Small Cap FundPPCIXShare Class

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Overview ~~Portfolio~~ Strategy / Process Performance Team Fees

portfolio

The Small Cap Fund is for aggressive investors who are willing to accept greater risk in the pursuit of higher investment returns. The portfolio management team employs a cash-flow-focused process designed to capture the upside in small caps, while controlling downside risk. They seek out attractive companies across the entire small cap landscape including both value-oriented and growth-oriented U.S. small cap stocks.

Top 10 Holdings (%)*

as of 11/30/2011

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Asset Allocation (%)

EQUITY	95.85
CASH EQUIVALENTS & OTHER	4.12

Asset Allocation weightings are calculated based on total market value of fund investments and may not always total 100%. Cash Equivalents & Other may include money market instruments and notional derivative contracts.

Sector Weightings (%)*

Financials	21.66
Industrials	19.76
Consumer Discretionary	15.91
Information Technology	15.46
Energy	10.03
Healthcare	7.26
Consumer Staples	4.74
Cash & Cash Equivalents	3.44
Materials	1.74

Monthly Morningstar
Ratings

Portfolio Management

	Gordon A. Johnson Managing Director, Small Cap Equity
	M. Jed Ellerbroek Jr., CFA Senior Analyst, Small Cap Equity
	James E. Mineman Portfolio Manager, Small Cap Equity
	Peter A. Roy, CFA Senior Analyst, Small Cap Equity
	Lisa A. Teter Senior Analyst, Small Cap Equity

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Fund Factsheet
Prospectus

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 or summary prospectus with this and other information may be obtained at 1-800-622-FUND (3863) or pncfunds.com. Please read it carefully before investing.

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.

©2012 The PNC Financial Services Group, Inc. All rights reserved.

Small Cap FundPPCIXShare Class select IAC