<DOCUMENT> <TYPE>497 <SEQUENCE>1 <FILENAME>pnc_497.txt <DESCRIPTION>PNC FUNDS <TEXT> [GRAPHIC OMITTED] PNC ALTERNATIVE INVESTMENT FUNDS PNC ALTERNATIVE STRATEGIES FUND LLC Supplement dated June 15, 2010 to the Prospectus dated August 3, 2009 THIS SUPPLEMENT CONTAINS IMPORTANT CHANGES TO THE INFORMATION CONTAINED IN THE PROSPECTUS. IT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS. EFFECTIVE JUNE 4, 2010, MICHAEL ABBOTT IS NO LONGER A PORTFOLIO MANAGER OF THE PNC ALTERNATIVE STRATEGIES MASTER FUND LLC (THE "MASTER FUND"). THE INFORMATION FOR MR. ABBOTT IS DELETED. JILL E. SCHURTZ HAS BEEN ADDED TO THE MASTER FUND PORTFOLIO MANAGEMENT TEAM EFFECTIVE JUNE 4, 2010. AS A RESULT OF THIS CHANGE, THE FOLLOWING INFORMATION SHOULD BE ADDED UNDER THE HEADING "ADVISER" ON PAGE 48 OF THE PROSPECTUS: Investment decisions for the Master Fund are made with the oversight of the Adviser's Investment Committee, comprised of Jill E. Schurtz, the Chief Executive Officer of the Robeco-Sage division of the Adviser, Mr. Platkin, Mr. Wolf, and Glenn E. Sloat, the Head of Operational Due Diligence of the Robeco-Sage division of the Adviser. JILL E. SCHURTZ, Chief Executive Officer of the Robeco-Sage division of the Adviser, joined the Adviser in early 2008 and served as the firm's Chief Operating Officer until June 2010, when she assumed the role of CEO. Prior to joining the firm, she spent a year and a half at Knight Equity Markets, L.P. as a Director in Research Sales, where she worked closely with research analysts and sales traders to introduce the firm's offerings to institutional clients, hedge funds, and other broker/dealers. Ms. Schurtz was also a lawyer with Skadden, Arps, Slate, Meagher, & Flom LLP for six years, focusing on complex tax strategies relating to financial products, capital markets transactions, and mergers and acquisitions. Her other affiliations include two years as an investment banker at U.S. Bancorp Piper Jaffray in the Communications and Computing group where she was a Vice President, and the U.S. military where she served for seven years, attaining the rank of Captain. Ms. Schurtz holds a B.S. degree from the United States Military Academy, West Point and a J.D. from Columbia University School of Law. She has 12 years of industry experience and is admitted to practice law in New York and Illinois. The following table sets forth information about funds and accounts other than the Master Fund for which Ms. Schurtz is primarily responsible for the day-to-day portfolio management as of June 4, 2010. <TABLE> <CAPTION> ------------------------------------ ----------------------------- ------------------------------- --------------------------- Registered Investment Pooled Investment Vehicles Other Accounts Companies Managed by Managed by the Managed by the The Portfolio Manager Portfolio Manager Portfolio Manager ------------------------------------ ----------------------------- ------------------------------- --------------------------- ------------------------------------ ------------- --------------- ------------- ----------------- --------- ----------------- Name of Fund's Portfolio Manager Number Total Assets Number Total Assets Number Total Assets ------------------------------------ ------------- --------------- ------------- ----------------- --------- ----------------- ------------------------------------ ------------- --------------- ------------- ----------------- --------- ----------------- <C> <C> <C> <C> <C> <C> <C> Jill E. Schurtz 8 $252,334,000 8 $1,007,515,000 1 $20,976,000 ------------------------------------ ------------- --------------- ------------- ----------------- --------- ----------------- -------------------------------- ----------------------------- ------------------------------- ------------------------------- Registered Investment Pooled Investment Vehicles Other Accounts Companies Managed by Managed by the Managed by the The Portfolio Manager Portfolio Manager Portfolio Manager -------------------------------- ----------------------------- ------------------------------- ------------------------------- -------------------------------- -------------- -------------- ------------- ----------------- ------------- ----------------- Total Assets Total Assets Total Assets Number with with Number with with Number with with Performance- Performance- Performance- Performance- Performance- Performance- Name of Fund's Portfolio Manager Based Fees Based Fees Based Fees Based Fees Based Fees Based Fees -------------------------------- -------------- -------------- ------------- ----------------- ------------- ----------------- -------------------------------- -------------- -------------- ------------- ----------------- ------------- ----------------- Jill E. Schurtz 0 N/A 4 $140,330,000 0 N/A -------------------------------- -------------- -------------- ------------- ----------------- ------------- ----------------- </TABLE> ------------------ As of June 4, 2010, Ms. Schurtz did not beneficially own any securities in the Fund or the Master Fund. </TEXT> </DOCUMENT>