<PAGE> 1
THE PNC(R)FUND
THE FIXED INCOME PORTFOLIOS
SUPPLEMENT TO PROSPECTUS DATED JANUARY 30, 1995
The section entitled "Introduction -- Portfolio Management" has been amended to
read as follows:
PNC Institutional Management Corporation ("PIMC") serves as the Fund's
investment adviser. BlackRock Financial Management, Inc. ("BlackRock")
serves as sub-adviser to the Managed Income, Intermediate Government,
Intermediate-Term Bond, Short-Term Bond, Government Income, Pennsylvania
Tax-Free Income and Ohio Tax-Free Income Portfolios; PNC Bank, National
Association ("PNC Bank") serves as sub-adviser to the Tax-Free Income
Portfolio; and Provident Capital Management, Inc. ("PCM") serves as
sub-adviser to the International Fixed Income Portfolio. The investment
adviser and sub-advisers are indirect wholly-owned subsidiaries of PNC Bank
Corp.
The section entitled "Management -- Adviser and Sub-Advisers" has been amended
as follows:
The second sentence of the first paragraph has been amended to read as follows:
The principal business address of: PIMC is 400 Bellevue Parkway, Wilmington,
Delaware 19809; PNC Bank is Broad and Chestnut Streets, Philadelphia,
Pennsylvania 19107; PCM is 1700 Market Street, 27th Floor, Philadelphia,
Pennsylvania 19103; and BlackRock is 345 Park Avenue, New York, New York
10154.
The fourth paragraph has been amended to read as follows:
The Pennsylvania Tax-Free Income and Ohio Tax-Free Income Portfolios'
manager, Kevin Klingert, is the person primarily responsible for the day-
to-day management of the Portfolios' investments. Mr. Klingert has been with
BlackRock since 1991 and the Portfolios' manager since March 1995. Mr.
Klingert was formerly an Assistant Vice-President at Merrill, Lynch, Pierce,
Fenner & Smith.
The fifth paragraph has been deleted.
The sixth paragraph has been amended to read as follows:
The Short-Term Bond, Intermediate-Term Bond, Intermediate Government,
Government Income and Managed Income Portfolios have been managed by a
BlackRock portfolio management team since March 1995. The team is led by
Robert S. Kapito and includes Michael P. Lustig, Scott Amero and Beth A.
Coyne. Mr. Kapito has been with BlackRock since 1988 and serves as Vice
Chairman of BlackRock. Mr. Lustig has been with BlackRock since 1989, prior
to which he was an associate at Pacific Merchant Bank. Mr. Amero joined
BlackRock in 1990 where he is a Managing Director. Prior to 1990, Mr. Amero
was a Vice President at First Boston Company. Ms. Coyne has been with PNC
Bank since 1990 and with BlackRock since April 1995. Prior to 1990, Ms.
Coyne sold fixed income securities for Kidder, Peabody & Co., Inc. Ms. Coyne
was formerly the person primarily responsible for managing the Short-Term
Bond, Intermediate-Term Bond, Managed Income and Intermediate Government
Portfolios for PNC Bank.
The seventh paragraph has been amended to read as follows:
The International Fixed Income Portfolio's Manager, Herve van Caloen, is the
person primarily responsible for the day-to-day management of the
Portfolio's investments. Mr. van Caloen has been a portfolio manager with
PCM since 1992 and currently heads PCM's International Group. Mr. van Caloen
has managed the Portfolio since April 1995. Before joining PCM, Mr. van
Caloen managed international portfolios for Mitchell Hutchins and Scudder,
Stevens and Clark.
The date of this Supplement is April 12, 1995.
<PAGE> 2
THE PNC(R)FUND
THE EQUITY PORTFOLIOS
SUPPLEMENT TO PROSPECTUS DATED JANUARY 30, 1995
The section entitled "Introduction -- Portfolio Management" has been amended to
read as follows:
PNC Institutional Management Corporation ("PIMC") serves as the Fund's
investment adviser. Provident Capital Management, Inc. ("PCM") serves as
sub-adviser to the Value Equity, Small Cap Value Equity, International
Equity and International Emerging Markets Portfolios; PNC Equity Advisors
Company ("PEAC") serves as sub-adviser to the Core Equity, Growth Equity,
Small Cap Growth Equity and Index Equity Portfolios; PNC Bank, National
Association ("PNC Bank") serves as sub-adviser with respect to the fixed
income portion of the Balanced Portfolio; and PNC Asset Management Group,
Inc. ("PAMG") serves as sub-adviser to the equity portion of the Balanced
Portfolio. The investment adviser and sub-advisers are indirect wholly-owned
subsidiaries of PNC Bank Corp.
The section entitled "Management -- Advisers and Sub-Advisers" has been amended
as follows:
The second sentence of the first paragraph has been amended to read as follows:
The principal business address of: PIMC is 400 Bellevue Parkway, Wilmington,
Delaware 19809; PAMG and PEAC is 1835 Market Street, 15th Floor,
Philadelphia, PA 19103; PNC Bank is Broad and Chestnut Streets,
Philadelphia, PA 19107; and PCM is 1700 Market Street, 27th Floor,
Philadelphia, Pennsylvania 19103.
The second sentence of the fourth paragraph has been amended to read as follows:
Mr. Clark has been with PEAC since March 1995 and the Portfolio's manager
since 1992.
The second sentence of the fifth paragraph has been amended to read as follows:
Mr. Wykle has been with PEAC since March 1995 and has been the Portfolio's
manager since its inception.
The second sentence of the sixth paragraph has been amended to read as follows:
Mr. Bye has been with PEAC since March 1995 and has been the Portfolio's
manager since its inception.
The second sentence of the seventh paragraph has been amended to read as
follows:
Mr. Morris has been with PEAC since March 1995 and has been the Portfolio's
manager since 1992.
The date of this Supplement is April 12, 1995.
