investment abbreviations and definitions 1

134 Pages·2016·0.48 MB·English

PNC Funds
INVESTMENT ABBREVIATIONS AND DEFINITIONS
August 31, 2017 (Unaudited)
ADR—AmericanDepositaryReceipt
AGM—AssuredGuarantyMunicipalCorporation
AMBAC—AmericanMunicipalBondAssuranceCorporation
BAN—BondAnticipationNote
Cl—Class
DN—DiscountNote
ETF—Exchange-TradedFund
ETM—EscrowedtoMaturity
FCPRDLY—FederalReserveBankPrimeLoanRate
FEDL01—U.S.FederalFundsEffectiveRate
FHLMC—FederalHomeLoanMortgageCorporation
FNMA—FederalNationalMortgageAssociation
FRN—FloatingRateNote.TherateshownistherateineffectonAugust31,2017,andthedateshownisthefinalmaturitydate,notthenextresetorputdate.Theratefloats
baseduponthepublishedreferencerateandspreaddisclosedintheScheduleofInvestments.
GMTN—GlobalMulti-CurrencyNote
GNMA—GovernmentNationalMortgageAssociation
GO—GeneralObligation
H15T1Y—U.S.TreasuryYieldCurveRateTNoteConstantMaturity1Year
LLC—LimitedLiabilityCompany
LP—LimitedPartnership
MTN—MediumTermNote
NATL-RE—NationalPublicFinanceGuaranteeCorporation
PLC—PublicLimitedCompany
PSF-GTD—PermanentSchoolFund-Guaranteed
RB—RevenueBond
REIT—RealEstateInvestmentTrust
STRB—SpecialTaxRevenueBond
UCITS—UndertakingsForCollectiveInvestmentInTransferableSecurities
US0001M—ICELIBORUSD1Month
US0003M—ICELIBORUSD3Month
US0012M—ICELIBORUSD12Month
USBMMY3M—U.S.Treasury3MonthBillMoneyMarketYield
VRDN—VariableRateDemandNote.TherateshownistherateineffectonAugust31,2017,andthedateshownisthenextresetorputdate.Forsecuritiesbasedonapublished
referencerateandspread,thereferencerateandspreadareindicatedintheirdescription.Certainvariableratedemandnotesarenotbasedonapublishedreferencerate
andspreadbutaredeterminedbytheissueroragentandarebasedoncurrentmarketconditions.Thesesecuritiesdonotindicateareferencerateandspreadintheir
description.
SeeNotestoSchedulesofInvestments.
1
PNC Balanced Allocation Fund
SCHEDULE OF INVESTMENTS
August 31, 2017 (Unaudited)
Number Value Number Value
ofShares (000) ofShares (000)
COMMONSTOCKS—33.0%
ConsumerDiscretionary—4.1% CenterStateBanks 151 $ 4
AdtalemGlobalEducation 86 $ 3 CincinnatiFinancial 470 36
BorgWarner 730 34 CreditAcceptance*# 88 24
BrightHorizonsFamilySolutions* 89 7 Cullen 360 30
BurlingtonStores* 350 30 DiamondHillInvestmentGroup* 45 9
CampingWorldHoldings,ClA 307 11 EagleBancorp* 353 22
CavcoIndustries* 54 7 EmployersHoldings 169 7
ChurchillDowns 54 11 FBLFinancialGroup,ClA 53 4
Comcast,ClA 1,910 78 FirstBusey 187 5
Dana 231 6 FirstFinancialBancorp 214 5
DollarTree* 470 37 FirstMerchants 107 4
DormanProducts* 199 13 FirstMidwestBancorp 125 3
FoxFactoryHolding* 236 9 GuarantyBancorp 286 7
HomeDepot 970 145 HomeBancShares 554 13
InstalledBuildingProducts* 208 12 HuntingtonBancshares 5,190 65
LCIIndustries 205 20 InvescoMortgageCapitalREIT 379 7
LithiaMotors,ClA 227 25 JPMorganChase 1,618 147
MadisonSquareGarden,ClA* 74 16 KeyCorp 2,770 48
McDonald’s 790 126 LegacyTexasFinancialGroup 489 18
MohawkIndustries* 240 61 Mastercard,ClA 280 37
OmnicomGroup 410 30 MFAFinancialREIT 679 6
PapaJohn’sInternational 45 3 MorganStanley 1,880 86
PartyCityHoldco* 187 3 NationalGeneralHoldings 549 9
PinnacleEntertainment* 259 5 OldNationalBancorp 366 6
RedRockResorts,ClA 259 6 PRAGroup* 550 16
StandardMotorProducts 107 5 PrincipalFinancialGroup 1,260 79
TaylorMorrisonHome,ClA* 387 8 PrudentialFinancial 858 88
ThorIndustries 520 56 RLI 281 15
TollBrothers 1,210 47 S&PGlobal 350 54
WolverineWorldWide 133 4 SouthState 89 7
WyndhamWorldwide 440 44 SunTrustBanks 1,210 67
YumChinaHoldings* 930 33 T.RowePriceGroup 1,330 112
U.S.Bancorp 1,260 65
895
WellsFargo 809 41
ConsumerStaples—2.3% WSFSFinancial 107 5
AltriaGroup 1,710 108 1,323
CentralGarden&Pet,ClA* 89 3
ConstellationBrands,ClA 240 48 Healthcare—4.6%
DrPepperSnappleGroup 280 25 AbbottLaboratories 1,830 93
GeneralMills 570 30 AbbVie 480 36
HRGGroup* 165 3 AgilentTechnologies 630 41
Kimberly-Clark 634 78 Amgen 680 121
PepsiCo 1,391 161 AMNHealthcareServices* 460 17
PinnacleFoods 720 43 BaxterInternational 550 34
SpartanNash 187 5 Biogen* 140 44
CantelMedical 107 9
504
Celgene* 260 36
Energy—0.6% ConcertPharmaceuticals* 304 5
ExxonMobil 1,105 84 CotivitiHoldings* 107 4
ParPacificHoldings* 219 4 Dyax* (A)Δ 677 1
PBFEnergy,ClA# 169 4 EdwardsLifesciences* 330 37
ValeroEnergy 600 41 Glaukos* 98 4
HealthSouth 107 5
133 ICUMedical* 18 3
INCResearchHoldings,ClA* 53 3
Financials—6.0%
InovalonHoldings,ClA*# 268 4
AmeripriseFinancial 310 43
IronwoodPharmaceuticals* 393 6
AMERISAFE 166 9
Johnson&Johnson 917 121
AstoriaFinancial 169 3
MedidataSolutions* 71 5
BankofAmerica 3,580 86
Merck 1,261 81
BankoftheOzarks 519 22
NatusMedical* 98 3
Banner 62 3
Neogen* 341 23
CapitalBankFinancial,ClA 169 6
SeeNotestoSchedulesofInvestments.
2
Number Value Number Value
ofShares (000) ofShares (000)
COMMONSTOCKS—continued
Healthcare—continued AnalogDevices 570 $ 48
NuVasive* 62 $ 4 AnixterInternational* 71 5
PAREXELInternational* 107 9 Apple 1,699 279
Pfizer 1,831 62 AppliedMaterials 950 43
PRAHealthSciences* 127 10 AspenTechnology* 44 3
ProvidenceService* 63 3 Box,ClA* 315 6
SareptaTherapeutics* 123 5 CACIInternational,ClA* 27 3
Stryker 230 33 CDW 870 55
SupernusPharmaceuticals* 176 8 CiscoSystems 2,942 95
ThermoFisherScientific 180 34 CognizantTechnologySolutions,ClA 590 42
U.S.PhysicalTherapy 80 5 CoreLogic* 118 5
UnitedHealthGroup 510 101 Entegris* 214 5
VandaPharmaceuticals* 437 8 Envestnet* 71 3
VoceraCommunications* 205 6 ePlus* 86 7
Facebook,ClA* 850 146
1,024
Intel 2,050 72
Industrials—4.3% Kulicke&SoffaIndustries* 266 5
3M 250 51 LamResearch 200 33
AlamoGroup 133 12 Littelfuse 36 7
AllisonTransmissionHoldings 1,390 48 MatchGroup*# 193 4
AmericanWoodmark* 31 3 Microsoft 1,672 125
BarnesGroup 104 6 MKSInstruments 59 5
Colfax* 145 6 Oracle 670 34
ComfortSystemsUSA 142 5 OSISystems* 167 14
CSX 620 31 Paychex 540 31
Cummins 220 35 Qualys* 80 4
Curtiss-Wright 53 5 RealPage* 179 8
DouglasDynamics 81 3 Sanmina* 196 7
DycomIndustries* 38 3 SiliconLaboratories* 57 4
EnerSys 342 22 Take-TwoInteractiveSoftware* 70 7
Exponent 222 15 TechData* 88 10
GeneralDynamics 460 93 TexasInstruments 1,670 138
Genesee&Wyoming,ClA* 73 5 TotalSystemServices 840 58
GPStrategies* 213 6 TylerTechnologies* 90 15
HEICO 334 29 Virtusa* 181 7
HoneywellInternational 810 112 WebMDHealth* 90 6
IllinoisToolWorks 530 73 WEX* 118 13
Insperity 175 14 1,486
JohnBeanTechnologies 140 12
KLX* 185 9 Materials—1.5%
LockheedMartin 160 49 AirProducts&Chemicals 210 30
Moog,ClA* 107 8 Balchem 171 13
Multi-Color 58 5 BerryGlobalGroup* 1,011 57
NorthropGrumman 130 35 Cabot 49 3
OnAssignment* 329 16 DowChemical 1,680 112
Parker-Hannifin 300 48 InnophosHoldings 196 9
PatrickIndustries* 156 12 InternationalPaper 530 29
Raytheon 210 38 MineralsTechnologies 71 4
RBCBearings* 38 4 NeenahPaper 140 11
RegalBeloit 73 6 PolyOne 98 3
RockwellAutomation 280 46 Sherwin-Williams 140 47
SPPlus* 160 6 SilganHoldings 224 7
TriNetGroup* 142 5
325
UnitedTechnologies 280 34
UniversalForestProducts 149 13 RealEstate—1.1%
WageWorks* 262 15 AgreeRealtyREIT 151 8
WilldanGroup* 108 3 CareTrustREIT 312 6
941 CorEnergyInfrastructureTrustREIT 128 4
ExtraSpaceStorageREIT 540 42
InformationTechnology—6.7% InfraREIT 205 5
Alphabet,ClA* 135 129 LamarAdvertising,ClAREIT 670 45
Alteryx,ClA*# 212 5 PotlatchREIT 169 8
SeeNotestoSchedulesofInvestments.
3
PNC Balanced Allocation Fund
SCHEDULE OF INVESTMENTS
August 31, 2017 (Unaudited)
Number Value Number Value
ofShares (000) ofShares (000)
COMMONSTOCKS—continued
InformationTechnology—0.6%
RealEstate—continued
Broadcom(Singapore) 230 $ 58
PrologisREIT 1,110 $ 70
EVERTEC(PuertoRico) 250 5
PSBusinessParksREIT 32 4
IchorHoldings(CaymanIslands)* 190 4
RE/MAXHoldings,ClA 111 7
Novanta(Canada)* 208 8
RealogyHoldings 174 6
OpenText(Canada) 76 3
SummitHotelPropertiesREIT 330 5
TEConnectivity(Switzerland) 770 61
WelltowerREIT 400 29
139
239
RealEstate—0.2%
TelecommunicationServices—0.6% ColliersInternationalGroup(Canada) 215 11
AT&T 1,157 43 FirstService(Canada) 285 20
BoingoWireless* 259 5 31
T-MobileUSA* 520 34
VerizonCommunications 1,200 58 Utilities—0.0%
PampaEnergiaSA,ADR(Argentina)* 76 5
140
TotalForeignCommonStocks
Utilities—1.2%
(Cost$630) 620
AmericanElectricPower 520 38
AmericanWaterWorks 600 49 EXCHANGE-TRADEDFUNDS—8.5%
DTEEnergy 390 44 iSharesMSCIEAFEValueETF† 15,353 814
ElPasoElectric 89 5 SPDR®S&P500®ETFTrust 4,270 1,057
NextEraEnergy 358 54
NRGYield,ClC 215 4
SJWGroup 98 5 TotalExchange-TradedFunds
SouthwestGasHoldings 55 4 (Cost$1,564) 1,871
WGLHoldings 34 3
MASTERLIMITEDPARTNERSHIPS—0.2%
XcelEnergy 1,010 50
Energy—0.2%
256 AllianceResourcePartnersLP# 286 5
TotalCommonStocks CheniereEnergyPartnersLP 223 6
(Cost$5,281) 7,266 MagellanMidstreamPartnersLP 410 28
39
FOREIGNCOMMONSTOCKS—2.8%
ConsumerDiscretionary—0.9% Financials—0.0%
Carnival(Panama) 2,070 143 AresManagementLP 205 4
HelenofTroy(Bermuda)* 98 9
JD.com,ADR(CaymanIslands)* 1,120 47 TotalMasterLimitedPartnerships
LibertyGlobalPLC,ClA(UnitedKingdom)* 187 5 (Cost$38) 43
204
MUTUALFUND—12.7%
ConsumerStaples—0.0% PNCInternationalGrowthFund,
AdecoagroSA(Luxembourg)* 348 4 ClassIShares† 209,401 2,800
FreshDelMonteProduce(CaymanIslands) 89 4
8 TotalMutualFund
(Cost$2,146) 2,800
Energy—0.8%
GasLog(Bermuda) 312 5
TOTALSA,ADR(France) 1,360 71
TransCanada(Canada) 1,742 88
164
Financials—0.1%
ArgoGroupInternationalHoldings(Bermuda) 99 6
EssentGroup(Bermuda)* 107 4
IRFEuropeanFinance
Investments(Bermuda)* (A)Δ 31,579 –
OneBeaconInsuranceGroup,ClA(Bermuda) 151 3
13
Healthcare—0.0%
ICONPLC(Ireland)* 27 3
Industrials—0.2%
Ingersoll-RandPLC(Ireland) 620 53
SeeNotestoSchedulesofInvestments.
4
Par Value Par Value
(000) (000) (000) (000)
ASSET-BACKEDSECURITIES—3.0%
ConsumerDiscretionary—0.2%
Automotive—1.9%
Hasbro
BMWVehicleOwnerTrust,
6.300%,09/15/17 $30 $ 30
Series2016-A,ClA3 HiltonWorldwideFinanceLLC
1.160%,11/25/20 $115 $114 4.625%,04/01/25 15 16
FordCreditAutoLeaseTrust,
46
Series2016-A,ClA2A
1.420%,11/15/18 16 16
ConsumerServices—0.3%
FordCreditAutoOwnerTrust,
AvonProducts
Series2016-A,ClA3 7.000%,03/15/23 25 22
1.390%,07/15/20 25 25 GrahamHoldings
HondaAutoReceivablesOwnerTrust, 7.250%,02/01/19 20 21
Series2016-2,ClA3 Sotheby’s
1.390%,04/15/20 35 35 5.250%,10/01/22144A 25 26
HondaAutoReceivablesOwnerTrust,
69
Series2016-3,ClA4
1.330%,11/18/22 70 70 ConsumerStaples—0.4%
HyundaiAutoReceivablesTrust, Kroger
Series2017-A,ClA3 6.150%,01/15/20 40 44
1.760%,08/16/21 60 60 4.450%,02/01/47 10 9
NissanAutoReceivablesOwnerTrust, WhiteWaveFoods
Series2017-B,ClA3 5.375%,10/01/22 30 34
1.750%,10/15/21 90 90
87
410
Energy—1.7%
CreditCards—1.1% Andeavor
BACreditCardTrust, 5.375%,10/01/22 25 26
Series2015-A2,ClA BoardwalkPipelinesLP
1.360%,09/15/20 100 100 3.375%,02/01/23 25 25
BACreditCardTrust, 5.950%,06/01/26 15 17
Series2017-A1,ClA1 BPCapitalMarketsPLC
1.950%,08/15/22 35 35 3.224%,04/14/24 45 46
CapitalOneMulti-AssetExecutionTrust, ConocoPhillips
6.500%,02/01/39 15 20
Series2016-A3,ClA3
EnergyTransferLP
1.340%,04/15/22 115 114
4.050%,03/15/25 25 25
249 6.125%,12/15/45 15 16
HollyFrontier
TotalAsset-BackedSecurities
5.875%,04/01/26 35 38
(Cost$661) 659
KinderMorganEnergyPartnersLP(MTN)
CORPORATEBONDS—16.1% 6.950%,01/15/38 25 30
Automotive—0.4% NewfieldExploration
FordMotor 5.375%,01/01/26 15 16
4.346%,12/08/26 30 31 PetroleosMexicanos
GeneralMotors 4.250%,01/15/25 25 25
6.600%,04/01/36 10 12 Phillips66
5.150%,04/01/38 5 5 4.650%,11/15/34 25 27
GeneralMotorsFinancial Rowan
3.200%,07/13/20 15 15 4.875%,06/01/22 40 36
GoodyearTire&Rubber ValeroEnergy
4.875%,03/15/27 15 15 3.400%,09/15/26 20 20
78 367
Cable—0.4% Financials—4.5%
CBS AmericanExpress
4.600%,01/15/45 20 21 2.500%,08/01/22 25 25
CharterCommunicationsOperatingLLC BankofAmerica
6.384%,10/23/35 35 40 6.250%,09/29/49 (B) 25 28
ThomsonReuters BankofAmerica(GMTN)
1.650%,09/29/17 35 35 2.000%,01/11/18 45 45
BankofAmerica(MTN)
96 4.000%,04/01/24 25 27
SeeNotestoSchedulesofInvestments.
5
PNC Balanced Allocation Fund
SCHEDULE OF INVESTMENTS
August 31, 2017 (Unaudited)
Par Value Par Value
(000) (000) (000) (000)
CORPORATEBONDS—continued
Financials—continued AllerganFundingSCS
4.200%,08/26/24 $30 $ 32 3.450%,03/15/22 $25 $ 26
3.248%,10/21/27 10 10 Amgen
BankUnited 2.650%,05/11/22 15 15
4.875%,11/17/25 20 21 4.400%,05/01/45 25 26
BearStearnsLLC HCA
7.250%,02/01/18 35 36 5.875%,03/15/22 25 28
CapitalOneFinancial Johnson&Johnson
2.500%,05/12/20 40 40 3.550%,03/01/36 35 36
Citigroup SelectMedical
2.150%,07/30/18 30 30 6.375%,06/01/21 10 10
4.450%,09/29/27 20 21 ShireAcquisitionsInvestmentsIrelandDAC
6.250%,12/29/49 (B) 25 28 1.900%,09/23/19 25 25
CreditSuisseAG(GMTN) TevaPharmaceuticalFinanceIIIBV
5.400%,01/14/20 35 38 2.800%,07/21/23 15 14
DeutscheBankAG 3.150%,10/01/26# 40 37
2.950%,08/20/20 30 30
253
4.250%,10/14/21 15 16
GoldmanSachsGroup Industrials—0.9%
2.350%,11/15/21 55 55 Ball
HSBCHoldingsPLC 4.000%,11/15/23 20 20
5.100%,04/05/21 40 44 CintasNo2
JPMorganChase 4.300%,06/01/21 35 38
2.400%,06/07/21 45 45 CNHIndustrialNV
3.882%,07/24/38 (B) 35 35 4.500%,08/15/23 30 32
7.900%,12/29/49 (B) 25 26 GeneralElectric
MorganStanley(GMTN) 4.125%,10/09/42 30 32
2.500%,04/21/21 45 45 KLX
MorganStanley(MTN) 5.875%,12/01/22144A 25 26
2.625%,11/17/21 15 15 Owens-BrockwayGlassContainer
4.100%,05/22/23 20 21 6.375%,08/15/25144A 25 28
RoyalBankofCanada PulteGroup
2.100%,10/14/20 80 80 7.875%,06/15/32 25 29
RoyalBankofScotlandGroupPLC
205
6.000%,12/19/23 40 44
SantanderUKGroupHoldingsPLC(GMTN)
InformationTechnology—0.1%
3.125%,01/08/21 35 36
VeriSign
USBancorp
4.625%,05/01/23 25 26
5.300%,04/15/49 (B) 20 22
Visa Insurance—0.5%
4.150%,12/14/35 25 27 BerkshireHathawayFinance
WellsFargo 4.250%,01/15/21 25 27
3.069%,01/24/23 15 15 MetLife
5.900%,12/29/49 (B) 25 27 6.400%,12/15/66 20 23
WestpacBanking TeachersInsurance&AnnuityAssociationofAmerica
2.250%,07/30/18 30 30 4.900%,09/15/44144A 25 28
XLIT
994
4.450%,03/31/25 35 37
Food,Beverage&Tobacco—0.5%
115
Anheuser-BuschInBevFinance
4.700%,02/01/36 50 56 Materials—0.4%
ConstellationBrands CaterpillarFinancialServices(MTN)
3.875%,11/15/19 20 21 2.100%,01/10/20 25 25
6.000%,05/01/22 20 23 Freeport-McMoRan
KraftHeinzFoods 6.875%,02/15/23 20 22
5.200%,07/15/45 15 16 HuntsmanInternationalLLC
4.875%,11/15/20 10 11
116
Sherwin-Williams
Healthcare—1.2% 2.750%,06/01/22 25 25
AbbottLaboratories
83
3.750%,11/30/26 35 36
SeeNotestoSchedulesofInvestments.
6
Par Value Par Value
(000) (000) (000) (000)
CORPORATEBONDS—continued
RealEstate—0.7% VerizonCommunications
AmericanCampusCommunitiesOperating 4.500%,08/10/33 $ 60 $ 61
PartnershipLP 184
3.750%,04/15/23 $35 $ 36
CrownCastleInternational Transportation—0.3%
3.650%,09/01/27 25 25 ERACUSAFinanceLLC
RealtyIncome 5.625%,03/15/42144A 25 29
5.375%,09/15/17 25 25 FedEx
SpiritRealtyLP 3.900%,02/01/35 25 25
4.450%,09/15/26 45 46 Hertz
VEREITOperatingPartnershipLP 7.625%,06/01/22144A 10 10
3.950%,08/15/27 25 25
64
157
Utilities—0.6%
Retail—1.2% AlabamaPower
Amazon.com 2.450%,03/30/22 30 30
4.250%,08/22/57144A 40 42 BerkshireHathawayEnergy
CVSHealth 6.125%,04/01/36 20 26
3.500%,07/20/22 25 26 DominionEnergy
Hanesbrands 1.400%,09/15/17 35 35
4.625%,05/15/24144A 25 26 NextEraEnergyCapitalHoldings
PenskeAutomotiveGroup 2.056%,09/01/17 25 25
5.375%,12/01/24 25 25 NiSourceFinance
PricelineGroup 3.490%,05/15/27 25 26
2.750%,03/15/23 10 10
142
3.600%,06/01/26 35 36
UnderArmour TotalCorporateBonds
3.250%,06/15/26 30 28 (Cost$3,434) 3,552
Wal-MartStores
5.625%,04/01/40 25 32 MUNICIPALBOND—0.2%
WolverineWorldWide Texas—0.2%
5.000%,09/01/26144A 30 30 TexasTransportationCommission(RB)SeriesB
5.178%,04/01/30 45 54
255
Technology—1.0% TotalMunicipalBond
ActivisionBlizzard (Cost$52) 54
2.300%,09/15/21 40 40
OTHERGOVERNMENTANDAGENCYOBLIGATION—0.1%
Amphenol
Mexico—0.1%
2.550%,01/30/19 30 30
MexicoGovernmentInternationalBond
Apple
3.850%,05/04/43 35 36 (GMTN)
Avnet 4.750%,03/08/44 20 21
4.625%,04/15/26 25 26
KLA-Tencor TotalOtherGovernmentandAgencyObligation
4.125%,11/01/21 45 48 (Cost$18) 21
Microsoft
U.S.GOVERNMENTAGENCYMORTGAGE-
3.450%,08/08/36 35 35
BACKEDOBLIGATIONS—9.5%
215 FederalHomeLoanMortgageCorporation—0.9%
4.000%,10/01/43 92 98
Telecommunications—0.8%
4.000%,10/01/44 90 96
AT&T
4.450%,04/01/24 30 32 194
4.900%,08/14/37 20 20
4.750%,05/15/46 25 24 FederalNationalMortgageAssociation—7.7%
5.700%,03/01/57 15 16 5.500%,07/01/33 2 3
NokiaOYJ 5.500%,05/01/35 17 18
3.375%,06/12/22 10 10 5.000%,08/01/40 109 120
T-MobileUSA 4.500%,06/01/40 77 84
4.000%,04/15/22 20 21 4.500%,03/01/41 70 76
4.000%,03/01/26 19 20
4.000%,12/01/40 68 72
4.000%,01/01/41 85 91
SeeNotestoSchedulesofInvestments.
7
PNC Balanced Allocation Fund
SCHEDULE OF INVESTMENTS
August 31, 2017 (Unaudited)
Par Value Number Value
(000) (000) ofShares (000)
U.S.GOVERNMENTAGENCYMORTGAGE- MONEYMARKETFUND—2.0%
BACKEDOBLIGATIONS—continued PNCGovernmentMoneyMarketFund,
FederalNationalMortgageAssociation—continued ClassIShares0.874%† (C) 440,113 $ 440
3.500%,01/01/26 $ 73 $ 76
3.500%,10/01/26 50 52
3.500%,11/01/29 48 50 TotalMoneyMarketFund
3.500%,03/01/41 80 83 (Cost$440) 440
3.500%,08/01/42 119 124
3.500%,02/01/43 94 98 TotalInvestmentsBeforeShort-TermInvestmentsPurchasedwith
3.500%,08/01/44 133 139 CollateralfromSecuritiesLoaned –99.8%
3.500%,07/01/46 75 78 (Cost$18,836) 21,991
3.000%,06/01/28 53 55
SHORT-TERMINVESTMENTSPURCHASEDWITH
3.000%,11/01/42 136 138
3.000%,04/01/43 99 100 COLLATERALFROMSECURITIESLOANED—0.3%
3.000%,05/01/43 127 129 AffiliatedMoneyMarketFund—0.3%
2.500%,11/01/27 98 100 PNCGovernmentMoneyMarketFund,
1,706 ClassIShares0.874%† (C) 72,779 73
GovernmentNationalMortgageAssociation—0.9% MoneyMarketFund—0.0%
4.000%,09/15/41 68 72 MorganStanleyInstitutionalLiquidityFunds
4.000%,10/20/43 38 40 GovernmentPortfolio,
3.500%,07/15/42 33 35 InstitutionalClass0.896% (C) 4,002 4
3.500%,12/20/42 45 48
TotalShort-TermInvestmentsPurchasedWithCollateralFrom
195 SecuritiesLoaned
(Cost$77) 77
TotalU.S.GovernmentAgencyMortgage-BackedObligations
(Cost$2,055) 2,095
TOTALINVESTMENTS—100.1%
U.S.TREASURYOBLIGATIONS—11.7% (Cost$18,913)** 22,068
U.S.TreasuryBonds—3.0%
OtherAssets&Liabilities –(0.1)% (23)
4.500%,02/15/36 175 230
3.750%,08/15/41 225 270 TOTALNETASSETS—100.0% $22,045
2.500%,02/15/45 175 167
667 * Non-incomeproducingsecurity.
** AggregatecostforFederalincometaxpurposesis(000)$18,982.
U.S.TreasuryInflationIndexedBond—0.7% Grossunrealizedappreciation(000) $3,290
0.125%,07/15/24 144 144 Grossunrealizeddepreciation(000) (204)
144 Netunrealizedappreciation(000) $3,086
U.S.TreasuryNotes—8.0% † AffiliatedHolding.SeeNote3inNotestoSchedulesofInvestments.
2.500%,08/15/23 10 10 # Securityfullyorpartiallyonloan.TotalValueofSecuritiesonLoanis$75(000).
2.375%,08/15/24 20 21 (A) IlliquidSecurity.Totalvalueofilliquidsecuritiesis$1(000)andrepresents
2.250%,11/15/25 200 203 lessthan0.1%ofnetassetsasofAugust31,2017.
2.125%,09/30/21 285 291 (B) Fixedtofloatingrateinvestment.Therateshownisthefixedrate,whichisthe
rateineffectonAugust31,2017,andthedateshownisthefinalmaturity
2.000%,02/28/21 300 305
date,nottheresetdate.
1.750%,10/31/20 290 292
(C) Theratequotedistheannualizedseven-dayeffectiveyieldofthefundatperiod
1.750%,03/31/22 90 90 end.
1.625%,12/31/19 145 146 144A SecurityexemptfromregistrationunderRule144AoftheSecuritiesActof
1.625%,08/15/22 330 329 1933.Thesesecuritiesmayberesoldintransactionsexemptfromregistra-
1.625%,05/15/26 70 67 tion,normallytoqualifiedinstitutionalbuyers.TotalvalueofRule144A
1.500%,12/31/18 5 5 securitiesis$245(000)andrepresents1.1%ofnetassetsasofAugust31,
2017.
1,759 Δ Thevalueofthissecuritywasdeterminedusingsignificantunobservableinputs
andisreportedasaLevel3securityintheValuationHierarchytablelocatedat
TotalU.S.TreasuryObligations theendoftheScheduleofInvestments.
(Cost$2,517) 2,570
SeeNotestoSchedulesofInvestments.
8
ValuationHierarchy:
AsummaryofinputsusedtovaluetheFund’sinvestmentsasofAugust31,2017isasfollows(SeeNote2inNotestoSchedulesofInvestments).
Level2 Level3
Level1 OtherSignificant Significant Total
QuotedPrices ObservableInputs UnobservableInputs Value
(000) (000) (000) (000)
Assets:
Asset-BackedSecurities $ – $ 659 $ – $ 659
CommonStocks 7,265 – 1 7,266
CorporateBonds – 3,552 – 3,552
Exchange-TradedFunds 1,871 – – 1,871
ForeignCommonStocks:
Argentina 5 – – 5
Bermuda 27 – – 27
Canada 130 – – 130
CaymanIslands 55 – – 55
France 71 – – 71
Ireland 56 – – 56
Luxembourg 4 – – 4
Panama 143 – – 143
PuertoRico 5 – – 5
Singapore 58 – – 58
Switzerland 61 – – 61
UnitedKingdom 5 – – 5
MasterLimitedPartnerships 43 – – 43
MoneyMarketFund 440 – – 440
MunicipalBond – 54 – 54
MutualFund 2,800 – – 2,800
OtherGovernmentandAgencyObliga-
tion – 21 – 21
Short-TermInvestmentsPurchased
withCollateralFromSecurities
Loaned 77 – – 77
U.S.GovernmentAgency
Mortgage-
BackedObligations – 2,095 – 2,095
U.S.TreasuryObligations – 2,570 – 2,570
TotalAssets-InvestmentsinSecuri-
ties $ 13,116 $ 8,951 $ 1 $ 22,068
TherewerenotransfersbetweenLevelsduringthethree-monthperiodendedAugust31,2017.
SeeNotestoSchedulesofInvestments.
9
PNC Emerging Markets Equity Fund
SCHEDULE OF INVESTMENTS
August 31, 2017 (Unaudited)
Number Value Number Value
ofShares (000) ofShares (000)
FOREIGNCOMMONSTOCKS—94.9%
InformationTechnology—34.4%
ConsumerDiscretionary—11.5%
AlibabaGroupHolding,ADR(China)* 4,017 $ 690
AmRestHoldingsSE(Poland)* 562 $ 56
ChinasoftInternational(China)* 219,392 117
ArcelikAS(Turkey) 12,026 84
DeltaElectronics(Taiwan) 12,198 67
CCCSA(Poland) 1,304 96
LarganPrecision(Taiwan) 831 161
CVCBrasilOperadoraeAgen-
Mail.RuGroup,GDR(Russia)* 4,500 133
ciadeViagensSA(Brazil) 5,500 66
MercadoLibre(Argentina) 509 132
GourmetMaster(Taiwan) 15,400 183
MyEGServicesBhd(Malaysia) 296,900 148
HotaIndustrialManufacturing(Taiwan) 43,212 203
NAVER(SouthKorea) 135 91
LoenEntertainment(SouthKorea) 1,892 135
NCSoft(SouthKorea) 389 133
Mando(SouthKorea) 637 136
SamsungElectronics(SouthKorea) 255 525
Naspers,ClN(SouthAfrica) 545 123
SamsungSDI(SouthKorea) 1,458 255
NokianRenkaatOYJ(Finland) 4,687 198
Silergy(Taiwan) 7,000 156
TALEducationGroup,ADR(China)* 5,031 153
TaiwanSemiconductorManufacturing(Taiwan) 61,147 440
1,433 TencentHoldings(China) 18,504 779
Weibo,ADR(China)* 2,872 290
ConsumerStaples—3.7% YandexNV,ClA(Russia)* 5,510 165
BIMBirlesikMagazalarAS(Turkey) 7,582 168
4,282
JeronimoMartinsSGPSSA(Portugal) 5,156 103
MDiasBrancoSA(Brazil) 8,610 134
Materials—3.5%
VietnamDairyProductsJSC(Vietnam) 8,290 54
CahyaMataSarawakBhd(Malaysia) 50,200 48
459 RandgoldResources,ADR(Jersey) 1,230 126
SKMaterials(SouthKorea) 502 81
Energy—0.6% Vedanta,ADR(India) 9,017 177
TenarisSA,ADR(Argentina) 2,974 79
432
Financials—16.5%
RealEstate—4.3%
AIAGroup(China) 24,400 188
AyalaLand(Philippines) 147,400 121
BankCentralAsiaTbkPT(Indonesia) 79,700 113
CentralPattanaPCL(Thailand) 92,385 200
BGEOGroupPLC(Georgia) 2,097 94
EmaarPropertiesPJSC(UnitedArabEmirates) 56,133 130
CapitecBankHoldings(SouthAfrica) 1,239 86
YanlordLandGroup(Singapore) 70,100 90
ChinaMerchantsBank,ClH(China) 63,261 239
EquityGroupHoldings(Kenya) 164,700 70 541
ErsteGroupBankAG(Austria)* 5,318 225
GrupoSupervielleSA,ADR(Argentina) 6,237 127 TelecommunicationServices—3.2%
HDFCBank,ADR(India) 2,466 240 Safaricom(Kenya) 553,500 137
OTPBankPLC(Hungary) 6,801 277 TelekomunikasiIndonesia
PingAnInsuranceGroupofChina,ClH(China) 26,366 210 PerseroTbkPT,ADR(Indonesia) 3,247 115
SrisawadPCL(Thailand) 122,996 190 TurkcellIletisimHizmetleriAS,ADR(Turkey) 15,311 145
2,059 397
Healthcare—10.3% TotalForeignCommonStocks
CSPCPharmaceuticalGroup(China) 76,000 119 (Cost$9,536) 11,824
HypermarcasSA(Brazil) 16,859 157
EXCHANGE-TRADEDFUND—1.1%
Medy-Tox(SouthKorea) 452 228
iSharesMSCIThailandCappedETF†# 1,593 132
NMCHealthPLC(UnitedArabEmirates) 6,598 233
RichterGedeonNyrt(Hungary) 9,699 253
SamsungBiologics(SouthKorea)*144A 673 170 TotalExchange-TradedFund
SinoBiopharmaceutical(China) 145,000 127 (Cost$125) 132
1,287
Industrials—6.9%
AirportsofThailandPCL(Thailand) 85,200 140
AirtacInternationalGroup(Taiwan) 14,626 204
AselsanElektronikSanayiVeTicaretAS(Turkey) 31,306 245
BlueBirdTbkPT(Indonesia) 157,604 56
MalaysiaAirportsHoldingsBhd(Malaysia) 40,800 86
PembangunanPerumahanPer-
seroTbkPT(Indonesia) 235,171 50
WizzAirHoldingsPLC(Hungary)*144A 1,947 74
855
SeeNotestoSchedulesofInvestments.
10