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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Lirsb/TWG6IDjiSWXSE3HuxisQfcpzb23T7KzNZ42K2Ign9rge15h8F5qR4iLo7A
 nMlogOoof0MHEtQ9DdvZWg==

<SEC-DOCUMENT>0001181431-11-001044.txt : 20110104
<SEC-HEADER>0001181431-11-001044.hdr.sgml : 20110104
<ACCEPTANCE-DATETIME>20110104165650
ACCESSION NUMBER:		0001181431-11-001044
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110103
FILED AS OF DATE:		20110104
DATE AS OF CHANGE:		20110104

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PNC LONG-SHORT FUND LLC
		CENTRAL INDEX KEY:			0001198145
		IRS NUMBER:				470892578
		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 LONG SHORT MANAGER FUND LLC
		DATE OF NAME CHANGE:	20021015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERCANTILE LONG SHORT MANAGER FUND INC
		DATE OF NAME CHANGE:	20021011

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21258
		FILM NUMBER:		11506815

	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

	FORMER NAME:	
		FORMER CONFORMED NAME:	PNC INVESTMENT CORP
		DATE OF NAME CHANGE:	19980107
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd296522.xml
<DESCRIPTION>PNCI FORM 4 PLSF 3-31-11
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-01-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001198145</issuerCik>
        <issuerName>PNC LONG-SHORT FUND LLC</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000905582</rptOwnerCik>
            <rptOwnerName>PNC INVESTMENT Co LLC</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 Company Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2011-01-03</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 March 31, 2011.</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 March 31, 2011. 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 March 31, 2011. 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/Vincente Santapau, Assistant Vice President</signatureName>
        <signatureDate>2011-01-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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