas County, ProMedica Healthcare Obligated Group (RB) Series D
5.000%, 11/15/21		1,005		1,145
Northeast Ohio Regional Sewer District (RB)
5.000%, 11/15/29		500		573
5.000%, 11/15/30		450		512
Ohio Housing Finance Agency (RB) Series 2 (GNMA, FNMA, FHLMC)
5.000%, 11/01/19		2,095		2,280
Ohio State Higher Educational Facility Commission, University of Dayton (RB) Series A
5.000%, 12/01/24		525		602
5.000%, 12/01/26		725		823
5.000%, 12/01/27		160		180
Ohio State Highway Capital Improvements (GO) Series Q
5.000%, 05/01/23		1,000		1,155
5.000%, 05/01/24		2,025		2,335
Ohio State Hospital Facility, Cleveland Clinic Health System (RB) Series B
5.000%, 01/01/23		2,000		2,132
Ohio State Public Facilities Commission, Coal Development (GO) Series M
5.000%, 02/01/24		1,310		1,530
Ohio State University (RB) Series A
5.000%, 12/01/29		1,100		1,265
Ohio State University (RB) Series D (ETM)
5.000%, 12/01/25		85		101

	Par (000)		Value (000)
Ohio State Water Development Authority, Fresh Water Project (RB) Series B
5.250%, 12/01/23	$	1,000	$	1,189
5.000%, 12/01/20		2,015		2,248
Ohio State Water Development Authority, Water Pollution Control Project (RB)
5.000%, 06/01/23		1,265		1,473
Ohio State Water Development Authority, Water Pollution Control Project (RB) Series B
5.000%, 06/01/30		1,000		1,174
Summit County (GO)
4.000%, 12/01/28		1,000		1,075
Toledo Water System (RB)
5.000%, 11/15/31		1,000		1,124
Westlake City School District (GO)
5.000%, 12/01/27		1,395		1,623
				38,698
Guam — 3.6%
Guam (RB) Series A
5.000%, 01/01/26		1,350		1,463
Total Municipal Bonds
(Cost $39,433)				40,161
TOTAL INVESTMENTS — 98.5%
(Cost $39,433)*				40,161
Other Assets & Liabilities – 1.5%				613
TOTAL NET ASSETS — 100.0%			$	40,774

* Aggregate cost for Federal income tax purposes is (000) $39,434.

Gross unrealized appreciation (000)	$	1,218
Gross unrealized depreciation (000)		(491	)
Net unrealized appreciation (000)	$	727

See Notes to Financial Statements.

157

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Municipal Bonds		$	–		$	40,161		$	–		$	40,161
Total Assets - Investments in Securities		$	–		$	40,161		$	–		$	40,161

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

158

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 M E N T S

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

	Par (000)		Value (000)
MUNICIPAL BONDS — 98.1%
Alaska — 3.3%
Alaska Housing Finance Corporation, State Capital Project II (RB) Series A
5.000%, 12/01/22	$	1,010	$	1,158
Alaska International Airports System (RB) Series A (DD)
5.000%, 10/01/24		1,250		1,435
Municipality of Anchorage, Electric Utility (RB) Series A
5.000%, 12/01/22		1,550		1,792
				4,385
Arizona — 3.2%
Arizona School Facilities Board (RB) (AMBAC)
5.000%, 07/01/18		1,735		1,835
Arizona Transportation Board, Maricopa County Regional Area (RB)
5.000%, 07/01/19		2,250		2,449
				4,284
California — 4.7%
California Public Works Board, Various Capital Projects (RB) Series A
5.000%, 04/01/18		1,000		1,048
5.000%, 04/01/20		1,000		1,100
California State (GO)
5.000%, 11/01/18		2,000		2,140
California State, Economic Recovery, Prerefunded 07/01/19 @ 100 (GO) Series A
5.000%, 07/01/19		1,825		1,990
				6,278
Florida — 9.7%
Broward County, Florida Port Facilities (RB) Series A (AGM)
5.000%, 09/01/24		1,730		1,925
Central Florida Expressway Authority (BAN) (RB)
1.625%, 01/01/19		1,925		1,916
Citizens Property Insurance (RB) Series A-1
5.000%, 06/01/19		1,000		1,082
5.000%, 06/01/21		1,500		1,681
5.000%, 06/01/22		1,500		1,691
Palm Beach County Health Facilities Authority (RB)
4.000%, 12/01/19		1,000		1,046
Tampa Bay Water Regional Water Supply Authority Utility System (RB) Series B (ETM)
5.000%, 10/01/18		945		1,008
5.000%, 10/01/18		930		991
Volusia County Educational Facility Authority (RB)
5.000%, 06/01/24		1,345		1,552
				12,892
Illinois — 8.5%
Chicago Midway Airport (RB) Series B
5.000%, 01/01/22		1,000		1,133

	Par (000)		Value (000)
Chicago O’Hare International Airport (RB) Series B
5.000%, 01/01/23	$	1,000	$	1,138
Illinois (GO)
5.000%, 07/01/22		750		784
Illinois (GO) Series A
4.000%, 01/01/17		860		861
4.000%, 01/01/21		2,000		2,004
Illinois Finance Authority, DePaul University (RB)
5.000%, 10/01/20		1,500		1,666
Illinois Finance Authority, The Art Institute of Chicago (RB) Series A
5.250%, 03/01/19		1,000		1,073
Metropolitan Water Reclamation District of Greater Chicago (GO) Series B
5.000%, 12/01/18		1,430		1,528
Will County Forest Preservation District (GO)
4.000%, 12/15/18		1,000		1,051
				11,238
Indiana — 5.4%
Ball State University, Housing and Dining System (RB)
5.000%, 07/01/21		725		817
5.000%, 07/01/22		500		572
Indiana Finance Authority, Beacon Health Systems Obligated Group (RB) Series SE
5.000%, 08/15/20		1,000		1,110
5.000%, 08/15/21		1,000		1,127
Indiana Municipal Power Agency, Power Supply System (RB) Series C
5.000%, 01/01/24		1,000		1,162
Purdue University, Student Fee (RB) Series CC
5.000%, 07/01/24		2,000		2,350
				7,138
Iowa — 0.9%
Ames, Mary Greeley Medical Center (RB)
5.000%, 06/15/23		1,040		1,190
Kansas — 1.7%
Kansas State Department of Transportation (RB) Series B
5.000%, 09/01/19		1,000		1,094
Wyandatte County, Kansas City Unified Government Utility System (RB) Series A
5.000%, 09/01/24		1,000		1,151
				2,245
Kentucky — 4.3%
Berea Educational Facilities, Berea College Project (RB) Series A (VRDN)
0.590%, 06/01/32		1,600		1,600
Kentucky Bond Development Corporation, St. Elizabeth Medical Center (RB)
5.000%, 05/01/24		2,640		3,062
Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project (BAN) (RB) Series A
5.000%, 07/01/17		1,000		1,018
				5,680

See Notes to Financial Statements.

159

	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Louisiana — 2.5%
Louisiana Public Facilities Authority, Ochsner Clinic (RB)
5.000%, 05/15/22	$	1,705	$	1,728
Louisiana Public Facilities Authority, Ochsner Clinic, Prerefunded 05/15/17 @ 100 (RB)
5.000%, 05/15/17		640		652
New Orleans Aviation Board (RB) Series A
5.000%, 01/01/24		790		902
				3,282
Maryland — 2.1%
Maryland Economic Development Corporation, Potomac Electric Project (RB)
6.200%, 09/01/22		1,500		1,644
Maryland State (GO) Series A
5.000%, 03/01/22		1,000		1,126
				2,770
Massachusetts — 0.7%
Massachusetts Housing Finance Agency (RB) Series 172
4.000%, 06/01/45		855		895
Michigan — 2.0%
Michigan Finance Authority, Unemployment Obligation Assessment (RB) Series B
5.000%, 07/01/20		1,000		1,088
Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group (RB) Series F-3 (VRDN)
1.400%, 06/29/18		1,500		1,504
				2,592
Mississippi — 1.0%
Mississippi Business Finance, Chevron USA Project (RB) Series C (VRDN)
0.520%, 12/01/30		1,250		1,250
Missouri — 4.2%
Cape Girardeau County Industrial Development Authority, St. Francis Medical Center (RB) Series A
5.000%, 06/01/20		1,000		1,100
5.000%, 06/01/22		1,570		1,773
Missouri Highway & Transportation Commission (RB) Series A
5.000%, 05/01/22		2,360		2,721
				5,594
New Jersey — 1.2%
New Jersey Economic Development Authority (RB)
5.000%, 06/15/18		1,500		1,560
New York — 4.3%
Long Island Power Authority (RB) Series A (ETM)
5.000%, 04/01/19		1,385		1,493

	Par (000)		Value (000)
New York State Thruway Authority (RB) Series A
5.000%, 05/01/19	$	3,000	$	3,236
Tobacco Settlement Financing Corporation (RB) Series B
5.000%, 06/01/22		1,000		1,019
				5,748
North Carolina — 3.7%
Charlotte-Mecklenburg Hospital Authority, North Carolina Health Care System (RB) Series B (SBPA - JPMorgan Chase Bank) (VRDN)
0.500%, 01/15/38		1,500		1,500
Forsyth County (GO) Series B
5.000%, 04/01/19		1,000		1,082
North Carolina Medical Care Commission, North Carolina Baptist Hospital (RB)
5.000%, 06/01/20		2,115		2,332
				4,914
Ohio — 1.6%
Franklin County, OhioHealth Corporation (RB) Series B (VRDN)
5.000%, 07/12/17		1,500		1,534
Hamilton County Hospital Facilities UC Health (RB)
5.000%, 02/01/23		500		567
				2,101
Pennsylvania — 8.9%
Allegheny County Higher Education Building Authority, Chatham University (RB) Series A
5.000%, 09/01/17		1,010		1,036
5.000%, 09/01/19		610		652
Commonwealth of Pennsylvania (GO) Third Series A
5.000%, 07/15/18		1,695		1,793
Dauphin County (GO)
5.000%, 11/15/18		1,015		1,087
Hospitals & Higher Education Facilities Authority of Philadelphia, Children’s Hospital Project (RB) Series A (SBPA - Wells Fargo Bank) (VRDN)
0.530%, 02/15/21		1,230		1,230
Pennsylvania Economic Development Financing Authority (RB) Series B
5.000%, 07/01/22		765		772
Pennsylvania Higher Educational Facilities Authority, University of Sciences in Philadelphia (RB) Series A
5.000%, 11/01/23		1,500		1,705
Pennsylvania Housing Finance Agency (RB) Series 105B
4.250%, 04/01/24		500		514
Pennsylvania Turnpike Commission (RB) Series E
5.000%, 12/01/24		1,000		1,132
Philadelphia Gas Works, Fourteenth Series (RB)
5.000%, 10/01/21		1,700		1,880
				11,801

See Notes to Financial Statements.

160

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 M E N T S

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

	Par (000)		Value (000)
MUNICIPAL BONDS — continued
Tennessee — 0.6%
Tennessee Housing Development Agency, Residential Finance Program (RB) Series 2C
4.000%, 01/01/45	$	795	$	825
Texas — 11.2%
Dallas Area Rapid Transit (RB) Series B
5.000%, 12/01/22		1,500		1,735
Dallas Independent School District (GO) (PSF-GTD)
5.000%, 02/15/18		2,500		2,611
Harris County Cultural Education Facilities Finance Corporation, Methodist Hospital System (RB) Sub-Series C-1 (VRDN)
0.550%, 12/01/24##		2,000		2,000
Houston Texas Hotel Occupancy (RB) Series B
5.000%, 09/01/21		140		140
Katy Independent School District, School Building (GO) Series A (PSF-GTD)
5.000%, 02/15/21		2,000		2,244
Lewisville Independent School District (GO) Series A (PSF-GTD)
5.000%, 08/15/21		2,000		2,270
Lower Neches Valley Authority Industrial Development Corporation, Exxon Mobil Project (RB) Series 2012 (VRDN)
0.500%, 05/01/46		1,000		1,000
University of Texas System (RB) Series A
5.000%, 08/15/21		1,400		1,586
University of Texas System (RB) Series B
5.000%, 08/15/21		1,100		1,246
				14,832
Utah — 3.5%
Murray, IHC Health Services (RB) Series C (VRDN)
0.530%, 05/15/36		1,000		1,000
Nebo School District, School Building (GO)
5.000%, 07/01/19		1,000		1,089
Utah State (GO) Series A
4.000%, 07/01/17		2,485		2,529
				4,618
Virginia — 0.8%
York County Economic Development Authority, Virginia Electric and Power Company Project (RB) Series A (VRDN)
1.875%, 05/16/19		1,050		1,051
Washington — 6.3%
Energy Northwest, Project 3 (RB) Series A
5.000%, 07/01/18		1,985		2,102
Port of Seattle (RB) Series B
5.000%, 03/01/21		2,200		2,458
Seattle Washington Municipal Light & Power Improvement (RB) Series C
5.000%, 10/01/23		1,500		1,748

	Par (000)		Value (000)
Washington (GO) Series 2011-A
5.000%, 01/01/18	$	2,000	$	2,084
				8,392
Guam — 1.8%
Guam (RB) Series C
5.000%, 11/15/18		2,265		2,408
Total Municipal Bonds (Cost $130,862)				129,963
TOTAL INVESTMENTS — 98.1%
(Cost $130,862)*				129,963
Other Assets & Liabilities – 1.9%				2,498
TOTAL NET ASSETS — 100.0%			$	132,461

* Aggregate cost for Federal income tax purposes is (000) $130,862.

Gross unrealized appreciation (000)	$	699
Gross unrealized depreciation (000)		(1,598	)
Net unrealized depreciation (000)	$	(899	)

## All or a portion of the security has been segregated on the Fund’s books and records for delayed-delivery transactions.

See Notes to Financial Statements.

161

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total     Value     (000)
Assets:
Municipal Bonds		$	–		$	129,963		$	–		$	129,963
Total Assets - Investments in Securities		$	–		$	129,963		$	–		$	129,963

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

162

P N C   F i x e d   I n c o m e   F u n d s

S T A T E M E N T S   O F  A S S E T S   A N D   L I A B I L I T I E S  ( 0 0 0 )

N o v e m b e r   3 0,   2 0 1 6   ( U n a u d i t e d )

	Bond Fund			Government Mortgage Fund			High Yield Bond Fund			Intermediate      Bond Fund
ASSETS
Investments in non-affiliates at value		$	60,546		$	50,129		$	8,488		$	227,319
Investments in affiliates at value			527			814			633			2,064
Short-term investment in non-affiliates held as collateral for loaned securities at value			–			–			–			363
Short-term investment in affiliates purchased with collateral from securities loaned at value			–			–			–			1,203
Total Investments at value(1)(2)			61,073			50,943			9,121			230,949
Cash			27			–			–			–
Receivable for investments sold			16			1			742			2,006
Receivable for shares of beneficial interest issued			44			18			–			263
Interest receivable			307			150			142			1,196
Receivable from Adviser			–			–			3			–
Prepaid expenses			23			24			14			25
Other assets			33			18			3			63
Total Assets			61,523			51,154			10,025			234,502
LIABILITIES
Payable for collateral received for loaned securities			–			–			–			1,566
Payable for shares of beneficial interest redeemed			67			19			1			386
Payable for investment securities purchased			254			–			–			2,305
Dividends payable
Class I			55			58			14			125
Class A			2			11			1			2
Investment advisory fees payable			10			10			–			76
12b-1 fees payable
Class A			1			2			–			1
Shareholder servicing fees payable
Class A			1			2			–			1
Administration fees payable			5			4			3			12
Custodian fees payable			2			2			–			2
Transfer agent fees payable			9			9			4			9
Trustees’ deferred compensation payable			33			18			3			63
Trustees’ fees payable			6			5			4			12
Other liabilities			35			37			16			58
Total Liabilities			480			177			46			4,618
TOTAL NET ASSETS		$	61,043		$	50,977		$	9,979		$	229,884
Investments in non-affiliates at cost		$	60,688		$	49,829		$	8,351		$	229,199
Investments in affiliates at cost			527			814			633			2,064
Short-term investment in non-affiliates held as collateral for loaned securities at cost			–			–			–			363
Short-term investment in affiliates purchased with collateral from securities loaned at cost			–			–			–			1,203
(1) Total Investments at cost		$	61,215		$	50,643		$	8,984		$	232,829
(2) Includes securities on loan with a value of		$	–		$	–		$	–		$	1,512

See Notes to Financial Statements.

163

	Bond      Fund				Government Mortgage Fund				High Yield Bond Fund				Intermediate      Bond Fund
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	60,487			$	51,329			$	11,951			$	231,547
Undistributed (Distributions in Excess of) Net Investment Income			(80	)			(140	)			–				(115	)
Accumulated Net Realized Gain (Loss) on Investments			778				(512	)			(2,109	)			332
Net Unrealized Appreciation/Depreciation on Investments			(142	)			300				137				(1,880	)
Total Net Assets		$	61,043			$	50,977			$	9,979			$	229,884
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	57,964,626			$	41,541,409			$	9,544,786			$	225,784,988
Class I shares outstanding			5,676,560				4,608,777				1,260,784				20,857,801
Net Asset Value, Offering and Redemption Price Per Share		$	10.21			$	9.01			$	7.57			$	10.82
Net assets applicable to Class A		$	2,854,556			$	8,776,524			$	433,797			$	3,615,215
Class A shares outstanding			278,801				974,193				57,219				333,818
Net Asset Value and Redemption Price Per Share		$	10.24			$	9.01			$	7.58			$	10.83
Maximum Offering Price Per Share(3)		$	10.72			$	9.43			$	7.94			$	11.34
Maximum Sales Charge Per Share			4.50	%			4.50	%			4.50	%			4.50	%
Net assets applicable to Class C		$	223,346			$	659,080				N/A			$	483,910
Class C shares outstanding			21,880				73,220				N/A				44,521
Net Asset Value and Offering Price Per Share(4)		$	10.21			$	9.00				N/A			$	10.87

⁽³⁾  Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

⁽⁴⁾  Class C Shares are sold with a contingent deferred sales charge.

See Notes to Financial Statements.

164

P N C  F i x e d  I n c o m e  Fu n d s

S T A T E M E N T S  O F  A S S E T S  A N D  L I A B I L I T I E S  ( 0 0 0 )

N o v e m b e r   3 0 ,  2 0 1 6   ( U n a u d i t e d )

	Limited Maturity Bond Fund			Total Return Advantage Fund			Ultra Short     Bond Fund
ASSETS
Investments in non-affiliates at value		$	313,369		$	161,564		$	428,883
Investments in affiliates at value			2,572			954			1,404
Total Investments at value(1)			315,941			162,518			430,287
Cash			460			314			1,770
Receivable for investments sold			6,059			12			3,335
Receivable for shares of beneficial interest issued			385			324			2,182
Interest receivable			1,054			1,093			1,266
Prepaid expenses			31			26			37
Other assets			53			44			66
Total Assets			323,983			164,331			438,943
LIABILITIES
Payable for shares of beneficial interest redeemed			491			773			5,663
Payable for investment securities purchased			6,338			–			3,362
Dividends payable
Class I			82			204			138
Class A			6			4			3
Class C			–			1			–
Investment advisory fees payable 12b-1 fees payable			89			43			71
Class A			1			2			–
Class C			–			1			–
Shareholder servicing fees payable Class A			1			3			–
Administration fees payable			16			9			21
Custodian fees payable			2			2			3
Transfer agent fees payable			11			10			7
Trustees’ deferred compensation payable			53			44			66
Trustees’ fees payable			12			8			14
Other liabilities			71			57			61
Total Liabilities			7,173			1,161			9,409
TOTAL NET ASSETS		$	316,810		$	163,170		$	429,534
Investments in non-affiliates at cost		$	314,647		$	162,642		$	429,294
Investments in affiliates at cost			2,572			954			1,404
(1) Total Investments at cost		$	317,219		$	163,596		$	430,698

See Notes to Financial Statements.

165

	Limited Maturity Bond Fund				Total Return Advantage Fund				Ultra Short     Bond Fund
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	317,853			$	168,344			$	435,592
Undistributed (Distributions in Excess of) Net Investment Income			(149	)			(133	)			(78	)
Accumulated Net Realized Gain (Loss) on Investments			384				(3,963	)			(5,569	)
Net Unrealized Appreciation/Depreciation on Investments			(1,278	)			(1,078	)			(411	)
Total Net Assets		$	316,810			$	163,170			$	429,534
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	314,307,238			$	147,710,049			$	428,212,189
Class I shares outstanding			31,052,774				13,930,737				43,129,257
Net Asset Value, Offering and Redemption Price Per Share		$	10.12			$	10.60			$	9.93
Net assets applicable to Class A		$	2,010,866			$	14,547,562			$	1,322,262
Class A shares outstanding			198,009				1,371,220				133,027
Net Asset Value and Redemption Price Per Share		$	10.16			$	10.61			$	9.94
Maximum Offering Price Per Share(2)		$	10.37			$	11.11			$	10.04
Maximum Sales Charge Per Share			2.00	%			4.50	%			1.00	%
Net assets applicable to Class C		$	491,671			$	912,359				N/A
Class C shares outstanding			48,434				85,833				N/A
Net Asset Value and Offering Price Per Share(3)		$	10.15			$	10.63				N/A

⁽²⁾  Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

⁽³⁾  Class C Shares are sold with a contingent deferred sales charge.

See Notes to Financial Statements.

166

P N C  T a x  E x e m p t  B o n d  F u n d s

S T A T E M E N T S  O F  A S S E T S  A N D  L I A B I L I T I E S  ( 0 0 0 )

N o v e m b er  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Intermediate Tax Exempt Bond Fund			Maryland Tax Exempt Bond Fund			Ohio Intermediate Tax Exempt Bond Fund			Tax Exempt       Limited       Maturity       Bond Fund
ASSETS
Investments in non-affiliates at value		$	75,976		$	40,709		$	40,161		$	129,963
Total Investments at value(1)			75,976			40,709			40,161			129,963
Cash			908			1,386			168			1,226
Receivable for shares of beneficial interest issued			–			101			–			1,447
Interest receivable			1,078			591			552			1,672
Prepaid expenses			23			8			7			13
Other assets			18			9			13			21
Total Assets			78,003			42,804			40,901			134,342
LIABILITIES
Payable for shares of beneficial interest redeemed			5			116			–			197
Payable for investment securities purchased			–			–			–			1,446
Dividends payable
Class I			129			76			62			135
Class A			2			–			2			–
Investment advisory fees payable			18			8			14			39
12b-1 fees payable
Class A			1			–			1			–
Shareholder servicing fees payable
Class A			1			–			1			–
Administration fees payable			5			4			3			7
Custodian fees payable			1			–			–			1
Transfer agent fees payable			6			5			6			4
Trustees’ deferred compensation payable			18			9			13			21
Trustees’ fees payable			6			5			5			7
Other liabilities			20			15			20			24
Total Liabilities			212			238			127			1,881
TOTAL NET ASSETS		$	77,791		$	42,566		$	40,774		$	132,461
Investments in non-affiliates at cost		$	75,051		$	40,593		$	39,433		$	130,862
(1) Total Investments at cost		$	75,051		$	40,593		$	39,433		$	130,862

See Notes to Financial Statements.

167

	Intermediate Tax Exempt Bond Fund				Maryland Tax Exempt Bond Fund				Ohio Intermediate Tax Exempt Bond Fund				Tax Exempt     Limited     Maturity     Bond Fund
NET ASSETS:
Paid-in Capital (Unlimited Authorization — No Par Value)		$	76,163			$	41,813			$	39,315			$	133,369
Undistributed (Distributions in Excess of) Net Investment Income			146				(3	)			(68	)			(20	)
Accumulated Net Realized Gain (Loss) on Investments			557				640				799				11
Net Unrealized Appreciation/Depreciation on Investments			925				116				728				(899	)
Total Net Assets		$	77,791			$	42,566			$	40,774			$	132,461
NET ASSET VALUE (In unrounded dollars and shares):
Net assets applicable to Class I		$	74,728,931			$	42,341,911			$	36,237,965			$	132,247,207
Class I shares outstanding			7,977,779				3,932,103				3,441,464				12,954,094
Net Asset Value, Offering and Redemption Price Per Share		$	9.37			$	10.77			$	10.53			$	10.21
Net assets applicable to Class A		$	2,794,335			$	202,154			$	3,892,740			$	213,456
Class A shares outstanding			299,415				18,788				370,796				20,893
Net Asset Value and Redemption Price Per Share		$	9.33			$	10.76			$	10.50			$	10.22
Maximum Offering Price Per Share(2)		$	9.62			$	11.09			$	10.82			$	10.54
Maximum Sales Charge Per Share			3.00	%			3.00	%			3.00	%			3.00	%
Net assets applicable to Class C		$	268,014			$	21,790			$	642,981				N/A
Class C shares outstanding			29,016				2,025				61,402				N/A
Net Asset Value and Offering Price Per Share(3)		$	9.24			$	10.76			$	10.47				N/A

⁽²⁾ Net asset value divided by (100% less maximum sales charge), adjusted to nearest cent.

⁽³⁾  Class C Shares are sold with a contingent deferred sales charge.

See Notes to Financial Statements.

168

P N C  F i x e d  I n c o m e  F u n d s

S T A T E M E N T S  O F  O P E R A T I O N S  ( 0 0 0 )

F o r  t h e  S i x - M o n t h  P e r i o d  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Bond Fund				Government Mortgage Fund				High Yield Bond Fund				Intermediate       Bond Fund
Investment Income:
Interest from unaffiliated investments		$	938			$	687			$	338			$	2,773
Dividends from unaffiliated investments			–				–				1				–
Dividends from affiliated investments(1)			1				1				1				3
Security lending income (net of fees)(2)			–				–				–				7
Total Investment Income			939				688				340				2,783
Expenses:
Investment advisory fees			151				106				31				553
Administration fees			21				15				6				71
12b-1 fees:
Class A			–				1				–				–
Class C			1				3				–				1
Shareholder servicing fees:
Class A			3				11				3				5
Class C			–				1				–				1
Transfer agent fees			21				22				11				22
Custodian fees			3				5				1				4
Professional fees			22				20				18				35
Pricing service fees			12				13				3				11
Printing and shareholder reports			3				4				2				6
Registration and filing fees			18				19				13				20
Trustees’ fees			7				6				4				15
Miscellaneous			4				4				1				10
Total Expenses			266				230				93				754
Less:
Waiver of investment advisory fees(1)			(61	)			(41	)			(31	)			(2	)
Advisor expense reimbursement(1)			–	*			–	*			(12	)			(2	)
Net Expenses			205				189				50				750
Net Investment Income (Loss)			734				499				290				2,033
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold			1,396				(4	)			155				2,045
Net change in unrealized appreciation/depreciation on investments			(2,364	)			(1,047	)			220				(4,992	)
Net Gain (Loss) on Investments			(968	)			(1,051	)			375				(2,947	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(234	)		$	(552	)		$	665			$	(914	)

* Amount represents less than $500.

⁽¹⁾  See Note 3 in Notes to Financial Statements.

⁽²⁾  See Note 9 in Notes to Financial Statements.

See Notes to Financial Statements.

169

	Limited Maturity Bond Fund				Total Return Advantage Fund				Ultra Short       Bond Fund
Investment Income:
Interest from unaffiliated investments		$	1,894			$	2,418			$	2,119
Dividends from affiliated investments(1)			3				2				9
Security lending income (net of fees)(2)			–				2				–
Total Investment Income			1,897				2,422				2,128
Expenses:
Investment advisory fees			493				353				403
Administration fees			72				46				103
12b-1 fees:
Class A			1				2				–
Class C			2				4				–
Shareholder servicing fees:
Class A			5				17				2
Class C			1				1				–
Transfer agent fees			25				32				15
Custodian fees			5				5				6
Professional fees			34				28				40
Pricing service fees			9				17				7
Printing and shareholder reports			6				10				5
Registration and filing fees			21				21				20
Trustees’ fees			15				11				19
Miscellaneous			16				8				20
Total Expenses			705				555				640
Less:
Waiver of investment advisory fees(1)			(2	)			(64	)			(7	)
Advisor expense reimbursement(1)			(6	)			–	*			(2	)
Net Expenses			697				491				631
Net Investment Income (Loss)			1,200				1,931				1,497
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold			357				1,361				137
Net change in unrealized appreciation/depreciation on investments			(1,816	)			(3,665	)			(630	)
Net Gain (Loss) on Investments			(1,459	)			(2,304	)			(493	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(259	)		$	(373	)		$	1,004

* Amount represents less than $500.

⁽¹⁾  See Note 3 in Notes to Financial Statements.

⁽²⁾  See Note 9 in Notes to Financial Statements.

See Notes to Financial Statements.

170

P N C  T a x  E x e m p t  B o n d  F u n d s

S T A T E M E N T S  O F  O P E R A T I O N S  ( 0 0 0 )

F o r  t h e  S i x - M o n t h  P e r i o d  E n d e d  N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Intermediate Tax Exempt Bond Fund				Maryland Tax Exempt Bond Fund				Ohio Intermediate Tax Exempt Bond Fund				Tax Exempt       Limited       Maturity       Bond Fund
Investment Income:
Interest		$	1,168			$	624			$	602			$	1,295
Total Investment Income			1,168				624				602				1,295
Expenses:
Investment advisory fees			166				92				87				266
Administration fees			22				13				13				35
12b-1 fees:
Class A			–				–				1				–
Class C			1				–				2				–
Shareholder servicing fees:
Class A			3				–				5				–
Class C			–				–				1				–
Transfer agent fees			17				16				17				11
Commitment fees			2				1				1				2
Custodian fees			2				1				1				2
Professional fees			22				19				19				25
Pricing service fees			4				3				3				7
Printing and shareholder reports			4				2				2				4
Registration and filing fees			19				5				6				12
Trustees’ fees			7				6				5				9
Miscellaneous			3				2				3				5
Total Expenses			272				160				166				378
Less:
Waiver of investment advisory fees(1)			(46	)			(37	)			–				(23	)
Advisor expense reimbursement(1)			–				–				(1	)			–
Net Expenses			226				123				165				355
Net Investment Income (Loss)			942				501				437				940
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments sold			274				207				65				98
Net change in unrealized appreciation/depreciation on investments			(3,796	)			(1,963	)			(1,811	)			(3,293	)
Net Gain (Loss) on Investments			(3,522	)			(1,756	)			(1,746	)			(3,195	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(2,580	)		$	(1,255	)		$	(1,309	)		$	(2,255	)

⁽¹⁾  See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

171

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P N C  F i x e d  I n c o m e  F u n d s

S T A T E M E N T S  O F  C H A N G E S  I N  N E T  A S S E T S  ( 0 0 0 )  ( U n a u d i t e d )

									Government								High Yield
	Bond Fund								Mortgage Fund								Bond Fund
	For the Six-Month Period Ended November 30, 2016				For the   Year Ended   May 31, 2016				For the Six-Month   Period Ended   November 30, 2016				For the   Year Ended   May 31, 2016				For the Six-Month   Period Ended   November 30, 2016				For the         Year Ended       May 31,       2016
Investment Activities:
Net investment income (loss)		$	734			$	2,016			$	499			$	996			$	290			$	874
Net realized gain (loss) on investments sold			1,396				97				(4	)			64				155				(2,232	)
Net change in unrealized appreciation/depreciation on investments			(2,364	)			(332	)			(1,047	)			(258	)			220				583
Net increase (decrease) in net assets resulting from operations			(234	)			1,781				(552	)			802				665				(775	)
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I			(756	)			(2,132	)			(520	)			(1,102	)			(247	)			(832	)
Class A			(28	)			(56	)			(98	)			(211	)			(43	)			(42	)
Class C			(1	)			(3	)			(5	)			(14	)			–				–
Distributions from net realized gains:
Class I			–				(977	)			–				–				–				(137	)
Class A			–				(37	)			–				–				–				(5	)
Class C			–				(3	)			–				–				–				–
Total dividends and distributions			(785	)			(3,208	)			(623	)			(1,327	)			(290	)			(1,016	)
Share Transactions:
Proceeds from shares issued:
Class I			3,418				18,357				4,399				4,551				243				1,289
Class A			6				29				88				144				61				2,034
Class C			2				22				1				18				–				–
Reinvestment of dividends and distributions:
Class I			421				2,137				183				411				151				581
Class A			20				67				32				73				28				30
Class C			1				4				3				8				–				–
Total proceeds from shares issued and reinvested			3,868				20,616				4,706				5,205				483				3,934
Value of shares redeemed:
Class I			(28,008	)			(81,441	)			(4,705	)			(12,250	)			(2,259	)			(8,132	)
Class A			(93	)			(335	)			(383	)			(774	)			(2,099	)			(314	)
Class C			(30	)			(32	)			(74	)			(456	)			–				–
Total value of shares redeemed			(28,131	)			(81,808	)			(5,162	)			(13,480	)			(4,358	)			(8,446	)
Increase (decrease) in net assets from share transactions			(24,263	)			(61,192	)			(456	)			(8,275	)			(3,875	)			(4,512	)
Total increase (decrease) in net assets			(25,282	)			(62,619	)			(1,631	)			(8,800	)			(3,500	)			(6,303	)
Net Assets:
Beginning of period			86,325				148,944				52,608				61,408				13,479				19,782
End of period*		$	61,043			$	86,325			$	50,977			$	52,608			$	9,979			$	13,479
*Including undistributed (distributions in excess of) net investment income		$	(80	)		$	(29	)		$	(140	)		$	(16	)		$	–			$	–

See Notes to Financial Statements.

173

Intermediate		Limited		Total Return		Ultra Short
Bond Fund		Maturity Bond Fund		Advantage Fund		Bond Fund
For the		For the		For the		For the
Six-Month	For the	Six-Month	For the	Six-Month	For the	Six-Month	For the
Period Ended	Year Ended	Period Ended	Year Ended	Period Ended	Year Ended	Period Ended	Year Ended
November 30,	May 31,	November 30,	May 31,	November 30,	May 31,	November 30,	May 31,
2016	2016	2016	2016	2016	2016	2016	2016
$2,033	$4,629	$1,200	$1,993	$1,931	$4,344	$1,497	$1,539
2,045	(1,373)	357	510	1,361	(2,688)	137	107
(4,992)	(10)	(1,816)	(530)	(3,665)	523	(630)	195
(914)	3,246	(259)	1,973	(373)	2,179	1,004	1,841
(2,057)	(4,621)	(1,263)	(2,191)	(1,938)	(4,521)	(1,536)	(1,834)
(24)	(50)	(15)	(26)	(141)	(175)	(3)	(3)
(1)	(2)	–	–	(7)	(16)	–	–
–	(990)	–	–	–	–	–	–
–	(13)	–	–	–	–	–	–
–	(1)	–	–	–	–	–	–
(2,082)	(5,677)	(1,278)	(2,217)	(2,086)	(4,712)	(1,539)	(1,837)
7,214	19,461	100,722	89,110	2,407	10,765	173,828	217,862
54	302	90	2,242	4,360	8,829	104	3
129	130	2	31	23	283	–	–
1,064	3,063	836	1,483	638	1,565	828	900
19	53	13	23	116	138	3	2
1	3	–	–	2	3	–	–
8,481	23,012	101,663	92,889	7,546	21,583	174,763	218,767
(70,350)	(60,798)	(72,489)	(124,926)	(21,836)	(32,383)	(120,810)	(251,405)
(292)	(600)	(4,244)	(1,837)	(1,428)	(1,273)	(69)	(272)
(60)	(128)	(33)	(156)	(91)	(358)	–	–
(70,702)	(61,526)	(76,766)	(126,919)	(23,355)	(34,014)	(120,879)	(251,677)
(62,221)	(38,514)	24,897	(34,030)	(15,809)	(12,431)	53,884	(32,910)
(65,217)	(40,945)	23,360	(34,274)	(18,268)	(14,964)	53,349	(32,906)
295,101	336,046	293,450	327,724	181,438	196,402	376,185	409,091
$229,884	$295,101	$316,810	$293,450	$163,170	$181,438	$429,534	$376,185
$(115)	$(66)	$(149)	$(71)	$(133)	$22	$(78)	$(36)

See Notes to Financial Statements.

174

P N C  T a x  E x e m p t  B o n d  F u n d s

S T A T E M E N T S  O F  C H A N G E S  I N  N E T  A S S E T S  ( 0 0 0 )  ( U n a u d i t e d )

																	Ohio Intermediate
	Intermediate Tax Exempt								Maryland Tax Exempt								Tax Exempt
	Bond Fund								Bond Fund								Bond Fund
	For the								For the								For the
	Six-Month				For the				Six-Month				For the				Six-Month				For the
	Period Ended				Year Ended				Period Ended				Year Ended				Period Ended				Year Ended
	November 30,				May 31,				November 30,				May 31,				November 30,				May 31,
	2016				2016				2016				2016				2016				2016
Investment Activities:
Net investment income (loss)		$	942			$	2,026			$	501			$	1,199			$	437			$	1,028
Net realized gain (loss) on investments sold			274				482				207				612				65				734
Net change in unrealized appreciation/depreciation on investments			(3,796	)			1,441				(1,963	)			204				(1,811	)			227
Net increase (decrease) in net assets resulting from operations			(2,580	)			3,949				(1,255	)			2,015				(1,309	)			1,989
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I			(910	)			(1,955	)			(499	)			(1,194	)			(397	)			(937	)
Class A			(30	)			(66	)			(2	)			(5	)			(37	)			(85	)
Class C			(2	)			(5	)			–				–				(3	)			(6	)
Distributions from net realized gains:
Class I			–				(238	)			–				(118	)			–				(481	)
Class A			–				(9	)			–				(1	)			–				(49	)
Class C			–				(1	)			–				–				–				(6	)
Total dividends and distributions			(942	)			(2,274	)			(501	)			(1,318	)			(437	)			(1,564	)
Share Transactions:
Proceeds from shares issued:
Class I			5,349				10,988				1,156				2,036				191				1,984
Class A			16				201				20				–				1				61
Class C			11				38				–				1				213				–
Reinvestment of dividends and distributions:
Class I			67				146				17				60				20				91
Class A			17				45				1				3				29				113
Class C			1				4				–				–				3				9
Total proceeds from shares issued and reinvested			5,461				11,422				1,194				2,100				457				2,258
Value of shares redeemed:
Class I			(6,603	)			(9,066	)			(3,451	)			(6,759	)			(2,286	)			(7,072	)
Class A			(26	)			(214	)			(22	)			(100	)			(158	)			(543	)
Class C			(45	)			(127	)			–				(35	)			(10	)			(4	)
Total value of shares redeemed			(6,674	)			(9,407	)			(3,473	)			(6,894	)			(2,454	)			(7,619	)
Increase (decrease) in net assets from share transactions			(1,213	)			2,015				(2,279	)			(4,794	)			(1,997	)			(5,361	)
Total increase (decrease) in net assets			(4,735	)			3,690				(4,035	)			(4,097	)			(3,743	)			(4,936	)
Net Assets:
Beginning of period			82,526				78,836				46,601				50,698				44,517				49,453
End of period*		$	77,791			$	82,526			$	42,566			$	46,601			$	40,774			$	44,517
*Including undistributed (distributions in excess of) net investment income		$	146			$	146			$	(3	)		$	(3	)		$	(68	)		$	(68	)

See Notes to Financial Statements.

175

	Tax Exempt
	Limited Maturity
	Bond Fund
	For the
	Six-Month				For the
	Period Ended				Year Ended
	November 30,				May 31,
	2016				2016
Investment Activities:
Net investment income (loss)			$       940			$	1,964
Net realized gain (loss) on investments sold			98				194
Net change in unrealized appreciation/depreciation on investments			(3,293	)			772
Net increase (decrease) in net assets resulting from operations			(2,255	)			2,930
Dividends and Distributions to Shareholders:
Dividends from net investment income:
Class I			(939	)			(1,961	)
Class A			(1	)			(3	)
Total dividends and distributions			(940	)			(1,964	)
Proceeds from shares issued:
Class I			17,781				37,506
Class A			–				15
Reinvestment of dividends:
Class I			78				170
Class A			1				3
Total proceeds from shares issued and reinvested			17,860				37,694
Value of shares redeemed:
Class I			(14,189	)			(39,955	)
Class A			(31	)			(222	)
Total value of shares redeemed			(14,220	)			(40,177	)
Increase (decrease) in net assets from share transactions			3,640				(2,483	)
Total increase (decrease) in net assets			445				(1,517	)
Net Assets:
Beginning of period			132,016				133,533
End of period*		$	132,461			$	132,016
*Including undistributed (distributions in excess of) net investment income		$	(20	)		$	(20	)

See Notes to Financial Statements.

176

P N C  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

1. Fund Organization

PNC Funds (the “Trust”), a Delaware statutory trust, is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. As of November 30, 2016, the Trust offered for sale shares of 31 Funds. Each of the Funds is authorized to issue various classes of shares (individually, a “Class”, collectively, the “Classes”). Each share class represents an interest in the same portfolio of investments of the respective Fund and is substantially the same in all respects, except that the classes are generally subject to different distribution (12b-1) fees and/or shareholder services fees, sales charges and investment minimums. With respect to the Target Date, Equity, Fixed Income and Tax Exempt Bond Funds, as defined below, Class I Shares, Class R Shares, Class R4 Shares and Class R5 Shares are sold without a sales charge; Equity, Fixed Income and Tax Exempt Bond Funds’ Class A Shares are sold subject to a front-end sales charge; Balanced Allocation and Target Date Funds’ Class T Shares are sold subject to a front-end sales charge; and Equity, Fixed Income and Tax Exempt Bond Funds’ Class C Shares are sold with a contingent deferred sales charge. Front-end sales charges and contingent deferred sales charges may be reduced or waived under certain circumstances.

Effective October 31, 2016, PNC Mid Cap Fund was liquidated pursuant to a plan approved by the Board of Trustees on August 23, 2016.

As of November 30, 2016, the Trust offered five categories of Funds:

Target Date Funds

PNC Retirement Income Fund, PNC Target 2020 Fund, PNC Target 2030 Fund, PNC Target 2040 Fund and PNC Target 2050 Fund;

Equity Funds

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

Fixed Income Funds

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

Tax Exempt Bond Funds

PNC Intermediate Tax Exempt Bond Fund, PNC Maryland Tax Exempt Bond Fund, PNC Ohio Intermediate Tax Exempt Bond Fund and PNC Tax Exempt Limited Maturity Bond Fund; and

Money Market Funds

PNC Government Money Market Fund and PNC Treasury Money Market Fund.

The financial statements presented herein are those of the Target Date, Equity, Fixed Income and Tax Exempt Bond Funds (each referred to as a “Fund,” or collectively as the “Funds”). The financial statements of the Money Market Funds are not presented herein, but are presented separately.

2. Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

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

177

Investment Valuation

The funds typically value equity securities, exchange-traded funds (“ETFs”), master limited partnerships (“MLPs”), and other equity securities listed on a securities exchange or quoted on a national market system based on 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, or the exchange on which they are traded, when market quotations are readily available for such a security. The Funds’ value their portfolio securities for purposes of calculating their net asset values (“NAV”) using procedures approved by the Funds’ Board of Trustees (the “Board”). Those procedures allow for a variety of methodologies to be used to value a Fund’s securities. The specific methodologies used for a particular security may vary based on the market data available for a specific security at the time a Fund calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. Accordingly, the methodologies summarized below are not an exhaustive list of the methodologies a Fund may use to value a security and they may not represent the means by which a Fund’s investments are valued on any particular day. Other securities traded on over-the-counter markets are valued on the basis of their closing over-the-counter bid prices. Equity securities and ETFs for which there were no transactions, and for which market quotations are not readily available, are typically valued at the mean between the most recent bid and asked prices. Assets of the Funds invested in debt securities are typically valued based on evaluations provided by an independent pricing service (“Service”) approved by the Board. A number of Services are available and the Funds may use various Services or discontinue the use of any Service. When quoted bid prices for portfolio securities are readily available and are representative of the bid side of the market, these investments are valued at the quoted bid prices (as obtained by a Service from dealers in such securities). The Funds, under supervision of the Board, reserve the right to alternatively utilize the mean between the most recent bid and asked prices for fixed income securities, should such prices be determined to more accurately represent the value of those fixed income securities. Debt securities as well as other investments may be carried at fair value 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.

Portfolio securities which are primarily traded on foreign securities exchanges are valued at the last sale price on that exchange or, if there is no recent sale, at the last current bid quotation. Such securities are generally valued at the preceding closing values of such securities on their respective exchanges. A security which is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security at the official close of trading on the day of valuation. For valuation purposes, quotations of foreign securities in foreign currency are converted to U.S. dollar equivalents at the prevailing market rate at the close of market on the day of valuation. Certain foreign securities may be traded on foreign exchanges or over-the-counter markets on days on which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on days when investors can neither purchase nor redeem shares of the Fund.

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

Forward currency contracts are valued based upon closing forward foreign exchange rates from each respective foreign market.

Futures contracts are valued at the daily quoted settlement prices at the official close of trading on the day of valuation.

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, 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 NAV (generally, the close of trading) that may impact the value of securities traded in these foreign markets. In these cases, information furnished daily by the Service may be utilized to adjust closing market prices of certain foreign common stocks to reflect their fair value. Because the incidence 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.

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N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Fair value represents the estimated 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 Fund. Unobservable inputs are inputs that reflect the Fund’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. Assets and liabilities reported at fair value are classified on the basis of the lowest level input that is significant to fair value:

● Level 1 — quoted prices in active markets for identical assets and liabilities, including, but not limited to:

Equity securities and ETFs 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 NAV.

Futures contracts which are valued at their daily closing price on the primary exchange on which they are traded.

● Level 2 — other significant observable inputs, including but not limited to:

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 – certain foreign equity securities that are fair value adjusted through an independent pricing service, which considers statistically relevant trading pattern correlations in relation to the intraday trading in the U.S. securities markets, such as the movement of certain indexes, American Depositary Receipts, futures or ETFs.

Fixed Income Securities – independent pricing service-supplied valuations or quoted prices for similar securities or obligations, including matrix pricing, based on methods which consider standard inputs such as yields or prices of securities or obligations of comparable quality, stability, risk, coupon, collateral (as applicable), maturity, type, trading factors, multiple indications of value from dealers or other financial institutions that trade the securities or obligations.

● Level 3 — significant unobservable inputs, including but not limited to:

All Securities – modeling or manual pricing based on each Fund’s own assumptions in determining fair value of investments; or, the significant use of unobservable inputs or stale inputs.

Each Fund recognizes transfers into and out of levels, if any, at the end of the reporting period. Certain foreign equity securities are fair value adjusted through a Service which considers statistically relevant trading patterns. Such securities may periodically move between input valuation Level 1 and input valuation Level 2 based on whether or not they meet fair value adjustment trigger requirements. Securities that meet the fair value adjustment trigger requirements are considered input valuation Level 2 securities.

Other financial instruments are derivative instruments not reflected in total investments within the Schedules of Investments, such as futures and forwards, which are reflected in net assets 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 November 30, 2016 can be found at the end of each Fund’s Schedule of Investments.

Investment Transactions, Investment Income and Expenses

Investment transactions are recorded on a trade date basis for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Discounts and premiums are accreted and amortized, respectively, to interest income over the estimated lives of the respective investments using the effective interest method. Dividends are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as the respective Fund is notified. Certain countries may impose taxes on the Funds with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. Expenses that are common to all of the Funds in the Trust are allocated among the Funds primarily on the basis of each Fund’s respective average net assets. However, other allocation methodologies may also be utilized when appropriate for a given circumstance, including a fixed or straight-line allocation across Funds. Expenses that are common to all Classes, investment income, and realized and unrealized gains and losses on investments are allocated to each Class based upon the relative daily net assets of each Class. Distribution (12b-1) fees and shareholder services fees relating to a specific Class are charged directly to that Class.

179

Dividends and Distributions to Shareholders

With respect to the Fixed Income and Tax Exempt Bond Funds, dividends from net investment income are declared daily and paid monthly. Dividends from net investment income, if any, for Retirement Income, Balanced Allocation, Large Cap Core, Large Cap Value and S&P 500 Index Funds are declared and paid quarterly. Dividends from net investment income, if any, for Target 2020, Target 2030, Target 2040, Target 2050, International Equity, International Growth, Large Cap Growth, Mid Cap Index, Multi-Factor Small Cap Core, Multi-Factor Small Cap Growth, Multi-Factor Small Cap Value, Small Cap and Small Cap Index Funds are declared and paid annually. Net realized capital gains, if any, will be distributed at least annually by each of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Delayed-Delivery Transactions

Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities 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, a 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.

Exchange-Traded Funds

Certain Funds may invest in ETFs. The ETFs in which the Funds may invest may include actively managed ETFs as well as ETFs that generally seek investment results that correspond generally to the performance, before fees and expenses, of an underlying index. As a result, adverse performance of a particular security in an ETF’s underlying portfolio will ordinarily not result in the elimination of the security from the ETF’s portfolio. Each ETF offers and issues shares at its NAV per share only to certain institutional investors in aggregations of a specified number of shares, generally in exchange for a basket of securities included in its underlying index, together with the deposit of a specified cash payment.

ETFs are listed and traded on national securities exchanges and also may be listed on certain non-U.S. exchanges. ETFs are subject to additional risks due to their shares being listed and traded on securities exchanges. The per share NAV of an ETF is calculated at the end of each business day and fluctuates with changes in the market value of the ETF’s holdings since the most recent calculation. The trading prices of an ETF’s shares fluctuate continuously throughout trading hours based on market supply and demand as well as changes in market value. The trading prices of an ETF’s shares may deviate significantly from NAV during periods of market volatility. Any of these factors may lead to an ETF’s shares trading at a premium or discount to NAV.

There can be no assurance that an active trading market for these particular ETFs will develop or be maintained. Trading in ETFs may be halted because of market conditions or for reasons that, in the view of the listing exchange, make trading in ETFs inadvisable. In addition, trading in ETFs is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules. There can be no assurance that the requirements necessary to maintain the listing of ETFs will continue to be met or will remain unchanged.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars as follows: (1) 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; and (2) purchases, sales and income are translated at the rates of exchange prevailing on the respective dates of such transactions. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement from foreign currency transactions are reported in the Statements of Operations for the current period. The Funds do not isolate the portion of gains and losses on investments which is due to fluctuations in foreign exchange rates from that which is due to fluctuations in the market prices of investments.

Inflation-Indexed Securities

Certain Funds may invest in inflation-protected securities either directly or through pooled investment vehicles such as ETFs or mutual funds. Inflation-protected securities, unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide protection against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for

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Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity. The Target Date Funds primarily utilize pooled investment vehicles that hold Inflation-Indexed Securities in order to maintain exposure to TIPS.

Master Limited Partnerships

Certain Funds may invest in MLPs. The majority of MLPs operate in the energy and/or natural resources sector. MLPs are generally organized under state law as limited partnerships or limited liability companies. An MLP consists of at least one general partner as well as other additional limited partners (for MLPs structured as limited liability companies, at least one managing member and members, respectively). The general partner or managing member controls the operations and management of the MLP and has an ownership stake in the MLP. The limited partners or members, through their ownership of limited partner or member interests, contribute capital to the entity, have a limited role in the operation and management of the entity, and receive cash distributions.

Derivative Financial Instruments

Commodity-Linked Instruments

Certain Funds may invest in commodities indirectly through pooled investment vehicles such as ETFs or mutual funds. Pooled investment vehicles may hold commodities, commodities-based derivatives or financial instruments where the reference asset is a commodity or commodity index. Such investments in commodities or commodity-linked instruments may expose the pooled investment vehicle to greater volatility than investments in traditional securities. The prices of commodities can swing sharply in response to cyclical economic conditions, political events or the monetary policies of various countries, potentially causing the value of a Fund’s securities to be more volatile or to decline in value significantly. In addition, political, economic and other conditions in a limited number of commodity-producing countries may have a direct effect on the market value of commodities and the companies that engage in related businesses. Pooled investment vehicles may use commodities-based derivatives that are leveraged and therefore may magnify or otherwise increase investment losses to a Fund.

Foreign Equity Certificates

Certain Funds may invest in foreign equity certificates (“certificates”) which are sometimes also called equity-linked certificates or participation notes and may be issued in various forms such as low exercise price or Rule 144A warrants. When doing so, the Fund purchases the certificates from an issuer, who may or may not hold 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 value of the underlying equity security, the Fund bears additional counterparty risk to the issuer or guarantor of the unsecured notes.

Forward Currency Contracts

Certain Funds may enter into forward currency contracts. These contracts involve an obligation to purchase or sell a specified currency at a future date at a price set at the time of the contract. Forward currency contracts do not eliminate fluctuations in the values of portfolio securities but rather allow the Funds to establish a rate of exchange for a future point in time. Each contract is valued daily and the change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the opening value and the closing value of the contract. Such contracts, which may be designed to protect the value of the Fund’s investment securities against an adverse movement in the value of the hedged currency, do not eliminate fluctuations in the underlying prices of the securities; they simply establish an exchange rate at a future date. Although such contracts tend to minimize the risk of loss due to an adverse movement in the value of a hedged currency, at the same time they tend to limit the potential gain that might be realized should the value of such foreign currency unexpectedly move opposite to the hedge. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The unrealized gain or loss on open forward currency contracts at November 30, 2016 is included in the respective Fund’s Schedule of Investments. As of November 30, 2016, there were no open forward currency contracts. The change in the unrealized gain or loss on open forward currency contracts and the gain or loss recognized upon the close of forward currency contracts for the six-month period ended November 30, 2016 are included in the respective Fund’s Statement of Operations.

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Futures Contracts

Certain Funds may invest in futures contracts on among other things, stocks, stock indexes, financial instruments (such as a U.S. government security or other fixed income security), interest rates, currencies, or inflation indexes and in options on futures contracts. A futures contract provides for the future sale by one party and the purchase by another party of a specified amount of a financial instrument or money at a specified time and price. Futures contracts are valued at the daily quoted settlement prices. 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 and are included in the respective Fund’s Statement of Assets and Liabilities. 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 November 30, 2016 is included in the respective Fund’s Schedule of Investments. The change in the unrealized gain or loss on open futures contracts and the gain or loss recognized upon the close of futures contracts for the six-month period ended November 30, 2016 are included in the respective Fund’s Statement of Operations.

There are several risks associated with the use of futures contracts including the risk of loss in excess of the amount recognized in a Fund’s Schedule of Investments. 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 may be 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. Details of futures contracts open as of November 30, 2016 are included in the respective Fund’s Schedule of Investments.

Derivative Holdings Categorized by Risk Exposure

The following information is intended to enable financial statement users to understand how derivatives are accounted for and how derivative instruments affect a Fund’s financial position and results of operations. The derivative instruments listed in the following tables were not designated in qualifying hedge accounting relationships.

	Location on the Statement of Assets and Liabilities
Derivative Type	Asset Derivative Value	Liability Derivative Value
Equity contracts	Variation margin receivable from broker for open futures contracts*	Variation margin payable to broker for open futures contracts*
Foreign exchange contracts	Net unrealized appreciation on forward currency contracts	Net unrealized depreciation on forward currency contracts

*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation/depreciation for open futures contracts. The balance presented below is the cumulative change in unrealized appreciation/depreciation from the date the contract was opened until November 30, 2016 and is included in the Net Assets of the Fund.

	Equity     Contracts     (000)		Foreign     Exchange     Contracts     (000)		Total Value       at       11/30/16       (000)
Asset Derivative Value
International Equity Fund
Futures Contracts		$25		$–		$25

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N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Location on the Statement of Operations
Derivative Type
Equity contracts	Net realized gain (loss) on futures
	Net change in unrealized appreciation/depreciation on futures
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions
	Net change in unrealized appreciation/depreciation on foreign currency translation

			Foreign		Total Value
	Equity		Exchange		at
	Contracts		Contracts		11/30/16
	(000)		(000)		(000)
Realized Gain (Loss) on Derivatives Recognized in Income
Balanced Allocation Fund
Futures Contracts		$    (2)		$      –		$     (2)
Forward Currency Contracts		–		13		13
		$    (2)		$    13		$     11
International Equity Fund
Futures Contracts		$    99		$      –		$     99
Forward Currency Contracts		–		104		104
		$    99		$  104		$   203
Large Cap Growth Fund
Futures Contracts		$    44		$      –		$     44
S&P 500 Index Fund
Futures Contracts		$    46		$      –		$     46
Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Balanced Allocation Fund
Forward Currency Contracts		$    –		$   (2)		$    (2)
International Equity Fund
Futures Contracts		$(49)		$     –		$  (49)
Forward Currency Contracts		–		(95)		(95)
		$(49)		$ (95)		$(144)
Large Cap Growth Fund
Futures Contracts		$(44)		$    –		$ (44)
S&P 500 Index Fund
Futures Contracts		$(44)		$    –		$ (44)

During the six-month period ended November 30, 2016, the futures and forwards transactions executed by the Equity Funds are shown in the following table.

	Notional Cost		Notional Cost		Notional Cost		Notional Cost
	of Contracts		of Contracts		of Contracts		of Contracts
	May 31, 2016		Opened		Closed		November 30, 2016
	(000)		(000)		(000)		(000)
Balanced Allocation Fund
Forward Currency Contracts		$  1,114		$        –		$  (1,114)		$      –
Futures Contracts		–		233		(233)		–
International Equity Fund
Forward Currency Contracts		56,539		–		(56,539)		–
Futures Contracts		2,776		26,037		(24,802)		4,011
Large Cap Growth Fund
Futures Contracts		1,003		–		(1,003)		–
S&P 500 Index Fund

183

	Notional Cost	Notional Cost	Notional Cost	Notional Cost
	of Contracts	of Contracts	of Contracts	of Contracts
	May 31, 2016	Opened	Closed	November 30, 2016
	(000)	(000)	(000)	(000)
Futures Contracts	1,003	–	(1,003)	–

Master Agreements and Netting Arrangements

Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association (“ISDA”) Agreements and a Securities Loan Agreement, which govern the terms of certain transactions with select counterparties (collectively “Master Agreements”). These Master Agreements generally include provisions for general obligations, agreements, representations, collateral and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that if triggered, would cause an event, default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination or default event, the total market value exposure would be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. An election made by a counterparty to terminate a transaction early under a Master Agreement could have an adverse impact on a Fund’s financial statements. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral under the Master Agreements is usually in the form of cash but can include other types of securities. There can be no assurance that the Master Agreements will be successful in limiting credit or counterparty risk.

Offsetting of Financial and Derivative Assets and Liabilities

The following tables show the financial and derivative instruments of each Fund that are subject to Master Agreements (or similar arrangements) and the collateral received and pledged in connection with the netting arrangements at November 30, 2016.

Offsetting of Financial and Derivative Assets

		Gross Amounts			Gross Amounts		Net Amounts
		Presented in the			Netted in the		Presented in the
		Statement of			Statement of		Statement of
	Form of	Assets			Assets		Assets						Cash
	Master	and			and		and			Financial			Collateral			Net
	Agreement	Liabilities			Liabilities		Liabilities			Instruments			Received(1)			Amount
Description		(000)			(000)		(000)			(000)			(000)			(000)
International Equity Fund
Securities Lending(2)	Securities Loan Agreement		$	31,931		$–		$	31,931		$	–		$	(31,931)		$	–
Multi-Factor Small Cap Core Fund
Securities Lending(2)	Securities Loan Agreement		$	2,982		$–		$	2,982		$	–		$	(2,982)		$	–
Multi-Factor Small Cap Growth Fund
Securities Lending(2)	Securities Loan Agreement		$	3,110		$–		$	3,110		$	–		$	(3,110)		$	–
Multi-Factor Small Cap Value Fund
Securities Lending(2)	Securities Loan Agreement		$	1,985		$–		$	1,985		$	–		$	(1,985)		$	–
S&P 500 Index Fund
Securities Lending(2)	Securities Loan Agreement		$	83		$–		$	83		$	–		$	(83)		$	–
Small Cap Fund
Securities Lending(2)	Securities Loan Agreement		$	33,572		$–		$	33,572		$	–		$	(33,572)		$	–
Intermediate Bond Fund
Securities Lending(2)	Securities Loan Agreement		$	1,512		$–		$	1,512		$	–		$	(1,512)		$	–

⁽¹⁾ Collateral received from the individual counterparty in excess of the value of securities loaned is not shown for financial reporting purposes.

⁽²⁾ Reflects the market value of securities on loan as presented on the Schedule of Investments. Short-term investments purchased with collateral from securities lending and the related liability to repay the collateral is reported on the Statement of Assets and Liabilities.

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N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

3. Investment Advisory Fees and Other Transactions with Affiliates

Investment Advisory and Sub-Advisory Fees

Fees paid by the Trust pursuant to the Advisory Agreement with PNC Capital Advisors, LLC (the “Adviser”), an indirect wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC Group”), are payable monthly and are calculated at an annual rate of each Fund’s average daily net assets.

Target Date Funds

The Adviser and the Target Date Funds have entered into an investment advisory agreement pursuant to which each Fund will pay the Adviser a fee equal to the annual rate of 0.40% of that Fund’s average daily net assets that are not invested in (1) other registered investment companies, (2) pooled investment vehicles that charge a fee for advisory services, and (3) exchange-traded notes the contractual returns of which are calculated by reference to the performance of a broad-based securities market index (collectively referred to as “Investment Companies”). The Adviser has contractually agreed to waive its management fee and reimburse or pay certain operating expenses for each Fund to the extent the Fund’s other expenses exceed 0.10%, 0.35% and 0.60% for Class I, Class R and Class T Shares, respectively, on an annualized basis, excluding certain expenses such as extraordinary expenses, administrative fees payable to the Adviser, taxes, portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses, interest expense, dividend expenses related to short sales and the operating expenses of each Fund’s underlying investments). This expense limitation agreement will apply until September 28, 2017, at which time the Fund’s Adviser will determine whether to renew, revise or discontinue it, except that it may be terminated by the Board at any time.

The following table lists the contractual advisory fees and expense reimbursements that were in effect during the six-month period ended November 30, 2016 for the Target Date Funds.

	Advisory Fees as a Percentage of Average Net Assets
		Expense
	Annual Rate*	Reimbursement
Retirement Income Fund	0.00%		3.29%
Target 2020 Fund	0.00%		1.54%
Target 2030 Fund	0.00%		1.25%
Target 2040 Fund	0.00%		3.62%
Target 2050 Fund	0.00%		9.94%

* During the six-month period ended November 30, 2016, the Target Date Funds were solely invested in Investment Companies.

Equity Funds

The following tables list the contractual advisory fees and fee waivers that were in effect during the six-month period ended November 30, 2016 for the Equity Funds.

	Advisory Fees as a Percentage  of Average Net Assets
	Annual Rate	Effective   Annual   Rate			Fee   Waiver*			Net   Effective   Annual   Rate			Expense   Reimbursement*
Balanced Allocation Fund	0.75%		0.75	%		0.38	%		0.37	%		N/A
International Equity Fund	0.90%		0.90	%		0.08	%		0.82	%		N/A
International Growth Fund	0.80%		0.80	%		0.80	%		0.00	%		2.86%
Mid Cap Index Fund	0.15%		0.15	%		0.15	%		0.00	%		2.25%
Multi-Factor Small Cap Core Fund	0.90%		0.90	%		0.27	%		0.63	%		N/A
Multi-Factor Small Cap Growth Fund	0.90%		0.90	%		0.44	%		0.46	%		N/A
Multi-Factor Small Cap Value Fund	0.90%		0.90	%		0.76	%		0.14	%		N/A
Small Cap Fund	0.90%		0.90	%		0.09	%		0.81	%		N/A
Small Cap Index Fund	0.15%		0.15	%		0.15	%		0.00	%		2.69%

185

	Advisory Fees as a Percentage of Average Net Assets
				Annual Rate
																Net
										Effective						Effective
	First			Next			$1.5 Billion			Annual			Fee			Annual			Expense
	$1 Billion			$500 Million			and Over			Rate			Waiver*			Rate			Reimbursement*
Large Cap Core Fund		0.75	%		0.70	%		0.65	%		0.75	%		0.45	%		0.30	%		N/A
Large Cap Growth Fund		0.75	%		0.70	%		0.65	%		0.75	%		0.20	%		0.55	%		N/A
Large Cap Value Fund		0.75	%		0.70	%		0.65	%		0.75	%		0.15	%		0.60	%		N/A

Advisory Fees as a Percentage of Average Net Assets

Annual Rate

Net

Effective

Effective

First

Next

$150 Million

Annual

Fee

Annual

Expense

$50 Million

$100 Million

and Over

Rate

Waiver*

Rate

Reimbursement*

S&P 500 Index Fund

0.15

%

0.10

%

0.075

%

0.11

%

0.11

%

0.00

%

0.02%

* These waivers and reimbursements, which are presented on an annualized basis in the above table, are the result of the contractual expense limitation agreement which will apply until September 28, 2017, except that it may be terminated by the Board at any time. Each Fund may be obligated to pay the Adviser all amounts previously waived or reimbursed by the Adviser pursuant to the expense limitation agreements. For additional detail, see “Expense Recoupment,” below.

Polaris Capital Management, LLC (“Polaris”), an independent registered investment adviser, serves as sub-adviser to a portion of the managed assets of International Equity Fund. For its services, Polaris is paid a sub-advisory fee by the Adviser based on the portion of assets of International Equity Fund allocated to Polaris as follows: 0.35% of the first $125 million of assets managed, 0.40% of the assets managed between $125 million and $200 million and 0.50% of assets managed in excess of $200 million.

The Adviser may, from time to time, waive any portion of its fees and reimburse certain expenses of a Fund. Such waivers and reimbursements may be voluntary or contractual. The Adviser contractually agreed to waive fees and reimburse expenses to the extent necessary so that the total annual fund operating expenses of Class I, Class A, Class C, Class R4, Class R5 and Class T Shares of certain Funds do not exceed the percentage of average daily net assets as set forth below:

	Total Annual Fund Operating Expenses after Fee Waivers
	Class I			Class A			Class C			Class R4			Class R5			Class T
Balanced Allocation Fund		0.95	%		1.24	%		1.95	%		N/A			N/A			1.45	%
International Equity Fund		0.98	%		1.28	%		1.98	%		N/A			N/A			N/A
International Growth Fund		0.85	%		1.11	%		N/A			N/A			N/A			N/A
Large Cap Core Fund		0.90	%		1.20	%*		1.90	%		N/A			N/A			N/A
Large Cap Growth Fund		0.90	%		1.20	%		1.90	%		N/A			N/A			N/A
Large Cap Value Fund		0.90	%		1.20	%		1.90	%		N/A			N/A			N/A
Mid Cap Index Fund		0.25	%		N/A			N/A			0.40	%		0.30	%		N/A
Multi-Factor Small Cap Core Fund		0.85	%		`1.15	%		1.85	%**		N/A			N/A			N/A
Multi-Factor Small Cap Growth Fund		0.85	%		1.15	%		1.85	%		N/A			N/A			N/A
Multi-Factor Small Cap Value Fund		0.85	%		1.15	%		1.85	%		N/A			N/A			N/A
S&P 500 Index Fund		0.20	%		0.45	%		1.20	%		0.35	%		0.25	%		N/A
Small Cap Fund		0.99	%		1.24	%***		1.99	%		N/A			N/A			N/A
Small Cap Index Fund		0.25	%		N/A			N/A			0.40	%		0.30	%		N/A

* The Board approved an increase in total annual fund operating expenses to 1.20% for the Class A Shares of the Large Cap Core Fund effective September 28, 2016. Prior to the increase, total annual fund operating expenses were capped at 1.18%.

** Class C Shares of the Multi-Factor Small Cap Core Fund were initially offered from September 30, 2005 to June 4, 2012, after which C Shares were terminated. The Fund recommenced offering Class C Shares of the Fund on October 1, 2016. The Board approved a total annual fund operating expense cap of 1.85% for Class C Shares effective September 28, 2016.

*** Effective July 5, 2016, total annual fund operating expenses of the Class A Shares of the Small Cap Fund were voluntarily reduced to 1.24%. The Board approved the reduction in total annual fund operating expenses on September 28, 2016. Prior to the decrease, total annual fund operating expenses were capped at 1.29%.

186

P N C  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

The expense limitation agreement for the Funds listed in the table above will apply until at least September 28, 2017, at which time the Adviser will determine whether to renew, revise or discontinue it, except that it may be terminated by the Board at any time.

Fixed Income and Tax Exempt Bond Funds

The following table lists the contractual advisory fees and fee waivers that were in effect during the six-month period ended November 30, 2016 for the Fixed Income and Tax Exempt Bond Funds.

	Advisory Fees as a Percentage of Average Net Assets
							Net
							Effective
				Fee			Annual			Expense
	Annual Rate			Waiver*			Rate			Reimbursement*
Bond Fund		0.40	%		0.16	%		0.24	%		N/A
Government Mortgage Fund		0.40	%		0.15	%		0.25	%		N/A
High Yield Bond Fund		0.50	%		0.50	%		0.00	%		0.19%
Intermediate Bond Fund		0.40	%		N/A			0.40	%		N/A
Limited Maturity Bond Fund		0.35	%		N/A			0.35	%		N/A
Total Return Advantage Fund		0.40	%		0.07	%		0.33	%		N/A
Ultra Short Bond Fund		0.20	%		N/A			0.20	%		N/A
Intermediate Tax Exempt Bond		0.40	%		0.11	%		0.29	%		N/A
Maryland Tax Exempt Bond		0.40	%		0.16	%		0.24	%		N/A
Ohio Intermediate Tax Exempt Bond		0.40	%		N/A			0.40	%		N/A
Tax Exempt Limited Maturity Bond		0.40	%		0.03	%		0.37	%		N/A

* These waivers and reimbursements, which are presented on an annualized basis in the above table, are the result of the contractual expense limitation agreement which will remain in effect through September 28, 2017, except that it may be terminated by the Board at any time. Each Fund may be obligated to pay the Adviser all amounts previously waived or reimbursed by the Adviser pursuant to the expense limitation agreements. For additional detail, see “Expense Recoupment,” below.

The Adviser may, from time to time, waive any portion of its fees and reimburse certain expenses of a Fund. The Adviser contractually agreed to waive fees and reimburse expenses to the extent necessary so that the total annual fund operating expenses of Class I, Class A and Class C Shares of certain Funds do not exceed the percentage of average daily net assets as set forth on the following table:

	Total Annual Fund Operating Expenses after Fee Waivers
	Class I	Class A	Class C
Bond Fund	0.53%	0.81%	1.53%
Government Mortgage Fund	0.65%	0.93%	1.65%
High Yield Bond Fund	0.75%	1.01%	N/A
Total Return Advantage Fund	0.53%	0.81%	1.53%
Intermediate Tax Exempt Bond Fund	0.53%	0.81%	1.53%
Maryland Tax Exempt Bond Fund	0.53%	0.81%	1.53%
Tax Exempt Limited Maturity Bond Fund	0.53%	0.81%	N/A

The expense limitation agreement for the Funds listed in the table above will apply until at least September 28, 2017, at which time the Adviser will determine whether to renew, revise or discontinue it, except that it may be terminated by the Board at any time.

During the six-month period ended November 30, 2016, the Adviser reimbursed PNC Bond Fund, PNC Government Mortgage Fund, PNC Intermediate Bond Fund, PNC Limited Maturity Bond Fund, PNC Ohio Intermediate Tax Exempt Bond Fund, PNC Total Return Advantage Bond Fund and PNC Ultra Short Bond in the total amount of $12,650 for amounts that the Funds had paid for shareholder administrative services. The reimbursement is reflected as “Advisor Expense Reimbursement” in each Fund’s Statement of Operations.

187

Expense Recoupment

Each Fund may be obligated to pay the Adviser all amounts previously waived or reimbursed by the Adviser (“recoupment payments”) pursuant to the expense limitation agreements, provided that the amount of such recoupment payments in any year, together with all other expenses of the Fund or Class, in the aggregate, would not cause the Class’ total annual operating expenses to exceed the amounts set forth in the tables above and provided further that no additional payments by the Fund will be made with respect to amounts paid, waived or reimbursed by the Adviser more than three years after the end of the fiscal year in which the Fund accrues a liability or recognizes a contingent liability with respect to such amounts that are paid, waived or reimbursed by the Adviser. Recoupment payments are limited to amounts so that after recoupment the total annual fund operating expenses are no more than the lesser of the expense cap in place at the time of the waiver or recoupment. Amounts received pursuant to voluntary waivers of fees and expense reimbursement arrangements by or with the Adviser are not subject to recoupment.

The following amounts are available for possible recoupment by the Adviser through the expiration dates shown:

	Recoupment Available
	(000)
	2017		2018		2019		Total
Retirement Income Fund	$	158	$	138	$	130	$	426
Target 2020 Fund		100		112		149		361
Target 2030 Fund		111		118		154		383
Target 2040 Fund		101		109		136		346
Target 2050 Fund		114		117		126		357
Balanced Allocation Fund		97		101		224		422
International Equity Fund		697		652		572		1,921
International Growth Fund		-		-		45		45
Large Cap Core Fund		61		75		101		237
Large Cap Growth Fund		84		49		155		288
Large Cap Value Fund		29		24		116		169
Mid Cap Index Fund		35		89		109		233
Multi-Factor Small Cap Core Fund		135		205		467		807
Multi-Factor Small Cap Growth Fund		259		226		389		874
Multi-Factor Small Cap Value Fund		107		142		209		458
S&P 500 Index Fund		103		220		210		533
Small Cap Fund		993		851		866		2,710
Small Cap Index Fund		53		126		169		348
Bond Fund		-		-		84		84
Government Mortgage Fund		-		-		59		59
High Yield Bond Fund		23		48		74		145
Total Return Advantage Fund		-		-		83		83
Intermediate Tax Exempt Bond Fund		53		65		92		210
Maryland Tax Exempt Bond Fund		26		42		68		136
Tax Exempt Limited Maturity Bond Fund		20		30		41		91

Shareholder Services Fees

The Trust maintains a Shareholder Services Plan (the “Services Plan”) with respect to the Class A, Class C and Class R Shares of the Equity, Fixed Income and Tax Exempt Bond Funds. Pursuant to the Services Plan, the Trust enters into shareholder servicing agreements with certain financial institutions, including affiliates of the Adviser, under which they agree to provide shareholder administrative services to their customers who beneficially own Class A, Class C and Class R Shares in consideration for payment of a fee of up to 0.25% on an annual basis, based on each Class’ average daily net assets.

The Trust maintains a Services Plan with respect to the Class R4 and Class R5 Shares of the Mid Cap Index Fund, S&P 500 Index Fund and Small Cap Index Fund. Pursuant to the Services Plan, the Trust enters into shareholder servicing agreements with certain financial institutions, including affiliates of the Adviser, under which they agree to provide shareholder administrative services to their customers who beneficially own Class R4 and Class R5 Shares in consideration for payment of a fee of up to 0.15% and 0.05%, respectively, on an annual basis, based on each Class’ average daily net assets.

188

P N C  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Trustees’ Fees

For his or her service as a Trustee of the Trust and PNC Advantage Funds (“Advantage”), another registered investment company overseen by the Trustees and for which the Adviser serves as investment adviser, each Trustee, effective January 1, 2017, receives an annual fee of $85,000 plus $7,750 for each Board meeting attended in person, and such amount, up to a maximum of $3,750, as may be determined for each special Board meeting attended, in addition to a reimbursement of all out-of-pocket expenses incurred as a Trustee. Each Trustee also receives $800 for each Audit Committee meeting attended. The Chairman of the Board receives an additional fee of $25,000 per year and the Chairman of the Audit Committee receives an additional fee of $10,000 per year for their services in these capacities. Prior to January 1, 2017, each Trustee received an annual fee of $79,000 plus $7,250 for each Board meeting attended in person, and such amount, up to a maximum of $3,250, as may be determined for each special Board meeting attended, in addition to a reimbursement of all out-of-pocket expenses incurred as a Trustee. The Chairman of the Board received an additional fee of $25,000 per year and the Chairman of the Audit Committee received an additional fee of $10,000 per year for their services in these capacities. No person who is an officer, director, trustee, or employee of the Adviser, the Underwriter, or any parent or subsidiary thereof, who serves as an officer, trustee, or employee of the Trust or Advantage receives any compensation from the Trust. Fees are paid quarterly in arrears and are allocated to the PNC Funds and PNC Advantage Funds based on a number of factors, including their average daily net assets.

Trustees who receive fees are eligible for participation in the Trust’s Deferred Compensation Plan (the “Plan”), which is an unfunded, nonqualified deferred compensation plan. The Plan allows each eligible Trustee to defer receipt of all or a percentage of fees that would otherwise be payable for services performed.

Administration Fees

The Trust, BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) and the Adviser are parties to a Co-Administration and Accounting Services Agreement, pursuant to which BNY Mellon and the Adviser serve as Co-Administrators to the Trust. Prior to October 1, 2016, BNY Mellon and the Adviser served as Co-Administrators to PNC Funds in exchange for fees at the annual rate of 0.05% based on average daily net assets of PNC Funds, excluding the average daily net assets of the Target Date Funds. Effective October 1, 2016, the new fee schedule in the Board-approved Amended and Restated Co-Administration and Accounting Services Fee Letter was implemented whereby BNY Mellon and the Adviser are entitled to an annual fee paid by each Fund, excluding the average daily net assets of the Target Date Funds, based solely on its net assets as follows: 0.05% of the Fund’s average aggregate net assets up to $1 billion, 0.03% of the Fund’s average aggregate net assets between $1 billion and $10 billion, and 0.01% of the Fund’s average aggregate net assets in excess of $10 billion. For their services as Co-Administrators to the Funds during the six-month period ended November 30, 2016, approximately 0.0177% was allocated to BNY Mellon and 0.0320% was allocated to the Advisor in aggregate.

For the Target Date Funds, the Adviser receives fees at an annual rate of 0.01% based on the average daily net assets of the Target Date Funds and BNY Mellon receives a base fee of $25,000 from each Target Date Fund.

BNY Mellon also receives other transaction-based charges from the Trust and is reimbursed for out-of-pocket expenses by the Trust.

Affiliated Investments

The Target Date Funds seek to achieve their investment objectives by investing in a portfolio of securities and other instruments, which may exclusively, primarily or otherwise include PNC Funds (the “Underlying Funds”). The Target Date Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments made by each Target Date Fund within each of its principal investment strategies may represent a significant portion of an Underlying Fund’s net assets. At November 30, 2016, no investments by a Target Date Fund represented a significant portion of the net assets of any of the Underlying Funds.

The common stock of PNC Group, an affiliate of the Adviser to the Trust, is included in the S&P 500^® Index. Also included in the S&P 500^® Index is BlackRock, Inc., a company in which PNC Group owns a minority interest. Like the other stocks in the S&P 500^® Index, S&P 500 Index Fund may invest in the common stocks of PNC Group and BlackRock, Inc. in approximately the same proportions as the percentages those common stocks represent in the S&P 500^® Index. iShares securities may be deemed to be affiliated investments through the Adviser’s affiliation with BlackRock, Inc.

189

For the purposes of these financial statements, dividends received from such investments are reported as “Dividends from affiliated investments” in the Statements of Operations. Gains and/or losses from the sale of affiliated investments are reported as “Net realized gain (loss) on affiliated investments sold” on the Statements of Operations.

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 PNC Funds, Advantage, a separate investment company affiliated with PNC Funds (“PNC Affiliated Money Market Funds”), or BlackRock Funds and other investment companies that could be deemed to be affiliated with the Adviser. The Funds will bear the costs and fees associated with investments in other investment companies, including other investment companies managed by the Adviser or its affiliates, except that the Adviser has agreed to waive its advisory fee in an amount equal to the advisory fees paid to the Adviser by a Fund with respect to a Fund’s short-term reserves swept into any PNC Affiliated Money Market Funds. Certain other contractual and voluntary advisory fee waivers may reduce the Adviser’s obligation to waive its advisory fees in connection with such investments. This waiver does not apply to cash collateral from a Fund’s securities lending program invested in PNC Affiliated Money Market Funds, and the waiver may be terminated at any time without prior notice.

For the purposes of these financial statements, dividends received from such investments are reported as “Dividends from affiliated investments” in the Statements of Operations.

The total value at May 31, 2016 and November 30, 2016, and the purchases, sales proceeds, distributions and realized gain (loss) on affiliated holdings for the six-month period ended November 30, 2016 are shown in the following table.

	Value of Affiliated Investments at 05/31/16 (000)			Value of Affiliated Investments at 11/30/16 (000)			Purchases (000)			Sales Proceeds (000)			Income Distributions from Affiliated Investments (000)				Realized Gain (Loss)     on Affiliated     Investments Sold     (000)
Retirement Income Fund
iShares Select Dividend ETF		$	56		$	57		$	–		$	1		$	1			$	–	*
iShares MSCI EAFE Small-Cap ETF			8			7			–			–			–	*			–
PNC Government Money Market Fund			515			458			165			222			–	*			–
PNC International Equity Fund			189			190			3			–			–				–
PNC Large Cap Growth Fund			221			227			2			–			–				–
PNC Large Cap Value Fund			224			233			2			–			2				–
PNC Multi-Factor Small Cap Core Fund			60			67			–			2			–				–	*
PNC S&P 500 Index Fund			113			118			1			2			1				–	*
PNC Small Cap Fund			59			65			–			–			–				–
PNC Bond Fund			819			834			34			–			9				–
PNC High Yield Bond Fund			95			98			2			2			2				–	*
PNC Limited Maturity Bond Fund			808			858			54			–			4				–
		$	3,167		$	3,212		$	263		$	229		$	19				–	*

190

P N C  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Value of Affiliated Investments at 05/31/16 (000)			Value of Affiliated Investments at 11/30/16 (000)			Purchases (000)			Sales Proceeds (000)			Income Distributions from Affiliated Investments (000)				Realized   Gain (Loss)   on Affiliated   Investments Sold   (000)
Target 2020 Fund
iShares Select Dividend ETF		$	146		$	143		$	–		$	10		$	2			$	1
iShares MSCI EAFE Small-Cap ETF			25			24			–			–			–	*			–
PNC Government Money Market Fund			648			504			658			802			1				–
PNC International Equity Fund			625			603			–			19			–				(1	)
PNC Large Cap Growth Fund			648			638			–			24			–				1
PNC Large Cap Value Fund			658			662			5			24			5				1
PNC Multi-Factor Small Cap Core Fund			168			178			–			14			–				–	*
PNC S&P 500 Index Fund			333			331			3			21			3				1
PNC Small Cap Fund			167			174			–			9			–				–	*
PNC Bond Fund			1,852			1,765			19			67			19				–	*
PNC High Yield Bond Fund			257			249			6			21			6				(2	)
PNC Limited Maturity Bond Fund			1,084			1,069			11			22			5				–	*
		$	6,611		$	6,340		$	702		$	1,033		$	41			$	1
Target 2030 Fund
iShares Select Dividend ETF		$	224		$	271		$	35		$	–		$	4			$	–
iShares MSCI EAFE Small-Cap ETF			68			76			10			–			1				–
PNC Government Money Market Fund			457			515			1,440			1,382			–	*			–
PNC International Equity Fund			1,077			1,218			145			5			–				–	*
PNC Large Cap Growth Fund			1,047			1,267			197			–			–				–
PNC Large Cap Value Fund			1,064			1,306			199			–			8				–
PNC Multi-Factor Small Cap Core Fund			271			342			27			–			–				–
PNC S&P 500 Index Fund			538			645			78			–			6				–
PNC Small Cap Fund			269			342			42			–			–				–
PNC Bond Fund			1,640			1,878			285			–			19				–
PNC High Yield Bond Fund			258			288			28			5			7				(1	)
PNC Limited Maturity Bond Fund			220			260			41			–			1				–
		$	7,133		$	8,408		$	2,527		$	1,392		$	46			$	(1	)
Target 2040 Fund
iShares Select Dividend ETF		$	106		$	115		$	6		$	3		$	2			$	–	*
iShares MSCI EAFE Small-Cap ETF			42			44			6			2			1				–	*
PNC Government Money Market Fund			173			124			557			606			–	*			–
PNC International Equity Fund			483			525			70			28			–				(1	)
PNC Large Cap Growth Fund			478			528			51			10			–				–	*
PNC Large Cap Value Fund			485			534			43			12			4				–	*
PNC Multi-Factor Small Cap Core Fund			125			133			4			16			–				1
PNC S&P 500 Index Fund			246			265			15			9			2				–	*
PNC Small Cap Fund			124			134			8			11			–				–	*
PNC Bond Fund			322			354			47			7			4				–	*
PNC High Yield Bond Fund			54			56			3			2			1				–	*
		$	2,638		$	2,812		$	810		$	706		$	14				–	*
Target 2050 Fund
iShares Select Dividend ETF		$	42		$	47		$	6		$	2		$	1				–	*
iShares MSCI EAFE Small-Cap ETF			15			19			5			1			–	*			–	*
PNC Government Money Market Fund			43			41			267			269			–	*			–
PNC International Equity Fund			188			217			44			14			–				(1	)
PNC Large Cap Growth Fund			188			215			35			12			–				–	*
PNC Large Cap Value Fund			188			217			32			10			1				–	*
PNC Multi-Factor Small Cap Core Fund			49			55			6			7			–				–	*
PNC S&P 500 Index Fund			94			107			14			6			1				–	*
PNC Small Cap Fund			50			56			9			8			–				–	*
PNC Bond Fund			69			81			19			5			1				–	*
PNC High Yield Bond Fund			11			13			1			–			–	*			–
		$	937		$	1,068		$	438		$	334		$	4			$	(1	)

191

	Value of Affiliated Investments at 05/31/16 (000)			Value of Affiliated Investments at 11/30/16 (000)			Purchases (000)			Sales Proceeds (000)			Income Distributions from Affiliated Investments (000)				Realized Gain (Loss)   on Affiliated   Investments Sold   (000)
Balanced Allocation Fund
iShares MSCI EAFE Growth ETF		$	–		$	771		$	3,005		$	2,238		$	–			$	4
iShares MSCI EAFE Value ETF			4,592			2,127			301			2,811			101				(1,202	)
iShares MSCI Emerging Markets ETF			1,408			710			–			807			11				(136	)
iShares TIPS Bond ETF			616			312			–			301			8				8
PNC Government Money Market Fund			1,379			980			7,010			7,409			1				–
		$	7,995		$	4,900		$	10,316		$	13,566		$	121			$	(1,326	)
International Equity Fund
PNC Government Money Market Fund		$	95,914		$	72,245		$	124,876		$	148,545		$	40			$	–
International Growth Fund
iShares MSCI Germany ETF		$	24		$	–		$	–		$	24		$	–			$	2
iShares MSCI Japan ETF			–			33			33			–			–				–
iShares MSCI Singapore ETF			–			–			33			31			–				(2	)
PNC Government Money Market Fund			209			68			565			706			–	*			–
		$	233		$	101		$	631		$	761		$	–	*		$	–	*
Large Cap Core Fund
PNC Government Money Market Fund		$	627		$	53		$	4,019		$	4,593		$	–	*		$	–
Large Cap Growth Fund
iShares Russell 1000 Growth ETF		$	504		$	1,040		$	1,286		$	781		$	5			$	–
PNC Government Money Market Fund			3,319			575			8,095			10,839			1				–
		$	3,823		$	1,615		$	9,381		$	11,620		$	6			$	–
Large Cap Value Fund
iShares Russell 1000 Value ETF		$	1,280		$	1,649		$	261		$	–		$	16			$	–
PNC Government Money Market Fund			914			1,156			16,195			15,953			2				–
		$	2,194		$	2,805		$	16,456		$	15,953		$	18			$	–
Mid Cap Index Fund
PNC Government Money Market Fund		$	91		$	121		$	642		$	612		$	–	*		$	–
Multi-Factor Small Cap Core Fund
PNC Government Money Market Fund		$	7,545		$	15,359		$	60,255		$	52,441		$	5			$	–
Multi-Factor Small Cap Growth Fund
PNC Government Money Market Fund		$	4,569		$	2,461		$	22,955		$	25,063		$	2			$	–
Multi-Factor Small Cap Value Fund
PNC Government Money Market Fund		$	2,911		$	1,819		$	2,358		$	3,450		$	–	*		$	–
S&P 500 Index Fund
BlackRock		$	488		$	389		$	–		$	103		$	6			$	7
PNC Government Money Market Fund			2,539			1,033			7,311			8,817			1				–
PNC Financial Services Group			516			471			–			128			5				6
		$	3,543		$	1,893		$	7,311		$	9,048		$	12			$	13
Small Cap Fund
PNC Government Money Market Fund		$	101,738		$	82,046		$	177,410		$	197,102		$	24			$	–
Small Cap Index Fund
iShares Russell 2000 ETF		$	198		$	1,504		$	9,605		$	8,341		$	1			$	(51	)
PNC Government Money Market Fund			69			142			766			693			–	*			–
		$	267		$	1,646		$	10,371		$	9,034		$	1			$	(51	)

192

P N C  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

	Value of		Value of
	Affiliated		Affiliated								Realized Gain (Loss)
	Investments		Investments				Sales		Income Distributions from		on Affiliated
	at 05/31/16		at 11/30/16		Purchases		Proceeds		Affiliated Investments		Investments Sold
	(000)		(000)		(000)		(000)		(000)		(000)
Bond Fund
PNC Government Money Market Fund		$  1,665		$      527		$    9,487		$    10,625		$    1		$    –
Government Mortgage Fund
PNC Government Money Market Fund		$     769		$      814		$    9,454		$      9,409		$    1		$    –
High Yield Bond Fund
PNC Government Money Market Fund		$     207		$      633		$    5,026		$      4,600		$    1		$    –
Intermediate Bond Fund
PNC Government Money Market Fund		$  7,683		$  3,267		$  66,256		$    70,672		$    3		$    –
Limited Maturity Bond Fund
PNC Government Money Market Fund		$  2,872		$  2,572		$  77,228		$    77,528		$    3		$    –
Total Return Advantage Fund
PNC Government Money Market Fund		$  4,716		$      954		$  23,022		$    26,784		$    2		$    –
Ultra Short Bond Fund
PNC Government Money Market Fund		$  2,897		$  1,404		$157,752		$ 159,245		$    9		$    –
*Amount represents less than $500.

4. Custodian, Distribution/12b-1 Fees and Transfer Agent Fees

Custodian Fees

The Bank of New York Mellon, an affiliate of BNY Mellon (one of the Trust’s Co-Administrators), serves as the Trust’s Custodian. The Bank of New York Mellon also serves as Custodian for Advantage. The Custodian fees for U.S. securities for the Trust (excluding the Target Date Funds) and Advantage are calculated at the following annual rate: 0.0025% of the first $5 billion of the combined average daily gross assets of the Trust (excluding the Target Date Funds) and Advantage, 0.002% of the next $5 billion of the combined average daily gross assets of the Trust (excluding the Target Date Funds) and Advantage and 0.001% of the combined average daily gross assets of the Trust (excluding the Target Date Funds) and Advantage in excess of $10 billion. The Custodian fees are allocated to the Trust (excluding the Target Date Funds) and Advantage based on each Fund’s relative average daily net assets. The Bank of New York Mellon also receives market-specific fees relating to foreign custody of non-U.S. securities and other transaction-based charges from the Trust and is reimbursed for out-of-pocket expenses by the Trust.

For the Target Date Funds, The Bank of New York Mellon receives a base fee in addition to other transaction-based charges from the Trust and is reimbursed for out-of-pocket expenses by the Trust.

Distribution/12b-1 Fees

For its services to the Trust, the Underwriter, a wholly owned subsidiary of Foreside Financial Group, LLC, receives an annual fee payable directly by the Adviser.

Pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1”), the Trust has adopted a distribution plan for Class A Shares (the “A Shares Plan”), a distribution plan for Class C Shares (the “C Shares Plan”), and a distribution plan for Class T Shares (the “T Shares Plan”), which permit the Funds to bear certain expenses in connection with the distribution of Class A Shares, Class C Shares, and Class T Shares, respectively. Payments to the Underwriter under the plans may be used to pay for any eligible distribution or marketing expense or shareholder services, including to reimburse the Adviser for certain up-front payments and/or finder’s fees paid by the Adviser to financial intermediaries in connection with the sale of shares of the Funds.

Pursuant to the A Shares Plan, the Funds reimburse the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.10% per annum of the average daily net assets of the Funds’ Class A Shares. The Board renewed a commitment whereby actual distribution fees for Class A Shares will be no more than the Distribution (12b-1) fees stated in the table below for Class A Shares of each Fund. This commitment, which may be terminated by the Board at any time, continues through September 28, 2017, at which time the Board will consider whether to renew, revise or discontinue it.

193

Pursuant to the C Shares Plan, the Funds compensate the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount up to 0.75% per annum of the average daily net assets of the Funds’ Class C Shares. During low yield environments, a portion of these fees may be voluntarily waived by the Underwriter in order to maintain a minimum yield for the Fund class.

The T Shares Plan provides that the Funds may compensate the Underwriter from Class T Share assets for distribution of Class T Shares in an amount not to exceed 0.50% per annum of the average daily net assets of the Funds’ Class T Shares. Under the T Shares Plan, the Funds may incur expenses primarily intended to result in the sale of their shares or associated with the provision of services to shareholders of Class T Shares.

For the six-month period ended November 30, 2016, the 12b-1 fee accrual rates were as shown in the following table:

	Class A	Annual Rate                        Class C	Class T
Retirement Income Fund	N/A	N/A	0.500%
Target 2020 Fund	N/A	N/A	0.500%
Target 2030 Fund	N/A	N/A	0.500%
Target 2040 Fund	N/A	N/A	0.500%
Target 2050 Fund	N/A	N/A	0.500%
Balanced Allocation Fund	0.040%	0.750%	0.500%
International Equity Fund	0.050%	0.750%	N/A
International Growth Fund	0.010%	N/A	N/A
Large Cap Core Fund	0.050%*	0.750%	N/A
Large Cap Growth Fund	0.050%	0.750%	N/A
Large Cap Value Fund	0.050%	0.750%	N/A
Multi-Factor Small Cap Core Fund	0.050%	0.750%	N/A
Multi-Factor Small Cap Growth Fund	0.050%	0.750%	N/A
Multi-Factor Small Cap Value Fund	0.050%	0.750%	N/A
S&P 500 Index Fund	0.000%	0.750%	N/A
Small Cap Fund	0.000%**	0.750%	N/A
Bond Fund	0.030%	0.750%	N/A
Government Mortgage Fund	0.030%	0.750%	N/A
High Yield Bond Fund	0.010%	N/A	N/A
Intermediate Bond Fund	0.030%	0.750%	N/A
Limited Maturity Bond Fund	0.030%	0.750%***	N/A
Total Return Advantage Fund	0.030%	0.750%	N/A
Ultra Short Bond Fund	0.030%	N/A	N/A
Intermediate Tax Exempt Bond Fund	0.030%	0.750%	N/A
Maryland Tax Exempt Bond Fund	0.030%	0.750%	N/A
Ohio Intermediate Tax Exempt Bond Fund	0.030%	0.750%	N/A
Tax Exempt Limited Maturity Bond Fund	0.030%	N/A	N/A

^*  The Board approved an increase in 12b-1 fees to 0.050% for the Class A Shares of the Large Cap Core Fund effective September 28, 2016. Prior to the increase, the fee rate was 0.030%.

** The Underwriter voluntarily agreed to waive 12b-1 fees to 0.000% for the Class A Shares of the Small Cap Fund effective when the Fund closed to new investors on July 5, 2016. The Board approved the reduction on September 28, 2016. Prior to the decrease, the fee rate was 0.050%.

*** The Underwriter voluntarily agreed to waive 12b-1 fees, as applicable, and the Adviser agreed to reimburse shareholder services fees, as applicable during the period, to the extent necessary to maintain a minimum net distribution yield of at least 0.01% for the Class C Shares of the Limited Maturity Bond Fund.

194

P N C  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

Transfer Agent

BNY Mellon serves as Transfer Agent for the Funds. For its services as Transfer Agent, BNY Mellon receives a fee based primarily upon the number of accounts serviced. Certain minimum fees and transaction charges may apply.

5. Investments

During the six-month period ended November 30, 2016, the cost of purchases and proceeds from sales of investments, maturities and paydowns, other than short-term investments, were:

	Cost of Purchases and Proceeds from Sales, Maturities and Paydowns of Long-Term Securities (other than U.S. Government Obligations)				Cost of Purchases and Proceeds from Sales, Maturities and Paydowns of Long-Term U.S. Government Obligations
	Purchases		Sales		Purchases		Sales
	(000)		(000)		(000)		(000)
Retirement Income Fund		$       109		$         18		$         –		$         –
Target 2020 Fund		57		345		–		–
Target 2030 Fund		1,597		275		–		–
Target 2040 Fund		327		137		–		–
Target 2050 Fund		219		84		–		–
Balanced Allocation Fund		13,803		38,502		11,216		12,452
International Equity Fund		137,789		107,061		–		–
International Growth Fund		1,062		889		–		–
Large Cap Core Fund		7,275		13,413		–		–
Large Cap Growth Fund		36,160		44,905		–		–
Large Cap Value Fund		50,331		56,983		–		–
Mid Cap Index Fund		1,009		970		–		–
Multi-Factor Small Cap Core Fund		132,033		81,979		–		–
Multi-Factor Small Cap Growth Fund		63,863		52,297		–		–
Multi-Factor Small Cap Value Fund		14,273		14,390		–		–
S&P 500 Index Fund		6,147		18,708		–		–
Small Cap Fund		144,362		186,682		–		–
Small Cap Index Fund		10,064		18,595		–		–
Bond Fund		9,655		22,464		39,509		44,143
Government Mortgage Fund		5,889		5,708		2,292		2,891
High Yield Bond Fund		2,002		7,117		–		–
Intermediate Bond Fund		55,259		64,183		83,757		136,011
Limited Maturity Bond Fund		74,638		56,069		117,636		112,305
Total Return Advantage Fund		21,467		29,968		42,120		41,910
Ultra Short Bond Fund		94,702		60,630		164,644		175,377
Intermediate Tax Exempt Bond		12,177		12,451		–		–
Maryland Tax Exempt Bond		1,311		4,587		–		–
Ohio Intermediate Tax Exempt Bond		1,162		1,994		–		–
Tax Exempt Limited Maturity Bond		24,200		20,964		–		–

6. Federal Income Taxes

Each Fund is classified as a separate taxable entity for Federal income tax purposes and intends to continue to qualify as a separate “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.

195

Each Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as an expense during the current year. A tax position that does meet the more-likely-than-not threshold shall be measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the relevant taxing authority. Management has analyzed each Fund’s tax positions through the six-month period ended November 30, 2016 and for each Fund’s open tax years (years ended May 31, 2013 through May 31, 2016), with the exception of the Mid Cap Index and the Small Cap Index Funds which commenced operations on December 30, 2013 and PNC International Growth Fund which commenced operations on February 29, 2016, and has concluded that no provision for income tax is required in each Fund’s financial statements.

The character and timing of dividends and/or distributions made during the year from net investment income and/or net realized capital gains may differ from the year that the income or realized capital gains (losses) were recorded by the Target Date, Equity, Fixed Income and Tax Exempt Bond Funds. To the extent any of these differences are permanent, adjustments are made to the appropriate components of net assets in the period that the differences arise. Accordingly, the following permanent differences have been reclassified to/from the following accounts for the fiscal year ended May 31, 2016:

	Undistributed (Distributions in Excess of) Net Investment Income			Accumulated Net Realized Gains (Losses)			Paid-in Capital
	(000)			(000)			(000)
Retirement Income Fund		$	1		$	(1)		$	–
Target 2020 Fund			2			(2)			–
Target 2030 Fund			(11)			11			–
Target 2040 Fund			(9)			9			–
Target 2050 Fund			(2)			2			–
Balanced Allocation Fund			78			(78)			–
International Equity Fund			1,762			(1,762)			–
International Growth Fund			–*			–*			–
Large Cap Growth Fund			–*			–*			–*
Mid Cap Index Fund			–*			–*			–
Multi-Factor Small Cap Core Fund			32			(32)			–
Multi-Factor Small Cap Growth Fund			132			(59)			(73)
Multi-Factor Small Cap Value Fund			97			(97)			–
S&P 500 Index Fund			(68)			(190)			258
Small Cap Fund			1,234			–*			(1,234)
Small Cap Index Fund			–*			–*			–
Bond Fund			175			(351)			176
Government Mortgage Fund			333			(333)			–
High Yield Bond Fund			2			(134)			132
Intermediate Bond Fund			20			(175)			155
Limited Maturity Bond Fund			225			(225)			–*
Total Return Advantage Fund			370			(370)			–
Ultra Short Bond Fund			301			(301)			–
Maryland Tax Exempt Bond Fund			–*			–*			–
Ohio Intermediate Tax Exempt Bond Fund			(2)			(133)			135
*Amount represents less than $500.

196

P N C  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. During the fiscal year ended May 31, 2016, capital loss carryforwards that were utilized to offset capital gains were as follows:

Fund (000)      

Large Cap Core Fund	$	1,692
Large Cap Growth Fund		9,355
Large Cap Value Fund		7,391
Multi-Factor Small Cap Growth Fund		449
Multi-Factor Small Cap Value Fund		1,184
Limited Maturity Bond Fund		224
Maryland Tax Exempt Bond Fund		64
Tax Exempt Limited Maturity Bond Fund		193

At May 31, 2016, the Funds had capital loss carryforwards (in thousands) available to offset future realized capital gains through the indicated expiration dates:

	Expiring May 31,
	2017		2018		2019		Indefinite		Total
International Equity Fund(1)	$	9,532	$	5,673	$	–	$	19,097	$	34,302
Large Cap Core Fund		–		26,538		–		–		26,538
Large Cap Growth Fund		–		18,121		–		–		18,121
Large Cap Value Fund		28,676		44,150		–		–		72,826
Multi-Factor Small Cap Core Fund		–		–		–		1,154		1,154
Multi-Factor Small Cap Growth Fund(2)		449		–		–		–		449
Multi-Factor Small Cap Value Fund		24,156		24,328		–		–		48,484
Small Cap Fund(1)		2,471		–		–		433		2,904
Government Mortgage Fund		–		61		–		299		360
High Yield Bond Fund		–		–		–		346		346
Total Return Advantage Fund		–		2,173		–		699		2,872
Ultra Short Bond Fund		–		–		1,002		4,588		5,590
Tax Exempt Limited Maturity Bond Fund		–		–		–		87		87

  ⁽¹⁾ The amount of this loss which can be utilized in subsequent years is subject to an annual limitation due to the Fund’s merger with its respective PNC Fund on February 1, 2010.

  ⁽²⁾ The amount of this loss which can be utilized in subsequent years is subject to an annual limitation due to the Fund’s merger with the Allegiant Multi-Factor Mid Cap Growth Fund on July 24, 2009.

Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), net capital losses incurred after May 31, 2011 may be carried forward indefinitely with their character retained as short term or long term. Net capital losses incurred prior to May 31, 2011 may be carried forward for eight years and are treated as short-term capital losses in the year to which they were carried. However, the Modernization Act requires that post-enactment net capital losses (i.e., those incurred after May 31, 2011) be used before pre-enactment net capital loss carryforwards, which increases the likelihood that pre-enactment capital loss carryforwards will expire unused.

7. Shares of Beneficial Interest

The Trust’s Declaration of Trust authorizes the Board to issue an unlimited number of shares of beneficial interest and to classify or reclassify any unissued shares of the Trust into one or more additional classes of shares and to classify or reclassify any class of shares into one or more series of shares. Transactions in capital shares are summarized (in thousands) on the following pages for the Target Date, Equity, Fixed Income and Tax Exempt Bond Funds.

197

	Class I				Class T
	Six-Month				Six-Month
	Period		Year		Period		Year
	Ended		Ended		Ended		Ended
	11/30/16		05/31/16		11/30/16		05/31/16
Retirement Income Fund
Shares issued		11		362		–		–
Shares reinvested		2		9		–		–
Shares redeemed		(9)		(252)		–		–
Net increase		4		119		–		–
Target 2020 Fund
Shares issued		31		617		–		–*
Shares reinvested		–		15		–		–
Shares redeemed		(71)		(188)		–*		–
Net increase (decrease)		(40)		444		–*		–*
Target 2030 Fund
Shares issued		129		473		–		–
Shares reinvested		–		21		–		–
Shares redeemed		(18)		(56)		–		–
Net increase		111		438		–		–
Target 2040 Fund
Shares issued		39		138		–		–*
Shares reinvested		–		18		–		–*
Shares redeemed		(27)		(59)		–		–
Net increase		12		97		–		–*
Target 2050 Fund
Shares issued		30		65		–*		–
Shares reinvested		–		32		–		–
Shares redeemed		(14)		(92)		–		–*
Net increase		16		5		–*		–*

* Amount represents less than $500.

Class I

Class A

Class C

Class R4

Class R5

Class T

Six-Month

Six-Month

Six-Month

Six-Month

Six-Month

Six-Month

Period

Year

Period

Year

Period

Year

Period

Year

Period

Year

Period

Year

Ended

Ended

Ended

Ended

Ended

Ended

Ended

Ended

Ended

Ended

Ended

Ended

11/30/16

05/31/16

11/30/16

5/31/16

11/30/16

5/31/16

11/30/16

5/31/16

11/30/16

5/31/16

11/30/16

5/31/16

Balanced Allocation Fund

Shares issued

45

171

8

32

2

1

N/A

N/A

N/A

N/A

–

–*

Shares reinvested

64

246

10

43

–*

2

N/A

N/A

N/A

N/A

–*

–

Shares redeemed

(2,281)

(544)

(57)

(75)

(1)

(5)

N/A

N/A

N/A

N/A

–

–

Net increase (decrease)

(2,172)

(127)

(39)

–

1

(2)

N/A

N/A

N/A

N/A

–*

–*

International Equity Fund

Shares issued

3,226

13,352

572

1,292

21

81

N/A

N/A

N/A

N/A

N/A

N/A

Share reinvested

–

431

–

19

–

2

N/A

N/A

N/A

N/A

N/A

N/A

Shares redeemed

(2,508)

(2,993)

(233)

(420)

(38)

(37)

N/A

N/A

N/A

N/A

N/A

N/A

Net increase (decrease)

718

10,790

339

891

(17)

46

N/A

N/A

N/A

N/A

N/A

N/A

198

P N C Fu n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0,  2 0 1 6  ( U n a u d i t e d )

Class I

Class A

Class C

Class R4

Class R5

Class T

Six-Month Period Ended 11/30/16

Year Ended 05/31/16

Six-Month Period Ended 11/30/16

Year Ended 5/31/16

Six-Month Period Ended 11/30/16

Year Ended 5/31/16

Six-Month Period Ended 11/30/16

Year Ended 5/31/16

Six-Month Period Ended 11/30/16

Year Ended 5/31/16

Six-Month Period Ended 11/30/16

Year Ended 5/31/16

International Growth Fund (1)

Shares issued

–

*

300

1

2

–

–

N/A

N/A

N/A

N/A

N/A

N/A

Share reinvested

3

–

–

*

–

–

–

N/A

N/A

N/A

N/A

N/A

N/A

Shares redeemed

–

–

–

*

–

–

–

N/A

N/A

N/A

N/A

N/A

N/A

Net increase

3

300

1

2

–

–

N/A

N/A

N/A

N/A

N/A

N/A

Large Cap Core Fund

Shares issued

26

229

2

188

–

*

11

N/A

N/A

N/A

N/A

N/A

N/A

Shares reinvested

4

10

1

2

–

*

–

*

N/A

N/A

N/A

N/A

N/A

N/A

Shares redeemed

(347

)

(168

)

(55

)

(138

)

(2

)

(11

)

N/A

N/A

N/A

N/A

N/A

N/A

Net increase (decrease)

(317

)

71

(52

)

52

(2

)

–

*

N/A

N/A

N/A

N/A

N/A

N/A

Large Cap Growth Fund

Shares issued

52

234

231

546

1

12

N/A

N/A

N/A

N/A

N/A

N/A

Shares reinvested

–

9

–

3

–

–

N/A

N/A

N/A

N/A

N/A

N/A

Shares redeemed

(502

)

(606

)

(100

)

(112

)

(12

)

(24

)

N/A

N/A

N/A

N/A

N/A

N/A

Net increase (decrease)

(450

)

(363

)

131

437

(11

)

(12

)

N/A

N/A

N/A

N/A

N/A

N/A

Large Cap Value Fund

Shares issued

64

401

711

959

1

1

N/A

N/A

N/A

N/A

N/A

N/A

Shares reinvested

14

32

11

15

–

*

–

*

N/A

N/A

N/A

N/A

N/A

N/A

Shares redeemed

(548

)

(930

)

(541

)

(426

)

–

*

(2

)

N/A

N/A

N/A

N/A

N/A

N/A

Net increase (decrease)

(470

)

(497

)

181

548

1

(1

)

N/A

N/A

N/A

N/A

N/A

N/A

Mid Cap Index Fund

Shares issued

33

41

N/A

N/A

N/A

N/A

10

218

N/A

N/A

N/A

N/A

Shares reinvested

1

9

N/A

N/A

N/A

N/A

1

4

N/A

N/A

N/A

N/A

Shares redeemed

(37

)

(182

)

N/A

N/A

N/A

N/A

(7

)

(33

)

N/A

N/A

N/A

N/A

Net increase (decrease)

(3

)

(132

)

N/A

N/A

N/A

N/A

4

189

N/A

N/A

N/A

N/A

Multi-Factor Small Cap Core Fund

Shares issued

2,890

3,666

786

2,296

1

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Shares reinvested

–

6

–

2

–

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Shares redeemed

(674

)

(1,034

)

(556

)

(1,446

)

–

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Net increase

2,216

2,638

230

852

1

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Multi-Factor Small Cap Growth Fund

Shares issued

923

1,979

358

947

68

367

N/A

N/A

N/A

N/A

N/A

N/A

Shares reinvested

–

27

–

30

–

5

N/A

N/A

N/A

N/A

N/A

N/A

Shares redeemed

(424

)

(323

)

(329

)

(208

)

(51

)

(34

)

N/A

N/A

N/A

N/A

N/A

N/A

Net increase

499

1,683

29

769

17

338

N/A

N/A

N/A

N/A

N/A

N/A

Multi-Factor Small Cap Value Fund

Shares issued

64

167

26

42

–

*

43

N/A

N/A

N/A

N/A

N/A

N/A

Shares reinvested

–

8

–

12

–

1

N/A

N/A

N/A

N/A

N/A

N/A

Shares redeemed

(69

)

(246

)

(40

)

(114

)

(18

)

(34

)

N/A

N/A

N/A

N/A

N/A

N/A

Net increase (decrease)

(5

)

(71

)

(14

)

(60

)

(18

)

10

N/A

N/A

N/A

N/A

N/A

N/A

199

	Class I						Class A						Class C						Class R4						Class R5						Class T
	Six-Month Period Ended 11/30/16			Year Ended 05/31/16			Six-Month Period Ended 11/30/16			Year Ended 5/31/16			Six-Month Period Ended 11/30/16			Year Ended 5/31/16			Six-Month Period Ended 11/30/16			Year Ended 5/31/16			Six-Month Period Ended 11/30/16			Year Ended 5/31/16			Six-Month Period Ended 11/30/16		Year Ended 5/31/16
S&P 500 Index Fund
Shares issued		240			888			90			218			36			94			25			110			15			23			N/A		N/A
Shares reinvested		61			244			9			36			2			13			3			10			–	*		1			N/A		N/A
Shares redeemed		(842	)		(2,956	)		(363	)		(270	)		(46	)		(181	)		(40	)		(50	)		(4	)		(1	)		N/A		N/A
Net increase (decrease)		(541	)		(1,824	)		(264	)		(16	)		(8	)		(74	)		(12	)		70			11			23			N/A		N/A
Small Cap Fund
Shares issued		6,677			32,946			654			1,507			34			626			N/A			N/A			N/A			N/A			N/A		N/A
Shares reinvested		–			282			–			30			–			10			N/A			N/A			N/A			N/A			N/A		N/A
Shares redeemed		(7,460	)		(8,691	)		(1,313	)		(1,452	)		(266	)		(168	)		N/A			N/A			N/A			N/A			N/A		N/A
Net increase (decrease)		(783	)		24,537			(659	)		85			(232	)		468			N/A			N/A			N/A			N/A			N/A		N/A
Small Cap Index Fund
Shares issued		18			742			N/A			N/A			N/A			N/A			10			138			N/A			N/A			N/A		N/A
Shares reinvested		3			19			N/A			N/A			N/A			N/A			–	*		2			N/A			N/A			N/A		N/A
Shares redeemed		(827	)		(466	)		N/A			N/A			N/A			N/A			(9	)		(34	)		N/A			N/A			N/A		N/A
Net increase (decrease)		(806	)		295			N/A			N/A			N/A			N/A			1			106			N/A			N/A			N/A		N/A

⁽¹⁾ Commenced operations on February 29, 2016.

* Amount represents less than $500.

	Class I						Class A						Class C
	Six-Month       Period Ended 11/30/16			Year Ended       05/31/16			Six-Month       Period Ended 11/30/16			Year Ended       05/31/16			Six-Month       Period Ended 11/30/16			Year Ended       05/31/16
Bond Fund
Shares issued		323			1,771			1			3			–	*		2
Shares reinvested		40			206			2			6			–	*		–	*
Shares redeemed		(2,643	)		(7,804	)		(9	)		(32	)		(3	)		(3	)
Net decrease		(2,280	)		(5,827	)		(6	)		(23	)		(3	)		(–	)*
Government Mortgage Fund
Shares issued		476			493			10			16			–	*		2
Shares reinvested		20			44			4			8			–	*		1
Shares redeemed		(511	)		(1,329	)		(42	)		(84	)		(8	)		(50	)
Net decrease		(15	)		(792	)		(28	)		(60	)		(8	)		(47	)
High Yield Bond Fund
Shares issued		32			177			8			283			N/A			N/A
Shares reinvested		20			81			4			4			N/A			N/A
Shares redeemed		(299	)		(1,126	)		(277	)		(42	)		N/A			N/A
Net increase (decrease)		(247	)		(868	)		(265	)		245			N/A			N/A
Intermediate Bond Fund
Shares issued		651			1,779			5			28			12			12
Shares reinvested		96			281			2			5			–	*		–	*
Shares redeemed		(6,365	)		(5,568	)		(26	)		(55	)		(5	)		(12	)
Net increase (decrease)		(5,618	)		(3,508	)		(19	)		(22	)		7			–	*

200

P N C Fu n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  30,  2 0 1 6  ( U n a u d i t e d )

	Class I						Class A						Class C
	Six-Month       Period Ended 11/30/16			Year Ended       05/31/16			Six-Month       Period Ended 11/30/16			Year Ended       05/31/16			Six-Month       Period Ended 11/30/16			Year Ended       05/31/16
Limited Maturity Bond Fund
Shares issued		9,903			8,769			9			220			–	*		3
Shares reinvested		82			146			1			2			–	*		–	*
Shares redeemed		(7,118	)		(12,289	)		(415	)		(180	)		(3	)		(15	)
Net increase (decrease)		2,867			(3,374	)		(405	)		42			(3	)		(12	)
Total Return Advantage Fund
Shares issued		221			1,006			400			826			2			27
Shares reinvested		58			147			11			13			–	*		–	*
Shares redeemed		(1,999	)		(3,030	)		(131	)		(119	)		(8	)		(34	)
Net increase (decrease)		(1,720	)		(1,877	)		280			720			(6	)		(7	)
Ultra Short Bond Fund
Shares issued		17,477			21,936			10			–	*		N/A			N/A
Shares reinvested		83			91			–	*		–	*		N/A			N/A
Shares redeemed		(12,147	)		(25,305	)		(7	)		(27	)		N/A			N/A
Net increase (decrease)		5,413			(3,278	)		3			(27	)		N/A			N/A
Intermediate Tax Exempt Bond Fund
Shares issued		546			1,135			2			21			1			4
Shares reinvested		7			15			2			5			–	*		–	*
Shares redeemed		(673	)		(936	)		(3	)		(23	)		(5	)		(13	)
Net increase (decrease)		(120	)		214			1			3			(4	)		(9	)
Maryland Tax Exempt Bond Fund
Shares issued		104			183			2			–			–			–	*
Shares reinvested		2			5			–	*		–	*		–	*		–	*
Shares redeemed		(307	)		(605	)		(2	)		(9	)		–			(3	)
Net increase (decrease)		(201	)		(417	)		–	*		(9	)		–	*		(3	)
Ohio Intermediate Tax Exempt Bond Fund
Shares issued		17			181			–	*		6			19			–
Shares reinvested		2			8			3			10			–	*		1
Shares redeemed		(207	)		(647	)		(14	)		(50	)		(1	)		–	*
Net increase (decrease)		(188	)		(458	)		(11	)		(34	)		18			–	*
Tax Exempt Limited Maturity Municipal Bond Fund
Shares issued		1,704			3,595			–			1			N/A			N/A
Shares reinvested		7			16			–	*		–	*		N/A			N/A
Shares redeemed		(1,354	)		(3,828	)		(3	)		(21	)		N/A			N/A
Net increase (decrease)		357			(217	)		(3	)		(20	)		N/A			N/A

201

8. Certain Principal Risks

An investment in a Fund is subject to a number of risks. Below is a discussion of some, but not all, of the risks of investing in the Funds. Please see the relevant Fund’s prospectus for a discussion of the principal risks of investing in the Fund.

Some countries in which certain of the Target Date, Equity and Fixed Income 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.

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.

Each Target Date Fund, Balanced Allocation Fund and each Fixed Income Fund 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.

Each Target Date, Equity, Fixed Income and Tax Exempt Bond Fund may invest up to 15% of its net assets in illiquid securities which may include securities with contractual restrictions on resale 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.

MarylandTax Exempt Bond and Ohio Intermediate Tax Exempt Bond Funds follow an investment policy of investing primarily in municipal obligations of one state. Intermediate Tax Exempt Bond follows 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 Tax Exempt Bond Funds.

The repayment of certain municipal obligations may be insured by third parties. Although bond insurance reduces the risk of loss due to default by a municipal issuer, insured bonds remain subject to the risk that their market values may fluctuate for other reasons and there is no assurance that the insurance provider will meet its obligations. Insured securities have been identified in the Schedules 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 Tax Exempt Bond Funds.

Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity.

9. Securities Lending

To generate additional income, the Target Date Funds, Equity Funds and Fixed Income Funds (the “Lending Funds”) may lend their securities pursuant to a securities lending agency agreement (“Lending Agreement”) with Brown Brothers Harriman & Co. (“BBH”), the securities lending agent. The Lending Funds may lend up to 50% of the securities in which they are invested requiring that the loan be continuously collateralized by cash as collateral equal at all times to at least 102% of the market value plus accrued interest of the domestic securities loaned and 105% of the market value plus accrued interest on the international securities loaned. The Lending Funds continue to earn interest and dividends on securities loaned while simultaneously seeking to earn interest on the investment of collateral. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Lending Funds and the securities lending agent on the basis of agreed upon contractual terms.

There may be risks of delay in recovery of the securities, loss of value in the collateral provided by the borrower or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and creditworthy under guidelines established by the Board and when, in the judgment of the Adviser, the consideration which can be earned currently from such securities loans justifies the attendant risks. In addition, the Lending Funds benefit from a borrower default indemnity provided by BBH. BBH’s indemnity allows for full replacement of the securities loaned in the event of borrower default if the collateral received from the borrower does not cover the value on the securities loaned. If BBH determines that a full replacement of the securities loaned is commercially impracticable, BBH shall, in lieu of effecting a full replacement, pay to the affected Lending Fund(s) an amount equal to the market value of the loaned securities determined at the close of business on the date of the default event. Loans are subject to termination by the Lending Funds or the borrower at any time, and are, therefore, not considered to be illiquid investments.

202

P N C  F u n d s

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S

N o v e m b e r  3 0 ,  2 0 1 6  ( U n a u d i t e d )

The following table presents the amounts payable for collateral received for loaned securities, as presented in the Lending Funds’ Statements of Assets and Liabilities, by the class of securities on loan.

	Common Stocks (000)		Foreign Common Stocks (000)		Corporate Bonds (000)		Master Limited Partnerships (000)		Total       Payable for       Cash Collateral       Received        (000)
International Equity Fund		–		36,404		–		–		36,404
Multi-Factor Small Cap Core Fund		2,867		–		–		79		2,946
Multi-Factor Small Cap Growth Fund		2,987		–		–		–		2,987
Multi-Factor Small Cap Value Fund		2,008		–		–		–		2,008
S&P 500 Index Fund		85		–		–		–		85
Small Cap Fund		35,385		–		–		–		35,385
Intermediate Bond Fund		–		–		1,566		–		1,566

10. Borrowing Arrangements

Line of Credit

As of June 1, 2016, select Funds (“Participants”) within the Trust participate in an unsecured credit agreement (“Agreement”) with The Bank of New York Mellon (the “Bank”) which expires May 31, 2017. Under the Agreement the Participants may borrow up to an aggregate amount of $25,000,000 from the revolving line of credit (“LOC”) provided by the Bank. The purpose of this agreement is to mitigate risks associated with large redemptions and other liquidity events. The agreement includes the following Participants: High Yield Bond Fund, Intermediate Tax Exempt Bond Fund, International Equity Fund, Maryland Tax Exempt Bond Fund, Multi-Factor Small Cap Core Fund, Multi-Factor Small Cap Growth Fund, Multi-Factor Small Cap Value Fund, Ohio Intermediate Tax Exempt Bond Fund, Retirement Income Fund, Small Cap Fund, Small Cap Index Fund, Target 2020 Fund, Target 2030 Fund, Target 2040 Fund, Target 2050 Fund, and Tax Exempt Limited Maturity Bond Fund.

The agreement requires payment by the Participants of an annual 0.10% commitment fee, in addition to a one-time start-up fee of 0.03% and out-of-pocket legal fees. These fees are allocated across the Participants on the basis of each Participant’s weighted pro-rata share. All Participants are responsible for payment of any interest earned on amounts borrowed. Interest is charged at a rate of 1.00% plus the greater of (a) the Federal Funds Effective Rate, (b) 1 Month LIBOR, and (c) 0%. All terms and borrowing limits imposed by the LOC are subject to review and approval by the Board.

As of November 30, 2016, none of the Participants had utilized the LOC.

InterFund Lending

The Trust and Advantage have received an exemptive order from the SEC that permits the Funds to lend money and borrow money for temporary purposes directly to and from another Fund or a series of Advantage pursuant to a master interfund lending agreement. The Money Market Funds do not participate in the interfund lending program as borrowing funds or lending funds. As of November 30, 2016, the Funds have not relied upon the interfund lending exemptive order.

11. Indemnifications

In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnifications. The Funds have not historically incurred material expenses in respect of those provisions.

12. Relevant Accounting Pronouncements

In August 2014, the FASB issued guidance requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective prospectively for annual periods ending after December 15, 2016, and interim periods thereafter. At this time, management is evaluating the implications of these changes on the financial statements.

203

13. SEC Adopted Amendments

On October 13, 2016, the SEC adopted new and amended rules, as applicable, (the “Rules”) to (1) modernize and enhance the reporting and disclosure of information by registered investment companies, including mutual funds, (2) permit, but not require, an open-end fund to implement “swing pricing”, (3) require an open-end fund to establish liquidity risk management programs. The objectives of the Rules are to (1) enhance the quality of information available to investors and allow the SEC to more effectively collect and use data reported by funds, (2) provide a tool to mitigate potential dilution of fund shareholders, (3) promote investor protection by reducing the risk that funds will be unable to meet their redemption obligations and increase the transparency of fund liquidity and redemption practices. These Rules generally become effective in 2018. Management is currently evaluating the implications of the Rules and the impact on the Funds’ financial statement disclosures, if any.

14. Subsequent Events

Subsequent events have been evaluated through the date that the financial statements were issued. There were no material subsequent events identified which required adjustment to, or additional disclosure in, the financial statements.

On August 23, 2016, the Board approved plans of liquidation for PNC Mid Cap Index Fund and PNC Small Cap Index Fund. The liquidations occurred on December 30, 2016.

On November 30, 2016, the Board approved a plan of liquidation for PNC High Yield Bond Fund. The liquidation of PNC High Yield Bond Fund occurred at the close of business on January 20, 2017.

On December 9, 2016, PNC Balanced Allocation Fund purchased shares of PNC International Growth Fund in an exchange of securities (known as a subscription in-kind). The market value of the securities that were exchanged as of the close of business on the date of the subscription in-kind was $2,146,361.

On January 5, 2017, the Board approved changes to the fund names and investment strategies for PNC Large Cap Core Fund, PNC Large Cap Growth Fund, and PNC Large Cap Value Fund. The changes are expected to take place on or about March 31, 2017, at which point the funds will be renamed PNC Multi-Factor All Cap Fund, PNC Multi-Factor Large Cap Growth Fund, and PNC Multi-Factor Large Cap Value Fund, respectively. More information about these changes is available in the Funds’ prospectuses. You can find the Funds’ Prospectuses, Statements of Additional Information and other information about the Funds online at www.pncfunds.com.

204

T R U S T E E S ’   R E V I E W   A N D   A P P R O V A L   O F   A D V I S O R Y   A N D   S U B   A D V I S O R Y   A G R E E M E N T S

( U n a u d i t e d )

Approval of Advisory Agreement

At meetings held in June and August of 2016, the Trustees of PNC Funds (the “Trust”), each of whom is not an “interested person” (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Trust (collectively, the “Trustees” or the “Board”), met in person to consider the proposed renewal of the advisory agreements (“Advisory Agreements”) between the Trust and PNC Capital Advisors, LLC (the “Adviser”) for an additional one-year period, with respect to each of the PNC Funds (each, a “Fund,” and collectively, the “Funds”). The following summarizes the Trustees’ process of requesting and evaluating the information they believed to be reasonably necessary to determine whether to approve the renewal of each Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors.

Before the June 2016 meeting, the Trustees, with the assistance of their independent counsel (“Independent Counsel”), compiled an information request and submitted the request to the Adviser. The Adviser provided a written response to that request in advance of the meeting. The process to review the Adviser’s response was divided into two meetings. At the first meeting in June, the Adviser addressed with the Trustees the materials that had been provided to the Trustees in response to their request for information and relating to the services it provides to the Funds, including a wide variety of services not expressly contemplated by the Advisory Agreements. At that meeting, the Trustees also had the opportunity to meet amongst themselves and with Independent Counsel to discuss and evaluate those materials and request any additional information they determined, in light of the legal advice furnished to them and their own business judgment, to be relevant for their evaluation before meeting a second time in August 2016 to consider whether to approve the renewal of the Advisory Agreements. Although the Advisory Agreements for all of the Funds were considered at the same Board meetings, the Trustees considered each Fund’s Advisory Agreement separately.

At the June 2016 meeting, the Trustees also discussed with Independent Counsel a memorandum prepared by Independent Counsel that provided a summary of the Trustees’ fiduciary responsibilities, including those arising under applicable state and federal laws, relating to their consideration of the continuation of the Advisory Agreements. The extensive materials provided by the Adviser in connection with their request reflected Independent Counsel’s prior discussions with the Trustees concerning their responsibilities and information they indicated would be helpful to their review of each Advisory Agreement. These materials addressed, among other things:

● the nature of the advisory services provided by the Adviser, including any actual or expected changes in services;

● the assets of each Fund and the Adviser’s total assets under management;

● the portfolio management personnel and their compensation structure;

● the performance of the Funds managed by the Adviser compared to the performance of composites of other accounts managed by the Adviser using substantially similar investment policies (where applicable);

● the performance of the Funds managed by the Adviser compared to their benchmarks (where applicable) and the performance of other peer funds managed by other advisers pursuant to substantially similar investment strategies;

● the profitability of each Advisory Agreement to the Adviser;

● other benefits the Adviser and its affiliates enjoy as a result of the Adviser’s relationship to the Funds;

● the Adviser’s monitoring and other activities in respect of PNC International Equity Fund’s sub-adviser and the division of advisory fees in relation to the advisory and other non-administrative services performed by both the sub-adviser and Adviser in connection with the International Equity Fund;

● the Adviser’s brokerage, trading, and soft dollar practices and the Funds’ securities lending practices;

● each Fund’s contractual and net advisory fees and net operating expenses compared to those of peer groups derived based on recommendations from Barrington Partners;

● the compliance program of the Adviser;

205

● voluntary expense waivers, expense reimbursements and/or expense limitations in effect with respect to the Funds (where applicable);

● the Adviser’s and its affiliates’ disaster recovery plans and cybersecurity program; and

● the Adviser’s risk management and monitoring measures.

The materials provided by the Adviser included detailed information on a number of topics, including a discussion on a Fund-by-Fund basis of each Fund’s performance relative to its peer funds and its benchmark (where applicable) and the advisory fees charged by the Adviser versus each Fund’s peer group. The Trustees also considered information provided by the Adviser regarding the process for the peer group selection, including the involvement of a third-party consultant, Barrington Partners. The Trustees discussed various factors including, but not limited to, the resources the Adviser devotes to management of the Funds and a comparison of the fees charged to the Funds with those charged to the Adviser’s other clients with substantially similar investment strategies, if applicable. In that regard, the Trustees also considered information provided by the Adviser regarding differences in the services provided and the resources dedicated to those other accounts as compared to those provided and dedicated to the Funds as well as other considerations the Adviser provided that were relevant to the consideration of the differences in fees (where applicable). As part of this review, the Trustees specifically considered the fees charged to affiliates in relation to the advisory services provided and concluded that the services provided were not comparable to the services provided by the Adviser to the Funds, noting particularly that the affiliates may use multiple advisers for a single client mandate. The Trustees also considered, where applicable, the fee waivers and/or expense limitations in place for a Fund.

In their evaluation of the profitability information the Adviser provided, the Trustees considered the Adviser’s profitability in respect of each Fund both before and after consideration of any distribution-related expenses. The Trustees also considered the information the Adviser had presented regarding the cost allocation methodology the Adviser used in determining the profitability information presented. The Trustees also requested, received and evaluated additional information regarding how the profitability information presented would differ if certain other cost allocation methodologies were used. The Trustees also considered in evaluating the Adviser’s profitability, the profitability information presented for certain other asset managers who are required to make financial information publicly available. In evaluating that information, the Trustees noted, among other things, that the profitability information for those other managers was not presented on a fund-by-fund basis and might represent the profitability of a fund family with a mix of business significantly different from the Adviser’s. In evaluating the Funds’ advisory fees and PNC’s profitability in respect of each Fund, the Trustees also considered the significant investments the Adviser has made in the Funds and the entrepreneurial and other risks the Adviser bears by sponsoring the Funds.

The Trustees also considered the extent to which economies of scale achieved by the Adviser are shared with Fund shareholders. In that regard, the Trustees concluded that the Funds’ advisory fee schedules, the breakpoints in those schedules (with respect to PNC S&P 500 Index Fund), and the fee waivers and/or other expense limitation arrangements (where applicable) that may apply were appropriate and supported the renewal of the Advisory Agreements.

The Trustees also were informed by the Adviser that there were no pending litigation or regulatory actions against the Adviser that would adversely affect or prohibit the Adviser providing services to the Funds.

In advance of the Board meeting held in August 2016, the Trustees again met in an executive session with Independent Counsel and discussed the information provided in response to their supplemental information request. The Trustees also considered the additional information the Adviser provided to the Trustees as part of the August 2016 meeting, including measures the Adviser intended to take to improve the performance of certain of the Funds that had experienced recent relative underperformance as well as revised expense limitation arrangements that would apply to Class A Shares of PNC Large Cap Core Fund, PNC Mid Cap Fund and PNC Small Cap Fund. The Trustees also noted that they were being asked to approve the liquidation and termination of PNC Mid Cap Fund, PNC Mid Cap Index Fund and PNC Small Cap Index Fund and that the renewal of those Funds’ Advisory Agreements was necessary to the orderly liquidation of those Funds.

Based on their cumulative review, the Trustees concluded at their August 2016 meeting that the Adviser had the capabilities, resources and personnel necessary to serve as the investment adviser to each Fund. With respect to the advisory fees applicable to each Fund, the Trustees concluded such fees were fair and reasonable in each instance.

206

T R U S T E E S ’   R E V I E W   A N D   A P P R O V A L   O F   A D V I S O R Y   A N D   S U B   A D V I S O R Y   A G R E E M E N T S

( U n a u d i t e d )

Based on their evaluation of all material factors, including those described above, the Trustees concluded at their August 2016 meeting that the terms of the agreements remained reasonable and fair and voted to approve the renewal of each Advisory Agreement between the Trust, and the Adviser on behalf of each Fund for a one-year period commencing October 1, 2016, after a finding that the renewal of each Advisory Agreement was in the best interests of the relevant Fund and its shareholders.

Approval of Sub-Advisory Agreement for PNC International Equity Fund

At a meeting held on June 9-10, 2016, the Trustees met in person and voted to approve the renewal of the Sub-Advisory Agreement between the Adviser and Polaris Capital Management, LLC (the “Sub-Adviser”), on behalf of International Equity Fund (the “Fund”) for an additional one-year period commencing August 31, 2016.

The Trustees discussed with Independent Counsel a memorandum prepared by Independent Counsel relating to theTrustees’ responsibilities in considering the continuation of the Sub-Advisory Agreement. The Trustees discussed in detail the materials provided to the Trustees in response to a request for information and the report at the meeting from representatives of the Sub-Adviser on the nature of the sub-advisory services provided by the Sub-Adviser, including:

● the personnel dedicated to performing services for the Sub-Adviser;

● the research, due diligence and investment selection process utilized by the Sub-Adviser;

● the performance of the portion of the Fund managed by the Sub-Adviser compared to its benchmark and the performance information for the Sub-Adviser’s other accounts managed pursuant to substantially similar investment strategies;

● the contractual level of fees charged by the Sub-Adviser and a comparison of such fees to those charged to portfolios advised by the Sub-Adviser using substantially similar investment policies;

● the profitability of the Sub-Adviser related to providing sub-advisory services to the Fund;

● the operations, policies and procedures and compliance systems of the Sub-Adviser;

● the Sub-Adviser’s disaster recovery plans and cybersecurity program; and

● risk management and monitoring measures.

The Trustees discussed whether the continuance of the Sub-Advisory Agreement would be in the best interests of shareholders, based significantly on the nature and quality of the services provided by the Sub-Adviser and whether the terms of the Sub-Advisory Agreement were reasonable. In considering the nature and quality of the services, the Trustees considered the investment and business operations capabilities of the Sub-Adviser. In connection with this discussion, the Trustees considered the Adviser’s statements regarding the nature and quality of the Sub-Adviser’s services and the Adviser’s experience with the Sub-Adviser generally. Based on this review, the Trustees concluded that the Sub-Adviser had the capabilities, resources and personnel necessary to continue to serve as sub-adviser to the Fund.

In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Trustees were informed by the Sub-Adviser there were no pending litigation or regulatory actions against the Sub-Adviser that would adversely affect or prohibit the Sub-Adviser’s services to the Fund. With respect to the sub-advisory fees, the Trustees noted that such fees remained the same and concluded such fees were fair and reasonable.

Based on their evaluation of all material factors, including those described above, the Trustees concluded that the terms of the agreement remained reasonable and fair and that the renewal of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

207

R E S U L T S  O F  S H A R E H O L D E R  M E E T I N G S

At a special meeting of all series of the Trust and Advantage (the “Trusts”) (referred to here as the “Funds”) held on October 5, 2016 (and at a meeting adjourned to November 4, 2016 with respect to PNC Multi-Factor Small Cap Growth Fund), shareholders of the Funds voted on the following proposals:

Proposal 1.

	Number of Eligible Votes:
	For		Withheld
To elect eight Nominees, including two new Trustees, to serve on the Board of Trustees until the next meeting of shareholders at which Trustees are elected.
Dorothy A. Berry		10,170,026,637		46,270,233
John G. Drosdick		10,170,449,117		45,847,752
Dale C. LaPorte		10,169,957,819		46,339,050
L. White Matthews, III		10,170,501,545		45,795,325
Edward D. Miller, M.D.		10,169,992,023		46,304,846
Stephen M. Todd		10,167,894,205		48,402,664
Maryann Bruce*		10,192,782,102		23,514,767
Mark Hancock*		10,192,328,217		23,968,653
*The new Trustees.

Shareholders of the Funds voted to approve the above proposal.

Proposal 2.*

	Number of Eligible Votes:
		For	Against	Abstain	Broker Non-Vote
Amendment of “fundamental” investment restriction on lending.
PNC Balanced Allocation Fund		3,841,133	3,773	15,976	529,838
PNC International Equity Fund		28,893,359	6,394	9,441	5,157,239
PNC International Growth Fund		301,857	–	–	–
PNC Large Cap Core Fund		1,216,335	15,256	–	172,540
PNC Large Cap Growth Fund		2,173,878	3,732	10,364	893,969
PNC Large Cap Value Fund		3,371,335	7,124	5,162	1,794,819
PNC Multi-Factor Small Cap Core Fund		4,914,152	48,501	57,671	2,129,001
PNC Multi-Factor Small Cap Growth Fund		1,950,229	70,859	47,230	715,908
PNC Multi-Factor Small Cap Value Fund		703,965	20,531	7,137	283,008
PNC Small Cap Fund		28,747,349	72,429	35,496	11,166,885
PNC Bond Fund		7,499,894	1,885	1,957	153,010
PNC Government Mortgage Fund		4,365,049	3,550	5,079	1,085,000
PNC High Yield Bond Fund		1,348,813	623	–	264,718
PNC Intermediate Bond Fund		22,567,005	194	–	400,191
PNC Limited Maturity Bond Fund		21,207,932	–	918	1,499,662

208

R E S U L T S  O F  S H A R E H O L D E R  M E E T I N G S

	Number of Eligible Votes:
		For	Against	Abstain	Broker Non-Vote
PNC Total Return Advantage Fund		14,008,217	5,205	1,454	1,243,317
PNC Ultra Short Bond Fund		28,431,557	–	5,187	381,111
PNC S&P 500 Index Fund		7,705,061	10,185	1,397	1,233,011
PNC Intermediate Tax Exempt Bond Fund		8,035,374	–	1,715	307,497
PNC Ohio Intermediate Tax Exempt Bond Fund		3,362,089	77,402	–	467,449
PNC Maryland Tax Exempt Bond Fund		3,939,426	2,664	3,642	69,883
PNC Tax Exempt Limited Maturity Bond Fund		12,366,726	–	12,358	132,149
PNC Government Money Market Fund		8,641,515,513	106,468,532	9,662,461	7,903,235
PNC Treasury Money Market		821,405,085	3,651,954	101,525	6,882,033
PNC Advantage Institutional Treasury Money Market Fund		366,359,458	8,948,270	88,538	–

* Proposal 2 was voted on by shareholders of the following Funds: PNC Balanced Allocation Fund, PNC International Equity Fund, PNC International Growth Fund, PNC Large Cap Core Fund, PNC Large Cap Growth Fund, PNC Large Cap Value Fund, PNC Multi-Factor Small Cap Core Fund, PNC Multi-Factor Small Cap Growth Fund, PNC Multi-Factor Small Cap Value Fund, PNC Small Cap Fund, PNC Bond Fund, PNC Government Mortgage Fund, PNC High Yield Bond Fund, PNC Intermediate Bond Fund, PNC Limited Maturity Bond Fund, PNC Total Return Advantage Fund, PNC Ultra Short Bond Fund, PNC S&P 500 Index Fund, PNC Intermediate Tax Exempt Bond Fund, PNC Maryland Tax Exempt Bond Fund, PNC Ohio Intermediate Tax Exempt Bond Fund and PNC Tax Exempt Limited Maturity Bond Fund, PNC Government Money Market Fund, PNC Treasury Money Market Fund and PNC Advantage Institutional Treasury Money Market Fund.

Shareholders of the Funds voted to approve the above proposal.

Proposal 3.**

	Number of Eligible Votes:
		For	Against	Abstain	Broker Non-Vote
Amendment of “fundamental” investment restriction on borrowing.
PNC Balanced Allocation Fund		3,841,133	3,773	15,976	529,838
PNC International Equity Fund		28,893,562	9,956	5,676	5,157,239
PNC International Growth Fund		301,857	–	–	–
PNC Large Cap Core Fund		1,216,679	14,911	–	172,540
PNC Large Cap Growth Fund		2,174,291	3,319	10,364	893,969
PNC Large Cap Value Fund		3,371,154	7,000	5,467	1,794,819
PNC Multi-Factor Small Cap Core Fund		4,914,080	49,007	57,237	2,129,001
PNC Multi-Factor Small Cap Growth Fund		1,951,568	70,338	46,412	715,908
PNC Multi-Factor Small Cap Value Fund		702,267	21,217	8,149	283,008
PNC Small Cap Fund		28,745,867	72,940	36,467	11,166,885
PNC Bond Fund		7,499,894	1,885	1,957	153,010
PNC Government Mortgage Fund		4,365,318	2,693	5,667	1,085,000

209

	Number of Eligible Votes:
		For	Against	Abstain	Broker Non-Vote
PNC High Yield Bond Fund		1,348,813	623	–	264,718
PNC Intermediate Bond Fund		22,566,907	292	–	400,191
PNC Limited Maturity Bond Fund		21,207,448	–	1,402	1,499,662
PNC Total Return Advantage Fund		14,009,265	4,157	1,454	1,243,317
PNC Ultra Short Bond Fund		28,431,557	–	5,187	381,111
PNC S&P 500 Index Fund		7,705,219	9,524	1,900	1,233,011
PNC Intermediate Tax Exempt Bond Fund		8,035,374	–	1,715	307,497
PNC Maryland Tax Exempt Bond Fund		3,939,426	2,664	3,642	69,883
PNC Ohio Intermediate Tax Exempt Bond Fund		3,362,089	77,402	–	467,449
PNC Tax Exempt Limited Maturity Bond Fund		12,366,726	–	12,358	132,149
PNC Government Money Market Fund		8,641,512,999	106,470,534	9,662,974	7,903,235
PNC Treasury Money Market Fund		821,344,360	3,651,954	162,250	6,882,033
PNC Advantage Institutional Treasury Money Market Fund		366,359,458	8,948,270	88,538	–

** Proposal 3 was voted on by shareholders of the following Funds: PNC Balanced Allocation Fund, PNC International Equity Fund, PNC International Growth Fund, PNC Large Cap Core Fund, PNC Large Cap Growth Fund, PNC Large Cap Value Fund, PNC Multi-Factor Small Cap Core Fund, PNC Multi-Factor Small Cap Growth Fund, PNC Multi-Factor Small Cap Value Fund, PNC Small Cap Fund, PNC Bond Fund, PNC Government Mortgage Fund, PNC High Yield Bond Fund, PNC Intermediate Bond Fund, PNC Limited Maturity Bond Fund, PNC Total Return Advantage Fund, PNC Ultra Short Bond Fund, PNC S&P 500 Index Fund, PNC Intermediate Tax Exempt Bond Fund, PNC Maryland Tax Exempt Bond Fund, PNC Ohio Intermediate Tax Exempt Bond Fund and PNC Tax Exempt Limited Maturity Bond Fund, PNC Government Money Market Fund, PNCTreasury Money Market Fund and PNC Advantage Institutional Treasury Money Market Fund.

Shareholders of the Funds voted to approve the above proposal.

210

P N C  F u n d s

P R O X Y  V O T I N G  A N D  Q U A R T E R L Y  S C H E D U L E S  O F  I N V E S T M E N T S

( U n a u d i t e d )

Proxy Voting

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to their portfolio securities as well as information regarding how the Trust voted proxies during the most recent 12-month period ended June 30, is available upon request, without charge, by calling 1-800-622-FUND (3863), visiting theTrust’s website at pncfunds.com, or on the SEC’s website at http://www.sec.gov.

Quarterly Schedule of Investments

The Form N-Q, which includes a complete schedule of investments, must be filed with the SEC within 60 days of the end of the Trust’s first and third fiscal quarters. The Trust’s Forms N-Q are available upon request, without charge, by calling 1-800-622-FUND (3863), visiting the Trust’s website at pncfunds.com, on the SEC’s website at http://www.sec.gov, or they may be reviewed and/or copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room).

211

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P N C  F u n d s

P N C  F U N D S  N O T I C E  O F  P R I V A C Y  P O L I C Y  &  P R A C T I C E S

( U n a u d i t e d )

The funds recognize and respect the privacy concerns and expectations of our customers⁽¹⁾. Federal law gives customers the right to limit some but not all sharing of customer information that we collect. Federal law also requires us to tell you how we collect, share and protect your personal information.

This notice is provided to you so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties who are not affiliated with the funds.

Collection of Customer Information

The funds collect nonpublic personal information about our customers from the following sources:

● Account Applications and other forms, which may include a customer’s name, address, social security number, date of birth, and information about a customer’s investment goals and risk tolerance;

● Account History, including information about the transactions and balances in a customer’s accounts; and

● Correspondence, written, telephonic or electronic, between a customer and the funds or service providers to the funds.

Disclosure of Customer Information⁽²⁾

The funds may disclose all of the information described above to certain third parties who are not affiliated with the funds under one or more of these circumstances:

● As Authorized – if you request or authorize the disclosure of the information.

● As Permitted by Law – for example, sharing information with companies who maintain or service customer accounts for the funds is permitted and is essential for us to provide shareholders with necessary or useful services with respect to their accounts.

● Under Joint Agreements – the funds may also share information with companies that perform marketing services on our behalf or to other financial institutions with whom the funds have joint marketing agreements, such as The PNC Financial Services Group, Inc. and its affiliates.

These third parties must agree to strict confidentiality provisions to assure the protection of your information.

Sharing of Customer Information

We do not share such customer information with affiliates or non-affiliates for use in their marketing activities.

Security of Customer Information

The funds require service providers to the funds:

● to maintain policies and procedures designed to assure only appropriate access to, and use of, information about customers of the funds; and

● to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of the funds.

The funds will adhere to the policies and practices described in this notice regardless of whether you are a current or former shareholder of the funds. If you have any questions concerning this Notice, or about the funds in general, please call: 1-800-622-3863 for PNC Funds.

⁽¹⁾  For purposes of this notice, the terms “customer” or “customers” includes individuals who provide nonpublic personal information to the funds, but do not invest in the funds’ shares.

⁽²⁾  The funds do not share information about shareholders who are residents of California with affiliates of the funds or with unaffiliated companies under joint marketing agreements.

Investment Adviser

PNC Capital Advisors, LLC

One East Pratt Street, 5th Floor

Baltimore, MD 21202

Underwriter

PNC Funds Distributor, LLC

Three Canal Plaza,

Suite 100,

Portland, ME 04101

www.foreside.com

Legal Counsel

Ropes & Gray LLP

800 Boylston Street

Boston, MA 02199-3600

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

P.O. Box 9795 Providence, RI 02940-9795   PRESORTED STANDARD U.S. POSTAGE PAID BNY MELLON  

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period, condensed for PNC Mid Cap Index and PNC S&P 500 Index, are included as part of the report to shareholders filed under Item 1 of this form. Complete Schedules of Investments for PNC Mid Cap Index and PNC S&P 500 Index, are included here.

P N C   M i d   C a p   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

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

	Number of Shares		Value (000)
COMMON STOCKS — 97.0%
Consumer Discretionary — 11.3%
Aaron’s		238		$    7
AMC Networks, Cl A*		252		14
American Eagle Outfitters		639		11
Big Lots		193		10
Brinker International		203		11
Brunswick		371		19
Buffalo Wild Wings*		71		12
Cabela’s*		147		9
Cable One		15		9
CalAtlantic Group		305		10
Carter’s		217		20
Cheesecake Factory		157		9
Chico’s FAS		482		7
Churchill Downs		44		7
Cinemark Holdings		373		15
Cracker Barrel Old Country Store		99		16
CST Brands		258		12
Dana Holding		482		8
Deckers Outdoor*		122		7
Dick’s Sporting Goods		305		18
Domino’s Pizza		158		27
Dunkin’ Brands Group		314		17
GameStop, Cl A		445		11
Gentex		1,078		20
Graham Holdings, Cl B		16		8
Helen of Troy (Bermuda)*		110		9
J.C. Penney*		1,170		11
Jack in the Box		118		12
John Wiley & Sons, Cl A		190		10
Kate Spade*		572		9
Live Nation Entertainment*		484		13
Meredith		157		9
Murphy USA*		139		10
New York Times, Cl A		496		6
NVR*		15		24
Office Depot		2,059		10
Panera Bread, Cl A*		92		20
Polaris Industries		252		22
Pool		160		16
Service Corporation International		752		20
Skechers USA, Cl A*		579		13
Sotheby’s*		170		7
Tempur Sealy International*		255		16
Texas Roadhouse		262		12
Thor Industries		160		16
Time		438		7
Toll Brothers*		583		17
TRI Pointe Group*		624		7
Tupperware Brands		191		11
Vista Outdoor*		280		11
Wendy’s		776		10
Williams-Sonoma		338		19
				661
Consumer Staples — 4.1%
Avon Products*		1,124		6
Boston Beer, Cl A*		39		7
Casey’s General Stores		150		18
Dean Foods		330		7
Edgewell Personal Care*		230		18
Energizer Holdings		230		10

	Number of Shares		Value (000)
Flowers Foods		768		$  12
Hain Celestial Group*		511		20
Ingredion		267		31
Lancaster Colony		69		9
Post Holdings*		249		19
Snyder’s-Lance		281		10
Sprouts Farmers Market*		533		11
TreeHouse Foods*		226		16
United Natural Foods*		188		9
WhiteWave Foods*		647		36
				239
Energy — 3.9%
CONSOL Energy		780		16
Dril-Quip*		163		9
Energen*		344		21
Ensco PLC, Cl A (United Kingdom)		1,222		12
Gulfport Energy*		545		14
HollyFrontier		681		20
Nabors Industries (Bermuda)		859		14
Noble PLC (United Kingdom)		1,213		8
Oceaneering International		440		12
Oil States International*		203		7
Patterson-UTI Energy		482		13
QEP Resources*		953		19
Rowan PLC, Cl A (United Kingdom)*		503		9
SM Energy		226		9
Superior Energy Services		667		11
Western Refining		229		8
World Fuel Services		289		13
WPX Energy*		906		14
				229
Financials — 15.4%
Alleghany*		58		33
American Financial Group		259		21
Aspen Insurance Holdings (Bermuda)		216		11
Associated Banc		536		12
BancorpSouth		308		9
Bank of Hawaii		150		12
Bank of the Ozarks		328		16
Brown & Brown		430		19
Cathay General Bancorp		275		10
CBOE Holdings		319		22
CNO Financial Group		719		13
Commerce Bancshares		316		17
Cullen		180		15
East West Bancorp		489		23
Eaton Vance		441		18
Endurance Specialty Holdings (Bermuda)		167		15
Everest Re Group (Bermuda)		144		30
FactSet Research Systems		156		25
Federated Investors, Cl B		403		11
First American Financial		425		16
First Horizon National		845		16
FNB		741		11
Fulton Financial		600		11
Genworth Financial, Cl A*		1,713		7
Hancock Holding		254		10
Hanover Insurance Group		167		14
International Bancshares		195		8
Janus Capital Group		584		8

See Notes to Financial Statements.

1

P N C   M i d   C a p   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

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

	Number of Shares		Value (000)
COMMON STOCKS — continued
Financials — continued
Kemper		165		$    7
MarketAxess Holdings		141		23
Mercury General		117		7
MSCI		343		27
New York Community Bancorp		1,873		30
Old Republic International		1,003		18
PacWest Bancorp		401		20
Primerica		181		13
PrivateBancorp		277		13
Prosperity Bancshares		232		15
Raymond James Financial		421		30
Reinsurance Group of America		220		27
RenaissanceRe Holdings (Bermuda)		150		20
SEI Investments		517		24
Signature Bank*		204		31
SLM*		1,513		15
Stifel Financial*		232		12
SVB Financial Group*		163		26
Synovus Financial		455		18
TCF Financial		612		11
Trustmark		236		8
Umpqua Holdings		828		15
Valley National Bancorp		787		9
W.R. Berkley		372		23
Washington Federal		309		10
Webster Financial		315		16
				901
Healthcare — 7.6%
ABIOMED*		159		18
Akorn*		368		8
Align Technology*		279		26
Allscripts Healthcare Solutions*		747		8
Amsurg*		245		17
Bio-Rad Laboratories, Cl A*		73		13
Bio-Techne		144		15
Catalent*		419		10
Charles River Laboratories International*		190		14
Halyard Health*		174		6
Hill-Rom Holdings		204		11
IDEXX Laboratories*		318		37
LifePoint Health*		162		9
LivaNova PLC (United Kingdom)*		154		7
MEDNAX*		372		24
Molina Healthcare*		156		8
Owens & Minor		249		8
PAREXEL International*		225		13
Prestige Brands Holdings*		226		11
ResMed		550		34
STERIS PLC (United Kingdom)		332		22
Teleflex		195		29
Tenet Healthcare*		469		7
United Therapeutics*		167		21
VCA*		335		21
WellCare Health Plans*		153		21
West Pharmaceutical Services		285		23
				441
Industrials — 14.4%
A.O. Smith		556		27
AECOM*		637		23

	Number of Shares		Value (000)
AGCO		252		$  14
B/E Aerospace		308		19
Carlisle		242		27
CEB		142		8
CLARCOR		176		12
Clean Harbors*		209		11
Copart*		351		19
Crane		163		12
Curtiss-Wright		157		16
Deluxe		196		13
Donaldson		450		18
EMCOR Group		203		14
Esterline Technologies*		99		9
FTI Consulting*		166		7
GATX		152		8
Genesee & Wyoming, Cl A*		201		15
Graco		206		17
Granite Construction		154		9
Herman Miller		253		8
HNI		202		11
Hubbell		193		22
Huntington Ingalls Industries		176		31
IDEX		283		27
ITT		328		13
JetBlue Airways*		1,191		24
Joy Global		348		10
KBR		538		9
Kennametal		259		9
Kirby*		207		13
KLX*		193		8
Landstar System		153		12
Lennox International		148		22
Lincoln Electric Holdings		220		17
ManpowerGroup		238		20
MSA Safety		113		7
MSC Industrial Direct, Cl A		176		16
Nordson		176		19
NOW*		363		8
Old Dominion Freight Line*		226		20
Orbital ATK		244		21
Oshkosh		261		18
Regal-Beloit		165		12
Rollins		325		10
Teledyne Technologies*		125		16
Terex		408		12
Timken		253		10
Toro		394		21
Trinity Industries		587		16
Triumph Group		245		7
Valmont Industries		86		13
Wabtec		329		28
Watsco		98		15
Woodward		201		14
				837
Information Technology — 16.4%
3D Systems*		403		6
ACI Worldwide*		449		8
Acxiom*		283		8
Advanced Micro Devices*		1,978		18
ANSYS*		321		30
ARRIS International PLC (United Kingdom)*		631		18

See Notes to Financial Statements.

2

	Number of Shares		Value (000)
COMMON STOCKS — continued
Information Technology — continued
Arrow Electronics*		349		$  24
Avnet		468		21
Belden		150		11
Broadridge Financial Solutions		451		29
Brocade Communications Systems		1,741		21
Cadence Design Systems*		1,104		29
CDK Global		584		34
Ciena*		515		11
Cognex		278		17
CommVault Systems*		147		8
Computer Sciences		460		28
Convergys		342		9
CoreLogic*		300		11
Cree*		402		10
Cypress Semiconductor		1,259		14
Diebold		271		6
DST Systems		143		15
Fair Isaac		116		13
Fortinet*		577		17
Gartner*		340		35
Ingram Micro, Cl A*		526		20
Integrated Device Technology*		504		12
InterDigital		110		9
Intersil, Cl A		337		7
IPG Photonics*		117		11
j2 Global		160		12
Jabil Circuit		650		14
Jack Henry & Associates		311		27
Keysight Technologies*		565		21
Leidos Holdings		290		15
Manhattan Associates*		310		16
MAXIMUS		261		14
Mentor Graphics		286		10
Microsemi*		381		21
National Instruments		381		11
NCR*		407		16
NetScout Systems*		344		11
Plantronics		112		6
PTC*		360		18
Science Applications International		132		11
Silicon Laboratories*		124		8
Synaptics*		132		7
SYNNEX		104		12
Synopsys*		529		32
Tech Data*		130		11
Teradyne		658		16
Trimble Navigation*		894		25
Tyler Technologies*		119		18
Ultimate Software Group*		105		22
VeriFone Systems*		510		9
Versum Materials*		402		10
ViaSat*		167		12
Vishay Intertechnology		485		7
WebMD Health*		176		9
WEX*		118		13
Zebra Technologies, Cl A*		182		14
				958
Materials — 7.4%
Allegheny Technologies		471		8
AptarGroup		246		18

	Number of Shares		Value (000)
Ashland Global Holdings		234		$  26
Bemis		365		18
Cabot		220		11
Carpenter Technology		194		7
Commercial Metals		134		3
Compass Minerals International		126		10
Domtar		237		9
Eagle Materials		177		17
Louisiana-Pacific*		563		11
Minerals Technologies		120		10
NewMarket		38		16
Olin		595		16
Packaging Corporation of America		312		27
PolyOne		369		12
Reliance Steel & Aluminum		286		23
Royal Gold		272		19
RPM International		532		28
Scotts Miracle-Gro, Cl A		144		13
Sensient Technologies		164		13
Silgan Holdings		149		7
Sonoco Products		375		20
Steel Dynamics		838		30
United States Steel		575		19
Valspar		291		30
Worthington Industries		158		9
				430
Real Estate Investment Trusts — 11.2%
Alexander & Baldwin REIT		156		7
Alexandria Real Estate Equities REIT		283		31
American Campus Communities REIT		469		22
Camden Property Trust REIT		340		27
Care Capital Properties REIT		321		8
Communications Sales & Leasing REIT*		521		13
CoreCivic REIT		978		22
Corporate Office Properties Trust REIT		354		10
DCT Industrial Trust REIT		331		15
Douglas Emmett REIT		526		19
Duke Realty REIT		1,349		34
Education Realty Trust REIT		270		11
EPR Properties REIT		252		18
Equity One REIT		364		11
First Industrial Realty Trust REIT		466		12
Healthcare Realty Trust REIT		448		13
Highwoods Properties REIT		378		18
Hospitality Properties Trust REIT		632		18
Jones Lang LaSalle REIT		194		20
Kilroy Realty REIT		331		24
Lamar Advertising, Cl A REIT		312		21
LaSalle Hotel Properties REIT		445		12
Liberty Property Trust REIT		546		22
Life Storage REIT		186		15
Mack-Cali Realty REIT		335		9
Medical Properties Trust REIT		970		12
Mid-America Apartment Communities REIT		310		28
National Retail Properties REIT		579		25
Omega Healthcare Investors REIT		683		20
Post Properties REIT		199		13
Rayonier REIT		457		12
Regency Centers REIT		411		27
Senior Housing Properties Trust REIT		906		16
Tanger Factory Outlet Centers REIT		397		14

See Notes to Financial Statements.

3

P N C   M i d   C a p   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

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

	Number of Shares		Value (000)
COMMON STOCKS — continued
Real Estate Investment Trusts — continued
Taubman Centers REIT		232		$     17
Urban Edge Properties REIT		377		10
Washington Prime Group REIT		771		8
Weingarten Realty Investors REIT		468		17
				651
Telecommunication Services — 0.2%
Telephone & Data Systems		379		10
Utilities — 5.1%
Aqua America		717		21
Atmos Energy		400		29
Black Hills		193		11
Great Plains Energy		615		16
Hawaiian Electric Industries		420		13
IDACORP		185		14
MDU Resources Group		681		19
National Fuel Gas		336		19
New Jersey Resources		337		12
OGE Energy		749		24
ONE Gas		201		12
PNM Resources		303		10
Southwest Gas		169		13
UGI		632		28
Vectren		311		15
Westar Energy		511		29
WGL Holdings		199		14
				299
Total Common Stocks (Cost $4,745)				5,656

	Number of Shares		Value (000)
EXCHANGE-TRADED FUND — 1.1%
SPDR® S&P MidCap 400® ETF Trust		226		$     67
Total Exchange-Traded Fund
(Cost $62)				67
MONEY MARKET FUND — 2.1%
PNC Government Money Market Fund, Class I Shares 0.240%† (A)		121,004		121
Total Money Market Fund (Cost $121)				121
TOTAL INVESTMENTS — 100.2% (Cost $4,928)**				5,844
Other Assets & Liabilities – (0.2)%				(13	)
TOTAL NET ASSETS — 100.0%				$5,831

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $5,117.

Gross unrealized appreciation (000)	$	829
Gross unrealized depreciation (000)		(102	)
Net unrealized appreciation (000)	$	727

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Common Stocks		$	5,656		$	–		$	–		$	5,656
Exchange-Traded Fund			67			–			–			67
Money Market Fund			121			–			–			121
Total Assets - Investments in Securities		$	5,844		$	–		$	–		$	5,844

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

4

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

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

	Number of Shares		Value (000)
COMMON STOCKS — 99.1%
Consumer Discretionary — 12.3%
Advance Auto Parts		651		$   110
Amazon.com*		3,391		2,545
AutoNation*		572		26
AutoZone*		255		200
Bed Bath & Beyond		1,350		60
Best Buy		2,391		109
BorgWarner		1,741		62
CarMax*		1,655		96
Carnival (Panama)		3,704		190
CBS, Cl B		3,520		214
Charter Communications, Cl A*		1,880		518
Chipotle Mexican Grill*		257		102
Coach		2,460		90
Comcast, Cl A		20,473		1,423
D.R. Horton		2,909		81
Darden Restaurants		1,108		81
Delphi Automotive PLC (Jersey)		2,345		150
Discovery Communications, Cl A*		1,332		36
Discovery Communications, Cl C*		1,960		52
Dollar General		2,192		169
Dollar Tree*		2,009		177
Expedia		1,046		130
Foot Locker		1,158		83
Ford Motor		34,771		416
Gap		1,868		47
Garmin (Switzerland)		992		52
General Motors		12,315		425
Genuine Parts		1,300		125
Global Payments		1,288		88
Goodyear Tire & Rubber		2,194		67
H&R Block		1,887		42
Hanesbrands		3,275		76
Harley-Davidson		1,553		95
Harman International Industries		598		65
Hasbro		986		84
Home Depot		10,663		1,380
Interpublic Group		3,459		83
Kohl’s		1,566		84
L Brands		2,096		147
Leggett & Platt		1,162		56
Lennar, Cl A		1,626		69
LKQ*		2,637		87
Lowe’s		7,598		536
Macy’s		2,621		111
Marriott International, Cl A		2,767		218
Mattel		2,996		95
McDonald’s		7,347		876
Michael Kors Holdings (Virgin Islands)*		1,467		68
Mohawk Industries*		542		107
Netflix*		3,689		432
Newell Brands		4,106		193
News, Cl A		3,316		38
News, Cl B		1,049		13
NIKE, Cl B		11,731		587
Nordstrom		963		54
Omnicom Group		2,041		177
O’Reilly Automotive*		835		229
Priceline Group*		419		630
PulteGroup		2,674		50
PVH		695		74
Ralph Lauren		493		52

	Number of Shares		Value (000)
Ross Stores		3,412		$     231
Royal Caribbean Cruises (Liberia)		1,469		119
Scripps Networks Interactive, Cl A		819		57
Signet Jewelers (Bermuda)		658		60
Staples		5,603		54
Starbucks		12,751		739
Target		4,991		385
TEGNA		1,863		42
Tiffany		885		73
Time Warner		6,852		629
TJX		5,667		444
Tractor Supply		1,169		88
TripAdvisor*		1,015		49
Twenty-First Century Fox, Cl A		9,223		259
Twenty-First Century Fox, Cl B		4,223		118
Ulta Salon Cosmetics & Fragrance*		519		135
Under Armour, Cl A*#		1,588		49
Under Armour, Cl C*		1,622		42
Urban Outfitters*		763		24
VF		3,008		164
Viacom, Cl B		2,988		112
Walt Disney		12,914		1,280
Whirlpool		664		108
Wyndham Worldwide		939		68
Wynn Resorts		660		67
Yum! Brands		3,188		202
				20,330
Consumer Staples — 9.2%
Altria Group		17,109		1,094
Archer-Daniels-Midland		5,036		218
Brown-Forman, Cl B		1,585		72
Campbell Soup		1,683		96
Church & Dwight		2,237		98
Clorox		1,133		131
Coca-Cola		33,792		1,363
Colgate-Palmolive		7,742		505
Conagra Brands		3,660		134
Constellation Brands, Cl A		1,496		226
Costco Wholesale		3,769		566
Coty		597		11
CVS Health		9,373		721
Dr Pepper Snapple Group		1,612		140
Estee Lauder, Cl A		1,925		149
General Mills		5,207		317
Hershey		1,223		118
Hormel Foods		2,345		80
J.M. Smucker		1,005		127
Kellogg		2,194		158
Kimberly-Clark		3,132		362
Kraft Heinz		5,140		420
Kroger		8,190		264
Lamb Weston Holdings*		1,220		41
McCormick		996		91
Mead Johnson Nutrition		1,610		116
Molson Coors Brewing, Cl B		1,571		154
Mondelez International, Cl A		13,453		555
Monster Beverage*		3,474		155
PepsiCo		12,437		1,245
Philip Morris International		13,409		1,184
Procter & Gamble		22,992		1,896
Reynolds American		7,243		392

See Notes to Financial Statements.

1

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

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

	Number of Shares		Value (000)
COMMON STOCKS — continued
Consumer Staples — continued
Sysco		4,447		$     237
Tyson Foods, Cl A		2,584		147
Walgreens Boots Alliance		7,529		638
Wal-Mart Stores		13,039		918
Whole Foods Market		2,728		83
				15,222
Energy — 7.5%
Anadarko Petroleum		4,501		311
Apache		3,240		214
Baker Hughes		3,665		236
Cabot Oil & Gas		4,080		90
Chesapeake Energy*		5,790		41
Chevron		16,430		1,833
Cimarex Energy		823		113
Concho Resources*		1,231		176
ConocoPhillips		11,058		537
Devon Energy		4,590		222
EOG Resources		4,770		489
EQT		1,505		105
Exxon Mobil		36,196		3,160
FMC Technologies*		1,968		67
Halliburton		7,385		392
Helmerich & Payne		931		70
Hess		2,402		134
Kinder Morgan		16,965		377
Marathon Oil		7,425		134
Marathon Petroleum		4,477		211
Murphy Oil		1,423		48
National Oilwell Varco		3,311		124
Newfield Exploration*		1,769		80
Noble Energy		3,836		146
Occidental Petroleum		6,772		483
ONEOK		1,838		101
Phillips 66		3,783		314
Pioneer Natural Resources		1,465		280
Range Resources		1,724		61
Schlumberger (Curacao)		12,166		1,023
Southwestern Energy*		4,334		49
Spectra Energy		6,008		246
Tesoro		1,033		84
Transocean (Switzerland)*		3,006		39
Valero Energy		3,960		244
Williams		5,935		182
				12,416
Financials — 15.4%
Affiliated Managers Group*		463		69
Aflac		3,544		253
Allstate		3,242		227
American Express		6,820		491
American International Group		8,809		558
Ameriprise Financial		1,384		158
Aon PLC (United Kingdom)		2,300		262
Arthur J Gallagher		1,530		77
Assurant		528		46
Bank of America		89,225		1,884
BB&T		7,035		318
Berkshire Hathaway, Cl B*		16,499		2,598
BlackRock†		1,049		389
BNY Mellon		9,281		440

	Number of Shares		Value (000)
Capital One Financial		4,425		$     372
Charles Schwab		10,326		399
Chubb (Switzerland)		4,066		521
Cincinnati Financial		1,304		100
Citigroup		25,236		1,423
Citizens Financial Group		4,553		153
CME Group		2,912		329
Comerica		1,496		95
Discover Financial Services		3,538		240
E*TRADE Financial*		2,252		78
Fifth Third Bancorp		6,576		171
Franklin Resources		3,017		118
Goldman Sachs Group		3,264		716
Hartford Financial Services Group		3,341		157
Huntington Bancshares		9,548		119
Intercontinental Exchange		5,183		287
Invesco (Bermuda)		3,550		111
JPMorgan Chase		31,429		2,520
KeyCorp		9,393		163
Legg Mason		794		25
Leucadia National		2,816		62
Lincoln National		2,008		129
Loews		2,425		108
M&T Bank		1,373		198
Marsh & McLennan		4,498		312
MetLife		9,462		521
Moody’s		1,439		145
Morgan Stanley		12,632		522
Nasdaq		989		63
Navient		2,757		48
Northern Trust		1,839		151
People’s United Financial		2,722		51
PNC Financial Services Group†		4,263		471
Principal Financial Group		2,306		133
Progressive		5,065		169
Prudential Financial		3,734		376
Regions Financial		10,917		148
S&P Global		2,264		269
State Street		3,140		247
SunTrust Banks		4,338		225
Synchrony Financial		6,821		236
T. Rowe Price Group		2,151		159
Torchmark		966		68
Travelers		2,497		283
U.S. Bancorp		14,086		699
Unum Group		2,020		85
Visa, Cl A		16,418		1,269
Wells Fargo		40,272		2,131
Willis Towers Watson PLC (Ireland)		1,112		138
XL Group (Bermuda)		2,390		86
Zions Bancorporation		1,782		71
				25,440
Healthcare — 13.4%
Abbott Laboratories		12,662		482
AbbVie		14,192		863
Aetna		3,045		398
Agilent Technologies		2,803		123
Alexion Pharmaceuticals*		1,910		234
Allergan PLC (Ireland)		3,363		653
AmerisourceBergen		1,595		124
Amgen		6,396		922

See Notes to Financial Statements.

2

	Number of Shares		Value (000)
COMMON STOCKS — continued
Healthcare — continued
Anthem		2,298		$      328
Baxter International		4,113		183
Becton Dickinson		1,803		305
Biogen*		1,876		552
Boston Scientific*		11,678		239
Bristol-Myers Squibb		14,466		816
C.R. Bard		608		128
Cardinal Health		2,831		201
Celgene*		6,579		780
Centene*		1,478		85
Cerner*		2,585		129
Cigna		2,217		299
Cooper		420		69
DaVita HealthCare Partners*		1,439		91
DENTSPLY SIRONA		2,008		117
Edwards Lifesciences*		1,812		150
Eli Lilly		8,430		566
Endo International PLC (Ireland)*		1,698		27
Express Scripts Holding*		5,527		419
Gilead Sciences		11,387		839
HCA Holdings*		2,600		184
Henry Schein*		702		105
Hologic*		2,395		92
Humana		1,306		278
Illumina*		1,242		165
Intuitive Surgical*		330		212
Johnson & Johnson		23,639		2,631
Laboratory Corporation of America Holdings*		882		111
Mallinckrodt PLC (Ireland)*		917		48
McKesson		2,047		294
Medtronic PLC (Ireland)		11,928		871
Merck		23,881		1,461
Mettler-Toledo International*		228		94
Mylan NV (Netherlands)*		3,953		145
Patterson		715		28
PerkinElmer		931		47
Perrigo PLC (Ireland)		1,243		107
Pfizer		52,711		1,694
Quest Diagnostics		1,200		105
Regeneron Pharmaceuticals*		638		242
St. Jude Medical		2,466		195
Stryker		2,636		300
Thermo Fisher Scientific		3,325		466
UnitedHealth Group		8,198		1,298
Universal Health Services, Cl B		780		96
Varian Medical Systems*		801		72
Vertex Pharmaceuticals*		2,209		180
Waters*		693		93
Zimmer Biomet Holdings		1,724		176
Zoetis		4,280		216
				22,128
Industrials — 10.7%
3M		5,252		902
Acuity Brands		375		94
Alaska Air Group		1,096		90
Allegion PLC (Ireland)		833		56
American Airlines Group		4,739		220
AMETEK		2,039		97
Arconic		3,842		74
Boeing		5,096		767

	Number of Shares		Value (000)
C.H. Robinson Worldwide		1,251		$    94
Caterpillar		4,981		476
Cintas		736		84
CSX		8,063		289
Cummins		1,327		188
Danaher		5,300		414
Deere		2,504		251
Delta Air Lines		6,570		317
Dover		1,349		98
Dun & Bradstreet		315		38
Eaton PLC (Ireland)		3,970		264
Emerson Electric		5,568		314
Equifax		1,017		116
Expeditors International of Washington		1,579		83
Fastenal		2,495		118
FedEx		2,133		409
Flowserve		1,119		53
Fluor		1,220		65
Fortive		2,596		143
Fortune Brands Home & Security		1,349		74
General Dynamics		2,474		434
General Electric		78,365		2,410
Honeywell International		6,420		731
Illinois Tool Works		2,744		343
Ingersoll-Rand PLC (Ireland)		2,246		167
J.B. Hunt Transport Services		745		71
Jacobs Engineering Group*		1,058		66
Johnson Controls International PLC (Ireland)		8,332		375
Kansas City Southern		943		84
L-3 Communications Holdings		669		106
Lockheed Martin		2,366		628
Masco		2,829		90
Nielsen Holdings PLC (United Kingdom)		2,893		125
Norfolk Southern		2,537		270
Northrop Grumman		1,533		383
PACCAR		3,024		188
Parker-Hannifin		1,150		160
Pentair PLC (Ireland)		1,447		83
Pitney Bowes		1,613		23
Quanta Services*		1,313		44
Raytheon		2,561		383
Republic Services		2,020		112
Robert Half International		1,140		51
Rockwell Automation		1,115		149
Rockwell Collins		1,128		105
Roper Technologies		879		159
Ryder System		453		35
Snap-on		500		84
Southwest Airlines		5,427		253
Stanley Black & Decker		1,292		153
Stericycle*		744		54
Textron		2,372		109
TransDigm Group*		432		109
Union Pacific		7,220		732
United Continental Holdings*		2,553		176
United Parcel Service, Cl B		6,012		697
United Rentals*		729		74
United Technologies		6,757		728
Verisk Analytics*		1,375		114
W.W. Grainger		471		109
Waste Management		3,537		246

See Notes to Financial Statements.

3

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

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

	Number of Shares		Value (000)
COMMON STOCKS — continued
Industrials — continued
Xylem		1,537		$       79
				17,680
Information Technology — 19.5%
Accenture PLC, Cl A (Ireland)		5,416		647
Activision Blizzard		5,789		212
Adobe Systems*		4,306		443
Akamai Technologies*		1,536		102
Alliance Data Systems		505		116
Alphabet, Cl A*		2,529		1,962
Alphabet, Cl C*		2,535		1,922
Amphenol, Cl A		2,639		180
Analog Devices		2,586		192
Apple		43,869		4,848
Applied Materials		9,179		296
Autodesk*		1,662		121
Automatic Data Processing		3,939		378
Broadcom		3,297		562
CA		2,710		87
Cisco Systems		43,487		1,297
Citrix Systems*		1,349		117
Cognizant Technology Solutions, Cl A*		5,377		296
Corning		8,942		215
CSRA		1,289		41
eBay*		9,130		254
Electronic Arts*		2,543		202
F5 Networks*		566		80
Facebook, Cl A*		20,066		2,376
Fidelity National Information Services		2,859		221
First Solar*		690		21
Fiserv*		1,904		199
FLIR Systems		1,192		43
Harris		1,076		111
Hewlett Packard		13,848		330
HP		14,581		225
Intel		40,162		1,394
International Business Machines		7,588		1,231
Intuit		2,075		236
Juniper Networks		3,279		90
KLA-Tencor		1,520		121
Lam Research		1,369		145
Linear Technology		2,067		129
Mastercard, Cl A		8,350		853
Microchip Technology		1,835		121
Micron Technology*		8,687		170
Microsoft		67,134		4,045
Motorola Solutions		1,454		117
NetApp		2,407		88
NVIDIA		4,453		411
Oracle		25,793		1,037
Paychex		2,773		163
PayPal Holdings*		9,550		375
Qorvo*		1,063		57
QUALCOMM		12,586		857
Red Hat*		1,551		123
salesforce.com*		5,540		399
Seagate Technology PLC (Ireland)		2,580		103
Skyworks Solutions		1,471		113
Symantec		5,326		130
TE Connectivity (Switzerland)		3,046		206
Teradata*		1,115		30

	Number of Shares		Value (000)
Texas Instruments		8,519		$     630
Total System Services		1,448		71
VeriSign*		790		62
Western Digital		2,435		155
Western Union		4,303		90
Xerox		7,402		69
Xilinx		2,166		117
Yahoo!*		7,467		306
				32,340
Materials — 2.9%
Air Products & Chemicals		1,901		275
Albemarle		965		85
Alcoa		1,288		37
Avery Dennison		761		55
Ball		1,497		112
CF Industries Holdings		2,025		58
Dow Chemical		9,670		539
E.I. du Pont de Nemours		7,566		557
Eastman Chemical		1,276		96
Ecolab		2,277		266
FMC		1,104		62
Freeport-McMoRan*		11,053		170
International Flavors & Fragrances		693		84
International Paper		3,544		173
LyondellBasell Industries NV, Cl A (Netherlands)		2,891		261
Martin Marietta Materials		556		122
Monsanto		3,882		399
Mosaic		3,115		88
Newmont Mining		4,602		149
Nucor		2,798		174
Owens-Illinois*		1,351		25
PPG Industries		2,319		222
Praxair		2,480		298
Sealed Air		1,681		77
Sherwin-Williams		692		186
Vulcan Materials		1,161		146
WestRock		2,194		112
				4,828
Real Estate Investment Trusts — 2.7%
American Tower REIT		3,675		376
Apartment Investment & Management, Cl A REIT		1,349		57
AvalonBay Communities REIT		1,166		192
Boston Properties REIT		1,341		166
CBRE Group REIT, Cl A*		2,580		75
Crown Castle International REIT		2,955		247
Digital Realty Trust REIT		1,284		119
Equinix REIT		610		207
Equity Residential REIT		3,105		186
Essex Property Trust REIT		563		122
Extra Space Storage REIT		1,073		75
Federal Realty Investment Trust REIT		615		86
General Growth Properties REIT		4,991		127
HCP REIT		4,065		120
Host Hotels & Resorts REIT		6,439		115
Iron Mountain REIT		2,131		70
Kimco Realty REIT		3,655		93
Macerich REIT		1,039		71
Prologis REIT		4,583		233
Public Storage REIT		1,299		272

See Notes to Financial Statements.

4

	Number of Shares		Value (000)
COMMON STOCKS — continued
Real Estate Investment Trusts — continued
Realty Income REIT		2,225		$       123
Simon Property Group REIT		2,725		490
SL Green Realty REIT		875		92
UDR REIT		2,283		78
Ventas REIT		3,034		183
Vornado Realty Trust REIT		1,494		146
Welltower REIT		3,097		194
Weyerhaeuser REIT		6,495		200
				4,515
Telecommunication Services — 2.5%
AT&T		52,983		2,047
CenturyLink		4,840		114
Frontier Communications#		10,533		38
Level 3 Communications*		2,520		139
Verizon Communications		35,165		1,755
				4,093
Utilities — 3.0%
AES		5,671		65
Alliant Energy		1,950		70
Ameren		2,090		103
American Electric Power		4,252		251
American Water Works		1,534		111
CenterPoint Energy		3,718		89
CMS Energy		2,403		97
Consolidated Edison		2,605		182
Dominion Resources		5,386		395
DTE Energy		1,547		144
Duke Energy		5,984		441
Edison International		2,817		194
Entergy		1,544		106
Eversource Energy		2,756		142
Exelon		7,900		257
FirstEnergy		3,690		115
NextEra Energy		4,031		460
NiSource		2,758		60
NRG Energy		2,706		31
PG&E		4,273		251
Pinnacle West Capital		957		71
PPL		5,752		192
Public Service Enterprise Group		4,332		179
SCANA		1,222		86
Sempra Energy		2,122		212
Southern		8,496		398
WEC Energy Group		2,719		152
Xcel Energy		4,398		172
				5,026
Total Common Stocks (Cost $70,202)				164,018

	Number of Shares		Value (000)
MONEY MARKET FUND — 0.6%
PNC Government Money Market Fund, Class I Shares 0.240%† (A)		967,895		$       968
Total Money Market Fund (Cost $968)				968
Total Investments Before Short-Term Investments Purchased with Collateral from Securities Loaned – 99.7% (Cost $71,170)				164,986
SHORT-TERM INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LOANED — 0.1%
Affiliated Money Market Fund — 0.1%
PNC Government Money Market Fund, Class I Shares 0.240%† (A)		65,394		65
Money Market Fund — 0.0%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 0.300% (A)		19,731		20
Total Short-Term Investments Purchased With Collateral From Securities Loaned (Cost $85)‡				85
TOTAL INVESTMENTS — 99.8% (Cost $71,255)**				165,071
Other Assets & Liabilities – 0.2%				352
TOTAL NET ASSETS — 100.0%				$165,423

* Non-income producing security.

** Aggregate cost for Federal income tax purposes is (000) $76,946.

Gross unrealized appreciation (000)	$	89,542
Gross unrealized depreciation (000)		(1,417	)
Net unrealized appreciation (000)	$	88,125

† Affiliated Holding. See Note 3 in Notes to Financial Statements.

# Security fully or partially on loan. Total Value of Securities on Loan is $83 (000).

‡ See Note 9 in Notes to Financial Statements.

(A) The rate quoted is the annualized seven-day effective yield of the fund at period end.

See Notes to Financial Statements.

5

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

N o v e m b e r   3 0 ,   2 0 1 6   ( U n a u d i t e d )

Valuation Hierarchy:

A summary of inputs used to value the Fund’s investments as of November 30, 2016 is as follows (See Note 2 in Notes to Financial Statements).

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Assets:
Common Stocks		$	164,018		$	–		$	–		$	164,018
Money Market Fund			968			–			–			968
Short-Term Investments Purchased With Collateral From Securities Loaned			85			–			–			85
Total Assets - Investments in Securities		$	165,071		$	–		$	–		$	165,071

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value. As of November 30, 2016, such liabilities are categorized within the valuation hierarchy as follows:

	Level 1 Quoted Prices (000)			Level 2 Other Significant Observable Inputs (000)			Level 3 Significant Unobservable Inputs (000)			Total Value (000)
Liabilities:
Payable for collateral received for loaned securities		$	–		$	85		$	–		$	85
Total Liabilities - Collateral Received for Loaned Securities		$	–		$	85		$	–		$	85

There were no transfers between Levels during the six-month period ended November 30, 2016.

See Notes to Financial Statements.

6

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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.

(Registrant)     PNC Funds

By (Signature and Title)*	/s/ Jennifer Spratley
	Jennifer Spratley, President
	(principal executive officer)

Date     01/23/2017

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.

By (Signature and Title)*	/s/ Jennifer Spratley
	Jennifer Spratley, President
	(principal executive officer)

Date     01/23/2017

By (Signature and Title)*	/s/ John Kernan
	John Kernan, Vice President and Treasurer
	(principal financial officer)

Date     01/23/2017

^* Print the name and title of each signing officer under his or her signature.