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Total Return Advantage Fund
PTVIX
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The PNC Total Return Advantage Fund is managed through a team-driven, top-down process utilizing active sector rotation, duration and yield curve management, with extensive credit research and portfolio analysis to mitigate risk.The Fund seeks to provide current income, as well as capital appreciation by investing in investment-grade fixed income securities, including U.S. government bonds, corporate bonds, mortgage-backed securities or asset-backed securities. The dollar-weighted average maturity of the Fund is expected to remain within four to twelve years but may vary in response to market conditions or if deemed appropriate for temporary defense purposes. The Fund’s duration (its sensitivity to interest rate changes) is managed to plus/minus 20% maximum relative to its benchmark index, the Barclays U.S. Government/Credit Index.
Investment Risk
An investment in the Fund is subject to interest rate risk, which is the possibility that a Fund’s yield will decline due to falling interest rates. The value of debt securities may be affected by the ability of issuers to make principal and interest payments and even the possibility that the issuer will default completely. Although U.S. government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates and bond fund prices may decline as interest rates rise. High yield bond investing includes special risks. Investments in lower rated and unrated debt securities are subject to a greater loss of principal and interest than investments in higher rated securities. The values of mortgage-backed securities depend on the credit quality and adequacy of the underlying assets or collateral and may be highly volatile. Derivative instruments include options, futures and options on futures. A small investment in derivatives could have a potentially large impact on the Fund’s performance. The Fund may be unable to terminate or sell a derivatives position. Derivative counterparties may suffer financial difficulties and may not fulfill their contractual obligations.
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Portfolio Management
Andrew D. Harding
Managing Director, Chief Investment Officer/Fixed Income
Mark A. Lozina, CFA
Senior Portfolio Manager
Timothy D. Compan, Jr., CFA
Senior Portfolio Manager
Sean T. Rhoderick, CFA
Senior Portfolio Manager
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