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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-10-021090.txt : 20100409
<SEC-HEADER>0001181431-10-021090.hdr.sgml : 20100409
<ACCEPTANCE-DATETIME>20100409114956
ACCESSION NUMBER:		0001181431-10-021090
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100408
FILED AS OF DATE:		20100409
DATE AS OF CHANGE:		20100409

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PNC ABSOLUTE RETURN FUND LLC
		CENTRAL INDEX KEY:			0001173172
		IRS NUMBER:				743043225
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		TWO HOPKINS PLAZA
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21201
		BUSINESS PHONE:		800-239-0418

	MAIL ADDRESS:	
		STREET 1:		TWO HOPKINS PLAZA
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERCANTILE ABSOLUTE RETURN FUND LLC
		DATE OF NAME CHANGE:	20020509

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PNC INVESTMENT CORP
		CENTRAL INDEX KEY:			0000905582

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21088
		FILM NUMBER:		10741545

	BUSINESS ADDRESS:	
		STREET 1:		249 FIFTH AVE.
		STREET 2:		ONE PLAZA, 21ST FLOOR
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		2155855350

	MAIL ADDRESS:	
		STREET 1:		222 DELAWARE AVNUE
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19899
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd272349.xml
<DESCRIPTION>FORM 4 PARF
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-04-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001173172</issuerCik>
        <issuerName>PNC ABSOLUTE RETURN FUND LLC</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000905582</rptOwnerCik>
            <rptOwnerName>PNC INVESTMENT CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 DELAWARE AVENUE, SUITE 304</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WILMINGTON</rptOwnerCity>
            <rptOwnerState>DE</rptOwnerState>
            <rptOwnerZipCode>19801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Limited Liability Comany Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2010-04-08</value>
                <footnoteId id="F1"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>0</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The transaction reported on this Form 4 is the sale by the reporting person of a portion of its limited liability company interests (the &quot;interests&quot;) to the issuer pursuant to an issuer tender offer. Under the terms of the offer, the issuer accepted interests that were tendered by the reporting person when the issuer gave written notice to the reporting person of the issuer's election to purchase the interests. The transaction date listed is the date the reporting person received the written notice. As noted below, however, the amount to be paid by the issuer will be based on the net asset value of the purchased interests on June 30, 2010.</footnote>
        <footnote id="F2">Under the terms of the offer, the reporting person's interests will be purchased based on their net asset value (the value of the issuer's assets minus its liabilities, multiplied by the proportionate interest in the issuer of the reporting person's interests purchased in the offer), calculated as of June 30, 2010. Because the calculation has not yet occurred, the reporting person does not know the net asset value of the interests sold, which corresponds to the price of the interests sold. The reporting person will provide this information by an amendment to this Form 4.</footnote>
        <footnote id="F3">The amount to be reported as beneficially owned following the transaction will be equal to the reporting person's capital account balance in the issuer, calculated as of June 30, 2010. Because the calculation has not yet occurred, the reporting person does not know the capital account balance attributable to the interests it will continue to own. The reporting person will provide information regarding the amount beneficially owned following the transaction by an amendment to this Form 4.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Peter M. Chiste, Vice President</signatureName>
        <signatureDate>2010-04-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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