<PAGE>
As filed with the Securities and Exchange Commission on December 16, 1996
Registration No. 33-26305
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
PRE-EFFECTIVE AMENDMENT NO. __ [ ]
POST-EFFECTIVE AMENDMENT NO. 25 [X]
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
AMENDMENT NO. 27 [X]
______________________________
COMPASS CAPITAL FUNDS/SM/
(Formerly, The PNC(R) Fund)
(Exact Name of Registrant as Specified in Charter)
Bellevue Corporate Center Morgan R. Jones, Esq.
400 Bellevue Parkway Drinker Biddle & Reath
Suite 100 PNB Building
Wilmington, Delaware 19809 1345 Chestnut Street
(Address of Principal Executive Philadelphia, PA 19107
Offices) (Name and Address of Agent
Registrant's Telephone Number: for Service)
(302) 792-2555
____________________________
It is proposed that this filing will become effective (check appropriate box)
[ ] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(i)
[ ] on (date) pursuant to paragraph (a)(i)
[x] 75 days after filing pursuant to paragraph (a)(ii)
[ ] on (date) pursuant to paragraph (a)(ii) of rule 485.
If appropriate, check the following box:
[ ] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Registrant has previously registered an indefinite number of shares of
beneficial interest under the Securities Act of 1933, as amended, pursuant to
Rule 24f-2 under the Investment Company Act of 1940, as amended. Registrant's
initial 24f-2 Notice for the fiscal year ended September 30, 1996 was filed on
November 26, 1996.
<PAGE>
Post-Effective Amendment No. 25 (the "Amendment") to the Registration
Statement on Form N-1A of Compass Capital Funds (the "Fund") is being filed to
include as additional exhibits to the Fund's Registration Statement the
financial data schedules pertaining to the Fund's Small Cap Growth Equity,
Virginia Municipal Money Market, International Emerging Markets, Government
Income and New Jersey Municipal Money Market Portfolios. The Amendment
incorporates by reference the prospectuses, statements of additional
information, the Part C and the exhibits included in Post-Effective Amendment
No. 24 to the Fund's Registration Statement on Form N-1A.
<PAGE>
SIGNATURES
-----------
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant has duly caused this Post-
Effective Amendment No. 25 to its Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of New York
and the State of New York on the 16th day of December, 1996.
COMPASS CAPITAL FUNDS
Registrant
By *Raymond J. Clark
-----------------------------
Raymond J. Clark,
President and Treasurer
(Principal Executive Officer)
Pursuant to the requirements of the Securities Act of 1933, this Post-
Effective Amendment No. 25 to the Registration Statement has been signed by the
following persons in the capacities and on the dates indicated:
Signature Title Date
--------- ----- ----
*Raymond J. Clark Trustee, President and December 16, 1996
- ----------------------------
(Raymond J. Clark) Treasurer
*David R. Wilmerding, Jr. Chairman of the Board December 16, 1996
- ----------------------------
(David R. Wilmerding, Jr.)
*Anthony M. Santomero Vice-Chairman of December 16, 1996
- ----------------------------
(Anthony M. Santomero) the Board
*William O. Albertini Trustee December 16, 1996
- ----------------------------
(William O. Albertini)
*Robert M. Hernandez Trustee December 16, 1996
- ----------------------------
(Robert M. Hernandez)
*By: /S/ Karen H. Sabath
----------------------------------
Karen H. Sabath, Attorney-in-fact
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description Page No.
- ---------- ----------- --------
(27) Financial Data Schedules
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
<SERIES>
<NUMBER> 212
<NAME> SMALL CAP GROWTH EQUITY PORTFOLIO-SERVICE CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 332184956
<INVESTMENTS-AT-VALUE> 504419003
<RECEIVABLES> 2616551
<ASSETS-OTHER> 46047
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 507081601
<PAYABLE-FOR-SECURITIES> 10232794
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3581330
<TOTAL-LIABILITIES> 13814124
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 292461202
<SHARES-COMMON-STOCK> 22548419
<SHARES-COMMON-PRIOR> 14344604
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29909482
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 170896793
<NET-ASSETS> 493267477
<DIVIDEND-INCOME> 149210
<INTEREST-INCOME> 2591701
<OTHER-INCOME> 0
<EXPENSES-NET> 3467249
<NET-INVESTMENT-INCOME> (726338)
<REALIZED-GAINS-CURRENT> 34650019
<APPREC-INCREASE-CURRENT> 105497382
<NET-CHANGE-FROM-OPS> 139421063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 211287
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24887071
<NUMBER-OF-SHARES-REDEEMED> 16692788
<SHARES-REINVESTED> 9532
<NET-CHANGE-IN-ASSETS> 277401104
<ACCUMULATED-NII-PRIOR> 182334
<ACCUMULATED-GAINS-PRIOR> (4855260)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1930941
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3535366
<AVERAGE-NET-ASSETS> 351034008
<PER-SHARE-NAV-BEGIN> 15.02
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 6.84
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.80
<EXPENSE-RATIO> 1.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
<SERIES>
<NUMBER> 213
<NAME> SMALL CAP GROWTH EQUITY PORTFOLIO-INVESTOR A CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
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<NET-INVESTMENT-INCOME> (726338)
<REALIZED-GAINS-CURRENT> 34650019
<APPREC-INCREASE-CURRENT> 105497382
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<NUMBER-OF-SHARES-SOLD> 24887071
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<ACCUMULATED-NII-PRIOR> 182334
<ACCUMULATED-GAINS-PRIOR> (4855260)
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<GROSS-EXPENSE> 3535366
<AVERAGE-NET-ASSETS> 351034008
<PER-SHARE-NAV-BEGIN> 14.98
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 6.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.69
<EXPENSE-RATIO> 1.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
<SERIES>
<NUMBER> 214
<NAME> SMALL CAP GROWTH EQUITY PORTFOLIO-INVESTOR B CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
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<INVESTMENTS-AT-VALUE> 504419003
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<SHARES-COMMON-STOCK> 22548419
<SHARES-COMMON-PRIOR> 14344604
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<OVERDISTRIBUTION-GAINS> 0
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<GROSS-ADVISORY-FEES> 1930941
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<GROSS-EXPENSE> 3535366
<AVERAGE-NET-ASSETS> 351034008
<PER-SHARE-NAV-BEGIN> 14.87
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 6.73
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.53
<EXPENSE-RATIO> 2.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
<SERIES>
<NUMBER> 215
<NAME> SMALL CAP GROWTH EQUITY PORTFOLIO-INVESTOR C CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 332184956
<INVESTMENTS-AT-VALUE> 504419003
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<PAYABLE-FOR-SECURITIES> 10232794
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 14344604
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 170896793
<NET-ASSETS> 493267477
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<EXPENSES-NET> 3467249
<NET-INVESTMENT-INCOME> (726338)
<REALIZED-GAINS-CURRENT> 34650019
<APPREC-INCREASE-CURRENT> 105497382
<NET-CHANGE-FROM-OPS> 139421063
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<ACCUMULATED-NII-PRIOR> 182334
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<PER-SHARE-NAV-BEGIN> 19.66
<PER-SHARE-NII> (.01)
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
<SERIES>
<NUMBER> 221
<NAME> VIRGINIA MUNICIPAL MONEYMARKET PORTFOLIO-INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 53373032
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<PAID-IN-CAPITAL-COMMON> 53520793
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<SHARES-COMMON-PRIOR> 25229662
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (171)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 53520622
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1495392
<OTHER-INCOME> 0
<EXPENSES-NET> 88174
<NET-INVESTMENT-INCOME> 1407218
<REALIZED-GAINS-CURRENT> (12500)
<APPREC-INCREASE-CURRENT> 0
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
<SERIES>
<NUMBER> 222
<NAME> VIRGINIA MUNICIPAL MONEYMARKET PORTFOLIO-SERVICE CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
<SERIES>
<NUMBER> 231
<NAME> INTERNATIONAL EMERGING MARKETS PORTFOLIO-INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 108614760
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
<SERIES>
<NUMBER> 232
<NAME> INTERNATIONAL EMERGING MARKETS PORTFOLIO-SERVICE CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 108614760
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<REALIZED-GAINS-CURRENT> (3038586)
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<NAME> COMPASS CAPITAL FUNDS
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<NAME> INTERNATIONAL EMERGING MARKETS PORTFOLIO-INVESTOR A CLASS
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<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
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<NAME> INTERNATIONAL EMERGING MARKETS PORTFOLIO-INVESTOR B CLASS
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<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
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<NAME> GOVERNMENT INCOME PORTFOLIO-INVESTOR A CLASS
<S> <C>
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<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
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<NAME> GOVERNMENT INCOME PORTFOLIO-INVESTOR B CLASS
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<PAGE>
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<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
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<NAME> NEW JERSEY MUNICIPAL MONEYMARKET PORT.-INSTITUTIONAL CLASS
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<CIK> 0000844779
<NAME> COMPASS CAPITAL FUNDS
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<NAME> NEW JERSEY MUNICIPAL MONEYMARKET PORT.- SERVICE CLASS
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<NAME> COMPASS CAPITAL FUNDS
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<NAME> NEW JERSEY MUNICIPAL MONEYMARKET PORT.-INVESTOR A CLASS
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