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 Bloomberg Barclays U.S. Government/Credit Index.

Our fixed income strategies follow a team-oriented, disciplined, top-down investment process

  1. Formulate market outlook to derive:
    • Yield curve positioning
    • Duration targets 
  2. Determine sector weightings based on:
    • Relative value
    • Sector and subsector outlook
  3. Conduct extensive analysis on each security:
    • Fundamental and structural analysis
    • Relative valuation
    • Risk-reward profile 
  4. Construct portfolio within strategic framework:
    • Verify strategic intent
    • Sector and subsector weights 
    • Security selection in support of portfolio risk/reward profile 
    • Duration and yield curve management

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. The Fund may be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Fund may be prepaid prior to maturity, potentially forcing the Fund to reinvest that money at a lower interest rate. The Fund may invest 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.


Effective the close of business December 7, 2018, PNC Intermediate Bond Fund (“Bond Fund”) reorganized into PNC Total Return Advantage Fund (“Advantage Fund”). Each shareholder of the Bond Fund became a shareholder in the Advantage Fund. Additionally, Class C shares of the Advantage Fund were converted into Class A shares of the Advantage Fund.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Select a Fund to view the most recent month-end performance information or go to each Fund's snapshot page to view most recent month-end performance as well as any waiver or expense reimbursement information.

The information contained in this piece should not be considered legal or tax advice; questions regarding your specific situation should be directed to your legal or tax advisor.


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 800-622-FUND (3863) or 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. PNC Funds are distributed by PNC Funds Distributor, LLC, which is not affiliated with the adviser and is not a bank.

This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the PNC Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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