November 14, 1995
U.S. Securities and Exchange Commission
Attn: Filing Desk
450 5th Street, N.W.
Washington, DC 20549
RE: Rule 24(f)-2 Notice for The PNC Fund
Dear Gentlemen and Ladies:
Pursuant to Rule 24(f)-2 of the Investment Company Act of 1940,
the above referenced Fund hereby files the following:
1.Rule 24(f)-2 Notice; and
2.Opinion of Counsel.
We will obtain confirmation of this filing via our CompuServe
account, 72741,733. If there are any questions on this filing
I can be reached at (302) 791-2919.
Very Truly Yours,
Wendy McGee
Legal Assistant
<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
RULE 24f-2 NOTICE
FOR
The PNC Fund
(Name of Registrant)
Securities Act of 1933 File No. 33-26305
400 Bellevue Parkway
Wilmington, DE 19809
(Address of Principal Executive Offices)
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS A-1, A-2, A-3 and A-4
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS B-1, B-2 and B-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS C-1, C-2 and C-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS D-1, D-2 and D-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS E-1, E-2, E-3 and E-4
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS F-1, F-2 and F-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS G-1, G-2, G-3 and G-4
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS H-1, H-2 and H-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS I-1, I-2 and I-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS J-1, J-2 and J-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS K-1, K-2 and K-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS L-1, L-2, L-3 and L-4
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS M-1, M-2, M-3 and M-4
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS N-1, N-2 and N-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS O-1, O-2 and O-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS P-1, P-2, P-3 and P-4
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS Q-1, Q-2 and Q-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS R-1, R-2 and R-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS S-1, S-2 and S-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS T-1, T-2 and T-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS U-1, U-2 and U-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS V-1 and V-3
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS X-2 and X-4
SHARES OF BENEFICIAL INTEREST ($.001 par value), CLASS Y-1, Y-2 and Y-3
(Securities with Respect to which Notice is Filed)
1. The following information is set forth pursuant to the requirements of Rule
24f-2 (b) (1):
(i) Fiscal year for which notice is filed:
For the fiscal year ended September 30, 1995.
(ii) The number or amount of securities of the same class or series, if any,
which had been registered under the Securities Act of 1933 other than
pursuant to Rule 24f-2 but which remained unsold at the beginning of such
fiscal year.
None.
(iii) The number or amount of securities, if any, registered during such fiscal
year other than pursuant to Rule 24f-2.
None.
(iv) The number or amount of securities sold during such fiscal year:(1)
Class of Aggregate
Registrant Sales Price
Classes A $5,579,755,614
Classes B $3,493,495,290
Classes C $1,093,742,839
Classes D $ 137,056,802
Classes E $ 137,822,205
Classes F $ 990,940,439
Classes G $ 149,976,386
Classes H $ 5,568,500
Classes I $ 234,681,709
Classes J $ 879,421,247
Classes K $ 364,133,875
Classes L $ 2,153,104
Classes M $ 15,790,873
Classes N $ 659,366,956
Classes O $ 273,644,717
Classes P $ 77,991,236
Classes Q $ 397,429,912
Classes R $ 16,676,806
Classes S $ 313,545,245
Classes T $ 110,659,833
Classes U $ 378,364,248
Classes V $ 48,196,026
Classes X $ 13,238,749
Classes Y $ 47,835,993
TOTAL $15,421,488,604
(v) The number or amount of securities sold during such fiscal year in reliance
upon registration pursuant to Rule 24f-2*:
Class of Aggregate Number
Registrant Sales Price of Shares
Classes A $5,579,755,614 5,579,755,614
Classes B $3,493,495,290 3,493,495,290
Classes C $1,093,742,839 1,093,742,839
Classes D $ 137,056,802 12,838,200
Classes E $ 137,822,205 11,116,997
Classes F $ 990,940,439 99,159,584
Classes G $ 149,976,386 11,770,960
Classes H $ 5,568,500 536,245
Classes I $ 234,681,709 234,681,709
Classes J $ 879,421,247 879,421,247
Classes K $ 364,133,875 37,305,818
Classes L $ 2,153,104 224,145
Classes M $ 15,790,873 1,587,854
Classes N $ 659,366,956 53,980,307
Classes O $ 273,644,717 23,274,103
Classes P $ 77,991,236 5,771,269
Classes Q $ 397,429,912 397,429,912
Classes R $ 16,676,806 1,739,921
Classes S $ 313,545,245 34,307,821
Classes T $ 110,659,833 8,868,661
Classes U $ 378,364,248 35,357,320
Classes V $ 48,196,026 48,196,026
Classes X $ 13,238,749 1,300,018
Classes Y $ 47,835,993 5,596,109
TOTAL $15,421,488,604 12,071,457,969
2. An opinion of counsel with respect to the validity of the shares accompanies
this notice.
3. Filing Fee with respect to shares specified in 1(v) above:
Filing fee $336,473.29
Dated: November 14, 1995
By: Edward J. Roach
Vice President and Treasurer
(1) The actual aggregate sales price for which such securities were sold and
the actual redemption price of such securities redeemed by the registrant
during the fiscal year ended September 30, 1995 is set forth in the table
below:
Aggregate Sales Price Aggregate Redemption
Class of of Fund Shares Sold Price of Fund Shares
Registrant in Reliance Upon Redeemed During
Rule 24f-2 Fiscal Year
Classes A $5,579,755,614 $4,810,983,132
Classes B $3,493,495,290 3,237,018,282
Classes C $1,093,742,839 939,272,193
Classes D $ 137,056,802 42,819,435
Classes E $ 137,822,205 132,462,106
Classes F $ 990,940,439 952,382,267
Classes G $ 149,976,386 97,281,889
Classes H $ 5,568,500 4,040,096
Classes I $ 234,681,709 216,185,001
Classes J $ 879,421,247 716,965,580
Classes K $ 364,133,875 384,091,349
Classes L $ 2,153,104 2,345,648
Classes M $ 15,790,873 16,669,224
Classes N $ 659,366,956 800,821,187
Classes O $ 273,644,717 329,531,329
Classes P $ 77,991,236 91,930,270
Classes Q $ 397,429,912 388,556,632
Classes R $ 16,676,806 25,700,075
Classes S $ 313,545,245 271,846,731
Classes T $ 110,659,833 43,657,865
Classes U $ 378,364,248 191,062,830
Classes V $ 48,196,026 36,797,462
Classes X $ 13,238,749 990,243
Classes Y $ 47,835,993 6,602,345
TOTAL $15,421,488,604 $13,740,013,171
* Excludes shares issued upon reinvestment of dividends.
No portion of such aggregate redemption price has been applied by Registrant
pursuant to Rule 24e-2(a) in a filing made pursuant to Section 24(e)(1) of the
Investment Company Act of 1940, as amended. Pursuant to Rule 24f-2(c), the
registration fee with respect to the Securities sold is calculated as follows:
$15,421,488,604 - $13,740,013,171 = $1,681,475,433 x .00020000 = $336,295.09
<PAGE>
Drinker Biddle & Reath
1345 Chestnut Street, Suite 1100
Philadelphia, Pennsylvania 19107
(215) 988-2700
November 14, 1995
The PNC Fund
Bellevue Park Corporate Center
103 Bellevue Parkway
Suite 152
Wilmington, DE 19809
Re: Rule 24f-2 Notice for The PNC Fund
(Registration No. 33-26305)
Gentlemen:
We have acted as counsel for The PNC Fund, a Massachusetts business trust
(the "Fund"), in connection with the registration, under the Securities Act
of 1933, as amended, of the Fund's Class A-1 Shares, Class A-2 Shares, Class
A-3 Shares, Class A-4 Shares, Class B-1 Shares, Class B-2 Shares, Class B-3
Shares, Class C-1 Shares, Class C-2 Shares, Class C-3 Shares, Class D-1
Shares, Class D-2 Shares, Class D-3 Shares, Class E-1 Shares, Class E-2
Shares, Class E-3 Shares, Class E-4 Shares, Class F-1 Shares, Class F-2 Shares,
Class F-3 Shares, Class G-1 Shares, Class G-2 Shares, Class G-3 Shares, Class
G-4 Shares, Class H-1 Shares, Class H-2 Shares, Class H-3 Shares, Class I-1
Shares, Class I-2 Shares, Class I-3 Shares, Class J-1 Shares, Class J-2 Shares,
Class J-3 Shares, Class K-1 Shares, Class K-2 Shares, Class K-3 Shares, Class
L-1 Shares, Class L-2 Shares, Class L-3 Shares, Class L-4 Shares, Class M-1
Shares, Class M-2 Shares, Class M-3 Shares, Class M-4 Shares, Class N-1 Shares,
Class N-2 Shares, Class N-3 Shares, Class O-1 Shares, Class O-2 Shares, Class
O-3 Shares, Class P-1 Shares, Class P-2 Shares, Class P-3 Shares, Class P-4
Shares, Class Q-1 Shares, Class Q-2 Shares, Class Q-3 Shares, Class R-1 Shares,
Class R-2 Shares, Class R-3 Shares, Class S-1 Shares, Class S-2 Shares, Class
S-3 Shares, Class T-1 Shares, Class T-2 Shares, Class T-3 Shares, Class U-1
Shares, Class U-2 Shares, Class U-3 Shares, Class V-1 Shares, Class V-3 Shares,
Class X-2 Shares, Class X-4 Shares, Class Y-1 Shares, Class Y-2 Shares and
Class Y-3 Shares made definite in number by the Fund's November 14, 1995 Rule
24f-2 Notice accompanying this opinion (collectively, the "Shares"). During the
Fund's fiscal year ended September 30, 1995, all of the above-referenced Shares
were registered pursuant to Rule 24f-2 under the Investment Company Act of 1940,
as amended. The Fund is authorized to issue an unlimited number of Shares of
each class, with a par value of $.001. We have reviewed the Fund's Declaration
of Trust as amended, its Code of Regulations, resolutions adopted by its Board
of Trustees and shareholders, a certificate of the co-administrator of the Fund
as to the number of Shares of each class registered for sale, and such other
legal and factual matters as we have considered necessary. We have relied on an
opinion of Ropes & Gray, special Massachusetts counsel to the Fund, insofar as
our opinion below relates to matters arising under the laws of the Commonwealth
of Massachusetts.
On the basis of and subject to the foregoing, we are of the opinion that the
foregoing Shares registered pursuant to Rule 24f-2 were, when issued for payment
as described in the Fund's prospectuses for such respective classes of Shares,
legally issued, fully paid, and non-assessable by the Fund.
Under Massachusetts law, shareholders of a Massachusetts business trust could,
under certain circumstances, be held personally liable for the obligations of
the Fund. However, the Declaration of Trust disclaims shareholder liability for
acts or obligations of the Fund and requires that notice of such disclaimer be
given in every note, bond, contract, order or other undertaking issued by or on
behalf of the Fund or its trustees, and in the stationery used by the Fund. The
Declaration of Trust provides for indemnification out of the assets of the Fund
belonging to the class(es) of Shares owned by each shareholder (and other
classes having the same alphabetical designation) for all loss and expense of
any shareholder held personally liable solely by reason of his or her being or
having been a shareholder. Thus, the risk of a shareholder's incurring
financial loss on account of shareholder liability is limited to circumstances
in which the relevant class of Shares itself (and other classes having the same
alphabetical designation) would be unable to meet its obligations.
We hereby consent to the filing of this opinion with the Securities and Exchange
Commission as part of the Fund's Rule 24f-2 Notice.
Very truly yours,
DRINKER BIDDLE & REATH
