-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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>0001181431-11-006635.txt : 20110202
<SEC-HEADER>0001181431-11-006635.hdr.sgml : 20110202
<ACCEPTANCE-DATETIME>20110202133714
ACCESSION NUMBER:		0001181431-11-006635
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101101
FILED AS OF DATE:		20110202
DATE AS OF CHANGE:		20110202

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 Co LLC
		CENTRAL INDEX KEY:			0000905582

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21088
		FILM NUMBER:		11565883

	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/A
<SEQUENCE>1
<FILENAME>rrd299367.xml
<DESCRIPTION>PNCI PARF TO-A 123110
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2010-11-01</periodOfReport>

    <dateOfOriginalSubmission>2010-11-01</dateOfOriginalSubmission>

    <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 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>2010-11-01</value>
                <footnoteId id="F1"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>400000</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>400000</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>20200087.01</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The transaction reported on this amendment to 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 on November 1, 2010 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. However, as noted below, the amount to be paid by the issuer is based on the net asset value of the purchased interests on December 31, 2010.</footnote>
        <footnote id="F2">Under the terms of the offer, the reporting person's interests are being purchased by the issuer based on the net asset value of the reporting person's interest (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 December 31, 2010.  On November 1, 2010 the reporting person received a communication from the issuer indicating that the net asset value at December 31, 2010 of the reporting person's interests sold in the tender offer (and, therefore, the price the issuer is paying for the interests) is $400,000.</footnote>
        <footnote id="F3">The amount reported as beneficially owned following the transaction is equal to the reporting person's capital account balance in the issuer, calculated as of December 31, 2010.  The issuer provided information as to this amount in a January 31, 2011 communication to the reporting person.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Peter M. Chiste, Vice President</signatureName>
        <signatureDate>2011-02-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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