https://www.sec.gov/Archives/edgar/data/778202/000110465918012471/a17-27821_21497.htm497 1 a17-27821_21497.htm 497
Supplement dated February 27, 2018 to the
PNC Funds Prospectus,
PNC Maryland Tax Exempt Bond Fund Summary Prospectus,
PNC Ohio Intermediate Tax Exempt Bond Fund Summary Prospectus, and
PNC Funds Statement of Additional Information
each dated September 28, 2017, as supplemented
PNC Maryland Tax Exempt Bond Fund
PNC Ohio Intermediate Tax Exempt Bond Fund
(collectively, the “Funds”)
This Supplement provides new and additional information beyond that contained in the above-mentioned prospectus, summary prospectuses, and statement of additional information for the Funds and should be read in conjunction with those documents.
On February 22, 2018, the Board of Trustees of PNC Funds approved plans of liquidation for each of the Funds. The liquidations of the Funds are expected to take place on or about June 8, 2018 (the “Liquidation Date”). Effective after the close of business on May 8, 2018, the Funds’ shares will no longer be available for purchase by new investors.
The proceeds per share to be distributed to each shareholder on the Liquidation Date will be the net asset value per share of the relevant class of shares of such Fund, after all expenses and liabilities of the Fund have been paid or otherwise provided for. For federal income tax purposes, the receipt of liquidation proceeds will generally be treated as a taxable event and may result in a gain or loss. At any time prior to the Liquidation Date, shareholders of the Funds may redeem or, subject to investment minimums and other applicable restrictions on exchanges, exchange their shares of a Fund pursuant to the procedures set forth under “Purchasing, Exchanging and Redeeming Fund Shares” in the Funds’ Prospectus.
In anticipation of the liquidation of the Funds, PNC Capital Advisors, LLC, the investment adviser to each Fund, may manage a Fund in a manner intended to facilitate its orderly liquidation and each Fund’s portfolio may be reduced to cash, cash equivalents or other short-term investments on or prior to the Liquidation Date. As a result, during this time, all or a portion of a Fund may not be invested in a manner consistent with a Fund’s stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact PNC Funds at 1-800-622-FUND (3863) with any requests for additional information.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
SP-007-0218
