Mid Cap Value FundPMVIXShare Class

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

investment strategy / process

The PNC Mid Cap Value Fund seeks long-term capital appreciation by investing in value-oriented common stocks of U.S. mid cap companies with market caps matching the benchmark^. The Fund’s managers invest in companies trading at a discount to intrinsic value with a margin of safety, utilizing a discounted cash flow methodology. Key drivers include revenue growth, profit margin and asset turnover trends. Securities are generally sold upon market realization of a company’s intrinsic value.

^ The market cap range of the benchmark frequently changes. As a result, the capitalization of companies in which the Fund invests may also change.

	Quantitative Ranking Model		Analyze Key Drivers of Value		Estimate Intrinsic Value		Construct Portfolio		Sell Discipline
	Narrows universe Targets companies trading at a discount		Revenue growth Margins Asset turns Competitive advantage period Discount rate		Proprietary estimates of key drivers Inputs into DCF model Sustainable cash generation		25% discount Increasing intrinsic value Security and sector risk constraints Fully invested Typical 2-3 year holding period		Intrinsic value realized Deterioration in fundamentals Better opportunity Risk constraints

Investment Risk

Investments in mid-sized companies present greater risk of loss than investments in large companies.

*Sector weightings and top ten holdings are subject to change, for illustrative purposes only and are not a permanent reflection of the fund.

Asset Allocation (%)

EQUITY	98.01
CASH EQUIVALENTS & OTHER	2.04

Asset Allocation weightings may not total 100%

Sector Weightings (%)*

Financials	27.65
Energy	16.63
Consumer Staples	14.29
Information Technology	12.13
Utilities	9.83
Consumer Discretionary	6.63
Industrials	5.69
Healthcare	5.07
Cash & Cash Equivalents	2.08

Monthly Morningstar
Ratings

Portfolio Management

	Michael E. Santelli, CFA, CPA Managing Director, Mid Cap Value & Focused Equity
	Alex L. Vallecillo, CFA Senior Portfolio Manager, Mid Cap Value & Focused Equity
	Paul W. Hayes, CFA Senior Analyst, Mid Cap Value & Focused Equity

Downloads

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 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.

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