SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
Newport Beach, CA 92660
(Address of principal executive offices) (Zip code)
Vice President and General Counsel of Pacific Life Funds
Pacific Life Fund Advisors LLC
700 Newport Center Drive, P.O. Box 9000
Newport Beach, CA 92660
Anthony H. Zacharski, Esq.
Dechert LLP
90 State House Square
Hartford, CT 06103
![(ANNUAL REPORT)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506527.gif)
PACIFIC LIFE FUNDS | ||
Letter to Shareholders | A-1 | |
Performance Discussion | A-2 | |
Disclosure of Fund Expenses | B-1 | |
Schedules of Investments and Notes | C-1 | |
Financial Statements: | ||
Statements of Assets and Liabilities | D-1 | |
Statements of Operations | D-7 | |
Statements of Changes in Net Assets | D-10 | |
Statement of Cash Flows | D-16 | |
Financial Highlights | E-1 | |
Notes to Financial Statements | F-1 | |
Report of Independent Registered Public Accounting Firm | F-27 | |
Trustees and Officers Information | G-1 | |
Special Meeting of Shareholders | G-5 | |
Approval of Investment Advisory Agreement and Fund Management Agreements | G-6 | |
Where to Go for More Information | G-11 |
Portfolio Manager | Fund | |
Pacific Life Fund Advisors LLC | PL Portfolio Optimization Conservative Fund | |
PL Portfolio Optimization Moderate-Conservative Fund | ||
PL Portfolio Optimization Moderate Fund | ||
PL Portfolio Optimization Moderate-Aggressive Fund | ||
PL Portfolio Optimization Aggressive Fund | ||
Pacific Asset Management | PL Money Market Fund | |
Fred Alger Management, Inc. (Alger) | PL Small-Cap Growth Fund | |
AllianceBernstein L.P. (AllianceBernstein) | PL International Value Fund | |
ClearBridge Advisors, LLC (ClearBridge) | PL Large-Cap Value Fund | |
Goldman Sachs Asset Management, L.P. (Goldman Sachs) | PL Short Duration Bond Fund | |
Highland Capital Management, L.P. (Highland Capital) | PL Floating Rate Loan Fund | |
Janus Capital Management LLC (Janus) | PL Growth LT Fund | |
Lazard Asset Management LLC (Lazard) | PL Mid-Cap Equity Fund (formerly called Mid-Cap Value Fund) | |
Loomis, Sayles & Company, L.P. (Loomis Sayles) | PL Large-Cap Growth Fund | |
MFS Investment Management (MFS) | PL International Large-Cap Fund | |
NFJ Investment Group LLC (NFJ) | PL Small-Cap Value Fund | |
OppenheimerFunds, Inc. (Oppenheimer) | PL Main Street® Core Fund | |
PL Emerging Markets Fund | ||
Pacific Investment Management Company LLC (PIMCO) | PL Managed Bond Fund | |
PL Inflation Managed Fund | ||
Van Kampen | PL Comstock Fund | |
PL Mid-Cap Growth Fund | ||
PL Real Estate Fund |
![]() | ![]() | |
James T. Morris | Mary Ann Brown | |
Chairman of the Board and Chief Executive Officer | President | |
Pacific Life Funds | Pacific Life Funds |
A-1
A-2
1-Year | ||||
Performance | ||||
Broad-Based Indices | as of 3-31-09 | |||
S&P 500 Index (U.S. Stocks) | -38.09 | % | ||
Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index (International Stocks) | -46.51 | % | ||
Barclays Capital U.S. Aggregate Bond Index (Fixed Income) | 3.13 | % | ||
Merrill Lynch U.S. 3-Month T-Bill Index (Cash) | 1.21 | % |
1-Year | ||||
Performance | ||||
Underlying Funds | as of 3-31-09 | |||
PL Small-Cap Growth A (U.S. Stocks) | -35.53 | % | ||
PL Large-Cap Value A (U.S. Stocks) | -35.61 | % | ||
PL Small-Cap Value A (U.S. Stocks) | -36.39 | % | ||
PL International Large-Cap A (International Stocks) | -40.24 | % | ||
PL Emerging Markets A (International Stocks) | -42.31 | % |
A-3
1-Year | ||||
Performance | ||||
Underlying Funds | as of 3-31-09 | |||
PL Real Estate A (U.S. Stocks) | -58.24 | % | ||
PL International Value A (International Stocks) | -50.74 | % | ||
PL Floating Rate Loan A (Fixed Income) | -14.37 | %* | ||
PL Inflation Managed A (Fixed Income) | -3.85 | % | ||
PL Managed Bond A (Fixed Income) | 0.07 | % |
* | Returns are from since inception date 6-30-2008 |
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506503.gif)
Class A | Class B | Class C | Class R | |||||||||||||
PL Portfolio Optimization Conservative | ||||||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | -10.78 | % | -11.51 | % | -11.63 | % | -11.07 | % | ||||||||
With maximum sales charge | -15.66 | % | -15.69 | % | -12.47 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 3.13 | % | ||||||||||||||
S&P 500 Index | -38.09 | % | ||||||||||||||
PL Portfolio Optimization Conservative Composite Benchmark | -7.08 | % | ||||||||||||||
5 Year Total Return: | ||||||||||||||||
Without sales charge | 1.07 | % | 0.44 | % | 0.43 | % | N/A | |||||||||
With maximum sales charge | -0.07 | % | 0.10 | % | 0.43 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.13 | % | ||||||||||||||
S&P 500 Index | -4.76 | % | ||||||||||||||
PL Portfolio Optimization Conservative Composite Benchmark | 2.50 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | 1.30 | % | 0.69 | % | 0.66 | % | 0.25 | % | ||||||||
With maximum sales charge | 0.22 | % | 0.36 | % | 0.66 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.45 | % | ||||||||||||||
S&P 500 Index | -4.24 | % | ||||||||||||||
PL Portfolio Optimization Conservative Composite Benchmark | 2.79 | % |
A-4
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506504.gif)
Class A | Class B | Class C | Class R | |||||||||||||
PL Portfolio Optimization Moderate-Conservative | ||||||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | -19.15 | % | -19.85 | % | -19.84 | % | -19.36 | % | ||||||||
With maximum sales charge | -23.61 | % | -23.66 | % | -20.60 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 3.13 | % | ||||||||||||||
S&P 500 Index | -38.09 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Conservative Composite Benchmark | -16.52 | % | ||||||||||||||
5 Year Total Return: | ||||||||||||||||
Without sales charge | -0.23 | % | -0.86 | % | -0.85 | % | N/A | |||||||||
With maximum sales charge | -1.35 | % | -1.21 | % | -0.85 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.13 | % | ||||||||||||||
S&P 500 Index | -4.76 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Conservative Composite Benchmark | 1.02 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | 0.05 | % | -0.58 | % | -0.56 | % | -2.37 | % | ||||||||
With maximum sales charge | -1.02 | % | -0.90 | % | -0.56 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.45 | % | ||||||||||||||
S&P 500 Index | -4.24 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Conservative Composite Benchmark | 1.40 | % |
A-5
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506505.gif)
Class A | Class B | Class C | Class R | |||||||||||||
PL Portfolio Optimization Moderate | ||||||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | -27.25 | % | -27.95 | % | -28.02 | % | -27.48 | % | ||||||||
With maximum sales charge | -31.25 | % | -31.41 | % | -28.71 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 3.13 | % | ||||||||||||||
S&P 500 Index | -38.09 | % | ||||||||||||||
PL Portfolio Optimization Moderate Composite Benchmark | -25.15 | % | ||||||||||||||
5 Year Total Return: | ||||||||||||||||
Without sales charge | -1.32 | % | -1.94 | % | -1.96 | % | N/A | |||||||||
With maximum sales charge | -2.43 | % | -2.28 | % | -1.96 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.13 | % | ||||||||||||||
S&P 500 Index | -4.76 | % | ||||||||||||||
PL Portfolio Optimization Moderate Composite Benchmark | -0.58 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | -0.99 | % | -1.61 | % | -1.65 | % | -4.81 | % | ||||||||
With maximum sales charge | -2.05 | % | -1.93 | % | -1.65 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.45 | % | ||||||||||||||
S&P 500 Index | -4.24 | % | ||||||||||||||
PL Portfolio Optimization Moderate Composite Benchmark | -0.11 | % |
A-6
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506506.gif)
Class A | Class B | Class C | Class R | |||||||||||||
PL Portfolio Optimization Moderate-Aggressive | ||||||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | -35.15 | % | -35.97 | % | -36.12 | % | -35.38 | % | ||||||||
With maximum sales charge | -38.74 | % | -39.06 | % | -36.74 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 3.13 | % | ||||||||||||||
S&P 500 Index | -38.09 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Composite Benchmark | -33.32 | % | ||||||||||||||
5 Year Total Return: | ||||||||||||||||
Without sales charge | -3.12 | % | -3.78 | % | -3.82 | % | N/A | |||||||||
With maximum sales charge | -4.21 | % | -4.11 | % | -3.82 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.13 | % | ||||||||||||||
S&P 500 Index | -4.76 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Composite Benchmark | -2.34 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | -2.77 | % | -3.42 | % | -3.48 | % | -7.80 | % | ||||||||
With maximum sales charge | -3.81 | % | -3.74 | % | -3.48 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.45 | % | ||||||||||||||
S&P 500 Index | -4.24 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Composite Benchmark | -1.79 | % |
A-7
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506507.gif)
Class A | Class B | Class C | Class R | |||||||||||||
PL Portfolio Optimization Aggressive | ||||||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | -40.88 | % | -42.04 | % | -41.99 | % | -41.17 | % | ||||||||
With maximum sales charge | -44.13 | % | -44.86 | % | -42.55 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 3.13 | % | ||||||||||||||
S&P 500 Index | -38.09 | % | ||||||||||||||
PL Portfolio Optimization Aggressive Composite Benchmark | -39.33 | % | ||||||||||||||
5 Year Total Return: | ||||||||||||||||
Without sales charge | -4.43 | % | -5.20 | % | -5.20 | % | N/A | |||||||||
With maximum sales charge | -5.51 | % | -5.54 | % | -5.20 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.13 | % | ||||||||||||||
S&P 500 Index | -4.76 | % | ||||||||||||||
PL Portfolio Optimization Aggressive Composite Benchmark | -3.89 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | -4.08 | % | -4.83 | % | -4.83 | % | -10.13 | % | ||||||||
With maximum sales charge | -5.10 | % | -5.15 | % | -4.83 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 4.45 | % | ||||||||||||||
S&P 500 Index | -4.24 | % | ||||||||||||||
PL Portfolio Optimization Aggressive Composite Benchmark | -3.29 | % |
A-8
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506508.gif)
Class A | ||||
PL Money Market Fund | ||||
1 Year Total Return: | ||||
Without sales charge | 1.27 | % | ||
Merrill Lynch U.S. 3-Month T-Bill Index | 1.21 | % | ||
Lipper Money Market Funds Index | 1.68 | % | ||
5 Year Total Return: | ||||
Without sales charge | 2.59 | % | ||
Merrill Lynch U.S. 3-Month T-Bill Index | 3.21 | % | ||
Lipper Money Market Funds Index | 3.02 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | 1.87 | % | ||
Merrill Lynch U.S. 3-Month T-Bill Index | 2.65 | % | ||
Lipper Money Market Funds Index | 2.35 | % |
A-9
A-10
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506509.gif)
Class A | ||||
PL Small-Cap Growth Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -35.53 | % | ||
With maximum sales charge | -39.07 | % | ||
Russell 2000 Growth Index | -36.36 | % | ||
5 Year Total Return: | ||||
Without sales charge | -6.65 | % | ||
With maximum sales charge | -7.70 | % | ||
Russell 2000 Growth Index | -5.37 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | -2.55 | % | ||
With maximum sales charge | -3.28 | % | ||
Russell 2000 Growth Index | 0.62 | % |
• | The steepest market drop had come on March 9, 2009, when the S&P 500 Index fell to 676. | ||
• | By the first quarter’s end, the S&P 500 Index had recovered from the steepest point of its first-quarter drop but was still down 11.7% from the start of the year. | ||
• | Unemployment had reached a 25-year high of 8.5%, according to the U.S. Bureau of Labor Statistics. | ||
• | Other economic indicators were more optimistic: Consumer spending inched higher in both January and February, up 1.0% and 0.2%, respectively, according to the Commerce Department. | ||
• | The Obama administration had alleviated some fear by revealing the major brush strokes of its economic-recovery plan. | ||
• | U.S. Government involvement in the credit markets helped push rates on fixed-rate 30-year mortgages to a record-low 4.85%, encouraging refinancing and fresh interest in home buying that resulted in the 1.7% rise in home prices in January, ending months of decline, according to the Federal Housing Finance Agency’s monthly House Price Index. |
A-11
A-12
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506510.gif)
Class A | ||||
PL International Value Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -50.74 | % | ||
With maximum sales charge | -53.47 | % | ||
MSCI EAFE Index | -46.51 | % | ||
5 Year Total Return: | ||||
Without sales charge | -6.54 | % | ||
With maximum sales charge | -7.58 | % | ||
MSCI EAFE Index | -2.18 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | -1.97 | % | ||
With maximum sales charge | -2.71 | % | ||
MSCI EAFE Index | 2.05 | % |
A-13
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506511.gif)
Class A | ||||
PL Large-Cap Value Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -35.61 | % | ||
With maximum sales charge | -39.13 | % | ||
Russell 1000 Value Index | -42.42 | % | ||
5 Year Total Return: | ||||
Without sales charge | -5.14 | % | ||
With maximum sales charge | -6.21 | % | ||
Russell 1000 Value Index | -4.94 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | -2.12 | % | ||
With maximum sales charge | -2.85 | % | ||
Russell 1000 Value Index | -0.77 | % |
A-14
A-15
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506512.gif)
Class A | ||||
PL Short Duration Bond Fund | ||||
1 Year Total Return: | ||||
Without sales charge | 0.75 | % | ||
With maximum sales charge | -4.75 | % | ||
Merrill Lynch 1-3 Year U.S. Treasury Index | 3.61 | % | ||
5 Year Total Return: | ||||
Without sales charge | 2.36 | % | ||
With maximum sales charge | 1.21 | % | ||
Merrill Lynch 1-3 Year U.S. Treasury Index | 3.87 | % | ||
Since Inception (December 31, 2003): | ||||
Without sales charge | 2.43 | % | ||
With maximum sales charge | 1.33 | % | ||
Merrill Lynch 1-3 Year U.S. Treasury Index | 3.88 | % |
A-16
A-17
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506513.gif)
Class A | ||||
PL Floating Rate Loan Fund | ||||
Since Inception (June 30, 2008): | ||||
Without sales charge | -14.37 | % | ||
Credit Suisse Leveraged Loan Index | -22.29 | % |
A-18
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506514.gif)
Class A | ||||
PL Growth LT Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -37.27 | % | ||
With maximum sales charge | -40.75 | % | ||
Russell 1000 Growth Index | -34.28 | % | ||
S&P 500 Index | -38.09 | % | ||
5 Year Total Return: | ||||
Without sales charge | -4.64 | % | ||
With maximum sales charge | -5.71 | % | ||
Russell 1000 Growth Index | -4.38 | % | ||
S&P 500 Index | -4.76 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | -2.65 | % | ||
With maximum sales charge | -3.38 | % | ||
Russell 1000 Growth Index | -1.87 | % | ||
S&P 500 Index | -1.63 | % |
A-19
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506515.gif)
Class A | ||||
PL Mid-Cap Equity Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -39.44 | % | ||
With maximum sales charge | -42.77 | % | ||
Russell Midcap Index | -40.81 | % | ||
3 Year Total Return: | ||||
Without sales charge | -16.02 | % | ||
With maximum sales charge | -17.58 | % | ||
Russell Midcap Index | -15.53 | % | ||
Since Inception (December 31, 2004): | ||||
Without sales charge | -9.22 | % | ||
With maximum sales charge | -10.41 | % | ||
Russell Midcap Index | -7.13 | % |
A-20
A-21
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506516.gif)
Class A | ||||
PL Large-Cap Growth Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -41.13 | % | ||
With maximum sales charge | -44.38 | % | ||
Russell 1000 Growth Index | -34.28 | % | ||
5 Year Total Return: | ||||
Without sales charge | -9.99 | % | ||
With maximum sales charge | -11.00 | % | ||
Russell 1000 Growth Index | -4.38 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | -6.48 | % | ||
With maximum sales charge | -7.18 | % | ||
Russell 1000 Growth Index | -1.87 | % |
A-22
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506517.gif)
Class A | ||||
PL International Large-Cap Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -40.24 | % | ||
With maximum sales charge | -43.55 | % | ||
MSCI EAFE Index | -46.51 | % | ||
5 Year Total Return: | ||||
Without sales charge | -0.61 | % | ||
With maximum sales charge | -1.74 | % | ||
MSCI EAFE Index | -2.18 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | 1.90 | % | ||
With maximum sales charge | 1.14 | % | ||
MSCI EAFE Index | 2.05 | % |
A-23
A-24
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506518.gif)
Class A | ||||
PL Small-Cap Value Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -36.39 | % | ||
Russell 2000 Value Index | -38.89 | % | ||
Since Inception (June 29, 2007): | ||||
Without sales charge | -27.89 | % | ||
Russell 2000 Value Index | -32.98 | % |
A-25
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506519.gif)
Class A | ||||
PL Main Street Core Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -37.66 | % | ||
S&P 500 Index | -38.09 | % | ||
3 Year Total Return: | ||||
Without sales charge | -14.52 | % | ||
S&P 500 Index | -13.06 | % | ||
Since Inception (September 30, 2005): | ||||
Without sales charge | -10.92 | % | ||
S&P 500 Index | -9.74 | % |
A-26
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506520.gif)
Class A | ||||
PL Emerging Markets Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -42.31 | % | ||
MSCI Emerging Markets Index | -47.07 | % | ||
3 Year Total Return: | ||||
Without sales charge | -8.18 | % | ||
MSCI Emerging Markets Index | -8.15 | % | ||
Since Inception (September 30, 2005): | ||||
Without sales charge | -1.86 | % | ||
MSCI Emerging Markets Index | -2.05 | % |
A-27
A-28
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506521.gif)
Class A | ||||
PL Managed Bond Fund | ||||
1 Year Total Return: | ||||
Without sales charge | 0.07 | % | ||
With maximum sales charge | -5.40 | % | ||
Barclays Capital U.S. Aggregate Bond Index | 3.13 | % | ||
5 Year Total Return: | ||||
Without sales charge | 3.57 | % | ||
With maximum sales charge | 2.40 | % | ||
Barclays Capital U.S. Aggregate Bond Index | 4.13 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | 4.83 | % | ||
With maximum sales charge | 4.05 | % | ||
Barclays Capital U.S. Aggregate Bond Index | 5.01 | % |
A-29
A-30
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506522.gif)
Class A | ||||
PL Inflation Managed Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -3.85 | % | ||
With maximum sales charge | -9.17 | % | ||
Barclays Capital U.S. TIPS Index | -2.04 | % | ||
5 Year Total Return: | ||||
Without sales charge | 3.14 | % | ||
With maximum sales charge | 1.97 | % | ||
Barclays Capital U.S. TIPS Index | 4.15 | % | ||
Since Inception (December 31, 2002): | ||||
Without sales charge | 4.74 | % | ||
With maximum sales charge | 3.80 | % | ||
Barclays Capital U.S. TIPS Index | 5.49 | % |
A-31
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506523.gif)
Class A | ||||
PL Comstock Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -40.11 | % | ||
With maximum sales charge | -43.41 | % | ||
Russell 1000 Value Index | -42.42 | % | ||
5 Year Total Return: | ||||
Without sales charge | -6.78 | % | ||
With maximum sales charge | -7.83 | % | ||
Russell 1000 Value Index | -4.94 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | -2.79 | % | ||
With maximum sales charge | -3.52 | % | ||
Russell 1000 Value Index | -0.77 | % |
A-32
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506524.gif)
Class A | ||||
PL Mid-Cap Growth Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -40.02 | % | ||
With maximum sales charge | -43.31 | % | ||
Russell Midcap Growth Index | -39.58 | % | ||
5 Year Total Return: | ||||
Without sales charge | -1.48 | % | ||
With maximum sales charge | -2.60 | % | ||
Russell Midcap Growth Index | -3.91 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | -2.14 | % | ||
With maximum sales charge | -2.87 | % | ||
Russell Midcap Growth Index | 1.65 | % |
A-33
A-34
![(LINE CHART)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506525.gif)
Class A | ||||
PL Real Estate Fund | ||||
1 Year Total Return: | ||||
Without sales charge | -58.24 | % | ||
With maximum sales charge | -60.52 | % | ||
FTSE NAREIT Equity REITs Index | -58.16 | % | ||
3 Year Total Return: | ||||
Without sales charge | -24.81 | % | ||
With maximum sales charge | -26.21 | % | ||
FTSE NAREIT Equity REITs Index | -25.05 | % | ||
Since Inception (December 31, 2004): | ||||
Without sales charge | -12.71 | % | ||
With maximum sales charge | -13.86 | % | ||
FTSE NAREIT Equity REITs Index | -13.45 | % |
A-35
A-36
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 10/01/08 - | |||||||||||||
10/01/08 | 03/31/09 | Ratio | 03/31/09 | |||||||||||||
PL Portfolio Optimization Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 954.80 | 0.20 | % | $ | 0.97 | ||||||||
Class B | 1,000.00 | 950.60 | 0.95 | % | 4.62 | |||||||||||
Class C | 1,000.00 | 950.30 | 0.95 | % | 4.62 | |||||||||||
Class R | 1,000.00 | 953.10 | 0.45 | % | 2.19 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.93 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class C | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class R | 1,000.00 | 1,022.69 | 0.45 | % | 2.27 | |||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 885.00 | 0.20 | % | $ | 0.94 | ||||||||
Class B | 1,000.00 | 881.30 | 0.95 | % | 4.46 | |||||||||||
Class C | 1,000.00 | 881.30 | 0.95 | % | 4.46 | |||||||||||
Class R | 1,000.00 | 884.10 | 0.45 | % | 2.11 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.93 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class C | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class R | 1,000.00 | 1,022.69 | 0.45 | % | 2.27 | |||||||||||
PL Portfolio Optimization Moderate Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 812.20 | 0.20 | % | $ | 0.90 | ||||||||
Class B | 1,000.00 | 808.00 | 0.95 | % | 4.28 | |||||||||||
Class C | 1,000.00 | 806.60 | 0.95 | % | 4.28 | |||||||||||
Class R | 1,000.00 | 810.30 | 0.45 | % | 2.03 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.93 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class C | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class R | 1,000.00 | 1,022.69 | 0.45 | % | 2.27 | |||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 737.80 | 0.20 | % | $ | 0.87 | ||||||||
Class B | 1,000.00 | 732.00 | 0.95 | % | 4.10 | |||||||||||
Class C | 1,000.00 | 731.20 | 0.95 | % | 4.10 | |||||||||||
Class R | 1,000.00 | 736.90 | 0.45 | % | 1.95 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.93 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class C | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class R | 1,000.00 | 1,022.69 | 0.45 | % | 2.27 |
See explanation of references on page B-3 |
B-1
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 10/01/08 - | |||||||||||||
10/01/08 | 03/31/09 | Ratio | 03/31/09 | |||||||||||||
PL Portfolio Optimization Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 681.10 | 0.20 | % | $ | 0.84 | ||||||||
Class B | 1,000.00 | 672.70 | 0.95 | % | 3.96 | |||||||||||
Class C | 1,000.00 | 672.70 | 0.95 | % | 3.96 | |||||||||||
Class R | 1,000.00 | 679.20 | 0.45 | % | 1.88 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.93 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class C | 1,000.00 | 1,020.19 | 0.95 | % | 4.78 | |||||||||||
Class R | 1,000.00 | 1,022.69 | 0.45 | % | 2.27 | |||||||||||
PL Money Market Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,004.70 | 0.74 | % | $ | 3.70 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.24 | 0.74 | % | $ | 3.73 | ||||||||
PL Small-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 723.20 | 1.15 | % | $ | 4.94 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.20 | 1.15 | % | $ | 5.79 | ||||||||
PL International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 643.50 | 1.20 | % | $ | 4.92 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.95 | 1.20 | % | $ | 6.04 | ||||||||
PL Large-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 710.50 | 1.20 | % | $ | 5.12 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.95 | 1.20 | % | $ | 6.04 | ||||||||
PL Short Duration Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,014.70 | 0.95 | % | $ | 4.77 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.19 | 0.95 | % | $ | 4.78 | ||||||||
PL Floating Rate Loan Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 895.70 | 1.30 | % | $ | 6.14 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.45 | 1.30 | % | $ | 6.54 | ||||||||
PL Growth LT Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 732.90 | 1.10 | % | $ | 4.75 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.45 | 1.10 | % | $ | 5.54 | ||||||||
PL Mid-Cap Equity Fund (formerly PL Mid-Cap Value Fund) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 664.30 | 1.20 | % | $ | 4.98 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.95 | 1.20 | % | $ | 6.04 | ||||||||
PL Large-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 724.40 | 1.30 | % | $ | 5.59 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.45 | 1.30 | % | $ | 6.54 | ||||||||
PL International Large-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 727.40 | 1.40 | % | $ | 6.03 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.95 | 1.40 | % | $ | 7.04 | ||||||||
PL Small-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 663.20 | 1.30 | % | $ | 5.39 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.45 | 1.30 | % | $ | 6.54 | ||||||||
PL Main Street Core Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 701.60 | 1.00 | % | $ | 4.24 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.95 | 1.00 | % | $ | 5.04 | ||||||||
PL Emerging Markets Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 720.50 | 1.35 | % | $ | 5.79 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.20 | 1.35 | % | $ | 6.79 | ||||||||
PL Managed Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,067.70 | 0.95 | % | $ | 4.90 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.19 | 0.95 | % | $ | 4.78 | ||||||||
PL Inflation Managed Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,026.60 | 0.95 | % | $ | 4.80 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.19 | 0.95 | % | $ | 4.78 | ||||||||
PL Comstock Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 661.00 | 1.30 | % | $ | 5.38 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.45 | 1.30 | % | $ | 6.54 |
See explanation of references on page B-3 |
B-2
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 10/01/08 - | |||||||||||||
10/01/08 | 03/31/09 | Ratio | 03/31/09 | |||||||||||||
PL Mid-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 726.70 | 1.25 | % | $ | 5.38 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.70 | 1.25 | % | $ | 6.29 | ||||||||
PL Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 435.60 | 1.45 | % | $ | 5.19 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.70 | 1.45 | % | $ | 7.29 |
(1) | Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year then divided by 365 days. | |
(2) | The annualized expense ratios for all the Portfolio Optimization Funds do not include expenses of the Underlying Funds (see Note 1 to Financial Statements) in which the Portfolio Optimization Funds invest. |
B-3
PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS — 99.6% | ||||||||
PL Money Market Fund ‘A’ | 1,490,508 | $ | 1,490,508 | |||||
PL International Value Fund ‘A’ | 387,282 | 2,377,909 | ||||||
PL Large-Cap Value Fund ‘A’ | 214,657 | 1,577,726 | ||||||
PL Short Duration Bond Fund ‘A’ | 1,193,844 | 11,568,349 | ||||||
PL Floating Rate Loan Fund ‘A’ | 788,948 | 6,453,595 | ||||||
PL Growth LT Fund ‘A’ | 235,808 | 1,825,156 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 489,304 | 2,607,989 | ||||||
PL International Large-Cap Fund ‘A’ | 180,610 | 1,656,197 | ||||||
PL Main Street ® Fund ‘A’ | 716,493 | 4,377,774 | ||||||
PL Managed Bond Fund ‘A’ | 2,944,319 | 28,559,899 | ||||||
PL Inflation Managed Fund ‘A’ | 1,650,875 | 15,831,891 | ||||||
PL Comstock Fund ‘A’ | 474,984 | 3,301,137 | ||||||
Total Affiliated Mutual Funds (Cost $90,454,677) | 81,628,130 | |||||||
TOTAL INVESTMENTS — 99.6% (Cost $90,454,677) | 81,628,130 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.4% | 352,425 | |||||||
NET ASSETS — 100.0% | $ | 81,980,555 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Fixed Income Funds | 76.2 | % | ||
Affiliated Equity Funds | 21.6 | % | ||
Affiliated Money Market Fund | 1.8 | % | ||
99.6 | % | |||
Other Assets & Liabilities, Net | 0.4 | % | ||
100.0 | % | |||
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS — 99.6% | ||||||||
PL Small-Cap Growth Fund ‘A’ * | 174,020 | $ | 1,023,236 | |||||
PL International Value Fund ‘A’ | 931,393 | 5,718,751 | ||||||
PL Large-Cap Value Fund ‘A’ | 522,491 | 3,840,307 | ||||||
PL Short Duration Bond Fund ‘A’ | 1,072,730 | 10,394,754 | ||||||
PL Floating Rate Loan Fund ‘A’ | 676,057 | 5,530,145 | ||||||
PL Growth LT Fund ‘A’ | 509,528 | 3,943,745 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 729,082 | 3,886,009 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 184,854 | 1,005,606 | ||||||
PL International Large-Cap Fund ‘A’ | 527,772 | 4,839,675 | ||||||
PL Small-Cap Value Fund ‘A’ | 171,306 | 940,468 | ||||||
PL Main Street Core Fund ‘A’ | 1,121,729 | 6,853,763 | ||||||
PL Managed Bond Fund ‘A’ | 2,663,645 | 25,837,362 | ||||||
PL Inflation Managed Fund ‘A’ | 1,455,203 | 13,955,393 | ||||||
PL Comstock Fund ‘A’ | 990,904 | 6,886,784 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 408,596 | 2,034,810 | ||||||
Total Affiliated Mutual Funds (Cost $122,396,825) | 96,690,808 | |||||||
TOTAL INVESTMENTS — 99.6% (Cost $122,396,825) | 96,690,808 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.4% | 367,467 | |||||||
NET ASSETS — 100.0% | $ | 97,058,275 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Fixed Income Funds | 57.4 | % | ||
Affiliated Equity Funds | 42.2 | % | ||
99.6 | % | |||
Other Assets & Liabilities, Net | 0.4 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-1
PL PORTFOLIO OPTIMIZATION MODERATE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS — 100.0% | ||||||||
PL Small-Cap Growth Fund ‘A’ * | 1,076,076 | $ | 6,327,324 | |||||
PL International Value Fund ‘A’ | 3,375,223 | 20,723,872 | ||||||
PL Large-Cap Value Fund ‘A’ | 2,867,237 | 21,074,191 | ||||||
PL Short Duration Bond Fund ‘A’ | 2,312,142 | 22,404,654 | ||||||
PL Floating Rate Loan Fund ‘A’ | 1,593,974 | 13,038,709 | ||||||
PL Growth LT Fund ‘A’ | 2,925,069 | 22,640,031 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 3,451,077 | 18,394,241 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 1,124,054 | 6,114,856 | ||||||
PL International Large-Cap Fund ‘A’ | 2,026,200 | 18,580,252 | ||||||
PL Small-Cap Value Fund ‘A’ | 1,055,867 | 5,796,711 | ||||||
PL Main Street Core Fund ‘A’ | 4,618,078 | 28,216,458 | ||||||
PL Emerging Markets Fund ‘A’ | 1,546,830 | 10,116,269 | ||||||
PL Managed Bond Fund ‘A’ | 5,671,506 | 55,013,605 | ||||||
PL Inflation Managed Fund ‘A’ | 3,167,270 | 30,374,119 | ||||||
PL Comstock Fund ‘A’ | 3,423,085 | 23,790,437 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 1,243,688 | 6,193,568 | ||||||
PL Real Estate Fund ‘A’ | 1,000,993 | 4,594,559 | ||||||
Total Affiliated Mutual Funds (Cost $448,750,117) | 313,393,856 | |||||||
TOTAL INVESTMENTS — 100.0% (Cost $448,750,117) | 313,393,856 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.0%) | (86,521 | ) | ||||||
NET ASSETS — 100.0% | $ | 313,307,335 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 61.4 | % | ||
Affiliated Fixed Income Funds | 38.6 | % | ||
100.0 | % | |||
Other Assets & Liabilities, Net | (0.0 | %) | ||
100.0 | % | |||
PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS — 100.1% | ||||||||
PL Small-Cap Growth Fund ‘A’ * | 1,616,855 | $ | 9,507,107 | |||||
PL International Value Fund ‘A’ | 5,079,531 | 31,188,322 | ||||||
PL Large-Cap Value Fund ‘A’ | 3,234,411 | 23,772,917 | ||||||
PL Short Duration Bond Fund ‘A’ | 284,501 | 2,756,816 | ||||||
PL Floating Rate Loan Fund ‘A’ | 341,372 | 2,792,420 | ||||||
PL Growth LT Fund ‘A’ | 3,943,436 | 30,522,197 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 4,494,742 | 23,956,975 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 1,074,406 | 5,844,767 | ||||||
PL International Large-Cap Fund ‘A’ | 2,958,142 | 27,126,165 | ||||||
PL Small-Cap Value Fund ‘A’ | 2,104,711 | 11,554,863 | ||||||
PL Main Street Core Fund ‘A’ | 4,969,028 | 30,360,760 | ||||||
PL Emerging Markets Fund ‘A’ | 1,949,889 | 12,752,271 | ||||||
PL Managed Bond Fund ‘A’ | 2,387,255 | 23,156,379 | ||||||
PL Inflation Managed Fund ‘A’ | 1,827,908 | 17,529,642 | ||||||
PL Comstock Fund ‘A’ | 3,826,236 | 26,592,343 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 1,202,214 | 5,987,024 | ||||||
PL Real Estate Fund ‘A’ | 2,217,267 | 10,177,254 | ||||||
Total Affiliated Mutual Funds (Cost $478,330,933) | 295,578,222 | |||||||
TOTAL INVESTMENTS — 100.1% (Cost $478,330,933) | 295,578,222 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.1%) | (158,145 | ) | ||||||
NET ASSETS — 100.0% | $ | 295,420,077 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 84.4 | % | ||
Affiliated Fixed Income Funds | 15.7 | % | ||
100.1 | % | |||
Other Assets & Liabilities, Net | (0.1 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-2
PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS — 101.3% | ||||||||
PL Small-Cap Growth Fund ‘A’ * | 1,091,976 | $ | 6,420,820 | |||||
PL International Value Fund ‘A’ | 2,831,930 | 17,388,051 | ||||||
PL Large-Cap Value Fund ‘A’ | 1,369,989 | 10,069,419 | ||||||
PL Growth LT Fund ‘A’ | 1,785,477 | 13,819,590 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 1,896,052 | 10,105,956 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 462,417 | 2,515,549 | ||||||
PL International Large-Cap Fund ‘A’ | 1,275,867 | 11,699,698 | ||||||
PL Small-Cap Value Fund ‘A’ | 1,589,522 | 8,726,477 | ||||||
PL Main Street Core Fund ‘A’ | 2,530,820 | 15,463,313 | ||||||
PL Emerging Markets Fund ‘A’ | 1,218,833 | 7,971,169 | ||||||
PL Comstock Fund ‘A’ | 1,842,852 | 12,807,819 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 505,217 | 2,515,983 | ||||||
PL Real Estate Fund ‘A’ | 1,250,072 | 5,737,829 | ||||||
Total Affiliated Mutual Funds (Cost $217,768,073) | 125,241,673 | |||||||
TOTAL INVESTMENTS — 101.3% (Cost $217,768,073) | 125,241,673 | |||||||
OTHER ASSETS & LIABILITIES, NET — (1.3%) | (1,568,289 | ) | ||||||
NET ASSETS — 100.0% | $ | 123,673,384 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 101.3 | % | ||
101.3 | % | |||
Other Assets & Liabilities, Net | (1.3 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-3
PL MONEY MARKET FUND
Schedule of Investments
March 31, 2009
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 97.6% | ||||||||
Commercial Paper — 72.9% | ||||||||
Abbott Laboratories | ||||||||
0.220% due 05/26/09 | $ | 1,000,000 | $ | 999,664 | ||||
0.230% due 05/28/09 | 750,000 | 749,727 | ||||||
BP Capital Markets PLC (United Kingdom) | ||||||||
0.495% due 07/13/09 | 1,500,000 | 1,497,876 | ||||||
0.720% due 10/15/09 | 750,000 | 747,045 | ||||||
Colgate-Palmolive Co | ||||||||
0.150% due 04/13/09 | 1,250,000 | 1,249,937 | ||||||
ConocoPhillips Qatar Funding Ltd (Cayman) | ||||||||
0.500% due 04/09/09 | 400,000 | 399,956 | ||||||
0.500% due 04/14/09 | 1,800,000 | 1,799,675 | ||||||
Dell Inc | ||||||||
0.200% due 04/01/09 | 500,000 | 500,000 | ||||||
E.ON AG (Germany) | ||||||||
0.900% due 04/22/09 | 500,000 | 499,737 | ||||||
1.000% due 05/06/09 | 750,000 | 749,271 | ||||||
Ecolab Inc | ||||||||
0.500% due 04/07/09 | 1,000,000 | 999,917 | ||||||
0.550% due 04/15/09 | 500,000 | 499,893 | ||||||
Electricite de France (France) | ||||||||
0.950% due 05/05/09 | 750,000 | 749,327 | ||||||
Eli Lilly & Co | ||||||||
0.700% due 10/06/09 | 1,000,000 | 996,344 | ||||||
Emerson Electric Co | ||||||||
0.330% due 05/11/09 | 1,500,000 | 1,499,450 | ||||||
General Dynamics Corp | ||||||||
0.320% due 04/13/09 | 1,200,000 | 1,199,872 | ||||||
Hewlett-Packard Co | ||||||||
0.260% due 04/06/09 | 500,000 | 499,982 | ||||||
0.370% due 04/06/09 | 500,000 | 499,974 | ||||||
0.400% due 05/01/09 | 500,000 | 499,833 | ||||||
0.450% due 05/13/09 | 1,000,000 | 999,475 | ||||||
Illinois Tool Works Inc | ||||||||
0.480% due 05/01/09 | 600,000 | 599,760 | ||||||
Johnson & Johnson | ||||||||
0.310% due 06/08/09 | 2,250,000 | 2,248,683 | ||||||
Kimberly-Clark Worldwide Inc | ||||||||
0.500% due 07/07/09 | 750,000 | 748,990 | ||||||
Medtronic Inc | ||||||||
0.180% due 04/24/09 | 750,000 | 749,914 | ||||||
0.350% due 04/23/09 | 1,500,000 | 1,499,679 | ||||||
National Rural Utilities Cooperative Finance Corp | ||||||||
0.500% due 04/20/09 | 250,000 | 249,934 | ||||||
0.550% due 06/19/09 | 1,750,000 | 1,747,888 | ||||||
Nestle Capital Corp | ||||||||
0.300% due 04/27/09 | 250,000 | 249,946 | ||||||
0.320% due 06/15/09 | 750,000 | 749,500 | ||||||
NetJets Inc | ||||||||
0.330% due 05/01/09 | 1,200,000 | 1,199,670 | ||||||
0.350% due 04/06/09 | 750,000 | 749,963 | ||||||
Nokia OYJ (Finland) | ||||||||
0.800% due 04/03/09 | 500,000 | 499,978 | ||||||
Pfizer Inc | ||||||||
0.310% due 05/05/09 | 1,500,000 | 1,499,561 | ||||||
Praxair Inc | ||||||||
0.350% due 04/09/09 | 500,000 | 499,961 | ||||||
0.500% due 04/21/09 | 300,000 | 299,917 | ||||||
Procter & Gamble International Funding SCA | ||||||||
0.380% due 06/09/09 | 750,000 | 749,454 | ||||||
The Coca-Cola Co | ||||||||
0.350% due 05/29/09 | 2,000,000 | 1,998,872 | ||||||
0.520% due 06/02/09 | 300,000 | 299,731 | ||||||
The Stanley Works | ||||||||
0.600% due 04/20/09 | 1,000,000 | 999,683 | ||||||
Total Capital Canada Ltd (Canada) | ||||||||
0.610% due 06/10/09 | 1,500,000 | 1,498,221 |
Unilever Capital Corp | ||||||||
0.350% due 05/13/09 | 1,000,000 | 999,592 | ||||||
0.600% due 05/12/09 | 250,000 | 249,829 | ||||||
United Parcel Service Inc | ||||||||
0.220% due 04/02/09 | 1,400,000 | 1,399,991 | ||||||
0.310% due 06/01/09 | 1,000,000 | 999,475 | ||||||
40,425,147 | ||||||||
Corporate Notes — 13.4% | ||||||||
General Electric Capital Corp | ||||||||
3.125% due 04/01/09 | 400,000 | 400,000 | ||||||
IBM International Group Capital LLC | ||||||||
1.470% due 09/25/09 ~ § | 1,400,000 | 1,401,341 | ||||||
1.524% due 07/29/09 § | 750,000 | 750,817 | ||||||
Procter & Gamble International Funding SCA | ||||||||
1.486% due 02/08/10 § | 1,000,000 | 1,000,000 | ||||||
5.300% due 07/06/09 ~ | 500,000 | 503,011 | ||||||
Wal-Mart Stores Inc | ||||||||
6.875% due 08/10/09 | 2,295,000 | 2,339,466 | ||||||
Wells Fargo Bank NA | ||||||||
0.673% due 05/28/09 § | 1,000,000 | 1,000,000 | ||||||
7,394,635 | ||||||||
U.S. Government Agency Issue — 2.7% | ||||||||
Federal Home Loan Bank | ||||||||
2.520% due 04/21/09 | 1,500,000 | 1,500,000 | ||||||
Shares | ||||||||
Money Market Funds — 8.6% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 2,332,055 | 2,332,055 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 2,441,773 | 2,441,773 | ||||||
4,773,828 | ||||||||
Total Short-Term Investments (Amortized Cost $54,093,610) | 54,093,610 | |||||||
TOTAL INVESTMENTS — 97.6% (Amortized Cost $54,093,610) | 54,093,610 | |||||||
OTHER ASSETS & LIABILITIES, NET — 2.4% | 1,330,347 | |||||||
NET ASSETS — 100.0% | $ | 55,423,957 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Commercial Paper | 72.9 | % | ||
Corporate Notes | 13.4 | % | ||
Money Market Funds | 8.6 | % | ||
U.S. Government Agency Issue | 2.7 | % | ||
97.6 | % | |||
Other Assets & Liabilities, Net | 2.4 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-4
PL MONEY MARKET FUND
Schedule of Investments (Continued)
March 31, 2009
(b) | As of March 31, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA / U.S. Government & Agency Issues | 5.1 | % | ||
A-1 (Short-Term Debt Only) | 82.0 | % | ||
AA | 8.6 | % | ||
A | 4.3 | % | ||
100.00 | % | |||
(c) | Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-5
PL SMALL-CAP GROWTH FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
WARRANTS — 0.0% | ||||||||
Consumer Discretionary — 0.0% | ||||||||
Krispy Kreme Doughnuts Inc Strike @ $12.21 Exp. 03/02/12 * | 70 | $ | 1 | |||||
Total Warrants (Cost $1) | 1 | |||||||
COMMON STOCKS — 96.7% | ||||||||
Consumer Discretionary — 15.3% | ||||||||
Aeropostale Inc * | 9,700 | 257,631 | ||||||
American Public Education Inc * | 3,800 | 159,827 | ||||||
Bally Technologies Inc * | 10,750 | 198,014 | ||||||
Corinthian Colleges Inc * | 16,550 | 321,897 | ||||||
Darden Restaurants Inc | 8,350 | 286,070 | ||||||
DreamWorks Animation SKG Inc ‘A’ * | 7,050 | 152,561 | ||||||
Iconix Brand Group Inc * | 28,050 | 248,242 | ||||||
J.Crew Group Inc * | 8,350 | 110,052 | ||||||
Jack in the Box Inc * | 7,850 | 182,826 | ||||||
Life Time Fitness Inc * | 15,450 | 194,051 | ||||||
LKQ Corp * | 20,000 | 285,400 | ||||||
Netflix Inc * | 4,200 | 180,263 | ||||||
Penn National Gaming Inc * | 12,000 | 289,800 | ||||||
priceline.com Inc * | 3,450 | 271,791 | ||||||
Regal Entertainment Group ‘A’ | 21,450 | 287,645 | ||||||
Tupperware Brands Corp | 15,250 | 259,098 | ||||||
3,685,168 | ||||||||
Consumer Staples — 3.2% | ||||||||
Central European Distribution Corp * | 13,500 | 145,260 | ||||||
Flowers Foods Inc | 8,550 | 200,754 | ||||||
The Hain Celestial Group Inc * | 15,600 | 222,144 | ||||||
Whole Foods Market Inc | 11,600 | 194,880 | ||||||
763,038 | ||||||||
Energy — 4.6% | ||||||||
Comstock Resources Inc * | 3,750 | 111,750 | ||||||
Concho Resources Inc * | 11,100 | 284,049 | ||||||
Denbury Resources Inc * | 12,550 | 186,493 | ||||||
Dril-Quip Inc * | 7,250 | 222,575 | ||||||
Mariner Energy Inc * | 20,950 | 162,363 | ||||||
Penn Virginia Corp | 13,150 | 144,387 | ||||||
1,111,617 | ||||||||
Financials — 7.5% | ||||||||
Brookline Bancorp Inc | 28,000 | 266,000 | ||||||
Digital Realty Trust Inc REIT | 8,550 | 283,689 | ||||||
First Commonwealth Financial Corp | 20,400 | 180,948 | ||||||
First Mercury Financial Corp * | 20,350 | 293,854 | ||||||
Investment Technology Group Inc * | 9,700 | 247,544 | ||||||
Lazard Ltd ‘A’ (Bermuda) | 4,900 | 144,060 | ||||||
Platinum Underwriters Holdings Ltd (Bermuda) | 9,150 | 259,494 | ||||||
Signature Bank * | 4,450 | 125,624 | ||||||
1,801,213 | ||||||||
Health Care — 23.6% | ||||||||
Alexion Pharmaceuticals Inc * | 8,950 | 337,057 | ||||||
Allos Therapeutics Inc * | 30,450 | 188,181 | ||||||
AMERIGROUP Corp * | 10,050 | 276,777 | ||||||
Auxilium Pharmaceuticals Inc * | 7,400 | 205,128 | ||||||
Community Health Systems Inc * | 14,300 | 219,362 | ||||||
Cubist Pharmaceuticals Inc * | 13,250 | 216,770 | ||||||
Gentiva Health Services Inc * | 7,500 | 114,000 | ||||||
Hologic Inc * | 8,800 | 115,192 | ||||||
ICON PLC ADR (Ireland) * | 15,000 | 242,250 | ||||||
Illumina Inc * | 7,350 | 273,714 | ||||||
Immucor Inc * | 9,600 | 241,440 | ||||||
Insulet Corp * | 13,850 | 56,785 | ||||||
Inverness Medical Innovations Inc * | 9,850 | 262,306 | ||||||
Masimo Corp * | 8,050 | 233,289 | ||||||
Medicis Pharmaceutical Corp ‘A’ | 16,550 | 204,724 | ||||||
Mylan Inc * | 22,900 | 307,089 | ||||||
Myriad Genetics Inc * | 6,500 | 295,555 | ||||||
NuVasive Inc * | 7,250 | 227,505 | ||||||
Optimer Pharmaceuticals Inc * | 26,950 | 355,471 | ||||||
OSI Pharmaceuticals Inc * | 6,250 | 239,125 | ||||||
Owens & Minor Inc | 4,500 | 149,085 | ||||||
PAREXEL International Corp * | 24,750 | 240,818 | ||||||
Seattle Genetics Inc * | 16,550 | 163,183 | ||||||
Thoratec Corp * | 10,550 | 271,030 | ||||||
United Therapeutics Corp * | 3,450 | 228,011 | ||||||
5,663,847 | ||||||||
Industrials — 11.7% | ||||||||
Actuant Corp ‘A’ | 15,000 | 154,950 | ||||||
Aecom Technology Corp * | 10,300 | 268,624 | ||||||
AirTran Holdings Inc * | 49,200 | 223,860 | ||||||
BE Aerospace Inc * | 15,050 | 130,484 | ||||||
CLARCOR Inc | 8,300 | 209,077 | ||||||
Esterline Technologies Corp * | 7,300 | 147,387 | ||||||
FTI Consulting Inc * | 5,950 | 294,406 | ||||||
IHS Inc ‘A’ * | 5,900 | 242,962 | ||||||
Orbital Sciences Corp * | 11,350 | 134,952 | ||||||
RBC Bearings Inc * | 9,900 | 151,272 | ||||||
SunPower Corp ‘A’ * | 2,100 | 49,938 | ||||||
The Geo Group Inc * | 18,750 | 248,438 | ||||||
URS Corp * | 6,750 | 272,768 | ||||||
Waste Connections Inc * | 11,250 | 289,125 | ||||||
2,818,243 | ||||||||
Information Technology — 26.2% | ||||||||
ANSYS Inc * | 8,500 | 213,350 | ||||||
Atheros Communications Inc * | 17,150 | 251,419 | ||||||
Cavium Networks Inc * | 7,550 | 87,127 | ||||||
Concur Technologies Inc * | 8,850 | 169,832 | ||||||
F5 Networks Inc * | 8,000 | 167,600 | ||||||
GSI Commerce Inc * | 26,700 | 349,770 | ||||||
Informatica Corp * | 17,600 | 233,376 | ||||||
ManTech International Corp ‘A’ * | 5,150 | 215,785 | ||||||
Marvell Technology Group Ltd (Bermuda) * | 33,500 | 306,860 | ||||||
Mellanox Technologies Ltd (Israel) * | 30,500 | 254,065 | ||||||
Monolithic Power Systems Inc * | 16,100 | 249,550 | ||||||
Netlogic Microsystems Inc * | 5,900 | 162,132 | ||||||
NeuStar Inc ‘A’ * | 9,300 | 155,775 | ||||||
NICE Systems Ltd ADR (Israel) * | 11,850 | 294,591 | ||||||
Omniture Inc * | 9,900 | 130,581 | ||||||
ON Semiconductor Corp * | 49,800 | 194,220 | ||||||
Pegasystems Inc | 13,800 | 256,266 | ||||||
Polycom Inc * | 10,150 | 156,209 | ||||||
SkillSoft PLC ADR (Ireland) * | 38,250 | 255,893 | ||||||
Solera Holdings Inc * | 12,850 | 318,423 | ||||||
Starent Networks Corp * | 10,750 | 169,958 | ||||||
Synaptics Inc * | 8,325 | 222,777 | ||||||
Taleo Corp ‘A’ * | 23,604 | 278,999 | ||||||
TeleTech Holdings Inc * | 23,600 | 257,004 | ||||||
TIBCO Software Inc * | 35,150 | 206,331 | ||||||
VeriFone Holdings Inc * | 21,450 | 145,860 | ||||||
Vignette Corp * | 13,450 | 89,846 | ||||||
VistaPrint Ltd (Bermuda) * | 11,000 | 302,390 | ||||||
Wright Express Corp * | 10,750 | 195,865 | ||||||
6,291,854 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-6
PL SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Materials — 1.3% | ||||||||
Silgan Holdings Inc | 6,000 | $ | 315,240 | |||||
Telecommunication Services — 1.9% | ||||||||
SBA Communications Corp ‘A’ * | 13,050 | 304,065 | ||||||
Syniverse Holdings Inc * | 9,550 | 150,508 | ||||||
454,573 | ||||||||
Utilities — 1.4% | ||||||||
ITC Holdings Corp | 7,950 | 346,779 | ||||||
Total Common Stocks (Cost $28,388,295) | 23,251,572 | |||||||
TOTAL INVESTMENTS — 96.7% (Cost $28,388,296) | 23,251,573 | |||||||
OTHER ASSETS & LIABILITIES, NET — 3.3% | 794,910 | |||||||
NET ASSETS — 100.0% | $ | 24,046,483 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 26.2 | % | ||
Health Care | 23.6 | % | ||
Consumer Discretionary | 15.3 | % | ||
Industrials | 11.7 | % | ||
Financials | 7.5 | % | ||
Energy | 4.6 | % | ||
Consumer Staples | 3.2 | % | ||
Telecommunication Services | 1.9 | % | ||
Utilities | 1.4 | % | ||
Materials | 1.3 | % | ||
96.7 | % | |||
Other Assets & Liabilities, Net | 3.3 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-7
PL INTERNATIONAL VALUE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
RIGHTS — 0.0% | ||||||||
Belgium — 0.0% | ||||||||
Fortis Bank AS Exp. 12/31/49 * + | 34,832 | $ | — | |||||
Total Rights (Cost $0) | — | |||||||
COMMON STOCKS — 98.3% | ||||||||
Australia — 5.1% | ||||||||
Amcor Ltd + | 101,000 | 312,380 | ||||||
Australia & New Zealand Banking Group Ltd + | 86,800 | 948,492 | ||||||
BHP Billiton Ltd + | 24,100 | 532,640 | ||||||
Commonwealth Bank of Australia + | 12,300 | 295,282 | ||||||
Lend Lease Corp Ltd + | 50,400 | 228,888 | ||||||
Macquarie Group Ltd + | 24,700 | 465,104 | ||||||
Macquarie Infrastructure Group + | 210,802 | 215,961 | ||||||
National Australia Bank Ltd + | 52,522 | 733,174 | ||||||
Qantas Airways Ltd + | 233,058 | 281,604 | ||||||
4,013,525 | ||||||||
Belgium — 0.6% | ||||||||
Delhaize Group + | 6,600 | 428,301 | ||||||
KBC Groep NV + | 1,527 | 24,669 | ||||||
452,970 | ||||||||
Bermuda — 0.5% | ||||||||
Catlin Group Ltd + | 88,600 | 397,378 | ||||||
Canada — 2.7% | ||||||||
BCE Inc | 15,500 | 308,820 | ||||||
Brookfield Properties Corp | 60,000 | 346,923 | ||||||
Canadian Imperial Bank of Commerce | 7,364 | 267,973 | ||||||
EnCana Corp | 5,300 | 216,910 | ||||||
Fairfax Financial Holdings Ltd | 1,400 | 361,992 | ||||||
Petro-Canada | 22,000 | 591,006 | ||||||
2,093,624 | ||||||||
Finland — 1.4% | ||||||||
Nokia OYJ + | 94,700 | 1,107,559 | ||||||
France — 11.0% | ||||||||
Arkema SA + | 7,900 | 124,699 | ||||||
BNP Paribas + | 21,308 | 879,096 | ||||||
Credit Agricole SA + | 73,153 | 807,138 | ||||||
France Telecom SA + | 35,400 | 807,021 | ||||||
GDF Suez + | 9,641 | 330,632 | ||||||
Groupe Danone + | 4,800 | 233,585 | ||||||
L’Oreal SA + | 2,700 | 185,613 | ||||||
Lagardere SCA + | 14,500 | 406,889 | ||||||
Renault SA + | 28,994 | 596,179 | ||||||
Sanofi-Aventis SA + | 25,301 | 1,419,925 | ||||||
Societe Generale + | 19,323 | 755,857 | ||||||
Total SA + | 35,356 | 1,748,337 | ||||||
Vallourec SA + | 3,400 | 315,220 | ||||||
8,610,191 | ||||||||
Germany — 11.8% | ||||||||
Allianz SE + | 14,610 | 1,222,897 | ||||||
BASF SE + | 33,000 | 997,303 | ||||||
Bayer AG + | 18,900 | 902,978 | ||||||
Celesio AG + | 18,400 | 338,744 | ||||||
Daimler AG + | 9,700 | 244,396 | ||||||
Deutsche Bank AG + | 24,500 | 981,378 | ||||||
Deutsche Lufthansa AG + | 28,300 | 306,594 | ||||||
Deutsche Telekom AG + | 64,900 | 803,852 | ||||||
E.ON AG + | 38,696 | 1,073,201 | ||||||
Muenchener Rueckversicherungs AG + | 7,461 | 908,498 | ||||||
RWE AG + | 11,033 | 772,649 | ||||||
Siemens AG + | 7,700 | 439,591 | ||||||
Suedzucker AG + | 12,900 | 248,849 | ||||||
9,240,930 | ||||||||
Hong Kong — 0.5% | ||||||||
New World Development Ltd + | 399,000 | 398,293 | ||||||
Ireland — 0.1% | ||||||||
Greencore Group PLC + | 109,900 | 100,642 | ||||||
Italy — 4.0% | ||||||||
A2A SPA + | 221,500 | 336,300 | ||||||
Banco Popolare SCARL + | 35,800 | 164,299 | ||||||
ENI SPA + | 60,389 | 1,169,269 | ||||||
Intesa Sanpaolo SPA + | 229,700 | 631,787 | ||||||
Telecom Italia SPA + | 422,900 | 545,218 | ||||||
Telecom Italia SPA RNC + | 203,700 | 207,139 | ||||||
UniCredit SPA + | 77,000 | 126,732 | ||||||
3,180,744 | ||||||||
Japan — 21.9% | ||||||||
Aeon Co Ltd + | 47,500 | 313,976 | ||||||
Astellas Pharma Inc + | 11,000 | 340,407 | ||||||
Canon Inc + | 24,100 | 702,559 | ||||||
DIC Corp + | 124,000 | 182,143 | ||||||
East Japan Railway Co + | 10,400 | 542,196 | ||||||
Elpida Memory Inc * + | 14,200 | 100,076 | ||||||
FUJIFILM Holdings Corp + | 9,500 | 209,108 | ||||||
Fujitsu Ltd + | 165,000 | 619,119 | ||||||
Hitachi High-Technologies Corp + | 13,900 | 197,118 | ||||||
Hitachi Ltd + | 107,000 | 292,752 | ||||||
Honda Motor Co Ltd + | 24,400 | 580,861 | ||||||
Isuzu Motors Ltd + | 224,000 | 275,123 | ||||||
JFE Holdings Inc + | 28,200 | 622,465 | ||||||
KDDI Corp + | 77 | 362,604 | ||||||
Kirin Holdings Co Ltd + | 45,000 | 480,738 | ||||||
Kyocera Corp + | 5,900 | 393,819 | ||||||
Kyushu Electric Power Co Inc + | 20,900 | 469,255 | ||||||
Mediceo Paltac Holdings Co Ltd + | 26,900 | 287,002 | ||||||
Mitsubishi Chemical Holdings Corp + | 127,000 | 438,297 | ||||||
Mitsubishi Corp + | 60,200 | 798,055 | ||||||
Mitsubishi UFJ Financial Group Inc + | 122,400 | 603,031 | ||||||
Mitsui & Co Ltd + | 67,000 | 682,549 | ||||||
Mizuho Financial Group Inc + | 106,000 | 206,993 | ||||||
Namco Bandai Holdings Inc + | 33,100 | 332,274 | ||||||
Nippon Mining Holdings Inc + | 80,000 | 320,662 | ||||||
Nippon Telegraph & Telephone Corp + | 21,200 | 809,092 | ||||||
Nissan Motor Co Ltd + | 172,300 | 622,749 | ||||||
NTT DoCoMo Inc + | 341 | 464,590 | ||||||
Panasonic Corp + | 19,000 | 209,737 | ||||||
Sharp Corp + | 85,000 | 680,188 | ||||||
Sony Corp + | 33,400 | 690,862 | ||||||
Sumitomo Mitsui Financial Group Inc + | 25,300 | 890,848 | ||||||
Takashimaya Co Ltd + | 27,000 | 156,469 | ||||||
The Furukawa Electric Co Ltd + | 60,000 | 171,890 | ||||||
The Kansai Electric Power Co Inc + | 12,700 | 276,003 | ||||||
The Tokyo Electric Power Co Inc + | 14,700 | 367,406 | ||||||
Toshiba Corp + | 182,000 | 474,126 | ||||||
Tosoh Corp + | 72,000 | 137,259 | ||||||
Toyota Motor Corp + | 20,400 | 647,983 | ||||||
West Japan Railway Co + | 85 | 269,528 | ||||||
17,221,912 | ||||||||
Luxembourg — 0.9% | ||||||||
ArcelorMittal + | 34,300 | 699,847 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-8
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Netherlands — 2.7% | ||||||||
European Aeronautic Defence & Space Co NV + | 17,860 | $ | 207,531 | |||||
ING Groep NV CVA + | 74,121 | 406,141 | ||||||
Koninklijke Ahold NV + | 74,500 | 815,980 | ||||||
Koninklijke Philips Electronics NV + | 44,820 | 663,434 | ||||||
2,093,086 | ||||||||
New Zealand — 0.3% | ||||||||
Telecom Corp of New Zealand Ltd + | 187,085 | 248,865 | ||||||
Norway — 1.4% | ||||||||
StatoilHydro ASA + | 64,700 | 1,132,296 | ||||||
Singapore — 0.2% | ||||||||
Neptune Orient Lines Ltd + | 228,000 | 177,218 | ||||||
Spain — 3.0% | ||||||||
Banco Santander SA + | 82,125 | 566,236 | ||||||
Repsol YPF SA + | 7,929 | 136,815 | ||||||
Telefonica SA + | 81,800 | 1,631,204 | ||||||
2,334,255 | ||||||||
Sweden — 2.4% | ||||||||
Nordea Bank AB + | 47,900 | 238,338 | ||||||
Nordea Bank AB IO9 * | 26,345 | 124,042 | ||||||
Svenska Cellulosa AB ‘B’ + | 57,100 | 433,371 | ||||||
Telefonaktiebolaget LM Ericsson ‘B’ + | 105,000 | 848,945 | ||||||
Volvo AB ‘B’ + | 52,050 | 276,191 | ||||||
1,920,887 | ||||||||
Switzerland — 5.3% | ||||||||
Credit Suisse Group AG + | 31,179 | 949,337 | ||||||
Nestle SA + | 26,043 | 879,846 | ||||||
Novartis AG + | 41,687 | 1,577,168 | ||||||
UBS AG + * | 49,664 | 465,612 | ||||||
Zurich Financial Services AG + | 1,660 | 262,352 | ||||||
4,134,315 | ||||||||
United Kingdom — 22.5% | ||||||||
Amlin PLC + | 74,500 | 367,183 | ||||||
Antofagasta PLC + | 47,900 | 346,638 | ||||||
Arriva PLC + | 55,900 | 297,113 | ||||||
Associated British Foods PLC + | 51,600 | 473,632 | ||||||
AstraZeneca PLC + | 22,222 | 786,989 | ||||||
Aviva PLC + | 119,438 | 370,376 | ||||||
Barclays PLC + | 224,283 | 476,179 | ||||||
BP PLC + | 239,098 | 1,603,238 | ||||||
British American Tobacco PLC + | 24,700 | 570,589 | ||||||
Centrica PLC + | 214,900 | 701,502 | ||||||
Drax Group PLC + | 74,300 | 550,375 | ||||||
DS Smith PLC + | 57,900 | 41,497 | ||||||
G4S PLC + | 153,200 | 425,687 | ||||||
GlaxoSmithKline PLC + | 96,100 | 1,496,723 | ||||||
HSBC Holdings PLC (LI) + | 191,816 | 1,067,950 | ||||||
J. Sainsbury PLC + | 106,800 | 478,705 | ||||||
Kingfisher PLC + | 195,700 | 419,485 | ||||||
Lloyds Banking Group PLC + | 423,066 | 428,331 | ||||||
Mondi PLC + | 32,500 | 68,859 | ||||||
Next PLC + | 24,900 | 472,508 | ||||||
Pearson PLC + | 48,400 | 486,724 | ||||||
Premier Farnell PLC + | 161,000 | 274,013 | ||||||
Prudential PLC + | 106,445 | 516,034 | ||||||
Royal Dutch Shell PLC ‘A’ (XAMS) + | 107,935 | 2,407,935 | ||||||
Tate & Lyle PLC + | 50,300 | 187,626 | ||||||
Thomas Cook Group PLC + | 136,800 | 471,078 | ||||||
TUI Travel PLC + | 125,400 | 411,506 | ||||||
Vodafone Group PLC + | 866,371 | 1,510,474 | ||||||
17,708,949 | ||||||||
Total Common Stocks (Cost $130,858,570) | 77,267,486 | |||||||
TOTAL INVESTMENTS — 98.3% (Cost $130,858,570) | 77,267,486 | |||||||
OTHER ASSETS & LIABILITIES, NET — 1.7% | 1,336,617 | |||||||
NET ASSETS — 100.0% | $ | 78,604,103 | ||||||
Financials | 24.1 | % | ||
Energy | 11.9 | % | ||
Telecommunication Services | 9.8 | % | ||
Consumer Discretionary | 9.7 | % | ||
Health Care | 9.0 | % | ||
Industrials | 7.7 | % | ||
Consumer Staples | 6.8 | % | ||
Information Technology | 6.7 | % | ||
Materials | 6.4 | % | ||
Utilities | 6.2 | % | ||
98.3 | % | |||
Other Assets & Liabilities, Net | 1.7 | % | ||
100.0 | % | |||
(b) | As of March 31, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows: |
United Kingdom | 22.5 | % | ||
Japan | 21.9 | % | ||
Germany | 11.8 | % | ||
France | 11.0 | % | ||
Switzerland | 5.3 | % | ||
Australia | 5.1 | % | ||
Italy | 4.0 | % | ||
Spain | 3.0 | % | ||
Canada | 2.7 | % | ||
Netherlands | 2.7 | % | ||
Sweden | 2.4 | % | ||
Finland | 1.4 | % | ||
Norway | 1.4 | % | ||
Luxembourg | 0.9 | % | ||
Belgium | 0.6 | % | ||
Bermuda | 0.5 | % | ||
Hong Kong | 0.5 | % | ||
New Zealand | 0.3 | % | ||
Singapore | 0.2 | % | ||
Ireland | 0.1 | % | ||
98.3 | % | |||
Other Assets & Liabilities, Net | 1.7 | % | ||
100.0 | % | |||
(c) | Securities with a total aggregate market value of $75,049,821 or 95.5% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-9
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
March 31, 2009
(d) | The amount of $96,278 in cash was segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of March 31, 2009: |
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Appreciation | |||||||||
Dow Jones Euro Stoxx 50 (06/09) | 17 | EUR 332,690 | $ | 11,067 | ||||||||
(e) | Forward foreign currency contracts outstanding as of March 31, 2009 were as follows: |
Principal | ||||||||||||
Contracts | Amount | Unrealized | ||||||||||
to Buy or | Covered by | Appreciation | ||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||
Sell | CAD | 1,989,000 | 06/09 | $ | (39,199 | ) | ||||||
Buy | EUR | 401,000 | 06/09 | (830 | ) | |||||||
Sell | EUR | 401,000 | 06/09 | (15,511 | ) | |||||||
Sell | GBP | 297,000 | 06/09 | 12,258 | ||||||||
Sell | SEK | 6,823,000 | 06/09 | (62,057 | ) | |||||||
$ | (105,339 | ) | ||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-10
PL LARGE-CAP VALUE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 90.8% | ||||||||
Consumer Discretionary — 13.8% | ||||||||
DISH Network Corp ‘A’ * | 91,300 | $ | 1,014,347 | |||||
McDonald’s Corp | 28,100 | 1,533,417 | ||||||
News Corp ‘A’ | 124,160 | 821,939 | ||||||
Scripps Networks Interactive Inc ‘A’ | 39,600 | 891,396 | ||||||
SES SA FDR (Luxembourg) + | 47,800 | 912,403 | ||||||
Target Corp | 26,300 | 904,457 | ||||||
The Home Depot Inc | 49,700 | 1,170,932 | ||||||
Time Warner Cable Inc | 14,115 | 350,055 | ||||||
Time Warner Inc | 56,233 | 1,085,303 | ||||||
8,684,249 | ||||||||
Consumer Staples — 15.8% | ||||||||
Altria Group Inc | 60,400 | 967,608 | ||||||
Kimberly-Clark Corp | 44,100 | 2,033,451 | ||||||
Kraft Foods Inc ‘A’ | 59,931 | 1,335,862 | ||||||
Lorillard Inc | 16,700 | 1,031,058 | ||||||
Philip Morris International Inc | 48,400 | 1,722,072 | ||||||
Unilever PLC ADR (United Kingdom) | 46,000 | 870,780 | ||||||
Wal-Mart Stores Inc | 38,100 | 1,985,010 | ||||||
9,945,841 | ||||||||
Energy — 14.6% | ||||||||
Devon Energy Corp | 10,670 | 476,842 | ||||||
El Paso Corp | 168,000 | 1,050,000 | ||||||
Exxon Mobil Corp | 26,700 | 1,818,270 | ||||||
Halliburton Co | 56,600 | 875,602 | ||||||
Royal Dutch Shell PLC ADR (United Kingdom) | 25,300 | 1,120,790 | ||||||
Suncor Energy Inc (Canada) | 33,090 | 734,929 | ||||||
Total SA ADR (France) | 47,580 | 2,334,275 | ||||||
Transocean Ltd (Switzerland) * | 12,548 | 738,324 | ||||||
9,149,032 | ||||||||
Financials — 16.9% | ||||||||
American Express Co | 21,070 | 287,184 | ||||||
Bank of America Corp | 84,900 | 579,018 | ||||||
Capital One Financial Corp | 15,560 | 190,454 | ||||||
JPMorgan Chase & Co | 69,600 | 1,849,968 | ||||||
Loews Corp | 25,380 | 560,898 | ||||||
Marsh & McLennan Cos Inc | 49,801 | 1,008,470 | ||||||
State Street Corp | 30,950 | 952,641 | ||||||
The Bank of New York Mellon Corp | 31,112 | 878,914 | ||||||
The Chubb Corp | 28,480 | 1,205,274 | ||||||
The PNC Financial Services Group Inc | 10,900 | 319,261 | ||||||
The Travelers Cos Inc | 45,840 | 1,862,938 | ||||||
Wells Fargo & Co | 67,600 | 962,624 | ||||||
10,657,644 | ||||||||
Health Care — 7.4% | ||||||||
Abbott Laboratories | 20,300 | 968,310 | ||||||
Novartis AG ADR (Switzerland) | 28,500 | 1,078,155 | ||||||
Pfizer Inc | 22,400 | 305,088 | ||||||
Roche Holding AG (Switzerland) + | 5,710 | 783,698 | ||||||
UnitedHealth Group Inc | 34,310 | 718,108 | ||||||
WellPoint Inc * | 21,700 | 823,949 | ||||||
4,677,308 | ||||||||
Industrials — 5.5% | ||||||||
General Electric Co | 101,940 | 1,030,613 | ||||||
Raytheon Co | 25,000 | 973,500 | ||||||
The Boeing Co | 11,400 | 405,612 | ||||||
United Technologies Corp | 24,700 | 1,061,606 | ||||||
3,471,331 | ||||||||
Information Technology — 3.8% | ||||||||
EchoStar Corp ‘A’ * | 6,880 | 102,030 | ||||||
International Business Machines Corp | 14,600 | 1,414,594 | ||||||
Microsoft Corp | 45,700 | 839,509 | ||||||
2,356,133 | ||||||||
Materials — 1.7% | ||||||||
Air Products & Chemicals Inc | 19,000 | 1,068,750 | ||||||
Telecommunication Services — 8.7% | ||||||||
AT&T Inc | 92,947 | 2,342,264 | ||||||
Embarq Corp | 25,745 | 974,448 | ||||||
Sprint Nextel Corp * | 188,879 | 674,298 | ||||||
Verizon Communications Inc | 49,500 | 1,494,900 | ||||||
5,485,910 | ||||||||
Utilities — 2.6% | ||||||||
Sempra Energy | 35,600 | 1,646,144 | ||||||
Total Common Stocks (Cost $78,731,715) | 57,142,342 | |||||||
SHORT-TERM INVESTMENT — 4.4% | ||||||||
Money Market Fund — 4.4% | ||||||||
BlackRock Liquidity Funds Institutional TempFund | 2,786,383 | 2,786,383 | ||||||
Total Short-Term Investment (Cost $2,786,383) | 2,786,383 | |||||||
TOTAL INVESTMENTS — 95.2% (Cost $81,518,098) | 59,928,725 | |||||||
OTHER ASSETS & LIABILITIES, NET — 4.8% | 3,002,608 | |||||||
NET ASSETS — 100.0% | $ | 62,931,333 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Financials | 16.9 | % | ||
Consumer Staples | 15.8 | % | ||
Energy | 14.6 | % | ||
Consumer Discretionary | 13.8 | % | ||
Telecommunication Services | 8.7 | % | ||
Health Care | 7.4 | % | ||
Industrials | 5.5 | % | ||
Short-Term Investment | 4.4 | % | ||
Information Technology | 3.8 | % | ||
Utilities | 2.6 | % | ||
Materials | 1.7 | % | ||
95.2 | % | |||
Other Assets & Liabilities, Net | 4.8 | % | ||
100.0 | % | |||
(b) | Securities with a total aggregate market value of $1,696,101 or 2.7% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-11
PL SHORT DURATION BOND FUND
Schedule of Investments
March 31, 2009
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS & NOTES — 28.6% | ||||||||
Consumer Discretionary — 1.4% | ||||||||
Comcast Corp | ||||||||
5.850% due 01/15/10 | $ | 250,000 | $ | 253,864 | ||||
Cox Communications Inc | ||||||||
4.625% due 01/15/10 | 150,000 | 148,605 | ||||||
Time Warner Cable Inc | ||||||||
5.400% due 07/02/12 | 100,000 | 96,696 | ||||||
Time Warner Inc | ||||||||
6.750% due 04/15/11 | 150,000 | 152,322 | ||||||
651,487 | ||||||||
Consumer Staples — 0.3% | ||||||||
CVS Caremark Corp | ||||||||
2.793% due 09/10/10 § | 150,000 | 145,743 | ||||||
Financials — 23.5% | ||||||||
American General Finance Corp | ||||||||
4.875% due 05/15/10 | 250,000 | 123,294 | ||||||
ANZ Capital Trust Inc | ||||||||
4.484% ~ ± | 250,000 | 207,494 | ||||||
Bank of America Corp | ||||||||
2.100% due 04/30/12 | 1,000,000 | 1,002,824 | ||||||
Bank of The West | ||||||||
2.150% due 03/27/12 | 500,000 | 501,297 | ||||||
Citigroup Inc | ||||||||
2.125% due 04/30/12 | 2,000,000 | 2,008,322 | ||||||
Greater Bay Bancorp | ||||||||
5.125% due 04/15/10 | 100,000 | 101,492 | ||||||
ING Capital Funding Trust III | ||||||||
8.439% § ± | 350,000 | 102,108 | ||||||
Kreditanstalt fuer Wiederaufbau (Germany) | ||||||||
3.750% due 06/27/11 | 2,100,000 | 2,192,545 | ||||||
4.500% due 09/21/09 | 3,400,000 | 3,438,791 | ||||||
Monumental Global Funding II | ||||||||
3.900% due 06/15/09 ~D | 400,000 | 399,051 | ||||||
Morgan Stanley | ||||||||
5.050% due 01/21/11 | 250,000 | 245,929 | ||||||
PNC Funding Corp | ||||||||
1.875% due 06/22/11 | 600,000 | 603,635 | ||||||
The Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
9.118% ± | 150,000 | 73,512 | ||||||
Waddell & Reed Financial Inc | ||||||||
5.600% due 01/15/11 | 150,000 | 136,188 | ||||||
11,136,482 | ||||||||
Health Care — 0.7% | ||||||||
UnitedHealth Group Inc | ||||||||
5.125% due 11/15/10 | 350,000 | 352,012 | ||||||
Industrials — 1.7% | ||||||||
John Deere Capital Corp | ||||||||
2.875% due 06/19/12 | 550,000 | 564,579 | ||||||
5.400% due 04/07/10 | 250,000 | 254,162 | ||||||
818,741 | ||||||||
Telecommunication Services — 1.0% | ||||||||
Deutsche Telekom International Finance BV (Netherlands) | ||||||||
8.500% due 06/15/10 | 200,000 | 208,986 | ||||||
GTE Corp | ||||||||
7.510% due 04/01/09 | 250,000 | 250,000 | ||||||
458,986 | ||||||||
Total Corporate Bonds & Notes (Cost $13,898,435) | 13,563,451 | |||||||
MORTGAGE-BACKED SECURITIES — 20.8% | ||||||||
Collateralized Mortgage Obligations — 5.8% | ||||||||
Citimortgage Alternative Loan Trust | ||||||||
6.000% due 12/25/36 “ | 706,262 | 483,118 | ||||||
Fannie Mae | ||||||||
0.882% due 03/25/37 § “ | 479,105 | 467,667 | ||||||
1.362% due 04/25/48 § “ | 449,357 | 441,749 | ||||||
Freddie Mac | ||||||||
0.896% due 05/15/37 § “ | 558,933 | 545,533 | ||||||
0.906% due 11/15/36 § “ | 605,438 | 587,357 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | ||||||||
5.450% due 11/25/34 § “ | 367,947 | 223,862 | ||||||
2,749,286 | ||||||||
Fannie Mae — 13.5% | ||||||||
4.500% due 06/01/13 - 06/01/23 “ | 942,218 | 971,089 | ||||||
5.000% due 07/01/34 “ | 977,792 | 1,011,480 | ||||||
6.000% due 10/01/21 - 02/01/38 “ | 3,256,807 | 3,423,040 | ||||||
6.500% due 08/01/37 “ | 935,903 | 987,170 | ||||||
6,392,779 | ||||||||
Freddie Mac — 1.5% | ||||||||
4.500% due 12/01/18 “ | 682,293 | 707,296 | ||||||
Total Mortgage-Backed Securities (Cost $9,998,631) | 9,849,361 | |||||||
ASSET-BACKED SECURITIES — 5.5% | ||||||||
Capital One Multi-Asset Execution Trust | ||||||||
4.950% due 08/15/12 “ | 1,600,000 | 1,586,703 | ||||||
Chase Issuance Trust | ||||||||
4.960% due 09/17/12 “ | 1,000,000 | 1,013,353 | ||||||
Total Asset-Backed Securities (Cost $2,599,528) | 2,600,056 | |||||||
U.S. GOVERNMENT AGENCY ISSUES — 36.8% | ||||||||
Fannie Mae | ||||||||
1.750% due 03/23/11 | 2,500,000 | 2,517,308 | ||||||
2.000% due 03/02/11 | 1,000,000 | 1,002,953 | ||||||
2.000% due 01/09/12 | 200,000 | 202,152 | ||||||
3.375% due 05/19/11 | 1,200,000 | 1,250,414 | ||||||
4.680% due 06/15/11 | 1,800,000 | 1,922,521 | ||||||
5.125% due 04/15/11 | 1,000,000 | 1,071,569 | ||||||
Federal Home Loan Bank | ||||||||
3.125% due 06/10/11 ‡ | 2,500,000 | 2,570,875 | ||||||
5.125% due 09/10/10 | 1,000,000 | 1,060,228 | ||||||
Freddie Mac | ||||||||
2.000% due 02/25/11 | 1,500,000 | 1,504,185 | ||||||
2.000% due 03/16/11 | 500,000 | 500,488 | ||||||
2.050% due 03/09/11 | 2,500,000 | 2,509,758 | ||||||
2.125% due 03/23/12 | 1,000,000 | 1,008,303 | ||||||
2.875% due 06/28/10 | 300,000 | 306,745 | ||||||
Total U.S. Government Agency Issues (Cost $17,046,277) | 17,427,499 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-12
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2009
Principal | ||||||||
Amount | Value | |||||||
U.S. TREASURY OBLIGATIONS — 6.0% | ||||||||
U.S. Treasury Inflation Protected Securities — 6.0% | ||||||||
4.250% due 01/15/10 ^ | $ | 2,760,560 | $ | 2,837,337 | ||||
Total U.S. Treasury Obligations (Cost $2,864,862) | 2,837,337 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT — 1.8% | ||||||||
Money Market Fund — 1.8% | ||||||||
BlackRock Liquidity Funds Institutional TempFund | 840,114 | 840,114 | ||||||
Total Short-Term Investment (Cost $840,114) | 840,114 | |||||||
TOTAL INVESTMENTS — 99.5% (Cost $47,247,847) | 47,117,818 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.5% | 237,384 | |||||||
NET ASSETS — 100.0% | $ | 47,355,202 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
U.S. Government Agency Issues | 36.8 | % | ||
Corporate Bonds & Notes | 28.6 | % | ||
Mortgage-Backed Securities | 20.8 | % | ||
U.S. Treasury Obligation | 6.0 | % | ||
Asset-Backed Securities | 5.5 | % | ||
Short-Term Investment | 1.8 | % | ||
99.5 | % | |||
Other Assets & Liabilities, Net | 0.5 | % | ||
100.0 | % | |||
(b) | As of March 31, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA / U.S. Government & Agency Issues | 93.0 | % | ||
AA | 1.1 | % | ||
A | 2.3 | % | ||
BBB | 2.7 | % | ||
BB | 0.4 | % | ||
Not Rated | 0.5 | % | ||
100.0 | % | |||
(c) | Securities with an aggregate market value of $339,356 were segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of March 31, 2009: |
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
Eurodollar (04/09) | 8 | $ | 8,000,000 | $ | 2,767 | |||||||
Eurodollar (05/09) | 8 | 8,000,000 | 2,957 | |||||||||
Eurodollar (06/09) | 11 | 11,000,000 | 11,293 | |||||||||
Eurodollar (09/09) | 9 | 9,000,000 | 9,671 | |||||||||
Eurodollar (12/09) | 18 | 18,000,000 | 12,426 | |||||||||
U.S. Treasury 2-Year Notes (06/09) | 27 | 5,400,000 | 27,955 | |||||||||
U.S. Treasury 5-Year Notes (06/09) | 3 | 300,000 | 686 | |||||||||
U.S. Treasury 10-Year Notes (06/09) | 3 | 300,000 | 1,893 |
Short Futures Outstanding | ||||||||||||
U.S. Treasury 20-Year Bonds (06/09) | 7 | 700,000 | (29,453 | ) | ||||||||
$ | 40,195 | |||||||||||
(d) | 0.8% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-13
PL FLOATING RATE LOAN FUND
Schedule of Investments
March 31, 2009
Principal | ||||||||
Amount | Value | |||||||
SENIOR LOAN NOTES — 83.7% | ||||||||
Consumer Discretionary — 14.3% | ||||||||
Cequel Communications LLC | ||||||||
2.518% due 11/05/13 § | $ | 1,371,989 | $ | 1,189,768 | ||||
2.557% due 11/05/13 § | 116,619 | 101,130 | ||||||
Cinemark USA Inc | ||||||||
2.280% due 10/05/13 § | 229,662 | 211,673 | ||||||
2.290% due 10/05/13 § | 101,599 | 93,642 | ||||||
2.310% due 10/05/13 § | 811,142 | 747,605 | ||||||
2.990% due 10/05/13 § | 147,674 | 136,106 | ||||||
Dollar General Corp Tranche B2 | ||||||||
3.268% due 07/07/14 § | 1,300,000 | 1,123,284 | ||||||
Nielsen Finance LLC (Dollar Term Loan) | ||||||||
2.533% due 08/09/13 § | 493,655 | 387,315 | ||||||
3,990,523 | ||||||||
Consumer Staples — 5.3% | ||||||||
Wm Wrigley Jr Co Tranche B | ||||||||
6.500% due 09/30/14 § | 1,481,250 | 1,469,778 | ||||||
Energy — 6.8% | ||||||||
Coffeyville Resources LLC | ||||||||
(Funded Letter of Credit) | ||||||||
8.750% due 12/28/10 § | 306,825 | 239,323 | ||||||
Coffeyville Resources LLC Tranche D | ||||||||
8.750% due 12/30/13 § | 985,745 | 768,881 | ||||||
Murray Energy Corp Tranche B (1st Lien) | ||||||||
6.938% due 01/28/10 § D | 948,193 | 881,820 | ||||||
1,890,024 | ||||||||
Financials — 8.1% | ||||||||
First Data Corp Tranche B1 | ||||||||
(Initial Term Loan) | ||||||||
3.268% due 09/24/14 § | 73,792 | 50,050 | ||||||
3.272% due 09/24/14 § | 1,216,384 | 825,012 | ||||||
HUB International Ltd | ||||||||
(Delayed Draw Term Loan) | ||||||||
3.720% due 06/13/14 § | 273,195 | 194,652 | ||||||
HUB International Ltd (Initial Term Loan) | ||||||||
3.720% due 06/13/14 § | 1,215,448 | 866,007 | ||||||
Spirit Finance Corp | ||||||||
4.170% due 08/01/13 § | 1,000,000 | 312,500 | ||||||
2,248,221 | ||||||||
Health Care — 20.6% | ||||||||
Aveta Inc (Acquisition Term Loan) | ||||||||
6.020% due 08/22/11 § | 354,090 | 285,927 | ||||||
Aveta Inc (New Term Loan) | ||||||||
6.020% due 08/22/11 § | 64,186 | 51,830 | ||||||
Aveta Inc (Original Term Loan) | ||||||||
6.020% due 08/22/11 § | 547,728 | 442,290 | ||||||
HCA Inc Tranche B1 | ||||||||
3.470% due 11/18/13 § | 1,455,854 | 1,238,080 | ||||||
Life Technologies Corp Facility Term B | ||||||||
5.250% due 11/20/15 § | 995,000 | 987,125 | ||||||
Mylan Inc Tranche B | ||||||||
3.813% due 10/02/14 § | 282,705 | 263,551 | ||||||
4.500% due 10/02/14 § | 1,179,607 | 1,099,689 | ||||||
Talecris Biotherapeutics Holdings Corp (1st Lien) | ||||||||
4.740% due 12/06/13 § | 1,488,579 | 1,369,492 | ||||||
5,737,984 | ||||||||
Information Technology — 6.1% | ||||||||
Infor Enterprise Solutions Holdings Inc | ||||||||
(Initial Term Loan) | ||||||||
4.270% due 07/30/12 § | 640,714 | 387,632 | ||||||
Infor Enterprise Solutions Holdings Inc | ||||||||
(Delayed Draw Term Loan) | ||||||||
4.270% due 07/30/12 § | 334,286 | 202,243 | ||||||
SunGard Data Systems Inc (New Term Loan) | ||||||||
2.283% due 02/28/14 § | 536,816 | 455,104 | ||||||
2.991% due 02/28/14 § | 753,285 | 638,624 | ||||||
1,683,603 | ||||||||
Materials — 5.5% | ||||||||
Georgia Gulf Corp | ||||||||
8.750% due 10/03/13 § | 1,168,716 | 521,054 | ||||||
9.500% due 10/03/13 § | 319,375 | 142,389 | ||||||
Solutia Inc | ||||||||
8.500% due 02/28/14 § | 1,290,201 | 864,435 | ||||||
1,527,878 | ||||||||
Telecommunication Services — 7.6% | ||||||||
Cricket Communications Inc Term B | ||||||||
5.750% due 06/16/13 § | 1,290,051 | 1,221,917 | ||||||
MetroPCS Wireless Inc Tranche B | ||||||||
2.813% due 11/03/13 § | 356,234 | 325,288 | ||||||
3.438% due 11/03/13 § | 636,132 | 580,871 | ||||||
2,128,076 | ||||||||
Utilities — 9.4% | ||||||||
Calpine Corp (1st Priority Term Loan) | ||||||||
4.095% due 03/29/14 § | 1,488,693 | 1,140,168 | ||||||
Coleto Creek Power LP (2nd Lien) | ||||||||
4.518% due 06/28/13 § | 500,000 | 312,500 | ||||||
5.220% due 06/28/13 § | 472,500 | 295,312 | ||||||
Texas Competitive Electric Holdings Co LLC | ||||||||
Tranche B2 (Initial Term Loan) | ||||||||
4.018% due 10/10/14 § | 13,098 | 8,684 | ||||||
4.033% due 10/10/14 § | 1,277,078 | 846,664 | ||||||
2,603,328 | ||||||||
Total Senior Loan Notes (Cost $27,925,291) | 23,279,415 | |||||||
TOTAL INVESTMENTS - 83.7% (Cost $27,925,291) | 23,279,415 | |||||||
OTHER ASSETS & LIABILITIES, NET - 16.3% | 4,531,641 | |||||||
NET ASSETS — 100.0% | $ | 27,811,056 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-14
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
March 31, 2009
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Health Care | 20.6 | % | ||
Consumer Discretionary | 14.3 | % | ||
Utilities | 9.4 | % | ||
Financials | 8.1 | % | ||
Telecommunication Services | 7.6 | % | ||
Energy | 6.8 | % | ||
Information Technology | 6.1 | % | ||
Materials | 5.5 | % | ||
Consumer Staples | 5.3 | % | ||
83.7 | % | |||
Other Assets & Liabilities, Net | 16.3 | % | ||
100.0 | % | |||
(b) | As of March 31, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
BBB | 10.6 | % | ||
BB | 36.3 | % | ||
B | 49.2 | % | ||
CCC | 1.3 | % | ||
Not Rated | 2.6 | % | ||
100.0 | % | |||
(c) | 3.2% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-15
PL GROWTH LT FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 92.7% | ||||||||
Consumer Discretionary — 5.0% | ||||||||
Adidas AG (Germany) + | 10,865 | $ | 360,602 | |||||
Crown Ltd (Australia) + | 114,310 | 507,425 | ||||||
Lamar Advertising Co ‘A’ * | 14,755 | 143,861 | ||||||
Liberty Media Corp — Entertainment ‘A’ * | 24,350 | 485,782 | ||||||
McDonald’s Corp | 15,699 | 856,694 | ||||||
Staples Inc | 17,402 | 315,150 | ||||||
The DIRECTV Group Inc * | 9,190 | 209,440 | ||||||
The Walt Disney Co | 12,000 | 217,920 | ||||||
Wynn Resorts Ltd * | 6,775 | 135,297 | ||||||
Yum! Brands Inc | 17,070 | 469,084 | ||||||
3,701,255 | ||||||||
Consumer Staples — 15.7% | ||||||||
Altria Group Inc | 16,575 | 265,531 | ||||||
Anheuser-Busch InBev NV (Belgium) + | 169,187 | 4,658,633 | ||||||
Anheuser-Busch InBev NV Strip VVPR (Belgium)* | 110,997 | 442 | ||||||
Colgate-Palmolive Co | 16,655 | 982,312 | ||||||
Costco Wholesale Corp | 3,755 | 173,932 | ||||||
CVS Caremark Corp | 68,116 | 1,872,509 | ||||||
Kimberly-Clark Corp | 10,560 | 486,922 | ||||||
Nestle SA (Switzerland) + | 23,407 | 790,791 | ||||||
Tesco PLC (United Kingdom) + | 232,372 | 1,110,212 | ||||||
Unilever PLC (United Kingdom) + | 15,935 | 301,326 | ||||||
Wal-Mart Stores Inc | 19,840 | 1,033,664 | ||||||
11,676,274 | ||||||||
Energy — 9.9% | ||||||||
Devon Energy Corp | 5,652 | 252,588 | ||||||
EOG Resources Inc | 13,295 | 728,034 | ||||||
Exxon Mobil Corp | 7,975 | 543,097 | ||||||
Hess Corp | 48,760 | 2,642,792 | ||||||
Occidental Petroleum Corp | 36,215 | 2,015,365 | ||||||
Petroleo Brasileiro SA ADR (Brazil) | 25,845 | 787,497 | ||||||
XTO Energy Inc | 12,080 | 369,890 | ||||||
7,339,263 | ||||||||
Financials — 6.5% | ||||||||
ACE Ltd (Switzerland) | 15,860 | 640,744 | ||||||
Berkshire Hathaway Inc ‘B’ * | 510 | 1,438,200 | ||||||
JPMorgan Chase & Co | 31,338 | 832,964 | ||||||
T. Rowe Price Group Inc | 20,485 | 591,197 | ||||||
The Goldman Sachs Group Inc | 12,645 | 1,340,623 | ||||||
4,843,728 | ||||||||
Health Care — 12.2% | ||||||||
Baxter International Inc | 18,555 | 950,387 | ||||||
Bayer AG (Germany) + | 13,050 | 623,485 | ||||||
Celgene Corp * | 25,150 | 1,116,660 | ||||||
Covidien Ltd (Bermuda) | 29,560 | 982,574 | ||||||
Gilead Sciences Inc * | 30,880 | 1,430,362 | ||||||
Roche Holding AG (Switzerland) + | 11,306 | 1,551,750 | ||||||
UnitedHealth Group Inc | 92,090 | 1,927,444 | ||||||
Wyeth | 9,870 | 424,805 | ||||||
9,007,467 | ||||||||
Industrials — 8.7% | ||||||||
C.H. Robinson Worldwide Inc | 7,810 | 356,214 | ||||||
Canadian National Railway Co (Canada) | 20,251 | 717,898 | ||||||
Danaher Corp | 20,145 | 1,092,262 | ||||||
Emerson Electric Co | 10,390 | 296,946 | ||||||
Illinois Tool Works Inc | 12,315 | 379,918 | ||||||
Lockheed Martin Corp | 8,945 | 617,473 | ||||||
Northrop Grumman Corp | 12,220 | 533,281 | ||||||
Precision Castparts Corp | 11,870 | 711,013 | ||||||
Siemens AG (Germany) + | 3,770 | 215,228 | ||||||
Tyco International Ltd (Switzerland) | 11,475 | 224,451 | ||||||
United Parcel Service Inc ‘B’ | 26,695 | 1,313,928 | ||||||
6,458,612 | ||||||||
Information Technology — 28.0% | ||||||||
Amphenol Corp ‘A’ | 22,920 | 652,991 | ||||||
Apple Inc * | 22,964 | 2,413,976 | ||||||
Automatic Data Processing Inc | 7,442 | 261,661 | ||||||
Cisco Systems Inc * | 136,685 | 2,292,207 | ||||||
Citrix Systems Inc * | 15,665 | 354,656 | ||||||
Corning Inc | 58,040 | 770,191 | ||||||
eBay Inc * | 48,440 | 608,406 | ||||||
Google Inc ‘A’ * | 2,835 | 986,750 | ||||||
Hewlett-Packard Co | 19,860 | 636,712 | ||||||
International Business Machines Corp | 14,280 | 1,383,589 | ||||||
Keyence Corp (Japan) + | 1,736 | 328,428 | ||||||
KLA-Tencor Corp | 58,970 | 1,179,400 | ||||||
Marvell Technology Group Ltd (Bermuda) * | 99,090 | 907,664 | ||||||
Microchip Technology Inc | 12,440 | 263,604 | ||||||
Microsoft Corp | 47,560 | 873,677 | ||||||
Nintendo Co Ltd (Japan) + | 1,500 | 438,798 | ||||||
Oracle Corp * | 117,925 | 2,130,905 | ||||||
QUALCOMM Inc | 37,700 | 1,466,907 | ||||||
Research In Motion Ltd (Canada) * | 6,175 | 265,957 | ||||||
Symantec Corp * | 38,020 | 568,019 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) + | 520,850 | 784,323 | ||||||
Telefonaktiebolaget LM Ericsson ‘B’ (Sweden) + | 40,652 | 328,679 | ||||||
Texas Instruments Inc | 20,199 | 333,485 | ||||||
The Western Union Co | 20,040 | 251,903 | ||||||
Yahoo! Inc * | 21,060 | 269,779 | ||||||
20,752,667 | ||||||||
Materials — 3.0% | ||||||||
Monsanto Co | 5,665 | 470,761 | ||||||
Praxair Inc | 14,915 | 1,003,630 | ||||||
Syngenta AG (Switzerland) + | 1,651 | 331,872 | ||||||
Weyerhaeuser Co | 14,845 | 409,277 | ||||||
2,215,540 | ||||||||
Telecommunication Services — 2.3% | ||||||||
Crown Castle International Corp * | 83,930 | 1,713,011 | ||||||
Utilities — 1.4% | ||||||||
NRG Energy Inc * | 40,070 | 705,232 | ||||||
The AES Corp * | 61,095 | 354,962 | ||||||
1,060,194 | ||||||||
Total Common Stocks (Cost $84,649,664) | 68,768,011 | |||||||
SHORT-TERM INVESTMENTS — 6.9% | ||||||||
Money Market Funds — 6.9% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 2,563,152 | 2,563,152 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 2,563,152 | 2,563,152 | ||||||
5,126,304 | ||||||||
Total Short-Term Investments (Cost $5,126,304) | 5,126,304 | |||||||
TOTAL INVESTMENTS — 99.6% (Cost $89,775,968) | 73,894,315 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.4% | 263,436 | |||||||
NET ASSETS — 100.0% | $ | 74,157,751 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-16
PL GROWTH LT FUND
Schedule of Investments (Continued)
March 31, 2009
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 28.0 | % | ||
Consumer Staples | 15.7 | % | ||
Health Care | 12.2 | % | ||
Energy | 9.9 | % | ||
Industrials | 8.7 | % | ||
Short-Term Investments | 6.9 | % | ||
Financials | 6.5 | % | ||
Consumer Discretionary | 5.0 | % | ||
Materials | 3.0 | % | ||
Telecommunication Services | 2.3 | % | ||
Utilities | 1.4 | % | ||
99.6 | % | |||
Other Assets & Liabilities, Net | 0.4 | % | ||
100.0 | % | |||
(b) | Securities with a total aggregate market value of $12,331,552 or 16.6% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. |
(c) | Forward foreign currency contracts outstanding as of March 31, 2009 were as follows: |
Principal | ||||||||||||
Contracts | Amount | Unrealized | ||||||||||
to Buy or | Covered by | Appreciation | ||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||
Sell | AUD | 353,000 | 04/09 | ($14,630 | ) | |||||||
Sell | AUD | 65,000 | 05/09 | 266 | ||||||||
Sell | EUR | 2,285,000 | 04/09 | (129,664 | ) | |||||||
Sell | EUR | 355,000 | 05/09 | 8,669 | ||||||||
Sell | GBP | 468,000 | 04/09 | (16,754 | ) | |||||||
Sell | GBP | 100,000 | 05/09 | (313 | ) | |||||||
Buy | JPY | 4,000,000 | 04/09 | (1,323 | ) | |||||||
Sell | JPY | 39,000,000 | 04/09 | 3,939 | ||||||||
Sell | JPY | 12,200,000 | 05/09 | 867 | ||||||||
($148,943 | ) | |||||||||||
(d) | Transactions in written options for the year ended March 31, 2009 were as follows: |
Number of | ||||||||
Contracts | Premium | |||||||
Outstanding, March 31, 2008 | — | $ | — | |||||
Call Options Written | 742 | 28,444 | ||||||
Put Options Written | 652 | 55,420 | ||||||
Call Options Expired | (416 | ) | (12,144 | ) | ||||
Put Options Expired | (311 | ) | (25,191 | ) | ||||
Call Options Closed | (326 | ) | (16,300 | ) | ||||
Put Options Closed | (341 | ) | (30,229 | ) | ||||
Outstanding, March 31, 2009 | — | $ | — | |||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-17
PL MID-CAP EQUITY FUND (Formerly PL Mid-Cap Value Fund)
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 95.7% | ||||||||
Consumer Discretionary — 13.3% | ||||||||
Abercrombie & Fitch Co ‘A’ | 51,900 | $ | 1,235,220 | |||||
Darden Restaurants Inc | 13,500 | 462,510 | ||||||
DISH Network Corp ‘A’ * | 49,200 | 546,612 | ||||||
J.C. Penney Co Inc | 43,100 | 865,017 | ||||||
Leggett & Platt Inc | 81,900 | 1,063,881 | ||||||
Mattel Inc | 77,500 | 893,575 | ||||||
Starbucks Corp * | 81,000 | 899,910 | ||||||
The Gap Inc | 50,700 | 658,593 | ||||||
Viacom Inc ‘B’ * | 72,500 | 1,260,050 | ||||||
7,885,368 | ||||||||
Consumer Staples — 6.6% | ||||||||
Avon Products Inc | 34,600 | 665,358 | ||||||
McCormick & Co Inc | 35,100 | 1,037,907 | ||||||
Molson Coors Brewing Co ‘B’ | 35,500 | 1,216,940 | ||||||
Sara Lee Corp | 52,800 | 426,624 | ||||||
The J.M. Smucker Co | 14,900 | 555,323 | ||||||
3,902,152 | ||||||||
Energy — 6.7% | ||||||||
Hess Corp | 8,500 | 460,700 | ||||||
Holly Corp | 45,900 | 973,080 | ||||||
Massey Energy Co | 31,680 | 320,602 | ||||||
Patterson-UTI Energy Inc | 51,000 | 456,960 | ||||||
Pride International Inc * | 51,200 | 920,576 | ||||||
The Williams Cos Inc | 72,520 | 825,278 | ||||||
3,957,196 | ||||||||
Financials — 15.7% | ||||||||
Ameriprise Financial Inc | 55,510 | 1,137,400 | ||||||
City National Corp | 18,800 | 634,876 | ||||||
Federated Investors Inc ‘B’ | 19,000 | 422,940 | ||||||
Hudson City Bancorp Inc | 63,450 | 741,730 | ||||||
Marsh & McLennan Cos Inc | 55,500 | 1,123,875 | ||||||
PartnerRe Ltd (Bermuda) | 11,800 | 732,426 | ||||||
Public Storage REIT | 24,300 | 1,342,575 | ||||||
RenaissanceRe Holdings Ltd (Bermuda) | 22,240 | 1,099,546 | ||||||
The PNC Financial Services Group Inc | 15,500 | 453,995 | ||||||
The St. Joe Co * | 39,100 | 654,534 | ||||||
Waddell & Reed Financial Inc ‘A’ | 50,800 | 917,956 | ||||||
9,261,853 | ||||||||
Health Care — 12.0% | ||||||||
Forest Laboratories Inc * | 30,000 | 658,800 | ||||||
Hospira Inc * | 45,800 | 1,413,388 | ||||||
Life Technologies Corp * | 27,787 | 902,522 | ||||||
Omnicare Inc | 49,000 | 1,200,010 | ||||||
Patterson Cos Inc * | 47,400 | 893,964 | ||||||
Warner Chilcott Ltd ‘A’ (Bermuda) * | 89,300 | 939,436 | ||||||
Zimmer Holdings Inc * | 29,200 | 1,065,800 | ||||||
7,073,920 | ||||||||
Industrials — 14.6% | ||||||||
Cintas Corp | 35,200 | 870,144 | ||||||
Corrections Corp of America * | 69,400 | 889,014 | ||||||
Covanta Holding Corp * | 53,750 | 703,587 | ||||||
Dover Corp | 23,940 | 631,537 | ||||||
Foster Wheeler AG (Switzerland) * | 62,200 | 1,086,634 | ||||||
Monster Worldwide Inc * | 66,500 | 541,975 | ||||||
Parker-Hannifin Corp | 22,700 | 771,346 | ||||||
Pitney Bowes Inc | 50,840 | 1,187,114 | ||||||
Republic Services Inc | 60,900 | 1,044,435 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ * | 93,100 | 928,207 | ||||||
8,653,993 | ||||||||
Information Technology — 13.5% | ||||||||
Agilent Technologies Inc * | 64,100 | 985,217 | ||||||
Analog Devices Inc | 58,000 | 1,117,660 | ||||||
Ingram Micro Inc ‘A’ * | 90,390 | 1,142,529 | ||||||
Juniper Networks Inc * | 42,900 | 646,074 | ||||||
Lam Research Corp * | 39,100 | 890,307 | ||||||
Lexmark International Inc ‘A’ * | 19,100 | 322,217 | ||||||
NetApp Inc * | 37,200 | 552,048 | ||||||
NeuStar Inc ‘A’ * | 55,700 | 932,975 | ||||||
Symantec Corp * | 94,500 | 1,411,830 | ||||||
8,000,857 | ||||||||
Materials — 8.9% | ||||||||
Air Products & Chemicals Inc | 18,000 | 1,012,500 | ||||||
Ball Corp | 24,460 | 1,061,564 | ||||||
Bemis Co Inc | 29,700 | 622,809 | ||||||
International Flavors & Fragrances Inc | 21,500 | 654,890 | ||||||
Packaging Corp of America | 93,200 | 1,213,464 | ||||||
RPM International Inc | 53,100 | 675,963 | ||||||
5,241,190 | ||||||||
Utilities — 4.4% | ||||||||
American Electric Power Co Inc | 44,100 | 1,113,966 | ||||||
Energen Corp | 11,100 | 323,343 | ||||||
PPL Corp | 16,700 | 479,457 | ||||||
Wisconsin Energy Corp | 17,400 | 716,358 | ||||||
2,633,124 | ||||||||
Total Common Stocks (Cost $74,725,440) | 56,609,653 | |||||||
SHORT-TERM INVESTMENT — 4.0% | ||||||||
Money Market Fund — 4.0% | ||||||||
BlackRock Liquidity Funds Institutional TempFund | 2,335,242 | 2,335,242 | ||||||
Total Short-Term Investment (Cost $2,335,242) | 2,335,242 | |||||||
TOTAL INVESTMENTS — 99.7% (Cost $77,060,682) | 58,944,895 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.3% | 190,152 | |||||||
NET ASSETS — 100.0% | $ | 59,135,047 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Financials | 15.7 | % | ||
Industrials | 14.6 | % | ||
Information Technology | 13.5 | % | ||
Consumer Discretionary | 13.3 | % | ||
Health Care | 12.0 | % | ||
Materials | 8.9 | % | ||
Energy | 6.7 | % | ||
Consumer Staples | 6.6 | % | ||
Utilities | 4.4 | % | ||
Short-Term Investment | 4.0 | % | ||
99.7 | % | |||
Other Assets & Liabilities, Net | 0.3 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-18
PL LARGE-CAP GROWTH FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
Consumer Discretionary — 18.7% | ||||||||
Amazon.com Inc * | 10,509 | $ | 771,781 | |||||
AutoZone Inc * | 1,889 | 307,189 | ||||||
Best Buy Co Inc | 12,684 | 481,485 | ||||||
Family Dollar Stores Inc | 9,381 | 313,044 | ||||||
GameStop Corp ‘A’ * | 6,045 | 169,381 | ||||||
ITT Educational Services Inc * | 1,642 | 199,372 | ||||||
Kohl’s Corp * | 6,734 | 284,983 | ||||||
McDonald’s Corp | 5,118 | 279,289 | ||||||
priceline.com Inc * | 3,511 | 276,597 | ||||||
3,083,121 | ||||||||
Energy — 7.0% | ||||||||
Hess Corp | 4,844 | 262,545 | ||||||
Range Resources Corp | 5,555 | 228,644 | ||||||
Southwestern Energy Co * | 16,659 | 494,606 | ||||||
XTO Energy Inc | 5,441 | 166,603 | ||||||
1,152,398 | ||||||||
Financials — 7.5% | ||||||||
Fidelity National Financial Inc ‘A’ | 16,303 | 318,072 | ||||||
Morgan Stanley | 10,145 | 231,002 | ||||||
Northern Trust Corp | 5,093 | 304,663 | ||||||
The Goldman Sachs Group Inc | 3,588 | 380,400 | ||||||
1,234,137 | ||||||||
Health Care — 14.2% | ||||||||
Abbott Laboratories | 4,349 | 207,447 | ||||||
Baxter International Inc | 4,116 | 210,822 | ||||||
C.R. Bard Inc | 1,881 | 149,953 | ||||||
Celgene Corp * | 4,559 | 202,420 | ||||||
Gilead Sciences Inc * | 7,338 | 339,896 | ||||||
Illumina Inc * | 7,033 | 261,909 | ||||||
Medco Health Solutions Inc * | 6,887 | 284,709 | ||||||
Mylan Inc * | 17,915 | 240,240 | ||||||
Myriad Genetics Inc * | 4,338 | 197,249 | ||||||
St. Jude Medical Inc * | 6,858 | 249,151 | ||||||
2,343,796 | ||||||||
Industrials — 6.7% | ||||||||
C.H. Robinson Worldwide Inc | 4,386 | 200,045 | ||||||
First Solar Inc * | 1,870 | 248,149 | ||||||
Fluor Corp | 2,906 | 100,402 | ||||||
Goodrich Corp | 4,387 | 166,223 | ||||||
Jacobs Engineering Group Inc * | 5,996 | 231,805 | ||||||
Precision Castparts Corp | 2,649 | 158,675 | ||||||
1,105,299 | ||||||||
Information Technology — 36.3% | ||||||||
Apple Inc * | 7,663 | 805,535 | ||||||
Broadcom Corp ‘A’ * | 15,168 | 303,057 | ||||||
Cisco Systems Inc * | 17,926 | 300,619 | ||||||
Corning Inc | 9,724 | 129,037 | ||||||
Google Inc ‘A’ * | 1,575 | 548,194 | ||||||
Hewlett-Packard Co | 6,438 | 206,402 | ||||||
Intel Corp | 17,243 | 259,507 | ||||||
International Business Machines Corp | 6,390 | 619,127 | ||||||
Juniper Networks Inc * | 11,888 | 179,033 | ||||||
MasterCard Inc ‘A’ | 2,975 | 498,253 | ||||||
McAfee Inc * | 8,101 | 271,383 | ||||||
Oracle Corp * | 33,275 | 601,279 | ||||||
QUALCOMM Inc | 17,396 | 676,878 | ||||||
Visa Inc ‘A’ | 10,851 | 603,316 | ||||||
6,001,620 | ||||||||
Materials — 7.8% | ||||||||
Freeport-McMoRan Copper & Gold Inc | 6,420 | 244,666 | ||||||
Monsanto Co | 7,136 | 593,002 | ||||||
Praxair Inc | 3,811 | 256,442 | ||||||
The Mosaic Co | 4,871 | 204,485 | ||||||
1,298,595 | ||||||||
Total Common Stocks (Cost $15,670,530) | 16,218,966 | |||||||
TOTAL INVESTMENTS — 98.2% (Cost $15,670,530) | 16,218,966 | |||||||
OTHER ASSETS & LIABILITIES, NET — 1.8% | 295,625 | |||||||
NET ASSETS — 100.0% | $ | 16,514,591 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 36.3 | % | ||
Consumer Discretionary | 18.7 | % | ||
Health Care | 14.2 | % | ||
Materials | 7.8 | % | ||
Financials | 7.5 | % | ||
Energy | 7.0 | % | ||
Industrials | 6.7 | % | ||
98.2 | % | |||
Other Assets & Liabilities, Net | 1.8 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-19
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 98.4% | ||||||||
Australia — 0.3% | ||||||||
QBE Insurance Group Ltd + | 16,771 | $ | 224,983 | |||||
Austria — 0.8% | ||||||||
Erste Bank Group AG + | 32,196 | 545,329 | ||||||
Bermuda — 1.1% | ||||||||
Li & Fung Ltd + | 299,200 | 701,417 | ||||||
Canada — 1.9% | ||||||||
Canadian National Railway Co | 34,740 | 1,231,533 | ||||||
Czech Republic — 0.5% | ||||||||
Komercni Banka AS + | 2,982 | 300,348 | ||||||
France — 18.6% | ||||||||
Air Liquide SA + | 15,333 | 1,246,875 | ||||||
AXA SA + | 89,830 | 1,078,182 | ||||||
GDF Suez SA + | 44,452 | 1,524,467 | ||||||
Legrand SA + | 49,010 | 851,485 | ||||||
LVMH Moet Hennessy Louis Vuitton SA + | 36,370 | 2,282,282 | ||||||
Pernod-Ricard SA + | 19,198 | 1,069,899 | ||||||
Schneider Electric SA + | 28,812 | 1,916,192 | ||||||
Total SA + | 28,660 | 1,417,223 | ||||||
Vivendi + | 28,710 | 759,351 | ||||||
12,145,956 | ||||||||
Germany — 10.0% | ||||||||
Bayer AG + | 29,160 | 1,393,166 | ||||||
Deutsche Boerse AG + | 10,020 | 601,161 | ||||||
E.ON AG + | 20,063 | 556,431 | ||||||
Linde AG + | 30,480 | 2,069,537 | ||||||
Merck KGaA * + | 14,780 | 1,305,912 | ||||||
SAP AG + | 16,300 | 569,966 | ||||||
6,496,173 | ||||||||
Hong Kong — 0.6% | ||||||||
CNOOC Ltd + | 399,000 | 400,939 | ||||||
India — 1.3% | ||||||||
Infosys Technologies Ltd ADR | 32,460 | 864,410 | ||||||
Italy — 0.7% | ||||||||
Intesa Sanpaolo SPA + | 167,131 | 459,692 | ||||||
Japan — 13.8% | ||||||||
Aeon Credit Service Co Ltd + | 42,600 | 389,991 | ||||||
Canon Inc + | 58,250 | 1,698,094 | ||||||
FANUC Ltd + | 12,700 | 868,642 | ||||||
Hirose Electric Co Ltd + | 5,000 | 483,666 | ||||||
HOYA Corp + | 70,000 | 1,393,109 | ||||||
INPEX Corp + | 194 | 1,373,887 | ||||||
Kao Corp + | 70,000 | 1,365,868 | ||||||
Konica Minolta Holdings Inc + | 25,000 | 217,915 | ||||||
Shin-Etsu Chemical Co Ltd + | 18,100 | 889,259 | ||||||
Tokyo Electron Ltd + | 7,600 | 284,648 | ||||||
8,965,079 | ||||||||
Mexico — 1.3% | ||||||||
America Movil SAB de CV ‘L’ ADR | 17,250 | 467,130 | ||||||
Grupo Modelo SAB de CV ‘C’ | 125,600 | 380,391 | ||||||
847,521 | ||||||||
Netherlands — 6.9% | ||||||||
ASML Holding NV + | 24,645 | 433,949 | ||||||
Heineken NV + | 63,930 | 1,816,077 | ||||||
TNT NV + | 64,330 | 1,102,643 | ||||||
Wolters Kluwer NV + | 72,080 | 1,168,397 | ||||||
4,521,066 | ||||||||
Singapore — 1.2% | ||||||||
Singapore Telecommunications Ltd + | 466,380 | 777,394 | ||||||
South Africa — 0.7% | ||||||||
MTN Group Ltd + | 38,750 | 429,951 | ||||||
South Korea — 1.3% | ||||||||
Samsung Electronics Co Ltd + | 2,015 | 832,512 | ||||||
Switzerland — 16.3% | ||||||||
Actelion Ltd * + | 10,684 | 487,578 | ||||||
Compagnie Financiere Richemont SA ‘A’ + | 36,293 | 566,662 | ||||||
Givaudan SA * + | 2,170 | 1,123,176 | ||||||
Julius Baer Holding AG + | 27,829 | 683,781 | ||||||
Nestle SA + | 105,771 | 3,573,406 | ||||||
Roche Holding AG + | 25,210 | 3,460,076 | ||||||
Sonova Holding AG + | 7,663 | 462,501 | ||||||
Swiss Reinsurance Co + | 13,975 | 228,330 | ||||||
10,585,510 | ||||||||
Taiwan — 1.3% | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 94,824 | 848,675 | ||||||
United Kingdom — 17.4% | ||||||||
BHP Billiton PLC + | 20,290 | 400,232 | ||||||
Burberry Group PLC + | 89,690 | 361,744 | ||||||
Diageo PLC + | 136,590 | 1,525,273 | ||||||
GlaxoSmithKline PLC + | 38,980 | 607,099 | ||||||
HSBC Holdings PLC (LI) + | 91,443 | 509,114 | ||||||
Ladbrokes PLC + | 154,587 | 405,822 | ||||||
Reckitt Benckiser Group PLC + | 65,944 | 2,474,188 | ||||||
Royal Dutch Shell PLC ‘A’ (LI) + | 55,330 | 1,243,856 | ||||||
Smiths Group PLC + | 66,999 | 642,485 | ||||||
Standard Chartered PLC + | 65,487 | 813,177 | ||||||
Tesco PLC + | 106,127 | 507,047 | ||||||
William Hill PLC + | 286,480 | 698,478 | ||||||
WPP PLC + | 206,316 | 1,160,276 | ||||||
11,348,791 | ||||||||
United States — 2.4% | ||||||||
Synthes Inc + | 14,080 | 1,568,506 | ||||||
Total Common Stocks (Cost $90,038,269) | 64,095,785 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-20
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
SHORT-TERM INVESTMENT — 1.6% | ||||||||
Money Market Fund — 1.6% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 1,052,857 | $ | 1,052,857 | |||||
Total Short-Term Investment (Cost $1,052,857) | 1,052,857 | |||||||
TOTAL INVESTMENTS — 100.0% (Cost $91,091,126) | 65,148,642 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.0%) | (24,786 | ) | ||||||
NET ASSETS — 100.0% | $ | 65,123,856 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Consumer Staples | 19.5 | % | ||
Health Care | 14.3 | % | ||
Consumer Discretionary | 12.4 | % | ||
Information Technology | 11.7 | % | ||
Industrials | 10.1 | % | ||
Financials | 9.0 | % | ||
Materials | 8.8 | % | ||
Energy | 6.8 | % | ||
Utilities | 3.2 | % | ||
Telecommunication Services | 2.6 | % | ||
Short-Term Investment | 1.6 | % | ||
100.0 | % | |||
Other Assets & Liabilities, Net | (0.0 | %) | ||
100.0 | % | |||
(b) | As of March 31, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows: |
France | 18.6 | % | ||
United Kingdom | 17.4 | % | ||
Switzerland | 16.3 | % | ||
Japan | 13.8 | % | ||
Germany | 10.0 | % | ||
Netherlands | 6.9 | % | ||
United States | 4.0 | % | ||
Canada | 1.9 | % | ||
India | 1.3 | % | ||
Mexico | 1.3 | % | ||
South Korea | 1.3 | % | ||
Taiwan | 1.3 | % | ||
Singapore | 1.2 | % | ||
Bermuda | 1.1 | % | ||
Austria | 0.8 | % | ||
Italy | 0.7 | % | ||
South Africa | 0.7 | % | ||
Hong Kong | 0.6 | % | ||
Czech Republic | 0.5 | % | ||
Australia | 0.3 | % | ||
100.0 | % | |||
Other Assets & Liabilities, Net | (0.0 | %) | ||
100.0 | % | |||
(c) | Securities with a total aggregate market value of $60,303,646 or 92.6% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-21
PL SMALL-CAP VALUE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 95.8% | ||||||||
Consumer Discretionary — 4.7% | ||||||||
Callaway Golf Co | 24,800 | $ | 178,064 | |||||
Dover Downs Gaming & Entertainment Inc | 6,000 | 18,420 | ||||||
Ethan Allen Interiors Inc | 11,300 | 127,238 | ||||||
Hillenbrand Inc | 7,600 | 121,676 | ||||||
International Speedway Corp ‘A’ | 9,200 | 202,952 | ||||||
Phillips-Van Heusen Corp | 13,200 | 299,376 | ||||||
RadioShack Corp | 11,700 | 100,269 | ||||||
Wolverine World Wide Inc | 14,400 | 224,352 | ||||||
1,272,347 | ||||||||
Consumer Staples — 8.6% | ||||||||
Casey’s General Stores Inc | 13,700 | 365,242 | ||||||
Corn Products International Inc | 13,900 | 294,680 | ||||||
Del Monte Foods Co | 33,600 | 244,944 | ||||||
PepsiAmericas Inc | 16,400 | 282,900 | ||||||
Ruddick Corp | 12,700 | 285,115 | ||||||
The J.M. Smucker Co | 8,200 | 305,614 | ||||||
Universal Corp | 8,100 | 242,352 | ||||||
WD-40 Co | 6,200 | 149,668 | ||||||
Weis Markets Inc | 4,700 | 145,888 | ||||||
2,316,403 | ||||||||
Energy — 11.1% | ||||||||
Berry Petroleum Co ‘A’ | 12,600 | 138,096 | ||||||
Buckeye Partners LP | 5,200 | 185,432 | ||||||
CARBO Ceramics Inc | 1,200 | 34,128 | ||||||
Cimarex Energy Co | 11,900 | 218,722 | ||||||
El Paso Pipeline Partners LP | 1,900 | 32,680 | ||||||
General Maritime Corp | 13,410 | 93,870 | ||||||
Holly Corp | 13,600 | 288,320 | ||||||
Linn Energy LLC | 16,700 | 248,830 | ||||||
Lufkin Industries Inc | 4,300 | 162,884 | ||||||
Magellan Midstream Partners LP | 7,600 | 223,212 | ||||||
NuStar Energy LP | 5,400 | 248,994 | ||||||
Penn Virginia Corp | 11,000 | 120,780 | ||||||
St. Mary Land & Exploration Co | 16,100 | 213,003 | ||||||
TC Pipelines LP | 2,100 | 62,475 | ||||||
Teekay Corp | 3,400 | 48,382 | ||||||
Tidewater Inc | 7,400 | 274,762 | ||||||
Tsakos Energy Navigation Ltd (Bermuda) | 8,500 | 119,765 | ||||||
Williams Partners LP | 2,600 | 29,016 | ||||||
World Fuel Services Corp | 8,000 | 253,040 | ||||||
2,996,391 | ||||||||
Financials — 15.9% | ||||||||
Advance America Cash Advance Centers Inc | 27,500 | 46,475 | ||||||
American Equity Investment Life Holding Co | 11,300 | 47,008 | ||||||
American Financial Group Inc | 16,700 | 268,035 | ||||||
American Physicians Capital Inc | 2,400 | 98,208 | ||||||
Bank of Hawaii Corp | 8,200 | 270,436 | ||||||
BioMed Realty Trust Inc REIT | 6,400 | 43,328 | ||||||
Cullen/Frost Bankers Inc | 6,800 | 319,192 | ||||||
Delphi Financial Group Inc ‘A’ | 12,500 | 168,250 | ||||||
Equity One Inc REIT | 15,200 | 185,288 | ||||||
Extra Space Storage Inc REIT | 5,600 | 30,856 | ||||||
Federated Investors Inc ‘B’ | 12,900 | 287,154 | ||||||
Franklin Street Properties Corp REIT | 12,100 | 148,830 | ||||||
Fulton Financial Corp | 20,300 | 134,589 | ||||||
Healthcare Realty Trust Inc REIT | 14,700 | 220,353 | ||||||
HRPT Properties Trust REIT | 45,800 | 146,102 | ||||||
Infinity Property & Casualty Corp | 6,000 | 203,580 | ||||||
International Bancshares Corp | 10,000 | 78,000 | ||||||
National Penn Bancshares Inc | 15,700 | 130,310 | ||||||
Nationwide Health Properties Inc REIT | 11,100 | 246,309 | ||||||
PS Business Parks Inc REIT | 2,400 | 88,440 | ||||||
RLI Corp | 5,300 | 266,060 | ||||||
Sovran Self Storage Inc REIT | 4,500 | 90,360 | ||||||
Susquehanna Bancshares Inc | 10,900 | 101,697 | ||||||
UDR Inc REIT | 21,516 | 185,253 | ||||||
Washington Federal Inc | 17,900 | 237,891 | ||||||
Zenith National Insurance Corp | 10,300 | 248,333 | ||||||
4,290,337 | ||||||||
Health Care — 6.8% | ||||||||
Hill-Rom Holdings Inc | 7,800 | 77,142 | ||||||
Invacare Corp | 9,700 | 155,491 | ||||||
Owens & Minor Inc | 9,700 | 321,361 | ||||||
PerkinElmer Inc | 20,650 | 263,700 | ||||||
STERIS Corp | 1,700 | 39,576 | ||||||
Teleflex Inc | 7,200 | 281,448 | ||||||
The Cooper Cos Inc | 15,300 | 404,532 | ||||||
West Pharmaceutical Services Inc | 8,900 | 292,009 | ||||||
1,835,259 | ||||||||
Industrials — 18.2% | ||||||||
Acuity Brands Inc | 11,400 | 256,956 | ||||||
Applied Industrial Technologies Inc | 10,900 | 183,883 | ||||||
Arkansas Best Corp | 2,500 | 47,550 | ||||||
Barnes Group Inc | 15,400 | 164,626 | ||||||
Belden Inc | 13,400 | 167,634 | ||||||
Bucyrus International Inc | 13,900 | 211,002 | ||||||
Crane Co | 14,700 | 248,136 | ||||||
Curtiss-Wright Corp | 9,500 | 266,475 | ||||||
Ennis Inc | 19,000 | 168,340 | ||||||
Granite Construction Inc | 7,900 | 296,092 | ||||||
Harsco Corp | 11,800 | 261,606 | ||||||
KBR Inc | 19,100 | 263,771 | ||||||
Kennametal Inc | 17,100 | 277,191 | ||||||
Lennox International Inc | 10,000 | 264,600 | ||||||
Lincoln Electric Holdings Inc | 7,900 | 250,351 | ||||||
Mueller Industries Inc | 9,400 | 203,886 | ||||||
Pacer International Inc | 9,700 | 33,950 | ||||||
Quanex Building Products Corp | 4,400 | 33,440 | ||||||
Regal-Beloit Corp | 8,900 | 272,696 | ||||||
SkyWest Inc | 15,300 | 190,332 | ||||||
Steelcase Inc ‘A’ | 24,100 | 120,741 | ||||||
The Brink’s Co | 10,300 | 272,538 | ||||||
The Timken Co | 5,300 | 73,988 | ||||||
Tomkins PLC ADR (United Kingdom) | 4,300 | 29,455 | ||||||
Trinity Industries Inc | 7,700 | 70,378 | ||||||
Triumph Group Inc | 2,700 | 103,140 | ||||||
Valmont Industries Inc | 3,800 | 190,798 | ||||||
4,923,555 | ||||||||
Information Technology — 2.8% | ||||||||
Diebold Inc | 12,000 | 256,200 | ||||||
Himax Technologies Inc ADR (Cayman) | 13,500 | 37,800 | ||||||
Imation Corp | 9,300 | 71,145 | ||||||
Jabil Circuit Inc | 35,700 | 198,492 | ||||||
MTS Systems Corp | 3,300 | 75,075 | ||||||
Park Electrochemical Corp | 7,000 | 120,960 | ||||||
759,672 | ||||||||
Materials — 15.4% | ||||||||
AMCOL International Corp | 6,700 | 99,428 | ||||||
Bemis Co Inc | 16,000 | 335,520 | ||||||
Carpenter Technology Corp | 16,300 | 230,156 | ||||||
Cliffs Natural Resources Inc | 12,800 | 232,448 | ||||||
Commercial Metals Co | 32,000 | 369,600 | ||||||
Compass Minerals International Inc | 1,500 | 84,555 | ||||||
Cytec Industries Inc | 3,600 | 54,072 | ||||||
IAMGOLD Corp (Canada) | 44,700 | 382,185 | ||||||
Innophos Holdings Inc | 3,700 | 41,736 | ||||||
Methanex Corp (Canada) | 15,100 | 117,931 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-22
PL SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Olin Corp | 22,600 | $ | 322,502 | |||||
Royal Gold Inc | 8,800 | 411,488 | ||||||
RPM International Inc | 22,400 | 285,152 | ||||||
Sensient Technologies Corp | 11,400 | 267,900 | ||||||
Sonoco Products Co | 12,800 | 268,544 | ||||||
Terra Industries Inc | 12,900 | 362,361 | ||||||
The Lubrizol Corp | 8,800 | 299,288 | ||||||
4,164,866 | ||||||||
Utilities — 12.3% | ||||||||
AGL Resources Inc | 10,900 | 289,177 | ||||||
Atmos Energy Corp | 12,900 | 298,248 | ||||||
Cleco Corp | 13,200 | 286,308 | ||||||
Energen Corp | 10,300 | 300,039 | ||||||
National Fuel Gas Co | 9,600 | 294,432 | ||||||
OGE Energy Corp | 12,000 | 285,840 | ||||||
Southwest Gas Corp | 10,900 | 229,663 | ||||||
Suburban Propane Partners LP | 4,300 | 157,208 | ||||||
UGI Corp | 12,900 | 304,569 | ||||||
Vectren Corp | 13,400 | 282,606 | ||||||
Westar Energy Inc | 15,700 | 275,221 | ||||||
WGL Holdings Inc | 9,900 | 324,720 | ||||||
3,328,031 | ||||||||
Total Common Stocks (Cost $37,947,363) | 25,886,861 | |||||||
SHORT-TERM INVESTMENTS — 4.7% | ||||||||
Money Market Funds — 4.7% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 632,762 | 632,762 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 632,762 | 632,762 | ||||||
Total Short-Term Investments (Cost $1,265,524) | 1,265,524 | |||||||
TOTAL INVESTMENTS — 100.5% (Cost $39,212,887) | 27,152,385 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.5%) | (134,491 | ) | ||||||
NET ASSETS — 100.0% | $ | 27,017,894 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Industrials | 18.2 | % | ||
Financials | 15.9 | % | ||
Materials | 15.4 | % | ||
Utilities | 12.3 | % | ||
Energy | 11.1 | % | ||
Consumer Staples | 8.6 | % | ||
Health Care | 6.8 | % | ||
Consumer Discretionary | 4.7 | % | ||
Short-Term Investments | 4.7 | % | ||
Information Technology | 2.8 | % | ||
100.5 | % | |||
Other Assets & Liabilities, Net | (0.5 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-23
PL MAIN STREET® CORE FUND
Summary Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Consumer Discretionary — 8.7% | ||||||||
The Walt Disney Co | 23,060 | $ | 418,770 | |||||
Time Warner Inc | 34,160 | 659,288 | ||||||
Other Securities | 6,375,025 | |||||||
7,453,083 | ||||||||
Consumer Staples — 5.9% | ||||||||
PepsiCo Inc | 9,010 | 463,835 | ||||||
Philip Morris International Inc | 16,580 | 589,916 | ||||||
Safeway Inc | 27,380 | 552,802 | ||||||
The Coca-Cola Co | 14,890 | 654,415 | ||||||
The Procter & Gamble Co | 24,500 | 1,153,705 | ||||||
Wal-Mart Stores Inc | 15,790 | 822,659 | ||||||
Other Securities | 830,558 | |||||||
5,067,890 | ||||||||
Energy — 20.0% | ||||||||
Anadarko Petroleum Corp | 21,900 | 851,691 | ||||||
Apache Corp | 13,290 | 851,756 | ||||||
Chevron Corp | 31,720 | 2,132,853 | ||||||
ConocoPhillips | 33,005 | 1,292,476 | ||||||
Exxon Mobil Corp | 58,140 | 3,959,334 | ||||||
Hess Corp | 8,900 | 482,380 | ||||||
Marathon Oil Corp | 22,840 | 600,464 | ||||||
Murphy Oil Corp | 10,920 | 488,888 | ||||||
Noble Corp (Switzerland) | 17,720 | 426,875 | ||||||
Occidental Petroleum Corp | 23,470 | 1,306,106 | ||||||
Valero Energy Corp | 32,690 | 585,151 | ||||||
Other Securities | 4,066,767 | |||||||
17,044,741 | ||||||||
Financials — 7.1% | ||||||||
JPMorgan Chase & Co | 23,160 | 615,593 | ||||||
The Goldman Sachs Group Inc | 3,780 | 400,756 | ||||||
Other Securities | 5,010,693 | |||||||
6,027,042 | ||||||||
Health Care — 10.4% | ||||||||
Aetna Inc | 29,880 | 726,980 | ||||||
Amgen Inc * | 10,170 | 503,618 | ||||||
Eli Lilly & Co | 12,240 | 408,938 | ||||||
Johnson & Johnson | 28,790 | 1,514,354 | ||||||
Merck & Co Inc | 20,140 | 538,745 | ||||||
Pfizer Inc | 93,490 | 1,273,334 | ||||||
WellPoint Inc * | 21,020 | 798,129 | ||||||
Other Securities | 3,096,308 | |||||||
8,860,406 | ||||||||
Industrials — 12.8% | ||||||||
Caterpillar Inc | 14,810 | 414,088 | ||||||
General Dynamics Corp | 10,890 | 452,915 | ||||||
General Electric Co | 105,400 | 1,065,594 | ||||||
Northrop Grumman Corp | 17,140 | 747,990 | ||||||
Parker-Hannifin Corp | 11,690 | 397,226 | ||||||
Other Securities | 7,851,804 | |||||||
10,929,617 | ||||||||
Information Technology — 24.6% | ||||||||
Apple Inc * | 5,970 | 627,566 | ||||||
Applied Materials Inc | 56,490 | 607,267 | ||||||
Cisco Systems Inc * | 101,820 | 1,707,521 | ||||||
Hewlett-Packard Co | 47,270 | 1,515,476 | ||||||
Intel Corp | 110,120 | 1,657,306 | ||||||
International Business Machines Corp | 17,770 | 1,721,735 | ||||||
Microsoft Corp | 113,190 | 2,079,300 | ||||||
Oracle Corp * | 54,149 | 978,472 | ||||||
QUALCOMM Inc | 10,990 | 427,621 | ||||||
Symantec Corp * | 51,100 | 763,434 | ||||||
Texas Instruments Inc | 58,950 | 973,265 | ||||||
Other Securities | 7,899,957 | |||||||
20,958,920 | ||||||||
Materials — 5.2% | ||||||||
Freeport-McMoRan Copper & Gold Inc | 17,810 | 678,739 | ||||||
Nucor Corp | 13,290 | 507,279 | ||||||
Southern Copper Corp | 41,380 | 720,840 | ||||||
The Mosaic Co | 12,420 | 521,392 | ||||||
Other Securities | 2,029,358 | |||||||
4,457,608 | ||||||||
Telecommunication Services — 3.6% | ||||||||
AT&T Inc | 58,913 | 1,484,608 | ||||||
Verizon Communications Inc | 27,390 | 827,178 | ||||||
Other Securities | 756,525 | |||||||
3,068,311 | ||||||||
Utilities — 0.5% | ||||||||
Other Securities | 396,672 | |||||||
396,672 | ||||||||
Total Common Stocks (Cost $118,857,241) | 84,264,290 | |||||||
TOTAL INVESTMENTS — 98.8% (Cost $118,857,241) | 84,264,290 | |||||||
OTHER ASSETS & LIABILITIES, NET — 1.2% | 996,780 | |||||||
NET ASSETS — 100.0% | $ | 85,261,070 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 24.6 | % | ||
Energy | 20.0 | % | ||
Industrials | 12.8 | % | ||
Health Care | 10.4 | % | ||
Consumer Discretionary | 8.7 | % | ||
Financials | 7.1 | % | ||
Consumer Staples | 5.9 | % | ||
Materials | 5.2 | % | ||
Telecommunication Services | 3.6 | % | ||
Utilities | 0.5 | % | ||
98.8 | % | |||
Other Assets & Liabilities, Net | 1.2 | % | ||
100.0 | % | |||
(b) | A security, listed under other securities with a total aggregate market value of $8 or less than 0.1% of the net assets was valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
(c) | Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. | |
(d) | Other Securities represent securities not identified as a top-fifty holding in terms of market value, and not exceeding one percent of the Fund’s net assets as of March 31, 2009. | |
(e) | A Summary Schedule of Investments is presented for this Fund. For information on availability of a complete Schedule of Investments, refer to the WHERE TO GO FOR MORE INFORMATION section of this report. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-24
PL EMERGING MARKETS FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
PREFERRED STOCKS — 7.3% | ||||||||
Brazil — 7.3% | ||||||||
All America Latina Logistica SA | 37,000 | $ | 157,107 | |||||
Cia de Bebidas das Americas ADR | 5,100 | 243,525 | ||||||
Cia Vale do Rio Doce ADR | 35,400 | 399,312 | ||||||
Lojas Americanas SA | 187,940 | 529,853 | ||||||
Net Servicos de Comunicacao SA * | 36,410 | 264,468 | ||||||
Petroleo Brasileiro SA ADR | 26,500 | 649,250 | ||||||
2,243,515 | ||||||||
Total Preferred Stocks (Cost $3,167,210) | 2,243,515 | |||||||
COMMON STOCKS — 89.6% | ||||||||
Argentina — 0.0% | ||||||||
IRSA Inversiones y Representaciones SA GDR * | 2,200 | 8,668 | ||||||
Bermuda — 1.0% | ||||||||
Credicorp Ltd | 4,300 | 201,412 | ||||||
Shangri-La Asia Ltd + | 94,000 | 106,754 | ||||||
Varitronix International Ltd + | 46,000 | 10,329 | ||||||
318,495 | ||||||||
Brazil — 6.0% | ||||||||
B2W Cia Global do Varejo | 13,000 | 119,478 | ||||||
BM&F BOVESPA SA | 169,216 | 514,268 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 23,000 | 91,316 | ||||||
Diagnosticos da America SA * | 5,800 | 62,057 | ||||||
Embraer-Empresa Brasileira de Aeronautica SA ADR | 21,900 | �� | 290,613 | |||||
Itau Unibanco Banco Multiplo SA ADR | 8,700 | 94,656 | ||||||
Natura Cosmeticos SA | 53,800 | 527,158 | ||||||
Petroleo Brasileiro SA ADR | 5,200 | 158,444 | ||||||
1,857,990 | ||||||||
Cayman — 3.2% | ||||||||
Baidu Inc ADR * | 200 | 35,320 | ||||||
SINA Corp * | 24,600 | 571,950 | ||||||
Tencent Holdings Ltd + | 51,400 | 380,339 | ||||||
987,609 | ||||||||
Chile — 3.0% | ||||||||
Banco Santander Chile SA | 7,543,900 | 249,802 | ||||||
Cencosud SA | 357,999 | 595,795 | ||||||
SACI Falabella SA * | 17,700 | 55,027 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 1,100 | 29,216 | ||||||
929,840 | ||||||||
China — 1.7% | ||||||||
China Shenhua Energy Co Ltd ‘H’ + | 129,000 | 291,059 | ||||||
Shanghai Zhenhua Port Machinery Co Ltd ‘B’ + | 149,100 | 139,064 | ||||||
Travelsky Technology Ltd ‘H’ + | 212,000 | 97,744 | ||||||
527,867 | ||||||||
Colombia — 0.5% | ||||||||
BanColombia SA ADR | 7,100 | 138,237 | ||||||
Denmark — 0.9% | ||||||||
Carlsberg AS ‘B’ + | 7,000 | 287,445 | ||||||
Egypt — 4.1% | ||||||||
Commercial International Bank + | 51,733 | 294,993 | ||||||
Commercial International Bank GDR ~ | 3,450 | 19,693 | ||||||
Eastern Tobacco Co SAE | 2,209 | 56,968 | ||||||
Medinet Nasr Housing & Development + à | 1 | 2 | ||||||
Orascom Construction Industries + | 4,300 | 102,861 | ||||||
Orascom Telecom Holding SAE + | 170,669 | 783,944 | ||||||
1,258,461 | ||||||||
Hong Kong — 10.2% | ||||||||
China Resources Enterprise Ltd + | 285,000 | 442,068 | ||||||
China Unicom Ltd + | 820,000 | 855,696 | ||||||
CNOOC Ltd + | 406,000 | 407,973 | ||||||
Hang Lung Properties Ltd + | 154,000 | 362,294 | ||||||
Hong Kong Exchanges & Clearing Ltd + | 76,000 | 717,247 | ||||||
Television Broadcasts Ltd + | 109,000 | 348,644 | ||||||
3,133,922 | ||||||||
India — 13.6% | ||||||||
ABB Ltd/India + | 6,700 | 56,373 | ||||||
Divi’s Laboratories Ltd + | 10,102 | 188,393 | ||||||
HDFC Bank Ltd ADR | 12,900 | 785,997 | ||||||
Hindustan Unilever Ltd + | 15,441 | 72,242 | ||||||
Housing Development Finance Corp + | 19,700 | 549,737 | ||||||
Infosys Technologies Ltd + | 69,400 | 1,819,450 | ||||||
Infosys Technologies Ltd ADR | 1,900 | 50,597 | ||||||
ITC Ltd + | 40,300 | 147,095 | ||||||
Tata Consultancy Services Ltd + | 23,018 | 245,032 | ||||||
Zee Entertainment Enterprises Ltd + | 134,100 | 281,822 | ||||||
4,196,738 | ||||||||
Indonesia — 3.8% | ||||||||
P.T. Astra International Tbk + | 159,400 | 197,312 | ||||||
P.T. Bank Central Asia Tbk + | 698,500 | 187,205 | ||||||
P.T. Gudang Garam Tbk + | 193,500 | 99,269 | ||||||
P.T. Telekomunikasi Indonesia Tbk + | 1,023,900 | 668,228 | ||||||
P.T. Unilever Indonesia Tbk + | 44,000 | 30,355 | ||||||
1,182,369 | ||||||||
Luxembourg — 1.6% | ||||||||
Oriflame Cosmetics SA SDR + | 6,000 | 187,331 | ||||||
Tenaris SA ADR | 15,400 | 310,618 | ||||||
497,949 | ||||||||
Mexico — 6.4% | ||||||||
America Movil SAB de CV ‘L’ ADR | 11,700 | 316,836 | ||||||
Corporacion GEO SAB de CV ‘B’ * | 48,400 | 48,861 | ||||||
Corporacion Interamericana de Entretenimiento SAB de CV ‘B’ * Ď | 31,800 | 19,082 | ||||||
Fomento Economico Mexicano SAB de CV | 169,300 | 429,794 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 4,350 | 109,663 | ||||||
Grupo Televisa SA ADR | 40,600 | 553,784 | ||||||
SARE Holding SAB de CV ‘B’ * | 248,118 | 31,179 | ||||||
Wal-Mart de Mexico SAB de CV ‘V’ | 194,836 | 455,007 | ||||||
1,964,206 | ||||||||
Norway — 0.5% | ||||||||
Det Norske Oljeselskap International ASA * + | 178,268 | 155,747 | ||||||
Philippines — 2.0% | ||||||||
Jollibee Foods Corp + | 190,000 | 171,186 | ||||||
SM Prime Holdings Inc + | 2,909,059 | 439,928 | ||||||
611,114 | ||||||||
Portugal — 0.5% | ||||||||
Jeronimo Martins Sociedade Gestora de Participacoes Sociais SA + | 33,300 | 163,943 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-25
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Russia — 4.4% | ||||||||
Gazprom OAO ADR + | 30,300 | $ | 448,981 | |||||
Magnit OAO * + | 25,800 | 592,666 | ||||||
MMC Norilsk Nickel JSC ADR | 11,200 | 68,320 | ||||||
NovaTek OAO GDR ~ | 10,600 | 245,750 | ||||||
1,355,717 | ||||||||
South Africa — 4.5% | ||||||||
Adcock Ingram Holdings Ltd * + | 8,971 | 34,050 | ||||||
Anglo Platinum Ltd + | 6,400 | 321,815 | ||||||
Impala Platinum Holdings Ltd + | 18,200 | 304,583 | ||||||
JSE Ltd + | 4,600 | 21,622 | ||||||
MTN Group Ltd + | 10,900 | 120,941 | ||||||
Standard Bank Group Ltd + | 45,534 | 382,118 | ||||||
Tiger Brands Ltd + | 13,571 | 193,607 | ||||||
1,378,736 | ||||||||
South Korea — 5.9% | ||||||||
Amorepacific Corp + à | — | 3 | ||||||
GS Engineering & Construction Corp + | 1,652 | 73,929 | ||||||
Hyundai Development Co + | 3,968 | 97,575 | ||||||
Hyundai Engineering & Construction Co Ltd + | 6,786 | 292,515 | ||||||
Mirae Asset Securities Co Ltd + * | 5,356 | 278,169 | ||||||
NHN Corp * + | 5,183 | 571,096 | ||||||
Shinsegae Co Ltd + | 1,586 | 498,117 | ||||||
1,811,404 | ||||||||
Taiwan — 7.7% | ||||||||
Epistar Corp + | 132,000 | 198,776 | ||||||
HTC Corp + | 8,000 | 98,504 | ||||||
MediaTek Inc + | 96,391 | 907,393 | ||||||
President Chain Store Corp + | 68,000 | 156,158 | ||||||
Synnex Technology International Corp + | 37,569 | 47,577 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd + | 594,000 | 894,476 | ||||||
Yuanta Financial Holding Co Ltd + | 157,000 | 71,892 | ||||||
2,374,776 | ||||||||
Thailand — 0.1% | ||||||||
Kiatnakin Bank PCL | 96,200 | 26,040 | ||||||
Turkey — 5.9% | ||||||||
Aksigorta AS + | 41,400 | 64,749 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS + | 27,965 | 172,493 | ||||||
BIM Birlesik Magazalar AS + | 7,900 | 167,573 | ||||||
Enka Insaat ve Sanayi AS + | 91,067 | 322,682 | ||||||
Ford Otomotiv Sanayi AS + | 19,247 | 52,595 | ||||||
Haci Omer Sabanci Holding AS + | 98,050 | 167,828 | ||||||
Turkcell Iletisim Hizmetleri AS + | 129,600 | 634,852 | ||||||
Yapi ve Kredi Bankasi AS * + | 226,312 | 232,645 | ||||||
1,815,417 | ||||||||
United Kingdom — 2.1% | ||||||||
SABMiller PLC + | 42,790 | 636,228 | ||||||
Total Common Stocks (Cost $34,784,227) | 27,618,918 | |||||||
SHORT-TERM INVESTMENTS — 2.1% | ||||||||
Money Market Funds — 2.1% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 319,013 | 319,013 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 319,013 | 319,013 | ||||||
Total Short-Term Investments (Cost $638,026) | 638,026 | |||||||
TOTAL INVESTMENTS — 99.0% (Cost $38,589,463) | 30,500,459 | |||||||
OTHER ASSETS & LIABILITIES, NET — 1.0% | 319,820 | |||||||
NET ASSETS — 100.0% | $ | 30,820,279 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 19.2 | % | ||
Consumer Staples | 18.9 | % | ||
Financials | 18.8 | % | ||
Telecommunication Services | 11.0 | % | ||
Consumer Discretionary | 10.8 | % | ||
Energy | 8.7 | % | ||
Industrials | 5.0 | % | ||
Materials | 3.6 | % | ||
Short-Term Investments | 2.1 | % | ||
Health Care | 0.9 | % | ||
99.0 | % | |||
Other Assets & Liabilities, Net | 1.0 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-26
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
March 31, 2009
(b) | As of March 31, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows: |
India | 13.6 | % | ||
Brazil | 13.3 | % | ||
Hong Kong | 10.2 | % | ||
Taiwan | 7.7 | % | ||
Mexico | 6.4 | % | ||
South Korea | 5.9 | % | ||
Turkey | 5.9 | % | ||
South Africa | 4.5 | % | ||
Russia | 4.4 | % | ||
Egypt | 4.1 | % | ||
Indonesia | 3.8 | % | ||
Cayman | 3.2 | % | ||
Chile | 3.0 | % | ||
United Kingdom | 2.1 | % | ||
United States | 2.1 | % | ||
Philippines | 2.0 | % | ||
China | 1.7 | % | ||
Luxembourg | 1.6 | % | ||
Bermuda | 1.0 | % | ||
Denmark | 0.9 | % | ||
Colombia | 0.5 | % | ||
Norway | 0.5 | % | ||
Portugal | 0.5 | % | ||
Thailand | 0.1 | % | ||
99.0 | % | |||
Other Assets & Liabilities, Net | 1.0 | % | ||
100.0 | % | |||
(c) | Securities with a total aggregate market value of $20,347,312 or 66.0% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
(d) | Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-27
PL MANAGED BOND FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
PREFERRED STOCKS — 0.0% | ||||||||
Financials — 0.0% | ||||||||
Fannie Mae | 8,000 | $ | 5,680 | |||||
Total Preferred Stocks (Cost $200,000) | 5,680 | |||||||
CONVERTIBLE PREFERRED STOCKS — 1.3% | ||||||||
Financials — 1.3% | ||||||||
American International Group Inc 8.500% | 8,300 | 44,820 | ||||||
Bank of America Corp 7.250% | 700 | 297,150 | ||||||
Lehman Brothers Holdings Inc 8.750% W | 1,500 | 1,575 | ||||||
Wells Fargo & Co 7.500% | 3,000 | 1,436,970 | ||||||
1,780,515 | ||||||||
Total Convertible Preferred Stocks (Cost $4,177,135) | 1,780,515 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES — 27.1% | ||||||||
Consumer Discretionary — 0.0% | ||||||||
General Motors Corp | ||||||||
8.375% due 07/05/33 | EUR 200,000 | 50,487 | ||||||
Consumer Staples — 0.9% | ||||||||
Kraft Foods Inc | ||||||||
6.125% due 02/01/18 | $ | 700,000 | 703,241 | |||||
6.875% due 02/01/38 | 100,000 | 98,630 | ||||||
Reynolds American Inc | ||||||||
7.625% due 06/01/16 | 100,000 | 88,661 | ||||||
Wal-Mart Stores Inc | ||||||||
5.800% due 02/15/18 | 200,000 | 219,185 | ||||||
6.500% due 08/15/37 | 100,000 | 104,454 | ||||||
1,214,171 | ||||||||
Energy — 1.5% | ||||||||
Colorado Interstate Gas Co | ||||||||
6.800% due 11/15/15 | 200,000 | 188,508 | ||||||
Enterprise Products Operating LLC | ||||||||
4.625% due 10/15/09 | 100,000 | 99,423 | ||||||
Gaz Capital SA (Russia) | ||||||||
8.146% due 04/11/18 ~ | 500,000 | 412,500 | ||||||
NGPL PipeCo LLC | ||||||||
7.119% due 12/15/17 ~ | 500,000 | 459,258 | ||||||
7.768% due 12/15/37 ~ | 200,000 | 175,099 | ||||||
The Williams Cos Inc | ||||||||
6.375% due 10/01/10 ~ | 100,000 | 98,438 | ||||||
The Williams Cos Inc Credit Linked Certificate Trust | ||||||||
6.750% due 04/15/09 ~ | 600,000 | 598,509 | ||||||
2,031,735 | ||||||||
Financials — 22.1% | ||||||||
American Express Bank FSB | ||||||||
0.584% due 06/12/09 § | 600,000 | 592,884 | ||||||
5.500% due 04/16/13 | 600,000 | 518,125 | ||||||
6.000% due 09/13/17 | 1,200,000 | 1,012,266 | ||||||
American Express Centurion Bank | ||||||||
6.000% due 09/13/17 | 1,200,000 | 1,012,266 | ||||||
American International Group Inc | ||||||||
5.850% due 01/16/18 | 800,000 | 313,766 | ||||||
ANZ National International Ltd (New Zealand) | ||||||||
6.200% due 07/19/13 ~ | 300,000 | 289,665 | ||||||
Bank of America Corp | ||||||||
4.875% due 01/15/13 | 100,000 | 89,634 | ||||||
5.650% due 05/01/18 | 700,000 | 585,368 | ||||||
8.000% § ± | 1,400,000 | 561,372 | ||||||
8.125% § ± | 1,600,000 | 658,144 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
5.450% due 09/12/12 | 1,000,000 | 1,016,302 | ||||||
6.050% due 12/04/17 ~ | 2,700,000 | 2,127,986 | ||||||
7.700% ~ § ± | 900,000 | 395,999 | ||||||
CIT Group Inc | ||||||||
1.399% due 04/27/11 § | 500,000 | 335,731 | ||||||
Citigroup Capital XXI | ||||||||
8.300% due 12/21/77 § | 2,000,000 | 965,156 | ||||||
Citigroup Inc | ||||||||
5.500% due 04/11/13 | 700,000 | 615,749 | ||||||
5.625% due 08/27/12 | 50,000 | 36,451 | ||||||
5.875% due 05/29/37 | 200,000 | 154,223 | ||||||
Deutsche Bank AG (Germany) | ||||||||
6.000% due 09/01/17 | 900,000 | 871,590 | ||||||
Ford Motor Credit Co LLC | ||||||||
7.250% due 10/25/11 | 100,000 | 71,246 | ||||||
7.800% due 06/01/12 | 300,000 | 203,463 | ||||||
9.750% due 09/15/10 | 100,000 | 82,290 | ||||||
General Electric Capital Corp | ||||||||
1.308% due 08/15/11 § | 400,000 | 342,298 | ||||||
5.875% due 01/14/38 | 900,000 | 645,411 | ||||||
6.875% due 01/10/39 | 200,000 | 163,751 | ||||||
General Motors Acceptance Corp LLC | ||||||||
6.625% due 05/15/12 | 300,000 | 165,741 | ||||||
7.000% due 02/01/12 | 600,000 | 342,809 | ||||||
HCP Inc | ||||||||
5.950% due 09/15/11 | 900,000 | 771,795 | ||||||
JPMorgan Chase & Co | ||||||||
7.900% § ± | 300,000 | 193,185 | ||||||
KeyBank NA | ||||||||
7.000% due 02/01/11 | 400,000 | 397,180 | ||||||
Keycorp | ||||||||
2.088% due 11/22/10 § | EUR 500,000 | 584,187 | ||||||
Lehman Brothers Holdings Inc | ||||||||
2.851% due 12/23/08 W | $ | 500,000 | 62,500 | |||||
5.625% due 01/24/13 W | 1,200,000 | 150,000 | ||||||
6.750% due 12/28/17 W | 500,000 | 50 | ||||||
6.875% due 05/02/18 W | 100,000 | 12,500 | ||||||
Merrill Lynch & Co Inc | ||||||||
1.328% due 08/14/09 § | 400,000 | 391,420 | ||||||
1.501% due 06/05/12 § | 600,000 | 466,255 | ||||||
2.239% due 02/08/10 § | EUR 100,000 | 125,071 | ||||||
6.875% due 04/25/18 | $ | 900,000 | 705,420 | |||||
Metropolitan Life Global Funding I | ||||||||
5.125% due 04/10/13 ~ | 300,000 | 274,326 | ||||||
Morgan Stanley | ||||||||
0.540% due 04/19/12 § | 100,000 | 79,765 | ||||||
5.950% due 12/28/17 | 1,900,000 | 1,729,954 | ||||||
Nykredit Realkredit AS (Denmark) | ||||||||
5.000% due 10/01/38 § | DKK 1,673,044 | 279,530 | ||||||
Principal Life Income Funding Trusts | ||||||||
5.300% due 04/24/13 | $ | 100,000 | 91,983 | |||||
Realkredit Danmark AS (Denmark) | ||||||||
5.000% due 01/01/38 § | DKK 2,388,305 | 395,967 | ||||||
5.000% due 10/01/38 § | 868,001 | 146,232 | ||||||
Regions Bank/Birmingham AL | ||||||||
7.500% due 05/15/18 ~ | $ | 400,000 | 357,648 | |||||
Regions Financial Corp | ||||||||
1.396% due 06/26/12 § | 900,000 | 735,745 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-28
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2009
Principal | ||||||||
Amount | Value | |||||||
Santander Perpetual SA Unipersonal (Spain) | ||||||||
6.671% ~ § ± | $ | 200,000 | $ | 110,149 | ||||
Santander US Debt SA Unipersonal (Spain) | ||||||||
1.331% due 11/20/09 ~ § | 500,000 | 494,875 | ||||||
SLM Corp | ||||||||
1.389% due 10/25/11 § | 900,000 | 518,628 | ||||||
The Bear Stearns Cos Inc | ||||||||
1.446% due 11/28/11 § | 2,500,000 | 2,402,595 | ||||||
6.400% due 10/02/17 | 400,000 | 390,176 | ||||||
The Goldman Sachs Group Inc | ||||||||
1.416% due 02/06/12 § | 200,000 | 172,991 | ||||||
6.250% due 09/01/17 | 1,100,000 | 1,021,616 | ||||||
6.750% due 10/01/37 | 1,200,000 | 814,370 | ||||||
The Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
7.640% § ± | 500,000 | 112,589 | ||||||
TransCapitalInvest Ltd for OJSC AK Transneft (Ireland) | ||||||||
8.700% due 08/07/18 ~ | 100,000 | 87,131 | ||||||
UBS AG (Switzerland) | ||||||||
5.875% due 12/20/17 | 700,000 | 603,439 | ||||||
Wachovia Corp | ||||||||
1.224% due 10/15/11 § | 600,000 | 532,291 | ||||||
1.360% due 08/01/13 § | 300,000 | 221,027 | ||||||
Wells Fargo Co | ||||||||
7.980% § ± | 1,700,000 | 799,961 | ||||||
30,402,237 | ||||||||
Health Care — 0.6% | ||||||||
Roche Holdings Inc | ||||||||
7.000% due 03/01/39 ~ | 400,000 | 420,451 | ||||||
UnitedHealth Group Inc | ||||||||
6.000% due 02/15/18 | 400,000 | 385,212 | ||||||
6.875% due 02/15/38 | 100,000 | 89,067 | ||||||
894,730 | ||||||||
Materials — 0.4% | ||||||||
C10 Capital SPV Ltd (United Kingdom) | ||||||||
6.722% § ± | 300,000 | 105,209 | ||||||
Codelco Inc (Chile) | ||||||||
6.150% due 10/24/36 ~ | 200,000 | 186,313 | ||||||
Vale Overseas Ltd (Cayman) | ||||||||
6.250% due 01/23/17 | 200,000 | 198,157 | ||||||
489,679 | ||||||||
Telecommunication Services — 1.2% | ||||||||
AT&T Inc | ||||||||
6.300% due 01/15/38 | 200,000 | 176,444 | ||||||
SBC Communications Inc | ||||||||
4.125% due 09/15/09 | 100,000 | 100,933 | ||||||
Verizon Wireless Capital LLC | ||||||||
5.250% due 02/01/12 ~ | 1,300,000 | 1,318,295 | ||||||
1,595,672 | ||||||||
Utilities — 0.4% | ||||||||
Electricite de France (France) | ||||||||
5.500% due 01/26/14 ~ | 200,000 | 212,628 | ||||||
6.500% due 01/26/19 ~ | 200,000 | 206,446 | ||||||
6.950% due 01/26/39 ~ | 200,000 | 199,174 | ||||||
618,248 | ||||||||
Total Corporate Bonds & Notes (Cost $47,307,669) | 37,296,959 | |||||||
SENIOR LOAN NOTES — 0.1% | ||||||||
Health Care — 0.1% | ||||||||
HCA Inc Term B | ||||||||
3.470% due 11/18/13 § | 55,890 | 47,529 | ||||||
Total Senior Loan Notes (Cost $54,547) | 47,529 | |||||||
MORTGAGE-BACKED SECURITIES — 111.5% | ||||||||
Collateralized Mortgage Obligations — 18.4% | ||||||||
Adjustable Rate Mortgage Trust | ||||||||
4.581% due 05/25/35 “ § | 90,389 | 71,774 | ||||||
Banc of America Funding Corp | ||||||||
3.986% due 05/25/35 “ § | 239,711 | 171,521 | ||||||
Banc of America Mortgage Securities Inc | ||||||||
3.994% due 07/25/33 “ § | 152,047 | 126,231 | ||||||
5.000% due 05/25/34 “ | 88,526 | 79,464 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.472% due 03/25/35 “ § | 323,679 | 223,936 | ||||||
4.528% due 08/25/33 “ § | 370,882 | 288,146 | ||||||
4.550% due 08/25/35 “ § | 112,917 | 79,065 | ||||||
4.625% due 10/25/35 “ § | 617,884 | 374,719 | ||||||
4.750% due 10/25/35 “ § | 119,705 | 112,902 | ||||||
Bear Stearns Alt-A Trust | ||||||||
5.363% due 05/25/35 “ § | 81,717 | 44,107 | ||||||
5.491% due 09/25/35 “ § | 96,976 | 47,992 | ||||||
5.716% due 11/25/36 “ § | 128,049 | 59,236 | ||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
5.471% due 01/12/45 “ § | 100,000 | 74,880 | ||||||
5.700% due 06/11/50 “ | 200,000 | 152,335 | ||||||
Chevy Chase Mortgage Funding Corp | ||||||||
0.772% due 08/25/35 ~ “ § | 108,120 | 70,302 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
4.248% due 08/25/35 “ § | 131,051 | 83,990 | ||||||
4.700% due 12/25/35 “ § | 210,774 | 158,243 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
5.306% due 12/10/46 “ | 200,000 | 140,451 | ||||||
Countrywide Alternative Loan Trust | ||||||||
5.345% due 06/25/37 “ § | 487,455 | 217,412 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust | ||||||||
0.842% due 03/25/35 “ § | 45,031 | 18,927 | ||||||
0.862% due 06/25/35 ~ “ § | 243,739 | 143,759 | ||||||
Credit Suisse Mortgage Capital Certificates | ||||||||
5.467% due 09/15/39 “ | 900,000 | 597,993 | ||||||
5.847% due 03/15/39 “ § | 100,000 | 81,608 | ||||||
CS First Boston Mortgage Securities Corp | ||||||||
1.056% due 03/25/32 ~ “ § | 10,777 | 8,178 | ||||||
6.000% due 11/25/35 “ | 161,040 | 134,996 | ||||||
Downey Saving and Loan Association Mortgage Loan Trust | ||||||||
0.736% due 04/19/48 “ § | 714,357 | 115,766 | ||||||
Fannie Mae | ||||||||
0.722% due 10/27/37 “ § | 3,400,000 | 3,062,125 | ||||||
1.625% due 11/25/23 “ § | 511,313 | 510,605 | ||||||
4.250% due 07/25/17 “ | 286,126 | 294,266 | ||||||
4.500% due 04/25/17 — 10/25/17 “ | 541,713 | 554,546 | ||||||
5.000% due 01/25/17 — 07/25/19 “ | 231,147 | 235,403 | ||||||
5.500% due 09/25/24 “ | 322,984 | 326,234 | ||||||
6.000% due 03/25/31 “ | 1,700,016 | 1,755,204 | ||||||
Freddie Mac | ||||||||
0.786% due 02/15/19 “ § | 1,744,827 | 1,689,243 | ||||||
2.833% due 10/25/44 “ § | 70,857 | 69,055 | ||||||
3.033% due 07/25/44 “ § | 383,430 | 375,834 | ||||||
4.000% due 06/15/22 — 10/15/23 “ | 263,221 | 263,617 | ||||||
4.500% due 06/15/17 — 10/15/19 “ | 638,381 | 652,349 | ||||||
5.000% due 09/15/16 — 04/15/30 “ | 5,340,881 | 5,465,085 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-29
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2009
Principal | ||||||||
Amount | Value | |||||||
5.500% due 03/15/17 “ | $ | 59,343 | $ | 61,107 | ||||
8.000% due 04/15/30 “ | 487,742 | 518,180 | ||||||
GMAC Mortgage Corp Loan Trust | ||||||||
5.500% due 09/25/34 “ | 75,956 | 72,326 | ||||||
Greenwich Capital Commercial Funding Corp | ||||||||
5.444% due 03/10/39 “ | 400,000 | 289,484 | ||||||
Harborview Mortgage Loan Trust | ||||||||
0.646% due 01/19/38 “ § | 109,118 | 98,312 | ||||||
0.726% due 12/19/36 “ § | 976,780 | 343,214 | ||||||
0.746% due 01/19/38 “ § | 292,787 | 104,180 | ||||||
0.776% due 05/19/35 “ § | 48,625 | 17,935 | ||||||
JPMorgan Mortgage Trust | ||||||||
5.016% due 02/25/35 “ § | 117,131 | 93,067 | ||||||
LB-UBS Commercial Mortgage Trust | ||||||||
5.866% due 09/15/45 “ § | 600,000 | 422,337 | ||||||
Lehman Brothers Floating Rate Commercial Mortgage Trust | ||||||||
0.636% due 09/15/21 ~ “ § | 44,034 | 32,681 | ||||||
Lehman XS Trust | ||||||||
0.602% due 07/25/46 “ § | 1,235 | 1,223 | ||||||
Mellon Residential Funding Corp | ||||||||
1.036% due 06/15/30 “ § | 19,666 | 16,390 | ||||||
Merrill Lynch Floating Trust | ||||||||
0.923% due 07/09/21 ~ “ § | 500,000 | 354,363 | ||||||
Merrill Lynch Mortgage Investors Inc | ||||||||
0.732% due 02/25/36 “ § | 59,846 | 33,207 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||||||
5.700% due 09/12/49 “ | 500,000 | 321,433 | ||||||
MLCC Mortgage Investors Inc | ||||||||
1.316% due 03/15/25 “ § | 21,428 | 12,184 | ||||||
Morgan Stanley Capital I | ||||||||
5.731% due 07/12/44 “ § | 1,700,000 | 1,320,884 | ||||||
Residential Accredit Loans Inc | ||||||||
0.702% due 06/25/46 “ § | 144,102 | 55,262 | ||||||
6.000% due 06/25/36 “ | 469,297 | 202,017 | ||||||
Residential Asset Securitization Trust | ||||||||
0.922% due 05/25/33 “ § | 38,752 | 32,968 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
0.742% due 05/25/36 “ § | 293,884 | 103,558 | ||||||
Structured Asset Securities Corp | ||||||||
4.688% due 10/25/35 ~ “ § | 151,738 | 89,871 | ||||||
5.000% due 12/25/34 “ | 66,011 | 62,344 | ||||||
5.004% due 08/25/32 “ § | 31,547 | 26,214 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
0.646% due 09/15/21 ~ “ § | 398,933 | 275,189 | ||||||
5.342% due 12/15/43 “ | 600,000 | 376,460 | ||||||
Washington Mutual Mortgage Pass-Through Certificates | ||||||||
0.832% due 01/25/45 “ § | 42,602 | 17,126 | ||||||
0.842% due 01/25/45 “ § | 40,971 | 18,266 | ||||||
1.062% due 12/25/27 “ § | 111,957 | 79,151 | ||||||
3.033% due 08/25/42 “ § | 7,755 | 5,241 | ||||||
3.705% due 02/27/34 “ § | 14,454 | 11,555 | ||||||
3.955% due 09/25/46 “ § | 135,914 | 51,705 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | ||||||||
4.108% due 12/25/34 “ § | 240,846 | 184,237 | ||||||
4.208% due 07/25/35 “ § | 349,538 | 286,103 | ||||||
4.500% due 11/25/18 “ | 189,372 | 183,752 | ||||||
5.242% due 04/25/36 “ § | 369,384 | 222,555 | ||||||
5.508% due 08/25/36 “ § | 95,871 | 66,332 | ||||||
25,393,912 | ||||||||
Fannie Mae — 79.4% | ||||||||
3.022% due 10/01/44 “ § | 68,139 | 67,064 | ||||||
4.347% due 11/01/34 “ § | 297,919 | 294,364 | ||||||
4.710% due 09/01/35 “ § | 319,692 | 323,990 | ||||||
5.000% due 08/01/20 - 04/01/36 “ | 4,592,858 | 4,757,855 | ||||||
5.084% due 11/01/32 “ § | 398,438 | 408,817 | ||||||
5.121% due 12/01/36 “ § | 31,285 | 31,758 | ||||||
5.473% due 06/01/37 “ § | 2,045,399 | 2,112,969 | ||||||
5.500% due 12/01/14 - 04/15/39 “ | 67,627,374 | 70,273,899 | ||||||
5.507% due 12/01/35 “ § | 169,626 | 174,620 | ||||||
6.000% due 09/01/22 - 04/15/38 “ | 29,509,516 | 30,834,038 | ||||||
6.500% due 03/01/17 “ | 87,830 | 92,119 | ||||||
109,371,493 | ||||||||
Freddie Mac — 10.2% | ||||||||
4.329% due 11/01/31 “ § | 10,210 | 10,282 | ||||||
4.695% due 06/01/35 “ § | 677,723 | 684,369 | ||||||
4.735% due 09/01/35 “ § | 308,751 | 316,905 | ||||||
5.300% due 09/01/35 “ § | 291,899 | 298,861 | ||||||
5.353% due 04/01/32 “ § | 32,164 | 32,652 | ||||||
5.500% due 03/01/23 - 04/15/38 “ | 11,948,075 | 12,399,435 | ||||||
6.000% due 12/01/22 - 03/01/23 “ | 244,189 | 257,184 | ||||||
13,999,688 | ||||||||
Government National Mortgage Association — 3.5% | ||||||||
6.500% due 11/15/36 - 10/15/38 “ | 4,608,058 | 4,841,037 | ||||||
Total Mortgage-Backed Securities (Cost $155,747,812) | 153,606,130 | |||||||
ASSET-BACKED SECURITIES — 2.5% | ||||||||
Argent Securities Inc | ||||||||
0.572% due 10/25/36 “ § | 62,595 | 60,188 | ||||||
Asset Backed Funding Certificates | ||||||||
0.582% due 10/25/36 “ § | 28,470 | 27,592 | ||||||
0.872% due 06/25/34 “ § | 138,554 | 69,177 | ||||||
Bear Stearns Asset Backed Securities Trust | ||||||||
5.029% due 10/25/36 “ § | 236,372 | 180,687 | ||||||
Carrington Mortgage Loan Trust | ||||||||
0.682% due 01/25/36 “ § | 216,665 | 201,341 | ||||||
Citibank Omni Master Trust | ||||||||
1.623% due 12/23/13 ~ “ § | 1,700,000 | 1,541,009 | ||||||
JPMorgan Mortgage Acquisition Corp | ||||||||
0.572% due 07/25/36 “ § | 79,672 | 73,599 | ||||||
Lehman XS Trust | ||||||||
0.642% due 11/25/36 “ § | 58,039 | 55,901 | ||||||
Long Beach Mortgage Loan Trust | ||||||||
0.802% due 10/25/34 “ § | 18,554 | 7,600 | ||||||
Park Place Securities Inc | ||||||||
0.782% due 09/25/35 “ § | 138,718 | 89,130 | ||||||
Residential Asset Securities Corp | ||||||||
0.592% due 11/25/36 “ § | 54,692 | 53,064 | ||||||
Saxon Asset Securities Trust | ||||||||
0.582% due 10/25/46 “ § | 47,259 | 45,406 | ||||||
SBI Heloc Trust | ||||||||
0.692% due 08/25/36 ~ “ § | 107,764 | 98,761 | ||||||
Securitized Asset-Backed Receivables LLC Trust | ||||||||
0.572% due 09/25/36 “ § | 64,038 | 56,129 | ||||||
0.652% due 05/25/37 “ § | 329,872 | 217,598 | ||||||
SLC Student Loan Trust | ||||||||
1.214% due 02/15/15 “ § | 183,312 | 182,727 | ||||||
SLM Student Loan Trust | ||||||||
1.159% due 10/25/16 “ § | 278,528 | 277,588 | ||||||
Small Business Administration | ||||||||
4.754% due 08/10/14 “ | 91,153 | 94,248 | ||||||
Soundview Home Equity Loan Trust | ||||||||
0.622% due 10/25/36 “ § | 3,088 | 3,053 | ||||||
Structured Asset Securities Corp | ||||||||
0.572% due 10/25/36 “ § | 100,781 | 88,257 | ||||||
Wells Fargo Home Equity Trust | ||||||||
0.572% due 01/25/37 “ § | 43,778 | 42,679 | ||||||
Total Asset-Backed Securities (Cost $3,980,609) | 3,465,734 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-30
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2009
Principal | ||||||||
Amount | Value | |||||||
U.S. GOVERNMENT AGENCY ISSUES — 0.2% | ||||||||
Freddie Mac | ||||||||
4.875% due 06/13/18 | $ | 100,000 | $ | 111,187 | ||||
5.000% due 12/14/18 | 200,000 | 193,628 | ||||||
Total U.S. Government Agency Issues (Cost $302,736) | 304,815 | |||||||
U.S. TREASURY OBLIGATIONS — 2.0% | ||||||||
U.S. Treasury Bonds — 0.7% | ||||||||
3.500% due 02/15/39 | 900,000 | 892,128 | ||||||
U.S. Treasury Inflation Protected Securities — 1.3% | ||||||||
1.750% due 01/15/28 ^ | 302,457 | 290,450 | ||||||
2.625% due 07/15/17 ^ | 1,426,054 | 1,553,954 | ||||||
1,844,404 | ||||||||
Total U.S. Treasury Obligations (Cost $2,543,668) | 2,736,532 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES — 0.7% | ||||||||
Export-Import Bank of Korea (South Korea) | ||||||||
1.645% due 10/04/11 ~ § | 800,000 | 802,276 | ||||||
Republic of Panama (Panama) | ||||||||
9.375% due 04/01/29 | 40,000 | 44,100 | ||||||
United Mexican States (Mexico) | ||||||||
5.950% due 03/19/19 | 100,000 | 98,000 | ||||||
Total Foreign Government Bonds & Notes (Cost $948,019) | 944,376 | |||||||
MUNICIPAL BONDS — 3.5% | ||||||||
Austin Texas Water & Wastewater System Revenue ‘A’ | ||||||||
5.000% due 11/15/29 | 200,000 | 200,474 | ||||||
Buckeye Tobacco Settlement Financing Authority OH ‘A2’ | ||||||||
5.875% due 06/01/47 | 1,100,000 | 604,329 | ||||||
California Educational Facilities Authority ‘A’ | ||||||||
4.750% due 10/01/37 | 900,000 | 821,448 | ||||||
Clark County Tax-BD BK NV | ||||||||
5.000% due 06/01/26 | 900,000 | 896,859 | ||||||
Houston Texas Combined Utilities Systems First Lien Revenue ‘A’ | ||||||||
5.000% due 11/15/36 | 100,000 | 94,836 | ||||||
Los Angeles Unified School District CA ‘A1’ | ||||||||
4.500% due 01/01/28 | 400,000 | 352,684 | ||||||
Texas State Transportation Commission Mobility Fund | ||||||||
5.000% due 04/01/37 | 900,000 | 891,963 | ||||||
Texas State Transportation Commission Mobility Fund ‘A’ | ||||||||
4.750% due 04/01/35 | 100,000 | 95,406 | ||||||
Tobacco Securitization Authority of Southern California ‘A1’ | ||||||||
5.000% due 06/01/37 | 800,000 | 415,616 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | ||||||||
7.467% due 06/01/47 | 885,000 | 477,812 | ||||||
Total Municipal Bonds (Cost $5,952,482) | 4,851,427 | |||||||
PURCHASED OPTIONS — 1.0% | ||||||||
(See Note (h) to Notes to Schedule of Investments) (Cost $274,130) | 1,403,327 | |||||||
SHORT-TERM INVESTMENTS — 4.5% | ||||||||
U.S. Treasury Bills — 0.1% | ||||||||
0.128% due 04/16/09 ‡ | 80,000 | 79,996 | ||||||
Shares | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Liquidity Funds Institutional | ||||||||
TempCash | 578,925 | 578,925 | ||||||
BlackRock Liquidity Funds Institutional | ||||||||
TempFund | 578,925 | 578,925 | ||||||
1,157,850 | ||||||||
Principal | ||||||||
Amount | ||||||||
Repurchase Agreement — 3.6% | ||||||||
JPMorgan Chase & Co | ||||||||
0.190% due 04/01/09 (Dated 03/31/09, repurchase price of $4,900,026; collateralized by Fannie Mae: 5.000% due 03/15/16 and market value $5,043,689) | $ | 4,900,000 | 4,900,000 | |||||
Total Short-Term Investments (Cost $6,137,846) | 6,137,846 | |||||||
TOTAL INVESTMENTS — 154.4% (Cost $227,626,653) | 212,580,870 | |||||||
OTHER ASSETS & LIABILITIES, NET — (54.4%) | (74,856,381 | ) | ||||||
NET ASSETS — 100.0% | $ | 137,724,489 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Mortgage-Backed Securities | 111.5 | % | ||
Corporate Bonds & Notes | 27.1 | % | ||
Short-Term Investments | 4.5 | % | ||
Municipal Bonds | 3.5 | % | ||
Asset-Backed Securities | 2.5 | % | ||
U.S. Treasury Obligations | 2.0 | % | ||
Convertible Preferred Stocks | 1.3 | % | ||
Purchased Options | 1.0 | % | ||
Foreign Government Bonds & Notes | 0.7 | % | ||
U.S. Government Agency Issues | 0.2 | % | ||
Senior Loan Notes | 0.1 | % | ||
Preferred Stocks | 0.0 | % | ||
154.4 | % | |||
Other Assets & Liabilities, Net | (54.4 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-31
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2009
(b) | As of March 31, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA / U.S. Government & Agency Issues | 78.7 | % | ||
AA | 4.0 | % | ||
A | 11.7 | % | ||
BBB | 3.2 | % | ||
BB | 0.8 | % | ||
B | 0.1 | % | ||
CCC | 0.5 | % | ||
CC | 0.5 | % | ||
Not Rated | 0.5 | % | ||
100.0 | % | |||
(c) | Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. | |
(d) | Securities with a total aggregate market value of $226,625 or 0.2% of the net assets were in default as of March 31, 2009. | |
(e) | 0.7% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. | |
(f) | The amount of $355,300 in cash was segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of March 31, 2009: |
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Appreciation | |||||||||
3-Month Euribor (06/09) | 6 | EUR 6,000,000 | $ | 78,520 | ||||||||
Eurodollar (06/09) | 55 | $ | 55,000,000 | 310,425 | ||||||||
Eurodollar (09/09) | 8 | 8,000,000 | 59,900 | |||||||||
Eurodollar (12/09) | 2 | 2,000,000 | 11,225 | |||||||||
Eurodollar (03/10) | 2 | 2,000,000 | 11,987 | |||||||||
Eurodollar (06/10) | 2 | 2,000,000 | 12,500 | |||||||||
Eurodollar (09/10) | 2 | 2,000,000 | 12,988 | |||||||||
United Kingdom 90-Day LIBOR | ||||||||||||
Sterling Interest Rate (06/09) | 91 | GBP 45,500,000 | 711,808 | |||||||||
United Kingdom 90-Day LIBOR | ||||||||||||
Sterling Interest Rate (09/09) | 31 | 15,500,000 | 229,629 | |||||||||
$ | 1,438,982 | |||||||||||
(g) | Forward foreign currency contracts outstanding as of March 31, 2009 were as follows: |
Principal | ||||||||||||||
Contracts | Amount | Unrealized | ||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||
Buy | AUD | 560,000 | 05/09 | $ | (3,976 | ) | ||||||||
Buy | BRL | 146,380 | 04/09 | (1,898 | ) | |||||||||
Sell | BRL | 146,380 | 04/09 | 2,144 | ||||||||||
Buy | BRL | 1,839,209 | 06/09 | 1,191 | ||||||||||
Sell | BRL | 639,591 | 06/09 | (6,439 | ) | |||||||||
Buy | CAD | 78,483 | 04/09 | (1,657 | ) | |||||||||
Buy | CNY | 9,580,578 | 07/09 | (58,790 | ) | |||||||||
Sell | CNY | 9,580,578 | 07/09 | (42,632 | ) | |||||||||
Buy | CNY | 3,899,463 | 09/09 | 8,982 | ||||||||||
Sell | CNY | 3,899,463 | 09/09 | (14,303 | ) | |||||||||
Buy | CNY | 1,751,383 | 03/10 | (1,805 | ) | |||||||||
Buy | EUR | 93,000 | 04/09 | (2,452 | ) | |||||||||
Sell | EUR | 1,425,000 | 04/09 | (93,674 | ) | |||||||||
Buy | GBP | 459,000 | 04/09 | (18,602 | ) | |||||||||
Sell | GBP | 1,817,000 | 04/09 | 24,608 | ||||||||||
Buy | JPY | 99,879,000 | 05/09 | (1,181 | ) | |||||||||
Sell | JPY | 50,558,000 | 05/09 | 8,716 | ||||||||||
Sell | JPY | 50,558,000 | 06/09 | 8,042 | ||||||||||
Buy | MYR | 1,093,620 | 04/09 | (10,146 | ) | |||||||||
Sell | MYR | 1,093,620 | 04/09 | 509 | ||||||||||
Buy | PHP | 3,391,600 | 05/09 | (57 | ) | |||||||||
Sell | PHP | 3,391,600 | 05/09 | (6,010 | ) | |||||||||
Buy | PLN | 1,531,617 | 05/09 | (239,162 | ) | |||||||||
Sell | PLN | 1,531,617 | 05/09 | 249,078 | ||||||||||
Buy | RUB | 19,360,780 | 05/09 | (231,057 | ) | |||||||||
Sell | RUB | 19,360,780 | 05/09 | 245,873 | ||||||||||
Buy | SGD | 659,133 | 04/09 | (15,997 | ) | |||||||||
Sell | SGD | 659,133 | 04/09 | 1,356 | ||||||||||
Buy | SGD | 86,784 | 07/09 | (2,994 | ) | |||||||||
Sell | SGD | 86,784 | 07/09 | (28 | ) | |||||||||
($202,361 | ) | |||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-32
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2009
(h) | Purchased options outstanding as of March 31, 2009: |
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on | ||||||||||||||||||||||||||||
3-Month | Exercise | Expiration | Counter | Notional | ||||||||||||||||||||||||
Counterparty | EUR-LIBOR | Rate | Date | party | Amount | Cost | Value | |||||||||||||||||||||
Call — OTC 2-Year Interest Rate Swap | Pay | 4.070 | % | 09/14/09 | DUB | EUR 11,200,000 | $ | 57,912 | $ | 594,009 |
Based on 3-Month | ||||||||||||||||||||||||||||
USD-LIBOR | ||||||||||||||||||||||||||||
Call — OTC 2-Year Interest Rate Swap | Pay | 3.600 | % | 07/02/09 | RBS | $ | 1,600,000 | 15,380 | 66,106 | |||||||||||||||||||
Call — OTC 2-Year Interest Rate Swap | Pay | 3.450 | % | 08/03/09 | BRC | 900,000 | 9,810 | 33,748 | ||||||||||||||||||||
Call — OTC 2-Year Interest Rate Swap | Pay | 3.450 | % | 08/03/09 | RBS | 2,400,000 | 24,192 | 89,995 | ||||||||||||||||||||
Call — OTC 2-Year Interest Rate Swap | Pay | 3.500 | % | 08/03/09 | RBS | 16,100,000 | 166,836 | 619,469 | ||||||||||||||||||||
$ | 274,130 | $ | 1,403,327 | |||||||||||||||||||||||||
Total Purchased Options | $ | 274,130 | $ | 1,403,327 | ||||||||||||||||||||||||
(i) | Transactions in written options for the year ended March 31, 2009 were as follows: |
Notional | Notional | |||||||||||||||
Number of | Amount | Amount | ||||||||||||||
Contracts | in EUR | in $ | Premium | |||||||||||||
Outstanding, March 31, 2008 | 56 | 3,600,000 | 25,500,000 | $ | 674,080 | |||||||||||
Call Options Written | 76 | — | 1,200,000 | 80,725 | ||||||||||||
Put Options Written | 114 | — | 4,500,000 | 79,313 | ||||||||||||
Call Options Closed | — | (3,600,000 | ) | (23,800,000 | ) | (579,613 | ) | |||||||||
Call Options Expired | (62 | ) | — | (2,400,000 | ) | (117,154 | ) | |||||||||
Put Options Expired | (156 | ) | — | (500,000 | ) | (103,005 | ) | |||||||||
Outstanding, March 31, 2009 | 28 | — | 4,500,000 | $ | 34,346 | |||||||||||
(j) | Premiums received and value of written options outstanding as of March 31, 2009: |
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 2.750 | % | 05/22/09 | BRC | $ | 1,500,000 | $ | 11,263 | $ | 1,954 | |||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 2.750 | % | 05/22/09 | DUB | 500,000 | 3,562 | 652 | ||||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.000 | % | 07/27/09 | BRC | 500,000 | 2,025 | 476 | ||||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.000 | % | 07/27/09 | CIT | 500,000 | 2,075 | 476 | ||||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.000 | % | 07/27/09 | DUB | 1,000,000 | 4,350 | 953 | ||||||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 4.400 | % | 08/03/09 | RBS | 500,000 | 2,000 | 61 | ||||||||||||||||||||
$ | 25,275 | $ | 4,572 | |||||||||||||||||||||||||
Exercise | Expiration | Counter- | Number of | |||||||||||||||||||||
Description | Price | Date | party | Contracts | Premium | Value | ||||||||||||||||||
Put — CBOT U.S. Treasury 10-Year Note Futures (06/09) | $ | 119.00 | 05/22/09 | MER | 11 | $ | 3,582 | $ | 2,406 | |||||||||||||||
Put — CBOT U.S. Treasury 10-Year Note Futures (06/09) | 122.00 | 05/22/09 | MER | 3 | 1,961 | 2,110 | ||||||||||||||||||
Call — CBOT U.S. Treasury 10-Year Note Futures (06/09) | 128.00 | 05/22/09 | MER | 14 | 3,528 | 3,281 | ||||||||||||||||||
$ | 9,071 | $ | 7,797 | |||||||||||||||||||||
Total Written Options | $ | 34,346 | $ | 12,369 | ||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-33
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2009
(k) | A security with an aggregate market value of $79,996 was pledged as collateral for swap contracts as of March 31, 2009. | |
(l) | Swap agreements outstanding as of March 31, 2009: |
Upfront | ||||||||||||||||||||||||||||||||
Fixed Deal | Implied Credit | Premiums | ||||||||||||||||||||||||||||||
Pay | Expiration | Counter- | Spread at | Notional | Market | Paid | Unrealized | |||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/09 (3) | Amount (4) | Value (5) | (Received) | Appreciation | ||||||||||||||||||||||||
Health Care Properties | ||||||||||||||||||||||||||||||||
5.950% due 09/15/11 | (0.460 | %) | 09/20/11 | JPM | 8.100 | % | $ | 900,000 | $ | 143,223 | $ | — | $ | 143,223 | ||||||||||||||||||
Noble Corp | ||||||||||||||||||||||||||||||||
5.875% due 06/01/13 | (0.520 | %) | 06/20/12 | CIT | 0.711 | % | 300,000 | 1,735 | — | 1,735 | ||||||||||||||||||||||
$ | 144,958 | $ | — | $ | 144,958 | |||||||||||||||||||||||||||
Upfront | ||||||||||||||||||||||||||||||||
Fixed Deal | Implied Credit | Premiums | ||||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Market | Paid | Unrealized | |||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/09 (3) | Amount (4) | Value (5) | (Received) | Depreciation | ||||||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
6.000% due 6/15/12 | 1.500 | % | 09/20/11 | DUB | 8.826 | % | $ | 100,000 | ($14,892 | ) | $ | — | ($14,892 | ) | ||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
5.625% due 09/15/17 | 4.000 | % | 12/20/13 | CIT | 7.440 | % | 200,000 | (22,939 | ) | — | (22,939 | ) | ||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
5.625% due 09/15/17 | 4.230 | % | 12/20/13 | DUB | 7.440 | % | 200,000 | (21,370 | ) | — | (21,370 | ) | ||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
5.625% due 09/15/17 | 4.325 | % | 12/20/13 | CIT | 7.440 | % | 200,000 | (20,722 | ) | — | (20,722 | ) | ||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
6.000% due 06/15/12 | 4.400 | % | 12/20/13 | BRC | 7.440 | % | 200,000 | (20,190 | ) | — | (20,190 | ) | ||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
6.000% due 06/15/12 | 4.500 | % | 12/20/13 | BRC | 7.440 | % | 300,000 | (29,293 | ) | — | (29,293 | ) | ||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
6.000% due 06/15/12 | 4.700 | % | 12/20/13 | BRC | 7.440 | % | 400,000 | (36,328 | ) | — | (36,328 | ) | ||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
5.625% due 09/15/17 | 4.750 | % | 12/20/13 | DUB | 7.440 | % | 400,000 | (35,646 | ) | — | (35,646 | ) | ||||||||||||||||||||
International Lease Finance Corp | ||||||||||||||||||||||||||||||||
4.150% due 01/20/15 | 5.000 | % | 12/20/13 | BRC | 19.688 | % | 300,000 | (95,366 | ) | (51,000 | ) | (44,366 | ) | |||||||||||||||||||
SLM Corp | ||||||||||||||||||||||||||||||||
5.125% due 08/27/12 | 5.000 | % | 12/20/13 | CIT | 25.406 | % | 400,000 | (147,765 | ) | (57,000 | ) | (90,765 | ) | |||||||||||||||||||
American International Group | ||||||||||||||||||||||||||||||||
6.250% due 05/01/36 | 5.000 | % | 12/20/13 | DUB | 21.481 | % | 500,000 | (185,541 | ) | (46,250 | ) | (139,291 | ) | |||||||||||||||||||
Reynolds American Inc | ||||||||||||||||||||||||||||||||
7.625% due 06/01/16 | 1.280 | % | 06/20/17 | DUB | 3.500 | % | 200,000 | (26,892 | ) | — | (26,892 | ) | ||||||||||||||||||||
($656,944 | ) | ($154,250 | ) | ($502,694 | ) | |||||||||||||||||||||||||||
Upfront | ||||||||||||||||||||||||||||
Fixed Deal | Premiums | |||||||||||||||||||||||||||
Pay | Expiration | Counter- | Notional | Market | Paid | Unrealized | ||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | Amount (4) | Value (5) | (Received) | Appreciation | |||||||||||||||||||||
Trinity 2005 2.884% due 03/08/40 D | (2.050 | %) | 03/08/40 | GSC | $ | 1,000,000 | $ | 980,196 | $ | — | $ | 980,196 | ||||||||||||||||
Upfront | ||||||||||||||||||||||||||||
Fixed Deal | Premiums | |||||||||||||||||||||||||||
Receive | Expiration | Counter- | Notional | Market | Paid | Unrealized | ||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | Amount (4) | Value (5) | (Received) | Depreciation | |||||||||||||||||||||
Dow Jones CDX NA HY-8 Index | 0.483 | % | 06/20/12 | BRC | $ | 780,231 | ($91,640 | ) | $ | — | ($91,640 | ) | ||||||||||||||||
Dow Jones CDX NA HY-9 Index | 2.080 | % | 12/20/12 | MER | 1,462,587 | (148,723 | ) | — | (148,723 | ) | ||||||||||||||||||
Dow Jones CDX NA HY-9 Index | 6.370 | % | 12/20/12 | MER | 500,000 | (177,360 | ) | — | (177,360 | ) | ||||||||||||||||||
Dow Jones CDX NA IG5 Index | 0.458 | % | 12/20/15 | MSC | 900,000 | (342,543 | ) | — | (342,543 | ) | ||||||||||||||||||
Dow Jones CDX NA IG-9 Index | 0.548 | % | 12/20/17 | GSC | 97,228 | (8,617 | ) | — | (8,617 | ) | ||||||||||||||||||
Dow Jones ABX NA HE.A Index | 0.110 | % | 05/25/46 | GSC | 1,000,000 | (699,979 | ) | (325,000 | ) | (374,979 | ) | |||||||||||||||||
($1,468,862 | ) | ($325,000 | ) | ($1,143,862 | ) | |||||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-34
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2009
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index | |
(2) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(3) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. | |
(4) | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of protection if a credit event occurs as defined under the terms of that particular swap agreement. | |
(5) | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Upfront | ||||||||||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||||||||||
Counter- | Pay/Receive | Fixed | Expiration | Notional | Market | Paid | Appreciation | |||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
30-Day USD-CMM Rate | MER | Receive | 5.500 | % | 05/21/09 | $ | 900,000 | ($149,104 | ) | ($155,241 | ) | $ | 6,137 | |||||||||||||||||||
6-Month GBP-LIBOR | RBS | Pay | 6.000 | % | 06/19/09 | GBP 100,000 | 884 | (289 | ) | 1,173 | ||||||||||||||||||||||
3-Month Australian Bank Bill | CIT | Pay | 7.000 | % | 09/15/09 | AUD 4,200,000 | 52,684 | (8,140 | ) | 60,824 | ||||||||||||||||||||||
6-Month EUR-LIBOR | GSC | Pay | 4.000 | % | 09/19/09 | EUR 200,000 | 1,120 | (1,974 | ) | 3,094 | ||||||||||||||||||||||
BRL — CDI Compounded | MER | Pay | 12.670 | % | 01/04/10 | BRL 2,000,000 | 18,148 | — | 18,148 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 12.670 | % | 01/04/10 | 8,400,000 | 76,222 | 7,053 | 69,169 | |||||||||||||||||||||||
6-Month EUR-LIBOR | MSC | Pay | 4.500 | % | 03/19/10 | EUR 4,200,000 | 150,611 | (2,904 | ) | 153,515 | ||||||||||||||||||||||
6-Month Australian Bank Bill | DUB | Pay | 7.000 | % | 06/15/10 | AUD 6,600,000 | 208,173 | 15,007 | 193,166 | |||||||||||||||||||||||
6-Month Australian Bank Bill | MSC | Pay | 7.000 | % | 06/15/10 | 3,400,000 | 107,240 | 3,294 | 103,946 | |||||||||||||||||||||||
6-Month GBP-LIBOR | RBS | Pay | 5.000 | % | 09/15/10 | GBP 300,000 | 19,493 | (9,463 | ) | 28,956 | ||||||||||||||||||||||
3-Month Australian Bank Bill | UBS | Pay | 6.000 | % | 09/15/10 | AUD 2,200,000 | 42,616 | (1,031 | ) | 43,647 | ||||||||||||||||||||||
3-Month USD-LIBOR | BRC | Pay | 4.000 | % | 12/16/10 | $ | 300,000 | 7,597 | 351 | 7,246 | ||||||||||||||||||||||
6-Month EUR-LIBOR | BNP | Pay | 4.500 | % | 03/18/11 | EUR 5,200,000 | 355,346 | 8,277 | 347,069 | |||||||||||||||||||||||
3-Month USD-LIBOR | MER | Pay | 4.000 | % | 06/17/11 | $ | 900,000 | 44,761 | 20,286 | 24,475 | ||||||||||||||||||||||
6-Month Australian Bank Bill D | UBS | Pay | 4.250 | % | 09/15/11 | AUD 6,000,000 | 42,892 | 49,983 | (7,091 | ) | ||||||||||||||||||||||
6-Month Australian Bank Bill | CSF | Pay | 6.250 | % | 09/15/11 | 1,200,000 | 40,131 | 129 | 40,002 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 10.115 | % | 01/02/12 | BRL 8,900,000 | (141,831 | ) | (199,363 | ) | 57,532 | |||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 10.150 | % | 01/02/12 | 6,100,000 | (94,154 | ) | (23,780 | ) | (70,374 | ) | ||||||||||||||||||||
BRL — CDI Compounded | UBS | Pay | 10.575 | % | 01/02/12 | 1,200,000 | (10,575 | ) | (31,680 | ) | 21,105 | |||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.600 | % | 01/02/12 | 1,500,000 | (2,319 | ) | — | (2,319 | ) | |||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 10.610 | % | 01/02/12 | 1,400,000 | (2,049 | ) | — | (2,049 | ) | |||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.680 | % | 01/02/12 | 5,600,000 | (41,550 | ) | (65,566 | ) | 24,016 | |||||||||||||||||||||
BRL — CDI Compounded | MER | Pay | 12.540 | % | 01/02/12 | 4,000,000 | 60,580 | (20,439 | ) | 81,019 | ||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 12.540 | % | 01/02/12 | 900,000 | 13,631 | (6,048 | ) | 19,679 | ||||||||||||||||||||||
BRL — CDI Compounded | UBS | Pay | 12.540 | % | 01/02/12 | 3,000,000 | 45,435 | (14,783 | ) | 60,218 | ||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 14.765 | % | 01/02/12 | 100,000 | 3,336 | 667 | 2,669 | |||||||||||||||||||||||
BRL — CDI Compounded | MER | Pay | 14.765 | % | 01/02/12 | 200,000 | 6,671 | 1,029 | 5,642 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | BRC | Pay | 1.948 | % | 03/15/12 | EUR 400,000 | 9,286 | 148 | 9,138 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | RBS | Pay | 1.955 | % | 03/28/12 | 100,000 | 2,027 | — | 2,027 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | RBS | Pay | 1.950 | % | 03/30/12 | 100,000 | 1,967 | — | 1,967 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | GSC | Pay | 1.960 | % | 03/30/12 | 100,000 | 2,090 | — | 2,090 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | BRC | Pay | 1.960 | % | 04/05/12 | 100,000 | 2,084 | — | 2,084 | |||||||||||||||||||||||
France CPI Excluding Tobacco | BNP | Pay | 1.940 | % | 04/10/12 | 100,000 | 1,617 | — | 1,617 | |||||||||||||||||||||||
France CPI Excluding Tobacco | RBS | Pay | 1.940 | % | 04/10/12 | 100,000 | 1,753 | — | 1,753 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | BRC | Pay | 1.980 | % | 04/30/12 | 100,000 | 2,003 | — | 2,003 | |||||||||||||||||||||||
6-Month GBP-LIBOR | RBS | Pay | 5.100 | % | 09/15/13 | GBP 400,000 | 52,449 | (755 | ) | 53,204 | ||||||||||||||||||||||
3-Month USD-LIBOR | CIT | Pay | 4.000 | % | 12/17/13 | $ | 22,100,000 | 1,979,656 | (210,925 | ) | 2,190,581 | |||||||||||||||||||||
6-Month EUR-LIBOR | BNP | Pay | 4.500 | % | 03/18/14 | EUR 300,000 | 33,996 | (4,508 | ) | 38,504 | ||||||||||||||||||||||
6-Month EUR-LIBOR | CSF | Pay | 4.500 | % | 03/18/14 | 2,100,000 | 237,974 | (9,168 | ) | 247,142 | ||||||||||||||||||||||
6-Month GBP-LIBOR | DUB | Pay | 5.000 | % | 03/18/14 | GBP 100,000 | 13,137 | 50 | 13,087 | |||||||||||||||||||||||
6-Month GBP-LIBOR | GSC | Pay | 5.250 | % | 03/18/14 | 100,000 | 14,799 | (19 | ) | 14,818 | ||||||||||||||||||||||
6-Month GBP-LIBOR | RBS | Pay | 5.250 | % | 03/18/14 | 200,000 | 29,596 | (156 | ) | 29,752 | ||||||||||||||||||||||
3-Month USD-LIBOR | MSC | Pay | 4.000 | % | 06/17/14 | $ | 11,700,000 | 937,372 | 777,231 | 160,141 | ||||||||||||||||||||||
6-Month GBP-LIBOR | DUB | Pay | 5.000 | % | 09/15/15 | GBP 200,000 | 29,171 | 303 | 28,868 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-35
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2009
Upfront | ||||||||||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||||||||||
Counter- | Pay/Receive | Fixed | Expiration | Notional | Market | Paid | Appreciation | |||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
6-Month GBP-LIBOR | GSC | Pay | 5.000 | % | 09/15/15 | GBP 300,000 | $ | 43,756 | $ | — | $ | 43,756 | ||||||||||||||||||||
28-Day Mexico Interbank TIIE Banxico | GSC | Pay | 8.170 | % | 11/04/16 | MXN 1,200,000 | 2,540 | 1,757 | 783 | |||||||||||||||||||||||
3-Month USD-LIBOR | MSC | Pay | 5.000 | % | 12/17/18 | $ | 20,200,000 | 3,925,006 | 271,389 | 3,653,617 | ||||||||||||||||||||||
3-Month USD-LIBOR | MER | Receive | 5.000 | % | 12/17/23 | 13,800,000 | (3,183,123 | ) | (214,790 | ) | (2,968,333 | ) | ||||||||||||||||||||
3-Month USD-LIBOR | MSC | Receive | 5.000 | % | 12/17/28 | 2,700,000 | (737,492 | ) | 52,380 | (789,872 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | DUB | Receive | 3.000 | % | 06/17/29 | 800,000 | 29,935 | 1,399 | 28,536 | |||||||||||||||||||||||
3-Month USD-LIBOR | DUB | Pay | 5.000 | % | 12/15/35 | 1,800,000 | 293,603 | (37,080 | ) | 330,683 | ||||||||||||||||||||||
3-Month USD-LIBOR | MER | Receive | 5.000 | % | 12/17/38 | 200,000 | (69,014 | ) | (24,130 | ) | (44,884 | ) | ||||||||||||||||||||
$ | 4,512,177 | $ | 168,501 | $ | 4,343,676 | |||||||||||||||||||||||||||
Total Swap Agreements | $ | 3,822,274 | ||||||||||||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-36
PL INFLATION MANAGED FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS — 0.1% | ||||||||
Financials — 0.1% | ||||||||
Wells Fargo & Co 7.500% | 100 | $ | 47,899 | |||||
Total Convertible Preferred Stocks (Cost $100,000) | 47,899 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES — 17.7% | ||||||||
Consumer Discretionary — 0.2% | ||||||||
Wal-Mart Stores Inc | ||||||||
5.800% due 02/15/18 | $ | 200,000 | 219,185 | |||||
Energy — 1.9% | ||||||||
Rockies Express Pipeline LLC | ||||||||
5.100% due 08/20/09 ~ § | 500,000 | 500,189 | ||||||
Valero Energy Corp | ||||||||
9.375% due 03/15/19 | 1,000,000 | 1,034,704 | ||||||
1,534,893 | ||||||||
Financials — 14.6% | ||||||||
Allstate Life Global Funding II | ||||||||
1.901% due 05/21/10 § | 800,000 | 762,486 | ||||||
Allstate Life Global Funding Trusts | ||||||||
5.375% due 04/30/13 | 400,000 | 387,396 | ||||||
American Express Bank FSB | ||||||||
6.000% due 09/13/17 | 300,000 | 253,067 | ||||||
American Express Centurion Bank | ||||||||
6.000% due 09/13/17 | 200,000 | 168,711 | ||||||
American Express Co | ||||||||
7.000% due 03/19/18 | 210,000 | 185,663 | ||||||
American International Group Inc | ||||||||
8.175% due 05/15/58 ~ § | 200,000 | 17,048 | ||||||
Bank of America Corp | ||||||||
5.650% due 05/01/18 | 300,000 | 250,872 | ||||||
8.125% § ± | 1,000,000 | 411,340 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
5.450% due 09/12/12 | 700,000 | 711,411 | ||||||
Citigroup Funding Inc | ||||||||
2.291% due 05/07/10 § | 1,800,000 | 1,616,215 | ||||||
Credit Suisse ‘NY’ | ||||||||
5.000% due 05/15/13 | 1,200,000 | 1,161,023 | ||||||
Ford Motor Credit Co LLC | ||||||||
7.875% due 06/15/10 | 500,000 | 413,310 | ||||||
General Electric Capital Corp | ||||||||
6.875% due 01/10/39 | 200,000 | 163,751 | ||||||
HBOS PLC (United Kingdom) | ||||||||
6.750% due 05/21/18 ~ | 500,000 | 386,380 | ||||||
Merrill Lynch & Co Inc | ||||||||
3.472% due 05/12/10 § | 1,100,000 | 1,036,065 | ||||||
6.875% due 04/25/18 | 700,000 | 548,660 | ||||||
Metropolitan Life Global Funding I | ||||||||
5.125% due 04/10/13 ~ | 100,000 | 91,442 | ||||||
Morgan Stanley | ||||||||
6.625% due 04/01/18 | 300,000 | 286,715 | ||||||
New York Life Global Funding | ||||||||
4.650% due 05/09/13 ~ | 300,000 | 292,511 | ||||||
Santander Perpetual SA Unipersonal (Spain) | ||||||||
6.671% ~ § ± | 300,000 | 165,224 | ||||||
The Goldman Sachs Group Inc | ||||||||
6.150% due 04/01/18 | 200,000 | 183,111 | ||||||
6.750% due 10/01/37 | 500,000 | 339,321 | ||||||
UBS AG (Switzerland) | ||||||||
5.750% due 04/25/18 | 500,000 | 419,209 | ||||||
Wachovia Bank NA | ||||||||
2.138% due 05/14/10 § | 1,000,000 | 966,584 | ||||||
Wachovia Corp | ||||||||
5.500% due 05/01/13 | 700,000 | 646,241 | ||||||
11,863,756 | ||||||||
Health Care — 1.0% | ||||||||
Roche Holdings Inc | ||||||||
3.249% due 02/25/11 ~ § | 800,000 | 799,018 | ||||||
Total Corporate Bonds & Notes (Cost $16,475,469) | 14,416,852 | |||||||
MORTGAGE-BACKED SECURITIES — 37.1% | ||||||||
Collateralized Mortgage Obligations — 2.6% | ||||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.472% due 03/25/35 “ § | 73,367 | 50,757 | ||||||
2.650% due 08/25/35 “ § | 48,948 | 34,269 | ||||||
2.940% due 03/25/35 “ § | 175,717 | 119,556 | ||||||
4.550% due 08/25/35 “ § | 88,075 | 61,671 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
4.050% due 08/25/35 “ § | 73,606 | 47,879 | ||||||
4.248% due 08/25/35 “ § | 65,525 | 41,995 | ||||||
Countrywide Home Loan Mortgage | ||||||||
Pass-Through Trust | ||||||||
0.862% due 06/25/35 “ ~ § | 48,748 | 28,752 | ||||||
4.612% due 01/19/34 “ § | 527,192 | 434,883 | ||||||
Freddie Mac | ||||||||
0.786% due 02/15/19 “ § | 654,310 | 633,466 | ||||||
GSR Mortgage Loan Trust | ||||||||
4.509% due 09/25/35 “ § | 124,267 | 91,681 | ||||||
JPMorgan Chase Commercial Mortgage | ||||||||
Securities Corp | ||||||||
5.336% due 05/15/47 “ | 110,000 | 73,673 | ||||||
Lehman XS Trust | ||||||||
0.602% due 07/25/46 “ § | 309 | 306 | ||||||
MLCC Mortgage Investors Inc | ||||||||
4.660% due 12/25/34 “ § | 401,032 | 326,192 | ||||||
Residential Accredit Loans Inc | ||||||||
0.702% due 06/25/46 “ § | 216,154 | 82,894 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
0.732% due 05/25/46 “ § | 182,471 | 66,592 | ||||||
2,094,566 | ||||||||
Fannie Mae — 32.1% | ||||||||
5.000% due 04/01/36 — 01/01/38 “ | 455,707 | 471,376 | ||||||
5.500% due 04/01/37 — 12/01/38 “ | 14,790,785 | 15,369,863 | ||||||
6.000% due 12/01/35 — 09/01/38 “ | 9,787,596 | 10,238,609 | ||||||
26,079,848 | ||||||||
Freddie Mac — 1.1% | ||||||||
6.000% due 09/01/38 “ | 871,224 | 911,920 | ||||||
Government National Mortgage Association — 1.3% | ||||||||
6.000% due 12/15/38 “ | 997,154 | 1,043,380 | ||||||
Total Mortgage-Backed Securities (Cost $29,850,692) | 30,129,714 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-37
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2009
Principal | ||||||||
Amount | Value | |||||||
ASSET-BACKED SECURITIES — 0.0% | ||||||||
Freddie Mac Structured Pass-Through Securities | ||||||||
0.802% due 09/25/31 “ § | $ | 3,350 | $ | 3,058 | ||||
Total Asset-Backed Securities (Cost $3,351) | 3,058 | |||||||
U.S. GOVERNMENT AGENCY ISSUE — 1.0% | ||||||||
Freddie Mac | ||||||||
5.875% due 03/21/11 | 800,000 | 840,568 | ||||||
Total U.S. Government Agency Issue (Cost $841,337) | 840,568 | |||||||
U.S. TREASURY OBLIGATIONS — 111.6% | ||||||||
U.S. Treasury Inflation Protected Securities — 111.6% | ||||||||
1.625% due 01/15/15 ^ | 4,533,042 | 4,589,706 | ||||||
1.750% due 01/15/28 ^ | 3,427,846 | 3,291,769 | ||||||
1.875% due 07/15/13 ^ | 804,615 | 826,742 | ||||||
1.875% due 07/15/15 ^ | 9,465,861 | 9,711,117 | ||||||
2.000% due 04/15/12 ^ | 1,352,481 | 1,394,324 | ||||||
2.000% due 01/15/14 ^ | 7,372,258 | 7,606,418 | ||||||
2.000% due 07/15/14 ^ | 1,119,980 | 1,159,179 | ||||||
2.000% due 01/15/16 ^ | 4,254,640 | 4,402,225 | ||||||
2.000% due 01/15/26 ^ | 3,398,016 | 3,369,539 | ||||||
2.375% due 04/15/11 ^ | 8,423,217 | 8,628,845 | ||||||
2.375% due 01/15/17 ^ | 1,779,645 | 1,895,322 | ||||||
2.375% due 01/15/25 ^ | 3,514,176 | 3,651,814 | ||||||
2.375% due 01/15/27 ^ | 1,888,974 | 1,973,572 | ||||||
2.500% due 07/15/16 ^ | 5,344,494 | 5,720,224 | ||||||
2.500% due 01/15/29 ^ | 491,650 | 534,362 | ||||||
2.625% due 07/15/17 ^ | 7,760,512 | 8,434,014 | ||||||
3.000% due 07/15/12 ^ | 4,835,284 | 5,162,812 | ||||||
3.375% due 01/15/12 ^ | 237,788 | 253,393 | ||||||
3.375% due 04/15/32 ^ | 178,406 | 229,920 | ||||||
3.500% due 01/15/11 ^ | 5,094,516 | 5,323,769 | ||||||
3.625% due 04/15/28 ^ | 2,179,784 | 2,694,758 | ||||||
3.875% due 04/15/29 ^ | 7,657,234 | 9,842,429 | ||||||
90,696,253 | ||||||||
Total U.S. Treasury Obligations (Cost $85,284,103) | 90,696,253 | |||||||
MUNICIPAL BONDS — 1.2% | ||||||||
Buckeye Tobacco Settlement Financing Authority OH ‘A2’ | ||||||||
5.875% due 06/01/47 | 100,000 | 54,939 | ||||||
Texas Water Development Board | ||||||||
4.500% due 07/15/24 | 800,000 | 804,400 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | ||||||||
7.467% due 06/01/47 | 100,000 | 53,990 | ||||||
Tobacco Settlement Financing Corp RI ‘A’ | ||||||||
6.000% due 06/01/23 | 95,000 | 84,235 | ||||||
Total Municipal Bonds (Cost $961,522) | 997,564 | |||||||
PURCHASED OPTIONS — 0.1% | ||||||||
(See Note (h) to Notes to Schedule of Investments) (Cost $11,981) | 45,408 | |||||||
SHORT-TERM INVESTMENTS — 5.4% | ||||||||
Certificates of Deposit — 1.9% | ||||||||
Unicredito Italiano NY | ||||||||
1.156% due 05/18/09 § | 1,500,000 | 1,499,850 | ||||||
Shares | ||||||||
Money Market Funds — 0.9% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 377,583 | 377,583 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 377,582 | 377,582 | ||||||
755,165 | ||||||||
Principal | ||||||||
Amount | ||||||||
Repurchase Agreement — 2.6% | ||||||||
JPMorgan Chase & Co | ||||||||
0.190% due 04/01/09 (Dated 03/31/09, repurchase price of $2,100,011; collateralized by U.S. Government Agency Obligation: 4.875% due 11/15/13 market value $2,151,414) | $ | 2,100,000 | 2,100,000 | |||||
Total Short-Term Investments (Cost $4,355,165) | 4,355,015 | |||||||
TOTAL INVESTMENTS — 174.2% (Cost $137,883,620) | 141,532,331 | |||||||
TOTAL SECURITIES SOLD SHORT — (6.5%) | ||||||||
(See Note (e) to Notes to Schedule of Investments) (Proceeds $5,226,094) | (5,290,548 | ) | ||||||
OTHER ASSETS & LIABILITIES, NET — (67.7%) | (54,975,738 | ) | ||||||
NET ASSETS — 100.0% | $ | 81,266,045 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
U.S. Treasury Obligations | 111.6 | % | ||
Mortgage-Backed Securities | 37.1 | % | ||
Corporate Bonds & Notes | 17.7 | % | ||
Short-Term Investments | 5.4 | % | ||
Municipal Bonds | 1.2 | % | ||
U.S. Government Agency Issue | 1.0 | % | ||
Convertible Preferred Stocks | 0.1 | % | ||
Purchased Options | 0.1 | % | ||
Asset-Backed Securities | 0.0 | % | ||
174.2 | % | |||
Securities sold short | (6.5 | %) | ||
Other Assets & Liabilities, Net | (67.7 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-38
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2009
(b) | As of March 31, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA / U.S. Government & Agency Issues | 88.9 | % | ||
AA | 3.5 | % | ||
A | 5.7 | % | ||
BBB | 1.6 | % | ||
B | 0.3 | % | ||
100.0 | % | |||
(c) | Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. | |
(d) | 0.3% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. | |
(e) | Securities sold short outstanding as of March 31, 2009: |
Principal | ||||||||
Description | Amount | Value | ||||||
Fannie Mae | ||||||||
5.000% due 04/13/39 | $ | 500,000 | $ | 516,016 | ||||
5.500% due 04/13/39 | 4,200,000 | 4,359,470 | ||||||
Freddie Mac | ||||||||
5.500% due 04/13/39 | 400,000 | 415,062 | ||||||
Total Securities sold short (Proceeds $5,226,094) | $ | 5,290,548 | ||||||
(f) | The amount of $323,700 in cash was segregated with the broker(s)/custodian to cover margin requirements for the following open futures contracts as of March 31, 2009: |
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Appreciation | |||||||||
3-Month Euribor (09/10) | 11 | EUR 11,000,000 | $ | 1,644 | ||||||||
Eurodollar (06/09) | 28 | $ | 28,000,000 | 180,075 | ||||||||
Eurodollar (09/09) | 10 | 10,000,000 | 60,538 | |||||||||
Eurodollar (12/09) | 13 | 13,000,000 | 79,738 | |||||||||
Eurodollar (03/10) | 22 | 22,000,000 | 107,537 | |||||||||
Eurodollar (06/10) | 2 | 2,000,000 | 5,375 | |||||||||
United Kingdom 90-Day LIBOR | ||||||||||||
Sterling Interest Rate (12/09) | 30 | GBP 15,000,000 | 8,071 | |||||||||
$ | 442,978 | |||||||||||
(g) | Forward foreign currency contracts outstanding as of March 31, 2009 were as follows: |
Contracts | Principal Amount | Unrealized | ||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||||
Sell | AUD | 319,476 | 04/09 | ($18,645 | ) | |||||||||||
Buy | AUD | 287,000 | 05/09 | (2,038 | ) | |||||||||||
Buy | BRL | 2,039,995 | 06/09 | (117,832 | ) | |||||||||||
Sell | BRL | 2,152,003 | 06/09 | (22,228 | ) | |||||||||||
Sell | CHF | 85,000 | 06/09 | (2,384 | ) | |||||||||||
Buy | CNY | 746,150 | 05/09 | 1,409 | ||||||||||||
Buy | CNY | 1,867,956 | 07/09 | (14,408 | ) | |||||||||||
Buy | CNY | 2,639,305 | 09/09 | (2,929 | ) | |||||||||||
Sell | CNY | 306,206 | 09/09 | (1,085 | ) | |||||||||||
Buy | EUR | 408,117 | 04/09 | 15,254 | ||||||||||||
Sell | EUR | 775,849 | 04/09 | (51,049 | ) | |||||||||||
Buy | GBP | 183,000 | 04/09 | (6,052 | ) | |||||||||||
Sell | GBP | 440,000 | 04/09 | 5,151 | ||||||||||||
Buy | MXN | 126,025 | 05/09 | (341 | ) | |||||||||||
Sell | MXN | 126,025 | 05/09 | 129 | ||||||||||||
Sell | MXN | 105,737 | 11/09 | (97 | ) | |||||||||||
Buy | PLN | 999,197 | 05/09 | (156,025 | ) | |||||||||||
Sell | PLN | 999,197 | 05/09 | 39,469 | ||||||||||||
Buy | RUB | 467,892 | 05/09 | (5,442 | ) | |||||||||||
Sell | RUB | 467,892 | 05/09 | 245 | ||||||||||||
Buy | SGD | 459,124 | 04/09 | (10,942 | ) | |||||||||||
Sell | SGD | 459,124 | 04/09 | 5,726 | ||||||||||||
Buy | SGD | 72,320 | 07/09 | (2,495 | ) | |||||||||||
Sell | SGD | 72,320 | 07/09 | 964 | ||||||||||||
($345,645 | ) | |||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-39
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2009
(h) | Purchased options outstanding as of March 31, 2009: |
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Cost | Value | |||||||||||||||||||||
Call — OTC 2-Year Interest Rate Swap D | Pay | 3.850 | % | 08/03/09 | RBS | $ | 1,000,000 | $ | 10,575 | $ | 45,328 | |||||||||||||||||
Strike | Expiration | Counter- | Notional | |||||||||||||||||||||
Description | Price | Date | party | Amount | Cost | Value | ||||||||||||||||||
Put — OTC Fannie Mae 5.000% due 04/13/39 D | $ | 82.25 | 04/06/09 | CSF | $ | 600,000 | $ | 70 | $ | — | ||||||||||||||
Put — OTC Fannie Mae 6.000% due 04/13/39 D | 91.63 | 04/06/09 | CSF | 11,400,000 | 1,336 | 80 | ||||||||||||||||||
$ | 1,406 | $ | 80 | |||||||||||||||||||||
Total Purchased Options | $ | 11,981 | $ | 45,408 | ||||||||||||||||||||
(i) | Transactions in written options for the year ended March 31, 2009 were as follows: |
Notional | ||||||||||||
Number of | Amount | |||||||||||
Contracts | in $ | Premium | ||||||||||
Outstanding, March 31, 2008 | 7 | 7,740,000 | $ | 226,993 | ||||||||
Call Options Written | 159 | 3,300,000 | 169,861 | |||||||||
Put Options Written | 158 | 4,200,000 | 93,071 | |||||||||
Call Options Closed | (23 | ) | (1,000,000 | ) | (52,927 | ) | ||||||
Put Options Closed | (12 | ) | (2,740,000 | ) | (79,278 | ) | ||||||
Call Options Expired | (133 | ) | (1,000,000 | ) | (129,339 | ) | ||||||
Put Options Expired | (133 | ) | (1,000,000 | ) | (93,156 | ) | ||||||
Outstanding, March 31, 2009 | 23 | 9,500,000 | $ | 135,225 | ||||||||
(j) | Premiums received and value of written options outstanding as of March 31, 2009: |
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||||||||||
Call — OTC 7-Year Interest Rate Swap | Receive | 1.800 | % | 04/27/09 | BNP | $ | 1,600,000 | $ | 9,520 | $ | 24 | |||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 3.500 | % | 04/27/09 | BNP | 1,600,000 | 3,678 | 34 | ||||||||||||||||||||
Call — OTC 7-Year Interest Rate Swap | Receive | 3.500 | % | 05/06/09 | MER | 900,000 | 18,900 | 51,943 | ||||||||||||||||||||
Call — OTC 7-Year Interest Rate Swap | Receive | 3.500 | % | 05/06/09 | RBS | 500,000 | 12,575 | 28,857 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 2.750 | % | 05/22/09 | DUB | 600,000 | 3,997 | 781 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 2.750 | % | 05/22/09 | RBS | 500,000 | 3,550 | 651 | ||||||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 4.400 | % | 08/03/09 | BRC | 1,500,000 | 4,425 | 183 | ||||||||||||||||||||
Call — OTC 7-Year Interest Rate Swap | Receive | 4.550 | % | 08/03/09 | RBS | 300,000 | 9,185 | 35,864 | ||||||||||||||||||||
Call — OTC 7-Year Interest Rate Swap | Receive | 5.365 | % | 09/20/10 | RBS | 1,000,000 | 31,445 | 143,755 | ||||||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 5.365 | % | 09/20/10 | RBS | 1,000,000 | 31,445 | 2,596 | ||||||||||||||||||||
$ | 128,720 | $ | 264,688 | |||||||||||||||||||||||||
Exercise | Expiration | Counter- | Number of | |||||||||||||||||||||
Description | Price | Date | party | Contracts | Premium | Value | ||||||||||||||||||
Put — CBOT U.S. Treasury Note Futures (06/09) | $ | 119.00 | 05/22/09 | MER | 10 | $ | 3,256 | $ | 2,188 | |||||||||||||||
Call — CBOT U.S. Treasury Note Futures (06/09) | 128.00 | 05/22/09 | MER | 10 | 2,319 | 2,344 | ||||||||||||||||||
Put — CME Eurodollar Futures (09/09) | 98.50 | 09/14/09 | MER | 3 | 930 | 656 | ||||||||||||||||||
$ | 6,505 | $ | 5,188 | |||||||||||||||||||||
Total Written Options | $ | 135,225 | $ | 269,876 | ||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-40
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2009
Fixed Deal | Implied Credit | Upfront | Unrealized | |||||||||||||||||||||||||||||
Pay | Expiration | Counter- | Spread at | Notional | Market | Premiums Paid | Appreciation | |||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/09 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | ||||||||||||||||||||||||
General Motors Acceptance Corp | ||||||||||||||||||||||||||||||||
6.875% due 08/28/12 | (5.000 | %) | 09/20/12 | CIT | 18.913 | % | $ | 100,000 | $ | 30,980 | $ | — | $ | 30,980 | ||||||||||||||||||
Credit Suisse Group Finance | ||||||||||||||||||||||||||||||||
3.125% due 09/14/12 | (1.450 | %) | 06/20/13 | BNP | 1.830 | % | 500,000 | 7,050 | — | 7,050 | ||||||||||||||||||||||
Credit Suisse Group Finance | ||||||||||||||||||||||||||||||||
3.125% due 09/14/12 | (1.600 | %) | 06/20/13 | BRC | 1.830 | % | 700,000 | 5,774 | — | 5,774 | ||||||||||||||||||||||
UBS AG | ||||||||||||||||||||||||||||||||
2.550% due 04/18/2012 | (2.350 | %) | 03/20/14 | BRC | 2.290 | % | EUR 200,000 | (706 | ) | — | (706 | ) | ||||||||||||||||||||
Valero Energy Corp | ||||||||||||||||||||||||||||||||
9.375% due 03/15/19 | (2.700 | %) | 03/20/19 | GSC | 2.050 | % | $ | 1,000,000 | (51,020 | ) | — | (51,020 | ) | |||||||||||||||||||
($7,922 | ) | $ | — | ($7,922 | ) | |||||||||||||||||||||||||||
Fixed Deal | Implied Credit | Upfront | ||||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Market | Premiums Paid | Unrealized | |||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/09 (3) | Amount (4) | Value (5) | (Received) | Depreciation | ||||||||||||||||||||||||
General Motors Acceptance Corp | ||||||||||||||||||||||||||||||||
6.875% due 08/28/12 | 6.850 | % | 06/20/12 | MSC | 19.205 | % | $ | 100,000 | ($26,025 | ) | $ | — | ($26,025 | ) | ||||||||||||||||||
The Bear Stearns Cos Inc | ||||||||||||||||||||||||||||||||
5.300% due 10/30/15 | 0.720 | % | 09/20/12 | CIT | 2.162 | % | 100,000 | (4,587 | ) | — | (4,587 | ) | ||||||||||||||||||||
The Goldman Sachs Group Inc | ||||||||||||||||||||||||||||||||
6.600% due 01/15/12 | 0.800 | % | 09/20/12 | MSC | 2.961 | % | 100,000 | (6,735 | ) | — | (6,735 | ) | ||||||||||||||||||||
General Motors Acceptance Corp | ||||||||||||||||||||||||||||||||
6.875% due 08/28/12 | 3.050 | % | 09/20/12 | GSC | 18.913 | % | 100,000 | (35,415 | ) | — | (35,415 | ) | ||||||||||||||||||||
Ford Motor Credit Co | ||||||||||||||||||||||||||||||||
7.000% due 10/01/13 | 3.800 | % | 09/20/12 | MSC | 13.959 | % | 100,000 | (25,158 | ) | — | (25,158 | ) | ||||||||||||||||||||
General Motors Acceptance Corp | ||||||||||||||||||||||||||||||||
6.875% due 08/28/12 | 5.350 | % | 09/20/12 | GSC | 18.913 | % | 500,000 | (150,899 | ) | — | (150,899 | ) | ||||||||||||||||||||
American International Group Inc | ||||||||||||||||||||||||||||||||
6.250% due 05/01/36 | 1.950 | % | 03/20/13 | DUB | 22.909 | % | 1,200,000 | (512,479 | ) | — | (512,479 | ) | ||||||||||||||||||||
($761,298 | ) | $ | — | ($761,298 | ) | |||||||||||||||||||||||||||
Fixed Deal | Upfront | |||||||||||||||||||||||||||
Receive | Expiration | Counter- | Notional | Market | Premiums Paid | Unrealized | ||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | Amount (4) | Value (5) | (Received) | Depreciation | |||||||||||||||||||||
Dow Jones CMBX NA AAA-3 Index | 0.080 | % | 12/13/49 | MSC | $ | 300,000 | ($132,058 | ) | ($43,067 | ) | ($88,991 | ) | ||||||||||||||||
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(2) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(3) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. | |
(4) | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of protection if a credit event occurs as defined under the terms of that particular swap agreement. | |
(5) | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-41
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2009
Upfront | ||||||||||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||||||||||
Counter- | Pay/Receive | Fixed | Expiration | Notional | Market | Paid | Appreciation | |||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
30-Day USD-CMM Rate | MER | Receive | 5.500 | % | 05/21/09 | $ | 600,000 | ($99,403 | ) | ($103,494 | ) | $ | 4,091 | |||||||||||||||||||
6-Month GBP-LIBOR | MSC | Pay | 5.000 | % | 12/19/09 | GBP 3,000,000 | 88,916 | (7,811 | ) | 96,727 | ||||||||||||||||||||||
6-Month EUR-LIBOR | DUB | Pay | 4.500 | % | 03/19/10 | EUR 1,200,000 | 43,032 | (634 | ) | 43,666 | ||||||||||||||||||||||
6-Month EUR-LIBOR | MSC | Pay | 4.500 | % | 03/19/10 | 1,200,000 | 43,032 | (637 | ) | 43,669 | ||||||||||||||||||||||
6-Month GBP-LIBOR | DUB | Pay | 6.000 | % | 03/20/10 | GBP 1,400,000 | 80,259 | 23,615 | 56,644 | |||||||||||||||||||||||
France CPI Excluding Tobacco | BRC | Pay | 2.103 | % | 10/15/10 | EUR 500,000 | 26,661 | (416 | ) | 27,077 | ||||||||||||||||||||||
France CPI Excluding Tobacco | UBS | Pay | 2.146 | % | 10/15/10 | 100,000 | 5,332 | — | 5,332 | |||||||||||||||||||||||
6-Month EUR-LIBOR | GSC | Pay | 4.500 | % | 03/18/11 | 400,000 | 27,334 | (842 | ) | 28,176 | ||||||||||||||||||||||
France CPI Excluding Tobacco D | JPM | Pay | 2.261 | % | 07/14/11 | 500,000 | 28,735 | — | 28,735 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | JPM | Pay | 2.028 | % | 10/15/11 | 200,000 | 7,673 | — | 7,673 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | UBS | Pay | 2.095 | % | 10/15/11 | 300,000 | 12,651 | — | 12,651 | |||||||||||||||||||||||
France CPI Excluding Tobacco D | GSC | Pay | 1.976 | % | 12/15/11 | 4,000,000 | 107,598 | (8,324 | ) | 115,922 | ||||||||||||||||||||||
France CPI Excluding Tobacco D | BNP | Pay | 1.988 | % | 12/15/11 | 1,000,000 | 24,483 | — | 24,483 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 10.115 | % | 01/02/12 | BRL 1,300,000 | (20,717 | ) | (18,939 | ) | (1,778 | ) | ||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.680 | % | 01/02/12 | 800,000 | (5,936 | ) | (6,968 | ) | 1,032 | |||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 14.765 | % | 01/02/12 | 2,300,000 | 76,719 | 15,333 | 61,386 | |||||||||||||||||||||||
BRL — CDI Compounded | MER | Pay | 14.765 | % | 01/02/12 | 100,000 | 3,336 | 191 | 3,145 | |||||||||||||||||||||||
Eurostat Eurozone HICP Excluding Tobacco D | UBS | Receive | 2.275 | % | 10/15/16 | EUR 200,000 | 1,201 | — | 1,201 | |||||||||||||||||||||||
France CPI Excluding Tobacco | UBS | Pay | 2.350 | % | 10/15/16 | 200,000 | (6,361 | ) | — | (6,361 | ) | |||||||||||||||||||||
France CPI Excluding Tobacco | JPM | Pay | 2.353 | % | 10/15/16 | 100,000 | (2,966 | ) | — | (2,966 | ) | |||||||||||||||||||||
United Kingdom RPI Index D | BRC | Pay | 3.250 | % | 12/14/17 | GBP 400,000 | 20,014 | 1,632 | 18,382 | |||||||||||||||||||||||
United Kingdom RPI Index D | RBS | Pay | 3.183 | % | 12/19/17 | 600,000 | 24,151 | 838 | 23,313 | |||||||||||||||||||||||
United Kingdom RPI Index | RBS | Pay | 3.440 | % | 09/10/27 | 100,000 | (2,866 | ) | — | (2,866 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | BRC | Receive | 5.000 | % | 12/17/28 | $ | 100,000 | (27,314 | ) | (1,220 | ) | (26,094 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CIT | Receive | 3.000 | % | 06/17/29 | 700,000 | 26,193 | (59,745 | ) | 85,938 | ||||||||||||||||||||||
3-Month USD-LIBOR | RBS | Receive | 3.000 | % | 06/17/29 | 200,000 | 7,484 | (9,350 | ) | 16,834 | ||||||||||||||||||||||
3-Month USD-LIBOR | BRC | Receive | 5.000 | % | 12/17/38 | 700,000 | (241,547 | ) | — | (241,547 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | CIT | Receive | 5.000 | % | 12/17/38 | 500,000 | (172,534 | ) | 7,506 | (180,040 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | MER | Receive | 5.000 | % | 12/17/38 | 200,000 | (69,013 | ) | (5,260 | ) | (63,753 | ) | ||||||||||||||||||||
$ | 6,147 | ($174,525 | ) | $ | 180,672 | |||||||||||||||||||||||||||
Total Swap Agreements | ($677,539 | ) | ||||||||||||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-42
PL COMSTOCK FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 95.3% | ||||||||
Consumer Discretionary — 17.8% | ||||||||
Comcast Corp ‘A’ | 235,800 | $ | 3,216,312 | |||||
J.C. Penney Co Inc | 24,600 | 493,722 | ||||||
Liberty Media Corp — Entertainment ‘A’ * | 49,500 | 987,525 | ||||||
Liberty Media Corp — Interactive ‘A’ * | 74,375 | 215,687 | ||||||
Lowe’s Cos Inc | 34,700 | 633,275 | ||||||
Macy’s Inc | 53,000 | 471,700 | ||||||
News Corp ‘B’ | 120,600 | 928,620 | ||||||
Target Corp | 8,100 | 278,559 | ||||||
The Home Depot Inc | 30,900 | 728,004 | ||||||
Time Warner Cable Inc | 24,482 | 607,150 | ||||||
Time Warner Inc | 97,533 | 1,882,393 | ||||||
Viacom Inc ‘B’ * | 164,950 | 2,866,831 | ||||||
13,309,778 | ||||||||
Consumer Staples — 15.8% | ||||||||
Altria Group Inc | 38,200 | 611,964 | ||||||
Cadbury PLC ADR (United Kingdom) | 66,136 | 2,003,921 | ||||||
CVS Caremark Corp | 32,300 | 887,927 | ||||||
Dr Pepper Snapple Group Inc * | 30,552 | 516,634 | ||||||
Kimberly-Clark Corp | 5,300 | 244,383 | ||||||
Kraft Foods Inc ‘A’ | 71,802 | 1,600,467 | ||||||
Philip Morris International Inc | 19,700 | 700,926 | ||||||
Sara Lee Corp | 48,600 | 392,688 | ||||||
The Coca-Cola Co | 32,500 | 1,428,375 | ||||||
Unilever NV ‘NY’ (Netherlands) | 70,900 | 1,389,640 | ||||||
Wal-Mart Stores Inc | 39,900 | 2,078,790 | ||||||
11,855,715 | ||||||||
Energy — 2.7% | ||||||||
BP PLC ADR (United Kingdom) | 8,600 | 344,860 | ||||||
ConocoPhillips | 8,700 | 340,692 | ||||||
Halliburton Co | 49,800 | 770,406 | ||||||
Total SA ADR (France) | 12,100 | 593,626 | ||||||
2,049,584 | ||||||||
Financials — 19.6% | ||||||||
Aflac Inc | 9,200 | 178,112 | ||||||
Bank of America Corp | 116,201 | 792,491 | ||||||
Barclays PLC ADR (United Kingdom) | 2,900 | 24,650 | ||||||
Berkshire Hathaway Inc ‘B’ * | 202 | 569,640 | ||||||
JPMorgan Chase & Co | 65,000 | 1,727,700 | ||||||
MetLife Inc | 31,100 | 708,147 | ||||||
The Bank of New York Mellon Corp | 88,540 | 2,501,227 | ||||||
The Chubb Corp | 93,280 | 3,947,610 | ||||||
The Goldman Sachs Group Inc | 4,300 | 455,886 | ||||||
The PNC Financial Services Group Inc | 20,400 | 597,516 | ||||||
The Travelers Cos Inc | 38,186 | 1,551,879 | ||||||
Torchmark Corp | 17,500 | 459,025 | ||||||
U.S. Bancorp | 26,600 | 388,626 | ||||||
Wells Fargo & Co | 54,100 | 770,384 | ||||||
14,672,893 | ||||||||
Health Care — 16.8% | ||||||||
Abbott Laboratories | 12,600 | 601,020 | ||||||
Boston Scientific Corp * | 112,700 | 895,965 | ||||||
Bristol-Myers Squibb Co | 95,900 | 2,102,128 | ||||||
Cardinal Health Inc | 46,900 | 1,476,412 | ||||||
Eli Lilly & Co | 28,700 | 958,867 | ||||||
GlaxoSmithKline PLC ADR (United Kingdom) | 10,500 | 326,235 | ||||||
Pfizer Inc | 109,700 | 1,494,114 | ||||||
Roche Holding AG ADR (Switzerland) | 15,400 | 529,760 | ||||||
Schering-Plough Corp | 86,000 | 2,025,300 | ||||||
UnitedHealth Group Inc | 18,300 | 383,019 | ||||||
WellPoint Inc * | 11,200 | 425,264 | ||||||
Wyeth | 30,500 | 1,312,720 | ||||||
12,530,804 | ||||||||
Industrials — 1.5% | ||||||||
Emerson Electric Co | 12,500 | 357,250 | ||||||
General Electric Co | 73,000 | 738,030 | ||||||
1,095,280 | ||||||||
Information Technology — 11.9% | ||||||||
Cisco Systems Inc * | 54,700 | 917,319 | ||||||
Computer Sciences Corp * | 6,100 | 224,724 | ||||||
Dell Inc * | 134,867 | 1,278,539 | ||||||
eBay Inc * | 133,900 | 1,681,784 | ||||||
Hewlett-Packard Co | 23,700 | 759,822 | ||||||
Intel Corp | 63,100 | 949,655 | ||||||
International Business Machines Corp | 11,900 | 1,152,991 | ||||||
KLA-Tencor Corp | 26,200 | 524,000 | ||||||
Microsoft Corp | 27,200 | 499,664 | ||||||
Telefonaktiebolaget LM Ericsson ADR (Sweden) | 50,400 | 407,736 | ||||||
The Western Union Co | 14,100 | 177,237 | ||||||
Yahoo! Inc * | 28,000 | 358,680 | ||||||
8,932,151 | ||||||||
Materials — 4.6% | ||||||||
Alcoa Inc | 102,400 | 751,616 | ||||||
E.I. du Pont de Nemours & Co | 41,499 | 926,673 | ||||||
International Paper Co | 254,451 | 1,791,335 | ||||||
3,469,624 | ||||||||
Telecommunication Services — 4.6% | ||||||||
AT&T Inc | 51,100 | 1,287,720 | ||||||
Verizon Communications Inc | 70,300 | 2,123,060 | ||||||
3,410,780 | ||||||||
Total Common Stocks (Cost $102,649,465) | 71,326,609 | |||||||
SHORT-TERM INVESTMENTS — 4.6% | ||||||||
Money Market Funds — 4.6% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 1,740,157 | 1,740,157 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 1,740,157 | 1,740,157 | ||||||
Total Short-Term Investments (Cost $3,480,314) | 3,480,314 | |||||||
TOTAL INVESTMENTS — 99.9% (Cost $106,129,779) | 74,806,923 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.1% | 54,880 | |||||||
NET ASSETS — 100.0% | $ | 74,861,803 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-43
PL COMSTOCK FUND
Schedule of Investments (Continued)
March 31, 2009
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Financials | 19.6 | % | ||
Consumer Discretionary | 17.8 | % | ||
Health Care | 16.8 | % | ||
Consumer Staples | 15.8 | % | ||
Information Technology | 11.9 | % | ||
Short-Term Investments | 4.6 | % | ||
Materials | 4.6 | % | ||
Telecommunication Services | 4.6 | % | ||
Energy | 2.7 | % | ||
Industrials | 1.5 | % | ||
99.9 | % | |||
Other Assets & Liabilities, Net | 0.1 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-44
PL MID-CAP GROWTH FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
WARRANTS — 0.0% | ||||||||
Consumer Discretionary — 0.0% | ||||||||
Krispy Kreme Doughnuts Inc Strike @ $12.21 | ||||||||
Exp. 03/02/12 * | 118 | $ | 1 | |||||
Total Warrants (Cost $1) | 1 | |||||||
CONVERTIBLE PREFERRED STOCKS — 0.7% | ||||||||
Health Care — 0.7% | ||||||||
Ironwood Pharmaceuticals Inc ‘H’ 8.000% * + D | 11,028 | 132,336 | ||||||
Total Convertible Preferred Stocks (Cost $132,336) | 132,336 | |||||||
COMMON STOCKS — 93.6% | ||||||||
Consumer Discretionary — 23.3% | ||||||||
Abercrombie & Fitch Co ‘A’ | 9,553 | 227,361 | ||||||
Ctrip.com International Ltd ADR (Cayman) | 16,137 | 442,154 | ||||||
Discovery Communications Inc ‘A’ * | 9,774 | 156,580 | ||||||
Discovery Communications Inc ‘C’ * | 11,675 | 171,039 | ||||||
Gafisa SA ADR (Brazil) | 12,888 | 128,751 | ||||||
Groupe Aeroplan Inc (Canada) | 36,694 | 228,173 | ||||||
Li & Fung Ltd (Bermuda) + | 250,200 | 586,546 | ||||||
Lululemon Athletica Inc * | 10,112 | 87,570 | ||||||
Mohawk Industries Inc * | 3,674 | 109,742 | ||||||
Morningstar Inc * | 10,172 | 347,374 | ||||||
New Oriental Education & Technology Group Inc ADR (Cayman) * | 6,367 | 319,942 | ||||||
NVR Inc * | 472 | 201,898 | ||||||
priceline.com Inc * | 5,975 | 470,711 | ||||||
Starbucks Corp * | 36,871 | 409,637 | ||||||
Strayer Education Inc | 1,487 | 267,467 | ||||||
Wynn Resorts Ltd * | 12,570 | 251,023 | ||||||
4,405,968 | ||||||||
Energy — 10.7% | ||||||||
Petrohawk Energy Corp * | 6,143 | 118,130 | ||||||
Range Resources Corp | 4,889 | 201,231 | ||||||
Southwestern Energy Co * | 28,771 | 854,211 | ||||||
Ultra Petroleum Corp (Canada) * | 23,460 | 841,979 | ||||||
2,015,551 | ||||||||
Financials — 8.6% | ||||||||
Alleghany Corp * | 724 | 196,135 | ||||||
Brookfield Asset Management Inc ‘A’ (Canada) | 22,007 | 303,256 | ||||||
Calamos Asset Management Inc ‘A’ | 15,295 | 73,569 | ||||||
Greenhill & Co Inc | 3,161 | 233,440 | ||||||
Intercontinental Exchange Inc * | 4,451 | 331,466 | ||||||
Leucadia National Corp * | 26,631 | 396,536 | ||||||
Moody’s Corp | 3,866 | 88,609 | ||||||
1,623,011 | ||||||||
Health Care — 12.7% | ||||||||
Allergan Inc | 5,962 | 284,745 | ||||||
Gen-Probe Inc * | 8,468 | 385,971 | ||||||
Illumina Inc * | 23,151 | 862,143 | ||||||
Intuitive Surgical Inc * | 1,434 | 136,746 | ||||||
Mindray Medical International Ltd ADR (Cayman) | 12,232 | 226,414 | ||||||
Techne Corp | 9,310 | 509,350 | ||||||
2,405,369 | ||||||||
Industrials — 12.0% | ||||||||
Aecom Technology Corp * | 9,525 | 248,412 | ||||||
C.H. Robinson Worldwide Inc | 9,266 | 422,622 | ||||||
Covanta Holding Corp * | 15,605 | 204,270 | ||||||
Expeditors International of Washington Inc | 19,222 | 543,790 | ||||||
Grupo Aeroportuario del Pacifico SA de CV ADR (Mexico) | 9,549 | 174,269 | ||||||
IHS Inc ‘A’ * | 9,854 | 405,788 | ||||||
Monster Worldwide Inc * | 13,988 | 114,002 | ||||||
The Corporate Executive Board Co | 9,908 | 143,666 | ||||||
2,256,819 | ||||||||
Information Technology — 17.9% | ||||||||
Alibaba.com Ltd (Cayman) * ~ + | 248,100 | 227,569 | ||||||
Autodesk Inc * | 12,300 | 206,763 | ||||||
Baidu Inc ADR (Cayman) * | 2,787 | 492,184 | ||||||
Equinix Inc * | 3,603 | 202,308 | ||||||
Redecard SA (Brazil) | 39,682 | 480,854 | ||||||
salesforce.com inc * | 13,970 | 457,238 | ||||||
Tencent Holdings Ltd (Cayman) + | 103,000 | 762,159 | ||||||
Teradata Corp * | 21,591 | 350,206 | ||||||
Yahoo! Inc * | 15,760 | 201,886 | ||||||
3,381,167 | ||||||||
Materials — 6.1% | ||||||||
Intrepid Potash Inc * | 6,784 | 125,165 | ||||||
Martin Marietta Materials Inc | 6,997 | 554,862 | ||||||
Nalco Holding Co | 22,752 | 297,369 | ||||||
Rockwood Holdings Inc * | 7,776 | 61,741 | ||||||
Texas Industries Inc | 4,379 | 109,475 | ||||||
1,148,612 | ||||||||
Telecommunication Services — 1.3% | ||||||||
Millicom International Cellular SA (Luxembourg) | 2,389 | 88,489 | ||||||
NII Holdings Inc * | 10,297 | 154,455 | ||||||
242,944 | ||||||||
Utilities — 1.0% | ||||||||
Questar Corp | 6,444 | 189,647 | ||||||
Total Common Stocks (Cost $23,944,586) | 17,669,088 | |||||||
SHORT-TERM INVESTMENT — 4.5% | ||||||||
Money Market Fund — 4.5% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 852,855 | 852,855 | ||||||
Total Short-Term Investment (Cost $852,855) | 852,855 | |||||||
TOTAL INVESTMENTS — 98.8% (Cost $24,929,778) | 18,654,280 | |||||||
OTHER ASSETS & LIABILITIES, NET — 1.2% | 218,417 | |||||||
NET ASSETS — 100.0% | $ | 18,872,697 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-45
PL MID-CAP GROWTH FUND
Schedule of Investments (Continued)
March 31, 2009
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Consumer Discretionary | 23.3 | % | ||
Information Technology | 17.9 | % | ||
Health Care | 13.4 | % | ||
Industrials | 12.0 | % | ||
Energy | 10.7 | % | ||
Financials | 8.6 | % | ||
Materials | 6.1 | % | ||
Short-Term Investment | 4.5 | % | ||
Telecommunication Services | 1.3 | % | ||
Utilities | 1.0 | % | ||
98.8 | % | |||
Other Assets & Liabilities, Net | 1.2 | % | ||
100.0 | % | |||
(b) | Securities with a total aggregate market value of $1,708,610 or 9.1% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
(c) | 0.7% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-46
PL REAL ESTATE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 95.6% | ||||||||
Consumer Discretionary — 5.8% | ||||||||
Morgans Hotel Group Co * | 21,244 | $ | 66,069 | |||||
Starwood Hotels & Resorts Worldwide Inc | 89,258 | 1,133,577 | ||||||
1,199,646 | ||||||||
Financials — 89.1% | ||||||||
Acadia Realty Trust REIT | 19,884 | 210,969 | ||||||
AMB Property Corp REIT | 12,219 | 175,954 | ||||||
AvalonBay Communities Inc REIT | 30,339 | 1,427,753 | ||||||
Boston Properties Inc REIT | 32,319 | 1,132,135 | ||||||
Brandywine Realty Trust REIT | 784 | 2,234 | ||||||
Brookfield Properties Corp (Canada) | 155,839 | 894,516 | ||||||
Camden Property Trust REIT | 29,246 | 631,129 | ||||||
Care Investment Trust Inc REIT | 5,957 | 32,525 | ||||||
DCT Industrial Trust Inc REIT | 35,360 | 112,091 | ||||||
Duke Realty Corp REIT | 1,250 | 6,875 | ||||||
Equity Lifestyle Properties Inc REIT | 12,074 | 460,019 | ||||||
Equity One Inc REIT | 281 | 3,425 | ||||||
Equity Residential REIT | 79,665 | 1,461,853 | ||||||
Extendicare REIT (Canada) | 1,580 | 5,364 | ||||||
Federal Realty Investment Trust REIT | 21,280 | 978,880 | ||||||
Forest City Enterprises Inc ‘A’ | 32,683 | 117,659 | ||||||
HCP Inc REIT | 46,530 | 830,560 | ||||||
Healthcare Realty Trust Inc REIT | 32,179 | 482,363 | ||||||
Highwoods Properties Inc REIT | 1,416 | 30,331 | ||||||
Host Hotels & Resorts Inc REIT | 142,995 | 560,540 | ||||||
Kilroy Realty Corp REIT | 1,234 | 21,212 | ||||||
Liberty Property Trust REIT | 21,641 | 409,881 | ||||||
LTC Properties Inc REIT | 3,720 | 65,249 | ||||||
Mack-Cali Realty Corp REIT | 23,939 | 474,232 | ||||||
Plum Creek Timber Co Inc REIT | 29,229 | 849,687 | ||||||
Post Properties Inc REIT | 35,700 | 361,998 | ||||||
PS Business Parks Inc REIT | 6,382 | 235,177 | ||||||
Public Storage REIT | 24,027 | 1,327,492 | ||||||
Ramco-Gershenson Properties Trust REIT | 6,715 | 43,312 | ||||||
Regency Centers Corp REIT | 36,521 | 970,363 | ||||||
Senior Housing Properties Trust REIT | 55,473 | 777,731 | ||||||
Simon Property Group Inc REIT | 49,565 | 1,716,932 | ||||||
Sovran Self Storage Inc REIT | 3,392 | 68,111 | ||||||
Strategic Hotels & Resorts Inc REIT | 50,222 | 34,653 | ||||||
Taubman Centers Inc REIT | 5,063 | 86,274 | ||||||
Ventas Inc REIT | 24,910 | 563,215 | ||||||
Vornado Realty Trust REIT | 28,563 | 949,434 | ||||||
Weingarten Realty Investors REIT | 370 | 3,522 | ||||||
18,515,650 | ||||||||
Health Care — 0.7% | ||||||||
Assisted Living Concepts Inc ‘A’ * | 9,460 | 128,278 | ||||||
Capital Senior Living Corp * | 7,310 | 17,836 | ||||||
146,114 | ||||||||
Total Common Stocks (Cost $35,846,683) | 19,861,410 | |||||||
SHORT-TERM INVESTMENTS — 4.5% | ||||||||
Money Market Funds — 4.5% | ||||||||
BlackRock Liquidity Funds Institutional TempCash | 63,489 | 63,489 | ||||||
BlackRock Liquidity Funds Institutional TempFund | 872,667 | 872,667 | ||||||
Total Short-Term Investments (Cost $936,156) | 936,156 | |||||||
TOTAL INVESTMENTS — 100.1% (Cost $36,782,839) | 20,797,566 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.1%) | (22,889 | ) | ||||||
NET ASSETS — 100.0% | $ | 20,774,677 | ||||||
(a) | As of March 31, 2009, the Fund was diversified by property sector as a percentage of net assets as follows: |
Retail | 19.3 | % | ||
Residential | 18.7 | % | ||
Office/Industrial | 16.8 | % | ||
Health Care/Assisted Living | 14.0 | % | ||
Lodging | 8.6 | % | ||
Diversified | 7.4 | % | ||
Self-Storage | 6.7 | % | ||
Land | 4.1 | % | ||
95.6 | % | |||
Short-Term Investments | 4.5 | % | ||
Other Assets & Liabilities, Net | (0.1 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page C-48 |
C-47
Schedule of Investments (Continued)
Explanation of Symbols and Terms
March 31, 2009
* | Non-income producing securities. | ||
+ | Securities were fair valued under procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | ||
~ | Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale. | ||
^ | Securities with their principal amount adjusted for inflation. | ||
§ | Variable rate securities. The rate shown is based on the latest available information as of March 31, 2009. | ||
± | The security is a perpetual bond and has no definite maturity date. | ||
‡ | Securities were fully/partially segregated with the broker(s)/custodian as collateral for securities sold short, delayed delivery securities, futures contracts, written option contracts and/or swap contracts as of March 31, 2009. | ||
“ | Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity. | ||
à | Total shares owned by the Fund as of March 31, 2009 were less than one share. | ||
D | Illiquid holdings. Holdings were reported as illiquid by the portfolio manager pursuant to Funds’ policy and procedures. (See Note 2T to Notes to Financial Statements). | ||
W | Securities were in default as of March 31, 2009. |
BRC | Barclays | |
BNP | BNP Paribas | |
CIT | Citigroup | |
CSF | Credit Suisse | |
DUB | Deutsche Bank | |
GSC | Goldman Sachs | |
HSB | HSBC | |
JPM | JPMorgan Chase | |
MER | Merrill Lynch | |
MSC | Morgan Stanley | |
RBS | Royal Bank of Scotland | |
UBS | UBS |
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CNY | Chinese Renminbi | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | British Pound | |
JPY | Japanese Yen | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PHP | Philippine Peso | |
PLN | Polish Zloty | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
USD | United States Dollar |
ADR | American Depositary Receipt | |
CBOT | Chicago Board of Trade | |
CMBX | Commercial Mortgage-Backed Securities Index | |
CME | Chicago Mercantile Exchange | |
CMM | Constant Maturity Mortgage | |
CPI | Consumer Price Index | |
CVA | Certificaten Van Aandelen (Dutch Certificate) | |
FDR | Fiduciary Depositary Receipt | |
GDR | Global Depositary Receipt | |
HSI | Hong Kong Stock Exchange | |
LI | London Stock Exchange | |
LIBOR | London Interbank Offered Rate | |
‘NY’ | New York Shares | |
OTC | Over the Counter | |
REIT | Real Estate Investment Trust | |
RNC | Riparmio Non-Convertible (Non-convertible savings shares on Italian Stock Exchanges) | |
SDR | Swedish Depositary Receipt | |
VVPR | Verminderde Voorheffing Precompte Reduit (Belgium dividend coupon) | |
XAMS | Amsterdam Stock Exchange |
See Notes to Financial Statements |
C-48
PL Portfolio Optimization Funds | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||||||
Moderate- | Moderate- | Market | Growth | Value | ||||||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Investments, at cost | $ | 90,454,677 | $ | 122,396,825 | $ | 448,750,117 | $ | 478,330,933 | $ | 217,768,073 | $ | 54,093,610 | $ | 28,388,296 | $ | 130,858,570 | ||||||||||||||||
Investments in affiliates, at value | $ | 81,628,130 | $ | 96,690,808 | $ | 313,393,856 | $ | 295,578,222 | $ | 125,241,673 | $ | — | $ | — | $ | — | ||||||||||||||||
Investments, at value | — | — | — | — | — | 54,093,610 | 23,251,573 | 77,267,486 | ||||||||||||||||||||||||
Cash (1) | — | 62,949 | 113,830 | 178,329 | — | — | 1,105,243 | 2,539,387 | ||||||||||||||||||||||||
Foreign currency held, at value (2) | — | — | — | — | — | — | — | 103,511 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||
Dividends and interest | 12 | 4 | 3 | 3 | 4 | 59,090 | 6,661 | 407,175 | ||||||||||||||||||||||||
Foreign tax reclaim | — | — | — | — | — | — | — | 62,763 | ||||||||||||||||||||||||
Fund shares sold | 517,945 | 885,399 | 752,199 | 837,927 | 384,358 | 1,547,839 | 3,963 | 67,372 | ||||||||||||||||||||||||
Securities sold | 528,691 | — | — | — | 29,054 | — | 39,419 | 321,129 | ||||||||||||||||||||||||
Variation margin | — | — | — | — | — | — | — | 11,111 | ||||||||||||||||||||||||
Due from adviser and/or administrator | 29,764 | 33,019 | 94,412 | 94,110 | 35,856 | 54,117 | 3,209 | 22,351 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | — | — | — | — | — | 12,258 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 16,666 | 20,866 | 32,211 | 33,273 | 22,419 | 7,054 | 5,373 | 8,896 | ||||||||||||||||||||||||
Total Assets | 82,721,208 | 97,693,045 | 314,386,511 | 296,721,864 | 125,713,364 | 55,761,710 | 24,415,441 | 80,823,439 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||
Fund shares redeemed | 133,041 | 458,046 | 570,989 | 725,195 | 1,839,334 | 282,669 | 6,631 | 80,672 | ||||||||||||||||||||||||
Securities purchased | — | 62,949 | 113,830 | 178,329 | — | — | 316,936 | 1,880,189 | ||||||||||||||||||||||||
Due to custodian | 528,691 | — | — | — | 29,054 | — | — | — | ||||||||||||||||||||||||
Income distributions | — | — | — | — | — | 24 | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 13,269 | 15,930 | 51,138 | 47,893 | 20,023 | 9,311 | 11,550 | 40,973 | ||||||||||||||||||||||||
Accrued administration fees | 19,904 | 23,894 | 76,707 | 71,839 | 30,035 | 13,966 | 5,775 | 18,911 | ||||||||||||||||||||||||
Accrued support service expenses | 4,863 | 8,105 | 29,900 | 30,981 | 13,509 | 2,702 | 2,522 | 7,745 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,677 | 5,104 | 12,620 | ||||||||||||||||||||||||
Accrued legal and audit fees | 16,813 | 28,136 | 103,723 | 107,543 | 46,894 | 9,379 | 8,753 | 26,955 | ||||||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 556 | 2,179 | 7,971 | 8,323 | 3,246 | 5,862 | 3,103 | 5,785 | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 6,729 | 7,836 | 24,442 | 23,881 | 9,386 | 2,603 | 1,174 | 3,883 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 9,700 | 17,201 | 67,153 | 73,340 | 32,343 | 4,672 | 3,956 | 12,010 | ||||||||||||||||||||||||
Accrued other | 5,087 | 8,494 | 31,323 | 32,463 | 14,156 | 3,888 | 3,454 | 11,996 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | — | — | — | — | — | 117,597 | ||||||||||||||||||||||||
Total Liabilities | 740,653 | 634,770 | 1,079,176 | 1,301,787 | 2,039,980 | 337,753 | 368,958 | 2,219,336 | ||||||||||||||||||||||||
NET ASSETS | $ | 81,980,555 | $ | 97,058,275 | $ | 313,307,335 | $ | 295,420,077 | $ | 123,673,384 | $ | 55,423,957 | $ | 24,046,483 | $ | 78,604,103 | ||||||||||||||||
(1) | Includes margin deposits of $96,278 held as collateral for futures contracts in the PL International Value Fund. | |
(2) | The cost of foreign currency for the PL International Value Fund was $102,958. |
D-1
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2009
PL Portfolio Optimization Funds | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||||||
Moderate- | Moderate- | Market | Growth | Value | ||||||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund (1) | Fund | Fund | |||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||
Paid-in capital | $ | 92,829,497 | $ | 124,830,107 | $ | 452,361,395 | $ | 484,078,386 | $ | 223,128,492 | $ | 55,413,987 | $ | 41,087,748 | $ | 155,818,825 | ||||||||||||||||
Undistributed/accumulated net investment income (loss) | 303,757 | 1,228,258 | 4,260,234 | 2,957,061 | 1,100,813 | 9,970 | (5,351 | ) | 357,602 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (2,326,152 | ) | (3,294,073 | ) | (7,958,033 | ) | (8,862,659 | ) | (8,029,521 | ) | — | (11,899,191 | ) | (23,885,174 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (8,826,547 | ) | (25,706,017 | ) | (135,356,261 | ) | (182,752,711 | ) | (92,526,400 | ) | — | (5,136,723 | ) | (53,687,150 | ) | |||||||||||||||||
NET ASSETS | $ | 81,980,555 | $ | 97,058,275 | $ | 313,307,335 | $ | 295,420,077 | $ | 123,673,384 | $ | 55,423,957 | $ | 24,046,483 | $ | 78,604,103 | ||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 32,817,431 | $ | 39,518,135 | $ | 137,204,957 | $ | 128,976,404 | $ | 59,937,132 | $ | 55,423,957 | $ | 24,046,483 | $ | 78,604,103 | ||||||||||||||||
Shares of beneficial interest outstanding | 3,714,100 | 4,724,271 | 17,232,090 | 17,642,149 | 8,665,072 | 55,424,733 | 4,092,176 | 12,810,606 | ||||||||||||||||||||||||
Net Asset Value per share* | $ | 8.84 | $ | 8.36 | $ | 7.96 | $ | 7.31 | $ | 6.92 | $ | 1.00 | $ | 5.88 | $ | 6.14 | ||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.51 | 0.49 | 0.46 | 0.43 | 0.40 | — | 0.34 | 0.36 | ||||||||||||||||||||||||
Maximum offering price per share | $ | 9.35 | $ | 8.85 | $ | 8.42 | $ | 7.74 | $ | 7.32 | $ | 1.00 | $ | 6.22 | $ | 6.50 | ||||||||||||||||
Class B Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 8,306,433 | $ | 11,942,586 | $ | 40,657,686 | $ | 43,587,403 | $ | 18,041,845 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 947,316 | 1,438,612 | 5,148,493 | 6,049,066 | 2,683,913 | |||||||||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 8.77 | $ | 8.30 | $ | 7.90 | $ | 7.21 | $ | 6.72 | ||||||||||||||||||||||
Class C Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 37,659,192 | $ | 40,640,412 | $ | 123,121,662 | $ | 117,549,062 | $ | 43,588,281 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 4,296,832 | 4,896,743 | 15,622,953 | 16,371,437 | 6,491,418 | |||||||||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 8.76 | $ | 8.30 | $ | 7.88 | $ | 7.18 | $ | 6.71 | ||||||||||||||||||||||
Class R Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 3,197,499 | $ | 4,957,142 | $ | 12,323,030 | $ | 5,307,208 | $ | 2,106,126 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 363,056 | 594,101 | 1,554,640 | 726,847 | 306,266 | |||||||||||||||||||||||||||
Net Asset Value per share | $ | 8.81 | $ | 8.34 | $ | 7.93 | $ | 7.30 | $ | 6.88 | ||||||||||||||||||||||
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
** | Effective June 23, 2008, Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (see Note 1 to Financial Statements). | |
(1) | PL Money Market Fund is not subject to a front-end sales load. |
D-2
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2009
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Growth | Large-Cap | Value | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund (1) | Fund | Fund | Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Investments, at cost | $ | 81,518,098 | $ | 47,247,847 | $ | 27,925,291 | $ | 89,775,968 | $ | 77,060,682 | $ | 15,670,530 | $ | 91,091,126 | $ | 39,212,887 | ||||||||||||||||
Investments, at value | $ | 59,928,725 | $ | 47,117,818 | $ | 23,279,415 | $ | 73,894,315 | $ | 58,944,895 | $ | 16,218,966 | $ | 65,148,642 | $ | 27,152,385 | ||||||||||||||||
Cash | 2,733,809 | — | 4,474,067 | — | — | 315,288 | — | — | ||||||||||||||||||||||||
Foreign currency held, at value (2) | — | — | — | 314,571 | — | — | — | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||
Dividends and interest | 221,757 | 282,030 | 92,143 | 68,420 | 72,964 | 6,850 | 234,017 | 37,251 | ||||||||||||||||||||||||
Foreign tax reclaim | 5,016 | — | — | 28,569 | — | — | 141,659 | — | ||||||||||||||||||||||||
Fund shares sold | 29,099 | — | — | 8,017 | 24,561 | 10,123 | 32,587 | 17,198 | ||||||||||||||||||||||||
Securities sold | 144,728 | — | 304,650 | 102,000 | 438,553 | — | — | 28,743 | ||||||||||||||||||||||||
Variation margin | — | 6,914 | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from adviser and/or administrator | 12,353 | 7,617 | 724 | 17,367 | 11,806 | 2,307 | 12,593 | 8,263 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | — | 13,741 | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 7,868 | 6,444 | 2,113 | 8,369 | 7,557 | 4,704 | 7,917 | 2,727 | ||||||||||||||||||||||||
Total Assets | 63,083,355 | 47,420,823 | 28,153,112 | 74,455,369 | 59,500,336 | 16,558,238 | 65,577,415 | 27,246,567 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||
Fund shares redeemed | 44,549 | — | 292,602 | 10,292 | 2,086 | 2,617 | 11,956 | — | ||||||||||||||||||||||||
Securities purchased | — | — | — | — | 265,634 | — | 310,269 | 176,385 | ||||||||||||||||||||||||
Income distributions | — | 7 | — | — | — | — | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 33,107 | 16,257 | 18,241 | 33,324 | 30,783 | 10,018 | 44,177 | 16,116 | ||||||||||||||||||||||||
Accrued administration fees | 15,280 | 12,193 | 7,296 | 18,176 | 14,207 | 4,007 | 15,592 | 6,446 | ||||||||||||||||||||||||
Accrued support service expenses | 6,484 | 3,963 | 2,522 | 7,385 | 6,124 | 1,621 | 6,484 | 3,062 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 3,317 | 3,128 | 2,193 | 11,750 | 4,579 | 5,372 | 16,840 | 5,855 | ||||||||||||||||||||||||
Accrued legal and audit fees | 22,509 | 13,825 | 8,754 | 25,635 | 21,259 | 5,627 | 22,509 | 10,629 | ||||||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 6,307 | 2,149 | — | 4,601 | 1,337 | 8,944 | 3,950 | — | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 3,076 | 2,270 | 1,347 | 3,640 | 2,912 | 807 | 3,172 | 1,325 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 10,187 | 6,113 | 3,872 | 11,487 | 9,423 | 2,602 | 10,083 | 4,702 | ||||||||||||||||||||||||
Accrued other | 7,206 | 5,716 | 5,229 | 8,644 | 6,945 | 2,032 | 8,527 | 4,153 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | — | 162,684 | — | — | — | — | ||||||||||||||||||||||||
Total Liabilities | 152,022 | 65,621 | 342,056 | 297,618 | 365,289 | 43,647 | 453,559 | 228,673 | ||||||||||||||||||||||||
NET ASSETS | $ | 62,931,333 | $ | 47,355,202 | $ | 27,811,056 | $ | 74,157,751 | $ | 59,135,047 | $ | 16,514,591 | $ | 65,123,856 | $ | 27,017,894 | ||||||||||||||||
(1) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named the PL Mid-Cap Value Fund. | |
(2) | The cost of foreign currency for the PL Growth LT Fund was $332,589. |
D-3
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2009
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Growth | Large-Cap | Value | |||||||||||||||||||||||||
Fund | Fund | Fund (1) | Fund | Fund (2) | Fund | Fund | Fund (1) | |||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||
Paid-in capital | $ | 97,432,544 | $ | 48,528,456 | $ | 34,533,841 | $ | 112,737,942 | $ | 108,358,922 | $ | 26,096,016 | $ | 98,128,589 | $ | 44,806,088 | ||||||||||||||||
Undistributed/accumulated net investment income (loss) | 361,833 | 2,835 | 26,404 | 1,422,768 | 111,142 | (15,182 | ) | 770,005 | 83,827 | |||||||||||||||||||||||
Accumulated net realized loss | (13,273,861 | ) | (1,086,255 | ) | (2,103,313 | ) | (23,954,049 | ) | (31,219,230 | ) | (10,114,679 | ) | (7,827,390 | ) | (5,811,519 | ) | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (21,589,183 | ) | (89,834 | ) | (4,645,876 | ) | (16,048,910 | ) | (18,115,787 | ) | 548,436 | (25,947,348 | ) | (12,060,502 | ) | |||||||||||||||||
NET ASSETS | $ | 62,931,333 | $ | 47,355,202 | $ | 27,811,056 | $ | 74,157,751 | $ | 59,135,047 | $ | 16,514,591 | $ | 65,123,856 | $ | 27,017,894 | ||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 62,931,333 | $ | 47,355,202 | $ | 27,811,056 | $ | 74,157,751 | $ | 59,135,047 | $ | 16,514,591 | $ | 65,123,856 | $ | 27,017,894 | ||||||||||||||||
Shares of beneficial interest outstanding | 8,562,638 | 4,889,196 | 3,400,351 | 9,576,941 | 11,097,753 | 3,033,678 | 7,104,006 | 4,921,406 | ||||||||||||||||||||||||
Net Asset Value per share* | $ | 7.35 | $ | 9.69 | $ | 8.18 | $ | 7.74 | $ | 5.33 | $ | 5.44 | $ | 9.17 | $ | 5.49 | ||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.43 | 0.56 | — | 0.45 | 0.31 | 0.32 | 0.53 | — | ||||||||||||||||||||||||
Maximum offering price per share | $ | 7.78 | $ | 10.25 | $ | 8.18 | $ | 8.19 | $ | 5.64 | $ | 5.76 | $ | 9.70 | $ | 5.49 | ||||||||||||||||
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
(1) | The PL Floating Rate Loan and PL Small-Cap Value Funds are offered to the PL Portfolio Optimization Funds only and are not subject to a front-end sales load. | |
(2) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named the PL Mid-Cap Value Fund. |
D-4
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2009
PL Main Street | PL Emerging | PL Managed | PL Inflation | PL Mid-Cap | ||||||||||||||||||||||||
Core | Markets | Bond | Managed | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $ | 118,857,241 | $ | 38,589,463 | $ | 227,626,653 | $ | 137,883,620 | $ | 106,129,779 | $ | 24,929,778 | $ | 36,782,839 | ||||||||||||||
Investments, at value | $ | 84,264,290 | $ | 30,500,459 | $ | 212,580,870 | $ | 141,532,331 | $ | 74,806,923 | $ | 18,654,280 | $ | 20,797,566 | ||||||||||||||
Cash (1) | 1,026,299 | — | 355,300 | 323,700 | — | 296,812 | — | |||||||||||||||||||||
Foreign currency held, at value (2) | — | 405,251 | 1,721,726 | 387,071 | — | 2,242 | 7,247 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 119,850 | 75,292 | 1,152,976 | 943,571 | 186,783 | 15,841 | 143,389 | |||||||||||||||||||||
Foreign tax reclaim | — | 971 | — | — | — | — | — | |||||||||||||||||||||
Fund shares sold | 37,724 | 7,467 | 16 | — | 68,783 | 8,607 | 43,569 | |||||||||||||||||||||
Securities sold | 58,741 | 167,401 | 160,548 | 6,211,903 | — | 147,782 | — | |||||||||||||||||||||
Variation margin | — | — | 5,663 | 4,725 | — | — | — | |||||||||||||||||||||
Securities sold short | — | — | — | 6,001,226 | — | — | — | |||||||||||||||||||||
Swap agreements | — | — | 1,210,733 | 49,115 | — | — | — | |||||||||||||||||||||
Due from adviser and/or administrator | 73,471 | 54,343 | 53,440 | 28,166 | 18,155 | — | 5,717 | |||||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | 550,499 | 68,347 | — | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | 5,311 | 1,877 | 11,331 | 8,108 | 8,591 | 4,930 | 5,310 | |||||||||||||||||||||
Swap appreciation | — | — | 9,353,752 | 749,881 | — | — | — | |||||||||||||||||||||
Total Assets | 85,585,686 | 31,213,061 | 227,156,854 | 156,308,144 | 75,089,235 | 19,130,494 | 21,002,798 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 901 | 7,245 | — | — | 96,255 | 41,345 | — | |||||||||||||||||||||
Securities purchased | 174,812 | 284,345 | 76,327,341 | 63,405,152 | — | 174,653 | 182,095 | |||||||||||||||||||||
Due to brokers | — | — | 5,083,310 | 3,122,313 | — | — | — | |||||||||||||||||||||
Securities covering shorts | — | — | — | 714,470 | — | — | — | |||||||||||||||||||||
Securities sold short, at value (proceeds $5,226,094) | — | — | — | 5,290,548 | — | — | — | |||||||||||||||||||||
Swap agreements | — | — | 1,521,482 | 266,707 | — | — | — | |||||||||||||||||||||
Income distributions | — | — | 2,011 | 1,611 | — | — | 12 | |||||||||||||||||||||
Deferred foreign capital gains tax | — | 81 | — | — | — | — | — | |||||||||||||||||||||
Accrued advisory fees | 30,648 | 19,690 | 46,168 | 26,784 | 44,235 | 13,032 | 14,990 | |||||||||||||||||||||
Accrued administration fees | 20,432 | 7,384 | 34,626 | 20,088 | 17,694 | 4,625 | 4,996 | |||||||||||||||||||||
Accrued support service expenses | 8,286 | 2,882 | 11,888 | 6,845 | 7,745 | 1,801 | 2,702 | |||||||||||||||||||||
Accrued custodian fees and expenses | 27,099 | 43,415 | 21,604 | 16,681 | 5,216 | 4,409 | 4,735 | |||||||||||||||||||||
Accrued legal and audit fees | 28,762 | 10,004 | 41,267 | 23,760 | 26,886 | 6,253 | 9,379 | |||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 2,023 | 1,416 | 11,065 | 4,018 | 5,011 | 5,372 | 840 | |||||||||||||||||||||
Accrued distribution and/or service fees | 4,205 | 1,524 | 6,566 | 3,891 | 3,665 | 936 | 1,004 | |||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 12,723 | 4,425 | 18,517 | 10,966 | 12,093 | 2,970 | 4,171 | |||||||||||||||||||||
Accrued interest | — | — | — | 238 | — | — | — | |||||||||||||||||||||
Accrued other | 14,725 | 10,371 | 9,813 | 16,739 | 8,632 | 2,401 | 3,197 | |||||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | 752,860 | 413,992 | — | — | — | |||||||||||||||||||||
Outstanding options written, at value (premiums received $34,346 and $135,225, respectively) | — | — | 12,369 | 269,876 | — | — | — | |||||||||||||||||||||
Swap depreciation | — | — | 5,531,478 | 1,427,420 | — | — | — | |||||||||||||||||||||
Total Liabilities | 324,616 | 392,782 | 89,432,365 | 75,042,099 | 227,432 | 257,797 | 228,121 | |||||||||||||||||||||
NET ASSETS | $ | 85,261,070 | $ | 30,820,279 | $ | 137,724,489 | $ | 81,266,045 | $ | 74,861,803 | $ | 18,872,697 | $ | 20,774,677 | ||||||||||||||
(1) | Includes margin deposits of $355,300 and $323,700 held as collateral for futures contracts in the PL Managed Bond and PL Inflation Managed Funds, respectively. | |
(2) | The cost of foreign currency for the PL Emerging Markets, PL Managed Bond, PL Inflation Managed, PL Mid-Cap Growth and PL Real Estate Funds were $406,593, $1,725,913, $396,402, $2,300 and $8,762, respectively. |
D-5
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2009
PL Main Street | PL Emerging | PL Managed | PL Inflation | PL Mid-Cap | ||||||||||||||||||||||||
Core | Markets | Bond | Managed | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund (1) | Fund (1) | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 143,408,830 | $ | 44,886,299 | $ | 147,499,730 | $ | 89,596,767 | $ | 138,054,027 | $ | 26,168,865 | $ | 45,035,168 | ||||||||||||||
Undistributed/accumulated net investment income (loss) | 295,838 | (9,143 | ) | 1,030,686 | 1,554,305 | 324,795 | (11,865 | ) | (1,638 | ) | ||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (23,850,647 | ) | (5,964,576 | ) | (836,465 | ) | (12,745,099 | ) | (32,194,163 | ) | (1,008,438 | ) | (8,272,060 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (34,592,951 | ) | (8,092,301 | ) | (9,969,462 | ) | 2,860,072 | (31,322,856 | ) | (6,275,865 | ) | (15,986,793 | ) | |||||||||||||||
NET ASSETS | $ | 85,261,070 | $ | 30,820,279 | $ | 137,724,489 | $ | 81,266,045 | $ | 74,861,803 | $ | 18,872,697 | $ | 20,774,677 | ||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 85,261,070 | $ | 30,820,279 | $ | 137,724,489 | $ | 81,266,045 | $ | 74,861,803 | $ | 18,872,697 | $ | 20,774,677 | ||||||||||||||
Shares of beneficial interest outstanding | 13,956,149 | 4,715,552 | 14,194,208 | 8,477,918 | 10,774,936 | 3,793,181 | 4,519,366 | |||||||||||||||||||||
Net Asset Value per share* | $ | 6.11 | $ | 6.54 | $ | 9.70 | $ | 9.59 | $ | 6.95 | $ | 4.98 | $ | 4.60 | ||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | — | — | 0.56 | 0.56 | 0.40 | 0.29 | 0.27 | |||||||||||||||||||||
Maximum offering price per share | $ | 6.11 | $ | 6.54 | $ | 10.26 | $ | 10.15 | $ | 7.35 | $ | 5.27 | $ | 4.87 | ||||||||||||||
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
(1) | The PL Main Street Core and PL Emerging Markets Funds are offered to the PL Portfolio Optimization Funds only and are not subject to a front-end sales load. |
D-6
FOR THE YEAR ENDED MARCH 31, 2009
PL Portfolio Optimization Funds | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||||||
Moderate- | Moderate- | Market | Growth | Value | ||||||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund (1) | Fund (1) | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (2) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 86,025 | $ | 4,229,344 | ||||||||||||||||
Dividends from affiliated mutual fund investments | 2,756,893 | 3,554,747 | 9,759,804 | 7,002,620 | 1,883,191 | — | — | — | ||||||||||||||||||||||||
Dividends from mutual fund investments | — | — | — | — | — | 53,460 | — | — | ||||||||||||||||||||||||
Interest | 2,094 | 504 | 4,184 | 3,559 | 1,966 | 849,983 | 11,581 | 26,476 | ||||||||||||||||||||||||
Total Investment Income | 2,758,987 | 3,555,251 | 9,763,988 | 7,006,179 | 1,885,157 | 903,443 | 97,606 | 4,255,820 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Advisory fees | 105,768 | 158,193 | 553,342 | 548,260 | 232,711 | 109,044 | 223,342 | 745,078 | ||||||||||||||||||||||||
Administration fees | 211,113 | 343,927 | 1,233,179 | 1,247,722 | 538,940 | 140,216 | 96,523 | 329,492 | ||||||||||||||||||||||||
Support services expenses | 16,486 | 30,425 | 111,912 | 117,133 | 51,888 | 26,080 | 18,096 | 42,507 | ||||||||||||||||||||||||
Custodian fees and expenses | 12,224 | 12,510 | 12,828 | 12,179 | 11,654 | 17,923 | 29,855 | 85,046 | ||||||||||||||||||||||||
Shareholder report expenses | 8,989 | 17,309 | 64,991 | 68,292 | 30,399 | 4,701 | 9,655 | 20,775 | ||||||||||||||||||||||||
Distribution and/or service fees | ||||||||||||||||||||||||||||||||
Class A | 69,261 | 111,181 | 430,098 | 438,134 | 204,818 | 112,954 | 75,854 | 259,543 | ||||||||||||||||||||||||
Class B (3) | 67,464 | 140,581 | 502,167 | 576,840 | 250,914 | — | 856 | 1,254 | ||||||||||||||||||||||||
Class C (3) | 312,231 | 474,540 | 1,599,990 | 1,583,361 | 618,406 | — | 622 | 2,152 | ||||||||||||||||||||||||
Class R (3) | 10,988 | 17,891 | 47,997 | 21,849 | 8,693 | — | — | — | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 32,072 | 62,318 | 243,456 | 263,470 | 117,265 | 15,968 | 22,407 | 56,144 | ||||||||||||||||||||||||
Registration fees | 50,764 | 51,731 | 61,402 | 69,223 | 57,326 | 32,483 | 18,589 | 20,885 | ||||||||||||||||||||||||
Legal and audit fees | 22,347 | 37,878 | 139,181 | 144,407 | 63,145 | 52,876 | 13,408 | 38,733 | ||||||||||||||||||||||||
Trustees’ compensation and expenses | 1,774 | 3,155 | 11,679 | 12,123 | 5,307 | 2,135 | 1,265 | 3,468 | ||||||||||||||||||||||||
Money market government insurance expenses | — | — | — | — | — | 10,262 | — | — | ||||||||||||||||||||||||
Other | 10,237 | 18,204 | 60,879 | 64,727 | 30,461 | 8,870 | 12,683 | 40,904 | ||||||||||||||||||||||||
Total Expenses | 931,718 | 1,479,843 | 5,073,101 | 5,167,720 | 2,221,927 | 533,512 | 523,155 | 1,645,981 | ||||||||||||||||||||||||
Advisory Fee Waiver | — | — | — | — | — | (3,656 | ) | — | — | |||||||||||||||||||||||
Adviser Reimbursement and Administrator Reduction | (366,006 | ) | (577,457 | ) | (1,939,507 | ) | (1,999,277 | ) | (906,385 | ) | (175,968 | ) | (131,007 | ) | (325,469 | ) | ||||||||||||||||
Distribution and/or Service Fees Waiver | (169,675 | ) | (273,902 | ) | (979,621 | ) | (989,089 | ) | (426,483 | ) | — | — | — | |||||||||||||||||||
Net Expenses | 396,037 | 628,484 | 2,153,973 | 2,179,354 | 889,059 | 353,888 | 392,148 | 1,320,512 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 2,362,950 | 2,926,767 | 7,610,015 | 4,826,825 | 996,098 | 549,555 | (294,542 | ) | 2,935,308 | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||
Investment securities from affiliated mutual fund investments | (2,217,777 | ) | (3,688,766 | ) | (11,649,503 | ) | (12,811,104 | ) | (9,655,739 | ) | — | — | — | |||||||||||||||||||
Investment security and forward transactions (2) | 411 | 552 | 1,871 | 1,821 | 775 | 999 | (9,372,520 | ) | (23,286,576 | ) | ||||||||||||||||||||||
Futures contracts and swap transactions | — | — | — | — | — | — | — | (186,700 | ) | |||||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | — | — | (410,781 | ) | |||||||||||||||||||||||
Capital gain distributions from affiliated mutual fund investments | 2,157,304 | 3,334,579 | 11,158,106 | 9,504,677 | 2,912,962 | — | — | — | ||||||||||||||||||||||||
Net Realized Gain (Loss) | (60,062 | ) | (353,635 | ) | (489,526 | ) | (3,304,606 | ) | (6,742,002 | ) | 999 | (9,372,520 | ) | (23,884,057 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||
Investment securities and forwards (2) | (10,145,423 | ) | (27,263,143 | ) | (136,212,676 | ) | (174,885,094 | ) | (82,036,121 | ) | — | (2,691,164 | ) | (48,839,675 | ) | |||||||||||||||||
Futures contracts and swaps | — | — | — | — | — | — | — | (10,341 | ) | |||||||||||||||||||||||
Foreign currencies | — | — | — | — | — | — | — | (128,692 | ) | |||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (10,145,423 | ) | (27,263,143 | ) | (136,212,676 | ) | (174,885,094 | ) | (82,036,121 | ) | — | (2,691,164 | ) | (48,978,708 | ) | |||||||||||||||||
NET GAIN (LOSS) | (10,205,485 | ) | (27,616,778 | ) | (136,702,202 | ) | (178,189,700 | ) | (88,778,123 | ) | 999 | (12,063,684 | ) | (72,862,765 | ) | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($7,842,535 | ) | ($24,690,011 | ) | ($129,092,187 | ) | ($173,362,875 | ) | ($87,782,025 | ) | $ | 550,554 | ($12,358,226 | ) | ($69,927,457 | ) | ||||||||||||||||
(1) | Class B and C Shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Dividends were net of $581,922 foreign tax withheld for the PL International Value Fund. No foreign tax was withheld on realized and change in unrealized capital gains for all these funds. | |
(3) | Class B, C and R shares are offered to the PL Portfolio Optimization Funds only. |
D-7
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2009
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Growth | Large-Cap | Value | |||||||||||||||||||||||||
Fund (1) | Fund (1) | Fund (2) | Fund (1) | Fund (1), (3) | Fund (1) | Fund (1) | Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (4) | $ | 2,102,790 | $ | — | $ | — | $ | 1,182,328 | $ | 1,643,796 | $ | 158,640 | $ | 2,344,788 | $ | 1,057,287 | ||||||||||||||||
Dividends from mutual fund investments | 79,033 | 94,294 | — | 22,565 | 71,044 | — | 11,752 | 24,893 | ||||||||||||||||||||||||
Interest | 33,757 | 2,543,627 | 1,733,680 | 52,744 | — | 2,678 | 25,633 | 3,065 | ||||||||||||||||||||||||
Total Investment Income | 2,215,580 | 2,637,921 | 1,733,680 | 1,257,637 | 1,714,840 | 161,318 | 2,382,173 | 1,085,245 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Advisory fees | 537,632 | 292,451 | 180,609 | 514,871 | 537,024 | 175,225 | 761,686 | 240,082 | ||||||||||||||||||||||||
Administration fees | 240,073 | 198,153 | 72,244 | 268,237 | 237,995 | 67,910 | 263,614 | 94,425 | ||||||||||||||||||||||||
Support services expenses | 28,788 | 25,787 | 8,425 | 32,364 | 29,569 | 10,210 | 34,204 | 15,982 | ||||||||||||||||||||||||
Custodian fees and expenses | 19,891 | 19,238 | 8,753 | 69,952 | 33,002 | 32,920 | 111,063 | 33,608 | ||||||||||||||||||||||||
Shareholder report expenses | 13,032 | 9,073 | 5,195 | 10,554 | 13,766 | 3,764 | 15,867 | 11,325 | ||||||||||||||||||||||||
Distribution and/or service fees | ||||||||||||||||||||||||||||||||
Class A | 191,232 | 156,254 | 60,203 | 214,197 | 188,487 | 52,959 | 208,415 | 76,456 | ||||||||||||||||||||||||
Class B | 1,270 | 91 | — | 947 | 140 | 936 | 1,458 | — | ||||||||||||||||||||||||
Class C | 2,238 | 91 | — | 824 | 368 | 1,458 | 1,332 | — | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 38,083 | 28,115 | 12,415 | 36,611 | 38,794 | 11,100 | 44,028 | 24,097 | ||||||||||||||||||||||||
Registration fees | 19,781 | 19,058 | 182 | 18,648 | 21,283 | 18,271 | 19,596 | 225 | ||||||||||||||||||||||||
Legal and audit fees | 29,423 | 19,075 | 11,379 | 31,438 | 28,532 | 7,343 | 31,687 | 16,558 | ||||||||||||||||||||||||
Trustees’ compensation and expenses | 2,310 | 1,696 | 822 | 2,240 | 2,369 | 598 | 2,678 | 1,536 | ||||||||||||||||||||||||
Offering expenses | — | — | 5,206 | — | — | — | — | 2,955 | ||||||||||||||||||||||||
Other | 14,621 | 18,314 | 3,045 | 17,397 | 16,204 | 6,879 | 24,881 | 11,537 | ||||||||||||||||||||||||
Total Expenses | 1,138,374 | 787,396 | 368,478 | 1,218,280 | 1,147,533 | 389,573 | 1,520,509 | 528,786 | ||||||||||||||||||||||||
Adviser Reimbursement and Administrator Reduction | (175,460 | ) | (150,950 | ) | (55,422 | ) | (229,867 | ) | (195,175 | ) | (94,718 | ) | (296,673 | ) | (120,502 | ) | ||||||||||||||||
Net Expenses | 962,914 | 636,446 | 313,056 | 988,413 | 952,358 | 294,855 | 1,223,836 | 408,284 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,252,666 | 2,001,475 | 1,420,624 | 269,224 | 762,482 | (133,537 | ) | 1,158,337 | 676,961 | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||
Investment security and forward transactions (4) | (13,048,682 | ) | (831,615 | ) | (2,103,313 | ) | (23,606,967 | ) | (25,067,427 | ) | (8,422,999 | ) | (7,123,554 | ) | (5,606,856 | ) | ||||||||||||||||
Closed short positions | — | (781 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Futures contracts and swap transactions | — | 693,714 | — | — | — | — | — | — | ||||||||||||||||||||||||
Written option transactions | — | — | — | 49,634 | — | — | — | — | ||||||||||||||||||||||||
Foreign currency transactions | (2,629 | ) | — | — | 1,177,334 | — | — | (71,168 | ) | — | ||||||||||||||||||||||
Net Realized Loss | (13,051,311 | ) | (138,682 | ) | (2,103,313 | ) | (22,379,999 | ) | (25,067,427 | ) | (8,422,999 | ) | (7,194,722 | ) | (5,606,856 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||
Investment securities and forwards (4) | (22,878,370 | ) | (1,465,836 | ) | (4,645,876 | ) | (20,175,705 | ) | (10,884,258 | ) | (1,983,894 | ) | (36,648,234 | ) | (10,487,601 | ) | ||||||||||||||||
Futures contracts and swaps | — | (253,364 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Foreign currencies | 190 | — | — | (36,421 | ) | — | — | (31,138 | ) | — | ||||||||||||||||||||||
Change in Net Unrealized Depreciation | (22,878,180 | ) | (1,719,200 | ) | (4,645,876 | ) | (20,212,126 | ) | (10,884,258 | ) | (1,983,894 | ) | (36,679,372 | ) | (10,487,601 | ) | ||||||||||||||||
NET LOSS | (35,929,491 | ) | (1,857,882 | ) | (6,749,189 | ) | (42,592,125 | ) | (35,951,685 | ) | (10,406,893 | ) | (43,874,094 | ) | (16,094,457 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($34,676,825 | ) | $ | 143,593 | ($5,328,565 | ) | ($42,322,901 | ) | ($35,189,203 | ) | ($10,540,430 | ) | ($42,715,757 | ) | ($15,417,496 | ) | ||||||||||||||||
(1) | Class B and C Shares were converted to Class A Shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Operations commenced on June 30, 2008. | |
(3) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named the PL Mid-Cap Value Fund. | |
(4) | Dividends were net of $53,175, $0, $0, $98,273, $0, $0, $250,831 and $1,677 foreign taxes withheld respectively. No foreign tax was withheld on realized and change in unrealized capital gains for all funds. |
D-8
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2009
PL Main Street | PL Emerging | PL Managed | PL Inflation | PL Mid-Cap | ||||||||||||||||||||||||
Core | Markets | Bond | Managed | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund (1) | Fund (1) | Fund (1) | Fund (1) | Fund (1) | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (2) | $ | 2,205,012 | $ | 945,423 | $ | 142,148 | $ | 6,833 | $ | 2,997,699 | $ | 199,166 | $ | 1,017,047 | ||||||||||||||
Dividends from mutual fund investments | 10,550 | 30,396 | 30,521 | 20,687 | 25,857 | 8,230 | 26,408 | |||||||||||||||||||||
Interest | 9,143 | — | 8,545,142 | 4,959,145 | 45,025 | 18,002 | 65 | |||||||||||||||||||||
Total Investment Income | 2,224,705 | 975,819 | 8,717,811 | 4,986,665 | 3,068,581 | 225,398 | 1,043,520 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 533,269 | 326,184 | 738,801 | 465,295 | 823,384 | 239,441 | 304,475 | |||||||||||||||||||||
Administration fees | 329,533 | 119,184 | 509,334 | 317,753 | 319,298 | 97,563 | 99,817 | |||||||||||||||||||||
Support services expenses | 35,921 | 15,626 | 57,084 | 36,706 | 36,856 | 20,211 | 14,151 | |||||||||||||||||||||
Custodian fees and expenses | 181,075 | 234,302 | 105,271 | 96,084 | 32,460 | 33,189 | 33,413 | |||||||||||||||||||||
Shareholder report expenses | 12,487 | 5,997 | 21,691 | 15,031 | 11,498 | 9,903 | 6,003 | |||||||||||||||||||||
Distribution and/or service fees | ||||||||||||||||||||||||||||
Class A | 261,620 | 94,096 | 404,168 | 250,121 | 251,421 | 74,185 | 78,807 | |||||||||||||||||||||
Class B | — | — | 1,920 | 1,778 | 1,186 | 2,456 | 232 | |||||||||||||||||||||
Class C | — | — | 4,507 | 4,809 | 1,567 | 2,376 | 518 | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 43,465 | 18,394 | 70,077 | 46,400 | 42,700 | 22,867 | 17,058 | |||||||||||||||||||||
Registration fees | 623 | 220 | 20,262 | 19,767 | 20,596 | 21,270 | 19,950 | |||||||||||||||||||||
Legal and audit fees | 35,843 | 14,785 | 54,063 | 32,427 | 33,513 | 10,899 | 12,593 | |||||||||||||||||||||
Trustees’ compensation and expenses | 2,678 | 1,061 | 4,427 | 2,842 | 2,588 | 1,224 | 1,038 | |||||||||||||||||||||
Interest on securities sold short | — | — | 9,235 | 1,268 | — | — | — | |||||||||||||||||||||
Other | 42,629 | 50,635 | 116,743 | 76,550 | 17,420 | 12,085 | 9,142 | |||||||||||||||||||||
Total Expenses | 1,479,143 | 880,484 | 2,117,583 | 1,366,831 | 1,594,487 | 547,669 | 597,197 | |||||||||||||||||||||
Adviser Reimbursement and Administrator Reduction | (370,309 | ) | (347,289 | ) | (472,001 | ) | (341,417 | ) | (214,389 | ) | (138,724 | ) | (118,370 | ) | ||||||||||||||
Net Expenses | 1,108,834 | 533,195 | 1,645,582 | 1,025,414 | 1,380,098 | 408,945 | 478,827 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,115,871 | 442,624 | 7,072,229 | 3,961,251 | 1,688,483 | (183,547 | ) | 564,693 | ||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investment security and forward transactions (2) | (13,983,275 | ) | (3,335,253 | ) | 2,601,091 | (8,532,001 | ) | (31,371,559 | ) | 764,707 | (6,939,500 | ) | ||||||||||||||||
Closed short positions | — | — | 295,525 | (2,471,573 | ) | — | — | — | ||||||||||||||||||||
Futures contracts and swap transactions | — | — | 1,425,750 | 14,220 | — | — | — | |||||||||||||||||||||
Written option transactions | — | — | (695,475 | ) | 230,681 | — | — | — | ||||||||||||||||||||
Foreign currency transactions | — | (116,780 | ) | 1,449,727 | 573,248 | — | (23,269 | ) | 5,728 | |||||||||||||||||||
Net Realized Gain (Loss) | (13,983,275 | ) | (3,452,033 | ) | 5,076,618 | (10,185,425 | ) | (31,371,559 | ) | 741,438 | (6,933,772 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investment securities and forwards (2) | (35,210,467 | ) | (16,335,948 | ) | (17,213,814 | ) | 2,390,346 | (19,223,029 | ) | (11,369,683 | ) | (16,675,584 | ) | |||||||||||||||
Short positions | — | — | 364,288 | 57,515 | — | — | — | |||||||||||||||||||||
Futures contracts and swaps | — | — | 2,626,300 | (744,804 | ) | — | — | — | ||||||||||||||||||||
Written options | — | — | 544,377 | (19,629 | ) | — | — | — | ||||||||||||||||||||
Foreign currencies | — | (6,395 | ) | (862,130 | ) | (761,799 | ) | — | (323 | ) | (1,607 | ) | ||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (35,210,467 | ) | (16,342,343 | ) | (14,540,979 | ) | 921,629 | (19,223,029 | ) | (11,370,006 | ) | (16,677,191 | ) | |||||||||||||||
NET LOSS | (49,193,742 | ) | (19,794,376 | ) | (9,464,361 | ) | (9,263,796 | ) | (50,594,588 | ) | (10,628,568 | ) | (23,610,963 | ) | ||||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | ($48,077,871 | ) | ($19,351,752 | ) | ($2,392,132 | ) | ($5,302,545 | ) | ($48,906,105 | ) | ($10,812,115 | ) | ($23,046,270 | ) | ||||||||||||||
(1) | Class B and C shares were converted to class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Dividends were net of $309, $84,961, $0, $0, $18,893, $6,285 and $5,406 foreign taxes withheld, respectively. Realized gains on investment security transactions for the PL Emerging Markets Fund are net of foreign capital gains tax withheld of $16,454. Change in unrealized appreciation (depreciation) on securities for the PL Emerging Markets Fund are net of decrease in deferred foreign capital gains tax of $11,496. No foreign tax was withheld on realized and change in unrealized capital gains for all other funds. |
D-9
PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | |||||||||||||||||||||||||||||
Conservative Fund | Moderate-Conservative Fund | Moderate Fund | Moderate-Aggressive Fund | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 2,362,950 | $ | 1,031,918 | $ | 2,926,767 | $ | 2,123,461 | $ | 7,610,015 | $ | 6,014,229 | $ | 4,826,825 | $ | 3,871,871 | ||||||||||||||||
Net realized gain (loss) | (60,062 | ) | 303,776 | (353,635 | ) | 2,295,390 | (489,526 | ) | 15,927,323 | (3,304,606 | ) | 21,822,277 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (10,145,423 | ) | 400,329 | (27,263,143 | ) | (3,320,683 | ) | (136,212,676 | ) | (26,223,343 | ) | (174,885,094 | ) | (42,809,069 | ) | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,842,535 | ) | 1,736,023 | (24,690,011 | ) | 1,098,168 | (129,092,187 | ) | (4,281,791 | ) | (173,362,875 | ) | (17,114,921 | ) | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (1,641,626 | ) | (531,437 | ) | (1,920,840 | ) | (1,425,082 | ) | (5,346,894 | ) | (5,458,244 | ) | (3,494,065 | ) | (5,437,711 | ) | ||||||||||||||||
Class B (1) | (385,564 | ) | (93,827 | ) | (521,376 | ) | (333,338 | ) | (1,186,397 | ) | (1,215,376 | ) | (770,401 | ) | (1,410,876 | ) | ||||||||||||||||
Class C (1) | (1,708,912 | ) | (463,810 | ) | (1,779,875 | ) | (1,117,493 | ) | (3,655,908 | ) | (4,021,034 | ) | (2,126,411 | ) | (3,826,531 | ) | ||||||||||||||||
Class R (1) | (137,814 | ) | (23,368 | ) | (162,397 | ) | (59,244 | ) | (338,218 | ) | (195,594 | ) | (94,421 | ) | (64,206 | ) | ||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (77,956 | ) | (209,271 | ) | (463,724 | ) | (658,537 | ) | (3,015,178 | ) | (4,077,288 | ) | (4,360,077 | ) | (5,711,468 | ) | ||||||||||||||||
Class B (1) | (17,164 | ) | (45,198 | ) | (143,096 | ) | (205,953 | ) | (878,553 | ) | (1,200,808 | ) | (1,431,835 | ) | (1,947,303 | ) | ||||||||||||||||
Class C (1) | (83,578 | ) | (233,240 | ) | (482,131 | ) | (624,293 | ) | (2,839,022 | ) | (3,814,994 | ) | (3,957,648 | ) | (5,128,058 | ) | ||||||||||||||||
Class R (1) | (4,870 | ) | (8,338 | ) | (31,484 | ) | (24,240 | ) | (140,300 | ) | (122,276 | ) | (90,242 | ) | (57,135 | ) | ||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (4,057,484 | ) | (1,608,489 | ) | (5,504,923 | ) | (4,448,180 | ) | (17,400,470 | ) | (20,105,614 | ) | (16,325,100 | ) | (23,583,288 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 27,737,869 | 21,699,302 | 20,048,875 | 26,786,982 | 54,943,320 | 90,498,782 | 52,531,294 | 102,741,478 | ||||||||||||||||||||||||
Class B (1) | 6,816,787 | 2,889,866 | 4,872,041 | 6,478,280 | 13,122,408 | 22,739,582 | 12,746,047 | 26,122,220 | ||||||||||||||||||||||||
Class C (1) | 30,905,331 | 18,772,296 | 22,047,114 | 31,735,726 | 51,270,473 | 88,147,744 | 44,421,124 | 84,619,763 | ||||||||||||||||||||||||
Class R (1) | 2,738,316 | 1,423,394 | 4,137,093 | 2,222,980 | 10,601,328 | 9,780,636 | 4,839,945 | 2,834,483 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 1,606,526 | 671,896 | 2,231,636 | 1,922,011 | 7,825,444 | 8,883,146 | 7,460,708 | 10,557,264 | ||||||||||||||||||||||||
Class B (1) | 369,358 | 122,552 | 623,246 | 486,546 | 1,967,912 | 2,286,118 | 2,126,032 | 3,231,375 | ||||||||||||||||||||||||
Class C (1) | 1,694,017 | 640,312 | 2,094,559 | 1,613,168 | 6,178,571 | 7,435,720 | 5,847,376 | 8,623,537 | ||||||||||||||||||||||||
Class R (1) | 140,444 | 31,705 | 193,881 | 83,484 | 477,700 | 317,870 | 184,662 | 121,341 | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (15,777,506 | ) | (10,137,716 | ) | (21,201,067 | ) | (13,267,287 | ) | (54,496,673 | ) | (45,953,150 | ) | (50,886,106 | ) | (50,714,636 | ) | ||||||||||||||||
Class B (1) | (2,532,332 | ) | (941,476 | ) | (4,731,976 | ) | (3,575,516 | ) | (12,097,503 | ) | (9,420,718 | ) | (11,843,706 | ) | (12,248,484 | ) | ||||||||||||||||
Class C (1) | (15,279,732 | ) | (9,986,687 | ) | (18,337,675 | ) | (14,126,323 | ) | (54,334,855 | ) | (39,549,604 | ) | (40,731,429 | ) | (35,599,020 | ) | ||||||||||||||||
Class R (1) | (906,046 | ) | (35,505 | ) | (1,441,555 | ) | (573,828 | ) | (2,927,683 | ) | (4,215,753 | ) | (621,833 | ) | (501,459 | ) | ||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions | 37,513,032 | 25,149,939 | 10,536,172 | 39,786,223 | 22,530,442 | 130,950,373 | 26,074,114 | 139,787,862 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 25,613,013 | 25,277,473 | (19,658,762 | ) | 36,436,211 | (123,962,215 | ) | 106,562,968 | (163,613,861 | ) | 99,089,653 | |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year | 56,367,542 | 31,090,069 | 116,717,037 | 80,280,826 | 437,269,550 | 330,706,582 | 459,033,938 | 359,944,285 | ||||||||||||||||||||||||
End of Year | $ | 81,980,555 | $ | 56,367,542 | $ | 97,058,275 | $ | 116,717,037 | $ | 313,307,335 | $ | 437,269,550 | $ | 295,420,077 | $ | 459,033,938 | ||||||||||||||||
Undistributed Net Investment Income | $ | 303,757 | $ | 188,310 | $ | 1,228,258 | $ | 260,033 | $ | 4,260,234 | $ | 578,354 | $ | 2,957,061 | $ | 136,712 | ||||||||||||||||
(1) | Effective June 23, 2008, Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (See Note 1 to Financial Statements). |
D-10
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Portfolio Optimization | PL Money Market | PL Small-Cap Growth | PL International Value | |||||||||||||||||||||||||||||
Aggressive Fund | Fund | Fund (1) | Fund (1) | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 996,098 | $ | 465,955 | $ | 549,555 | $ | 1,040,367 | ($294,542 | ) | ($508,540 | ) | $ | 2,935,308 | $ | 1,610,801 | ||||||||||||||||
Net realized gain (loss) | (6,742,002 | ) | 11,713,864 | 999 | 7 | (9,372,520 | ) | 3,356,491 | (23,884,057 | ) | 1,927,822 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (82,036,121 | ) | (27,992,579 | ) | — | — | (2,691,164 | ) | (6,358,120 | ) | (48,978,708 | ) | (16,656,715 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (87,782,025 | ) | (15,812,760 | ) | 550,554 | 1,040,374 | (12,358,226 | ) | (3,510,169 | ) | (69,927,457 | ) | (13,118,092 | ) | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | (2,489,729 | ) | (549,555 | ) | (1,040,367 | ) | — | — | (2,617,399 | ) | (1,059,002 | ) | |||||||||||||||||||
Class B (2) | — | (582,138 | ) | — | — | — | — | — | (524 | ) | ||||||||||||||||||||||
Class C (2) | — | (1,511,445 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Class R (2) | — | (25,704 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (2,731,262 | ) | (3,003,207 | ) | — | — | — | (5,415,705 | ) | (20,366 | ) | (2,423,998 | ) | |||||||||||||||||||
Class B (2) | (856,254 | ) | (924,245 | ) | — | — | — | (50,731 | ) | — | (12,039 | ) | ||||||||||||||||||||
Class C (2) | (2,100,835 | ) | (2,231,500 | ) | — | — | — | (43,934 | ) | — | (21,820 | ) | ||||||||||||||||||||
Class R (2) | (47,288 | ) | (22,989 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (5,735,639 | ) | (10,790,957 | ) | (549,555 | ) | (1,040,367 | ) | — | (5,510,370 | ) | (2,637,765 | ) | (3,517,383 | ) | |||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 28,434,551 | 55,707,224 | 95,268,593 | 91,048,917 | 5,483,255 | 6,194,051 | 34,071,651 | 64,544,215 | ||||||||||||||||||||||||
Class B (2) | 5,179,113 | 15,649,040 | — | — | 933 | 40,720 | 12,969 | 95,101 | ||||||||||||||||||||||||
Class C (2) | 19,826,235 | 51,641,272 | — | — | 488 | 49,726 | 1,889 | 127,475 | ||||||||||||||||||||||||
Class R (2) | 2,236,681 | 1,039,751 | — | — | — | — | — | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 2,643,614 | 5,257,925 | 507,236 | 988,340 | — | 5,415,301 | 2,631,723 | 3,474,020 | ||||||||||||||||||||||||
Class B (2) | 819,198 | 1,446,408 | — | — | — | 50,731 | — | 12,500 | ||||||||||||||||||||||||
Class C (2) | 2,031,218 | 3,631,381 | — | — | — | 43,934 | — | 21,103 | ||||||||||||||||||||||||
Class R (2) | 47,288 | 48,325 | — | — | — | — | — | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (23,039,029 | ) | (27,705,613 | ) | (82,989,302 | ) | (70,498,425 | ) | (6,926,273 | ) | (6,867,565 | ) | (10,927,150 | ) | (4,620,026 | ) | ||||||||||||||||
Class B (2) | (3,906,713 | ) | (6,933,114 | ) | — | — | (8,001 | ) | (85,296 | ) | (22,749 | ) | (173,379 | ) | ||||||||||||||||||
Class C (2) | (19,576,097 | ) | (25,231,817 | ) | — | — | (58,646 | ) | (159,671 | ) | (131,720 | ) | (536,005 | ) | ||||||||||||||||||
Class R (2) | (419,159 | ) | (66,193 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | — | — | — | — | 625,267 | — | 1,304,727 | — | ||||||||||||||||||||||||
Class B (1) | — | — | — | — | (374,698 | ) | — | (508,837 | ) | — | ||||||||||||||||||||||
Class C (1) | — | — | — | — | (250,569 | ) | — | (795,890 | ) | — | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 14,276,900 | 74,484,589 | 12,786,527 | 21,538,832 | (1,508,244 | ) | 4,681,931 | 25,636,613 | 62,945,004 | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (79,240,764 | ) | 47,880,872 | 12,787,526 | 21,538,839 | (13,866,470 | ) | (4,338,608 | ) | (46,928,609 | ) | 46,309,529 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year | 202,914,148 | 155,033,276 | 42,636,431 | 21,097,592 | 37,912,953 | 42,251,561 | 125,532,712 | 79,223,183 | ||||||||||||||||||||||||
End of Year | $ | 123,673,384 | $ | 202,914,148 | $ | 55,423,957 | $ | 42,636,431 | $ | 24,046,483 | $ | 37,912,953 | $ | 78,604,103 | $ | 125,532,712 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 1,100,813 | ($5,892 | ) | $ | 9,970 | $ | 8,980 | ($5,351 | ) | ($4,547 | ) | $ | 357,602 | $ | 450,483 | ||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Effective June 23, 2008, Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (see Note 1 to Financial Statements). |
D-11
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Large-Cap Value | PL Short Duration Bond | PL Floating Rate Loan | PL Growth LT | |||||||||||||||||||||||||||||
Fund (1) | Fund (1) | Fund | Fund (1) | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||
March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 (2) | March 31, 2009 | March 31, 2008 | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 1,252,666 | $ | 527,773 | $ | 2,001,475 | $ | 2,704,236 | $ | 1,420,624 | $ | 269,224 | $ | 262,960 | ||||||||||||||||||
Net realized gain (loss) | (13,051,311 | ) | 880,800 | (138,682 | ) | 1,759,234 | (2,103,313 | ) | (22,379,999 | ) | 2,686,394 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (22,878,180 | ) | (8,447,223 | ) | (1,719,200 | ) | 1,528,070 | (4,645,876 | ) | (20,212,126 | ) | (5,069,364 | ) | |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (34,676,825 | ) | (7,038,650 | ) | 143,593 | 5,991,540 | (5,328,565 | ) | (42,322,901 | ) | (2,120,010 | ) | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (963,279 | ) | (500,421 | ) | (1,955,303 | ) | (2,704,239 | ) | (1,416,589 | ) | — | (290,119 | ) | |||||||||||||||||||
Class B | — | — | (177 | ) | (1,158 | ) | — | — | — | |||||||||||||||||||||||
Class C | — | — | (164 | ) | (3,947 | ) | — | — | — | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (78,133 | ) | (1,240,297 | ) | (2,091,716 | ) | — | — | (1,903,771 | ) | (1,377,242 | ) | ||||||||||||||||||||
Class B | — | (12,854 | ) | — | — | — | — | (8,123 | ) | |||||||||||||||||||||||
Class C | — | (25,296 | ) | — | — | — | — | (8,423 | ) | |||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (1,041,412 | ) | (1,778,868 | ) | (4,047,360 | ) | (2,709,344 | ) | (1,416,589 | ) | (1,903,771 | ) | (1,683,907 | ) | ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 32,783,087 | 21,853,160 | 9,690,468 | 16,073,706 | 38,826,706 | 42,232,556 | 19,685,481 | |||||||||||||||||||||||||
Class B | 891 | 55,034 | — | 173 | — | 945 | 39,696 | |||||||||||||||||||||||||
Class C | 4,759 | 65,017 | 2,046 | 28,127 | — | 1,963 | 49,752 | |||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 1,039,920 | 1,737,222 | 4,047,008 | 2,704,239 | 1,416,589 | 1,901,816 | 1,666,001 | |||||||||||||||||||||||||
Class B | — | 12,814 | 177 | 1,151 | — | — | 8,101 | |||||||||||||||||||||||||
Class C | — | 24,124 | 152 | 3,879 | — | — | 7,716 | |||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (5,390,569 | ) | (2,663,274 | ) | (46,232,179 | ) | (5,193,251 | ) | (5,687,085 | ) | (3,658,479 | ) | (2,309,247 | ) | ||||||||||||||||||
Class B | (75,841 | ) | (122,103 | ) | — | (8,201 | ) | — | (3,740 | ) | (79,779 | ) | ||||||||||||||||||||
Class C | (196,162 | ) | (500,553 | ) | (16,783 | ) | (426,662 | ) | — | (33,231 | ) | (495,041 | ) | |||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | 1,315,179 | — | 69,326 | — | — | 731,518 | — | |||||||||||||||||||||||||
Class B (1) | (487,057 | ) | — | (39,693 | ) | — | — | (403,971 | ) | — | ||||||||||||||||||||||
Class C (1) | (828,122 | ) | — | (29,633 | ) | — | — | (327,547 | ) | — | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 28,166,085 | 20,461,441 | (32,509,111 | ) | 13,183,161 | 34,556,210 | 40,441,830 | 18,572,680 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (7,552,152 | ) | 11,643,923 | (36,412,878 | ) | 16,465,357 | 27,811,056 | (3,784,842 | ) | 14,768,763 | ||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year/Period | 70,483,485 | 58,839,562 | 83,768,080 | 67,302,723 | — | 77,942,593 | 63,173,830 | |||||||||||||||||||||||||
End of Year/Period | $ | 62,931,333 | $ | 70,483,485 | $ | 47,355,202 | $ | 83,768,080 | $ | 27,811,056 | $ | 74,157,751 | $ | 77,942,593 | ||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 361,833 | $ | 75,077 | $ | 2,835 | $ | 5,254 | $ | 26,404 | $ | 1,422,768 | $ | (23,784 | ) | |||||||||||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Operations commenced on June 30, 2008. |
D-12
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Mid-Cap Equity | PL Large-Cap Growth | PL International Large-Cap | PL Small-Cap | |||||||||||||||||||||||||||||
Fund (1), (2) | Fund (2) | Fund (2) | Value Fund | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | |||||||||||||||||||||||||
March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 (3) | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 762,482 | $ | 446,836 | ($133,537 | ) | ($271,217 | ) | $ | 1,158,337 | $ | 1,057,411 | $ | 676,961 | $ | 168,897 | ||||||||||||||||
Net realized gain (loss) | (25,067,427 | ) | (1,322,294 | ) | (8,422,999 | ) | 997,280 | (7,194,722 | ) | 2,448,353 | (5,606,856 | ) | (311,080 | ) | ||||||||||||||||||
Net change in unrealized depreciation | (10,884,258 | ) | (12,947,075 | ) | (1,983,894 | ) | (859,931 | ) | (36,679,372 | ) | (5,108,945 | ) | (10,487,601 | ) | (1,572,901 | ) | ||||||||||||||||
Net Decrease in Net Assets Resulting from Operations | (35,189,203 | ) | (13,822,533 | ) | (10,540,430 | ) | (133,868 | ) | (42,715,757 | ) | (1,603,181 | ) | (15,417,496 | ) | (1,715,084 | ) | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (881,742 | ) | (220,826 | ) | — | — | (406,311 | ) | (866,389 | ) | (543,357 | ) | (118,054 | ) | ||||||||||||||||||
Class B | — | — | — | — | — | (2,106 | ) | — | — | |||||||||||||||||||||||
Class C | — | — | — | — | — | (1,225 | ) | — | — | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (5,998 | ) | (8,404,781 | ) | — | — | (781,483 | ) | (4,258,607 | ) | — | — | ||||||||||||||||||||
Class B | — | (7,881 | ) | — | — | — | (32,096 | ) | — | — | ||||||||||||||||||||||
Class C | — | (22,860 | ) | — | — | — | (37,947 | ) | — | — | ||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (887,740 | ) | (8,656,348 | ) | — | — | (1,187,794 | ) | (5,198,370 | ) | (543,357 | ) | (118,054 | ) | ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 16,998,453 | 30,097,244 | 3,318,893 | 3,533,877 | 16,839,960 | 23,343,032 | 26,354,167 | 25,756,137 | ||||||||||||||||||||||||
Class B | 1,150 | 17,494 | 1,647 | 28,524 | 17,226 | 92,953 | — | — | ||||||||||||||||||||||||
Class C | 66 | 33,517 | 1,242 | 84,574 | 5,667 | 87,980 | — | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 887,735 | 8,625,604 | — | — | 1,186,517 | 5,118,160 | 543,357 | 118,054 | ||||||||||||||||||||||||
Class B | — | 7,796 | — | — | — | 34,170 | — | — | ||||||||||||||||||||||||
Class C | — | 22,857 | — | — | — | 38,494 | — | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (8,086,875 | ) | (2,292,165 | ) | (3,413,704 | ) | (6,893,473 | ) | (6,188,203 | ) | (2,506,948 | ) | (3,030,610 | ) | (4,929,220 | ) | ||||||||||||||||
Class B | (25 | ) | (44,073 | ) | (8,980 | ) | (57,744 | ) | (600 | ) | (143,775 | ) | — | — | ||||||||||||||||||
Class C | (11,832 | ) | (94,464 | ) | (95,193 | ) | (274,963 | ) | (81,491 | ) | (386,656 | ) | — | — | ||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (2) | 210,133 | — | 981,076 | — | 1,115,829 | — | — | — | ||||||||||||||||||||||||
Class B (2) | (60,101 | ) | — | (406,919 | ) | — | (608,612 | ) | — | — | — | |||||||||||||||||||||
Class C (2) | (150,032 | ) | — | (574,157 | ) | — | (507,217 | ) | — | — | — | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 9,788,672 | 36,373,810 | (196,095 | ) | (3,579,205 | ) | 11,779,076 | 25,677,410 | 23,866,914 | 20,944,971 | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (26,288,271 | ) | 13,894,929 | (10,736,525 | ) | (3,713,073 | ) | (32,124,475 | ) | 18,875,859 | 7,906,061 | 19,111,833 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year/Period | 85,423,318 | 71,528,389 | 27,251,116 | 30,964,189 | 97,248,331 | 78,372,472 | 19,111,833 | — | ||||||||||||||||||||||||
End of Year/Period | $ | 59,135,047 | $ | 85,423,318 | $ | 16,514,591 | $ | 27,251,116 | $ | 65,123,856 | $ | 97,248,331 | $ | 27,017,894 | $ | 19,111,833 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 111,142 | $ | 224,019 | ($15,182 | ) | ($12,087 | ) | $ | 770,005 | $ | 89,152 | $ | 83,827 | $ | 56,640 | ||||||||||||||||
(1) | Prior to July 1, 2008 the PL Mid-Cap Equity Fund was named the PL Mid-Cap Value Fund. | |
(2) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(3) | Operations commenced on June 29, 2007. |
D-13
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Main Street Core | PL Emerging Markets | PL Managed Bond | PL Inflation Managed | |||||||||||||||||||||||||||||
Fund | Fund | Fund (1) | Fund (1) | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 1,115,871 | $ | 722,380 | $ | 442,624 | $ | 251,036 | $ | 7,072,229 | $ | 5,809,176 | $ | 3,961,251 | $ | 5,091,238 | ||||||||||||||||
Net realized gain (loss) | (13,983,275 | ) | (5,429,518 | ) | (3,452,033 | ) | 8,880,626 | 5,076,618 | 4,465,452 | (10,185,425 | ) | 9,105,556 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (35,210,467 | ) | (6,306,883 | ) | (16,342,343 | ) | (1,172,814 | ) | (14,540,979 | ) | 4,170,522 | 921,629 | 1,683,472 | |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (48,077,871 | ) | (11,014,021 | ) | (19,351,752 | ) | 7,958,848 | (2,392,132 | ) | 14,445,150 | (5,302,545 | ) | 15,880,266 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (1,021,270 | ) | (707,894 | ) | (306,483 | ) | (158,409 | ) | (8,944,449 | ) | (5,296,109 | ) | (4,178,065 | ) | (4,949,549 | ) | ||||||||||||||||
Class B | — | — | — | — | (3,708 | ) | (23,230 | ) | (1,803 | ) | (33,592 | ) | ||||||||||||||||||||
Class C | — | — | — | — | (8,415 | ) | (62,747 | ) | (4,855 | ) | (93,257 | ) | ||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (5,703,935 | ) | (6,235,734 | ) | (6,068,532 | ) | (7,903,449 | ) | (156,804 | ) | (7,952,335 | ) | — | ||||||||||||||||||
Class B | — | — | — | — | — | (1,161 | ) | — | — | |||||||||||||||||||||||
Class C | — | — | — | — | — | (3,392 | ) | — | — | |||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (1,021,270 | ) | (6,411,829 | ) | (6,542,217 | ) | (6,226,941 | ) | (16,860,021 | ) | (5,543,443 | ) | (12,137,058 | ) | (5,076,398 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 24,569,857 | 39,400,204 | 6,701,740 | 2,449,166 | 27,329,169 | 70,464,965 | 11,788,650 | 30,294,992 | ||||||||||||||||||||||||
Class B | — | — | — | — | 10,549 | 30,708 | 260 | 16,612 | ||||||||||||||||||||||||
Class C | — | — | — | — | 2,266 | 285,315 | 1,070 | 41,626 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 1,021,270 | 6,411,829 | 6,542,217 | 6,226,941 | 16,807,322 | 5,429,652 | 12,088,166 | 4,938,226 | ||||||||||||||||||||||||
Class B | — | — | — | — | 3,464 | 22,633 | 1,614 | 30,170 | ||||||||||||||||||||||||
Class C | — | — | — | — | 8,080 | 63,175 | 4,303 | 81,721 | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (3,167,112 | ) | (3,586,246 | ) | (4,162,422 | ) | (14,151,795 | ) | (65,643,296 | ) | (10,766,617 | ) | (50,421,261 | ) | (5,727,890 | ) | ||||||||||||||||
Class B | — | — | — | — | (8,663 | ) | (164,406 | ) | (126,125 | ) | (155,126 | ) | ||||||||||||||||||||
Class C | — | — | — | — | (321,532 | ) | (974,609 | ) | (80,992 | ) | (852,419 | ) | ||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | — | — | — | — | 2,590,719 | — | 2,785,176 | — | ||||||||||||||||||||||||
Class B (1) | — | — | — | — | (824,773 | ) | — | (718,824 | ) | — | ||||||||||||||||||||||
Class C (1) | — | — | — | — | (1,765,946 | ) | — | (2,066,352 | ) | — | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 22,424,015 | 42,225,787 | 9,081,535 | (5,475,688 | ) | (21,812,641 | ) | 64,390,816 | (26,744,315 | ) | 28,667,912 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (26,675,126 | ) | 24,799,937 | (16,812,434 | ) | 3,743,781 | (41,064,794 | ) | 73,292,523 | (44,183,918 | ) | 39,471,780 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year | 111,936,196 | 87,136,259 | 47,632,713 | 51,376,494 | 178,789,283 | 105,496,760 | 125,449,963 | 85,978,183 | ||||||||||||||||||||||||
End of Year | $ | 85,261,070 | $ | 111,936,196 | $ | 30,820,279 | $ | 47,632,713 | $ | 137,724,489 | $ | 178,789,283 | $ | 81,266,045 | $ | 125,449,963 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 295,838 | $ | 201,237 | ($9,143 | ) | ($29,522 | ) | $ | 1,030,686 | $ | 485,470 | $ | 1,554,305 | $ | 252,594 | ||||||||||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). |
D-14
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Comstock | PL Mid-Cap Growth | PL Real Estate | ||||||||||||||||||||||
Fund (1) | Fund (1) | Fund (1) | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | March 31, 2009 | March 31, 2008 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,688,483 | $ | 1,194,978 | ($183,547 | ) | ($147,165 | ) | $ | 564,693 | $ | 365,982 | ||||||||||||
Net realized gain (loss) | (31,371,559 | ) | 1,601,296 | 741,438 | 10,548,598 | (6,933,772 | ) | 109,934 | ||||||||||||||||
Net change in unrealized depreciation | (19,223,029 | ) | (21,558,939 | ) | (11,370,006 | ) | (4,475,115 | ) | (16,677,191 | ) | (7,743,766 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (48,906,105 | ) | (18,762,665 | ) | (10,812,115 | ) | 5,926,318 | (23,046,270 | ) | (7,267,850 | ) | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | (1,691,349 | ) | (1,042,485 | ) | — | — | (587,647 | ) | (527,192 | ) | ||||||||||||||
Class B | — | (293 | ) | — | — | — | (531 | ) | ||||||||||||||||
Class C | — | — | — | — | — | (1,573 | ) | |||||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | — | (2,859,888 | ) | (3,021,703 | ) | (11,271,959 | ) | — | (2,467,699 | ) | ||||||||||||||
Class B | — | (17,317 | ) | — | (232,340 | ) | — | (7,070 | ) | |||||||||||||||
Class C | — | (25,351 | ) | — | (236,491 | ) | — | (18,045 | ) | |||||||||||||||
Return of Capital | ||||||||||||||||||||||||
Class A | — | — | — | — | (23,684 | ) | — | |||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (1,691,349 | ) | (3,945,334 | ) | (3,021,703 | ) | (11,740,790 | ) | (611,331 | ) | (3,022,110 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | 23,688,364 | 63,995,032 | 4,565,953 | 6,445,182 | 10,981,327 | 16,144,820 | ||||||||||||||||||
Class B | 1,314 | 61,621 | 5,481 | 104,389 | 1,095 | 16,876 | ||||||||||||||||||
Class C | 5,632 | 94,098 | 6,579 | 136,310 | 1,831 | 93,542 | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | 1,690,697 | 3,901,393 | 3,003,467 | 11,246,534 | 611,317 | 2,994,888 | ||||||||||||||||||
Class B | — | 17,609 | — | 209,330 | — | 7,599 | ||||||||||||||||||
Class C | — | 23,926 | 16 | 227,260 | — | 19,579 | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | (25,297,002 | ) | (4,957,385 | ) | (26,866,051 | ) | (25,506,434 | ) | (5,342,911 | ) | (2,590,529 | ) | ||||||||||||
Class B | (30,433 | ) | (137,263 | ) | (39,846 | ) | (182,470 | ) | (466 | ) | (75,586 | ) | ||||||||||||
Class C | (134,206 | ) | (424,527 | ) | (194,930 | ) | (607,714 | ) | (6,890 | ) | (148,337 | ) | ||||||||||||
Share class conversions | ||||||||||||||||||||||||
Class A (1) | 1,054,821 | — | 1,945,550 | — | 304,189 | — | ||||||||||||||||||
Class B (1) | (467,415 | ) | — | (1,041,725 | ) | — | (95,040 | ) | — | |||||||||||||||
Class C (1) | (587,406 | ) | ��� | (903,825 | ) | — | (209,149 | ) | — | |||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (75,634 | ) | 62,574,504 | (19,519,331 | ) | (7,927,613 | ) | 6,245,303 | 16,462,852 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (50,673,088 | ) | 39,866,505 | (33,353,149 | ) | (13,742,085 | ) | (17,412,298 | ) | 6,172,892 | ||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Year | 125,534,891 | 85,668,386 | 52,225,846 | 65,967,931 | 38,186,975 | 32,014,083 | ||||||||||||||||||
End of Year | $ | 74,861,803 | $ | 125,534,891 | $ | 18,872,697 | $ | 52,225,846 | $ | 20,774,677 | $ | 38,186,975 | ||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 324,795 | $ | 327,661 | ($11,865 | ) | ($159,496 | ) | ($1,638 | ) | $ | 15,588 | ||||||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). |
D-15
FOR THE PERIOD ENDED MARCH 31, 2009
PL Floating | ||||
Rate Loan | ||||
Fund (2) | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net decrease in net assets from operations | ($5,328,565 | ) | ||
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: | ||||
Purchases of long-term securities | (43,654,245 | ) | ||
Proceeds from disposition of long-term securities | 13,912,026 | |||
Increase in dividends and interest receivable | (92,143 | ) | ||
Increase in receivable for securities sold | (304,650 | ) | ||
Increase in due from adviser and/or administrator | (724 | ) | ||
Increase in other assets | (2,113 | ) | ||
Increase in accrued advisory fees | 18,241 | |||
Increase in accrued administration fees | 7,296 | |||
Increase in accrued support service fees | 2,522 | |||
Increase in accrued custodian fees and expenses | 2,193 | |||
Increase in legal and audit fees | 8,754 | |||
Increase in accrued distribution and/or service fees | 1,347 | |||
Increase in transfer agency out-of-pocket expenses | 3,872 | |||
Increase in accrued other liabilities | 5,229 | |||
Net amortization on investments | (286,385 | ) | ||
Net realized loss on investment securities | 2,103,313 | |||
Net unrealized depreciation on investments | 4,645,876 | |||
Net cash flow used by operating activities | (28,958,156 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES (3): | ||||
Proceeds from shares sold | 38,826,706 | |||
Payment of shares redeemed | (5,394,483 | ) | ||
Net cash flow provided by financing activities | 33,432,223 | |||
NET INCREASE IN CASH | 4,474,067 | |||
CASH: | ||||
Beginning of the period | — | |||
End of the period | $ | 4,474,067 | ||
(1) | Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows is the amount included within the Statement of Assets and Liabilities and includes cash on hand at its custodian bank and does not include any short-term investments. The PL Floating Rate Loan Fund has not met the exemption criteria under Statement of Financial Accounting Standards No. 102, Statement of Cash Flows — Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale, issued by the Financial Accounting Standards Board and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria. | |
(2) | Operations commenced on June 30, 2008. | |
(3) | Reinvestment of dividends was $1,416,589. |
D-16
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||
Net | Net | |||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | ||||||||||||||||||||||||||||||||
Value, | and | Total | from | Distributions | ||||||||||||||||||||||||||||||
Beginning | Net | Unrealized | from | Net | from | |||||||||||||||||||||||||||||
of Year | Investment | Gain | Investment | Investment | Capital | Total | ||||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income | (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 10.55 | $ | 0.37 | ($1.50 | ) | ($1.13 | ) | ($0.55 | ) | ($0.03 | ) | ($0.58 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.51 | 0.34 | 0.19 | 0.53 | (0.35 | ) | (0.14 | ) | (0.49 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.34 | 0.29 | 0.33 | 0.62 | (0.28 | ) | (0.17 | ) | (0.45 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.18 | 0.22 | 0.20 | 0.42 | (0.23 | ) | (0.03 | ) | (0.26 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.15 | 0.13 | 0.05 | 0.18 | (0.13 | ) | (0.02 | ) | (0.15 | ) | ||||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 (4) | $ | 10.49 | $ | 0.30 | ($1.50 | ) | ($1.20 | ) | ($0.49 | ) | ($0.03 | ) | ($0.52 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.46 | 0.26 | 0.19 | 0.45 | (0.28 | ) | (0.14 | ) | (0.42 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.30 | 0.23 | 0.33 | 0.56 | (0.23 | ) | (0.17 | ) | (0.40 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.14 | 0.17 | 0.20 | 0.37 | (0.18 | ) | (0.03 | ) | (0.21 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | 0.08 | 0.04 | 0.12 | (0.10 | ) | (0.02 | ) | (0.12 | ) | ||||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 (4) | $ | 10.49 | $ | 0.30 | ($1.51 | ) | ($1.21 | ) | ($0.49 | ) | ($0.03 | ) | ($0.52 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.45 | 0.26 | 0.20 | 0.46 | (0.28 | ) | (0.14 | ) | (0.42 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.29 | 0.23 | 0.33 | 0.56 | (0.23 | ) | (0.17 | ) | (0.40 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.13 | 0.17 | 0.20 | 0.37 | (0.18 | ) | (0.03 | ) | (0.21 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 0.08 | 0.04 | 0.12 | (0.10 | ) | (0.02 | ) | (0.12 | ) | ||||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 (4) | $ | 10.53 | $ | 0.34 | ($1.50 | ) | ($1.16 | ) | ($0.53 | ) | ($0.03 | ) | ($0.56 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.50 | 0.31 | 0.19 | 0.50 | (0.33 | ) | (0.14 | ) | (0.47 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.33 | 0.28 | 0.34 | 0.62 | (0.28 | ) | (0.17 | ) | (0.45 | ) | ||||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 10.35 | 0.11 | 0.09 | 0.20 | (0.21 | ) | (0.01 | ) | (0.22 | ) | ||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 10.96 | $ | 0.30 | ($2.36 | ) | ($2.06 | ) | ($0.44 | ) | ($0.10 | ) | ($0.54 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.21 | 0.28 | (0.01 | ) | 0.27 | (0.34 | ) | (0.18 | ) | (0.52 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.87 | 0.23 | 0.61 | 0.84 | (0.25 | ) | (0.25 | ) | (0.50 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.33 | 0.18 | 0.57 | 0.75 | (0.19 | ) | (0.02 | ) | (0.21 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | 0.11 | 0.22 | 0.33 | (0.12 | ) | (0.02 | ) | (0.14 | ) | ||||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 (4) | $ | 10.89 | $ | 0.23 | ($2.36 | ) | ($2.13 | ) | ($0.36 | ) | ($0.10 | ) | ($0.46 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.15 | 0.20 | (0.02 | ) | 0.18 | (0.26 | ) | (0.18 | ) | (0.44 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.82 | 0.17 | 0.61 | 0.78 | (0.20 | ) | (0.25 | ) | (0.45 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.29 | 0.13 | 0.56 | 0.69 | (0.14 | ) | (0.02 | ) | (0.16 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 0.06 | 0.21 | 0.27 | (0.09 | ) | (0.02 | ) | (0.11 | ) | ||||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 (4) | $ | 10.89 | $ | 0.22 | ($2.35 | ) | ($2.13 | ) | ($0.36 | ) | ($0.10 | ) | ($0.46 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.16 | 0.20 | (0.02 | ) | 0.18 | (0.27 | ) | (0.18 | ) | (0.45 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.83 | 0.17 | 0.61 | 0.78 | (0.20 | ) | (0.25 | ) | (0.45 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.29 | 0.13 | 0.57 | 0.70 | (0.14 | ) | (0.02 | ) | (0.16 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 0.06 | 0.21 | 0.27 | (0.09 | ) | (0.02 | ) | (0.11 | ) | ||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios of | ||||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | ||||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | ||||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | ||||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | to | Portfolio | |||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | ||||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | |||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 8.84 | (10.78 | %) | $ | 32,817 | 0.16 | % | 0.95 | % | 3.91 | % | 26.41 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.55 | 5.15 | % | 24,003 | 0.00 | % | 0.94 | % | 3.20 | % | 43.30 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.51 | 6.12 | % | 11,730 | 0.02 | % | 1.37 | % | 2.77 | % | 35.84 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.34 | 4.12 | % | 9,887 | 0.03 | % | 1.57 | % | 2.17 | % | 66.26 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.18 | 1.74 | % | 8,262 | 0.00 | % | 2.35 | % | 1.29 | % | 20.21 | % | ||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 (4) | $ | 8.77 | (11.51 | %) | $ | 8,306 | 0.91 | % | 1.70 | % | 3.16 | % | 26.41 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.49 | 4.42 | % | 4,895 | 0.75 | % | 1.69 | % | 2.45 | % | 43.30 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.46 | 5.52 | % | 2,822 | 0.58 | % | 1.93 | % | 2.20 | % | 35.84 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.30 | 3.56 | % | 1,923 | 0.53 | % | 2.07 | % | 1.67 | % | 66.26 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | 1.25 | % | 1,450 | 0.50 | % | 2.85 | % | 0.79 | % | 20.21 | % | ||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 (4) | $ | 8.76 | (11.63 | %) | $ | 37,659 | 0.91 | % | 1.70 | % | 3.16 | % | 26.41 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.49 | 4.48 | % | 25,841 | 0.75 | % | 1.69 | % | 2.45 | % | 43.30 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.45 | 5.55 | % | 16,322 | 0.58 | % | 1.93 | % | 2.20 | % | 35.84 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.29 | 3.65 | % | 11,342 | 0.53 | % | 2.07 | % | 1.67 | % | 66.26 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 1.18 | % | 8,908 | 0.50 | % | 2.85 | % | 0.79 | % | 20.21 | % | ||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 (4) | $ | 8.81 | (11.07 | %) | $ | 3,197 | 0.41 | % | 1.20 | % | 3.66 | % | 26.41 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.53 | 4.90 | % | 1,629 | 0.25 | % | 1.19 | % | 2.95 | % | 43.30 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.50 | 6.13 | % | 216 | 0.10 | % | 1.43 | % | 2.68 | % | 35.84 | % | ||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 10.33 | 1.90 | % | 10 | 0.03 | % | 1.57 | % | 2.17 | % | 66.26 | % | ||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 8.36 | (19.15 | %) | $ | 39,518 | 0.14 | % | 0.92 | % | 3.10 | % | 31.68 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.96 | 2.31 | % | 50,389 | 0.00 | % | 0.82 | % | 2.50 | % | 10.38 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.21 | 7.93 | % | 36,345 | 0.01 | % | 1.18 | % | 2.13 | % | 18.25 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.87 | 7.23 | % | 28,292 | 0.02 | % | 1.32 | % | 1.72 | % | 37.91 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.33 | 3.28 | % | 19,664 | 0.00 | % | 1.74 | % | 1.05 | % | 7.82 | % | ||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 (4) | $ | 8.30 | (19.85 | %) | $ | 11,943 | 0.89 | % | 1.67 | % | 2.35 | % | 31.68 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.89 | 1.53 | % | 15,092 | 0.75 | % | 1.57 | % | 1.75 | % | 10.38 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.15 | 7.39 | % | 12,098 | 0.58 | % | 1.75 | % | 1.56 | % | 18.25 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.82 | 6.70 | % | 9,058 | 0.52 | % | 1.82 | % | 1.22 | % | 37.91 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.29 | 2.69 | % | 6,699 | 0.50 | % | 2.24 | % | 0.55 | % | 7.82 | % | ||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 (4) | $ | 8.30 | (19.84 | %) | $ | 40,640 | 0.89 | % | 1.67 | % | 2.35 | % | 31.68 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.89 | 1.51 | % | 48,205 | 0.75 | % | 1.57 | % | 1.75 | % | 10.38 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.16 | 7.38 | % | 30,464 | 0.58 | % | 1.75 | % | 1.56 | % | 18.25 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.83 | 6.80 | % | 23,860 | 0.52 | % | 1.82 | % | 1.22 | % | 37.91 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.29 | 2.70 | % | 15,375 | 0.50 | % | 2.24 | % | 0.55 | % | 7.82 | % | ||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on E-7 |
E-1
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||
Net | Net | |||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | ||||||||||||||||||||||||||||||||
Value, | and | Total | from | Distributions | ||||||||||||||||||||||||||||||
Beginning | Net | Unrealized | from | Net | from | |||||||||||||||||||||||||||||
of Year | Investment | Gain | Investment | Investment | Capital | Total | ||||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income | (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (Continued) | �� | |||||||||||||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 (4) | $ | 10.94 | $ | 0.27 | ($2.36 | ) | ($2.09 | ) | ($0.41 | ) | ($0.10 | ) | ($0.51 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.20 | 0.25 | (0.01 | ) | 0.24 | (0.32 | ) | (0.18 | ) | (0.50 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.87 | 0.22 | 0.61 | 0.83 | (0.25 | ) | (0.25 | ) | (0.50 | ) | ||||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 10.67 | 0.09 | 0.29 | 0.38 | (0.17 | ) | (0.01 | ) | (0.18 | ) | ||||||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 11.51 | $ | 0.23 | ($3.30 | ) | ($3.07 | ) | ($0.31 | ) | ($0.17 | ) | ($0.48 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.08 | 0.23 | (0.17 | ) | 0.06 | (0.35 | ) | (0.28 | ) | (0.63 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.56 | 0.18 | 0.88 | 1.06 | (0.22 | ) | (0.32 | ) | (0.54 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.54 | 0.15 | 1.06 | 1.21 | (0.16 | ) | (0.03 | ) | (0.19 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | 0.08 | 0.43 | 0.51 | (0.09 | ) | (0.02 | ) | (0.11 | ) | ||||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 (4) | $ | 11.44 | $ | 0.16 | ($3.30 | ) | ($3.14 | ) | ($0.23 | ) | ($0.17 | ) | ($0.40 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.02 | 0.14 | (0.17 | ) | (0.03 | ) | (0.27 | ) | (0.28 | ) | (0.55 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.51 | 0.11 | 0.89 | 1.00 | (0.17 | ) | (0.32 | ) | (0.49 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.50 | 0.09 | 1.07 | 1.16 | (0.12 | ) | (0.03 | ) | (0.15 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 0.03 | 0.43 | 0.46 | (0.07 | ) | (0.02 | ) | (0.09 | ) | ||||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 (4) | $ | 11.42 | $ | 0.16 | ($3.30 | ) | ($3.14 | ) | ($0.23 | ) | ($0.17 | ) | ($0.40 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.00 | 0.14 | (0.17 | ) | (0.03 | ) | (0.27 | ) | (0.28 | ) | (0.55 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.50 | 0.11 | 0.88 | 0.99 | (0.17 | ) | (0.32 | ) | (0.49 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.49 | 0.09 | 1.07 | 1.16 | (0.12 | ) | (0.03 | ) | (0.15 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.12 | 0.03 | 0.43 | 0.46 | (0.07 | ) | (0.02 | ) | (0.09 | ) | ||||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 (4) | $ | 11.48 | $ | 0.20 | ($3.29 | ) | ($3.09 | ) | ($0.29 | ) | ($0.17 | ) | ($0.46 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.06 | 0.20 | (0.17 | ) | 0.03 | (0.33 | ) | (0.28 | ) | (0.61 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.56 | 0.16 | 0.88 | 1.04 | (0.22 | ) | (0.32 | ) | (0.54 | ) | ||||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 11.05 | 0.07 | 0.60 | 0.67 | (0.15 | ) | (0.01 | ) | (0.16 | ) | ||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 11.79 | $ | 0.16 | ($4.21 | ) | ($4.05 | ) | ($0.19 | ) | ($0.24 | ) | ($0.43 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.74 | 0.17 | (0.41 | ) | (0.24 | ) | (0.33 | ) | (0.38 | ) | (0.71 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.02 | 0.12 | 1.12 | 1.24 | (0.20 | ) | (0.32 | ) | (0.52 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.66 | 0.10 | 1.44 | 1.54 | (0.13 | ) | (0.05 | ) | (0.18 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.11 | 0.05 | 0.58 | 0.63 | (0.06 | ) | (0.02 | ) | (0.08 | ) | ||||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 (4) | $ | 11.69 | $ | 0.08 | ($4.19 | ) | ($4.11 | ) | ($0.13 | ) | ($0.24 | ) | ($0.37 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.67 | 0.07 | (0.41 | ) | (0.34 | ) | (0.26 | ) | (0.38 | ) | (0.64 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.97 | 0.05 | 1.13 | 1.18 | (0.16 | ) | (0.32 | ) | (0.48 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.63 | 0.04 | 1.45 | 1.49 | (0.10 | ) | (0.05 | ) | (0.15 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.10 | — | (5) | 0.58 | 0.58 | (0.03 | ) | (0.02 | ) | (0.05 | ) | |||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios of | ||||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | ||||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | ||||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | ||||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | to | Portfolio | |||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | ||||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | |||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (Continued) | ||||||||||||||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 (4) | $ | 8.34 | (19.36 | %) | $ | 4,957 | 0.39 | % | 1.17 | % | 2.85 | % | 31.68 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.94 | 2.03 | % | 3,031 | 0.25 | % | 1.07 | % | 2.25 | % | 10.38 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.20 | 7.84 | % | 1,373 | 0.10 | % | 1.25 | % | 2.04 | % | 18.25 | % | ||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 10.87 | 3.63 | % | 290 | 0.02 | % | 1.32 | % | 1.72 | % | 37.91 | % | ||||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 7.96 | (27.25 | %) | $ | 137,205 | 0.14 | % | 0.89 | % | 2.35 | % | 25.95 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.51 | 0.28 | % | 192,707 | 0.00 | % | 0.78 | % | 1.90 | % | 5.01 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.08 | 9.41 | % | 149,905 | 0.00 | % | 1.06 | % | 1.51 | % | 8.24 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.56 | 11.58 | % | 95,079 | 0.00 | % | 1.20 | % | 1.33 | % | 26.54 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.54 | 5.09 | % | 53,783 | 0.00 | % | 1.41 | % | 0.82 | % | 5.78 | % | ||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 (4) | $ | 7.90 | (27.95 | %) | $ | 40,658 | 0.89 | % | 1.64 | % | 1.60 | % | 25.95 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.44 | (0.48 | %) | 56,387 | 0.75 | % | 1.53 | % | 1.15 | % | 5.01 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.02 | 8.88 | % | 43,774 | 0.57 | % | 1.63 | % | 0.94 | % | 8.24 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.51 | 11.10 | % | 31,687 | 0.50 | % | 1.70 | % | 0.83 | % | 26.54 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.50 | 4.55 | % | 19,414 | 0.50 | % | 1.91 | % | 0.32 | % | 5.78 | % | ||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 (4) | $ | 7.88 | (28.02 | %) | $ | 123,122 | 0.89 | % | 1.64 | % | 1.60 | % | 25.95 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.42 | (0.46 | %) | 180,421 | 0.75 | % | 1.53 | % | 1.15 | % | 5.01 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.00 | 8.82 | % | 134,695 | 0.57 | % | 1.63 | % | 0.94 | % | 8.24 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.50 | 11.12 | % | 88,774 | 0.50 | % | 1.70 | % | 0.83 | % | 26.54 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.49 | 4.53 | % | 52,510 | 0.50 | % | 1.91 | % | 0.32 | % | 5.78 | % | ||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 (4) | $ | 7.93 | (27.48 | %) | $ | 12,323 | 0.39 | % | 1.14 | % | 2.10 | % | 25.95 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.48 | 0.05 | % | 7,754 | 0.25 | % | 1.03 | % | 1.65 | % | 5.01 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.06 | 9.24 | % | 2,332 | 0.11 | % | 1.13 | % | 1.40 | % | 8.24 | % | ||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 11.56 | 6.16 | % | 13 | 0.00 | % | 1.20 | % | 1.33 | % | 26.54 | % | ||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 7.31 | (35.15 | %) | $ | 128,976 | 0.14 | % | 0.89 | % | 1.63 | % | 22.98 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.79 | (2.25 | %) | 203,091 | 0.00 | % | 0.78 | % | 1.30 | % | 5.05 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.74 | 10.57 | % | 158,754 | 0.00 | % | 1.05 | % | 1.02 | % | 6.96 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.02 | 14.59 | % | 93,498 | 0.00 | % | 1.19 | % | 0.86 | % | 27.98 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.66 | 6.26 | % | 43,986 | 0.00 | % | 1.43 | % | 0.52 | % | 10.16 | % | ||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 (4) | $ | 7.21 | (35.97 | %) | $ | 43,587 | 0.89 | % | 1.64 | % | 0.88 | % | 22.98 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.69 | (3.04 | %) | 68,162 | 0.75 | % | 1.53 | % | 0.55 | % | 5.05 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.67 | 10.11 | % | 56,938 | 0.57 | % | 1.62 | % | 0.44 | % | 6.96 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.97 | 14.09 | % | 35,154 | 0.50 | % | 1.69 | % | 0.36 | % | 27.98 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.63 | 5.79 | % | 18,954 | 0.50 | % | 1.93 | % | 0.02 | % | 10.16 | % | ||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on E-7 |
E-2
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | |||||||||||||||||||||||||||||||||
Value, | Net | and | Total | from | Distributions | ||||||||||||||||||||||||||||||
Beginning | Investment | Unrealized | from | Net | from | ||||||||||||||||||||||||||||||
of Year | Income | Gain | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||||
For the Year or Period Ended | or Period | (Loss) | (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | |||||||||||||||||||||||||||||||||||
(Continued) | |||||||||||||||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 | (4) | $ | 11.67 | $ | 0.08 | ($4.20 | ) | ($4.12 | ) | ($0.13 | ) | ($0.24 | ) | ($0.37 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 12.65 | 0.07 | (0.41 | ) | (0.34 | ) | (0.26 | ) | (0.38 | ) | (0.64 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 11.95 | 0.05 | 1.13 | 1.18 | (0.16 | ) | (0.32 | ) | (0.48 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 10.61 | 0.04 | 1.45 | 1.49 | (0.10 | ) | (0.05 | ) | (0.15 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.09 | — | (5) | 0.57 | 0.57 | (0.03 | ) | (0.02 | ) | (0.05 | ) | |||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 | (4) | $ | 11.79 | $ | 0.13 | ($4.21 | ) | ($4.08 | ) | ($0.17 | ) | ($0.24 | ) | ($0.41 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 12.74 | 0.13 | (0.39 | ) | (0.26 | ) | (0.31 | ) | (0.38 | ) | (0.69 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 12.02 | 0.11 | 1.13 | 1.24 | (0.20 | ) | (0.32 | ) | (0.52 | ) | ||||||||||||||||||||||||
9/30/2005 - 3/31/2006 | (4) | 11.28 | 0.05 | 0.83 | 0.88 | (0.13 | ) | (0.01 | ) | (0.14 | ) | ||||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 12.04 | $ | 0.09 | ($4.88 | ) | ($4.79 | ) | $ | — | ($0.33 | ) | ($0.33 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 13.49 | 0.08 | (0.77 | ) | (0.69 | ) | (0.33 | ) | (0.43 | ) | (0.76 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 12.57 | 0.07 | 1.46 | 1.53 | (0.19 | ) | (0.42 | ) | (0.61 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 10.75 | 0.05 | 1.94 | 1.99 | (0.11 | ) | (0.06 | ) | (0.17 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.08 | 0.02 | 0.70 | 0.72 | (0.02 | ) | (0.03 | ) | (0.05 | ) | ||||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 | (4) | $ | 11.93 | $ | 0.02 | ($4.90 | ) | ($4.88 | ) | $ | — | ($0.33 | ) | ($0.33 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 13.41 | (0.02 | ) | (0.78 | ) | (0.80 | ) | (0.25 | ) | (0.43 | ) | (0.68 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 12.52 | (— | )(5) | 1.46 | 1.46 | (0.15 | ) | (0.42 | ) | (0.57 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 10.72 | (0.01 | ) | 1.94 | 1.93 | (0.07 | ) | (0.06 | ) | (0.13 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.07 | (0.03 | ) | 0.71 | 0.68 | — | (0.03 | ) | (0.03 | ) | ||||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 | (4) | $ | 11.92 | $ | 0.02 | ($4.90 | ) | ($4.88 | ) | $ | — | ($0.33 | ) | ($0.33 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 13.40 | (0.02 | ) | (0.77 | ) | (0.79 | ) | (0.26 | ) | (0.43 | ) | (0.69 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 12.51 | (— | )(5) | 1.46 | 1.46 | (0.15 | ) | (0.42 | ) | (0.57 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 10.72 | (0.01 | ) | 1.93 | 1.92 | (0.07 | ) | (0.06 | ) | (0.13 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.07 | (0.03 | ) | 0.71 | 0.68 | — | (0.03 | ) | (0.03 | ) | ||||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 | (4) | $ | 12.03 | $ | 0.06 | ($4.88 | ) | ($4.82 | ) | $ | — | ($0.33 | ) | ($0.33 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 13.49 | 0.05 | (0.77 | ) | (0.72 | ) | (0.31 | ) | (0.43 | ) | (0.74 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 12.57 | 0.05 | 1.48 | 1.53 | (0.19 | ) | (0.42 | ) | (0.61 | ) | ||||||||||||||||||||||||
9/30/2005 - 3/31/2006 | (4) | 11.50 | 0.02 | 1.17 | 1.19 | (0.11 | ) | (0.01 | ) | (0.12 | ) | ||||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||
Ratios of | |||||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | |||||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | |||||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | |||||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | (Loss) to | Portfolio | ||||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | |||||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | ||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | |||||||||||||||||||||||||||||||||||
(Continued) | |||||||||||||||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 | (4) | $ | 7.18 | (36.12 | %) | $ | 117,549 | 0.89 | % | 1.64 | % | 0.88 | % | 22.98 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 11.67 | (3.03 | %) | 184,634 | 0.75 | % | 1.53 | % | 0.55 | % | 5.05 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 12.65 | 10.12 | % | 143,281 | 0.57 | % | 1.62 | % | 0.44 | % | 6.96 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 11.95 | 14.13 | % | 90,306 | 0.50 | % | 1.69 | % | 0.36 | % | 27.98 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.61 | 5.72 | % | 48,159 | 0.50 | % | 1.93 | % | 0.02 | % | 10.16 | % | ||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 | (4) | $ | 7.30 | (35.38 | %) | $ | 5,307 | 0.39 | % | 1.14 | % | 1.38 | % | 22.98 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 11.79 | (2.39 | %) | 3,147 | 0.25 | % | 1.03 | % | 1.05 | % | 5.05 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 12.74 | 10.57 | % | 971 | 0.10 | % | 1.12 | % | 0.92 | % | 6.96 | % | ||||||||||||||||||||||
9/30/2005 - 3/31/2006 | (4) | 12.02 | 7.92 | % | 11 | 0.00 | % | 1.19 | % | 0.86 | % | 27.98 | % | ||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 6.92 | (40.88 | %) | $ | 59,937 | 0.14 | % | 0.92 | % | 0.97 | % | 18.16 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 12.04 | (5.70 | %) | 96,230 | 0.00 | % | 0.80 | % | 0.62 | % | 9.66 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 13.49 | 12.53 | % | 75,546 | 0.00 | % | 1.09 | % | 0.54 | % | 10.14 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 12.57 | 18.59 | % | 39,397 | 0.00 | % | 1.29 | % | 0.42 | % | 42.51 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.75 | 7.17 | % | 18,244 | 0.00 | % | 1.75 | % | 0.23 | % | 22.37 | % | ||||||||||||||||||||||
Class B: | 4/1/2008 - 3/31/2009 | (4) | $ | 6.72 | (42.04 | %) | $ | 18,042 | 0.89 | % | 1.67 | % | 0.22 | % | 18.16 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 11.93 | (6.46 | %) | 30,059 | 0.75 | % | 1.55 | % | (0.13 | %) | 9.66 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 13.41 | 12.00 | % | 23,716 | 0.58 | % | 1.67 | % | (0.04 | %) | 10.14 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 12.52 | 18.11 | % | 12,889 | 0.50 | % | 1.79 | % | (0.08 | %) | 42.51 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.72 | 6.75 | % | 6,110 | 0.50 | % | 2.25 | % | (0.27 | %) | 22.37 | % | ||||||||||||||||||||||
Class C: | 4/1/2008 - 3/31/2009 | (4) | $ | 6.71 | (41.99 | %) | $ | 43,588 | 0.89 | % | 1.67 | % | 0.22 | % | 18.16 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 11.92 | (6.44 | %) | 75,389 | 0.75 | % | 1.55 | % | (0.13 | %) | 9.66 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 13.40 | 12.01 | % | 55,389 | 0.58 | % | 1.67 | % | (0.04 | %) | 10.14 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 12.51 | 18.00 | % | 30,782 | 0.50 | % | 1.79 | % | (0.08 | %) | 42.51 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.72 | 6.75 | % | 17,510 | 0.50 | % | 2.25 | % | (0.27 | %) | 22.37 | % | ||||||||||||||||||||||
Class R: | 4/1/2008 - 3/31/2009 | (4) | $ | 6.88 | (41.17 | %) | $ | 2,106 | 0.39 | % | 1.17 | % | 0.72 | % | 18.16 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 12.03 | (5.88 | %) | 1,236 | 0.25 | % | 1.05 | % | 0.37 | % | 9.66 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 13.49 | 12.53 | % | 382 | 0.14 | % | 1.17 | % | 0.40 | % | 10.14 | % | ||||||||||||||||||||||
9/30/2005 - 3/31/2006 | (4) | 12.57 | 10.44 | % | 11 | 0.00 | % | 1.29 | % | 0.42 | % | 42.51 | % | ||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on E-7 |
E-3
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | |||||||||||||||||||||||||||||||||
Value, | Net | and | Total | from | Distributions | ||||||||||||||||||||||||||||||
Beginning | Investment | Unrealized | from | Net | from | ||||||||||||||||||||||||||||||
of Year | Income | Gain | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||||
For The Year or Period Ended | or Period | (Loss) | (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||||
PL Money Market Fund (6) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | $ | 1.00 | $ | 0.01 | $ | — | $ | 0.01 | ($0.01 | ) | $ | — | ($0.01 | ) | ||||||||||||||||||||
4/1/2007 - 3/31/2008 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||||||
PL Small-Cap Growth Fund (7),(8) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 9.12 | ($0.07 | ) | ($3.17 | ) | ($3.24 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 11.24 | (0.12 | ) | (0.62 | ) | (0.74 | ) | — | (1.38 | ) | (1.38 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 11.22 | (0.08 | ) | 0.11 | 0.03 | — | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 11.78 | (0.10 | ) | 1.62 | 1.52 | — | (2.08 | ) | (2.08 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 11.53 | (0.16 | ) | 0.69 | 0.53 | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||||||||
PL International Value Fund (8),(9) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 12.82 | $ | 0.26 | ($6.72 | ) | ($6.46 | ) | ($0.22 | ) | ($— | )(5) | ($0.22 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 14.39 | 0.22 | (1.38 | ) | (1.16 | ) | (0.13 | ) | (0.28 | ) | (0.41 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 15.30 | 0.16 | 2.48 | 2.64 | (0.14 | ) | (3.41 | ) | (3.55 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 13.22 | 0.14 | 2.19 | 2.33 | (0.08 | ) | (0.17 | ) | (0.25 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 11.89 | 0.08 | 1.46 | 1.54 | (0.02 | ) | (0.19 | ) | (0.21 | ) | ||||||||||||||||||||||||
PL Large-Cap Value Fund (8) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 11.59 | $ | 0.16 | ($4.27 | ) | ($4.11 | ) | ($0.12 | ) | ($0.01 | ) | ($0.13 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 13.03 | 0.10 | (1.21 | ) | (1.11 | ) | (0.08 | ) | (0.25 | ) | (0.33 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 12.67 | 0.06 | 1.37 | 1.43 | (0.04 | ) | (1.03 | ) | (1.07 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 11.30 | 0.02 | 1.38 | 1.40 | (0.03 | ) | (— | )(5) | (0.03 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.94 | 0.06 | 0.35 | 0.41 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||||
PL Short Duration Bond Fund (8) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 10.22 | $ | 0.32 | ($0.25 | ) | $ | 0.07 | ($0.31 | ) | ($0.29 | ) | ($0.60 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 9.81 | 0.35 | 0.41 | 0.76 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 9.76 | 0.32 | 0.04 | 0.36 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 9.85 | 0.19 | (0.09 | ) | 0.10 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 10.09 | 0.09 | (0.22 | ) | (0.13 | ) | (0.09 | ) | (0.02 | ) | (0.11 | ) | ||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||
Ratios of | |||||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | |||||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | |||||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | |||||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | (Loss) to | Portfolio | ||||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | |||||||||||||||||||||||||||||
For The Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | ||||||||||||||||||||||||||||
PL Money Market Fund (6) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | $ | 1.00 | 1.27 | % | $ | 55,424 | 0.78 | % | 1.18 | % | 1.22 | % | N/A | |||||||||||||||||||||
4/1/2007 - 3/31/2008 | 1.00 | 3.90 | % | 42,636 | 0.95 | % | 1.28 | % | 3.68 | % | N/A | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 1.00 | 4.31 | % | 21,098 | 1.02 | % | 1.58 | % | 4.20 | % | N/A | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | 1.00 | 2.76 | % | 19,293 | 0.94 | % | 1.79 | % | 2.67 | % | N/A | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | 1.00 | 0.77 | % | 22,341 | 0.95 | % | 2.05 | % | 0.83 | % | N/A | ||||||||||||||||||||||||
PL Small-Cap Growth Fund (7),(8) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 5.88 | (35.53 | %) | $ | 24,046 | 1.28 | % | 1.71 | % | (0.96 | %) | 72.93 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 9.12 | (8.81 | %) | 37,258 | 1.55 | % | 1.90 | % | (1.07 | %) | 163.56 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 11.24 | 0.28 | % | 41,378 | 1.78 | % | 2.24 | % | (0.74 | %) | 52.87 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 11.22 | 15.01 | % | 24,218 | 1.95 | % | 2.95 | % | (0.99 | %) | 132.27 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 11.78 | 4.54 | % | 7,116 | 1.95 | % | 3.38 | % | (1.36 | %) | 201.57 | % | ||||||||||||||||||||||
PL International Value Fund (8),(9) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 6.14 | (50.74 | %) | $ | 78,604 | 1.27 | % | 1.58 | % | 2.82 | % | 31.43 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 12.82 | (8.27 | %) | 124,055 | 1.40 | % | 1.72 | % | 1.50 | % | 17.40 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 14.39 | 18.40 | % | 77,127 | 1.64 | % | 2.08 | % | 1.04 | % | 108.86 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 15.30 | 17.85 | % | 57,657 | 1.80 | % | 2.28 | % | 0.99 | % | 55.25 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 13.22 | 13.13 | % | 50,801 | 1.80 | % | 2.45 | % | 0.62 | % | 20.92 | % | ||||||||||||||||||||||
PL Large-Cap Value Fund (8) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 7.35 | (35.61 | %) | $ | 62,931 | 1.25 | % | 1.48 | % | 1.63 | % | 38.49 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 11.59 | (8.80 | %) | 68,901 | 1.40 | % | 1.69 | % | 0.79 | % | 24.35 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 13.03 | 12.09 | % | 56,601 | 1.63 | % | 2.05 | % | 0.50 | % | 19.58 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 12.67 | 12.47 | % | 34,459 | 1.80 | % | 2.25 | % | 0.20 | % | 77.07 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 11.30 | 3.78 | % | 50,430 | 1.80 | % | 2.28 | % | 0.54 | % | 43.72 | % | ||||||||||||||||||||||
PL Short Duration Bond Fund (8) | |||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 | (4) | $ | 9.69 | 0.75 | % | $ | 47,355 | 1.02 | % | 1.26 | % | 3.20 | % | 146.36 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 | (4) | 10.22 | 7.86 | % | 83,683 | 1.15 | % | 1.42 | % | 3.48 | % | 41.74 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | (4) | 9.81 | 3.76 | % | 66,823 | 1.39 | % | 1.75 | % | 3.28 | % | 77.84 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | (4) | 9.76 | 1.03 | % | 44,945 | 1.55 | % | 1.93 | % | 1.97 | % | 91.81 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | (4) | 9.85 | (1.34 | %) | 35,333 | 1.55 | % | 2.34 | % | 0.93 | % | 203.81 | % | ||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on E-7 |
E-4
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||
Net | Net | |||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | ||||||||||||||||||||||||||||||||
Value, | Net | and | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning | Investment | Unrealized | from | Net | from | |||||||||||||||||||||||||||||
of Year | Income | Gain | Investment | Investment | Capital | Total | ||||||||||||||||||||||||||||
For the Year or Period Ended | or Period | (Loss) | (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||||||||
PL Floating Rate Loan Fund (10) | ||||||||||||||||||||||||||||||||||
Class A: | 6/30/2008 - 3/31/2009 (4) | $ | 10.00 | $ | 0.39 | ($1.82 | ) | ($1.43 | ) | ($0.39 | ) | $ | — | ($0.39 | ) | |||||||||||||||||||
PL Growth LT Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 12.63 | $ | 0.03 | ($4.63 | ) | ($4.60 | ) | $ | — | ($0.29 | ) | ($0.29 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.10 | 0.05 | (0.22 | ) | (0.17 | ) | (0.05 | ) | (0.25 | ) | (0.30 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.23 | (0.01 | ) | 0.98 | 0.97 | — | (0.10 | ) | (0.10 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.64 | (0.05 | ) | 1.64 | 1.59 | — | — | — | ||||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.34 | (0.05 | ) | 0.35 | 0.30 | — | — | — | ||||||||||||||||||||||||||
PL Mid-Cap Equity Fund (8),(11) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 8.92 | $ | 0.07 | ($3.58 | ) | ($3.51 | ) | ($0.08 | ) | $ | (— | )(5) | ($0.08 | ) | ||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.62 | 0.06 | (1.61 | ) | (1.55 | ) | (0.03 | ) | (1.12 | ) | (1.15 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.54 | (— | )(5) | 1.51 | 1.51 | — | (0.43 | ) | (0.43 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 9.90 | (0.02 | ) | 1.30 | 1.28 | (0.01 | ) | (0.63 | ) | (0.64 | ) | |||||||||||||||||||||||
12/31/2004 - 3/31/2005 (4) | 10.00 | (0.01 | ) | (0.09 | ) | (0.10 | ) | — | — | — | ||||||||||||||||||||||||
PL Large-Cap Growth Fund (8),(12) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 9.24 | ($0.05 | ) | ($3.75 | ) | ($3.80 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.43 | (0.08 | ) | (0.11 | ) | (0.19 | ) | — | — | — | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.85 | (0.09 | ) | (0.40 | ) | (0.49 | ) | — | (0.93 | ) | (0.93 | ) | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.14 | (0.07 | ) | 0.78 | 0.71 | — | — | — | ||||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.19 | (0.01 | ) | (0.04 | ) | (0.05 | ) | — | — | — | ||||||||||||||||||||||||
PL International Large-Cap Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 15.55 | $ | 0.17 | ($6.37 | ) | ($6.20 | ) | ($0.06 | ) | ($0.12 | ) | ($0.18 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 16.64 | 0.19 | (0.34 | ) | (0.15 | ) | (0.15 | ) | (0.79 | ) | (0.94 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 15.45 | 0.28 | 2.49 | 2.77 | (0.30 | ) | (1.28 | ) | (1.58 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.83 | (— | )(5) | 2.89 | 2.89 | (0.04 | ) | (0.23 | ) | (0.27 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 11.61 | (0.01 | ) | 1.46 | 1.45 | — | (0.23 | ) | (0.23 | ) | ||||||||||||||||||||||||
PL Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 8.80 | $ | 0.16 | ($3.34 | ) | ($3.18 | ) | ($0.13 | ) | $ | — | ($0.13 | ) | |||||||||||||||||||
6/29/2007 - 3/31/2008 (4) | 10.00 | 0.10 | (1.24 | ) | (1.14 | ) | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||
PL Main Street Core Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 9.91 | $ | 0.09 | ($3.81 | ) | ($3.72 | ) | ($0.08 | ) | $ | — | ($0.08 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.46 | 0.08 | (0.94 | ) | (0.86 | ) | (0.08 | ) | (0.61 | ) | (0.69 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.67 | 0.05 | 0.92 | 0.97 | (0.03 | ) | (0.15 | ) | (0.18 | ) | ||||||||||||||||||||||||
9/30/2005 - 3/31/2006 | 10.00 | 0.01 | 0.67 | 0.68 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios of | ||||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | ||||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | ||||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | ||||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | (Loss) to | Portfolio | |||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | ||||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | |||||||||||||||||||||||||||
PL Floating Rate Loan Fund (10) | ||||||||||||||||||||||||||||||||||
Class A: | 6/30/2008 - 3/31/2009 (4) | $ | 8.18 | (14.37 | %) | $ | 27,811 | 1.30 | % | 1.53 | % | 5.90 | % | 56.30 | % | |||||||||||||||||||
PL Growth LT Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 7.74 | (37.27 | %) | $ | 74,158 | 1.15 | % | 1.42 | % | 0.32 | % | 80.89 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.63 | (1.55 | %) | 77,196 | 1.30 | % | 1.66 | % | 0.36 | % | 81.50 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 13.10 | 7.95 | % | 61,954 | 1.54 | % | 1.95 | % | (0.08 | %) | 37.99 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.23 | 14.94 | % | 43,733 | 1.70 | % | 2.15 | % | (0.44 | %) | 69.48 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.64 | 2.90 | % | 19,585 | 1.70 | % | 2.54 | % | (0.44 | %) | 42.84 | % | ||||||||||||||||||||||
PL Mid-Cap Equity Fund (8),(11) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 5.33 | (39.44 | %) | $ | 59,135 | 1.26 | % | 1.52 | % | 1.01 | % | 82.26 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 8.92 | (14.81 | %) | 85,208 | 1.40 | % | 1.69 | % | 0.55 | % | 70.09 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.62 | 14.80 | % | 71,181 | 1.60 | % | 2.01 | % | (— | %)(5) | 74.07 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.54 | 13.11 | % | 23,992 | 1.80 | % | 2.44 | % | (0.16 | %) | 112.93 | % | ||||||||||||||||||||||
12/31/2004 - 3/31/2005 (4) | 9.90 | (1.00 | %) | 25,454 | 1.80 | % | 3.20 | % | (0.42 | %) | 16.26 | % | ||||||||||||||||||||||
PL Large-Cap Growth Fund (8),(12) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 5.44 | (41.13 | %) | $ | 16,515 | 1.37 | % | 1.81 | % | (0.61 | %) | 179.61 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.24 | (2.01 | %) | 26,235 | 1.50 | % | 1.92 | % | (0.79 | %) | 178.83 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 9.43 | (3.80 | %) | 29,713 | 1.73 | % | 2.43 | % | (0.93 | %) | 147.66 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.85 | 7.00 | % | 19,366 | 1.90 | % | 2.58 | % | (0.62 | %) | 160.96 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | (0.49 | %) | 45,147 | 1.90 | % | 2.37 | % | (0.08 | %) | 38.40 | % | ||||||||||||||||||||||
PL International Large-Cap Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 9.17 | (40.24 | %) | $ | 65,124 | 1.46 | % | 1.82 | % | 1.39 | % | 25.95 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 15.55 | (1.17 | %) | 96,049 | 1.60 | % | 1.99 | % | 1.18 | % | 28.23 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 16.64 | 18.70 | % | 76,806 | 1.84 | % | 2.38 | % | 1.77 | % | 47.87 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 15.45 | 22.72 | % | 52,728 | 2.00 | % | 2.79 | % | (0.03 | %) | 63.12 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 12.83 | 12.73 | % | 38,195 | 2.00 | % | 3.35 | % | (0.12 | %) | 55.12 | % | ||||||||||||||||||||||
PL Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 5.49 | (36.39 | %) | $ | 27,018 | 1.34 | % | 1.73 | % | 2.21 | % | 47.41 | % | |||||||||||||||||||
6/29/2007 - 3/31/2008 (4) | 8.80 | (11.47 | %) | 19,112 | 1.50 | % | 2.07 | % | 1.46 | % | 17.98 | % | ||||||||||||||||||||||
PL Main Street Core Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 6.11 | (37.66 | %) | $ | 85,261 | 1.06 | % | 1.41 | % | 1.07 | % | 101.22 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.91 | (8.29 | %) | 111,936 | 1.20 | % | 1.50 | % | 0.69 | % | 126.84 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.46 | 9.23 | % | 87,136 | 1.43 | % | 1.88 | % | 0.54 | % | 107.36 | % | ||||||||||||||||||||||
9/30/2005 - 3/31/2006 | 10.67 | 6.85 | % | 53,930 | 1.60 | % | 2.00 | % | 0.29 | % | 42.30 | % | ||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on E-7 |
E-5
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||
Net | Net | |||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | ||||||||||||||||||||||||||||||||
Value, | Net | and | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning | Investment | Unrealized | from | Net | from | |||||||||||||||||||||||||||||
of Year | Income | Gain | Investment | Investment | Capital | Total | ||||||||||||||||||||||||||||
For the Year or Period Ended | or Period | (Loss) | (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||||||||
PL Emerging Markets Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 13.58 | $ | 0.11 | ($5.39 | ) | ($5.28 | ) | ($0.07 | ) | ($1.69 | ) | ($1.76 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.01 | 0.07 | 2.32 | 2.39 | (0.05 | ) | (1.77 | ) | (1.82 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.00 | 0.06 | 1.56 | 1.62 | (0.05 | ) | (0.56 | ) | (0.61 | ) | ||||||||||||||||||||||||
9/30/2005 - 3/31/2006 | 10.00 | 0.08 | 2.00 | 2.08 | (0.08 | ) | (— | )(5) | (0.08 | ) | ||||||||||||||||||||||||
PL Managed Bond Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 10.73 | $ | 0.43 | ($0.45 | ) | ($0.02 | ) | ($0.55 | ) | ($0.46 | ) | ($1.01 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.16 | 0.42 | 0.53 | 0.95 | (0.37 | ) | (0.01 | ) | (0.38 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 9.98 | 0.35 | 0.22 | 0.57 | (0.39 | ) | — | (0.39 | ) | |||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.03 | 0.29 | (0.07 | ) | 0.22 | (0.27 | ) | — | (0.27 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.45 | 0.14 | (0.09 | ) | 0.05 | (0.25 | ) | (0.22 | ) | (0.47 | ) | |||||||||||||||||||||||
PL Inflation Managed Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 11.08 | $ | 0.39 | ($0.80 | ) | ($0.41 | ) | ($0.41 | ) | ($0.67 | ) | ($1.08 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.13 | 0.49 | 0.95 | 1.44 | (0.49 | ) | — | (0.49 | ) | |||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.00 | 0.26 | 0.14 | 0.40 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.51 | 0.33 | (0.36 | ) | (0.03 | ) | (0.47 | ) | (0.01 | ) | (0.48 | ) | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.93 | 0.20 | (0.01 | ) | 0.19 | (0.26 | ) | (0.35 | ) | (0.61 | ) | |||||||||||||||||||||||
PL Comstock Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 11.84 | $ | 0.16 | ($4.89 | ) | ($4.73 | ) | ($0.16 | ) | $ | — | ($0.16 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 14.11 | 0.15 | (1.95 | ) | (1.80 | ) | (0.12 | ) | (0.35 | ) | (0.47 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.92 | 0.12 | 1.55 | 1.67 | (0.11 | ) | (0.37 | ) | (0.48 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.58 | 0.10 | 0.83 | 0.93 | (0.06 | ) | (0.53 | ) | (0.59 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 11.37 | 0.07 | 1.19 | 1.26 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||||
PL Mid-Cap Growth Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 9.31 | ($0.05 | ) | ($3.57 | ) | ($3.62 | ) | $ | — | ($0.71 | ) | ($0.71 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.93 | (0.02 | ) | 0.66 | 0.64 | — | (2.26 | ) | (2.26 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.67 | (0.07 | ) | 0.31 | 0.24 | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 8.93 | (0.11 | ) | 2.85 | 2.74 | — | — | — | ||||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 8.01 | (0.12 | ) | 1.04 | 0.92 | — | — | — | ||||||||||||||||||||||||||
PL Real Estate Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 11.25 | $ | 0.15 | ($6.65 | ) | ($6.50 | ) | ($0.15 | )(13) | $ | — | ($0.15 | ) | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 14.94 | 0.13 | (2.77 | ) | (2.64 | ) | (0.18 | ) | (0.87 | ) | (1.05 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.89 | 0.04 | 3.01 | 3.05 | (0.05 | ) | (0.95 | ) | (1.00 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 9.39 | 0.05 | 3.70 | 3.75 | (0.17 | ) | (0.08 | ) | (0.25 | ) | ||||||||||||||||||||||||
12/31/2004 - 3/31/2005 (4) | 10.00 | 0.05 | (0.64 | ) | (0.59 | ) | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios of | ||||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | ||||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | ||||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | ||||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | (Loss) to | Portfolio | |||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | ||||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | |||||||||||||||||||||||||||
PL Emerging Markets Fund | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 6.54 | (42.31 | %) | $ | 30,820 | 1.42 | % | 2.34 | % | 1.18 | % | 61.50 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.58 | 17.21 | % | 47,633 | 1.55 | % | 2.38 | % | 0.46 | % | 60.20 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 13.01 | 14.49 | % | 51,376 | 1.78 | % | 2.81 | % | 0.49 | % | 58.31 | % | ||||||||||||||||||||||
9/30/2005 - 3/31/2006 | 12.00 | 20.94 | % | 33,476 | 1.95 | % | 5.53 | % | 1.88 | % | 41.88 | % | ||||||||||||||||||||||
PL Managed Bond Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 9.70 | 0.07 | % | $ | 137,724 | 1.01 | % | 1.30 | % | 4.36 | % | 441.01 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.73 | 9.44 | % | 175,800 | 1.15 | % | 1.50 | % | 4.05 | % | 424.71 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.16 | 5.90 | % | 101,940 | 1.39 | % | 1.82 | % | 3.49 | % | 477.64 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 9.98 | 2.19 | % | 68,825 | 1.55 | % | 2.00 | % | 2.84 | % | 534.38 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.03 | 0.56 | % | 42,546 | 1.55 | % | 2.22 | % | 1.37 | % | 323.24 | % | ||||||||||||||||||||||
PL Inflation Managed Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 9.59 | (3.85 | %) | $ | 81,266 | 1.01 | % | 1.35 | % | 3.94 | % | 745.76 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.08 | 14.80 | % | 122,386 | 1.15 | % | 1.49 | % | 4.77 | % | 474.46 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.13 | 4.15 | % | 82,340 | 1.39 | % | 1.78 | % | 2.60 | % | 356.40 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.00 | (0.44 | %) | 66,103 | 1.55 | % | 1.89 | % | 3.21 | % | 188.82 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.51 | 1.99 | % | 36,465 | 1.55 | % | 2.04 | % | 1.96 | % | 284.19 | % | ||||||||||||||||||||||
PL Comstock Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 6.95 | (40.11 | %) | $ | 74,862 | 1.37 | % | 1.58 | % | 1.68 | % | 59.96 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.84 | (13.16 | %) | 124,271 | 1.50 | % | 1.77 | % | 1.09 | % | 23.28 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 14.11 | 13.21 | % | 83,788 | 1.74 | % | 2.11 | % | 0.92 | % | 40.11 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.92 | 7.62 | % | 62,447 | 1.90 | % | 2.25 | % | 0.79 | % | 22.40 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 12.58 | 11.08 | % | 23,017 | 1.90 | % | 2.70 | % | 0.55 | % | 34.41 | % | ||||||||||||||||||||||
PL Mid-Cap Growth Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 4.98 | (40.02 | %) | $ | 18,873 | 1.34 | % | 1.80 | % | (0.60 | %) | 47.92 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.31 | 3.48 | % | 50,189 | 1.45 | % | 1.80 | % | (0.19 | %) | 77.63 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.93 | 2.64 | % | 63,462 | 1.68 | % | 2.08 | % | (0.64 | %) | 60.08 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.67 | 30.68 | % | 39,980 | 1.85 | % | 2.29 | % | (1.04 | %) | 107.64 | % | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 8.93 | 11.49 | % | 36,882 | 1.85 | % | 2.43 | % | (1.37 | %) | 82.70 | % | ||||||||||||||||||||||
PL Real Estate Fund (8) | ||||||||||||||||||||||||||||||||||
Class A: | 4/1/2008 - 3/31/2009 (4) | $ | 4.60 | (58.24 | %) | $ | 20,775 | 1.51 | % | 1.89 | % | 1.79 | % | 42.37 | % | |||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.25 | (18.03 | %) | 37,872 | 1.65 | % | 2.03 | % | 1.02 | % | 34.98 | % | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 14.94 | 24.19 | % | 31,504 | 1.89 | % | 2.42 | % | 0.27 | % | 36.83 | % | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.89 | 40.43 | % | 25,552 | 2.05 | % | 2.76 | % | 0.41 | % | 9.81 | % | ||||||||||||||||||||||
12/31/2004 - 3/31/2005 (4) | 9.39 | (5.95 | %) | 13,853 | 2.05 | % | 3.57 | % | 2.01 | % | 0.79 | % | ||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on E-7 |
E-6
FINANCIAL HIGHLIGHTS (Continued)
Explanation of References
(1) | The total returns include reinvestment of all dividends and capital gain distributions, if any, and do not include deductions of any applicable sales charges. Total returns are not annualized for periods less than one full year. | |
(2) | The ratios of net expenses after expense reductions to average daily net assets are after any adviser expense reimbursements, administrator fee reductions, and distributor fee waivers, as discussed in Note 5 to the Financial Statements. Additionally, non 12b-1 service fees for Class A shares were reduced by 0.25% effective January 1, 2007. The expense ratios for all the PL Portfolio Optimization Funds do not include expenses of the Underlying Funds (see Note 1 to Financial Statements) in which the PL Portfolio Optimization Funds invest. | |
(3) | The ratios are annualized for periods of less than one full year. | |
(4) | Per share net investment income has been calculated using the average shares method. | |
(5) | Amount represents less than $0.005 per share or less than 0.005%. | |
(6) | Class B and C shares were converted to Class A shares on June 29, 2005. | |
(7) | Prior to October 1, 2005, the PL Small-Cap Growth Fund was named the PF AIM Aggressive Growth Fund. | |
(8) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(9) | Prior to May 1, 2006, the PL International Value Fund was named PF Lazard International Value Fund. | |
(10) | Operations commenced on June 30, 2008. | |
(11) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named PL Mid-Cap Value Fund. | |
(12) | Prior to January 1, 2006, the PL Large-Cap Growth Fund was named the PF AIM Blue Chip Fund. | |
(13) | Includes return of capital distribution of ($0.01). |
E-7
F-1
NOTES TO FINANCIAL STATEMENTS (Continued)
F-2
NOTES TO FINANCIAL STATEMENTS (Continued)
F-3
NOTES TO FINANCIAL STATEMENTS (Continued)
F-4
NOTES TO FINANCIAL STATEMENTS (Continued)
F-5
NOTES TO FINANCIAL STATEMENTS (Continued)
F-6
NOTES TO FINANCIAL STATEMENTS (Continued)
F-7
NOTES TO FINANCIAL STATEMENTS (Continued)
SFAS 161 requires enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the implementation of SFAS 161 will have on the Funds’ financial statement disclosures.
F-8
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Portfolio Optimization Conservative | 0.00 | % | PL Large-Cap Value | 0.85 | % | PL Main Street Core | 0.65 | % | ||||||||
PL Portfolio Optimization Moderate-Conservative | 0.00 | % | PL Short Duration Bond | 0.60 | % | PL Emerging Markets | 1.00 | % | ||||||||
PL Portfolio Optimization Moderate | 0.00 | % | PL Floating Rate Loan (2) | 0.75 | % | PL Managed Bond | 0.60 | % | ||||||||
PL Portfolio Optimization Moderate-Aggressive | 0.00 | % | PL Growth LT | 0.75 | % | PL Inflation Managed | 0.60 | % | ||||||||
PL Portfolio Optimization Aggressive | 0.00 | % | PL Mid-Cap Equity | 0.85 | % | PL Comstock | 0.95 | % | ||||||||
PL Money Market | See (1) | PL Large-Cap Growth | 0.95 | % | PL Mid-Cap Growth | 0.90 | % | |||||||||
PL Small-Cap Growth | 1.00 | % | PL International Large-Cap | 1.05 | % | PL Real Estate | 1.10 | % | ||||||||
PL International Value | 0.85 | % | PL Small-Cap Value | 0.95 | % |
(1) | An annual rate of 0.40% of the first $250 million of the average daily net assets, 0.35% of the next $250 million, and 0.30% in excess of $500 million. | |
(2) | PL Floating Rate Loan Fund commenced operations on June 30, 2008. |
F-9
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Portfolio Optimization Conservative | 0.20 | % | PL Large-Cap Value | 0.65 | % | PL Main Street Core | 0.45 | % | ||||||||
PL Portfolio Optimization Moderate-Conservative | 0.20 | % | PL Short Duration Bond | 0.40 | % | PL Emerging Markets | 0.80 | % | ||||||||
PL Portfolio Optimization Moderate | 0.20 | % | PL Floating Rate Loan (2) | 0.75 | % | PL Managed Bond | 0.40 | % | ||||||||
PL Portfolio Optimization Moderate-Aggressive | 0.20 | % | PL Growth LT | 0.55 | % | PL Inflation Managed | 0.40 | % | ||||||||
PL Portfolio Optimization Aggressive | 0.20 | % | PL Mid-Cap Equity | 0.65 | % | PL Comstock | 0.75 | % | ||||||||
PL Money Market | See (1) | PL Large-Cap Growth | 0.75 | % | PL Mid-Cap Growth | 0.70 | % | |||||||||
PL Small-Cap Growth | 0.60 | % | PL International Large-Cap | 0.85 | % | PL Real Estate | 0.90 | % | ||||||||
PL International Value | 0.65 | % | PL Small-Cap Value | 0.75 | % |
(1) | An annual rate of 0.20% of the first $250 million of the average daily net assets, 0.15% of the next $250 million, and 0.10% in excess of $500 million. | |
(2) | PL Floating Rate Loan Fund commenced operations on June 30, 2008 and was not included in the advisory fee reduction. |
F-10
NOTES TO FINANCIAL STATEMENTS (Continued)
Investment | Total | |||||||||||
Adviser | Administrator | Reimbursements | ||||||||||
Expense | Fee | and | ||||||||||
Funds | Reimbursements | Reductions | Reductions | |||||||||
PL Portfolio Optimization Conservative | $ | 154,893 | $ | 211,113 | $ | 366,006 | ||||||
PL Portfolio Optimization Moderate-Conservative | 233,530 | 343,927 | 577,457 | |||||||||
PL Portfolio Optimization Moderate | 706,328 | 1,233,179 | 1,939,507 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 751,555 | 1,247,722 | 1,999,277 | |||||||||
PL Portfolio Optimization Aggressive | 367,445 | 538,940 | 906,385 | |||||||||
PL Money Market | 171,298 | 4,670 | 175,968 | |||||||||
PL Small-Cap Growth | 125,958 | 5,049 | 131,007 | |||||||||
PL International Value | 308,462 | 17,007 | 325,469 | |||||||||
PL Large-Cap Value | 165,929 | 9,531 | 175,460 | |||||||||
PL Short Duration Bond | 140,356 | 10,594 | 150,950 | |||||||||
PL Floating Rate Loan | 55,422 | — | 55,422 | |||||||||
PL Growth LT | 219,204 | 10,663 | 229,867 | |||||||||
PL Mid-Cap Equity | 183,519 | 11,656 | 195,175 | |||||||||
PL Large-Cap Growth | 91,085 | 3,633 | 94,718 | |||||||||
PL International Large-Cap | 284,004 | 12,669 | 296,673 | |||||||||
PL Small-Cap Value | 117,823 | 2,679 | 120,502 | |||||||||
PL Main Street Core | 354,721 | 15,588 | 370,309 | |||||||||
PL Emerging Markets | 341,020 | 6,269 | 347,289 | |||||||||
PL Managed Bond | 449,618 | 22,383 | 472,001 | |||||||||
PL Inflation Managed | 325,807 | 15,610 | 341,417 | |||||||||
PL Comstock | 197,631 | 16,758 | 214,389 | |||||||||
PL Mid-Cap Growth | 131,648 | 7,076 | 138,724 | |||||||||
PL Real Estate | 113,348 | 5,022 | 118,370 | |||||||||
Total | $ | 5,990,604 | $ | 3,751,738 | $ | 9,742,342 | ||||||
F-11
NOTES TO FINANCIAL STATEMENTS (Continued)
Expiration | ||||||||||||
Funds | 2010 | 2011 | 2012 | |||||||||
PL Portfolio Optimization Conservative | $ | 233,903 | $ | 257,268 | $ | 366,006 | ||||||
PL Portfolio Optimization Moderate-Conservative | 517,561 | 575,493 | 577,457 | |||||||||
PL Portfolio Optimization Moderate | 1,647,668 | 2,124,615 | 1,939,507 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 1,718,549 | 2,302,787 | 1,999,277 | |||||||||
PL Portfolio Optimization Aggressive | 739,235 | 1,080,933 | 906,385 | |||||||||
PL Money Market | 113,640 | 93,254 | 165,706 | |||||||||
PL Small-Cap Growth | 149,587 | 165,822 | 131,007 | |||||||||
PL International Value | 289,007 | 343,568 | 325,469 | |||||||||
PL Large-Cap Value | 193,610 | 198,498 | 175,460 | |||||||||
PL Short Duration Bond | 197,905 | 212,660 | 150,950 | |||||||||
PL Floating Rate Loan | — | — | 55,422 | |||||||||
PL Growth LT | 213,449 | 272,256 | 229,867 | |||||||||
PL Mid-Cap Equity | 198,479 | 234,458 | 195,175 | |||||||||
PL Large-Cap Growth | 170,991 | 140,798 | 94,718 | |||||||||
PL International Large-Cap | 339,401 | 357,364 | 296,673 | |||||||||
PL Small-Cap Value | — | 66,498 | 120,502 | |||||||||
PL Main Street Core | 300,236 | 315,029 | 370,309 | |||||||||
PL Emerging Markets | 411,421 | 455,787 | 347,289 | |||||||||
PL Managed Bond | 365,613 | 501,374 | 472,001 | |||||||||
PL Inflation Managed | 282,559 | 359,755 | 341,417 | |||||||||
PL Comstock | 263,118 | 300,315 | 214,389 | |||||||||
PL Mid-Cap Growth | 207,435 | 238,535 | 138,724 | |||||||||
PL Real Estate | 144,757 | 138,599 | 118,370 | |||||||||
Total | $ | 8,698,124 | $ | 10,735,666 | $ | 9,732,080 | ||||||
March 31, 2009 | ||||||||||||||||||||||||||||||||
Percentage of | ||||||||||||||||||||||||||||||||
March 31, 2008 | Purchase | Sales | Realized | Distributions | Share | Market | Total Shares | |||||||||||||||||||||||||
Fund/Underlying Fund | Share Balance | Cost | Cost | Gain (Loss) | Received (1) | Balance | Value | Outstanding | ||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||||||||||||||||||
PL Money Market | 1,676,940 | $ | 641,125 | $ | 827,557 | $ | — | $ | 19,724 | 1,490,508 | $ | 1,490,508 | 2.69 | % | ||||||||||||||||||
PL International Value | 155,602 | 2,610,216 | 1,097,653 | (280,845 | ) | 58,603 | 387,282 | 2,377,909 | 3.02 | % | ||||||||||||||||||||||
PL Large-Cap Value | 95,296 | 1,245,274 | 295,811 | (80,787 | ) | 19,174 | 214,657 | 1,577,726 | 2.51 | % | ||||||||||||||||||||||
PL Short Duration Bond | 1,209,981 | 5,575,982 | 5,863,011 | (144,944 | ) | 726,849 | 1,193,844 | 11,568,349 | 24.42 | % | ||||||||||||||||||||||
PL Floating Rate Loan | — | 8,408,850 | 955,269 | (178,295 | ) | 284,418 | 788,948 | 6,453,595 | 23.20 | % | ||||||||||||||||||||||
PL Growth LT | 67,500 | 1,845,255 | 335,162 | (31,692 | ) | 30,084 | 235,808 | 1,825,156 | 2.46 | % | ||||||||||||||||||||||
PL Mid-Cap Equity | 176,824 | 2,161,369 | 335,117 | (72,767 | ) | 25,650 | 489,304 | 2,607,989 | 4.41 | % | ||||||||||||||||||||||
PL International Large-Cap | 68,443 | 1,325,072 | 95,446 | (23,735 | ) | 16,326 | 180,610 | 1,656,197 | 2.54 | % | ||||||||||||||||||||||
PL Main Street Core | 312,986 | 3,909,322 | 1,376,005 | (137,316 | ) | 36,730 | 716,493 | 4,377,774 | 5.13 | % | ||||||||||||||||||||||
PL Managed Bond | 1,713,537 | 15,954,282 | 4,047,355 | (263,777 | ) | 2,330,842 | 2,944,319 | 28,559,899 | 20.74 | % | ||||||||||||||||||||||
PL Inflation Managed | 939,832 | 8,246,119 | 1,358,738 | (115,988 | ) | 1,314,080 | 1,650,875 | 15,831,891 | 19.47 | % | ||||||||||||||||||||||
PL Comstock | 240,424 | 4,582,815 | 3,538,638 | (887,631 | ) | 51,717 | 474,984 | 3,301,137 | 4.41 | % | ||||||||||||||||||||||
6,657,365 | $ | 56,505,681 | $ | 20,125,762 | $ | (2,217,777 | ) | $ | 4,914,197 | 10,767,632 | $ | 81,628,130 | ||||||||||||||||||||
F-12
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2009 | ||||||||||||||||||||||||||||||||
Percentage of | ||||||||||||||||||||||||||||||||
March 31, 2008 | Purchase | Sales | Realized | Distributions | Share | Market | Total Shares | |||||||||||||||||||||||||
Fund/Underlying Fund | Share Balance | Cost | Cost | Gain (Loss) | Received (1) | Balance | Value | Outstanding | ||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | ||||||||||||||||||||||||||||||||
PL Money Market | 1,166,195 | $ | 111,180 | $ | 1,277,375 | $ | — | $ | 4,600 | — | $ | — | — | % | ||||||||||||||||||
PL Small-Cap Growth | 123,976 | 466,477 | 180,736 | (10,417 | ) | — | 174,020 | 1,023,236 | 4.25 | % | ||||||||||||||||||||||
PL International Value | 635,969 | 3,123,297 | 1,426,227 | (332,725 | ) | 175,870 | 931,393 | 5,718,751 | 7.27 | % | ||||||||||||||||||||||
PL Large-Cap Value | 396,893 | 1,345,195 | 278,422 | (45,455 | ) | 57,738 | 522,491 | 3,840,307 | 6.10 | % | ||||||||||||||||||||||
PL Short Duration Bond | 1,721,574 | 3,503,748 | 9,957,957 | (86,323 | ) | 866,054 | 1,072,730 | 10,394,754 | 21.94 | % | ||||||||||||||||||||||
PL Floating Rate Loan | — | 7,917,534 | 1,248,806 | (215,840 | ) | 285,733 | 676,057 | 5,530,145 | 19.88 | % | ||||||||||||||||||||||
PL Growth LT | 272,371 | 2,738,101 | 276,978 | (38,874 | ) | 80,945 | 509,528 | 3,943,745 | 5.32 | % | ||||||||||||||||||||||
PL Mid-Cap Equity | 519,922 | 1,862,213 | 913,226 | (196,069 | ) | 52,187 | 729,082 | 3,886,009 | 6.57 | % | ||||||||||||||||||||||
PL Large-Cap Growth | 124,679 | 495,077 | 123,306 | (2 | ) | — | 184,854 | 1,005,606 | 6.09 | % | ||||||||||||||||||||||
PL International Large-Cap | 383,582 | 2,500,954 | 1,105,773 | (224,636 | ) | 73,956 | 527,772 | 4,839,675 | 7.43 | % | ||||||||||||||||||||||
PL Small-Cap Value | 134,379 | 383,977 | 232,731 | (21,630 | ) | 16,965 | 171,306 | 940,468 | 3.48 | % | ||||||||||||||||||||||
PL Main Street Core | 814,906 | 2,992,406 | 1,082,510 | (302,573 | ) | 74,800 | 1,121,729 | 6,853,763 | 8.04 | % | ||||||||||||||||||||||
PL Managed Bond | 2,621,927 | 9,810,094 | 9,662,080 | (743,282 | ) | 2,956,705 | 2,663,645 | 25,837,362 | 18.77 | % | ||||||||||||||||||||||
PL Inflation Managed | 1,588,611 | 4,368,201 | 5,831,396 | (513,363 | ) | 1,859,845 | 1,455,203 | 13,955,393 | 17.16 | % | ||||||||||||||||||||||
PL Comstock | 867,611 | 2,948,601 | 3,153,151 | (731,806 | ) | 139,811 | 990,904 | 6,886,784 | 9.20 | % | ||||||||||||||||||||||
PL Mid-Cap Growth | 367,921 | 1,254,355 | 1,662,812 | (225,771 | ) | 244,117 | 408,596 | 2,034,810 | 10.77 | % | ||||||||||||||||||||||
11,740,516 | $ | 45,821,410 | $ | 38,413,486 | $ | (3,688,766 | ) | $ | 6,889,326 | 12,139,310 | $ | 96,690,808 | ||||||||||||||||||||
March 31, 2009 | ||||||||||||||||||||||||||||||||
Percentage of | ||||||||||||||||||||||||||||||||
March 31, 2008 | Purchase | Sales | Realized | Distributions | Share | Market | Total Shares | |||||||||||||||||||||||||
Fund/Underlying Fund | Share Balance | Cost | Cost | Gain (Loss) | Received (1) | Balance | Value | Outstanding | ||||||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | ||||||||||||||||||||||||||||||||
PL Small-Cap Growth | 960,929 | $ | 1,064,194 | $ | 434,563 | $ | (71,014 | ) | $ | — | 1,076,076 | $ | 6,327,324 | 26.30 | % | |||||||||||||||||
PL International Value | 2,853,644 | 10,985,513 | 9,871,504 | (1,998,861 | ) | 727,614 | 3,375,223 | 20,723,872 | 26.35 | % | ||||||||||||||||||||||
PL Large-Cap Value | 1,761,125 | 13,399,060 | 1,399,369 | (437,564 | ) | 342,662 | 2,867,237 | 21,074,191 | 33.49 | % | ||||||||||||||||||||||
PL Short Duration Bond | 4,057,698 | 4,150,095 | 21,478,732 | (196,274 | ) | 2,016,201 | 2,312,142 | 22,404,654 | 47.29 | % | ||||||||||||||||||||||
PL Floating Rate Loan | — | 19,006,858 | 3,232,278 | (591,159 | ) | 676,159 | 1,593,974 | 13,038,709 | 46.88 | % | ||||||||||||||||||||||
PL Growth LT | 1,631,386 | 15,184,668 | 494,361 | (95,663 | ) | 512,362 | 2,925,069 | 22,640,031 | 30.54 | % | ||||||||||||||||||||||
PL Mid-Cap Equity | 2,769,940 | 5,710,667 | 1,119,547 | (249,629 | ) | 273,432 | 3,451,077 | 18,394,241 | 31.10 | % | ||||||||||||||||||||||
PL Large-Cap Growth | 988,323 | 1,243,895 | 579,867 | (38,893 | ) | — | 1,124,054 | 6,114,856 | 37.05 | % | ||||||||||||||||||||||
PL International Large-Cap | 1,664,097 | 5,375,341 | 954,635 | (296,544 | ) | 325,388 | 2,026,200 | 18,580,252 | 28.52 | % | ||||||||||||||||||||||
PL Small-Cap Value | 479,926 | 5,369,515 | 507,764 | (60,926 | ) | 116,189 | 1,055,867 | 5,796,711 | 21.45 | % | ||||||||||||||||||||||
PL Main Street Core | 3,687,275 | 8,389,908 | 657,139 | (148,457 | ) | 343,065 | 4,618,078 | 28,216,458 | 33.09 | % | ||||||||||||||||||||||
PL Emerging Markets | 1,044,784 | 5,056,224 | 1,314,375 | 100,427 | 1,940,177 | 1,546,830 | 10,116,269 | 32.80 | % | |||||||||||||||||||||||
PL Managed Bond | 7,280,460 | 12,315,042 | 29,261,265 | (2,236,645 | ) | 7,181,183 | 5,671,506 | 55,013,605 | 39.96 | % | ||||||||||||||||||||||
PL Inflation Managed | 4,761,365 | 6,426,330 | 23,258,917 | (1,558,917 | ) | 4,916,534 | 3,167,270 | 30,374,119 | 37.36 | % | ||||||||||||||||||||||
PL Comstock | 3,442,198 | 8,380,656 | 11,680,623 | (2,745,571 | ) | 552,309 | 3,423,085 | 23,790,437 | 31.77 | % | ||||||||||||||||||||||
PL Mid-Cap Growth | 1,413,152 | 2,302,927 | 5,453,729 | (509,786 | ) | 857,635 | 1,243,688 | 6,193,568 | 32.79 | % | ||||||||||||||||||||||
PL Real Estate | 826,768 | 2,070,027 | 1,763,799 | (514,027 | ) | 137,000 | 1,000,993 | 4,594,559 | 22.15 | % | ||||||||||||||||||||||
39,623,070 | $ | 126,430,920 | $ | 113,462,467 | $ | (11,649,503 | ) | $ | 20,917,910 | 42,478,369 | $ | 313,393,856 | ||||||||||||||||||||
March 31, 2009 | ||||||||||||||||||||||||||||||||
Percentage of | ||||||||||||||||||||||||||||||||
March 31, 2008 | Purchase | Sales | Realized | Distributions | Share | Market | Total Shares | |||||||||||||||||||||||||
Fund/Underlying Fund | Share Balance | Cost | Cost | Gain (Loss) | Received (1) | Balance | Value | Outstanding | ||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | ||||||||||||||||||||||||||||||||
PL Small-Cap Growth | 1,850,104 | $ | 839,283 | $ | 4,095,631 | $ | (725,292 | ) | $ | — | 1,616,855 | $ | 9,507,107 | 39.51 | % | |||||||||||||||||
PL International Value | 3,635,055 | 14,550,630 | 560,979 | (140,178 | ) | 1,045,285 | 5,079,531 | 31,188,322 | 39.65 | % | ||||||||||||||||||||||
PL Large-Cap Value | 2,182,721 | 14,369,647 | 3,090,574 | (1,021,193 | ) | 398,487 | 3,234,411 | 23,772,917 | 37.77 | % | ||||||||||||||||||||||
PL Short Duration Bond | 1,174,523 | 489,428 | 9,232,708 | 70,540 | 423,876 | 284,501 | 2,756,816 | 5.82 | % | |||||||||||||||||||||||
PL Floating Rate Loan | — | 4,900,043 | 1,518,492 | (292,435 | ) | 170,279 | 341,372 | 2,792,420 | 10.04 | % | ||||||||||||||||||||||
PL Growth LT | 2,385,467 | 20,356,902 | 1,963,095 | (770,716 | ) | 735,804 | 3,943,436 | 30,522,197 | 41.18 | % | ||||||||||||||||||||||
PL Mid-Cap Equity | 3,758,740 | 6,490,189 | 987,393 | (260,660 | ) | 363,524 | 4,494,742 | 23,956,975 | 40.50 | % | ||||||||||||||||||||||
PL Large-Cap Growth | 1,179,136 | 717,136 | 2,107,237 | (169,870 | ) | — | 1,074,406 | 5,844,767 | 35.42 | % | ||||||||||||||||||||||
PL International Large-Cap | 2,605,294 | 5,705,843 | 783,776 | (223,098 | ) | 494,931 | 2,958,142 | 27,126,165 | 41.64 | % | ||||||||||||||||||||||
PL Small-Cap Value | 927,520 | 11,120,686 | 936,303 | (198,164 | ) | 235,715 | 2,104,711 | 11,554,863 | 42.77 | % | ||||||||||||||||||||||
PL Main Street Core | 4,233,894 | 7,268,736 | 488,648 | (105,725 | ) | 374,808 | 4,969,028 | 30,360,760 | 35.61 | % | ||||||||||||||||||||||
PL Emerging Markets | 1,566,534 | 4,685,052 | 2,637,206 | (392,544 | ) | 2,845,919 | 1,949,889 | 12,752,271 | 41.35 | % | ||||||||||||||||||||||
PL Managed Bond | 4,451,226 | 5,499,720 | 26,769,771 | (1,810,869 | ) | 3,841,761 | 2,387,255 | 23,156,379 | 16.82 | % | ||||||||||||||||||||||
PL Inflation Managed | 3,598,665 | 4,348,044 | 22,811,455 | (1,453,567 | ) | 3,607,790 | 1,827,908 | 17,529,642 | 21.56 | % | ||||||||||||||||||||||
PL Comstock | 3,909,046 | 6,526,785 | 10,159,821 | (2,744,195 | ) | 621,450 | 3,826,236 | 26,592,343 | 35.51 | % | ||||||||||||||||||||||
PL Mid-Cap Growth | 2,062,179 | 1,919,701 | 12,009,839 | (1,345,261 | ) | 1,044,129 | 1,202,214 | 5,987,024 | 31.69 | % | ||||||||||||||||||||||
PL Real Estate | 1,612,871 | 6,120,013 | 3,822,510 | (1,227,877 | ) | 303,539 | 2,217,267 | 10,177,254 | 49.06 | % | ||||||||||||||||||||||
41,132,975 | $ | 115,907,838 | $ | 103,975,438 | $ | (12,811,104 | ) | $ | 16,507,297 | 43,511,904 | $ | 295,578,222 | ||||||||||||||||||||
F-13
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2009 | ||||||||||||||||||||||||||||||||
Percentage of | ||||||||||||||||||||||||||||||||
March 31, 2008 | Purchase | Sales | Realized | Distributions | Share | Market | Total Shares | |||||||||||||||||||||||||
Fund/Underlying Fund | Share Balance | Cost | Cost | Gain (Loss) | Received (1) | Balance | Value | Outstanding | ||||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | ||||||||||||||||||||||||||||||||
PL Small-Cap Growth | 1,065,170 | $ | 3,071,574 | $ | 3,614,215 | $ | (739,449 | ) | $ | — | 1,091,976 | $ | 6,420,820 | 26.68 | % | |||||||||||||||||
PL International Value | 2,235,665 | 5,277,121 | 122,266 | (30,201 | ) | 576,754 | 2,831,930 | 17,388,051 | 22.11 | % | ||||||||||||||||||||||
PL Large-Cap Value | 1,224,190 | 3,281,754 | 2,001,928 | (705,755 | ) | 175,322 | 1,369,989 | 10,069,419 | 16.00 | % | ||||||||||||||||||||||
PL Growth LT | 1,604,869 | 3,902,730 | 1,957,312 | (799,465 | ) | 485,678 | 1,785,477 | 13,819,590 | 18.64 | % | ||||||||||||||||||||||
PL Mid-Cap Equity | 2,303,153 | 1,660,980 | 6,917,476 | (1,499,514 | ) | 169,493 | 1,896,052 | 10,105,956 | 17.09 | % | ||||||||||||||||||||||
PL Large-Cap Growth | 421,763 | 776,591 | 577,652 | (136,957 | ) | — | 462,417 | 2,515,549 | 15.24 | % | ||||||||||||||||||||||
PL International Large-Cap | 1,362,867 | 2,997,269 | 5,666,851 | (2,098,909 | ) | 248,464 | 1,275,867 | 11,699,698 | 17.96 | % | ||||||||||||||||||||||
PL Small-Cap Value | 631,175 | 10,023,346 | 1,855,242 | (220,709 | ) | 174,487 | 1,589,522 | 8,726,477 | 32.30 | % | ||||||||||||||||||||||
PL Main Street Core | 2,251,822 | 3,030,755 | 437,316 | (180,276 | ) | 191,874 | 2,530,820 | 15,463,313 | 18.13 | % | ||||||||||||||||||||||
PL Emerging Markets | 895,762 | 3,502,978 | 1,006,913 | (503,955 | ) | 1,756,039 | 1,218,833 | 7,971,169 | 25.85 | % | ||||||||||||||||||||||
PL Comstock | 1,881,460 | 2,778,887 | 4,585,503 | (1,208,142 | ) | 290,014 | 1,842,852 | 12,807,819 | 17.10 | % | ||||||||||||||||||||||
PL Mid-Cap Growth | 1,283,942 | 1,678,886 | 10,260,625 | (1,055,417 | ) | 565,689 | 505,217 | 2,515,983 | 13.32 | % | ||||||||||||||||||||||
PL Real Estate | 891,817 | 3,350,510 | 1,816,778 | (476,990 | ) | 162,339 | 1,250,072 | 5,737,829 | 27.66 | % | ||||||||||||||||||||||
18,053,655 | $ | 45,333,381 | $ | 40,820,077 | $ | (9,655,739 | ) | $ | 4,796,153 | 19,651,024 | $ | 125,241,673 | ||||||||||||||||||||
(1) | Distributions received includes distributions from net investment income and capital gains from the Underlying Funds. |
Distributions Paid From | ||||||||||||||||
Ordinary | Long-Term | Return of | Total | |||||||||||||
Funds | Income | Capital Gains | Capital | Distributions | ||||||||||||
PL Portfolio Optimization Conservative | $ | 3,923,732 | $ | 133,752 | $ | — | $ | 4,057,484 | ||||||||
PL Portfolio Optimization Moderate-Conservative | 4,398,954 | 1,105,969 | — | 5,504,923 | ||||||||||||
PL Portfolio Optimization Moderate | 10,527,424 | 6,873,046 | — | 17,400,470 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 6,485,309 | 9,839,791 | — | 16,325,100 | ||||||||||||
PL Portfolio Optimization Aggressive | 13 | 5,735,626 | — | 5,735,639 | ||||||||||||
PL Money Market | 549,555 | — | — | 549,555 | ||||||||||||
PL International Value | 2,637,765 | — | — | 2,637,765 | ||||||||||||
PL Large-Cap Value | 963,281 | 78,131 | — | 1,041,412 | ||||||||||||
PL Short Duration Bond | 2,359,289 | 1,688,071 | — | 4,047,360 | ||||||||||||
PL Floating Rate Loan | 1,416,589 | — | — | 1,416,589 | ||||||||||||
PL Growth LT | 6 | 1,903,765 | — | 1,903,771 | ||||||||||||
PL Mid-Cap Equity | 887,740 | — | — | 887,740 | ||||||||||||
PL International Large-Cap | 406,316 | 781,478 | — | 1,187,794 | ||||||||||||
PL Small-Cap Value | 543,357 | — | — | 543,357 | ||||||||||||
PL Main Street Core | 1,021,270 | — | — | 1,021,270 | ||||||||||||
PL Emerging Markets | 513,190 | 6,029,027 | — | 6,542,217 | ||||||||||||
PL Managed Bond | 15,798,381 | 1,061,640 | — | 16,860,021 | ||||||||||||
PL Inflation Managed | 12,137,058 | — | — | 12,137,058 | ||||||||||||
PL Comstock | 1,691,349 | — | — | 1,691,349 | ||||||||||||
PL Mid-Cap Growth | 99,273 | 2,922,430 | — | 3,021,703 | ||||||||||||
PL Real Estate | 587,647 | — | 23,684 | 611,331 |
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Funds | Income | Capital Gains | Distributions | |||||||||
PL Portfolio Optimization Conservative | $ | 1,198,682 | $ | 409,807 | $ | 1,608,489 | ||||||
PL Portfolio Optimization Moderate-Conservative | 2,956,503 | 1,491,677 | 4,448,180 | |||||||||
PL Portfolio Optimization Moderate | 11,117,211 | 8,988,403 | 20,105,614 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 10,777,565 | 12,805,723 | 23,583,288 | |||||||||
PL Portfolio Optimization Aggressive | 4,531,572 | 6,259,385 | 10,790,957 | |||||||||
PL Money Market | 1,040,367 | — | 1,040,367 | |||||||||
PL Small-Cap Growth | 1,969,306 | 3,541,064 | 5,510,370 | |||||||||
PL International Value | 1,675,910 | 1,841,473 | 3,517,383 | |||||||||
PL Large-Cap Value | 568,964 | 1,209,904 | 1,778,868 | |||||||||
PL Short Duration Bond | 2,709,344 | — | 2,709,344 |
F-14
NOTES TO FINANCIAL STATEMENTS (Continued)
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Funds | Income | Capital Gains | Distributions | |||||||||
PL Growth LT | $ | 205,532 | $ | 1,478,375 | $ | 1,683,907 | ||||||
PL Mid-Cap Equity | 5,417,760 | 3,238,588 | 8,656,348 | |||||||||
PL International Large-Cap | 1,209,472 | 3,988,898 | 5,198,370 | |||||||||
PL Small-Cap Value | 118,054 | — | 118,054 | |||||||||
PL Main Street Core | 3,267,703 | 3,144,126 | 6,411,829 | |||||||||
PL Emerging Markets | 1,219,252 | 5,007,689 | 6,226,941 | |||||||||
PL Managed Bond | 5,393,445 | 149,998 | 5,543,443 | |||||||||
PL Inflation Managed | 5,076,398 | — | 5,076,398 | |||||||||
PL Comstock | 1,457,505 | 2,487,829 | 3,945,334 | |||||||||
PL Mid-Cap Growth | 3,927,155 | 7,813,635 | 11,740,790 | |||||||||
PL Real Estate | 861,504 | 2,160,606 | 3,022,110 |
Net | ||||||||||||||||
Accumulated | Undistributed | Undistributed | Unrealized | |||||||||||||
Capital and | Ordinary | Long-Term | Appreciation | |||||||||||||
Funds | Other Losses | Income | Capital Gains | (Depreciation) (1) | ||||||||||||
PL Portfolio Optimization Conservative | $ | — | $ | 564,288 | $ | — | $ | (11,412,193 | ) | |||||||
PL Portfolio Optimization Moderate-Conservative | (1,453,044 | ) | 1,232,493 | — | (27,547,046 | ) | ||||||||||
PL Portfolio Optimization Moderate | (4,390,644 | ) | 4,275,723 | — | (138,923,650 | ) | ||||||||||
PL Portfolio Optimization Moderate-Aggressive | (5,546,447 | ) | 2,973,238 | — | (186,068,923 | ) | ||||||||||
PL Portfolio Optimization Aggressive | (5,516,810 | ) | 1,107,101 | — | (95,039,111 | ) | ||||||||||
PL Money Market | — | 20,274 | — | — | ||||||||||||
PL Small-Cap Growth | (11,301,981 | ) | — | — | (5,733,933 | ) | ||||||||||
PL International Value | (23,652,440 | ) | 412,673 | — | (53,964,982 | ) | ||||||||||
PL Large-Cap Value | (12,957,305 | ) | 375,210 | — | (21,908,453 | ) | ||||||||||
PL Short Duration Bond | (1,045,853 | ) | 6,949 | — | (130,236 | ) | ||||||||||
PL Floating Rate Loan | (2,103,313 | ) | 25,455 | — | (4,645,876 | ) | ||||||||||
PL Growth LT | (21,190,772 | ) | 1,426,737 | — | (18,808,177 | ) | ||||||||||
PL Mid-Cap Equity | (30,213,991 | ) | 113,723 | — | (19,121,026 | ) | ||||||||||
PL Large-Cap Growth | (9,923,263 | ) | — | — | 357,020 | |||||||||||
PL International Large-Cap | (7,077,460 | ) | 795,979 | — | (26,716,209 | ) | ||||||||||
PL Small-Cap Value | (5,755,378 | ) | 82,542 | — | (12,116,643 | ) | ||||||||||
PL Main Street Core | (21,374,398 | ) | 299,758 | — | (37,069,200 | ) | ||||||||||
PL Emerging Markets | (4,380,683 | ) | — | — | (9,682,549 | ) | ||||||||||
PL Managed Bond | (269,322 | ) | 891,879 | — | (10,367,365 | ) | ||||||||||
PL Inflation Managed | (2,829,243 | ) | 1,498,967 | — | (6,993,238 | ) | ||||||||||
PL Comstock | (25,813,624 | ) | 333,756 | — | (37,703,395 | ) | ||||||||||
PL Mid-Cap Growth | (706,935 | ) | — | — | (6,579,748 | ) | ||||||||||
PL Real Estate | (6,804,780 | ) | — | — | (17,454,073 | ) |
(1) | Amount includes appreciation and depreciation on investments, derivatives, and assets and liabilities in foreign currencies. |
F-15
NOTES TO FINANCIAL STATEMENTS (Continued)
Post- | Post-October | Accumulated | ||||||||||||||||||||||||||||||||||||||
Net Capital | October | Foreign | Capital and | |||||||||||||||||||||||||||||||||||||
Loss | Net Capital Loss Carryover Expiring in | Capital Loss | Currency | Other | ||||||||||||||||||||||||||||||||||||
Funds | Carryover | 2012 and Prior | 2013 | 2014 | 2015 | 2016 | 2017 | Deferral | Loss Deferral | Losses | ||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative | $ | (1,171,196 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,171,196 | ) | $ | (281,848 | ) | $ | — | $ | (1,453,044 | ) | ||||||||||||||||
PL Portfolio Optimization Moderate | (3,967,837 | ) | — | — | — | — | — | (3,967,837 | ) | (422,807 | ) | — | (4,390,644 | ) | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive | (3,214,516 | ) | — | — | — | — | — | (3,214,516 | ) | (2,331,931 | ) | — | (5,546,447 | ) | ||||||||||||||||||||||||||
PL Portfolio Optimization Aggressive | (2,128,707 | ) | — | — | — | — | — | (2,128,707 | ) | (3,388,103 | ) | — | (5,516,810 | ) | ||||||||||||||||||||||||||
PL Small-Cap Growth | (5,477,816 | ) | — | — | — | — | — | (5,477,816 | ) | (5,824,165 | ) | — | (11,301,981 | ) | ||||||||||||||||||||||||||
PL International Value | (7,806,521 | ) | — | — | — | — | — | (7,806,521 | ) | (15,695,482 | ) | (150,437 | ) | (23,652,440 | ) | |||||||||||||||||||||||||
PL Large-Cap Value | (5,885,797 | ) | — | — | — | — | — | (5,885,797 | ) | (7,068,794 | ) | (2,714 | ) | (12,957,305 | ) | |||||||||||||||||||||||||
PL Short Duration Bond | — | — | — | — | — | — | — | (1,045,853 | ) | — | (1,045,853 | ) | ||||||||||||||||||||||||||||
PL Floating Rate Loan | (439,943 | ) | — | — | — | — | — | (439,943 | ) | (1,663,370 | ) | — | (2,103,313 | ) | ||||||||||||||||||||||||||
PL Growth LT | (7,353,330 | ) | — | — | — | — | — | (7,353,330 | ) | (13,692,509 | ) | (144,933 | ) | (21,190,772 | ) | |||||||||||||||||||||||||
PL Mid-Cap Equity | (15,810,724 | ) | — | — | — | — | — | (15,810,724 | ) | (14,403,267 | ) | — | (30,213,991 | ) | ||||||||||||||||||||||||||
PL Large-Cap Growth (1) | (5,564,677 | ) | (64,425 | ) | — | — | (1,076,170 | ) | — | (4,424,082 | ) | (4,358,586 | ) | — | (9,923,263 | ) | ||||||||||||||||||||||||
PL International Large-Cap | (2,153,723 | ) | — | — | — | — | — | (2,153,723 | ) | (4,904,806 | ) | (18,931 | ) | (7,077,460 | ) | |||||||||||||||||||||||||
PL Small-Cap Value | (1,719,010 | ) | — | — | — | — | (32,441 | ) | (1,686,569 | ) | (4,036,368 | ) | — | (5,755,378 | ) | |||||||||||||||||||||||||
PL Main Street Core | (13,408,365 | ) | — | — | — | — | — | (13,408,365 | ) | (7,966,033 | ) | — | (21,374,398 | ) | ||||||||||||||||||||||||||
PL Emerging Markets | — | — | — | — | — | — | — | (4,374,328 | ) | (6,355 | ) | (4,380,683 | ) | |||||||||||||||||||||||||||
PL Managed Bond | — | — | — | — | — | — | — | (269,322 | ) | — | (269,322 | ) | ||||||||||||||||||||||||||||
PL Inflation Managed | (141,727 | ) | — | — | — | — | — | (141,727 | ) | (2,411,164 | ) | (276,352 | ) | (2,829,243 | ) | |||||||||||||||||||||||||
PL Comstock | (12,106,786 | ) | — | — | — | — | — | (12,106,786 | ) | (13,706,838 | ) | — | (25,813,624 | ) | ||||||||||||||||||||||||||
PL Mid-Cap Growth | — | — | — | — | — | — | — | (704,555 | ) | (2,380 | ) | (706,935 | ) | |||||||||||||||||||||||||||
PL Real Estate | (2,282,346 | ) | — | — | — | — | — | (2,282,346 | ) | (4,522,434 | ) | — | (6,804,780 | ) |
(1) | The availability of a certain amount of capital loss carryover which was acquired on December 31, 2003 in the merger with the PF Putnam Research Fund, may be limited in a given year. The net capital loss carryover for 2012 and prior includes $64,425 net capital loss carryover expiring in 2011. |
Gross | Gross | Net Unrealized | Net Unrealized | |||||||||||||||||||||||||||||||||||||
Total Cost of | Unrealized | Unrealized | Appreciation | Appreciation | Net | |||||||||||||||||||||||||||||||||||
Investments | Appreciation | Depreciation | (Depreciation) | (Depreciation) | Appreciation | |||||||||||||||||||||||||||||||||||
Funds | on Tax Basis | on Investments | on Investments | on Investments | on Other (1) | (Depreciation) | ||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Conservative | $ | 93,040,323 | $ | — | $ | (11,412,193 | ) | $ | (11,412,193 | ) | $ | — | $ | (11,412,193 | ) | |||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative | 124,237,854 | — | (27,547,046 | ) | (27,547,046 | ) | — | (27,547,046 | ) | |||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate | 452,317,506 | — | (138,923,650 | ) | (138,923,650 | ) | — | (138,923,650 | ) | |||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 481,647,145 | — | (186,068,923 | ) | (186,068,923 | ) | — | (186,068,923 | ) | |||||||||||||||||||||||||||||||
PL Portfolio Optimization Aggressive | 220,280,784 | — | (95,039,111 | ) | (95,039,111 | ) | — | (95,039,111 | ) | |||||||||||||||||||||||||||||||
PL Money Market | 54,093,610 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
PL Small-Cap Growth | 28,985,506 | 1,396,775 | (7,130,708 | ) | (5,733,933 | ) | — | (5,733,933 | ) | |||||||||||||||||||||||||||||||
PL International Value | 131,241,741 | 663,322 | (54,637,577 | ) | (53,974,255 | ) | 9,273 | (53,964,982 | ) | |||||||||||||||||||||||||||||||
PL Large-Cap Value | 81,837,368 | 946,771 | (22,855,414 | ) | (21,908,643 | ) | 190 | (21,908,453 | ) | |||||||||||||||||||||||||||||||
PL Short Duration Bond | 47,247,847 | 762,177 | (892,206 | ) | (130,029 | ) | (207 | ) | (130,236 | ) | ||||||||||||||||||||||||||||||
PL Floating Rate Loan | 27,925,291 | 28,265 | (4,674,141 | ) | (4,645,876 | ) | — | (4,645,876 | ) | |||||||||||||||||||||||||||||||
PL Growth LT | 92,684,178 | 1,329,486 | (20,119,349 | ) | (18,789,863 | ) | (18,314 | ) | (18,808,177 | ) | ||||||||||||||||||||||||||||||
PL Mid-Cap Equity | 78,065,921 | 1,204,741 | (20,325,767 | ) | (19,121,026 | ) | — | (19,121,026 | ) | |||||||||||||||||||||||||||||||
PL Large-Cap Growth | 15,861,946 | 1,089,423 | (732,403 | ) | 357,020 | — | 357,020 | |||||||||||||||||||||||||||||||||
PL International Large-Cap | 91,859,987 | 1,343,067 | (28,054,412 | ) | (26,711,345 | ) | (4,864 | ) | (26,716,209 | ) | ||||||||||||||||||||||||||||||
PL Small-Cap Value | 39,269,028 | 818,486 | (12,935,129 | ) | (12,116,643 | ) | — | (12,116,643 | ) | |||||||||||||||||||||||||||||||
PL Main Street Core | 121,333,490 | 1,409,752 | (38,478,952 | ) | (37,069,200 | ) | — | (37,069,200 | ) | |||||||||||||||||||||||||||||||
PL Emerging Markets | 40,179,711 | 1,192,376 | (10,871,628 | ) | (9,679,252 | ) | (3,297 | ) | (9,682,549 | ) | ||||||||||||||||||||||||||||||
PL Managed Bond | 227,773,497 | 4,777,265 | (19,969,892 | ) | (15,192,627 | ) | 4,825,262 | (10,367,365 | ) |
F-16
NOTES TO FINANCIAL STATEMENTS (Continued)
Gross | Gross | Net Unrealized | Net Unrealized | |||||||||||||||||||||
Total Cost of | Unrealized | Unrealized | Appreciation | Appreciation | ||||||||||||||||||||
Investments | Appreciation | Depreciation | (Depreciation) | (Depreciation) | Net | |||||||||||||||||||
Funds | on Tax Basis | on Investments | on Investments | on Investments | on Other (1) | Depreciation | ||||||||||||||||||
PL Inflation Managed | $ | 147,641,247 | $ | 6,546,107 | $ | (12,655,023 | ) | $ | (6,108,916 | ) | $ | (884,322 | ) | $ | (6,993,238 | ) | ||||||||
PL Comstock | 112,510,318 | 1,315,819 | (39,019,214 | ) | (37,703,395 | ) | — | (37,703,395 | ) | |||||||||||||||
PL Mid-Cap Growth | 25,233,661 | 2,125,751 | (8,705,132 | ) | (6,579,381 | ) | (367 | ) | (6,579,748 | ) | ||||||||||||||
PL Real Estate | 38,250,119 | 241,015 | (17,693,568 | ) | (17,452,553 | ) | (1,520 | ) | (17,454,073 | ) |
(1) | Other includes net appreciation or depreciation on derivatives and assets and liabilities in foreign currencies. |
U.S. Government Securities | Other Securities | |||||||||||||||
Funds | Purchases | Sales | Purchases | Sales | ||||||||||||
PL Portfolio Optimization Conservative | $ | — | $ | — | $ | 56,505,681 | $ | 17,907,985 | ||||||||
PL Portfolio Optimization Moderate-Conservative | — | — | 45,821,410 | 34,724,720 | ||||||||||||
PL Portfolio Optimization Moderate | — | — | 126,430,920 | 101,812,964 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | — | — | 115,907,838 | 91,164,334 | ||||||||||||
PL Portfolio Optimization Aggressive | — | — | 45,333,381 | 31,164,338 | ||||||||||||
PL Small-Cap Growth | — | — | 21,998,929 | 21,477,190 | ||||||||||||
PL International Value | — | — | 61,208,318 | 32,096,227 | ||||||||||||
PL Large-Cap Value | — | — | 54,964,966 | 26,997,733 | ||||||||||||
PL Short Duration Bond | 63,609,700 | 85,210,282 | 16,120,297 | 16,571,298 | ||||||||||||
PL Floating Rate Loan | — | — | 43,654,245 | 13,912,026 | ||||||||||||
PL Growth LT | — | — | 107,842,371 | 65,835,925 | ||||||||||||
PL Mid-Cap Equity | — | — | 72,105,236 | 59,471,427 | ||||||||||||
PL Large-Cap Growth | — | — | 38,366,729 | 38,481,904 | ||||||||||||
PL International Large-Cap | — | — | 35,152,984 | 21,296,378 | ||||||||||||
PL Small-Cap Value | — | — | 37,804,778 | 14,108,644 | ||||||||||||
PL Main Street Core | — | — | 128,849,297 | 105,337,003 | ||||||||||||
PL Emerging Markets | — | — | 26,146,881 | 22,429,345 | ||||||||||||
PL Managed Bond | 854,468,315 | 865,673,209 | 62,130,674 | 53,108,986 | ||||||||||||
PL Inflation Managed | 1,368,532,645 | 1,412,585,324 | 20,695,497 | 7,995,774 | ||||||||||||
PL Comstock | — | — | 60,823,828 | 58,227,566 | ||||||||||||
PL Mid-Cap Growth | — | — | 13,508,673 | 35,827,864 | ||||||||||||
PL Real Estate | — | — | 20,431,047 | 12,915,354 |
• | Level 1 — Quoted prices in active markets for identical holdings | ||
• | Level 2 — Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data | ||
• | Level 3 — Significant unobservable inputs that are not corroborated by observable market data |
F-17
NOTES TO FINANCIAL STATEMENTS (Continued)
Level 2 | Level 3 | |||||||||||||||
Total | Level 1 | Significant | Significant | |||||||||||||
Value at | Quoted | Observable | Unobservable | |||||||||||||
Funds | March 31, 2009 | Price | Input | Input | ||||||||||||
PL Portfolio Optimization Conservative | ||||||||||||||||
Investments in Securities | $ | 81,628,130 | $ | 81,628,130 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate-Conservative | ||||||||||||||||
Investments in Securities | $ | 96,690,808 | $ | 96,690,808 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate | ||||||||||||||||
Investments in Securities | $ | 313,393,856 | $ | 313,393,856 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate-Aggressive | ||||||||||||||||
Investments in Securities | $ | 295,578,222 | $ | 295,578,222 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Aggressive | ||||||||||||||||
Investments in Securities | $ | 125,241,673 | $ | 125,241,673 | $ | — | $ | — | ||||||||
PL Money Market | ||||||||||||||||
Investments in Securities | $ | 54,093,610 | $ | 4,773,828 | $ | 49,319,782 | $ | — | ||||||||
PL Small-Cap Growth | ||||||||||||||||
Investments in Securities | $ | 23,251,573 | $ | 23,251,573 | $ | — | $ | — | ||||||||
PL International Value | ||||||||||||||||
Investments in Securities | $ | 77,267,486 | $ | 2,217,665 | $ | 75,049,821 | $ | — | ||||||||
Other Financial Instruments* | ||||||||||||||||
Assets | 23,325 | 11,067 | 12,258 | — | ||||||||||||
Liabilities | (117,597 | ) | — | (117,597 | ) | — | ||||||||||
Total | $ | 77,173,214 | $ | 2,228,732 | $ | 74,944,482 | $ | — | ||||||||
PL Large-Cap Value | ||||||||||||||||
Investments in Securities | $ | 59,928,725 | $ | 58,232,624 | $ | 1,696,101 | $ | — | ||||||||
PL Short Duration Bond | ||||||||||||||||
Investments in Securities | $ | 47,117,818 | $ | 840,114 | $ | 46,277,704 | $ | — | ||||||||
Other Financial Instruments* | ||||||||||||||||
Assets | 69,648 | 69,648 | — | — | ||||||||||||
Liabilities | (29,453 | ) | (29,453 | ) | — | — | ||||||||||
Total | $ | 47,158,013 | $ | 880,309 | $ | 46,277,704 | $ | — | ||||||||
PL Floating Rate Loan | ||||||||||||||||
Investments in Securities | $ | 23,279,415 | $ | — | $ | 23,279,415 | $ | — | ||||||||
PL Growth LT | ||||||||||||||||
Investments in Securities | $ | 73,894,315 | $ | 61,562,763 | $ | 12,331,552 | $ | — | ||||||||
Other Financial Instruments* | ||||||||||||||||
Assets | 13,741 | — | 13,741 | — | ||||||||||||
Liabilities | (162,684 | ) | — | (162,684 | ) | — | ||||||||||
Total | $ | 73,745,372 | $ | 61,562,763 | $ | 12,182,609 | $ | — | ||||||||
PL Mid-Cap Equity | ||||||||||||||||
Investments in Securities | $ | 58,944,895 | $ | 58,944,895 | $ | — | $ | — | ||||||||
PL Large-Cap Growth | ||||||||||||||||
Investments in Securities | $ | 16,218,966 | $ | 16,218,966 | $ | — | $ | — | ||||||||
PL International Large-Cap | ||||||||||||||||
Investments in Securities | $ | 65,148,642 | $ | 4,844,996 | $ | 60,303,646 | $ | — | ||||||||
PL Small-Cap Value | ||||||||||||||||
Investments in Securities | $ | 27,152,385 | $ | 27,152,385 | $ | — | $ | — | ||||||||
F-18
NOTES TO FINANCIAL STATEMENTS (Continued)
Level 2 | Level 3 | |||||||||||||||
Total | Level 1 | Significant | Significant | |||||||||||||
Value at | Quoted | Observable | Unobservable | |||||||||||||
Funds | March 31, 2009 | Price | Input | Input | ||||||||||||
PL Main Street Core | ||||||||||||||||
Investments in Securities | $ | 84,264,290 | $ | 84,264,282 | $ | — | $ | 8 | ||||||||
PL Emerging Markets | ||||||||||||||||
Investments in Securities | $ | 30,500,459 | $ | 10,153,147 | $ | 20,347,312 | $ | — | ||||||||
PL Managed Bond | ||||||||||||||||
Investments in Securities | $ | 212,580,870 | $ | 2,944,045 | $ | 209,636,825 | $ | — | ||||||||
Other Financial Instruments* | ||||||||||||||||
Assets | 11,343,233 | 1,438,982 | 8,901,376 | 1,002,875 | ||||||||||||
Liabilities | (6,296,707 | ) | (7,797 | ) | (6,288,910 | ) | — | |||||||||
Total | $ | 217,627,396 | $ | 4,375,230 | $ | 212,249,291 | $ | 1,002,875 | ||||||||
PL Inflation Managed | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Assets | $ | 141,532,331 | $ | 803,064 | $ | 140,729,267 | $ | — | ||||||||
Liabilities | (5,290,548 | ) | — | (5,290,548 | ) | — | ||||||||||
Other Financial Instruments* | ||||||||||||||||
Assets | 1,261,206 | 442,978 | 553,459 | 264,769 | ||||||||||||
Liabilities | (2,111,288 | ) | (5,188 | ) | (2,093,907 | ) | (12,193 | ) | ||||||||
Total | $ | 135,391,701 | $ | 1,240,854 | $ | 133,898,271 | $ | 252,576 | ||||||||
PL Comstock | ||||||||||||||||
Investments in Securities | $ | 74,806,923 | $ | 74,806,923 | $ | — | $ | — | ||||||||
PL Mid-Cap Growth | ||||||||||||||||
Investments in Securities | $ | 18,654,280 | $ | 16,945,670 | $ | 1,576,274 | $ | 132,336 | ||||||||
PL Real Estate | ||||||||||||||||
Investments in Securities | $ | 20,797,566 | $ | 20,797,566 | $ | — | $ | — | ||||||||
Investments in | ||||||||||||
Total | Investments in | Other Financial | ||||||||||
Funds | Value | Securities | Instruments* | |||||||||
PL Floating Rate Loan | ||||||||||||
Value, beginning of period | $ | — | $ | — | $ | — | ||||||
Net purchases (sales) | 1,468,333 | 1,468,333 | — | |||||||||
Accrued discounts (premiums) | 1,268 | 1,268 | — | |||||||||
Total net realized gains (losses) | — | — | — | |||||||||
Total change in net unrealized appreciation (depreciation) | (27,936 | ) | (27,936 | ) | — | |||||||
Transfers in and/or out of Level 3 | (1,441,665 | ) | (1,441,665 | ) | — | |||||||
Value, end of period | $ | — | $ | — | $ | — | ||||||
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of period, if applicable | $ | — | $ | — | $ | — | ||||||
PL Main Street Core | ||||||||||||
Value, beginning of year | $ | — | $ | — | $ | — | ||||||
Net purchases (sales) | — | — | — | |||||||||
Total net realized gains (losses) | — | — | — | |||||||||
Total change in net unrealized appreciation (depreciation) | 8 | 8 | — | |||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Value, end of year | $ | 8 | $ | 8 | $ | — | ||||||
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of year, if applicable | $ | 8 | $ | 8 | $ | — | ||||||
F-19
NOTES TO FINANCIAL STATEMENTS (Continued)
Investments in | ||||||||||||
Total | Investments in | Other Financial | ||||||||||
Funds | Value | Securities | Instruments* | |||||||||
PL Emerging Markets | ||||||||||||
Value, beginning of year | $ | 89,032 | $ | 89,032 | $ | — | ||||||
Net purchases (sales) | (29,293 | ) | (29,293 | ) | — | |||||||
Total net realized gains (losses) | (45,505 | ) | (45,505 | ) | — | |||||||
Total change in net unrealized appreciation (depreciation) | (14,234 | ) | (14,234 | ) | — | |||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Value, end of year | $ | — | $ | — | $ | — | ||||||
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of year, if applicable | $ | — | $ | — | $ | — | ||||||
PL Managed Bond | ||||||||||||
Value, beginning of year | $ | 808,566 | $ | 122,530 | $ | 686,036 | ||||||
Net purchases (sales) | (5,082 | ) | (4,908 | ) | (174 | ) | ||||||
Accrued discounts (premiums) | — | — | — | |||||||||
Total net realized gains (losses) | (7,668 | ) | — | (7,668 | ) | |||||||
Total change in net unrealized appreciation (depreciation) | 292,957 | (5,210 | ) | 298,167 | ||||||||
Transfers in and/or out of Level 3 | (85,898 | ) | (112,412 | ) | 26,514 | |||||||
Value, end of year | $ | 1,002,875 | $ | — | $ | 1,002,875 | ||||||
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of year, if applicable | $ | 280,507 | $ | — | $ | 280,507 | ||||||
PL Inflation Managed | ||||||||||||
Value, beginning of year | $ | (46,846 | ) | $ | — | $ | (46,846 | ) | ||||
Net purchases (sales) | — | — | — | |||||||||
Accrued discounts (premiums) | — | — | — | |||||||||
Total net realized gains (losses) | — | — | — | |||||||||
Total change in net unrealized appreciation (depreciation) | 46,531 | — | 46,531 | |||||||||
Transfers in and/or out of Level 3 | 252,891 | — | 252,891 | |||||||||
Value, end of year | $ | 252,576 | $ | — | $ | 252,576 | ||||||
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of year, if applicable | $ | 339,545 | $ | — | $ | 339,545 | ||||||
PL Mid-Cap Growth | ||||||||||||
Value, beginning of year | $ | — | $ | — | $ | — | ||||||
Net purchases (sales) | 132,336 | 132,336 | — | |||||||||
Total net realized gains (losses) | — | — | — | |||||||||
Total change in net unrealized appreciation (depreciation) | — | — | — | |||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||
Value, end of year | $ | 132,336 | $ | 132,336 | $ | — | ||||||
Change in net unrealized appreciation (depreciation) on Level 3 holdings held at end of year, if applicable | $ | — | $ | — | $ | — | ||||||
* | Other financial instruments include open futures contracts, swap contracts, written options, and forward foreign currency contracts, if any. |
PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | |||||||||||||||||||||||||||||
Conservative Fund | Moderate-Conservative Fund | Moderate Fund | Moderate-Aggressive Fund | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 2,956,336 | 2,044,366 | 2,130,505 | 2,356,748 | 5,467,124 | 7,372,963 | 5,206,917 | 7,919,506 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 179,587 | 64,073 | 247,855 | 170,911 | 842,154 | 731,425 | 780,751 | 824,356 | ||||||||||||||||||||||||
Shares repurchased | (1,696,454 | ) | (950,147 | ) | (2,251,664 | ) | (1,171,757 | ) | (5,820,224 | ) | (3,775,070 | ) | (5,568,491 | ) | (3,978,516 | ) | ||||||||||||||||
Net increase | 1,439,469 | 1,158,292 | 126,696 | 1,355,902 | 489,054 | 4,329,318 | 419,177 | 4,765,346 | ||||||||||||||||||||||||
Beginning shares outstanding | 2,274,631 | 1,116,339 | 4,597,575 | 3,241,673 | 16,743,036 | 12,413,718 | 17,222,972 | 12,457,626 | ||||||||||||||||||||||||
Ending shares outstanding | 3,714,100 | 2,274,631 | 4,724,271 | 4,597,575 | 17,232,090 | 16,743,036 | 17,642,149 | 17,222,972 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 714,350 | 273,848 | 509,964 | 575,014 | 1,312,742 | 1,869,065 | 1,289,865 | 2,031,614 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 41,713 | 11,734 | 69,813 | 43,434 | 211,875 | 189,055 | 218,841 | 253,664 | ||||||||||||||||||||||||
Shares repurchased | (275,210 | ) | (88,862 | ) | (526,525 | ) | (317,752 | ) | (1,304,938 | ) | (772,253 | ) | (1,288,485 | ) | (950,503 | ) | ||||||||||||||||
Net increase | 480,853 | 196,720 | 53,252 | 300,696 | 219,679 | 1,285,867 | 220,221 | 1,334,775 | ||||||||||||||||||||||||
Beginning shares outstanding | 466,463 | 269,743 | 1,385,360 | 1,084,664 | 4,928,814 | 3,642,947 | 5,828,845 | 4,494,070 | ||||||||||||||||||||||||
Ending shares outstanding | 947,316 | 466,463 | 1,438,612 | 1,385,360 | 5,148,493 | 4,928,814 | 6,049,066 | 5,828,845 | ||||||||||||||||||||||||
F-20
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | |||||||||||||||||||||||||||||
Conservative Fund | Moderate-Conservative Fund | Moderate Fund | Moderate-Aggressive Fund | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 3,275,571 | 1,786,254 | 2,281,299 | 2,818,712 | 5,115,416 | 7,240,475 | 4,470,139 | 6,626,048 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 191,300 | 61,321 | 234,491 | 144,123 | 663,823 | 615,952 | 602,849 | 678,236 | ||||||||||||||||||||||||
Shares repurchased | (1,633,608 | ) | (945,780 | ) | (2,045,402 | ) | (1,267,006 | ) | (5,949,843 | ) | (3,285,401 | ) | (4,527,360 | ) | (2,808,329 | ) | ||||||||||||||||
Net increase (decrease) | 1,833,263 | 901,795 | 470,388 | 1,695,829 | (170,604 | ) | 4,571,026 | 545,628 | 4,495,955 | |||||||||||||||||||||||
Beginning shares outstanding | 2,463,569 | 1,561,774 | 4,426,355 | 2,730,526 | 15,793,557 | 11,222,531 | 15,825,809 | 11,329,854 | ||||||||||||||||||||||||
Ending shares outstanding | 4,296,832 | 2,463,569 | 4,896,743 | 4,426,355 | 15,622,953 | 15,793,557 | 16,371,437 | 15,825,809 | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||
Shares sold | 287,632 | 134,408 | 446,824 | 197,444 | 1,150,700 | 807,358 | 511,373 | 221,191 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 15,951 | 3,026 | 21,818 | 7,433 | 52,854 | 26,267 | 19,890 | 9,501 | ||||||||||||||||||||||||
Shares repurchased | (95,180 | ) | (3,360 | ) | (151,527 | ) | (50,482 | ) | (324,413 | ) | (351,476 | ) | (71,380 | ) | (39,951 | ) | ||||||||||||||||
Net increase | 208,403 | 134,074 | 317,115 | 154,395 | 879,141 | 482,149 | 459,883 | 190,741 | ||||||||||||||||||||||||
Beginning shares outstanding | 154,653 | 20,579 | 276,986 | 122,591 | 675,499 | 193,350 | 266,964 | 76,223 | ||||||||||||||||||||||||
Ending shares outstanding | 363,056 | 154,653 | 594,101 | 276,986 | 1,554,640 | 675,499 | 726,847 | 266,964 | ||||||||||||||||||||||||
PL Portfolio Optimization | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||||||
Aggressive Fund | Market Fund | Growth Fund (1) | Value Fund (1) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 2,935,895 | 4,045,470 | 95,268,593 | 91,048,830 | 733,225 | 560,801 | 3,626,631 | 4,373,906 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 230,475 | 387,742 | 507,236 | 988,340 | — | 484,256 | 335,641 | 242,203 | ||||||||||||||||||||||||
Shares repurchased | (2,494,595 | ) | (2,038,754 | ) | (82,989,302 | ) | (70,498,425 | ) | (789,525 | ) | (643,002 | ) | (929,360 | ) | (304,164 | ) | ||||||||||||||||
Converted from Class B and C shares | — | — | — | — | 64,795 | — | 104,545 | — | ||||||||||||||||||||||||
Net increase | 671,775 | 2,394,458 | 12,786,527 | 21,538,745 | 8,495 | 402,055 | 3,137,457 | 4,311,945 | ||||||||||||||||||||||||
Beginning shares outstanding | 7,993,297 | 5,598,839 | 42,638,206 | 21,099,461 | 4,083,681 | 3,681,626 | 9,673,149 | 5,361,204 | ||||||||||||||||||||||||
Ending shares outstanding | 8,665,072 | 7,993,297 | 55,424,733 | 42,638,206 | 4,092,176 | 4,083,681 | 12,810,606 | 9,673,149 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 538,821 | 1,152,638 | 103 | 3,645 | 979 | 6,671 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | 72,540 | 107,232 | — | 4,722 | — | 892 | ||||||||||||||||||||||||||
Shares repurchased | (448,088 | ) | (507,945 | ) | (889 | ) | (7,513 | ) | (1,725 | ) | (12,085 | ) | ||||||||||||||||||||
Converted to Class A shares | — | — | (40,580 | ) | — | (41,781 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) | 163,273 | 751,925 | (41,366 | ) | 854 | (42,527 | ) | (4,522 | ) | |||||||||||||||||||||||
Beginning shares outstanding | 2,520,640 | 1,768,715 | 41,366 | 40,512 | 42,527 | 47,049 | ||||||||||||||||||||||||||
Ending shares outstanding | 2,683,913 | 2,520,640 | — | 41,366 | — | 42,527 | ||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 2,202,758 | 3,804,170 | 54 | 4,384 | 145 | 8,774 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | 179,396 | 269,560 | — | 4,080 | — | 1,505 | ||||||||||||||||||||||||||
Shares repurchased | (2,217,009 | ) | (1,879,851 | ) | (6,381 | ) | (14,587 | ) | (10,054 | ) | (37,080 | ) | ||||||||||||||||||||
Converted to Class A shares | — | — | (27,088 | ) | — | (65,319 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) | 165,145 | 2,193,879 | (33,415 | ) | (6,123 | ) | (75,228 | ) | (26,801 | ) | ||||||||||||||||||||||
Beginning shares outstanding | 6,326,273 | 4,132,394 | 33,415 | 39,538 | 75,228 | 102,029 | ||||||||||||||||||||||||||
Ending shares outstanding | 6,491,418 | 6,326,273 | — | 33,415 | — | 75,228 | ||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||
Shares sold | 254,938 | 75,915 | ||||||||||||||||||||||||||||||
Dividend and distribution reinvested | 4,130 | 3,589 | ||||||||||||||||||||||||||||||
Shares repurchased | (55,583 | ) | (5,059 | ) | ||||||||||||||||||||||||||||
Net increase | 203,485 | 74,445 | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 102,781 | 28,336 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 306,266 | 102,781 | ||||||||||||||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). |
F-21
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Large-Cap | PL Short Duration | PL Floating Rate | PL Growth | |||||||||||||||||||||||||||||
Value Fund(1) | Bond Fund(1) | Loan Fund(2) | LT Fund(1) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Period ended | Year ended | Year ended | ||||||||||||||||||||||||||
3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2009 | 3/31/2008 | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 2,978,769 | 1,668,606 | 969,287 | 1,620,819 | 3,928,223 | 3,666,221 | 1,433,973 | |||||||||||||||||||||||||
Dividend and distribution reinvested | 122,830 | 132,030 | 410,568 | 271,557 | 168,607 | 154,494 | 118,176 | |||||||||||||||||||||||||
Shares repurchased | (597,981 | ) | (199,370 | ) | (4,684,155 | ) | (516,210 | ) | (696,479 | ) | (413,180 | ) | (167,280 | ) | ||||||||||||||||||
Converted from Class B and C shares | 114,264 | — | 6,864 | — | — | 56,444 | — | |||||||||||||||||||||||||
Net increase (decrease) | 2,617,882 | 1,601,266 | (3,297,436 | ) | (1,376,166 | ) | 3,400,351 | 3,463,979 | 1,384,869 | |||||||||||||||||||||||
Beginning shares outstanding | 5,944,756 | 4,343,490 | 8,186,632 | 6,810,466 | — | 6,112,962 | 4,728,093 | |||||||||||||||||||||||||
Ending shares outstanding | 8,562,638 | 5,944,756 | 4,889,196 | 8,186,632 | 3,400,351 | 9,576,941 | 6,112,962 | |||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 76 | 4,218 | — | 18 | 74 | 2,924 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | — | 987 | 17 | 117 | — | 592 | ||||||||||||||||||||||||||
Shares repurchased | (6,307 | ) | (9,383 | ) | — | (830 | ) | (296 | ) | (5,958 | ) | |||||||||||||||||||||
Converted to Class A shares | (43,188 | ) | — | (3,936 | ) | — | (32,171 | ) | — | |||||||||||||||||||||||
Net decrease | (49,419 | ) | (4,178 | ) | (3,919 | ) | (695 | ) | (32,393 | ) | (2,442 | ) | ||||||||||||||||||||
Beginning shares outstanding | 49,419 | 53,597 | 3,919 | 4,614 | 32,393 | 34,835 | ||||||||||||||||||||||||||
Ending shares outstanding | — | 49,419 | — | 3,919 | — | 32,393 | ||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 412 | 5,074 | 199 | 2,836 | 155 | 3,711 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | — | 1,860 | 15 | 394 | — | 567 | ||||||||||||||||||||||||||
Shares repurchased | (16,754 | ) | (38,361 | ) | (1,649 | ) | (43,204 | ) | (2,549 | ) | (36,535 | ) | ||||||||||||||||||||
Converted to Class A shares | (73,662 | ) | — | (2,932 | ) | — | (26,175 | ) | — | |||||||||||||||||||||||
Net decrease | (90,004 | ) | (31,427 | ) | (4,367 | ) | (39,974 | ) | (28,569 | ) | (32,257 | ) | ||||||||||||||||||||
Beginning shares outstanding | 90,004 | 121,431 | 4,367 | 44,341 | 28,569 | 60,826 | ||||||||||||||||||||||||||
Ending shares outstanding | — | 90,004 | — | 4,367 | — | 28,569 | ||||||||||||||||||||||||||
PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | |||||||||||||||||||||||||||||
Equity Fund (1), (3) | Growth Fund (1) | Large-Cap Fund (1) | Value Fund (4) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Period ended | |||||||||||||||||||||||||
3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 2,317,738 | 2,817,854 | 478,562 | 364,737 | 1,329,243 | 1,402,505 | 3,021,440 | 2,701,104 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 142,979 | 813,309 | — | — | 88,594 | 307,596 | 87,024 | 12,874 | ||||||||||||||||||||||||
Shares repurchased | (941,323 | ) | (201,846 | ) | (384,057 | ) | (676,783 | ) | (564,633 | ) | (147,387 | ) | (360,058 | ) | (540,978 | ) | ||||||||||||||||
Converted from Class B and C shares | 22,991 | — | 99,602 | — | 73,362 | — | — | — | ||||||||||||||||||||||||
Net increase (decrease) | 1,542,385 | 3,429,317 | 194,107 | (312,046 | ) | 926,566 | 1,562,714 | 2,748,406 | 2,173,000 | |||||||||||||||||||||||
Beginning shares outstanding | 9,555,368 | 6,126,051 | 2,839,571 | 3,151,617 | 6,177,440 | 4,614,726 | 2,173,000 | — | ||||||||||||||||||||||||
Ending shares outstanding | 11,097,753 | 9,555,368 | 3,033,678 | 2,839,571 | 7,104,006 | 6,177,440 | 4,921,406 | 2,173,000 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 127 | 1,639 | 177 | 2,913 | 1,100 | 5,739 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | — | 725 | — | — | — | 2,101 | ||||||||||||||||||||||||||
Shares repurchased | (3 | ) | (3,989 | ) | (949 | ) | (5,912 | ) | (38 | ) | (8,877 | ) | ||||||||||||||||||||
Converted to Class A shares | (6,709 | ) | — | (42,959 | ) | — | (41,192 | ) | — | |||||||||||||||||||||||
Net decrease | (6,585 | ) | (1,625 | ) | (43,731 | ) | (2,999 | ) | (40,130 | ) | (1,037 | ) | ||||||||||||||||||||
Beginning shares outstanding | 6,585 | 8,210 | 43,731 | 46,730 | 40,130 | 41,167 | ||||||||||||||||||||||||||
Ending shares outstanding | — | 6,585 | — | 43,731 | — | 40,130 | ||||||||||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Operations commenced on June 30, 2008. | |
(3) | Formerly named Mid-Cap Value Fund. | |
(4) | Operations commenced on June 29, 2007. |
F-22
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Mid-Cap | PL Large-Cap | PL International | PL Small-Cap | |||||||||||||||||||||||||||||
Equity Fund (1), (2) | Growth Fund (1) | Large-Cap Fund (1) | Value Fund (3) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Period ended | |||||||||||||||||||||||||
3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 7 | 2,983 | 135 | 8,602 | 362 | 5,352 | ||||||||||||||||||||||||||
Dividend and distribution reinvested | — | 2,131 | — | — | — | 2,354 | ||||||||||||||||||||||||||
Shares repurchased | (1,264 | ) | (9,107 | ) | (9,953 | ) | (28,195 | ) | (5,143 | ) | (23,862 | ) | ||||||||||||||||||||
Converted to Class A shares | (16,768 | ) | — | (60,722 | ) | — | (34,177 | ) | — | |||||||||||||||||||||||
Net decrease | (18,025 | ) | (3,993 | ) | (70,540 | ) | (19,593 | ) | (38,958 | ) | (16,156 | ) | ||||||||||||||||||||
Beginning shares outstanding | 18,025 | 22,018 | 70,540 | 90,133 | 38,958 | 55,114 | ||||||||||||||||||||||||||
Ending shares outstanding | — | 18,025 | — | 70,540 | — | 38,958 | ||||||||||||||||||||||||||
PL Main Street | PL Emerging | PL Managed | PL Inflation | |||||||||||||||||||||||||||||
Core Fund | Markets Fund | Bond Fund (1) | Managed Fund (1) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 2,854,315 | 3,446,280 | 839,755 | 174,291 | 2,711,679 | 6,879,657 | 1,160,750 | 2,979,055 | ||||||||||||||||||||||||
Dividend and distribution reinvested | 146,772 | 559,901 | 729,647 | 415,599 | 1,712,608 | 523,641 | 1,208,287 | 485,101 | ||||||||||||||||||||||||
Shares repurchased | (345,795 | ) | (305,912 | ) | (360,976 | ) | (1,031,808 | ) | (6,865,813 | ) | (1,046,446 | ) | (5,191,750 | ) | (547,086 | ) | ||||||||||||||||
Converted from Class B and C shares | — | — | — | — | 249,828 | — | 258,126 | — | ||||||||||||||||||||||||
Net increase (decrease) | 2,655,292 | 3,700,269 | 1,208,426 | (441,918 | ) | (2,191,698 | ) | 6,356,852 | (2,564,587 | ) | 2,917,070 | |||||||||||||||||||||
Beginning shares outstanding | 11,300,857 | 7,600,588 | 3,507,126 | 3,949,044 | 16,385,906 | 10,029,054 | 11,042,505 | 8,125,435 | ||||||||||||||||||||||||
Ending shares outstanding | 13,956,149 | 11,300,857 | 4,715,552 | 3,507,126 | 14,194,208 | 16,385,906 | 8,477,918 | 11,042,505 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 983 | 2,947 | 24 | 1,604 | ||||||||||||||||||||||||||||
Dividend and distribution reinvested | 326 | 2,196 | 150 | 3,000 | ||||||||||||||||||||||||||||
Shares repurchased | (809 | ) | (16,063 | ) | (11,675 | ) | (15,387 | ) | ||||||||||||||||||||||||
Converted to Class A shares | (79,742 | ) | — | (67,109 | ) | — | ||||||||||||||||||||||||||
Net decrease | (79,242 | ) | (10,920 | ) | (78,610 | ) | (10,783 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 79,242 | 90,162 | 78,610 | 89,393 | ||||||||||||||||||||||||||||
Ending shares outstanding | — | 79,242 | — | 78,610 | ||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 211 | 28,527 | 97 | 3,973 | ||||||||||||||||||||||||||||
Dividend and distribution reinvested | 760 | 6,125 | 400 | 8,131 | ||||||||||||||||||||||||||||
Shares repurchased | (30,109 | ) | (95,145 | ) | (7,459 | ) | (84,335 | ) | ||||||||||||||||||||||||
Converted to Class A shares | (170,523 | ) | — | (192,804 | ) | — | ||||||||||||||||||||||||||
Net decrease | (199,661 | ) | (60,493 | ) | (199,766 | ) | (72,231 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 199,661 | 260,154 | 199,766 | 271,997 | ||||||||||||||||||||||||||||
Ending shares outstanding | — | 199,661 | — | 199,766 | ||||||||||||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Formerly named PL Mid-Cap Value Fund. | |
(3) | Operations commenced on June 29, 2007. |
F-23
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Comstock | PL Mid-Cap | PL Real Estate | ||||||||||||||||||||||
Fund (1) | Growth Fund (1) | Fund (1) | ||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||
3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | 3/31/2009 | 3/31/2008 | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 2,391,446 | 4,626,337 | 658,172 | 580,857 | 1,621,236 | 1,234,517 | ||||||||||||||||||
Dividend and distribution reinvested | 208,713 | 288,772 | 465,751 | 1,034,270 | 96,968 | 248,696 | ||||||||||||||||||
Shares repurchased | (2,416,252 | ) | (353,798 | ) | (2,919,074 | ) | (2,029,753 | ) | (593,678 | ) | (224,535 | ) | ||||||||||||
Converted from Class B and C shares | 93,595 | — | 196,520 | — | 27,603 | — | ||||||||||||||||||
Net increase (decrease) | 277,502 | 4,561,311 | (1,598,631 | ) | (414,626 | ) | 1,152,129 | 1,258,678 | ||||||||||||||||
Beginning shares outstanding | 10,497,434 | 5,936,123 | 5,391,812 | 5,806,438 | 3,367,237 | 2,108,559 | ||||||||||||||||||
Ending shares outstanding | 10,774,936 | 10,497,434 | 3,793,181 | 5,391,812 | 4,519,366 | 3,367,237 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
Shares sold | 110 | 4,495 | 588 | 9,165 | 110 | 1,471 | ||||||||||||||||||
Dividend and distribution reinvested | — | 1,303 | — | 20,051 | — | 625 | ||||||||||||||||||
Shares repurchased | (2,548 | ) | (10,517 | ) | (4,082 | ) | (16,880 | ) | (40 | ) | (5,403 | ) | ||||||||||||
Converted to Class A shares | (42,186 | ) | — | (109,815 | ) | — | (8,683 | ) | — | |||||||||||||||
Net increase (decrease) | (44,624 | ) | (4,719 | ) | (113,309 | ) | 12,336 | (8,613 | ) | (3,307 | ) | |||||||||||||
Beginning shares outstanding | 44,624 | 49,343 | 113,309 | 100,973 | 8,613 | 11,920 | ||||||||||||||||||
Ending shares outstanding | — | 44,624 | — | 113,309 | — | 8,613 | ||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 477 | 7,040 | 704 | 12,133 | 192 | 7,417 | ||||||||||||||||||
Dividend and distribution reinvested | — | 1,762 | 1 | 21,755 | — | 1,616 | ||||||||||||||||||
Shares repurchased | (11,256 | ) | (31,083 | ) | (20,134 | ) | (53,663 | ) | (577 | ) | (11,921 | ) | ||||||||||||
Converted to Class A shares | (53,116 | ) | — | (95,571 | ) | — | (19,183 | ) | — | |||||||||||||||
Net decrease | (63,895 | ) | (22,281 | ) | (115,000 | ) | (19,775 | ) | (19,568 | ) | (2,888 | ) | ||||||||||||
Beginning shares outstanding | 63,895 | 86,176 | 115,000 | 134,775 | 19,568 | 22,456 | ||||||||||||||||||
Ending shares outstanding | — | 63,895 | — | 115,000 | — | 19,568 | ||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). |
F-24
NOTES TO FINANCIAL STATEMENTS (Continued)
Undistributed/ | Undistributed/ | |||||||||||
Accumulated | Accumulated | |||||||||||
Paid-In | Net Investment | Net Realized | ||||||||||
Funds | Capital | Income (Loss) | Gain (Loss) | |||||||||
PL Portfolio Optimization Conservative | $ | 1 | $ | 1,626,413 | $ | ( 1,626,414 | ) | |||||
PL Portfolio Optimization Moderate-Conservative | — | 2,425,946 | (2,425,946 | ) | ||||||||
PL Portfolio Optimization Moderate | — | 6,599,282 | (6,599,282 | ) | ||||||||
PL Portfolio Optimization Moderate-Aggressive | — | 4,478,822 | (4,478,822 | ) | ||||||||
PL Portfolio Optimization Aggressive | — | 110,607 | (110,607 | ) | ||||||||
PL Money Market | (78 | ) | 990 | (912 | ) | |||||||
PL Small-Cap Growth | (294,373 | ) | 293,738 | 635 | ||||||||
PL International Value | — | (410,790 | ) | 410,790 | ||||||||
PL Large-Cap Value | — | (2,631 | ) | 2,631 | ||||||||
PL Short Duration Bond | — | (48,250 | ) | 48,250 | ||||||||
PL Floating Rate Loan | (22,369 | ) | 22,369 | — | ||||||||
PL Growth LT | — | 1,177,328 | (1,177,328 | ) | ||||||||
PL Mid-Cap Equity | (2 | ) | 6,383 | (6,381 | ) | |||||||
PL Large-Cap Growth | (130,442 | ) | 130,442 | — | ||||||||
PL International Large-Cap | — | (71,173 | ) | 71,173 | ||||||||
PL Small-Cap Value | — | (106,417 | ) | 106,417 | ||||||||
PL Emerging Markets | (17,474 | ) | (115,762 | ) | 133,236 | |||||||
PL Managed Bond | — | 2,429,559 | (2,429,559 | ) | ||||||||
PL Inflation Managed | — | 1,525,183 | (1,525,183 | ) | ||||||||
PL Mid-Cap Growth | (307,382 | ) | 331,178 | (23,796 | ) | |||||||
PL Real Estate | (40,426 | ) | 5,728 | 34,698 |
F-25
NOTES TO FINANCIAL STATEMENTS (Continued)
Funds | Percentage | |||
PL Portfolio Optimization Conservative | 3.65 | % | ||
PL Portfolio Optimization Moderate-Conservative | 8.25 | % | ||
PL Portfolio Optimization Moderate | 16.37 | % | ||
PL Portfolio Optimization Moderate-Aggressive | 32.66 | % | ||
PL Large-Cap Value | 100.00 | % | ||
PL Mid-Cap Equity | 100.00 | % | ||
PL Small-Cap Value | 100.00 | % | ||
PL Main Street Core | 100.00 | % | ||
PL Comstock | 100.00 | % | ||
PL Mid-Cap Growth | 42.42 | % | ||
PL Real Estate | 34.11 | % |
Funds | Amount | |||
PL Portfolio Optimization Conservative | $ | 133,752 | ||
PL Portfolio Optimization Moderate-Conservative | 1,105,969 | |||
PL Portfolio Optimization Moderate | 6,873,046 | |||
PL Portfolio Optimization Moderate-Aggressive | 9,839,791 | |||
PL Portfolio Optimization Aggressive | 5,735,626 | |||
PL Large-Cap Value | 78,131 | |||
PL Short Duration Bond | 1,688,071 | |||
PL Growth LT | 1,903,765 | |||
PL International Large-Cap | 781,478 | |||
PL Emerging Markets | 6,029,027 | |||
PL Managed Bond | 1,061,640 | |||
PL Mid-Cap Growth | 2,922,430 |
F-26
Pacific Life Funds
![(DELOITTE & TOUCHE LLP)](https://capedge.com/proxy/N-CSR/0000950123-09-012110/p15065p1506526.gif)
F-27
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
Pacific Life Funds and | (and certain additional occupation information) | Fund Complex | ||||||
Name and Age | Length of Time Served* | During Past 5 Years | Overseen** | |||||
INDEPENDENT TRUSTEES | ||||||||
Frederick L. Blackmon Year of birth 1952 | Trustee since 9/13/05 | Trustee (1/05 to present) of Pacific Select Fund; Director (2005 to present) of Trustmark Mutual Holding Company; Former Executive Vice President and Chief Financial Officer (1995 to 2003) of Zurich Life and has been retired since that time; Executive Vice President and Chief Financial Officer (1989 to 1995) of Alexander Hamilton Life Insurance Company (subsidiary of Household International); Former Member, Board of Regents (1993 to 1996), Eastern Michigan University; and Former Member, Board of Governors (1994 to 1999), of Cranbrook Schools. | 58 | |||||
Gale K. Caruso Year of birth 1957 | Trustee since 1/01/06 | Trustee (1/06 to present) of Pacific Select Fund; Member of the Board of Directors (2005 to 2009) of LandAmerica Financial Group, Inc.; Former President and Chief Executive Officer (1999 to 2003) of Zurich Life; Former Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd. and Managing Director of Scudder Kemper Investments; Member of the Advisory Council of the Trust for Public Land in Maine; Member of the Board of Directors of Make-A-Wish of Maine; and Former Member, Board of Directors of the Illinois Life Insurance Council. | 58 | |||||
Lucie H. Moore Year of birth 1956 | Trustee since 6/12/01 | Trustee (10/98 to present) of Pacific Select Fund; Member, Board of Trustees (2007 to present) of Sage Hill School; Member (2001 to present) and Vice Chairman (2001 to 2007) of the Board of Trustees, The Pegasus School; Former Chairman of the Development Committee and Current Member of the Board of Directors, Homeword; Advisory Board, Court Appointed Special Advocates (CASA) of Orange County; and Former Partner (1984 to 1994) with Gibson, Dunn & Crutcher (Law). | 58 | |||||
Nooruddin (Rudy) S. Veerjee Year of birth 1958 | Trustee since 9/13/05 | Trustee (1/05 to present) of Pacific Select Fund; Former President (1997 to 2000) of Transamerica Insurance and Investment Group and has been retired since that time; Former President (1994 to 1997) of Transamerica Asset Management; Former Chairman and Chief Executive Officer (1995 to 2000) of Transamerica Premier Funds (Mutual Fund); and Former Director (1994 to 2000) of various Transamerica Life Companies. | 58 |
G-1
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
Pacific Life Funds and | (and certain additional occupation information) | Fund Complex | ||||||
Name and Age | Length of Time Served* | During Past 5 Years | Overseen** | |||||
INDEPENDENT TRUSTEES (Continued) | ||||||||
G. Thomas Willis Year of birth 1942 | Trustee since 2/24/04 | Trustee (11/03 to present) of Pacific Select Fund; Certified Public Accountant in California (1967 to present); Audit Partner (1976 to 2002) of PricewaterhouseCoopers LLP (Accounting and Auditing) and has been retired since that time. | 58 | |||||
INTERESTED PERSONS | ||||||||
James T. Morris Year of birth 1960 | Chief Executive Officer, Chairman of the Board and Trustee since 1/11/07 (President 11/14/05 to 1/10/07 and Executive Vice President 6/05 to 11/05) | Director (4/07 to present), Chairman (5/08 to present), President and Chief Executive Officer (4/07 to present), Chief Operating Officer (1/06 to 4/07), Executive Vice President and Chief Insurance Officer (7/05 to 1/06) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (4/07 to present), Chairman (5/08 to present), President and Chief Executive Officer (4/07 to present), Chief Operating Officer (1/06 to 4/07), Chief Insurance Officer (4/05 to 1/06), Executive Vice President (1/02 to 1/06), Senior Vice President (4/96 to 1/02), and Vice President (4/90 to 4/96) of Pacific Life; President and Chief Executive Officer (5/07 to present) of Pacific Life Fund Advisors LLC; Director (4/06 to present), President and Chief Executive Officer (4/07 to present), Chief Operating Officer (1/06 to 4/07), Chief Insurance Officer (4/05 to 1/06), Executive Vice President (1/02 to 1/06), and Senior Vice President (8/99 to 1/02) of Pacific Life & Annuity Company; and similar positions with other subsidiaries and affiliates of Pacific Life; and Chief Executive Officer, Chairman of the Board and Trustee (1/07 to present), President (11/05 to 1/07) and Executive Vice President (6/05 to 11/05) of Pacific Select Fund. | 58 | |||||
Mary Ann Brown Year of birth 1951 | President since 1/11/07 (Executive Vice President 6/20/06 to 1/10/07) | Senior Vice President (5/06 to present) of Pacific LifeCorp; Senior Vice President (3/05 to present) of Pacific Life; Trustee (9/05 to present) of Pacific Life Employees Retirement Plan; Senior Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; Senior Vice President (6/08 to present) of Pacific Life Re Holdings LLC; Director and Senior Vice President (6/08 to present) of Pacific Life Re Holdings Limited; Prior Board Member (8/01 to 10/07) and Vice Chairman (8/01 to 7/04) and Chairman (8/04 to 10/05) of National Association of Variable Annuities; Senior Vice President (7/03 to 11/03), Finance, New York Life Insurance Company; MetLife, Inc. (12/98 to 6/03), Senior Vice President and Head of Individual Business Product Management (12/98 to 7/02) responsibilities included: President of New England Products and Services; Chairman of Security First Group (later MetLife Investors); Chairman, Chief Executive Officer and President of New England Pension and Annuity Company; Board Member of New England Zenith Funds; Board Member of Reinsurance Group of America, Chairman and Chief Executive Officer of Exeter Reinsurance Company, Ltd.; Chairman and Chief Executive Officer of Missouri Reinsurance Company, Ltd; Chairman of Underwriting Policy and Rate Setting Committees; Senior Vice President and Chief Actuary (7/02 to 6/03) of MetLife, Inc.; Director and Senior Vice President (12/05 to present) of Pacific Alliance Reinsurance Ltd; Director and Senior Vice President (10/07 to present) of Pacific Alliance Reinsurance Company of Vermont; and President (1/07 to present) and Executive Vice President (6/06 to 1/07) of Pacific Select Fund. | 58 |
G-2
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
Pacific Life Funds and | (and certain additional occupation information) | Fund Complex | ||||||
Name and Age | Length of Time Served* | During Past 5 Years | Overseen** | |||||
INTERESTED PERSONS (Continued) | ||||||||
Robin S. Yonis Year of birth 1954 | Vice President and General Counsel since 6/12/01 | Vice President, Fund Advisor General Counsel and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; Vice President and Investment Counsel (4/04 to present) of Pacific Life and Pacific Life & Annuity Company; Assistant Vice President (11/93 to 4/04) and Investment Counsel of Pacific Life; Assistant Vice President (8/99 to 4/04) and Investment Counsel of Pacific Life & Annuity Company; and Vice President and General Counsel (4/05 to present) of Pacific Select Fund. | 58 | |||||
Brian D. Klemens Year of birth 1956 | Vice President and Treasurer since 6/12/01 | Vice President and Controller (10/07 to present) and Vice President and Treasurer (6/99 to 10/07) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President and Controller (10/07 to present) and Vice President and Treasurer (12/98 to 10/07) of Pacific Life; Vice President and Controller (10/07 to present) and Vice President and Treasurer (5/07 to 10/07) of Pacific Life Fund Advisors LLC; and similar positions with other subsidiaries and affiliates of Pacific Life; and Vice President and Treasurer (4/96 to present) of Pacific Select Fund. | 58 | |||||
Sharon E. Pacheco Year of birth 1957 | Vice President and Chief Compliance Officer since 6/04/04 | Vice President and Chief Compliance Officer (11/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President (2/00 to present) and Chief Compliance Officer (1/03 to present), and Assistant Vice President (11/97 to 2/00) of Pacific Life; Vice President (4/00 to present) and Chief Compliance Officer (1/03 to present) and Assistant Vice President (8/99 to 4/00) of Pacific Life & Annuity Company; Vice President and Chief Compliance Officer (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Chief Compliance Officer (6/04 to present) of Pacific Select Fund. | 58 | |||||
Eddie Tung Year of birth 1957 | Vice President and Assistant Treasurer since 11/14/05 | Assistant Vice President (4/03 to present) and Director (Variable Products Accounting) (4/00 to 4/03) of Pacific Life; Assistant Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; and Assistant Vice President and Assistant Treasurer (11/05 to present) of Pacific Select Fund. | 58 | |||||
Howard T. Hirakawa Year of birth 1962 | Vice President since 6/20/06 | Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; Vice President (4/05 to present), Assistant Vice President (4/00 to 4/05) and Director (Annuities & Mutual Funds) (5/98 to 4/00) of Pacific Life; and Vice President (6/06 to present) of Pacific Select Fund. | 58 |
G-3
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
Pacific Life Funds and | (and certain additional occupation information) | Fund Complex | ||||||
Name and Age | Length of Time Served* | During Past 5 Years | Overseen** | |||||
INTERESTED PERSONS (Continued) | ||||||||
Laurene E. MacElwee Year of birth 1966 | Vice President since 4/04/05 and Assistant Secretary since 6/13/01 | Assistant Vice President and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; Assistant Vice President (4/02 to present) and Director (Variable Products & Fund Compliance) (4/00 to 4/02) of Pacific Life; and Assistant Vice President and Assistant Secretary (4/05 to present) of Pacific Select Fund. | 58 | |||||
Carleton J. Muench Year of birth 1973 | Vice President since 11/30/06 | Assistant Vice President (5/07 to present) of Pacific Life Fund Advisors LLC; Assistant Vice President (10/06 to present) of Pacific Life; Director of Research (5/05 to 9/06) and Senior Investment Analyst (10/03 to 4/05) of Mason Investment Advisory Services, Inc.; Investment Analyst (2/01 to 9/02), Due Diligence Analyst (1/00 to 1/01) and Performance Analyst (10/98 to 12/99) of Manulife Financial; and Assistant Vice President (11/06 to present) of Pacific Select Fund. | 58 | |||||
Audrey L. Milfs Year of birth 1945 | Secretary since 6/21/01 | Vice President and Secretary (8/97 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Director (8/97 to present), Vice President (4/91 to present), and Secretary (7/83 to present) of Pacific Life, Vice President and Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and similar positions with other subsidiaries of Pacific Life; and Secretary (7/87 to present) of Pacific Select Fund. | 58 |
* | A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified. | |
** | As of March 31, 2009, the “Fund Complex” consisted of Pacific Life Funds (23 funds) and Pacific Select Fund (35 portfolios). |
G-4
Total | Total | |||||||||||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||||||||||
PL Portfolio | Votes For | Votes Against | Votes Withheld (1) | Shares | Shares | |||||||||||||||||||||||||||
Optimization Funds | Number | Percent (2) | Number | Percent (2) | Number | Percent (2) | Voted | Number | ||||||||||||||||||||||||
Conservative | 2,039,441.32 | 90.20 | % | 93,548.42 | 4.14 | % | 127,969.26 | 5.66 | % | 2,260,959.00 | 4,266,980.00 | |||||||||||||||||||||
Moderate-Conservative | 5,053,814.91 | 91.94 | % | 229,705.34 | 4.18 | % | 213,519.11 | 3.88 | % | 5,497,039.36 | 10,433,991.00 | |||||||||||||||||||||
Moderate | 15,756,438.55 | 79.15 | % | 3,022,076.71 | 15.18 | % | 1,128,696.68 | 5.67 | % | 19,907,211.94 | 37,133,238.00 | |||||||||||||||||||||
Moderate-Aggressive | 16,613,140.69 | 86.43 | % | 895,783.19 | 4.66 | % | 1,712,547.34 | 8.91 | % | 19,221,471.22 | 38,082,059.00 | |||||||||||||||||||||
Aggressive | 7,476,488.38 | 88.53 | % | 508,611.83 | 6.02 | % | 460,192.03 | 5.45 | % | 8,445,292.24 | 16,478,739.00 |
(1) | The information presented includes broker non-votes. | |
(2) | Based on total outstanding shares voted. |
G-5
G-6
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
G-7
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
G-8
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
G-9
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
G-10
• | On the Trust’s Website at http://www.PacificLife.com | ||
• | On the SEC’s Website at http://www.sec.gov | ||
• | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
G-11
as of March 31, 2009
P.O. Box 9768
Providence, RI 02940-9768
(a) | The aggregate fees billed for the fiscal years ended March 31, 2009 and 2008 for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $331,550 and $234,000, respectively. |
(b) | The aggregate fees billed for the fiscal years ended March 31, 2009 and 2008 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 and $0, respectively. |
(c) | The aggregate fees billed for the fiscal years ended March 31, 2009 and 2008 for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $76,400 and $66,650, respectively. The nature of the services comprising the fees was the review of income tax returns and excise tax. |
(d) | The aggregate fees billed for the fiscal years ended March 31, 2009 and 2008 for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 and $0, respectively. | ||
(e)(1) | The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor’s independence: | ||
Pre-Approval Requirements for Services to Registrant. Before the Auditor is engaged by the Registrant to render audit related or permissible non-audit services, either: | |||
(i) The Audit Committee shall pre-approve such engagement; or | |||
(ii) Such engagement shall be entered into pursuant to pre-approval policies and procedures established by the Audit committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the Adviser. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. The pre-approval policies and procedures shall include the requirement that the decisions of any member to whom authority is delegated under this Section shall be presented to the full Audit Committee at its next scheduled meeting. | |||
(iii) De Minimis Exceptions to Pre-Approval Requirements. Pre-approval for a service provided to the Registrant other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Registrant constitutes not more than 5 percent of the total amount of revenues paid by the Registrant to the Auditor during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee. | |||
Pre-Approval of Non-Audit Services Provided to the Adviser and Others. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the Auditor to (i) the Adviser and (ii) any entity in the investment company complex (see note 4), if the nature of the services provided relate directly to the operations or financial reporting of the Registrant. | |||
Application of De Minimis Exception: The De Minimis exceptions set forth above apply to pre-approvals under this Section as well, except that the “total amount of revenues” calculation for this Section’s services is based on the total amount of revenues paid to the Auditor by the Registrant and any other entity that has its services approved under this Section (i.e., the Adviser or any control person). |
(e)(2) | No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | ||
(f) | Not applicable. | ||
(g) | The aggregate fees billed for the years ended March 31, 2009 and 2008 by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $76,400 and $66,650 , respectively. | ||
(h) | The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence. |
(a) | The Schedule of Investments in securities of unaffiliated issuers as of the close of reporting period for the PL Main Street® Core Fund is listed below. The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the PL Portfolio Optimization Conservative Fund, PL Portfolio Optimization Moderate- Conservative Fund, PL Portfolio Optimization Moderate Fund, PL Portfolio Optimization Moderate-Aggressive Fund, PL Portfolio Optimization Aggressive Fund, PL Money Market Fund, PL Small-Cap Growth Fund, PL International Value Fund, PL Large-Cap Value Fund, PL Short Duration Bond Fund, PL Floating Rate Loan Fund, PL Growth LT Fund, PL Mid-Cap Equity Fund, PL Large-Cap Growth Fund, PL International Large-Cap Fund, PL Small-Cap Value Fund, PL Emerging Markets Fund, PL Managed Bond Fund, PL Inflation Managed Fund, PL Comstock Fund, PL Mid-Cap Growth Fund, PL Real Estate Fund are included as part of the report to shareholders filed under Item 1 of this form. |
PL MAIN STREET® CORE FUND
Schedule of Investments
March 31, 2009
Shares | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Consumer Discretionary — 8.7% | ||||||||
Aaron Rents Inc | 980 | $ | 26,127 | |||||
Abercrombie & Fitch Co ‘A’ | 3,100 | 73,780 | ||||||
Aeropostale Inc * | 4,220 | 112,083 | ||||||
American Eagle Outfitters Inc | 6,040 | 73,930 | ||||||
American Greetings Corp ‘A’ | 2,370 | 11,992 | ||||||
Ameristar Casinos Inc | 570 | 7,171 | ||||||
AnnTaylor Stores Corp * | 6,970 | 36,244 | ||||||
Autoliv Inc | 3,410 | 63,324 | ||||||
AutoNation Inc * | 6,220 | 86,334 | ||||||
Bally Technologies Inc * | 540 | 9,947 | ||||||
Barnes & Noble Inc | 3,240 | 69,271 | ||||||
bebe Stores Inc | 1,060 | 7,070 | ||||||
Best Buy Co Inc | 4,560 | 173,098 | ||||||
Big Lots Inc * | 1,100 | 22,858 | ||||||
Bob Evans Farms Inc | 1,630 | 36,545 | ||||||
BorgWarner Inc | 2,920 | 59,276 | ||||||
Boyd Gaming Corp | 5,860 | 21,858 | ||||||
Brinker International Inc | 4,830 | 72,933 | ||||||
Brink’s Home Security Holdings Inc * | 770 | 17,402 | ||||||
Brunswick Corp | 6,310 | 21,769 | ||||||
Cablevision Systems Corp ‘A’ | 3,870 | 50,078 | ||||||
Callaway Golf Co | 4,480 | 32,166 | ||||||
Career Education Corp * | 2,860 | 68,526 | ||||||
Carnival Corp (Panama) | 6,210 | 134,136 | ||||||
Carter’s Inc * | 1,860 | 34,987 | ||||||
CBS Corp ‘B’ | 32,480 | 124,723 | ||||||
CEC Entertainment Inc * | 2,120 | 54,866 | ||||||
Centex Corp | 2,890 | 21,675 | ||||||
Central European Media Enterprises Ltd ‘A’ (Bermuda) * | 290 | 3,323 | ||||||
Chico’s FAS Inc * | 520 | 2,792 | ||||||
Chipotle Mexican Grill Inc ‘B’ * | 55 | 3,152 | ||||||
Clear Channel Outdoor Holdings Inc ‘A’ * | 2,200 | 8,074 | ||||||
Coach Inc * | 5,250 | 87,675 | ||||||
Comcast Corp ‘A’ | 3,000 | 40,920 | ||||||
Corinthian Colleges Inc * | 1,470 | 28,591 | ||||||
Cox Radio Inc ‘A’ * | 1,220 | 5,002 | ||||||
Dillard’s Inc ‘A’ | 6,260 | 35,682 | ||||||
DISH Network Corp ‘A’ * | 6,790 | 75,437 | ||||||
DreamWorks Animation SKG Inc ‘A’ * | 1,460 | 31,594 | ||||||
Eastman Kodak Co | 1,460 | 5,548 | ||||||
Exide Technologies * | 300 | 900 | ||||||
Expedia Inc * | 7,620 | 69,190 | ||||||
Federal Mogul Corp * | 40 | 267 | ||||||
Foot Locker Inc | 4,850 | 50,828 | ||||||
Fossil Inc * | 2,600 | 40,820 | ||||||
Gannett Co Inc | 5,590 | 12,298 | ||||||
Gentex Corp | 3,610 | 35,956 | ||||||
Guess? Inc | 2,040 | 43,003 | ||||||
Harman International Industries Inc | 3,560 | 48,167 | ||||||
Harte-Hanks Inc | 910 | 4,869 | ||||||
Hearst-Argyle Television Inc | 10 | 42 | ||||||
Hillenbrand Inc | 30 | 480 | ||||||
HSN Inc * | 1,020 | 5,243 | ||||||
International Game Technology | 800 | 7,376 | ||||||
International Speedway Corp ‘A’ | 510 | 11,251 | ||||||
Interval Leisure Group Inc * | 980 | 5,194 | ||||||
Jack in the Box Inc * | 670 | 15,604 | ||||||
Jarden Corp * | 600 | 7,602 | ||||||
Johnson Controls Inc | 9,050 | 108,600 | ||||||
Jones Apparel Group Inc | 5,250 | 22,155 | ||||||
KB Home | 1,340 | 17,661 | ||||||
Kohl’s Corp * | 3,320 | 140,502 | ||||||
Lamar Advertising Co ‘A’ * | 1,370 | 13,358 | ||||||
Lear Corp * | 250 | 188 | ||||||
Lennar Corp ‘A’ | 4,600 | 34,546 | ||||||
Liberty Media Corp — Capital ‘A’ * | 1,170 | 8,167 | ||||||
Liberty Media Corp — Entertainment ‘A’ * | 3,720 | 74,214 | ||||||
Liberty Media Corp — Interactive ‘A’ * | 13,350 | 38,715 | ||||||
Life Time Fitness Inc * | 1,090 | 13,690 | ||||||
Limited Brands Inc | 7,640 | 66,468 | ||||||
Liz Claiborne Inc | 10,000 | 24,700 | ||||||
Lowe’s Cos Inc | 3,670 | 66,978 | ||||||
McDonald’s Corp | 4,400 | 240,108 | ||||||
Meredith Corp | 3,600 | 59,904 | ||||||
Meritage Homes Corp * | 600 | 6,852 | ||||||
Netflix Inc * | 1,900 | 81,548 | ||||||
News Corp ‘A’ | 45,780 | 303,064 | ||||||
Nike Inc ‘B’ | 640 | 30,010 | ||||||
Nordstrom Inc | 3,610 | 60,468 | ||||||
Office Depot Inc * | 13,280 | 17,397 | ||||||
OfficeMax Inc | 750 | 2,340 | ||||||
Papa John’s International Inc * | 410 | 9,377 | ||||||
Penske Auto Group Inc | 2,360 | 22,019 | ||||||
Phillips-Van Heusen Corp | 2,760 | 62,597 | ||||||
Polaris Industries Inc | 900 | 19,296 | ||||||
Polo Ralph Lauren Corp | 1,230 | 51,968 | ||||||
priceline.com Inc * | 1,130 | 89,021 | ||||||
Quicksilver Inc * | 4,410 | 5,645 | ||||||
RadioShack Corp | 3,630 | 31,109 | ||||||
Regis Corp | 960 | 13,872 | ||||||
Rent-A-Center Inc * | 3,130 | 60,628 | ||||||
Ross Stores Inc | 850 | 30,498 | ||||||
Royal Caribbean Cruises Ltd (Liberia) | 2,590 | 20,746 | ||||||
Sally Beauty Holdings Inc * | 4,220 | 23,970 | ||||||
Scholastic Corp | 1,700 | 25,619 | ||||||
Service Corp International | 4,620 | 16,124 | ||||||
Signet Jewelers Ltd (Bermuda) | 60 | 687 | ||||||
Skechers U.S.A. Inc ‘A’ * | 1,270 | 8,471 | ||||||
Snap-On Inc | 1,700 | 42,670 | ||||||
Sonic Corp * | 1,370 | 13,727 | ||||||
Speedway Motorsports Inc | 870 | 10,283 | ||||||
Tempur-Pedic International Inc | 3,160 | 23,068 | ||||||
The Buckle Inc | 1,890 | 60,348 | ||||||
The Children’s Place Retail Stores Inc * | 2,900 | 63,481 | ||||||
The DIRECTV Group Inc * | 10,930 | 249,095 | ||||||
The Dress Barn Inc * | 4,080 | 50,143 | ||||||
The Gap Inc | 29,670 | 385,413 | ||||||
The Goodyear Tire & Rubber Co * | 3,690 | 23,099 | ||||||
The Gymboree Corp * | 900 | 19,215 | ||||||
The Home Depot Inc | 4,830 | 113,795 | ||||||
The McGraw-Hill Cos Inc | 6,860 | 156,888 | ||||||
The Men’s Wearhouse Inc | 3,370 | 51,022 | ||||||
The Ryland Group Inc | 1,850 | 30,821 | ||||||
The Stanley Works | 1,670 | 48,630 | ||||||
The Talbots Inc | 2,380 | 8,354 | ||||||
The Timberland Co ‘A’ * | 3,200 | 38,208 | ||||||
The Walt Disney Co | 23,060 | 418,770 | ||||||
The Warnaco Group Inc * | 4,240 | 101,760 | ||||||
Thor Industries Inc | 2,980 | 46,548 | ||||||
Ticketmaster Entertainment Inc * | 1,020 | 3,764 | ||||||
Time Warner Cable Inc | 9,645 | 239,184 | ||||||
Time Warner Inc | 34,160 | 659,288 | ||||||
Tractor Supply Co * | 1,320 | 47,599 | ||||||
TRW Automotive Holdings Corp * | 6,210 | 19,996 | ||||||
UniFirst Corp | 280 | 7,795 | ||||||
Urban Outfitters Inc * | 1,140 | 18,662 | ||||||
Vail Resorts Inc * | 1,380 | 28,193 | ||||||
Viacom Inc ‘B’ * | 5,980 | 103,932 | ||||||
WABCO Holdings Inc | 4,090 | 50,348 | ||||||
Warner Music Group Corp * | 1,130 | 2,656 | ||||||
Whirlpool Corp | 240 | 7,102 | ||||||
Williams-Sonoma Inc | 7,710 | 77,717 | ||||||
WMS Industries Inc * | 2,470 | 51,648 | ||||||
Wolverine World Wide Inc | 660 | 10,283 | ||||||
Wyndham Worldwide Corp | 7,190 | 30,198 | ||||||
Zale Corp * | 2,590 | 5,051 | ||||||
7,453,083 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page 7 |
1
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Consumer Staples — 5.9% | ||||||||
Altria Group Inc | 6,050 | $ | 96,921 | |||||
Bunge Ltd (Bermuda) | 310 | 17,561 | ||||||
Casey’s General Stores Inc | 1,510 | 40,257 | ||||||
CVS Caremark Corp | 5,510 | 151,470 | ||||||
Darling International Inc * | 1,010 | 3,747 | ||||||
Del Monte Foods Co | 1,600 | 11,664 | ||||||
Fresh Del Monte Produce Inc (Cayman) * | 30 | 493 | ||||||
Herbalife Ltd (Cayman) | 3,480 | 52,130 | ||||||
Kimberly-Clark Corp | 700 | 32,277 | ||||||
Kraft Foods Inc ‘A’ | 4,060 | 90,497 | ||||||
NBTY Inc * | 10 | 141 | ||||||
Nu Skin Enterprises Inc ‘A’ | 1,100 | 11,539 | ||||||
PepsiCo Inc | 9,010 | 463,835 | ||||||
Philip Morris International Inc | 16,580 | 589,916 | ||||||
Safeway Inc | 27,380 | 552,802 | ||||||
SUPERVALU Inc | 1,840 | 26,275 | ||||||
Sysco Corp | 2,860 | 65,208 | ||||||
The Coca-Cola Co | 14,890 | 654,415 | ||||||
The Kroger Co | 10,360 | 219,839 | ||||||
The Procter & Gamble Co | 24,500 | 1,153,705 | ||||||
Universal Corp | 100 | 2,992 | ||||||
Wal-Mart Stores Inc | 15,790 | 822,659 | ||||||
Weis Markets Inc | 160 | 4,966 | ||||||
Winn-Dixie Stores Inc * | 270 | 2,581 | ||||||
5,067,890 | ||||||||
Energy — 20.0% | ||||||||
Anadarko Petroleum Corp | 21,900 | 851,691 | ||||||
Apache Corp | 13,290 | 851,756 | ||||||
Arena Resources Inc * | 530 | 13,504 | ||||||
Baker Hughes Inc | 11,690 | 333,749 | ||||||
Basic Energy Services Inc * | 1,000 | 6,470 | ||||||
Berry Petroleum Co ‘A’ | 1,460 | 16,002 | ||||||
Bill Barrett Corp * | 1,370 | 30,469 | ||||||
BPZ Resources Inc * | 140 | 518 | ||||||
Chesapeake Energy Corp | 7,720 | 131,703 | ||||||
Chevron Corp | 31,720 | 2,132,853 | ||||||
Cimarex Energy Co | 1,940 | 35,657 | ||||||
Complete Production Services Inc * | 4,750 | 14,630 | ||||||
ConocoPhillips | 33,005 | 1,292,476 | ||||||
Contango Oil & Gas Co * | 60 | 2,352 | ||||||
CVR Energy Inc * | 920 | 5,097 | ||||||
Denbury Resources Inc * | 4,400 | 65,384 | ||||||
Devon Energy Corp | 5,600 | 250,264 | ||||||
Diamond Offshore Drilling Inc | 2,040 | 128,234 | ||||||
Dresser-Rand Group Inc * | 3,250 | 71,825 | ||||||
Dril-Quip Inc * | 850 | 26,095 | ||||||
Encore Acquisition Co * | 1,620 | 37,697 | ||||||
ENSCO International Inc | 2,330 | 61,512 | ||||||
Exterran Holdings Inc * | 1,530 | 24,511 | ||||||
Exxon Mobil Corp | 58,140 | 3,959,334 | ||||||
Foundation Coal Holdings Inc | 1,020 | 14,637 | ||||||
Frontier Oil Corp | 5,060 | 64,717 | ||||||
Frontline Ltd (Bermuda) | 1,400 | 24,346 | ||||||
GulfMark Offshore Inc * | 700 | 16,702 | ||||||
Halliburton Co | 18,210 | 281,709 | ||||||
Helix Energy Solutions Group Inc * | 3,110 | 15,985 | ||||||
Helmerich & Payne Inc | 1,720 | 39,164 | ||||||
Hercules Offshore Inc * | 240 | 379 | ||||||
Hess Corp | 8,900 | 482,380 | ||||||
Holly Corp | 1,280 | 27,136 | ||||||
International Coal Group Inc * | 400 | 644 | ||||||
ION Geophysical Corp * | 230 | 359 | ||||||
Key Energy Services Inc * | 8,710 | 25,085 | ||||||
Marathon Oil Corp | 22,840 | 600,464 | ||||||
Mariner Energy Inc * | 3,040 | 23,560 | ||||||
Massey Energy Co | 3,260 | 32,991 | ||||||
McMoRan Exploration Co * | 480 | 2,256 | ||||||
Murphy Oil Corp | 10,920 | 488,888 | ||||||
Nabors Industries Ltd (Bermuda) * | 4,320 | 43,157 | ||||||
National Oilwell Varco Inc * | 9,960 | 285,952 | ||||||
Noble Corp (Switzerland) | 17,720 | 426,875 | ||||||
Noble Energy Inc | 6,980 | 376,082 | ||||||
Occidental Petroleum Corp | 23,470 | 1,306,106 | ||||||
Oceaneering International Inc * | 1,570 | 57,886 | ||||||
Oil States International Inc * | 3,760 | 50,459 | ||||||
Overseas Shipholding Group Inc | 1,750 | 39,673 | ||||||
Parker Drilling Co * | 4,610 | 8,482 | ||||||
Plains Exploration & Production Co * | 2,700 | 46,521 | ||||||
Precision Drilling Trust (Canada) | 288 | 772 | ||||||
Pride International Inc * | 2,840 | 51,063 | ||||||
Rosetta Resources Inc * | 2,060 | 10,197 | ||||||
Schlumberger Ltd (Netherlands) | 8,930 | 362,737 | ||||||
SEACOR Holdings Inc * | 840 | 48,980 | ||||||
St. Mary Land & Exploration Co | 670 | 8,864 | ||||||
Stone Energy Corp * | 3,753 | 12,497 | ||||||
Superior Energy Services Inc * | 3,420 | 44,084 | ||||||
Swift Energy Co * | 1,230 | 8,979 | ||||||
Tesoro Corp | 4,090 | 55,092 | ||||||
TETRA Technologies Inc * | 680 | 2,210 | ||||||
Tidewater Inc | 1,350 | 50,126 | ||||||
Transocean Ltd (Switzerland) * | 4,660 | 274,194 | ||||||
Unit Corp * | 2,380 | 49,790 | ||||||
Valero Energy Corp | 32,690 | 585,151 | ||||||
W&T Offshore Inc | 2,620 | 16,113 | ||||||
Weatherford International Inc (Switzerland) * | 10,380 | 114,907 | ||||||
XTO Energy Inc | 7,270 | 222,607 | ||||||
17,044,741 | ||||||||
Financials — 7.1% | ||||||||
Affiliated Managers Group Inc * | 380 | 15,850 | ||||||
Allied World Assurance Co Holdings Ltd (Bermuda) | 1,650 | 62,749 | ||||||
American Financial Group Inc | 3,660 | 58,743 | ||||||
American National Insurance Co | 40 | 2,096 | ||||||
AmeriCredit Corp * | 4,770 | 27,952 | ||||||
Ameriprise Financial Inc | 3,160 | 64,748 | ||||||
Aspen Insurance Holdings Ltd (Bermuda) | 3,020 | 67,829 | ||||||
Assurant Inc | 850 | 18,513 | ||||||
Assured Guaranty Ltd (Bermuda) | 1,520 | 10,290 | ||||||
AXIS Capital Holdings Ltd (Bermuda) | 1,380 | 31,105 | ||||||
Bank of America Corp | 42,394 | 289,127 | ||||||
Berkshire Hathaway Inc ‘B’ * | 99 | 279,180 | ||||||
BlackRock Inc | 1,030 | 133,941 | ||||||
Brown & Brown Inc | 4,060 | 76,775 | ||||||
Capital One Financial Corp | 800 | 9,792 | ||||||
Cash America International Inc | 1,920 | 30,067 | ||||||
Cathay General Bancorp | 40 | 417 | ||||||
CB Richard Ellis Group Inc ‘A’ * | 3,950 | 15,918 | ||||||
Cincinnati Financial Corp | 1,670 | 38,193 | ||||||
CIT Group Inc | 10,820 | 30,837 | ||||||
CNA Financial Corp | 3,680 | 33,709 | ||||||
CNA Surety Corp * | 320 | 5,901 | ||||||
Cohen & Steers Inc | 50 | 558 | ||||||
Conseco Inc * | 2,220 | 2,042 | ||||||
Delphi Financial Group Inc ‘A’ | 2,200 | 29,612 | ||||||
Discover Financial Services | 9,970 | 62,911 | ||||||
Eaton Vance Corp | 440 | 10,054 | ||||||
Employers Holdings Inc | 1,310 | 12,497 | ||||||
Endurance Specialty Holdings Ltd (Bermuda) | 610 | 15,213 | ||||||
FBL Financial Group Inc ‘A’ | 100 | 415 | ||||||
First Horizon National Corp | 185 | 1,982 | ||||||
Forest City Enterprises Inc ‘A’ | 2,100 | 7,560 | ||||||
Franklin Resources Inc | 4,230 | 227,870 | ||||||
GAMCO Investors Inc ‘A’ | 230 | 7,510 | ||||||
Genworth Financial Inc ‘A’ | 8,380 | 15,922 | ||||||
Greenhill & Co Inc | 340 | 25,109 | ||||||
Harleysville Group Inc | 350 | 11,134 | ||||||
HCC Insurance Holdings Inc | 1,370 | 34,510 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page 7 |
2
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Hudson City Bancorp Inc | 750 | $ | 8,768 | |||||
Infinity Property & Casualty Corp | 70 | 2,375 | ||||||
Interactive Brokers Group Inc ‘A’ * | 2,600 | 41,938 | ||||||
Investment Technology Group Inc * | 770 | 19,650 | ||||||
IPC Holdings Ltd (Bermuda) | 2,400 | 64,896 | ||||||
Janus Capital Group Inc | 5,060 | 33,649 | ||||||
Jefferies Group Inc | 1,050 | 14,490 | ||||||
Jones Lang LaSalle Inc | 530 | 12,328 | ||||||
JPMorgan Chase & Co | 23,160 | 615,593 | ||||||
Knight Capital Group Inc ‘A’ * | 3,120 | 45,989 | ||||||
Lincoln National Corp | 3,500 | 23,415 | ||||||
Loews Corp | 13,861 | 306,328 | ||||||
Max Capital Group Ltd (Bermuda) | 2,500 | 43,100 | ||||||
MetLife Inc | 4,050 | 92,219 | ||||||
Montpelier Re Holdings Ltd (Bermuda) | 350 | 4,536 | ||||||
Morgan Stanley | 4,470 | 101,782 | ||||||
Nelnet Inc ‘A’ * | 530 | 4,685 | ||||||
NYSE Euronext | 2,090 | 37,411 | ||||||
Odyssey Re Holdings Corp | 1,630 | 61,826 | ||||||
Old Republic International Corp | 2,600 | 28,132 | ||||||
OneBeacon Insurance Group Ltd (Bermuda) | 770 | 7,438 | ||||||
Pacific Capital Bancorp | 1,810 | 12,254 | ||||||
PacWest Bancorp | 830 | 11,894 | ||||||
PHH Corp * | 1,650 | 23,183 | ||||||
Piper Jaffray Cos * | 80 | 2,063 | ||||||
Platinum Underwriters Holdings Ltd (Bermuda) | 1,240 | 35,166 | ||||||
Popular Inc | 9,810 | 21,386 | ||||||
ProAssurance Corp * | 710 | 33,100 | ||||||
Protective Life Corp | 4,850 | 25,463 | ||||||
Provident Financial Services Inc | 1,370 | 14,810 | ||||||
Prudential Financial Inc | 9,590 | 182,402 | ||||||
Regions Financial Corp | 12,220 | 52,057 | ||||||
Reinsurance Group of America Inc | 300 | 9,717 | ||||||
RLI Corp | 720 | 36,144 | ||||||
SEI Investments Co | 1,910 | 23,321 | ||||||
Selective Insurance Group Inc | 1,380 | 16,781 | ||||||
StanCorp Financial Group Inc | 1,710 | 38,954 | ||||||
State Auto Financial Corp | 160 | 2,816 | ||||||
T. Rowe Price Group Inc | 5,610 | 161,905 | ||||||
TD Ameritrade Holding Corp * | 11,850 | 163,649 | ||||||
Teton Advisors Inc *+D | 3 | 8 | ||||||
The Allstate Corp | 6,140 | 117,581 | ||||||
The Chubb Corp | 7,880 | 333,482 | ||||||
The First American Corp | 380 | 10,074 | ||||||
The Goldman Sachs Group Inc | 3,780 | 400,756 | ||||||
The Hanover Insurance Group Inc | 1,230 | 35,449 | ||||||
The Hartford Financial Services Group Inc | 3,710 | 29,124 | ||||||
The Navigators Group Inc * | 320 | 15,098 | ||||||
The Phoenix Cos Inc | 870 | 1,018 | ||||||
The Student Loan Corp | 180 | 7,819 | ||||||
The Travelers Cos Inc | 6,310 | 256,438 | ||||||
Torchmark Corp | 300 | 7,869 | ||||||
Transatlantic Holdings Inc | 430 | 15,338 | ||||||
Tree.com Inc * | 170 | 785 | ||||||
U.S. Bancorp | 13,170 | 192,414 | ||||||
United Community Banks Inc | 326 | 1,357 | ||||||
United Fire & Casualty Co | 250 | 5,490 | ||||||
Unitrin Inc | 2,060 | 28,799 | ||||||
Validus Holdings Ltd (Bermuda) | 130 | 3,078 | ||||||
Virtus Investment Partners Inc * | 106 | 687 | ||||||
W.R. Berkley Corp | 3,530 | 79,602 | ||||||
Waddell & Reed Financial Inc ‘A’ | 320 | 5,782 | ||||||
Webster Financial Corp | 1,420 | 6,035 | ||||||
Wells Fargo & Co | 16,740 | 238,378 | ||||||
XL Capital Ltd ‘A’ (Cayman) | 5,190 | 28,337 | ||||||
6,027,042 | ||||||||
Health Care — 10.4% | ||||||||
Abbott Laboratories | 7,390 | 352,503 | ||||||
Aetna Inc | 29,880 | 726,980 | ||||||
Allergan Inc | 1,570 | 74,983 | ||||||
AMERIGROUP Corp * | 2,980 | 82,069 | ||||||
Amgen Inc * | 10,170 | 503,618 | ||||||
Analogic Corp | 80 | 2,562 | ||||||
Baxter International Inc | 1,350 | 69,147 | ||||||
Becton Dickinson & Co | 440 | 29,586 | ||||||
Bristol-Myers Squibb Co | 11,090 | 243,093 | ||||||
Brookdale Senior Living Inc | 2,640 | 13,332 | ||||||
C.R. Bard Inc | 380 | 30,294 | ||||||
Cardinal Health Inc | 840 | 26,443 | ||||||
Centene Corp * | 2,370 | 42,707 | ||||||
Chemed Corp | 590 | 22,951 | ||||||
CIGNA Corp | 5,420 | 95,338 | ||||||
Community Health Systems Inc * | 870 | 13,346 | ||||||
Coventry Health Care Inc * | 3,050 | 39,467 | ||||||
Eli Lilly & Co | 12,240 | 408,938 | ||||||
Endo Pharmaceuticals Holdings Inc * | 2,760 | 48,797 | ||||||
Facet Biotech Corp * | 790 | 7,505 | ||||||
Forest Laboratories Inc * | 4,950 | 108,702 | ||||||
Gilead Sciences Inc * | 3,000 | 138,960 | ||||||
Health Net Inc * | 5,110 | 73,993 | ||||||
Healthspring Inc * | 780 | 6,529 | ||||||
Hill-Rom Holdings Inc | 1,540 | 15,231 | ||||||
IMS Health Inc | 780 | 9,727 | ||||||
Inverness Medical Innovations Inc * | 730 | 19,440 | ||||||
Johnson & Johnson | 28,790 | 1,514,354 | ||||||
Kindred Healthcare Inc * | 2,100 | 31,395 | ||||||
Kinetic Concepts Inc * | 70 | 1,478 | ||||||
King Pharmaceuticals Inc * | 8,980 | 63,489 | ||||||
KV Pharmaceutical Co ‘A’ * | 200 | 330 | ||||||
LifePoint Hospitals Inc * | 80 | 1,669 | ||||||
Lincare Holdings Inc * | 1,930 | 42,074 | ||||||
Magellan Health Services Inc * | 120 | 4,373 | ||||||
Martek Biosciences Corp * | 1,120 | 20,440 | ||||||
McKesson Corp | 2,120 | 74,285 | ||||||
Medicis Pharmaceutical Corp ‘A’ | 3,670 | 45,398 | ||||||
MEDNAX Inc * | 890 | 26,228 | ||||||
Medtronic Inc | 4,370 | 128,784 | ||||||
Merck & Co Inc | 20,140 | 538,745 | ||||||
Omnicare Inc | 1,680 | 41,143 | ||||||
PDL BioPharma Inc | 420 | 2,974 | ||||||
Pfizer Inc | 93,490 | 1,273,334 | ||||||
Sepracor Inc * | 1,520 | 22,283 | ||||||
Sirona Dental Systems Inc * | 960 | 13,747 | ||||||
STERIS Corp | 680 | 15,830 | ||||||
Stryker Corp | 3,620 | 123,225 | ||||||
Thermo Fisher Scientific Inc * | 6,120 | 218,300 | ||||||
UnitedHealth Group Inc | 4,980 | 104,231 | ||||||
Universal American Corp * | 1,010 | 8,555 | ||||||
Universal Health Services Inc ‘B’ | 1,410 | 54,059 | ||||||
Varian Inc * | 380 | 9,021 | ||||||
VCA Antech Inc * | 80 | 1,804 | ||||||
Warner Chilcott Ltd ‘A’ (Bermuda) * | 160 | 1,683 | ||||||
Watson Pharmaceuticals Inc * | 1,970 | 61,287 | ||||||
WellCare Health Plans Inc * | 1,610 | 18,113 | ||||||
WellPoint Inc * | 21,020 | 798,129 | ||||||
Wyeth | 4,120 | 177,325 | ||||||
Zimmer Holdings Inc * | 5,920 | 216,080 | ||||||
8,860,406 | ||||||||
Industrials — 12.8% | ||||||||
3M Co | 5,120 | 254,566 | ||||||
A.O. Smith Corp | 1,380 | 34,748 | ||||||
Actuant Corp ‘A’ | 880 | 9,090 | ||||||
Acuity Brands Inc | 2,550 | 57,477 | ||||||
AGCO Corp * | 1,320 | 25,872 | ||||||
Alexander & Baldwin Inc | 860 | 16,366 | ||||||
AMERCO Inc * | 110 | 3,688 | ||||||
American Reprographics Co * | 50 | 177 | ||||||
Ameron International Corp | 50 | 2,633 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page 7 |
3
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Applied Industrial Technologies Inc | 920 | $ | 15,520 | |||||
Arkansas Best Corp | 1,810 | 34,426 | ||||||
Armstrong World Industries Inc * | 1,560 | 17,176 | ||||||
Avis Budget Group Inc * | 3,340 | 3,039 | ||||||
Baldor Electric Co | 3,990 | 57,815 | ||||||
Barnes Group Inc | 1,020 | 10,904 | ||||||
BE Aerospace Inc * | 2,750 | 23,842 | ||||||
Belden Inc | 3,610 | 45,161 | ||||||
Brady Corp ‘A’ | 820 | 14,457 | ||||||
Briggs & Stratton Corp | 1,840 | 30,360 | ||||||
Bucyrus International Inc | 690 | 10,474 | ||||||
Caterpillar Inc | 14,810 | 414,088 | ||||||
Ceradyne Inc * | 2,490 | 45,144 | ||||||
Chart Industries Inc * | 650 | 5,122 | ||||||
Chicago Bridge & Iron Co NV ‘NY’ (Netherlands) | 4,650 | 29,155 | ||||||
CIRCOR International Inc | 1,020 | 22,970 | ||||||
Cooper Industries Ltd ‘A’ (Bermuda) | 1,510 | 39,049 | ||||||
Copart Inc * | 1,240 | 36,778 | ||||||
CoStar Group Inc * | 870 | 26,317 | ||||||
Crane Co | 2,330 | 39,330 | ||||||
CSX Corp | 2,500 | 64,625 | ||||||
Cubic Corp | 210 | 5,319 | ||||||
Cummins Inc | 14,180 | 360,881 | ||||||
Danaher Corp | 530 | 28,737 | ||||||
Deere & Co | 2,850 | 93,679 | ||||||
Deluxe Corp | 4,440 | 42,757 | ||||||
Dover Corp | 3,440 | 90,747 | ||||||
DynCorp International Inc ‘A’ * | 100 | 1,333 | ||||||
EMCOR Group Inc * | 4,660 | 80,012 | ||||||
Emerson Electric Co | 11,730 | 335,243 | ||||||
EnergySolutions Inc | 170 | 1,470 | ||||||
EnPro Industries Inc * | 1,480 | 25,308 | ||||||
Equifax Inc | 2,510 | 61,369 | ||||||
Esterline Technologies Corp * | 2,100 | 42,399 | ||||||
FedEx Corp | 3,900 | 173,511 | ||||||
First Advantage Corp ‘A’ * | 280 | 3,858 | ||||||
Flowserve Corp | 300 | 16,836 | ||||||
Fluor Corp | 5,680 | 196,244 | ||||||
Gardner Denver Inc * | 3,320 | 72,177 | ||||||
Genco Shipping & Trading Ltd | 2,220 | 27,395 | ||||||
General Dynamics Corp | 10,890 | 452,915 | ||||||
General Electric Co | 105,400 | 1,065,594 | ||||||
Goodrich Corp | 2,140 | 81,085 | ||||||
Graco Inc | 610 | 10,413 | ||||||
GrafTech International Ltd * | 10,100 | 62,216 | ||||||
Granite Construction Inc | 1,780 | 66,714 | ||||||
Harsco Corp | 2,590 | 57,420 | ||||||
Herman Miller Inc | 2,850 | 30,381 | ||||||
Hertz Global Holdings Inc * | 8,790 | 34,545 | ||||||
HNI Corp | 3,150 | 32,760 | ||||||
Honeywell International Inc | 13,220 | 368,309 | ||||||
Hubbell Inc ‘B’ | 1,490 | 40,170 | ||||||
IDEX Corp | 2,700 | 59,049 | ||||||
Illinois Tool Works Inc | 9,250 | 285,363 | ||||||
Ingersoll-Rand Co Ltd ‘A’ (Bermuda) | 14,140 | 195,132 | ||||||
Interface Inc ‘A’ | 2,600 | 7,774 | ||||||
Joy Global Inc | 2,260 | 48,138 | ||||||
Kennametal Inc | 4,330 | 70,189 | ||||||
Kirby Corp * | 500 | 13,320 | ||||||
Korn/Ferry International * | 3,070 | 27,814 | ||||||
L-3 Communications Holdings Inc | 4,640 | 314,592 | ||||||
Lennox International Inc | 2,060 | 54,508 | ||||||
Lincoln Electric Holdings Inc | 1,480 | 46,901 | ||||||
Lockheed Martin Corp | 1,220 | 84,217 | ||||||
Manpower Inc | 2,270 | 71,573 | ||||||
Monster Worldwide Inc * | 4,830 | 39,365 | ||||||
MPS Group Inc * | 8,210 | 48,850 | ||||||
MSC Industrial Direct Co Inc ‘A’ | 1,010 | 31,381 | ||||||
Mueller Industries Inc | 2,280 | 49,453 | ||||||
Mueller Water Products Inc ‘A’ | 3,870 | 12,771 | ||||||
Navistar International Corp * | 1,530 | 51,194 | ||||||
Nordson Corp | 1,570 | 44,635 | ||||||
Norfolk Southern Corp | 7,660 | 258,525 | ||||||
Northrop Grumman Corp | 17,140 | 747,990 | ||||||
Oshkosh Corp | 5,420 | 36,531 | ||||||
Owens Corning Inc * | 2,910 | 26,306 | ||||||
PACCAR Inc | 1,180 | 30,397 | ||||||
Pacer International Inc | 600 | 2,100 | ||||||
Parker-Hannifin Corp | 11,690 | 397,226 | ||||||
Perini Corp * | 3,430 | 42,189 | ||||||
Pitney Bowes Inc | 3,280 | 76,588 | ||||||
Precision Castparts Corp | 3,140 | 188,086 | ||||||
Raytheon Co | 9,980 | 388,621 | ||||||
Resources Connection Inc * | 2,590 | 39,057 | ||||||
Robbins & Myers Inc | 2,330 | 35,346 | ||||||
Robert Half International Inc | 4,720 | 84,158 | ||||||
Rockwell Automation Inc | 2,340 | 51,106 | ||||||
RR Donnelley & Sons Co | 5,340 | 39,142 | ||||||
RSC Holdings Inc * | 160 | 842 | ||||||
Ryder System Inc | 160 | 4,530 | ||||||
Sauer-Danfoss Inc | 100 | 244 | ||||||
Simpson Manufacturing Co Inc | 360 | 6,487 | ||||||
SkyWest Inc | 2,750 | 34,210 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ * | 1,930 | 19,242 | ||||||
Steelcase Inc ‘A’ | 7,900 | 39,579 | ||||||
SYKES Enterprises Inc * | 470 | 7,816 | ||||||
TBS International Ltd ‘A’ (Bermuda) * | 100 | 735 | ||||||
Terex Corp * | 1,710 | 15,818 | ||||||
Textainer Group Holdings Ltd (Bermuda) | 100 | 675 | ||||||
The Boeing Co | 8,860 | 315,239 | ||||||
The Corporate Executive Board Co | 340 | 4,930 | ||||||
The Manitowoc Co Inc | 7,590 | 24,819 | ||||||
The Shaw Group Inc * | 1,380 | 37,826 | ||||||
The Timken Co | 5,020 | 70,079 | ||||||
The Toro Co | 2,440 | 58,999 | ||||||
Thomas & Betts Corp * | 2,370 | 59,297 | ||||||
Titan International Inc | 2,610 | 13,128 | ||||||
Trinity Industries Inc | 3,930 | 35,920 | ||||||
Triumph Group Inc | 1,230 | 46,986 | ||||||
TrueBlue Inc * | 1,430 | 11,798 | ||||||
Tyco International Ltd (Switzerland) | 1,555 | 30,416 | ||||||
Union Pacific Corp | 2,020 | 83,042 | ||||||
United Rentals Inc * | 6,373 | 26,830 | ||||||
United Stationers Inc * | 170 | 4,774 | ||||||
United Technologies Corp | 7,470 | 321,061 | ||||||
UTI Worldwide Inc (United Kingdom) | 1,140 | 13,623 | ||||||
Viad Corp | 330 | 4,660 | ||||||
Waste Management Inc | 3,840 | 98,304 | ||||||
Watsco Inc | 850 | 28,926 | ||||||
Watson Wyatt Worldwide Inc ‘A’ | 640 | 31,597 | ||||||
Watts Water Technologies Inc ‘A’ | 1,920 | 37,555 | ||||||
WESCO International Inc * | 3,770 | 68,312 | ||||||
Woodward Governor Co | 1,750 | 19,565 | ||||||
10,929,617 | ||||||||
Information Technology — 24.6% | ||||||||
3Com Corp * | 15,100 | 46,659 | ||||||
Accenture Ltd ‘A’ (Bermuda) | 950 | 26,115 | ||||||
Acxiom Corp | 5,770 | 42,698 | ||||||
Adobe Systems Inc * | 3,380 | 72,298 | ||||||
ADTRAN Inc | 3,390 | 54,952 | ||||||
Advent Software Inc * | 150 | 4,996 | ||||||
Affiliated Computer Services Inc ‘A’ * | 350 | 16,761 | ||||||
Agilent Technologies Inc * | 7,990 | 122,806 | ||||||
Akamai Technologies Inc * | 4,920 | 95,448 | ||||||
Amdocs Ltd (United Kingdom) * | 4,720 | 87,414 | ||||||
Amkor Technology Inc * | 12,740 | 34,143 | ||||||
Amphenol Corp ‘A’ | 1,610 | 45,869 | ||||||
Analog Devices Inc | 4,480 | 86,330 | ||||||
Anixter International Inc * | 1,710 | 54,173 | ||||||
ANSYS Inc * | 1,650 | 41,415 | ||||||
Apple Inc * | 5,970 | 627,566 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page 7 |
4
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Applied Materials Inc | 56,490 | $ | 607,267 | |||||
Arrow Electronics Inc * | 4,030 | 76,812 | ||||||
Atmel Corp * | 9,000 | 32,670 | ||||||
Autodesk Inc * | 4,500 | 75,645 | ||||||
Avid Technology Inc * | 1,020 | 9,323 | ||||||
Avnet Inc * | 3,200 | 56,032 | ||||||
Avocent Corp * | 3,780 | 45,889 | ||||||
AVX Corp | 1,870 | 16,980 | ||||||
Benchmark Electronics Inc * | 5,510 | 61,712 | ||||||
Blackbaud Inc | 10 | 116 | ||||||
Broadcom Corp ‘A’ * | 10,440 | 208,591 | ||||||
Broadridge Financial Solutions Inc | 3,850 | 71,648 | ||||||
Brocade Communications Systems Inc * | 20,650 | 71,242 | ||||||
CA Inc | 11,030 | 194,238 | ||||||
Cabot Microelectronics Corp * | 420 | 10,093 | ||||||
Cadence Design Systems Inc * | 4,600 | 19,320 | ||||||
Ciena Corp * | 6,180 | 48,080 | ||||||
Cisco Systems Inc * | 101,820 | 1,707,521 | ||||||
Coherent Inc * | 970 | 16,732 | ||||||
CommScope Inc * | 4,490 | 51,006 | ||||||
Computer Sciences Corp * | 2,230 | 82,153 | ||||||
Compuware Corp * | 11,970 | 78,882 | ||||||
Convergys Corp * | 10,220 | 82,578 | ||||||
Corning Inc | 20,440 | 271,239 | ||||||
CSG Systems International Inc * | 550 | 7,854 | ||||||
Cymer Inc * | 450 | 10,017 | ||||||
Dell Inc * | 5,360 | 50,813 | ||||||
Digital River Inc * | 1,070 | 31,907 | ||||||
Dolby Laboratories Inc ‘A’ * | 1,550 | 52,870 | ||||||
DST Systems Inc * | 590 | 20,426 | ||||||
EarthLink Inc * | 320 | 2,102 | ||||||
eBay Inc * | 14,280 | 179,357 | ||||||
EchoStar Corp ‘A’ * | 2,094 | 31,054 | ||||||
Electronics for Imaging Inc * | 730 | 7,154 | ||||||
EMC Corp * | 25,240 | 287,736 | ||||||
Emulex Corp * | 8,150 | 40,994 | ||||||
Entegris Inc * | 1,900 | 1,634 | ||||||
Euronet Worldwide Inc * | 70 | 914 | ||||||
F5 Networks Inc * | 1,950 | 40,852 | ||||||
FactSet Research Systems Inc | 1,250 | 62,487 | ||||||
Fair Isaac Corp | 4,310 | 60,642 | ||||||
Fairchild Semiconductor International Inc * | 11,260 | 42,000 | ||||||
Fidelity National Information Services Inc | 1,210 | 22,022 | ||||||
Gartner Inc * | 1,900 | 20,919 | ||||||
Google Inc ‘A’ * | 930 | 323,696 | ||||||
Harris Corp | 1,960 | 56,722 | ||||||
Heartland Payment Systems Inc | 430 | 2,842 | ||||||
Hewitt Associates Inc ‘A’ * | 1,900 | 56,544 | ||||||
Hewlett-Packard Co | 47,270 | 1,515,476 | ||||||
IAC/ InterActiveCorp * | 140 | 2,132 | ||||||
Ingram Micro Inc ‘A’ * | 6,100 | 77,104 | ||||||
Integrated Device Technology Inc * | 12,540 | 57,057 | ||||||
Intel Corp | 110,120 | 1,657,306 | ||||||
InterDigital Inc * | 1,830 | 47,251 | ||||||
Intermec Inc * | 620 | 6,448 | ||||||
International Business Machines Corp | 17,770 | 1,721,735 | ||||||
International Rectifier Corp * | 1,900 | 25,669 | ||||||
Itron Inc * | 610 | 28,884 | ||||||
j2 Global Communications Inc * | 3,490 | 76,396 | ||||||
Jabil Circuit Inc | 8,320 | 46,259 | ||||||
Jack Henry & Associates Inc | 1,320 | 21,542 | ||||||
JDS Uniphase Corp * | 19,470 | 63,278 | ||||||
KLA-Tencor Corp | 600 | 12,000 | ||||||
L-1 Identity Solutions Inc * | 690 | 3,526 | ||||||
Lawson Software Inc * | 3,230 | 13,728 | ||||||
Lexmark International Inc ‘A’ * | 1,410 | 23,787 | ||||||
LSI Corp * | 20,120 | 61,165 | ||||||
Marvell Technology Group Ltd (Bermuda) * | 10,710 | 98,104 | ||||||
MEMC Electronic Materials Inc * | 5,380 | 88,716 | ||||||
Mentor Graphics Corp * | 2,330 | 10,345 | ||||||
MICROS Systems Inc * | 2,800 | 52,500 | ||||||
Microsemi Corp * | 1,200 | 13,920 | ||||||
Microsoft Corp | 113,190 | 2,079,300 | ||||||
MKS Instruments Inc * | 4,010 | 58,827 | ||||||
Molex Inc | 4,850 | 66,639 | ||||||
National Instruments Corp | 1,930 | 35,995 | ||||||
National Semiconductor Corp | 4,670 | 47,961 | ||||||
NCR Corp * | 1,500 | 11,925 | ||||||
Net 1 U.E.P.S. Technologies Inc * | 2,380 | 36,200 | ||||||
NeuStar Inc ‘A’ * | 2,550 | 42,713 | ||||||
Novellus Systems Inc * | 3,600 | 59,868 | ||||||
Nuance Communications Inc * | 3,820 | 41,485 | ||||||
NVIDIA Corp * | 9,130 | 90,022 | ||||||
ON Semiconductor Corp * | 4,820 | 18,798 | ||||||
Open Text Corp (Canada) * | 1,310 | 45,116 | ||||||
Oracle Corp * | 54,149 | 978,472 | ||||||
Parametric Technology Corp * | 5,800 | 57,884 | ||||||
Perot Systems Corp ‘A’ * | 4,520 | 58,218 | ||||||
Plantronics Inc | 4,320 | 52,142 | ||||||
Plexus Corp * | 960 | 13,267 | ||||||
Polycom Inc * | 2,180 | 33,550 | ||||||
Progress Software Corp * | 1,060 | 18,402 | ||||||
QLogic Corp * | 7,310 | 81,287 | ||||||
QUALCOMM Inc | 10,990 | 427,621 | ||||||
Quest Software Inc * | 1,790 | 22,697 | ||||||
RF Micro Devices Inc * | 4,700 | 6,251 | ||||||
Rofin-Sinar Technologies Inc * | 770 | 12,412 | ||||||
SanDisk Corp * | 4,900 | 61,985 | ||||||
Sapient Corp * | 5,870 | 26,239 | ||||||
ScanSource Inc * | 200 | 3,716 | ||||||
Seagate Technology LLC (Cayman) | 28,280 | 169,963 | ||||||
Semtech Corp * | 4,450 | 59,408 | ||||||
Silicon Laboratories Inc * | 1,990 | 52,536 | ||||||
Skyworks Solutions Inc * | 5,400 | 43,524 | ||||||
Sohu.com Inc * | 1,070 | 44,202 | ||||||
Solera Holdings Inc * | 810 | 20,072 | ||||||
Sonus Networks Inc * | 290 | 455 | ||||||
Starent Networks Corp * | 440 | 6,956 | ||||||
Sun Microsystems Inc * | 15,660 | 114,631 | ||||||
Sybase Inc * | 3,190 | 96,625 | ||||||
Symantec Corp * | 51,100 | 763,434 | ||||||
Synaptics Inc * | 2,800 | 74,928 | ||||||
SYNNEX Corp * | 900 | 17,703 | ||||||
Synopsys Inc * | 3,420 | 70,897 | ||||||
Syntel Inc | 240 | 4,939 | ||||||
Take-Two Interactive Software Inc * | 3,630 | 30,311 | ||||||
Tech Data Corp * | 1,260 | 27,443 | ||||||
Technitrol Inc | 300 | 513 | ||||||
Tekelec * | 1,230 | 16,273 | ||||||
TeleTech Holdings Inc * | 3,080 | 33,541 | ||||||
Tellabs Inc * | 20,550 | 94,119 | ||||||
Teradata Corp * | 3,510 | 56,932 | ||||||
Teradyne Inc * | 15,720 | 68,854 | ||||||
Tessera Technologies Inc * | 1,220 | 16,311 | ||||||
Texas Instruments Inc | 58,950 | 973,265 | ||||||
The Western Union Co | 10,720 | 134,750 | ||||||
THQ Inc * | 1,000 | 3,040 | ||||||
TIBCO Software Inc * | 14,470 | 84,939 | ||||||
Total System Services Inc | 4,010 | 55,378 | ||||||
Trimble Navigation Ltd * | 3,570 | 54,550 | ||||||
Tyco Electronics Ltd (Bermuda) | 5,190 | 57,298 | ||||||
Unisys Corp * | 7,180 | 3,805 | ||||||
ValueClick Inc * | 6,850 | 58,294 | ||||||
Varian Semiconductor Equipment Associates Inc * | 2,190 | 47,435 | ||||||
Verigy Ltd (Singapore) * | 2,240 | 18,480 | ||||||
VeriSign Inc * | 280 | 5,284 | ||||||
ViaSat Inc * | 250 | 5,205 | ||||||
Vishay Intertechnology Inc * | 12,460 | 43,361 | ||||||
VistaPrint Ltd (Bermuda) * | 830 | 22,817 | ||||||
Western Digital Corp * | 5,060 | 97,860 | ||||||
Wind River Systems Inc * | 3,660 | 23,424 | ||||||
Xerox Corp | 66,460 | 302,393 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page 7 |
5
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
March 31, 2009
Shares | Value | |||||||
Xilinx Inc | 4,480 | $ | 85,837 | |||||
Zebra Technologies Corp ‘A’ * | 770 | 14,645 | ||||||
20,958,920 | ||||||||
Materials — 5.2% | ||||||||
Air Products & Chemicals Inc | 600 | 33,750 | ||||||
AK Steel Holding Corp | 7,320 | 52,118 | ||||||
Alcoa Inc | 28,080 | 206,107 | ||||||
Allegheny Technologies Inc | 2,430 | 53,290 | ||||||
Ashland Inc | 5,912 | 61,071 | ||||||
Cabot Corp | 530 | 5,570 | ||||||
Carpenter Technology Corp | 3,750 | 52,950 | ||||||
Century Aluminum Co * | 4,020 | 8,482 | ||||||
CF Industries Holdings Inc | 1,100 | 78,243 | ||||||
Cliffs Natural Resources Inc | 320 | 5,811 | ||||||
Commercial Metals Co | 5,130 | 59,251 | ||||||
Cytec Industries Inc | 1,640 | 24,633 | ||||||
Domtar Corp * | 24,460 | 23,237 | ||||||
E.I. du Pont de Nemours & Co | 1,850 | 41,310 | ||||||
Eastman Chemical Co | 1,520 | 40,736 | ||||||
Ferro Corp | 1,820 | 2,603 | ||||||
Freeport-McMoRan Copper & Gold Inc | 17,810 | 678,739 | ||||||
H.B. Fuller Co | 1,640 | 21,320 | ||||||
International Paper Co | 1,050 | 7,392 | ||||||
Kaiser Aluminum Corp | 580 | 13,410 | ||||||
Louisiana-Pacific Corp | 1,800 | 4,014 | ||||||
MeadWestvaco Corp | 1,910 | 22,901 | ||||||
Minerals Technologies Inc | 260 | 8,333 | ||||||
Monsanto Co | 4,110 | 341,541 | ||||||
Nalco Holding Co | 1,300 | 16,991 | ||||||
NewMarket Corp | 650 | 28,795 | ||||||
NOVA Chemicals Corp (Canada) | 3,540 | 20,390 | ||||||
Nucor Corp | 13,290 | 507,279 | ||||||
Olin Corp | 1,870 | 26,685 | ||||||
Olympic Steel Inc | 200 | 3,034 | ||||||
OM Group Inc * | 80 | 1,546 | ||||||
Owens-Illinois Inc * | 3,570 | 51,551 | ||||||
Packaging Corp of America | 1,710 | 22,264 | ||||||
Reliance Steel & Aluminum Co | 2,830 | 74,514 | ||||||
Rock-Tenn Co ‘A’ | 1,190 | 32,190 | ||||||
Rockwood Holdings Inc * | 1,580 | 12,545 | ||||||
RPM International Inc | 3,710 | 47,228 | ||||||
RTI International Metals Inc * | 100 | 1,170 | ||||||
Schnitzer Steel Industries Inc ‘A’ | 2,230 | 70,000 | ||||||
Sealed Air Corp | 3,500 | 48,300 | ||||||
Sonoco Products Co | 2,650 | 55,597 | ||||||
Southern Copper Corp | 41,380 | 720,840 | ||||||
Temple-Inland Inc | 11,130 | 59,768 | ||||||
Terra Industries Inc | 3,500 | 98,315 | ||||||
The Dow Chemical Co | 4,410 | 37,176 | ||||||
The Mosaic Co | 12,420 | 521,392 | ||||||
The Valspar Corp | 2,580 | 51,523 | ||||||
United States Steel Corp | 2,620 | 55,361 | ||||||
Valhi Inc | 200 | 1,876 | ||||||
Westlake Chemical Corp | 1,170 | 17,117 | ||||||
Worthington Industries Inc | 3,140 | 27,349 | ||||||
4,457,608 | ||||||||
Telecommunication Services — 3.6% | ||||||||
AT&T Inc | 58,913 | 1,484,608 | ||||||
Centennial Communications Corp * | 2,100 | 17,346 | ||||||
Cincinnati Bell Inc * | 1,290 | 2,967 | ||||||
Embarq Corp | 2,400 | 90,840 | ||||||
Global Crossing Ltd (Bermuda) * | 90 | 630 | ||||||
NII Holdings Inc * | 2,950 | 44,250 | ||||||
NTELOS Holdings Corp | 800 | 14,512 | ||||||
Premiere Global Services Inc * | 2,110 | 18,610 | ||||||
Qwest Communication International Inc | 24,820 | 84,884 | ||||||
Sprint Nextel Corp * | 55,910 | 199,599 | ||||||
Syniverse Holdings Inc * | 3,070 | 48,383 | ||||||
Telephone & Data Systems Inc | 2,660 | 70,517 | ||||||
tw telecom Inc * | 7,060 | 61,775 | ||||||
US Cellular Corp * | 1,110 | 37,007 | ||||||
Verizon Communications Inc | 27,390 | 827,178 | ||||||
Windstream Corp | 8,090 | 65,205 | ||||||
3,068,311 | ||||||||
Utilities - 0.5% | ||||||||
American Electric Power Co Inc | 1,110 | 28,039 | ||||||
Avista Corp | 1,400 | 19,292 | ||||||
Duke Energy Corp | 21,890 | 313,465 | ||||||
Integrys Energy Group Inc | 530 | 13,801 | ||||||
Reliant Energy Inc * | 6,920 | 22,075 | ||||||
396,672 | ||||||||
Total Common Stocks (Cost $118,857,241) | 84,264,290 | |||||||
TOTAL INVESTMENTS — 98.8% (Cost $118,857,241) | 84,264,290 | |||||||
OTHER ASSETS & LIABILITIES, NET — 1.2% | 996,780 | |||||||
NET ASSETS — 100.0% | $ | 85,261,070 | ||||||
(a) | As of March 31, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 24.6 | % | ||
Energy | 20.0 | % | ||
Industrials | 12.8 | % | ||
Health Care | 10.4 | % | ||
Consumer Discretionary | 8.7 | % | ||
Financials | 7.1 | % | ||
Consumer Staples | 5.9 | % | ||
Materials | 5.2 | % | ||
Telecommunication Services | 3.6 | % | ||
Utilities | 0.5 | % | ||
98.8 | % | |||
Other Assets & Liabilities, Net | 1.2 | % | ||
100.0 | % | |||
(b) | A security with a total aggregate market value of $8 or less than 0.01% of the net assets was valued under the fair value procedures established by the Fund’s Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
(c) | Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page 7 |
6
PL MAIN STREET CORE FUND (Continued)
Explanation of Symbols and Terms
March 31, 2009
* | Non-income producing securities. | |
+ | Securities were fair valued under procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
D | Illiquid holdings. Holdings were reported as illiquid by the portfolio manager pursuant to Funds’ policy and procedures. (See Note 2T to Notes to Financial Statements.) |
‘NY’ | New York Shares |
7
PL Main Street® Core Fund:
May 20, 2009
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
(a) | The Chairman of the Board, President and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. | ||
(b) | There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
(a)(1) | Code of Ethics, subject to the disclosure of Item 2 hereof- attached hereto as Exhibit 99. | ||
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99 CERT. | ||
(a)(3) | Not applicable. | ||
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is attached | |||
hereto as Exhibit 99.906 CERT pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
Pacific Life Funds | ||||||
By: | /s/ Mary Ann Brown | |||||
President | ||||||
Date: | June 8, 2009 | |||||
By: | /s/ James T. Morris | |||||
Chief Executive Officer | ||||||
Date: | June 8, 2009 | |||||
By: | /s/ Mary Ann Brown | |||||
President | ||||||
Date: | June 8, 2009 | |||||
By: | /s/ Brian D. Klemens | |||||
Treasurer (Principal Financial and | ||||||
Accounting Officer) | ||||||
Date: | June 8, 2009 | |||||