PNC INTERMEDIATE BOND FUND CLASS C (PIBCX) Exchange: NMFQS

DELISTED - The Fund invests primarily in a diversified portfolio of investment-grade fixed income securities. The dollar-weighted average duration of the Fund’s portfolio is normally expected to range from three to ten years, but may vary outside that range from time to time, including due to market conditions, or if deemed appropriate for temporary defensive purposes. Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in investment-grade fixed income securities (bonds). The Fund may invest up to 15% of its assets in fixed income securities that are rated below investment grade or, if unrated, are determined by PNC Capital Advisors, LLC (the “Adviser”) to be of comparable quality, sometimes known as “junk bonds.” Junk bonds may offer higher yields than higher-rated securities with similar maturities, but also may possess greater volatility and greater risk of loss of principal and interest than more highly-rated securities. The Fund will provide shareholders with at least 60 days' written notice before changing this 80% policy. The Fund invests primarily in fixed income securities of all types, including obligations of corporate and U.S. and foreign governmental issuers and mortgage-backed and asset-backed securities. Investment-grade fixed income securities are those rated in one of the four highest rating categories by at least one nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Adviser to be of comparable quality. In buying and selling securities for the Fund, the Adviser considers a number of factors, including yield to maturity, maturity, quality and the outlook for particular issuers and market sectors. The Fund utilizes an active trading approach. The Adviser may choose to sell a holding when, for example, in the Adviser’s view, it no longer offers attractive growth prospects or to take advantage of what the Adviser considers to be a better investment opportunity. The Fund may use derivatives as a substitute for taking a position in an underlying asset, to increase returns, to manage risk, as part of a hedging strategy or for any other investment purpose. Derivative instruments include, but are not limited to, options, swaps, futures and options on futures.