PNC S&P 500 Index® Fund seeks to provide investment results that, before fund expenses, approximate the aggregate price and dividend performance of the securities listed in the S&P 500 Index by investing in the securities comprising the S&P 500 Index. The Fund’s managers believe that employing certain active management strategies for a percentage of the Fund’s assets, if successful, will result in net returns after expenses that may more closely approximate the returns of the S&P 500 Index. The Fund’s managers may invest in S&P 500 futures in addition to or in place of S&P 500 stocks to attempt to equal the performance of the S&P 500 Index when futures are less expensive than actual stocks. The Fund’s managers may also invest in other S&P 500 derivatives with economic characteristics similar to common stocks in the S&P 500 Index.
Derivatives Risk: The Fund may invest a portion of its assets in derivatives. 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.
On November 29, 2017, the Board of Trustees of PNC Funds approved a plan of liquidation for
the Fund. The liquidation of the Fund is expected to take place on or about December 27, 2017
(the “Liquidation Date”). Effective December 15, 2017, PNC S&P500 Index Fund is closed to new investors.