Fund Commentary

In the PNC Fund quarterly commentaries, our portfolio managers discuss investment activity by product, including a recap of the previous quarter's activities, current portfolio statistics, and a look into future positioning of the portfolio. In short, it’s the place to read where our funds have been, where they are and where they are going. Our most current PNC Fund commentaries are available below.

Quarter:

select

Third Quarter 2009

Equity

Balanced Allocation

International Equity

Large Cap Core Equity

Large Cap Growth

Large Cap Value

Mid Cap Value

Multi-Factor Small Cap Core

Multi-Factor Small Cap Growth

Multi-Factor Small Cap Value

Fixed Income

Limited Maturity Bond

NOT FDIC INSURED | NO BANK OR FEDERAL GOVERNMENT GUARANTEE | MAY LOSE VALUE

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 to PNC Funds for which it receives an investment advisory fee. 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.

©2010 The PNC Financial Services Group, Inc. All rights reserved.