0000940400-11-000197.txt : 20110531
0000940400-11-000197.hdr.sgml : 20110530
20110531103747
ACCESSION NUMBER: 0000940400-11-000197
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20110331
FILED AS OF DATE: 20110531
DATE AS OF CHANGE: 20110531
EFFECTIVENESS DATE: 20110531
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PNC Long-Short Master Fund LLC
CENTRAL INDEX KEY: 0001339208
IRS NUMBER: 432097065
STATE OF INCORPORATION: DE
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-21818
FILM NUMBER: 11880062
BUSINESS ADDRESS:
STREET 1: 2 HOPKINS PLAZA
STREET 2: 11TH FL.
CITY: BALTIMORE
STATE: MD
ZIP: 21201
BUSINESS PHONE: 800-239-0418
MAIL ADDRESS:
STREET 1: 2 HOPKINS PLAZA
STREET 2: 11TH FL.
CITY: BALTIMORE
STATE: MD
ZIP: 21201
FORMER COMPANY:
FORMER CONFORMED NAME: Mercantile Long-Short Manager Master Fund LLC
DATE OF NAME CHANGE: 20050920
NSAR-B
1
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PAGE 2
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SIGNATURE JOHN F. KERNAN
TITLE TREASURER
EX-99.77B ACCT LTTR
2
pnclsm77b.txt
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Members and Board of Directors of
PNC Long-Short Master Fund LLC:
In planning and performing our audit of the financial
statements of PNC Long-Short Master Fund LLC (the "Fund")
as of and for the year ended March 31, 2011, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered
the Fund's internal control over financial reporting,
including controls over safeguarding securities, as a
basis for designing our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, but not for the purpose of expressing an opinion on
the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such
opinion.
The management of the Fund is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related
costs of controls. A fund's internal control over
financial reporting is a process designed to provide
reasonable assurance regarding the reliability of
financial reporting and the preparation of financial
statements for external purposes in accordance with
generally accepted accounting principles. A fund's
internal control over financial reporting includes those
policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements
in accordance with generally accepted accounting
principles, and that receipts and expenditures of the
fund are being made only in accordance with
authorizations of management and directors of the fund;
and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or
disposition of a fund's assets that could have a material
effect on the financial statements.
Because of its inherent limitations, internal control
over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in
conditions or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is
a deficiency, or a combination of deficiencies, in
internal control over financial reporting, such that
there is a reasonable possibility that a material
misstatement of the fund's annual or interim financial
statements will not be prevented or detected on a timely
basis.
Our consideration of the Fund's internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be
material weaknesses under standards established by the
Public Company Accounting Oversight Board (United
States). However, we noted no deficiencies in the Fund's
internal control over financial reporting and its
operation, including controls for safeguarding
securities, that we consider to be a material weakness,
as defined above, as of March 31, 2011.
This report is intended solely for the information and
use of management and the Board of Directors of PNC Long-
Short Master Fund LLC and the Securities and Exchange
Commission and is not intended to be and should not be
used by anyone other than these specified parties.
DELOITTE & TOUCHE LLP
Chicago, Illinois
May 27, 2011
EX-99.77C VOTES
3
pnclsm77c.txt
77 C Exhibit
Special Meeting of Members of PNC Long Short Fund LLC and PNC
Long-Short TEDI Fund LLC was held on August 31. 2010. The
matter voted on was as follows:
2. New investment advisory agreement among PNC
Long-Short Master Fund LLC, PNC Capital Advisors,
LLC and Robeco Investment Management, Inc.
Results of the vote:
Fund
Interests For Interests Against Interests Abstained
PNC Long-Short Fund LLC
99.657% 0.00% 0.343%
PNC Long-Short TEDI Fund LLC
100.00% 0.00% 0.00%
EX-99.77Q2 ITEM 405
4
pnc77q2.txt
77 Q (2) Exhibit
Form 3 for Mr. John G. Drosdick, who was appointed as a
Director of the Fund on November 1, 2010, was filed late
due to an error by the Fund's Administrator. The Form 3
for Mr. Drosdick was filed with the Securities and
Exchange Commission on April 18, 2011.