Management Team

Overview
PNC Capital Advisors, LLC, investment adviser to the entire family of more than 30 PNC Funds, is experienced in a wide array of investment styles and strategies.

A Team Approach
The firm’s investment professionals are organized into style-specialized management teams that function independently, yet subscribe to a common “big picture” economic and financial market outlook. Each team leverages the skills and experience of its members, drawing on research, resources and portfolio management strategies specific to its specialized investment style.

Rewarding Performance and Growth
PNC Capital Advisors provides compensation incentives designed to encourage asset growth and investment performance and better align each fund management team’s goals with the fund shareholders’ goals. Fund management teams receive bonus compensation when they provide PNC Fund shareholders with returns that are higher, more consistent and less volatile than those of their benchmark indexes or fund peer groups.

Disciplined Management Processes
Our fund management teams rely on disciplined strategies and processes to achieve style specialization, diversification and risk management. We believe disciplined investment decision making helps promote consistent returns and provides the structure needed to keep pace with rapidly changing financial environments.

Our Parent Organization
As part of The PNC Financial Services Group, Inc., PNC Capital Advisors benefits from the resources and stability of one of the nation’s largest financial holding companies.

Equity Management Teams
Advantage Large Cap Equity
		Douglas J. Roman, CFA, CMT Managing Director douglas.roman@pnc.com Industry Experience: 24 years B.S., Pennsylvania State University M.S., Drexel University
	As director of equity management, Doug is responsible for directing the quantitative efforts of the Advantage Equity team and overseeing the respective research group. Prior to joining the firm or its predecessor in 2002, he worked for Penn Street Advisors, Inc. the Penn Street Funds, The Vanguard Group, Rittenhouse Financial Services and CoreStates Investment Advisors. Doug holds the Chartered Financial Analyst designation and he is Chartered Market Technician. He is a member of the Financial Analysts of Philadelphia, the Philadelphia Securities Association and the National Association of Business Economists. He earned his Bachelor of Science in finance from Penn State University and his M.S. in finance from Drexel University.
		Ruairi G. O'Neill, CFA Co-Portfolio Manager ruairi.oneill@pnc.com Industry Experience: 16 years B.C., University College Cork M.B.A., St. Joseph’s University
	Ruairi is co-portfolio manager of the Advantage Equity team and provides research coverage on the Pharmaceutical, Biotechnology, Medical Device, and Health Care Services industries. Prior to joining the firm or its predecessor in June 1998, Ruairi worked with PNC Bank’s affiliate, PFPC, at the company’s international offices in Dublin, Ireland. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and CFA Society of Philadelphia. He received his Bachelor of Commerce degree in accounting and finance from University College Cork in Ireland and his master's degree in business administration from St. Joseph’s University in Philadelphia.
		Mark J. Batty, CFA Co-Portfolio Manager mark.batty@pnc.com Industry Experience: 21 years B.S., Drexel University M.B.A., Drexel University
	Mark is co-portfolio manager of the Advantage Equity team and provides research coverage on the Financial Services sector. Prior to joining the firm or its predecessor in February 2003, Mark held positions with the Pennsylvania Trust Company, Penn Mutual Life Insurance, Ryan, Beck & Co. and CoreStates Investment Advisors. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute. He received a B.S. in business administration and an M.S. in finance from Drexel University.
		Steven C. Baumgarten Consumer Retail steven.baumgarten@pnc.com Industry Experience: 13 years B.A., University of Pittsburgh M.B.A., University of Pittsburgh
	Steve is an equity analyst providing research coverage on companies within the retail, automotive, and leisure products industries in the Consumer Discretionary sector, as well as the Materials sector. Prior to joining the firm or its predecessor in September 2006, Steve worked with Parker/Hunter Inc. and Prudential Financial. He received his M.B.A. in finance from the Katz Graduate School of Business at the University of Pittsburgh. Steve also attended the University of Pittsburgh for his undergraduate studies, where he received a B.A. in economics and business, as well as a certificate in accounting.
		Paul C. Crovo Energy, Utilities paul.crovo@pnc.com Industry Experience: 25 years B.A., Loyola College M.B.A., Loyola College
	Paul is an equity analyst providing research coverage on companies within the Energy and Utilities sectors. Prior to joining the firm or its predecessor in June 2006, Paul worked with Pitcairn Financial Services, General Accident Insurance and Alex Brown & Sons. He is a member of the Philadelphia Financial Analysts Society and the National Association of Petroleum Investment Analysts (NAPIA). He received his B.A. and M.B.A. degrees from Loyola College in Baltimore.
		William H. Gorman Information Technology william.gorman@pnc.com Industry Experience: 29 years B.S., University of Delaware M.B.A., University of Delaware
	Bill is an equity analyst providing research coverage on companies within the Information Technology sector. Prior to joining the firm in August 1984, Bill worked with Fidelity Bank and with a private consulting firm in Radnor, Pa. He holds the Chartered Financial Analyst designation, and he is a member of the CFA Society of Philadelphia and the Philadelphia Securities Association. Bill has a B.S. in business administration and an M.B.A. from the University of Delaware.
		Joseph J. Jordan, CFA Cons. Staples, Media, Telecom. joseph.jordan@pnc.com Industry Experience: 31 years B.S., Drexel University
	Joe is an equity analyst providing research coverage on companies in the Media, Gaming, and Lodging industries within the Consumer Discretionary Sector; Beverages, Household & Personal Products, and Foods industries within the Consumer Staples Sector; and the Telecommunications Sector. He began his investment career with the State of New Jersey Division of Investments, then joined New Jersey National Bank, First Pennsylvania Bank, and Merrill Lynch before joining the firm in September 1988. Joe holds the Chartered Financial Analyst designation. He earned his Bachelor of Science in business administration with concentrations in finance and marketing from Drexel University in 1978.
		Michael D. Rocco Industrials michael.rocco@pnc.com Industry Experience: 27 years B.S., Temple University M.B.A., LaSalle University
	Mike is an equity analyst providing research coverage on companies within the industrial, managed care, restaurant, and tobacco industries. Prior to joining the firm or its predecessor in July 2006, Mike worked with Weik Investments, Cypress Capital Management, LLC, the Philadelphia Investment Management Group and Koch Industries. He received his B.A. from Temple University and his M.B.A. from La Salle University, where he majored in finance.
Large Cap Value
		D. Andrew Shipman, CFA Portfolio Manager, Large Cap Value andrew.shipman@pnc.com Industry Experience: 17 years B.A., Rhodes College M.B.A., University of Memphis
	Andrew joined the firm or its predecessor in 2005 as portfolio manager on the Large Cap Value team. Previously, he held the position of associate partner/portfolio manager for Invesco’s large cap core institutional product which totaled over $10 billion in assets. While at Invesco, Andrew served as a generalist, but focused primarily on value-oriented securities. He also has held roles as an equity research analyst with Credit Suisse and as a vice president and senior equity research analyst at Morgan Keegan & Company. Andrew holds a B.A. from Rhodes College, an M.B.A. from the University of Memphis, and the Chartered Financial Analyst designation.
		Edward A. Johnson, CFA Portfolio Manager, Large Cap Value edward.johnson@pnc.com Industry Experience: 13 years B.A., Miami University M.B.A., Case Western Reserve University
	Ed is a portfolio manager and member of the Large Cap Value team. He was formerly a founding member of Volaris Advisors, a derivatives advisory firm in New York, specializing in risk and volatility management that was acquired by Credit Suisse. Prior to Volaris, Ed worked for UBS AG in San Francisco, as well as Ernst & Young LLP and SAFECO Mutual Funds in Seattle. He has both investment and analytic experience. A CFA charterholder, Ed received a B.A. from Miami University and an M.B.A. from Case Western Reserve University.
		Peter Dischinger Analyst, Large Cap Value peter.dischinger@pnc.com Industry Experience: 2 years B.S., Boston College
	Peter is an analyst with the Large Cap Value equity team. His sector responsibilities include Energy, Producer Durables and Materials. Before joining the Large Cap Value team, Peter worked as an analyst conducting fundamental equity research in the Industrial and Energy sectors for the prior firm's Large Cap Value and Core strategies. Peter holds a B.S. in finance, economics and accounting from Boston College. He successfully completed Level III of the CFA program in June 2009.
		Jeffrey L. Hertel Analyst, Large Cap Value jeffrey.hertel@pnc.com Industry Experience: 7 years B.B.A., Kent State University M.B.A., Cleveland State University
	Jeff is an analyst with the Large Cap Value equity team. His sector responsibilities include Financials and Utilities, as well as ensuring that all separately managed accounts are in compliance with investment restrictions. Before joining the equity team, Jeff worked in client service, where he spent five years as an analyst performing attribution and investment analytics, and interfacing with clients and consultants. Jeff holds a B.B.A. in finance from Kent State University and an M.B.A. from Cleveland State University.
		Steven Strycula Analyst, Large Cap Value steven.strycula@pnc.com Industry Experience: 8 years B.S., University of Maryland
	Steve is an analyst with the Large Cap Value equity team. His sector responsibilities include Consumer Discretionary, Consumer Staples, Healthcare, and Technology. Before joining the Large Cap Value team, Steve worked as an analyst conducting fundamental equity research for the prior firm's Large Cap Value and Core strategies. Steve holds a B.S. in finance and business management from the University of Maryland.
		Scott Camp Equity Securities Trader william.camp@pnc.com Industry Experience: 7 years B.A., Brown University M.B.A., Case Western Reserve University
	Scott is an equity trader who supports the Large Cap Value and International Equity investment teams. Before joining the firm or its predecessor, he was a NASDAQ market maker/trader with KeyBanc Capital Markets. Previously, he was a proprietary floor trader at the Chicago Board of Trade, trading treasury futures. Scott holds a B.A. from Brown University and an M.B.A. from Case Western Reserve University.
Mid Cap Value/Focused Equity
		Michael E. Santelli, CFA, CPA Managing Director, Mid Cap Value & Focused Equity michael.santelli@pnc.com Industry Experience: 19 years B.S., George Washington University M.B.A., University of Chicago
	Michael has leadership responsibility for the Mid Cap Value and Focused Equity team. Michael has previous investment experience that includes positions in research and portfolio management. Prior to joining the firm or its predecessor, he was with Donaldson, Lufkin, and Jenrette’s mortgage research department. Michael has served previously as taxable fixed income team lead and as a mortgage and asset backed portfolio manager for the firm. A CFA charterholder and a Certified Public Accountant, Michael received a B.S. degree from George Washington University and an M.B.A. from the University of Chicago.
		Paul W. Hayes, CFA Senior Analyst, Mid Cap Value & Focused Equity paul.w.hayes@pnc.com Industry Experience: 11 years B.A., Michigan State University
	Paul is a senior analyst on the Mid Cap Value and Focused Equity team, conducting research and analysis on value-oriented securities with lead sector responsibility for Staples, Industrials, Banks and REITs. Before joining the firm or its predecessor, he was a co-portfolio manager for the Michigan Department of Treasury, managing $2.5 billion in large cap value equities. He also served as a high-net-worth managed account analyst and portfolio manager for CUNA Mutual Group. Previously, he was a credit analyst and a fixed income analyst for the National City Investment Management Company. Paul holds a B.A. degree in finance from Michigan State University.
		Alex L. Vallecillo, CFA Senior Portfolio Manager, Mid Cap Value & Focused Equity alejandro.vallecillo@pnc.com Industry Experience: 15 years B.S., George Mason University M.B.A., University of Michigan
	Alex is a member of the Equity Management team with responsibility for the Mid Cap Value and Focused Equity styles. He has extensive investment experience, including managing the firm's corporate bond portfolio team in the firm's fixed income group. Prior to joining the firm or its predecessor in 1996, he was a corporate bond and structured fixed income trader with Merrill Lynch. A CFA charterholder, Alex received a B.S. degree from George Mason University and an M.B.A. from the University of Michigan.
		Rebecca L. Berridge Equity Securities Trader rebecca.berridge@pnc.com Industry Experience: 12 years B.S., Kent State University M.B.A., Cleveland State University
	Becky is an equity trader responsible for supporting the Mid Cap Value/ Focused Equity team and the Large Cap Advantage team. Before becoming an equity trader, she was a member of the money market team, trading for all of the firm funds. Previously, she was an account manager with Gratry and Company where she traded, reported performance and handled administration for a group of investment clients. Becky holds a B.S. from Kent State University, an M.B.A. from Cleveland State University, and is a member of the Cleveland Security Traders Association.
Small Cap Core
		Gordon A. Johnson Managing Director, Small Cap Core gordon.johnson@pnc.com Industry Experience: 25 years B.S.B.A., Southern Illinois University M.B.A., Southern Illinois University
	Gordon leads the Small Cap Core investment team. He started the Small Cap Core product in 1994 and has provided overall investment direction and management to the same investment team since inception. Prior to joining the firm or its predecessor, he was president and chief investment officer of Allegiant Investment Counselors, Inc., which he joined in 1985 as an assistant portfolio manager. Gordon holds a B.S.B.A. and an M.B.A. with specialization in finance from Southern Illinois University.
		M. Jed Ellerbroek Jr., CFA Analyst, Small Cap Core michael.ellerbroek@pnc.com Industry Experience: 5 years B.S., University of Northern Iowa
	Jed is an analyst for the Small Cap Core investment team. He provides security analysis and idea generation to the portfolio management process. He joined the team in 2008 from Wachovia Capital Markets where he was an associate analyst covering leisure and consumer discretionary. Prior to Wachovia, he was an investment analyst at Jeffry Slocum & Associates, an investment consultant. Jed graduated from the University of Northern Iowa with majors in finance and economics and is a CFA charterholder.
		James E. Mineman Portfolio Manager, Small Cap Core james.mineman@pnc.com Industry Experience: 16 years B.S.B.A., Southern Illinois University M.A., St. Louis University
	James is a portfolio manager on the the Small Cap Core team where he specializes in managing the team’s equity research process. Consistent with the generalist approach, he serves in the capacity of analyst and portfolio manager. He has been with the core team since its founding in 1994. James holds a B.S.B.A. with specialization in finance from Southern Illinois University and a Masters of Finance degree from St. Louis University.
		Peter A. Roy, CFA Senior Analyst, Small Cap Core peter.roy@pnc.com Industry Experience: 10 years B.A., University of Dayton M.B.A., Washington University
	Peter is a senior analyst for the Small Cap Core team. He provides security analysis and idea generation to the portfolio management process. He joined the team in 2003 and has previously held positions with Allegiant Bancorp, Banc of America Securities, LLC and Nuveen Investments. Peter holds a B.A. in English from the University of Dayton and an M.B.A. from Washington University’s Olin School of Business.
		Lisa A. Teter Senior Analyst, Small Cap Core lisa.teter@pnc.com Industry Experience: 16 years B.S., Southern Illinois University
	Lisa is a senior analyst for the Small Cap Core team that has been together since 1994. As a senior analyst, her responsibilities include security analysis and idea generation within the portfolio management process. Lisa holds a B.S. degree in finance and management from Southern Illinois University.
		Aneet Deshpande, CFA Senior Equity Securities Trader aneet.deshpande@pnc.com Industry Experience: 13 years B.S.B.A., University of Louisville
	Aneet is a senior equity trader. He supports the Small Cap Core and Structured Equity investment teams by executing trades, including equities, options, currency and futures. He also sits on various internal committees, such as Soft Dollar, Fair Value and Risk Management. He joined the firm or its predecessor from Chicago Equity Partners, LLC where he was a director and equity trader. Aneet holds a B.S.B.A. in finance from the University of Louisville, and is a member of the CFA Institute.
Structured Equity
		Hitesh C. Patel, Ph.D. Managing Director, Structured Equity hitesh.patel@pnc.com Industry Experience: 16 years B.S., University of Gujarat M.S., Bombay University Ph.D., University of Illinois, Chicago
	Hitesh is a member of the Leadership Team and directs the Structured Equity team which focuses on Small Cap Core and Small Cap Growth strategies. He also manages the firm's equity trading desk. He previously served as director of quantitative research at Harris Investment Management and has over 20 years of quantitative research and portfolio management experience. Hitesh received his B.S. in Pharmacy from University of Gujarat, M.S. in Pharmaceutical Chemistry from Bombay University and his Ph.D. in Medicinal Chemistry from University of Illinois at Chicago.
		Paul Kleinaitis, CFA Senior Portfolio Manager, Structured Equity paul.kleinaitis@pnc.com Industry Experience: 23 years B.S., Northwestern University M.S., Northwestern University
	Paul is a senior portfolio manager for the Structured Equity team. He formerly served as team leader for small cap strategies and portfolio manager at Harris Investment Management for a small-cap opportunity fund, a small-cap aggressive growth fund, a small-cap value fund and separate accounts managed in these same styles. He has over 20 years of portfolio management and investment research experience. Paul received his B.S. in mechanical engineering from Northwestern University and his Master of Finance from the J.J. Kellogg Graduate School of Management at Northwestern. He is a CFA charterholder.
		Chen Chen, Ph.D. Senior Analyst, Structured Equity chen.chen@pnc.com Industry Experience: 5 years B.S., Nanjing University M.S., Fudan University Ph.D., University of Illinois, Chicago
	Chen is a senior analyst on the Structured Equity team in Chicago. Prior to joining the firm or its predecessor, Chen was a research assistant with the Department of Information and Decision Sciences of the University of Illinois at Chicago. At Chicago, her work included microstructure market model estimation utilizing Sequential Monte Carlo method and index portfolio construction with statistically smoothed capitalization weights. Chen holds a B.S. in mathematics from Nanjing University, an M.S. in econometrics from Fudan University, and a Ph.D. in business statistics from the University of Illinois in Chicago.
		Jonathan J. Toerber Jr. Quantitative Systems Analyst jonathan.toerber@pnc.com Industry Experience: 26 years B.S., Northeastern Illinois University
	Jonathan is a quantitative systems analyst and member of the Structured Equity team in Chicago. Prior to joining the firm or its predecessor, Jonathan was a senior systems consultant with Harris Bank and Harris Investment Management, Inc. For more than 20 years, Jonathan has developed custom software solutions for Equity, Fixed Income, Foreign Exchange and Foreign Exchange Options trading desks, as well as software for middle and back office functions. At Harris Investment Management, he was also responsible for developing software applications and day-to-day support of all research and investment systems. Jonathan has a B.S. in computer science from Northeastern Illinois University.
		Aneet Deshpande, CFA Senior Equity Securities Trader aneet.deshpande@pnc.com Industry Experience: 13 years B.S.B.A., University of Louisville
	Aneet is a senior equity trader. He supports the Small Cap Core and Structured Equity investment teams by executing trades, including equities, options, currency and futures. He also sits on various internal committees, such as Soft Dollar, Fair Value and Risk Management. He joined the firm or its predecessor from Chicago Equity Partners, LLC where he was a director and equity trader. Aneet holds a B.S.B.A. in finance from the University of Louisville, and is a member of the CFA Institute.
International Team
		Martin C. Schulz, J.D. Managing Director, International Equity martin.schulz@pnc.com Industry Experience: 15 years B.A., Cornell M.B.A., George Washington University J.D., George Washington University
	Martin is a member of the Leadership Team and managing director of the International Equity team. Martin has previous investment experience, including positions in equity research and portfolio management. Prior to joining the firm or its predecessor, he was a portfolio manager with National City Corporation. Martin received a B.A. in international relations from Cornell University, graduating magna cum laude, and an M.B.A. in international business and a J.D. from George Washington University. Martin speaks fluent German and French.
		Calvin Y. Zhang Senior Analyst, International Equity calvin.zhang@pnc.com Industry Experience: 6 years B.A., South China University of Technology M.B.A., University of Rochester
	Calvin is a senior analyst/portfolio manager on the International Equity team. His responsibilities include research and analysis on non-U.S., growth-oriented securities. He has extensive knowledge of both the Asian and information technology markets and has experience in nonprofit and institutional portfolio management. Previously, he was an analyst and portfolio manager with Driehaus Capital Management where he covered China, Taiwan and Korea and helped manage their International Select Portfolio Fund. Previously, he served as an advisory client representative for IBM and as a diplomat in the Foreign Affairs Office of Guangdong, China. While in graduate school, he was an analyst with the University of Rochester’s endowment fund. Calvin holds a B.A. degree in English and computer science from the South China University of Technology and an M.B.A. from the University of Rochester.
		Bernard R. Horn Jr. President and Chief Investment Officer, Polaris Capital Management Industry Experience: 30 years B.S., Northeastern University M.S., Massachusetts Institute of Technology
	Bernie is Founder, President and Chief Investment Officer of Polaris Capital Management, LLC, a Boston-based global and international value equity firm that manages the value portion of Allegiant’s International Equity Fund. He sets strategy, generates investment ideas and has final decision-making authority over security selection. His career includes MDT Advisers, Inc., where he managed a $40 million ERISA portfolio component; Freedom Capital Management Corporation, where he was vice president and portfolio manager and where he continues to subadvise the Freedom International Fund; and Horn & Company, which he founded as an investment counseling firm for individuals, trusts and tax qualified accounts and where he established the Global Value Limited and the Thrift Investors Limited partnerships. Bernie holds a B.S. in Business Administration from Northeastern University, an M.S. in Management from the Alfred P. Sloan School of Management at M.I.T. and is a member of the Bank Analysts Association of Boston.
		Sumanta Biswas, CFA Vice President and Assistant Portfolio Manager, Polaris Capital Management Industry Experience: 14 years B.S., North Bengal University M.S., Boston College M.B.A., Calcutta University
	Sumanta is Vice President and Assistant Portfolio Manager at Polaris Capital Management, LLC. He conducts research and fundamental and quantitative analysis of potential investment opportunities. He also manages the Polaris Global Valuation Model, on an ongoing basis. His prior professional experience includes equity research at Delta Partners of Boston and a four-year tenure as an officer on the Securities and Exchange Board of India. Sumanta earned a B.S. degree from North Bengal University, holds a diploma in Business Finance from the Institute of Chartered Financial Analysts of India, as well as an M.S. in Finance from Boston College and an M.B.A. from Calcutta University.
		Andry Sutanto Analyst, Polaris Capital Management, LLC Industry Experience: 5 years B.A., Boston University M.S., Northeastern University M.B.A., Northeastern University
	Andry joined Polaris Capital Management in January 2005. His responsibilities include quantitative research and building efficiencies into the proprietary investment technology, which is an integral part of the firm’s investment process. Andry served most recently as a research and teaching assistant for the finance and MIS departments of Northeastern University. He previously was a computer engineer with the Cambridge Research Group. Andry holds a B.A. from Boston University and earned the dual degrees of M.S. in Finance and M.B.A. from Northeastern University.
		Richard V. Howe Account Manager and Analyst, Polaris Capital Management, LLC Industry Experience: 37 years B.A., University of Virginia M.B.A., University of Pennsylvania
	Richard is an Account Manager and Analyst for Polaris Capital Management, LLC, with responsibility for client relations, equity research and portfolio management assistance. He has extensive industry experience, including more than 20 years as a value-oriented equity portfolio manager. He began his career with First National Bank of Chicago, as a vice president in the Institutional Investment Management Group, moved to Constitution Capital Management as a managing director of the value equity group, then became Chief Investment Officer at Tucker Anthony Management (TAMCO). When TAMCO was renamed Freedom Capital Management, he became the principal portfolio manager for value equity fund management. Richard holds a B.A. in economics from the University of Virginia and an M.B.A. from the Wharton School of Business at the University of Pennsylvania. He teaches at the Carroll Graduate School of Business at Boston College and is a member of the Boston Society of Security Analysts.
		Bin Xiao Analyst, Polaris Capital Management, LLC Industry Experience: 4 years B.S., Beijing Institute of Technology M.S., Rochester Institute of Technology M.B.A., Massachusetts Institute of Technology
	Bin is an analyst, conducting quantitative and fundamental analysis of potential investment opportunities for Polaris Capital Management, LLC. He initially joined Polaris as an intern from 2004-2005, when he also served as an analyst for the firm. He previously held positions as a software engineer and project manager for PNC Financial Services Group, Vanguard Group and RIT Research Corporation. Bin holds a B.S. from the Beijing Institute of Technology, China, an M.S. in Computer Science from Rochester Institute of Technology and an M.B.A. from the Sloan School of Management at the Massachusetts Institute of Technology.
		Scott Camp Equity Securities Trader william.camp@pnc.com Industry Experience: 7 years B.A., Brown University M.B.A., Case Western Reserve University
	Scott is an equity trader who supports the Large Cap Value and International Equity investment teams. Before joining the firm or its predecessor, he was a NASDAQ market maker/trader with KeyBanc Capital Markets. Previously, he was a proprietary floor trader at the Chicago Board of Trade, trading treasury futures. Scott holds a B.A. from Brown University and an M.B.A. from Case Western Reserve University.
		Ralph Layman, CFA President & Chief Investment Officer – Public Equities, GE Asset Management Industry Experience: 30 years B.S., University of Wisconsin M.S., University of Wisconsin
	Ralph, president and CIO, is responsible for managing GE Asset Management International Equity operations. He joined GE in 1991 to develop GEAM’s International Equity philosophy and approach. He is a member of GEAM’s Asset Allocation Committee. Prior to joining GE, Ralph was the portfolio manager for Wausau Insurance Company’s Retirement Trust and a global portfolio manager for Templeton International. A CFA charterholder, he has served as a member of numerous professional and civic boards and committees. Ralph earned a B.S. in economics and an M.S. in finance from the University of Wisconsin.
		Brian Hopkinson, AIA Senior Vice President, Portfolio Manager, GE Asset Management Industry Experience: 31 years B.S., University of Leeds
	Brian is Senior Vice President with GE Asset Management Limited and Portfolio Manager for the International Equity portfolio. In addition, he is the research analyst for various sectors including Commercial Services & Supplies, Building Products, Construction & Engineering, and Transportation. He has 31 years of investment experience, 12 years in London and 19 years in the U.S. Before joining GE Asset Management, he worked for Fiduciary Trust Company International in both London and New York. Prior to Fiduciary Trust, he was an Analyst and Fund Manager with the Legal & General Group in London. He received a BSc (Honours) in Mathematics/Statistics from the University of Leeds and is an Associate of the Institute of Actuaries.
		Paul Nestro, CFA Senior Vice President, Portfolio Manager, GE Asset Management Industry Experience: 16 years B.A., Michigan State University
	Paul is a senior vice president and portfolio manager with GE Asset Management Incorporated for the International Equity, Europe Equity, and Metals and Mining portfolios. Paul also has research coverage for the Metals and Mining sector. Paul has a B.A. in finance from Michigan State University and holds the Chartered Financial Analyst designation.
		Jonathan Passmore Senior Vice President, Portfolio Manager, GE Asset Management Industry Experience: 34 years
	Jonathan is a senior vice president and portfolio manager for the International Equity portfolio. He joined GE Asset Management in 2001 and has worked in the investment industry for over 30 years. Prior to joining GEAM, Jonathan was a director of international equity at Merrill Lynch & Co. in New York, and previously was a director at Creditanstalt International Advisors, a Central European investment advisor. Jonathan was educated in England.
		Michael Solecki, CFA Co-Chief Investment Officer & Portfolio Manager, GE Asset Management Industry Experience: 22 years B.S., Western New England College M.B.A., Fordham University
	Michael is co-CIO for International Equities at GE Asset Management and a portfolio manager for the International Equity and Europe Equity portfolios. He also shares research responsibilities for commercial banks. He joined GE Asset Management in 1991 after completing GE's Financial Management Program. While at GEAM, Michael has held a series of portfolio management and analyst roles in London and Stamford. Prior to GE, he worked for Monarch Capital Corporation as a financial analyst. Michael has a B.S. in finance from Western New England College and an M.B.A. from Fordham University. He is a holder of the Chartered Financial Analyst designation.
Fixed Income Teams
Taxable Fixed Income
		Andrew D. Harding Chief Investment Officer, Fixed Income andrew.harding@pnc.com Industry Experience: 29 years B.S.E., Princeton University M.B.A., Baldwin-Wallace College
	Andy is the chief investment officer for Fixed Income, chair of the Investment Committee and a managing director of the firm. Andy leads the strategy and performance for all of the fixed income investments and also serves as the Fixed Income team’s mortgage security specialist, bringing more than 25 years of experience in research and fixed income to the firm. Prior to joining the firm or its predecessor, he was senior vice president of McDonald Investments Mortgage-Backed Securities Trading. Andy holds a B.S.E. in Engineering from Princeton University and an M.B.A. from Baldwin-Wallace College.
		Mark McGlone Managing Director, Fixed Income mark.mcglone@pnc.com Industry Experience: 29 years B.S., Johns Hopkins University M.S., Loyola College
	With over 25 years of experience in institutional fixed income portfolio management, Mark oversees the Securities Research effort and the Risk Management team. He is a managing director for the firm and is a member of its Investment and Asset Allocation Committees. He chairs the firm’s Risk Management Committee. Mark received his bachelor’s degree in economics from Johns Hopkins University and Master of Science in finance from Loyola College in Maryland.
		Patrick J. Azouri, CFA Portfolio Manager patrick.azouri@pnc.com Industry Experience: 11 years B.S., University of Pittsburgh M.B.A., Carnegie Mellon University
	Pat joined the Fixed Income team in 2005. He was most recently with the parent company of the firm or its predecessor, first as a retail bank deposits analyst, then as a corporate finance department analyst. Before that, he spent three years in institutional client services at Federated Investors. Pat holds a B.S. from the University of Pittsburgh and an M.B.A. from Carnegie Mellon University. He also is a CFA charterholder.
		Kelley Brunssen Portfolio Manager/Fixed Income Trader kelley.brunssen@pnc.com Industry Experience: 12 years B.S., Salisbury University M.B.A., Loyola College
	Kelley is a portfolio manager focused primarily on the money markets. She manages 2a7 registered Money Market Funds as well as multiple Short Term Investment Funds. She is also a trader for the Intermediate and Core fixed income total return accounts. Prior to joining PNC in 2000, Kelley was a portfolio service associate with Legg Mason Wood Walker, Inc. She received her bachelor’s degree in finance and economics from Salisbury University and her M.B.A. in finance from Loyola College in Maryland.
		Jeffrey Bryant Analyst jeffrey.bryant@pnc.com Industry Experience: 5 years B.S., Loyola College M.B.A., Loyola College
	Jeffrey specializes in fixed income credit research. He held internships with Deutsche Bank Alex. Brown’s Investment Services group and Lockheed Martin’s Central Finance division prior to joining PNC in 2005. Jeffrey is a summa cum laude and Beta Gamma Sigma graduate of Loyola College in Maryland, where he received his bachelor’s degree in business administration with a concentration in finance. He earned his M.B.A. from Loyola College in Maryland.
		Cynthia D. Cole Senior Portfolio Manager cynthia.cole@pnc.com Industry Experience: 25 years B.S., Tri-State University M.B.A., Xavier University
	Cindy is a senior member of the Fixed Income team with responsibility for custom strategies and liability-driven investing. She has over 25 years of investment experience including positions in insurance company portfolio management, research, and portfolio strategy. Prior to joining the firm or its predecessor in 1999, she was the corporate bond portfolio manager for Ohio Casualty Group. Cindy received a B.S. from Tri-State University and an M.B.A. from Xavier University.
		Timothy D. Compan Jr., CFA Senior Portfolio Manager timothy.companjr@pnc.com Industry Experience: 11 years B.S., Case Western Reserve University M.B.A., University of Chicago
	Tim is the lead portfolio manager for the Core and Core Plus fixed income products, as well as co-lead of Credit Research team. His responsibilities include integrating investment-grade and high yield resources and implementing credit portfolio strategies. He was an investment-grade bond trader for Goldman Sachs Asset Management prior to joining the firm or its predecessor in 2003. A CFA charterholder, Tim possesses a B.S. from Case Western Reserve University and an M.B.A. from the University of Chicago.
		Donna Ennis Senior Structured Credit Analyst/Mortgage Strategist donna.ennis@pnc.com Industry Experience: 21 years B.S., University of Pittsburgh M.B.A., Tulane University
	Donna is the co-leader for all structured product research. She is a senior structured credit analyst focusing on MBS, CMBS and ABS securities. Prior to joining the firm or its predecessor in 2007, Donna was a structured finance portfolio manager/analyst at Sequity Capital, Mutual of Omaha and T. Rowe Price Associates. Donna was responsible for the research, analysis and portfolio management of the structured finance investments, and the credit analysis of issuers and servicers. She was a member of the committees which reviewed potential fixed income investments. Donna received her bachelor’s degree from the University of Pittsburgh and her M.B.A. from Tulane University’s Freeman School of Business. She is a member of the CFA Institute.
		Keith L. Erwin Portfolio Manager keith.erwin@pnc.com Industry Experience: 13 years B.A., Alma College M.A., Western Michigan University
	Keith is a co-portfolio manager of custom portfolios with the Fixed Income team. He has previously held positions in commercial credit and fixed income research. Prior to joining the firm or its predecessor, he was a credit analyst with First of America Bank. Keith received a B.A. from Alma College and an M.A. from Western Michigan University.
		Melvin P. Fernandes Analyst melvin.fernandes@pnc.com Industry Experience: 12 years B.S., Cleveland State University M.B.A., John Carroll University
	Mel is a member of the Fixed Income team with responsibility for custom fixed income strategies. His previous investment experience includes positions in fixed income security analysis. Prior to joining the firm or its predecessor in 2001, he was a derivatives securities analyst with National City Corporation. Mel received his bachelor's degree from Cleveland State University and an M.B.A. from John Carroll University.
		John Graziani, CFA Risk Management Analyst john.graziani@pnc.com Industry Experience: 1 year BAA, University of Notre Dame MBA, University of Chicago
	John is a risk management analyst working with the portfolio management teams on portfolio structure and optimization. He previously spent nearly three years as a senior analyst managing corporate merger and divestiture transactions for various business units at PNC Financial Services Group. His professional experience also includes positions as an equity research analyst at Spin-Off Advisors and a senior auditor at Ernst & Young. John graduated magna cum laude with a BBA in accounting from the University of Notre Dame and earned an MBA in finance, economics and strategy from the University of Chicago Booth School of Business. He is a CFA charterholder.
		Adam Hynes Analyst/Fixed Income Trader adam.hynes@pnc.com Industry Experience: 7 years B.S., McDaniel College M.S., Loyola College
	Adam is a credit research analyst and credit securities trader. Adam identifies technical and relative value opportunities in order to make trade recommendations to term portfolio managers. He also works with business development and client service staff as a product and sector specialist to provide commentary and analysis to potential and existing clients. Prior to joining the firm or it predecessor in 2004, Adam was a portfolio and securities analyst focusing on collateralized debt obligations (CDOs) at Wells Fargo Bank, N.A. Adam received his bachelor’s degree in economics and business administration from McDaniel College (formerly Western Maryland College) and Master of Science in finance from Loyola College in Maryland.
		Joshua Kakel Portfolio Manager joshua.kakel@pnc.com Industry Experience: 11 years B.S., West Virginia University M.B.A., Loyola College
	Josh is co-portfolio manager for custom strategies and is a member of the fixed income senior strategy team. Prior to joining the firm or its predecessor in 1999, he was an intern with Deutsche Bank Alex. Brown. Josh received his bachelor’s degree in finance from West Virginia University and his M.B.A. from Loyola College in Maryland. He holds NASD license Series 65.
		Kenneth F. Karwowski, CFA Portfolio Manager ken.karwowski@pnc.com Industry Experience: 23 years B.S., Indiana University
	Ken is a member of the Fixed Income team with responsibility as a high-yield sector specialist and portfolio manager. Before joining the firm or its predecessor, Ken served as a senior credit analyst covering several industries in both high-yield and investment-grade areas for Henderson Global Investors in Chicago. Prior to Henderson, he worked at Scudder Kemper Investments/Deutsche Bank in Chicago, where he participated in high-profile, high-yield transactions. Ken is a CFA charterholder and a member of the Investment Analysts Society of Chicago. Ken earned his bachelor’s degree in finance from Indiana University.
		Mark A. Lozina, CFA Senior Portfolio Manager mark.lozina@pnc.com Industry Experience: 14 years B.S., State University of New York at Geneseo M.B.A., University of Rochester
	Mark is lead portfolio manager for the actively managed short duration portfolios. He is co-leader for all structured product research, such as mortgage-backed and asset-backed securities. Prior to joining the firm or its predecessor in 2002, he was with National City Corporation's Equity Sponsor Group, involved with senior debt lending for equity buy-outs. A CFA charterholder, Mark received a B.S. from the State University of New York at Geneseo and an M.B.A. from the University of Rochester.
		Richard P. Mears, CFA Analyst richard.mearsjr@pnc.com Industry Experience: 13 years B.S., Miami University M.B.A., Case Western Reserve University
	Rich is a member of the Fixed Income team with responsibility for fixed income security credit analysis. He joined firm or its predecessor in 2004, after spending five years as a financial analyst with National City Corporation’s Institutional Asset Management division and over two years with Retirement Plan Services. Rich holds a B.S. from Miami University and an M.B.A. from Case Western Reserve University and is a CFA charterholder.
		Sean Rhoderick, CFA Senior Portfolio Manager sean.rhoderick@pnc.com Industry Experience: 16 years B.S., James Madison University
	Sean is co-lead of the Credit Research team and is a portfolio manager for intermediate fixed income portfolios. Prior to joining PNC in 2004, Sean spent six years at Freddie Mac in credit research and four years as a bank credit analyst at the rating agency LACE Financial Corporation. Sean is a cum laude graduate of James Madison University with a bachelor's degree in business administration, and he holds the Chartered Financial Analyst designation. He is an active member of AIMR and the CFA Society of Washington, DC.
		Joseph D. Robison Senior Analyst joseph.robison@pnc.com Industry Experience: 22 years B.S., Hillsdale College M.B.A., University of Notre Dame
	Joe is a senior analyst on the Fixed Income team, supporting all credit analysis efforts. Joe has many years of credit experience, having held positions in credit analysis, structured finance, and strategic analysis. Prior to joining the firm or its predecessor in 2000, he was senior vice president in National City’s Structured Finance Group. Joe received a B.S. degree from Hillsdale College and an M.B.A. from the University of Notre Dame.
		Lijun Shi, Ph.D., CFA Analyst lijun.shi@pnc.com Industry Experience: 4 years B.S., Nankai University M.S., Institute of Modern Physics Ph.D., Michigan State University
	Lijun joined the firm or its predecessor in 2005 as a risk management analyst. Lijun’s doctorate and post doctorate work, which utilized Monte Carlo simulation skills and model building skills, augment his current responsibilities for risk modeling and simulation, in support of portfolio risk management. Previously, he spent two years in post doctoral work in theoretical physics at McGill University, Montreal, Canada. Lijun holds a B.S. degree from Nankai University, Tianjin, China, a master’s degree in physics from the Institute of Modern Physics, Lanzhou, China, and a Ph.D in physics from Michigan State University.
		Michael Shires Portfolio Analyst michael.shires@pnc.com Industry Experience: 5 years B.S., Salisbury University
	Mike is a portfolio analyst, who joined the fixed income team in May 2010. He works with the portfolio management teams on portfolio structure and optimization as well as fixed income market research. Prior to joining the team, he spent nearly three years as a risk management and performance analyst for the PNC Alternative Investment Funds. He began his professional career in 2005 as an investment portfolio analyst and then an interest rate risk analyst with Mercantile Bankshares Corp. Mike received a B.S. degree in finance from Salisbury University.
		Richard J. Stevenson Portfolio Manager rick.stevenson@pnc.com Industry Experience: 14 years B.A., Baldwin-Wallace College M.B.A., Baldwin-Wallace College
	Rick is the lead portfolio manager for the firm’s money market funds. He was previously with Productive Portfolios, Inc. where he focused on short duration/liquidity portfolio management for Ohio public sector clients. Additionally, he has two years experience as a corporate lending representative with Fifth Third Bank in Cleveland. Rick joined the firm or its predecessor in 2002 and holds both a B.A. and an M.B.A. from Baldwin-Wallace College.
		Jason Weber Analyst/Fixed Income Trader jason.weber@pnc.com Industry Experience: 3 years B.S., Dartmouth College M.B.A., Loyola College
	Jason specializes in trading structured securities and structured products research, specifically residential and commercial mortgage-backed securities. He also follows the TIPS market and supports the fixed income team by monitoring portfolio compliance and assets under management. Jason joined PNC in 2004 in the Treasury division before moving to the firm or its predecessor in 2007. Jason graduated with a B.A. in economics from Dartmouth College. He received his Masters of Science in finance from Loyola College.
Municipal Fixed Income
		Stephen Winterstein Managing Director, Municipal Fixed Income stephen.winterstein@pnc.com Industry Experience: 22 years B.S., Millersville University M.B.A., Lehigh University
	Steve is managing director of Municipal Fixed Income, forming the team in 1998. He oversees the group's management and establishes the investment strategies for clients. Steve is a former arbitrator for the Municipal Securities Rulemaking Board and was part of an advisory panel to Standard & Poor’s, providing a practitioner’s insight during the development of tax-exempt municipal indexes. He lectures regularly, is a featured speaker at seminars and conferences, and is quoted frequently in the media. He is active in numerous groups and associations, including the Princeton University Center for Economic Policy Studies. Steve earned his bachelor’s degree in economics from Millersville University and an M.B.A. from Lehigh University.
		Michael Graveline Product Specialist michael.graveline@pnc.com Industry Experience: 9 years B.A., Miami University (Ohio)
	Mike is a product specialist with the Municipal Fixed Income team working with institutional clients,multi-family offices and consultants. Mike joined the firm and/or its affiliates from Nuveen Investments, where he served as vice president of the Registered Investment Advisor and Institutional Consulting Services team. His previous roles at Nuveen included performance analyst, due diligence analyst and data specialist. Mike holds a B.A. from Miami University (Ohio).
		Mark Stockwell Director of Municipal Credit Research mark.stockwell@pnc.com Industry Experience: 27 years B.S., Westmont College M.S., University of Southern California
	Mark is director of research for the Municipal Fixed Income group. Prior to joining the firm or its predecessor in 2002, he worked at the Vanguard Group, where he was a principal and senior municipal bond analyst specializing in tax-backed credits in California and the western U.S., non-rated/lower investment grade real estate-backed special assessment and tax-allocation bonds, and municipal securities backed by airport and toll-road revenues. Previously, he worked as a financial advisor with Evensen Dodge, Inc. and a consultant with Katz Hollis. In addition, he worked on special assessment and tax increment projects in several states. Mark earned his bachelor’s degree from Westmont College and master's degrees in public administration and planning from the University of Southern California.
		Lisa Kreiling, Ph.D, CFA Municipal Bond Analyst lisa.kreiling@pnc.com Industry Experience: 19 years B.A., Spelman College Ph.D., University of Cambridge (England)
	Lisa is a senior municipal bond analyst responsible for the analysis of credits in the nonprofit healthcare sector and tax-based issuers in the South and most of the Northeast. She joined the firm or its predecessor in January 2004 as a municipal research analyst. Previously, she was a senior economist at Economy.com. She also has experience in structuring general obligation and appropriation deals as a financial analyst in Merrill Lynch’s Public Finance Group in New York. Lisa holds a bachelor’s degree in economics from Spelman College and a Ph.D. in economics from the University of Cambridge in England. She is a CFA charterholder.
		Kevin Lynch Senior Municipal Bond Analyst kevni.lynch@pnc.com Industry Experience: 1 year B.S., Rochester Institute of Technology M.S., Rensselaer Polytechnic Institute
	Kevin joined the credit research team in May 2010 and currently serves as a senior municipal bond analyst. He specializes in the analysis of credits in the public power, industrial development and housing sectors. Prior to joining the firm, Kevin was head of municipal research at Bank One Capital Markets and a senior analyst in the bank’s Investment Management Group. Before joining Bank One, he worked as an analyst with Municipal Bond Investor Assurance and Standard and Poor’s Corporation. He received a Master of Science degree in urban planning and environmental studies from Rensselaer Polytechnic Institute and a bachelor’s degree in public policy from Rochester Institute of Technology. He holds a Series 7 license.
		William Bonawitz, CFA Municipal Bond Analyst william.bonawitz@pnc.com Industry Experience: 8 years B.S., Drexel University
	Bill is a senior bond analyst, specializing in the analysis of credits and transactions in the transportation, higher education, and asset-backed securities sectors. He has been a research analyst with the firm or its predecessor since December 2003. Previously, he worked as a research associate in the fixed income division of the Vanguard Group. Bill holds bachelor’s degrees in finance and economics from Drexel University, and he is a CFA charterholder.
		Michael Dorigan, Ph.D Head of Quantitative Fixed Income Research michael.dorigan@pnc.com Industry Experience: 19 years B.S., Luther College Ph.D, University of Missouri
	Mike, who holds a doctorate in finance, is a senior quantitative analyst and heads the quantitative fixed income research team. Prior to joining the firm or its predecessor, he was a visiting assistant professor of finance at the University of Missouri, where he was the recipient of the John A. Riggs, Jr. Excellence in MBA Teaching Award. Previously, he was a senior associate with Andrew Kalotay Associates, Inc., president of Jane Street Advisors, and assistant director for the Center for Finance & Technology at Polytechnic University (N.Y.), where he had oversight of the master’s degree in financial engineering. Before joining Polytechnic, he was assistant professor of finance in the Graduate School of Business at St. John’s University (N.Y.). His work has been published in numerous industry and professional publications. Mike earned a bachelor’s degree in economics and business management from Luther College and a Ph.D in finance from the University of Missouri.
		Kevin Barger Quantitative Analyst kevin.barger@pnc.com Industry Experience: 11 years B.S., Franklin & Marshall College
	Kevin has been a municipal research analyst with the firm or its predecessor since March 2006. He currently serves as a quantitative analyst. Previously, he worked as a fixed income risk and strategy analyst with the Vanguard Group. Kevin specializes in portfolio strategy analysis, risk management and performance attribution. He earned a bachelor’s degree from Franklin and Marshall College.
		William Davis Quantitative Analyst william.davis@pnc.com Industry Experience: 2 years B.S., Pennsylvania State University
	As a quantitative analyst, Bill specializes in providing data analytics and information support to fixed income research team members, as well as portfolio managers and traders. He joined the firm or its predecessor in March 2008, coming from Comcast Cable, where he was a research analyst providing analysis for operations, finance and engineering. Prior to his tenure with Comcast, he was a business analyst with PNC Financial Services Group. Bill earned a bachelor’s degree from Penn State University and did graduate work at LaSalle University and Temple University.
		Rebecca Rogers Co Head of Portfolio Management and Trading rebecca.rogers@pnc.com Industry Experience: 24 years B.A., Dickinson College
	Becky co-manages the municipal bond trading desk, with responsiblity for the execution of all trades in client portfolios. She joined the firm or its predecessor in July 2000 after working for 15 years in the institutional sales group of A.H. Williams, a regional municipal bond capital markets firm. Becky earned her bachelor’s degree in English from Dickinson College.
		Adam Mackey Co Head of Portfolio Management and Trading adam.mackey@pnc.com Industry Experience: 14 years B.S.B.A., Kutztown University M.B.A., St. Joseph's University
	Adam is a co-director of portfolio management and trading in the Municipal Fixed Income Group, and he shares responsibility for the execution of all trades in client portfolios. He joined the firm or its predecessor in February 2001 after working as a municipal bond trader at the Vanguard Group. Adam earned his bachelor’s degree in business administration from Kutztown University and an M.B.A. in finance from St. Joseph’s University.
		Robert Howells Portfolio Manager/Trader robert.howells@pnc.com Industry Experience: 7 years B.S.B.A., Drexel University
	Rob has been a tax-exempt fixed income portfolio manager and trader at the firm or its predecessor since May 2003. Previously, he was with SEI Investments Company, where he worked in the client services group. Rob earned his bachelor’s degree in business administration from Drexel University.
		Amy Carcione, CFA Portfolio Manager/Trader amy.carcione@pnc.com Industry Experience: 10 years B.S.B.A., University of Richmond
	Amy has been a municipal bond portfolio manager and trader at the firm or its predesessors since February 2005. Previously, she served with Citigroup Asset Management for five years as an assistant municipal bond portfolio manager. Amy received her bachelor’s degree in business administration from the University of Richmond. She is a CFA charterholder.
		Robert Hartle Trading Desk Associate robert.hartle@pnc.com Industry Experience: 4 years B.S., Duquesne University
	Rob is a trading desk associate. Prior to joining PCA in October 2008, he was a financial coordinator at Czarnowski Exhibit Services in Pittsburgh. Rob holds a B.S. in business administration from Duquesne University and is pursuing an M.A. in economics and applied financial markets at Temple University.
		Brian Brennan Associate brian.brennan@pnc.com Industry Experience: 1 year BS, College of Charleston
	Brian joined PCA in November 2008 and is currently an associate for the research team. He holds a B.S. in economics from the College of Charleston.

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You should consider the investment objectives, risks, charges and expenses of the PNC Funds carefully before investing. A prospectus may be downloaded and viewed with this and other information about the Funds or may be obtained by contacting an investment professional or by calling 1-800-622-FUND (3863). Please read it carefully before you invest or send money.

PNC Capital Advisors, LLC, 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. Shares of PNC Funds are distributed by Professional Funds Distributor, LLC (PFD), 760 Moore Road, King of Prussia, PA 19406. PFD is not affiliated with PNC and is not a bank.

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