SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
Newport Beach, CA 92660
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
PACIFIC LIFE FUNDS | ||
Letter to Shareholders | A-1 | |
Performance Discussion | A-2 | |
Schedules of Investments | B-1 | |
Financial Statements: | ||
Statements of Assets and Liabilities | C-1 | |
Statements of Operations | C-3 | |
Statements of Changes in Net Assets | C-4 | |
Financial Highlights | C-6 | |
Notes to Financial Statements | D-1 | |
Report of Independent Registered Public Accounting Firm | E-1 | |
Disclosure of Fund Expenses | F-1 | |
Trustees and Officers Information | F-3 | |
Approval of Investment Advisory Agreement and Fund Management Agreements | F-7 | |
Where to Go for More Information | F-13 |
We are pleased to share with you the Pacific Life Funds Annual Report dated March 31, 2011. |
Fund | Fund Manager | |
PL Portfolio Optimization Conservative Fund | ||
PL Portfolio Optimization Moderate-Conservative Fund | ||
PL Portfolio Optimization Moderate Fund | Pacific Life Fund Advisors LLC (PLFA) | |
PL Portfolio Optimization Moderate-Aggressive Fund | ||
PL Portfolio Optimization Aggressive Fund | ||
PL Money Market Fund | Pacific Asset Management | |
PL Income Fund |
Sincerely, | ||
James T. Morris | Mary Ann Brown | |
Chairman of the Board | Chief Executive Officer | |
Pacific Life Funds | Pacific Life Funds |
A-1
1 | The Business Roundtable’s CEO Economic Outlook Survey and The Duke/CFO Magazine Global Business Outlook Survey |
A-2
A-3
2 | Federal Reserve Bank of Philadelphia: Survey of Professional Forecasters – First Quarter 2011 | |
3 | International Monetary Fund: World Economic Outlook – April 2011 |
A-4
1-Year | ||||
Performance | ||||
Broad-Based Indices | as of 3-31-11 | |||
S&P 500 Index (U.S. Stocks) | 15.65 | % | ||
Morgan Stanley Capital International (MSCI) EAFE Index (International Stocks) | 10.42 | % | ||
Barclays Capital U.S. Aggregate Bond Index (Fixed Income) | 5.12 | % | ||
BofA Merrill Lynch U.S. 3-Month T-Bill (Cash) | 0.16 | % |
1-Year | ||||
Performance | ||||
Underlying Funds | as of 3-31-11 | |||
PL Managed Bond ‘P’ (Fixed Income) | 6.31 | % | ||
PL Inflation-Managed ‘P’ (Fixed Income) | 8.56 | % | ||
PL Mid-Cap Equity ‘P’ (U.S. Stocks) | 21.70 | % | ||
PL Mid-Cap Growth ‘P’ (U.S. Stocks) | 35.16 | % | ||
PL Small-Cap Value ‘P’ (U.S. Stocks) | 25.11 | % |
1-Year | ||||
Performance | ||||
Underlying Funds | as of 3-31-11 | |||
PL Short Duration Bond ‘P’ (Fixed Income) | 1.57 | % | ||
PL International Value ‘P’ (International Stocks) | 5.99 | % | ||
PL Growth LT ‘P’ (U.S. Stocks) | 10.79 | % | ||
PL Large-Cap Value ‘P’ (U.S. Stocks) | 12.69 | % | ||
PL Main Street Core ‘P’ (U.S. Stocks) | 13.28 | % |
A-5
PL Portfolio Optimization | ||||||||||||||||
Conservative | Class A | Class B | Class C | Class R | ||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | 7.60 | % | 6.80 | % | 6.81 | % | 7.25 | % | ||||||||
With maximum sales charge | 1.65 | % | 1.80 | % | 5.81 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 5.12 | % | ||||||||||||||
S&P 500 Index | 15.65 | % | ||||||||||||||
PL Portfolio Optimization | ||||||||||||||||
Conservative Composite | ||||||||||||||||
Benchmark | 6.87 | % | ||||||||||||||
5 Years Total Return: | ||||||||||||||||
Without sales charge | 5.44 | % | 4.74 | % | 4.74 | % | 5.23 | % | ||||||||
With maximum sales charge | 4.26 | % | 4.41 | % | 4.74 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 6.03 | % | ||||||||||||||
S&P 500 Index | 2.62 | % | ||||||||||||||
PL Portfolio Optimization | ||||||||||||||||
Conservative Composite | ||||||||||||||||
Benchmark | 5.20 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | 4.76 | % | 4.12 | % | 4.11 | % | 5.11 | % | ||||||||
With maximum sales charge | 3.95 | % | 4.12 | % | 4.11 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 4.98 | % | ||||||||||||||
S&P 500 Index | 4.54 | % | ||||||||||||||
PL Portfolio Optimization | ||||||||||||||||
Conservative Composite | ||||||||||||||||
Benchmark | 4.95 | % |
A-6
PL Portfolio Optimization | ||||||||||||||||
Moderate-Conservative | Class A | Class B | Class C | Class R | ||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | 9.53 | % | 8.78 | % | 8.71 | % | 9.32 | % | ||||||||
With maximum sales charge | 3.54 | % | 3.78 | % | 7.71 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 5.12 | % | ||||||||||||||
S&P 500 Index | 15.65 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Conservative Composite Benchmark | 8.97 | % | ||||||||||||||
5 Years Total Return: | ||||||||||||||||
Without sales charge | 4.85 | % | 4.14 | % | 4.13 | % | 4.64 | % | ||||||||
With maximum sales charge | 3.68 | % | 3.80 | % | 4.13 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 6.03 | % | ||||||||||||||
S&P 500 Index | 2.62 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Conservative Composite Benchmark | 4.71 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | 4.99 | % | 4.33 | % | 4.33 | % | 4.89 | % | ||||||||
With maximum sales charge | 4.17 | % | 4.33 | % | 4.33 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 4.98 | % | ||||||||||||||
S&P 500 Index | 4.54 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Conservative Composite Benchmark | 5.22 | % |
A-7
PL Portfolio Optimization | ||||||||||||||||
Moderate | Class A | Class B | Class C | Class R | ||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | 12.10 | % | 11.33 | % | 11.26 | % | 11.82 | % | ||||||||
With maximum sales charge | 5.93 | % | 6.33 | % | 10.26 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 5.12 | % | ||||||||||||||
S&P 500 Index | 15.65 | % | ||||||||||||||
PL Portfolio Optimization Moderate Composite Benchmark | 10.94 | % | ||||||||||||||
5 Years Total Return: | ||||||||||||||||
Without sales charge | 4.44 | % | 3.72 | % | 3.72 | % | 4.20 | % | ||||||||
With maximum sales charge | 3.27 | % | 3.38 | % | 3.72 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 6.03 | % | ||||||||||||||
S&P 500 Index | 2.62 | % | ||||||||||||||
PL Portfolio Optimization Moderate Composite Benchmark | 4.15 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | 5.53 | % | 4.88 | % | 4.86 | % | 4.95 | % | ||||||||
With maximum sales charge | 4.71 | % | 4.88 | % | 4.86 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 4.98 | % | ||||||||||||||
S&P 500 Index | 4.54 | % | ||||||||||||||
PL Portfolio Optimization Moderate Composite Benchmark | 5.35 | % |
A-8
A-9
PL Portfolio Optimization | ||||||||||||||||
Moderate-Aggressive | Class A | Class B | Class C | Class R | ||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | 14.36 | % | 13.59 | % | 13.64 | % | 14.00 | % | ||||||||
With maximum sales charge | 8.08 | % | 8.59 | % | 12.64 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 5.12 | % | ||||||||||||||
S&P 500 Index | 15.65 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Composite Benchmark | 12.73 | % | ||||||||||||||
5 Years Total Return: | ||||||||||||||||
Without sales charge | 3.51 | % | 2.80 | % | 2.81 | % | 3.32 | % | ||||||||
With maximum sales charge | 2.35 | % | 2.44 | % | 2.81 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 6.03 | % | ||||||||||||||
S&P 500 Index | 2.62 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Composite Benchmark | 3.39 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | 5.39 | % | 4.74 | % | 4.73 | % | 4.45 | % | ||||||||
With maximum sales charge | 4.57 | % | 4.74 | % | 4.73 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 4.98 | % | ||||||||||||||
S&P 500 Index | 4.54 | % | ||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Composite Benchmark | 5.32 | % |
A-10
PL Portfolio Optimization | ||||||||||||||||
Aggressive | Class A | Class B | Class C | Class R | ||||||||||||
1 Year Total Return: | ||||||||||||||||
Without sales charge | 16.11 | % | 15.62 | % | 15.61 | % | 16.02 | % | ||||||||
With maximum sales charge | 9.73 | % | 10.62 | % | 14.61 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 5.12 | % | ||||||||||||||
S&P 500 Index | 15.65 | % | ||||||||||||||
PL Portfolio Optimization Aggressive Composite Benchmark | 13.87 | % | ||||||||||||||
5 Years Total Return: | ||||||||||||||||
Without sales charge | 2.57 | % | 1.86 | % | 1.87 | % | 2.39 | % | ||||||||
With maximum sales charge | 1.42 | % | 1.50 | % | 1.87 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 6.03 | % | ||||||||||||||
S&P 500 Index | 2.62 | % | ||||||||||||||
PL Portfolio Optimization Aggressive Composite Benchmark | 2.44 | % | ||||||||||||||
Since Inception (December 31, 2003): | ||||||||||||||||
Without sales charge | 5.30 | % | 4.67 | % | 4.66 | % | 4.04 | % | ||||||||
With maximum sales charge | 4.49 | % | 4.67 | % | 4.66 | % | N/A | |||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Bond Index | 4.98 | % | ||||||||||||||
S&P 500 Index | 4.54 | % | ||||||||||||||
PL Portfolio Optimization Aggressive Composite Benchmark | 5.03 | % |
A-11
PL Money Market Fund | Class A | |||
1 Year Total Return: | ||||
Without sales charge | 0.00 | % | ||
BofA Merrill Lynch U.S. 3-Month T-Bill Index | 0.16 | % | ||
5 Years Total Return: | ||||
Without sales charge | 1.89 | % | ||
BofA Merrill Lynch U.S. 3-Month T-Bill Index | 2.23 | % | ||
Since Inception (September 28, 2001): | ||||
Without sales charge | 1.47 | % | ||
BofA Merrill Lynch U.S. 3-Month T-Bill Index | 2.12 | % |
A-12
PL Income Fund | Class A | Class I | ||||||
Since Inception (December 31, 2010): | ||||||||
Without sales charge | 2.46 | % | 2.48 | % | ||||
With maximum sales charge | -1.86 | % | N/A | |||||
Barclays Capital U.S. Aggregate | ||||||||
Bond Index | 0.42 | % |
A-13
A-14
PACIFIC LIFE FUNDS | ||
PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND | ||
Schedule of Investments | ||
March 31, 2011 |
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.8% | ||||||||
PL Floating Rate Loan Fund ‘P’ | 2,397,284 | $ | 24,260,513 | |||||
PL Inflation Managed Fund ‘P’ | 4,630,670 | 48,760,953 | ||||||
PL Managed Bond Fund ‘P’ | 9,544,191 | 102,504,610 | ||||||
PL Short Duration Bond Fund ‘P’ | 3,858,846 | 38,742,817 | ||||||
PL Comstock Fund ‘P’ | 823,009 | 9,983,099 | ||||||
PL Growth LT Fund ‘P’ * | 429,776 | 5,337,813 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 533,965 | 4,928,497 | ||||||
PL Large-Cap Value Fund ‘P’ | 1,364,715 | 15,817,051 | ||||||
PL Main Street Core Fund ‘P’ | 599,181 | 6,069,708 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 916,400 | 9,585,544 | ||||||
PL International Large-Cap Fund ‘P’ | 401,191 | 6,166,303 | ||||||
PL International Value Fund ‘P’ | 648,090 | 6,163,334 | ||||||
Total Affiliated Mutual Funds (Cost $258,384,822) | 278,320,242 | |||||||
SHORT-TERM INVESTMENT - 0.0% | ||||||||
Money Market Fund - 0.0% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 7,516 | 7,516 | ||||||
Total Short-Term Investment (Cost $7,516) | 7,516 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $258,392,338) | 278,327,758 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 542,536 | |||||||
NET ASSETS - 100.0% | $ | 278,870,294 | ||||||
Notes to Schedule of Investments | ||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Affiliated Fixed Income Funds | 76.8 | % | ||
Affiliated Equity Funds | 23.0 | % | ||
99.8 | % | |||
Other Assets & Liabilities, Net | 0.2 | % | ||
100.0 | % | |||
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.7% | ||||||||
PL Floating Rate Loan Fund ‘P’ | 2,081,719 | $ | 21,066,994 | |||||
PL Inflation Managed Fund ‘P’ | 3,781,957 | 39,824,008 | ||||||
PL Managed Bond Fund ‘P’ | 7,489,230 | 80,434,335 | ||||||
PL Short Duration Bond Fund ‘P’ | 2,886,340 | 28,978,853 | ||||||
PL Comstock Fund ‘P’ | 1,341,937 | 16,277,697 | ||||||
PL Growth LT Fund ‘P’ * | 668,054 | 8,297,223 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 1,189,360 | 10,977,797 | ||||||
PL Large-Cap Value Fund ‘P’ | 1,911,806 | 22,157,836 | ||||||
PL Main Street Core Fund ‘P’ | 1,338,340 | 13,557,385 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 1,044,969 | 10,930,378 | ||||||
PL Mid-Cap Growth Fund ‘P’ | 627,199 | 6,447,601 | ||||||
PL Small-Cap Value Fund ‘P’ | 265,738 | 2,816,817 | ||||||
PL International Large-Cap Fund ‘P’ | 889,138 | 13,666,052 | ||||||
PL International Value Fund ‘P’ | 824,149 | 7,837,656 | ||||||
Total Affiliated Mutual Funds (Cost $257,455,948) | 283,270,632 | |||||||
SHORT-TERM INVESTMENT - 0.1% | ||||||||
Money Market Fund - 0.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 236,094 | 236,094 | ||||||
Total Short-Term Investment (Cost $236,094) | 236,094 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $257,692,042) | 283,506,726 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 470,101 | |||||||
NET ASSETS - 100.0% | $ | 283,976,827 | ||||||
Notes to Schedule of Investments | ||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Affiliated Fixed Income Funds | 59.9 | % | ||
Affiliated Equity Funds | 39.8 | % | ||
Short-Term Investment | 0.1 | % | ||
99.8 | % | |||
Other Assets & Liabilities, Net | 0.2 | % | ||
100.0 | % | |||
(b) | Fair Value Measurements | |
The following is a summary of the funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the funds’ assets and liabilities (See Note 10 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||
Assets Affiliated Mutual Funds | $ | 278,320,242 | $ | 278,320,242 | $ | — | $ | — | ||||||||
Short-Term Investment | 7,516 | 7,516 | — | — | ||||||||||||
Total | $ | 278,327,758 | $ | 278,327,758 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate-Conservative Fund | ||||||||||||||||
Assets Affiliated Mutual Funds | $ | 283,270,632 | $ | 283,270,632 | $ | — | $ | — | ||||||||
Short-Term Investment | 236,094 | 236,094 | — | — | ||||||||||||
Total | $ | 283,506,726 | $ | 283,506,726 | $ | — | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and term, if any, on page B-8 |
B-1
PACIFIC LIFE FUNDS | ||
PL PORTFOLIO OPTIMIZATION MODERATE FUND | ||
Schedule of Investments | ||
March 31, 2011 |
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.6% | ||||||||
PL Floating Rate Loan Fund ‘P’ | 4,021,323 | $ | 40,695,802 | |||||
PL Inflation Managed Fund ‘P’ | 8,485,196 | 89,349,110 | ||||||
PL Managed Bond Fund ‘P’ | 12,821,675 | 137,704,785 | ||||||
PL Short Duration Bond Fund ‘P’ | 4,038,646 | 40,548,010 | ||||||
PL Comstock Fund ‘P’ | 5,188,979 | 62,942,312 | ||||||
PL Growth LT Fund ‘P’ * | 3,279,108 | 40,726,523 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 4,354,557 | 40,192,558 | ||||||
PL Large-Cap Value Fund ‘P’ | 7,607,857 | 88,175,057 | ||||||
PL Main Street Core Fund ‘P’ | 5,567,867 | 56,402,491 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 4,513,090 | 47,206,923 | ||||||
PL Mid-Cap Growth Fund ‘P’ | 1,692,901 | 17,403,026 | ||||||
PL Small-Cap Growth Fund ‘P’ * | 677,321 | 8,060,122 | ||||||
PL Small-Cap Value Fund ‘P’ | 2,335,169 | 24,752,795 | ||||||
PL Real Estate Fund ‘P’ | 1,337,729 | 15,330,373 | ||||||
PL Emerging Markets Fund ‘P’ | 1,704,086 | 25,015,984 | ||||||
PL International Large-Cap Fund ‘P’ | 3,095,716 | 47,581,150 | ||||||
PL International Value Fund ‘P’ | 2,496,110 | 23,738,005 | ||||||
Total Affiliated Mutual Funds (Cost $724,545,061) | 805,825,026 | |||||||
SHORT-TERM INVESTMENT - 0.2% | ||||||||
Money Market Fund - 0.2% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,331,903 | 1,331,903 | ||||||
Total Short-Term Investment (Cost $1,331,903) | 1,331,903 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $725,876,964) | 807,156,929 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 2,012,784 | |||||||
NET ASSETS - 100.0% | $ | 809,169,713 | ||||||
Notes to Schedule of Investments | ||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 61.6 | % | ||
Affiliated Fixed Income Funds | 38.0 | % | ||
Short-Term Investment | 0.2 | % | ||
99.8 | % | |||
Other Assets & Liabilities, Net | 0.2 | % | ||
100.0 | % | |||
PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.0% | ||||||||
PL Inflation Managed Fund ‘P’ | 4,880,851 | $ | 51,395,357 | |||||
PL Managed Bond Fund ‘P’ | 4,794,408 | 51,491,942 | ||||||
PL Short Duration Bond Fund ‘P’ | 1,287,235 | 12,923,837 | ||||||
PL Comstock Fund ‘P’ | 4,689,107 | 56,878,863 | ||||||
PL Growth LT Fund ‘P’ * | 3,503,518 | 43,513,697 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 3,450,264 | 31,845,940 | ||||||
PL Large-Cap Value Fund ‘P’ | 6,515,778 | 75,517,862 | ||||||
PL Main Street Core Fund ‘P’ | 5,599,745 | 56,725,420 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 4,772,364 | 49,918,924 | ||||||
PL Mid-Cap Growth Fund ‘P’ | 2,541,912 | 26,130,860 | ||||||
PL Small-Cap Growth Fund ‘P’ * | 1,123,057 | 13,364,373 | ||||||
PL Small-Cap Value Fund ‘P’ | 3,065,524 | 32,494,550 | ||||||
PL Real Estate Fund ‘P’ | 1,593,145 | 18,257,445 | ||||||
PL Emerging Markets Fund ‘P’ | 1,845,770 | 27,095,906 | ||||||
PL International Large-Cap Fund ‘P’ | 3,248,902 | 49,935,619 | ||||||
PL International Value Fund ‘P’ | 3,739,167 | 35,559,482 | ||||||
Total Affiliated Mutual Funds (Cost $560,430,808) | 633,050,077 | |||||||
SHORT-TERM INVESTMENT - 0.1% | ||||||||
Money Market Fund - 0.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 862,022 | 862,022 | ||||||
Total Short-Term Investment (Cost $862,022) | 862,022 | |||||||
TOTAL INVESTMENTS - 100.1% (Cost $561,292,830) | 633,912,099 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.1%) | (638,008 | ) | ||||||
NET ASSETS - 100.0% | $ | 633,274,091 | ||||||
Notes to Schedule of Investments | ||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 81.7 | % | ||
Affiliated Fixed Income Funds | 18.3 | % | ||
Short-Term Investment | 0.1 | % | ||
100.1 | % | |||
Other Assets & Liabilities, Net | (0.1 | %) | ||
100.0 | % | |||
(b) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 10 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
PL Portfolio Optimization Moderate Fund | ||||||||||||||||
Assets Affiliated Mutual Funds | $ | 805,825,026 | $ | 805,825,026 | $ | — | $ | — | ||||||||
Short-Term Investment | 1,331,903 | 1,331,903 | — | — | ||||||||||||
Total | $ | 807,156,929 | $ | 807,156,929 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | ||||||||||||||||
Assets Affiliated Mutual Funds | $ | 633,050,077 | $ | 633,050,077 | $ | — | $ | — | ||||||||
Short-Term Investment | 862,022 | 862,022 | — | — | ||||||||||||
Total | $ | 633,912,099 | $ | 633,912,099 | $ | — | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and term, if any, on page B-8 |
B-2
PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.8% | ||||||||
PL Managed Bond Fund ‘P’ | 612,687 | $ | 6,580,263 | |||||
PL Comstock Fund ‘P’ | 1,684,473 | 20,432,657 | ||||||
PL Growth LT Fund ‘P’ * | 1,421,721 | 17,657,777 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 1,207,555 | 11,145,737 | ||||||
PL Large-Cap Value Fund ‘P’ | 2,311,945 | 26,795,440 | ||||||
PL Main Street Core Fund ‘P’ | 2,480,907 | 25,131,584 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 1,737,756 | 18,176,927 | ||||||
PL Mid-Cap Growth Fund ‘P’ | 1,408,099 | 14,475,253 | ||||||
PL Small-Cap Growth Fund ‘P’ * | 918,972 | 10,935,764 | ||||||
PL Small-Cap Value Fund ‘P’ | 1,523,647 | 16,150,663 | ||||||
PL Real Estate Fund ‘P’ | 721,797 | 8,271,792 | ||||||
PL Emerging Markets Fund ‘P’ | 828,750 | 12,166,048 | ||||||
PL International Large-Cap Fund ‘P’ | 1,343,916 | 20,655,991 | ||||||
PL International Value Fund ‘P’ | 1,784,049 | 16,966,308 | ||||||
Total Affiliated Mutual Funds (Cost $186,688,228) | 225,542,204 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $186,688,228) | 225,542,204 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 557,631 | |||||||
NET ASSETS - 100.0% | $ | 226,099,835 | ||||||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 96.9 | % | ||
Affiliated Fixed Income Funds | 2.9 | % | ||
99.8 | % | |||
Other Assets & Liabilities, Net | 0.2 | % | ||
100.0 | % | |||
(b) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 10 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets Affiliated Mutual Funds | $ | 225,542,204 | $ | 225,542,204 | $ | — | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and term, if any, on page B-8 |
B-3
PL MONEY MARKET FUND
Schedule of Investments
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS - 100.9% | ||||||||
Commercial Paper - 83.8% | ||||||||
Abbott Laboratories | ||||||||
0.170% due 06/20/11 | $ | 1,200,000 | $ | 1,199,546 | ||||
0.200% due 05/09/11 | 500,000 | 499,893 | ||||||
Archer-Daniels-Midland Co | ||||||||
0.280% due 04/06/11 | 500,000 | 499,980 | ||||||
Bank of America Corp | ||||||||
0.140% due 04/04/11 | 1,100,000 | 1,099,987 | ||||||
Bank of Montreal (Canada) | ||||||||
0.200% due 05/17/11 | 1,700,000 | 1,699,566 | ||||||
Bank of Nova Scotia NY | ||||||||
0.090% due 04/06/11 | 1,700,000 | 1,699,979 | ||||||
Caterpillar Financial Services Corp | ||||||||
0.050% due 04/01/11 | 1,700,000 | 1,700,000 | ||||||
Commonwealth Bank of Australia (Australia) | ||||||||
0.255% due 05/25/11 | 800,000 | 799,694 | ||||||
ConocoPhillips Qatar Funding Ltd (Cayman) | ||||||||
0.220% due 05/27/11 | 400,000 | 399,863 | ||||||
0.240% due 04/12/11 | 500,000 | 499,963 | ||||||
Electricite de France SA (France) | ||||||||
0.230% due 04/15/11 | 1,600,000 | 1,599,857 | ||||||
General Electric Capital Corp | ||||||||
0.200% due 05/10/11 | 1,100,000 | 1,099,762 | ||||||
Google Inc | ||||||||
0.160% due 05/13/11 | 1,700,000 | 1,699,683 | ||||||
Hewlett-Packard Co | ||||||||
0.150% due 04/11/11 | 1,000,000 | 999,958 | ||||||
John Deere Credit Ltd (Australia) | ||||||||
0.180% due 04/18/11 | 1,200,000 | 1,199,898 | ||||||
Kreditanstalt fuer Wiederaufbau (Germany) | ||||||||
0.210% due 05/19/11 | 900,000 | 899,748 | ||||||
Nestle Capital Corp | ||||||||
0.170% due 06/30/11 | 700,000 | 699,703 | ||||||
0.200% due 05/09/11 | 1,000,000 | 999,789 | ||||||
NetJets Inc | ||||||||
0.150% due 04/01/11 | 1,000,000 | 1,000,000 | ||||||
Novartis Securities Investment Ltd (Bermuda) | ||||||||
0.220% due 06/13/11 | 1,400,000 | 1,399,375 | ||||||
Roche Holdings Inc | ||||||||
0.160% due 04/14/11 | 900,000 | 899,948 | ||||||
Royal Bank of Canada (Canada) | ||||||||
0.270% due 05/16/11 | 1,000,000 | 999,663 | ||||||
Schlumberger Technology Corp | ||||||||
0.240% due 06/01/11 | 1,700,000 | 1,699,309 | ||||||
The Coca-Cola Co | ||||||||
0.210% due 06/08/11 | 400,000 | 399,841 | ||||||
0.230% due 04/08/11 | 1,300,000 | 1,299,942 | ||||||
The Procter & Gamble Co | ||||||||
0.190% due 05/04/11 | 1,300,000 | 1,299,774 | ||||||
The Walt Disney Co | ||||||||
0.130% due 05/02/11 | 1,200,000 | 1,199,866 | ||||||
Toronto-Dominion Holdings USA Inc | ||||||||
0.230% due 06/16/11 | 1,000,000 | 999,514 | ||||||
Toyota Motor Credit Corp | ||||||||
0.160% due 04/05/11 | 700,000 | 699,988 | ||||||
0.340% due 08/08/11 | 1,000,000 | 998,782 | ||||||
32,192,871 | ||||||||
Corporate Notes - 1.3% | ||||||||
International Business Machines Corp | ||||||||
0.884% due 07/28/11 § | 500,000 | 501,019 | ||||||
U.S. Treasury Bills - 15.6% | ||||||||
0.098% due 06/30/11 | 2,000,000 | 1,999,513 | ||||||
0.102% due 05/19/11 | 1,500,000 | 1,499,796 | ||||||
0.120% due 05/26/11 | 1,000,000 | 999,817 | ||||||
0.147% due 04/14/11 | 1,500,000 | 1,499,920 | ||||||
5,999,046 | ||||||||
Shares | ||||||||
Money Market Fund - 0.2% | ||||||||
BlackRock Liquidity Funds Treasury | ||||||||
Trust Fund Portfolio | 79,079 | 79,079 | ||||||
Total Short-Term Investments | ||||||||
(Amortized Cost $38,772,015) | 38,772,015 | |||||||
TOTAL INVESTMENTS - 100.9% | ||||||||
(Amortized Cost $38,772,015) | 38,772,015 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.9%) | (329,494 | ) | ||||||
NET ASSETS - 100.0% | $ | 38,442,521 | ||||||
(a) | As of March 31, 2011 the fund was diversified as a percentage of net assets as follows: |
Commercial Paper | 83.8 | % | ||
U.S. Treasury Bills | 15.6 | % | ||
Corporate Notes | 1.3 | % | ||
Money Market Fund | 0.2 | % | ||
100.9 | % | |||
Other Assets & Liabilities, Net | (0.9 | %) | ||
100.0 | % | |||
(b) | As of March 31, 2011, 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 | 15.5 | % | ||
A-1 (Short-term Debt Only) | 83.2 | % | ||
A | 1.3 | % | ||
100.0 | % | |||
(c) | Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments. | |
(d) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 10 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Short-Term Investments | $ | 38,772,015 | $ | 79,079 | $ | 38,692,936 | $ | — | |||||||||||
See Notes to Financial Statements | See explanation of symbols and term, if any, on page B-8 |
B-4
PL INCOME FUND
Schedule of Investments
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS & NOTES - 74.4% | ||||||||
Consumer Discretionary - 12.3% | ||||||||
Ameristar Casinos Inc | ||||||||
7.500% due 04/15/21 ~ | $ | 500,000 | $ | 495,625 | ||||
CityCenter Holdings LLC | ||||||||
7.625% due 01/15/16 ~ | 500,000 | 518,750 | ||||||
Comcast Corp | ||||||||
4.950% due 06/15/16 | 1,000,000 | 1,069,010 | ||||||
DIRECTV Holdings LLC | ||||||||
3.125% due 02/15/16 | 1,000,000 | 985,322 | ||||||
Hyatt Hotels Corp | ||||||||
6.875% due 08/15/19 ~ | 750,000 | 803,007 | ||||||
Kabel BW Erste Beteiligungs GmbH (Germany) | ||||||||
7.500% due 03/15/19 ~ | 250,000 | 257,500 | ||||||
Toll Brothers Finance Corp | ||||||||
6.750% due 11/01/19 | 750,000 | 774,800 | ||||||
Toys R Us Property Co II LLC | ||||||||
8.500% due 12/01/17 | 500,000 | 540,000 | ||||||
Viacom Inc | ||||||||
3.500% due 04/01/17 | 1,000,000 | 984,325 | ||||||
Wyndham Worldwide Corp | ||||||||
5.750% due 02/01/18 | 500,000 | 517,976 | ||||||
6,946,315 | ||||||||
Consumer Staples - 4.6% | ||||||||
Blue Merger Sub Inc | ||||||||
7.625% due 02/15/19 ~ | 500,000 | 509,375 | ||||||
Cencosud SA (Chile) | ||||||||
5.500% due 01/20/21 ~ | 500,000 | 494,372 | ||||||
PepsiAmericas Inc | ||||||||
4.375% due 02/15/14 | 1,000,000 | 1,072,396 | ||||||
Reynolds Group Issuer Inc | ||||||||
7.750% due 10/15/16 ~ | 500,000 | 531,250 | ||||||
2,607,393 | ||||||||
Energy - 6.4% | ||||||||
Forest Oil Corp | ||||||||
7.250% due 06/15/19 | 250,000 | 262,500 | ||||||
Gazprom OAO Via Gaz Capital SA (Luxembourg) | ||||||||
5.092% due 11/29/15 ~ | 500,000 | 524,350 | ||||||
Lukoil International Finance BV (Netherlands) | ||||||||
6.356% due 06/07/17 ~ | 500,000 | 539,350 | ||||||
Marathon Petroleum Corp | ||||||||
3.500% due 03/01/16 ~ | 500,000 | 500,975 | ||||||
Petrobras International Finance Co (Cayman) | ||||||||
5.375% due 01/27/21 | 500,000 | 503,403 | ||||||
TNK-BP Finance SA (Luxembourg) | ||||||||
6.250% due 02/02/15 ~ | 500,000 | 539,500 | ||||||
Weatherford International Ltd (Bermuda) | ||||||||
5.125% due 09/15/20 | 750,000 | 746,096 | ||||||
3,616,174 | ||||||||
Financials - 25.8% | ||||||||
AMB Property LP | ||||||||
4.000% due 01/15/18 | 500,000 | 483,743 | ||||||
American International Group Inc | ||||||||
6.400% due 12/15/20 | 500,000 | 533,996 | ||||||
Australia & New Zealand Banking Group Ltd (Australia) | ||||||||
2.125% due 01/10/14 ~ | 500,000 | 500,086 | ||||||
Bank of America Corp | ||||||||
5.875% due 01/05/21 | 1,000,000 | 1,044,565 | ||||||
BRE Properties Inc REIT | ||||||||
5.500% due 03/15/17 | 500,000 | 535,595 | ||||||
Citigroup Inc | ||||||||
4.587% due 12/15/15 | 500,000 | 516,698 | ||||||
4.750% due 05/19/15 | 500,000 | 523,808 | ||||||
Developers Diversified Realty Corp REIT | ||||||||
4.750% due 04/15/18 | 500,000 | 486,573 | ||||||
Dexus Diversified Trust (Australia) | ||||||||
5.600% due 03/15/21 ~ | 500,000 | 493,802 | ||||||
General Electric Capital Corp | ||||||||
2.100% due 01/07/14 | 500,000 | 500,704 | ||||||
5.300% due 02/11/21 | 500,000 | 508,028 | ||||||
Health Care REIT Inc | ||||||||
5.250% due 01/15/22 | 500,000 | 488,030 | ||||||
Hyundai Capital Services Inc (South Korea) | ||||||||
4.375% due 07/27/16 ~ | 500,000 | 502,563 | ||||||
JPMorgan Chase & Co | ||||||||
4.250% due 10/15/20 | 500,000 | 478,040 | ||||||
JPMorgan Chase Bank NA | ||||||||
6.000% due 10/01/17 | 500,000 | 546,882 | ||||||
KeyCorp | ||||||||
5.100% due 03/24/21 | 500,000 | 497,106 | ||||||
Korea Development Bank (South Korea) | ||||||||
4.000% due 09/09/16 | 500,000 | 505,831 | ||||||
Macquarie Group Ltd (Australia) | ||||||||
6.250% due 01/14/21 ~ | 500,000 | 505,587 | ||||||
Marsh & McLennan Cos Inc | ||||||||
5.750% due 09/15/15 | 500,000 | 542,814 | ||||||
Merrill Lynch & Co Inc | ||||||||
6.875% due 04/25/18 | 750,000 | 832,817 | ||||||
Morgan Stanley | ||||||||
3.450% due 11/02/15 | 500,000 | 491,185 | ||||||
5.500% due 01/26/20 | 500,000 | 502,349 | ||||||
Nationwide Financial Services | ||||||||
5.375% due 03/25/21 ~ | 500,000 | 495,437 | ||||||
The Goldman Sachs Group Inc | ||||||||
5.350% due 01/15/16 | 500,000 | 533,302 | ||||||
5.375% due 03/15/20 | 1,000,000 | 1,015,693 | ||||||
Wells Operating Partnership II LP REIT | ||||||||
5.875% due 04/01/18 ~ | 500,000 | 496,470 | ||||||
14,561,704 | ||||||||
Health Care - 0.9% | ||||||||
Valeant Pharmaceuticals International Inc | ||||||||
6.500% due 07/15/16 ~ | 500,000 | 496,250 | ||||||
Industrials - 9.5% | ||||||||
Air Canada (Canada) | ||||||||
9.250% due 08/01/15 ~ | 250,000 | 261,875 | ||||||
Asciano Finance Ltd (Australia) | ||||||||
5.000% due 04/07/18 ~ | 500,000 | 497,290 | ||||||
AWAS Aviation Capital Ltd (Ireland) | ||||||||
7.000% due 10/15/16 ~ | 500,000 | 502,500 | ||||||
Continental Airlines 2010-1 Class A Pass | ||||||||
Through Trust | ||||||||
4.750% due 01/12/21 | 750,000 | 735,000 | ||||||
Delta Air Lines 2010-1 Class A Pass | ||||||||
Through Trust | ||||||||
6.200% due 07/02/18 | 741,219 | 769,015 | ||||||
Florida East Coast Railway Corp | ||||||||
8.125% due 02/01/17 ~ | 200,000 | 209,750 | ||||||
International Lease Finance Corp | ||||||||
5.650% due 06/01/14 | 250,000 | 252,500 | ||||||
6.750% due 09/01/16 ~ | 500,000 | 537,500 | ||||||
8.875% due 09/15/15 ~ | 250,000 | 275,625 | ||||||
JMC Steel Group | ||||||||
8.250% due 03/15/18 ~ | 500,000 | 513,750 | ||||||
Owens Corning | ||||||||
6.500% due 12/01/16 | 500,000 | 544,360 | ||||||
Spirit Aerosystems Inc | ||||||||
7.500% due 10/01/17 | 250,000 | 270,000 | ||||||
5,369,165 | ||||||||
See Notes to Financial Statements | See explanation of symbols and term, if any, on page B-8 |
B-5
PL INCOME FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
Materials - 7.1% | ||||||||
Allegheny Technologies Inc | ||||||||
5.950% due 01/15/21 | $ | 500,000 | $ | 526,640 | ||||
APERAM (Luxembourg) | ||||||||
7.375% due 04/01/16 ~ | 500,000 | 511,250 | ||||||
ArcelorMittal (Luxembourg) | ||||||||
5.250% due 08/05/20 | �� | 750,000 | 734,843 | |||||
Berry Plastics Corp | ||||||||
5.053% due 02/15/15 § | 500,000 | 498,125 | ||||||
Cemex SAB de CV (Mexico) | ||||||||
5.299% due 09/30/15 ~ § | 500,000 | 495,005 | ||||||
FMG Resources August 2006 Pty Ltd (Australia) | ||||||||
6.375% due 02/01/16 ~ | 250,000 | 253,125 | ||||||
International Paper Co | ||||||||
5.250% due 04/01/16 | 500,000 | 532,739 | ||||||
Inversiones CMPC SA (Chile) | ||||||||
4.750% due 01/19/18 ~ | 500,000 | 492,561 | ||||||
4,044,288 | ||||||||
Telecommunication Services - 6.4% | ||||||||
American Tower Corp | ||||||||
4.500% due 01/15/18 | 750,000 | 736,438 | ||||||
Avaya Inc | ||||||||
7.000% due 04/01/19 ~ | 500,000 | 490,000 | ||||||
Frontier Communications Corp | ||||||||
7.875% due 04/15/15 | 500,000 | 541,250 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) | ||||||||
9.500% due 06/15/16 | 500,000 | 530,000 | ||||||
Qwest Communications International Inc | ||||||||
8.000% due 10/01/15 | 500,000 | 554,375 | ||||||
Qwest Corp | ||||||||
7.500% due 06/15/23 | 750,000 | 755,625 | ||||||
3,607,688 | ||||||||
Utilities - 1.4% | ||||||||
Eskom Holdings Ltd (South Africa) | ||||||||
5.750% due 01/26/21 ~ | 250,000 | 254,688 | ||||||
NRG Energy Inc | ||||||||
7.625% due 01/15/18 ~ | 500,000 | 519,375 | ||||||
774,063 | ||||||||
Total Corporate Bonds & Notes (Cost $41,961,828) | 42,023,040 | |||||||
SENIOR LOAN NOTES - 14.0% | ||||||||
Consumer Discretionary - 7.1% | ||||||||
Acosta Inc Term B | ||||||||
4.750% due 01/27/18 § | 500,000 | 501,667 | ||||||
Burger King Corp Tranche B | ||||||||
4.500% due 10/30/16 § | 498,750 | 498,704 | ||||||
Capital Automotive LP Tranche B | ||||||||
5.000% due 02/15/17 § | 499,431 | 495,685 | ||||||
DineEquity Inc Term B-1 | ||||||||
4.250% due 10/31/17 § | 494,609 | 498,628 | ||||||
Jo-Ann Stores Inc | ||||||||
4.750% due 12/23/17 § | 500,000 | 496,687 | ||||||
Petco Animal Supplies Inc (New Loan) | ||||||||
4.500% due 11/24/17 § | 495,000 | 496,987 | ||||||
Savers Inc (New Term Loan) | ||||||||
4.250% due 02/04/17 § | 500,000 | 503,750 | ||||||
UCI International Inc | ||||||||
5.500% due 07/04/17 § | 498,750 | 502,257 | ||||||
3,994,365 | ||||||||
Consumer Staples - 0.9% | ||||||||
U.S. Foodservice | ||||||||
2.753% due 07/03/14 § | 498,705 | 484,540 | ||||||
Financials - 1.7% | ||||||||
First Data Corp (Initial Tranche B-1) | ||||||||
3.012% due 09/24/14 § | 500,000 | 479,844 | ||||||
Nuveen Investments Inc (Extended 1st Lien Term Loan) | ||||||||
5.806% due 05/31/17 § | 500,000 | 501,326 | ||||||
981,170 | ||||||||
Health Care - 1.7% | ||||||||
Axcan Intermediate Holdings Inc | ||||||||
5.500% due 01/25/17 § | 498,750 | 498,360 | ||||||
Onex Carestream Finance LP | ||||||||
5.000% due 02/08/17 § | 500,000 | 490,078 | ||||||
988,438 | ||||||||
Information Technology - 0.8% | ||||||||
CDW LLC (Extended Term Loan) | ||||||||
5.006% due 07/15/17 § | 460,538 | 459,444 | ||||||
Materials - 0.9% | ||||||||
Rock-Tenn Co Term Loan B | ||||||||
due 01/24/17 ∞ | 500,000 | 503,616 | ||||||
Utilities - 0.9% | ||||||||
EquiPower Resources Holdings LLC (Term B Facility) | �� | |||||||
5.750% due 01/04/18 § | 500,000 | 506,250 | ||||||
Total Senior Loan Notes (Cost $7,851,345) | 7,917,823 | |||||||
U.S. TREASURY OBLIGATIONS - 7.8% | ||||||||
U.S. Treasury Notes - 7.8% | ||||||||
2.125% due 12/31/15 | 1,500,000 | 1,498,359 | ||||||
2.750% due 12/31/17 | 1,505,000 | 1,496,300 | ||||||
2.625% due 11/15/20 | 1,500,000 | 1,397,929 | ||||||
4,392,588 | ||||||||
Total U.S. Treasury Obligations (Cost $4,400,854) | 4,392,588 | |||||||
See Notes to Financial Statements | See explanation of symbols and term, if any, on page B-8 |
B-6
PL INCOME FUND
Schedule of Investments (Continued)
March 31, 2011
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 3.1% | ||||||||
Money Market Fund - 3.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,773,041 | $ | 1,773,041 | |||||
Total Short-Term Investment (Cost $1,773,041) | 1,773,041 | |||||||
TOTAL INVESTMENTS - 99.3% (Cost $55,987,068) | 56,106,492 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.7% | 423,963 | |||||||
NET ASSETS - 100.0% | $ | 56,530,455 | ||||||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Corporate Bonds & Notes | 74.4 | % | ||
Senior Loan Notes | 14.0 | % | ||
U.S. Treasury Obligations | 7.8 | % | ||
Short-Term Investment | 3.1 | % | ||
99.3 | % | |||
Other Assets & Liabilities, Net | 0.7 | % | ||
100.0 | % | |||
(b) | As of March 31, 2011, 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 | 8.1 | % | ||
AA | 2.8 | % | ||
A | 19.5 | % | ||
BBB | 35.7 | % | ||
BB | 13.7 | % | ||
B | 18.4 | % | ||
Not Rated | 1.8 | % | ||
100.0 | % | |||
(c) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 10 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Corporate Bonds & Notes | $ | 42,023,040 | $ | — | $ | 40,519,025 | $ | 1,504,015 | |||||||||||
Senior Loan Notes | 7,917,823 | — | 7,917,823 | — | ||||||||||||||||
U.S. Treasury Obligations | 4,392,588 | — | 4,392,588 | — | ||||||||||||||||
Short-Term Investment | 1,773,041 | 1,773,041 | — | — | ||||||||||||||||
Total | $ | 56,106,492 | $ | 1,773,041 | $ | 52,829,436 | $ | 1,504,015 | ||||||||||||
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||||||
Total Change | Transfers | on Level 3 | ||||||||||||||||||||||||||||||
Value, | Net | Accrued | Total Net | in Net | In and/ | Investments Held at | ||||||||||||||||||||||||||
Beginning | Purchases | Discounts | Realized Gains | Unrealized | or Out of | Value, | the End of Period, | |||||||||||||||||||||||||
of Period | (Sales) | (Premiums) | (Losses) | Depreciation | Level 3 | End of Period | if Applicable | |||||||||||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 1,538,505 | ($1,226 | ) | $ | — | ($33,264 | ) | $ | — | $ | 1,504,015 | ($33,264 | ) | ||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and term, if any, on page B-8 |
B-7
Schedule of Investments (Continued)
Explanation of Symbols and Term
March 31, 2011
* | Non-income producing investments. | |
~ | 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. | |
§ | Variable rate investments. The rate shown is based on the latest available information as of March 31, 2011. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. | |
∞ | Unsettled position. Contract rates do not take effect until settlement date. |
See Notes to Financial Statements | B-8 |
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2011
PL Portfolio Optimization Funds | PL Money | |||||||||||||||||||||||||||
Moderate- | Moderate- | Market | PL Income | |||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $ | 258,392,338 | $ | 257,692,042 | $ | 725,876,964 | $ | 561,292,830 | $ | 186,688,228 | $ | 38,772,015 | $ | 55,987,068 | ||||||||||||||
Investments in affiliated mutual funds, at value | $ | 278,320,242 | $ | 283,270,632 | $ | 805,825,026 | $ | 633,050,077 | $ | 225,542,204 | $ | — | $ | — | ||||||||||||||
Investments, at value | 7,516 | 236,094 | 1,331,903 | 862,022 | — | 38,772,015 | 56,106,492 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | — | — | — | — | — | 774 | 580,145 | |||||||||||||||||||||
Fund shares sold | 1,370,780 | 1,329,595 | 5,320,179 | 3,036,704 | 990,183 | 20,296 | 243,774 | |||||||||||||||||||||
Securities sold | — | — | — | — | 57,279 | — | 4,533,970 | |||||||||||||||||||||
Due from adviser | 36,440 | 29,256 | 77,408 | 56,245 | 17,891 | 15,459 | 43,630 | |||||||||||||||||||||
Prepaid expenses and other assets | 22,282 | 23,492 | 39,963 | 38,649 | 24,292 | 6,510 | 111,251 | |||||||||||||||||||||
Total Assets | 279,757,260 | 284,889,069 | 812,594,479 | 637,043,697 | 226,631,849 | 38,815,054 | 61,619,262 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 683,349 | 484,067 | 1,549,664 | 2,467,786 | 313,825 | 347,484 | 3,020 | |||||||||||||||||||||
Securities purchased | 7,516 | 236,094 | 1,331,903 | 862,022 | — | — | 4,991,084 | |||||||||||||||||||||
Due to custodian | — | — | — | — | 57,279 | — | — | |||||||||||||||||||||
Income distributions | — | — | — | — | — | — | 4,577 | |||||||||||||||||||||
Accrued advisory fees | 46,498 | 46,870 | 133,458 | 104,744 | 37,144 | — | 23,176 | |||||||||||||||||||||
Accrued administration fees | 34,874 | 35,152 | 100,094 | 78,558 | 27,858 | — | 6,953 | |||||||||||||||||||||
Accrued support service expenses | 12,382 | 11,430 | 32,385 | 26,479 | 9,906 | 2,095 | 3,619 | |||||||||||||||||||||
Accrued custodian fees and expenses | 2,890 | 2,890 | 2,890 | 2,890 | 2,890 | 5,135 | 5,345 | |||||||||||||||||||||
Accrued legal, audit and tax service fees | 38,160 | 35,224 | 99,844 | 81,685 | 30,594 | 6,460 | 10,939 | |||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 1,504 | 2,056 | 6,501 | 6,009 | 2,321 | 3,697 | 53 | |||||||||||||||||||||
Accrued distribution and/or service fees | 19,401 | 19,221 | 55,164 | 43,341 | 14,831 | 798 | 141 | |||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 17,210 | 17,218 | 51,163 | 45,373 | 16,455 | 2,153 | 3,479 | |||||||||||||||||||||
Accrued other | 23,182 | 22,020 | 61,700 | 50,719 | 18,911 | 4,711 | 36,421 | |||||||||||||||||||||
Total Liabilities | 886,966 | 912,242 | 3,424,766 | 3,769,606 | 532,014 | 372,533 | 5,088,807 | |||||||||||||||||||||
NET ASSETS | $ | 278,870,294 | $ | 283,976,827 | $ | 809,169,713 | $ | 633,274,091 | $ | 226,099,835 | $ | 38,442,521 | $ | 56,530,455 | ||||||||||||||
C-1
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2011
PL Portfolio Optimization Funds | PL Money | |||||||||||||||||||||||||||
Moderate | Moderate- | Market | PL Income | |||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 262,284,251 | $ | 267,651,532 | $ | 760,775,722 | $ | 608,455,536 | $ | 226,065,503 | $ | 38,446,186 | $ | 55,910,355 | ||||||||||||||
Undistributed/accumulated net investment income (loss) | (1,541 | ) | 481,698 | 2,129,617 | 1,749,205 | 573,483 | (3,699 | ) | 6,275 | |||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (3,347,836 | ) | (9,971,087 | ) | (35,015,591 | ) | (49,549,919 | ) | (39,393,127 | ) | 34 | 494,401 | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 19,935,420 | 25,814,684 | 81,279,965 | 72,619,269 | 38,853,976 | — | 119,424 | |||||||||||||||||||||
NET ASSETS | $ | 278,870,294 | $ | 283,976,827 | $ | 809,169,713 | $ | 633,274,091 | $ | 226,099,835 | $ | 38,442,521 | $ | 56,530,455 | ||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 130,248,986 | $ | 132,918,638 | $ | 384,999,174 | $ | 301,232,152 | $ | 114,246,062 | $ | 38,442,521 | $ | 5,299,889 | ||||||||||||||
Shares of beneficial interest outstanding | 11,983,618 | 11,815,219 | 32,420,483 | 25,004,207 | 9,296,213 | 38,453,326 | 521,832 | |||||||||||||||||||||
Net Asset Value per share* | $ | 10.87 | $ | 11.25 | $ | 11.88 | $ | 12.05 | $ | 12.29 | $ | 1.00 | $ | 10.16 | ||||||||||||||
Sales Charge (1) | 0.63 | 0.65 | 0.69 | 0.70 | 0.72 | — | 0.45 | |||||||||||||||||||||
Maximum offering price per share | $ | 11.50 | $ | 11.90 | $ | 12.57 | $ | 12.75 | $ | 13.01 | $ | 1.00 | $ | 10.61 | ||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 22,282,190 | $ | 28,411,338 | $ | 92,063,577 | $ | 83,812,474 | $ | 30,693,498 | — | — | ||||||||||||||||
Shares of beneficial interest outstanding | 2,067,260 | 2,543,566 | 7,804,830 | 7,022,886 | 2,550,471 | — | — | |||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 10.78 | $ | 11.17 | $ | 11.80 | $ | 11.93 | $ | 12.03 | — | — | ||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 117,457,955 | $ | 107,411,317 | $ | 308,448,920 | $ | 230,964,198 | $ | 75,607,418 | — | — | ||||||||||||||||
Shares of beneficial interest outstanding | 10,905,548 | 9,620,440 | 26,185,201 | 19,396,943 | 6,282,882 | — | — | |||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 10.77 | $ | 11.16 | $ | 11.78 | $ | 11.91 | $ | 12.03 | — | — | ||||||||||||||||
Class R Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 8,881,163 | $ | 15,235,534 | $ | 23,658,042 | $ | 17,265,267 | $ | 5,552,857 | — | — | ||||||||||||||||
Shares of beneficial interest outstanding | 819,689 | 1,357,946 | 1,998,222 | 1,435,029 | 454,534 | — | — | |||||||||||||||||||||
Net Asset Value per share | $ | 10.83 | $ | 11.22 | $ | 11.84 | $ | 12.03 | $ | 12.22 | — | — | ||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||
Net Assets | — | — | — | — | — | — | $ | 51,230,566 | ||||||||||||||||||||
Shares of beneficial interest outstanding | — | — | — | — | — | — | 5,044,009 | |||||||||||||||||||||
Net Asset Value per share | — | — | — | — | — | — | $ | 10.16 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
(1) | The PL Portfolio Optimization Funds are subject to a maximum 5.50% front-end sales charge, the PL Money Market Fund is not subject to a front-end sales charge, and the PL Income Fund is subject to a maximum 4.25% front-end sales charge. |
C-2
STATEMENTS OF OPERATIONS
FOR THE YEAR OR PERIOD ENDED MARCH 31, 2011
PL Portfolio Optimization Funds | PL Money | |||||||||||||||||||||||||||
Moderate- | Moderate- | Market | PL Income | |||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund(1) | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends from affiliated mutual fund investments | $ | 4,521,836 | $ | 3,733,104 | $ | 9,276,269 | $ | 6,093,504 | $ | 1,933,631 | $ | — | $ | — | ||||||||||||||
Dividends from mutual fund investments | 128 | 21 | 931 | 26 | 1 | 5 | — | |||||||||||||||||||||
Interest | — | — | — | — | — | 108,182 | 537,450 | |||||||||||||||||||||
Total Investment Income | 4,521,964 | 3,733,125 | 9,277,200 | 6,093,530 | 1,933,632 | 108,187 | 537,450 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 462,520 | 445,358 | 1,299,201 | 1,078,087 | 410,482 | 88,994 | 59,424 | |||||||||||||||||||||
Administration fees | 412,818 | 402,075 | 1,184,806 | 993,374 | 381,475 | 133,492 | 18,423 | |||||||||||||||||||||
Support services expenses | 39,074 | 38,336 | 113,814 | 96,743 | 38,322 | 15,301 | 3,619 | |||||||||||||||||||||
Custodian fees and expenses | 9,563 | 9,563 | 9,676 | 9,563 | 9,563 | 18,238 | 5,345 | |||||||||||||||||||||
Shareholder report expenses | 37,554 | 36,697 | 109,213 | 93,166 | 36,891 | 7,213 | 3,182 | |||||||||||||||||||||
Distribution and/or service fees | ||||||||||||||||||||||||||||
Class A | 269,773 | 258,055 | 750,948 | 627,117 | 259,393 | 111,243 | 992 | |||||||||||||||||||||
Class B (2) | 182,099 | 231,916 | 751,050 | 722,367 | 287,777 | — | — | |||||||||||||||||||||
Class C (2) | 967,650 | 842,001 | 2,497,958 | 2,025,298 | 679,640 | — | — | |||||||||||||||||||||
Class R (2) | 41,879 | 60,327 | 121,603 | 67,153 | 23,711 | — | — | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 84,182 | 86,212 | 264,935 | 239,090 | 91,365 | 11,981 | 5,236 | |||||||||||||||||||||
Registration fees | 92,136 | 71,509 | 117,485 | 96,726 | 68,135 | 26,493 | 2,398 | |||||||||||||||||||||
Legal, audit and tax service fees | 61,011 | 58,000 | 168,376 | 140,982 | 54,293 | 21,469 | 11,492 | |||||||||||||||||||||
Trustees’ fees and expenses | 11,153 | 10,792 | 31,746 | 26,951 | 10,551 | 2,040 | 1,218 | |||||||||||||||||||||
Offering expenses | — | — | — | — | — | — | 47,358 | |||||||||||||||||||||
Other | 19,983 | 20,245 | 58,257 | 51,856 | 21,315 | 10,023 | 5,319 | |||||||||||||||||||||
Total Expenses | 2,691,395 | 2,571,086 | 7,479,068 | 6,268,473 | 2,372,913 | 446,487 | 164,006 | |||||||||||||||||||||
Advisory Fee Waiver | — | — | — | — | — | (88,994 | ) | — | ||||||||||||||||||||
Adviser Reimbursement and/or Administrator Fee Reduction (3) | (486,514 | ) | (467,467 | ) | (1,294,312 | ) | (1,124,694 | ) | (477,661 | ) | (241,090 | ) | (85,763 | ) | ||||||||||||||
Distribution and/or Service Fees Waiver | (109,880 | ) | (113,427 | ) | (350,675 | ) | (308,014 | ) | (122,688 | ) | (8,182 | ) | — | |||||||||||||||
Net Expenses | 2,095,001 | 1,990,192 | 5,834,081 | 4,835,765 | 1,772,564 | 108,221 | 78,243 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 2,426,963 | 1,742,933 | 3,443,119 | 1,257,765 | 161,068 | (34 | ) | 459,207 | ||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions in affiliated mutual funds | 1,463,882 | (2,204,762 | ) | (11,368,450 | ) | (11,538,765 | ) | (7,217,637 | ) | — | — | |||||||||||||||||
Investment security transactions | 163 | 158 | 469 | 401 | 158 | 34 | 450,228 | |||||||||||||||||||||
Swap transactions | — | — | — | — | — | — | 51,639 | |||||||||||||||||||||
Capital gain distributions from affiliated mutual fund investments | 4,150,463 | 3,381,812 | 6,645,431 | 4,476,334 | 1,352,204 | — | — | |||||||||||||||||||||
Net Realized Gain (Loss) | 5,614,508 | 1,177,208 | (4,722,550 | ) | (7,062,030 | ) | (5,865,275 | ) | 34 | 501,867 | ||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities in affiliated mutual funds | 9,101,884 | 18,241,955 | 77,730,242 | 79,657,093 | 36,869,932 | — | — | |||||||||||||||||||||
Investment securities | — | — | — | — | — | — | 119,424 | |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 9,101,884 | 18,241,955 | 77,730,242 | 79,657,093 | 36,869,932 | — | 119,424 | |||||||||||||||||||||
NET GAIN | 14,716,392 | 19,419,163 | 73,007,692 | 72,595,063 | 31,004,657 | 34 | 621,291 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM | ||||||||||||||||||||||||||||
OPERATIONS | $ | 17,143,355 | $ | 21,162,096 | $ | 76,450,811 | $ | 73,852,828 | $ | 31,165,725 | $ | — | $ | 1,080,498 | ||||||||||||||
(1) | Operations commenced on December 31, 2010. | |
(2) | Class B, C and R shares are offered to the PL Portfolio Optimization Funds only. | |
(3) | See Note 5 in Notes to Financial Statements. |
C-3
STATEMENTS OF CHANGES IN NET ASSETS
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, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 2,426,963 | $ | 3,277,105 | $ | 1,742,933 | $ | 2,947,406 | $ | 3,443,119 | $ | 6,898,619 | $ | 1,257,765 | $ | 3,841,042 | ||||||||||||||||
Net realized gain (loss) | 5,614,508 | (2,367,128 | ) | 1,177,208 | (4,826,492 | ) | (4,722,550 | ) | (16,496,114 | ) | (7,062,030 | ) | (30,603,203 | ) | ||||||||||||||||||
Change in net unrealized appreciation | 9,101,884 | 19,660,083 | 18,241,955 | 33,278,746 | 77,730,242 | 138,905,984 | 79,657,093 | 175,714,887 | ||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 17,143,355 | 20,570,060 | 21,162,096 | 31,399,660 | 76,450,811 | 129,308,489 | 73,852,828 | 148,952,726 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (3,593,206 | ) | (1,710,474 | ) | (2,708,809 | ) | (1,614,143 | ) | (5,861,904 | ) | (4,160,973 | ) | (3,198,720 | ) | (2,602,301 | ) | ||||||||||||||||
Class B | (479,073 | ) | (279,755 | ) | (453,971 | ) | (339,598 | ) | (947,544 | ) | (831,429 | ) | (413,315 | ) | (446,128 | ) | ||||||||||||||||
Class C | (2,524,717 | ) | (1,401,774 | ) | (1,680,826 | ) | (1,145,058 | ) | (3,190,968 | ) | (2,524,685 | ) | (1,199,785 | ) | (1,189,157 | ) | ||||||||||||||||
Class R | (227,648 | ) | (191,258 | ) | (297,015 | ) | (225,209 | ) | (392,225 | ) | (401,521 | ) | (140,419 | ) | (138,865 | ) | ||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (106,162 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Class B | — | (23,898 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Class C | — | (117,264 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Class R | — | (12,184 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (6,824,644 | ) | (3,842,769 | ) | (5,140,621 | ) | (3,324,008 | ) | (10,392,641 | ) | (7,918,608 | ) | (4,952,239 | ) | (4,376,451 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 104,781,421 | 50,752,914 | 80,784,715 | 40,790,178 | 185,986,071 | 93,246,975 | 121,425,845 | 65,603,064 | ||||||||||||||||||||||||
Class B | 12,759,957 | 5,817,970 | 12,279,576 | 6,690,345 | 33,183,939 | 16,242,994 | 22,860,115 | 11,566,216 | ||||||||||||||||||||||||
Class C | 88,154,402 | 45,745,410 | 55,590,836 | 25,952,657 | 123,838,803 | 75,334,134 | 65,553,149 | 44,834,816 | ||||||||||||||||||||||||
Class R | 4,081,989 | 5,594,582 | 7,703,990 | 6,560,716 | 11,894,550 | 13,380,310 | 7,156,992 | 10,113,346 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 2,892,117 | 1,558,693 | 2,437,411 | 1,498,188 | 5,379,578 | 3,842,035 | 2,983,736 | 2,456,310 | ||||||||||||||||||||||||
Class B | 427,599 | 280,171 | 424,066 | 318,466 | 899,819 | 790,075 | 398,886 | 430,112 | ||||||||||||||||||||||||
Class C | 2,127,507 | 1,341,548 | 1,479,706 | 1,045,210 | 2,904,360 | 2,369,247 | 1,118,086 | 1,134,414 | ||||||||||||||||||||||||
Class R | 227,284 | 202,846 | 297,015 | 225,209 | 391,387 | 400,842 | 140,419 | 138,865 | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (51,195,607 | ) | (23,064,174 | ) | (36,084,313 | ) | (15,266,919 | ) | (84,457,616 | ) | (40,358,953 | ) | (80,660,446 | ) | (35,242,574 | ) | ||||||||||||||||
Class B | (5,031,808 | ) | (2,677,685 | ) | (5,109,134 | ) | (3,115,431 | ) | (14,909,440 | ) | (7,808,728 | ) | (17,358,312 | ) | (7,692,928 | ) | ||||||||||||||||
Class C | (44,764,772 | ) | (24,597,878 | ) | (20,738,361 | ) | (14,008,363 | ) | (54,487,355 | ) | (37,125,941 | ) | (51,398,155 | ) | (30,185,514 | ) | ||||||||||||||||
Class R | (3,774,101 | ) | (1,796,648 | ) | (4,035,851 | ) | (2,898,487 | ) | (15,183,105 | ) | (7,339,654 | ) | (3,961,554 | ) | (7,037,738 | ) | ||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions | 110,685,988 | 59,157,749 | 95,029,656 | 47,791,769 | 195,440,991 | 112,973,336 | 68,258,761 | 56,118,389 | ||||||||||||||||||||||||
NET INCREASE IN NET ASSETS | 121,004,699 | 75,885,040 | 111,051,131 | 75,867,421 | 261,499,161 | 234,363,217 | 137,159,350 | 200,694,664 | ||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year | 157,865,595 | 81,980,555 | 172,925,696 | 97,058,275 | 547,670,552 | 313,307,335 | 496,114,741 | 295,420,077 | ||||||||||||||||||||||||
End of Year | $ | 278,870,294 | $ | 157,865,595 | $ | 283,976,827 | $ | 172,925,696 | $ | 809,169,713 | $ | 547,670,552 | $ | 633,274,091 | $ | 496,114,741 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | (1,541 | ) | $ | 778,905 | $ | 481,698 | $ | 1,497,808 | $ | 2,129,617 | $ | 4,542,909 | $ | 1,749,205 | $ | 3,042,265 | |||||||||||||||
C-4
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Portfolio Optimization | PL Money Market | PL Income | ||||||||||||||||||
Aggressive Fund | Fund | Fund (1) | ||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | ||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income (loss) | $ | 161,068 | $ | 982,773 | $ | (34 | ) | $ | (173 | ) | $ | 459,207 | ||||||||
Net realized gain (loss) | (5,865,275 | ) | (24,928,333 | ) | 34 | 201 | 501,867 | |||||||||||||
Change in net unrealized appreciation (depreciation) | 36,869,932 | 94,510,444 | — | — | 119,424 | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 31,165,725 | 70,564,884 | — | 28 | 1,080,498 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||
Net investment income | ||||||||||||||||||||
Class A | (653,565 | ) | (843,794 | ) | — | (10,057 | ) | (23,783 | ) | |||||||||||
Class B | (139,088 | ) | (69,556 | ) | — | — | — | |||||||||||||
Class C | (314,226 | ) | (153,091 | ) | — | — | — | |||||||||||||
Class R | (27,172 | ) | (40,677 | ) | — | — | — | |||||||||||||
Class I | — | — | — | — | (437,607 | ) | ||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (1,134,051 | ) | (1,107,118 | ) | — | (10,057 | ) | (461,390 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||
Class A | 38,968,570 | 27,309,375 | 88,260,849 | 52,775,972 | 5,581,764 | |||||||||||||||
Class B | 6,508,358 | 4,468,034 | — | — | — | |||||||||||||||
Class C | 30,970,677 | 19,255,411 | — | — | — | |||||||||||||||
Class R | 2,314,952 | 3,407,327 | — | — | — | |||||||||||||||
Class I | — | — | — | — | 50,161,102 | |||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||
Class A | 628,094 | 807,649 | — | 9,957 | 16,590 | |||||||||||||||
Class B | 133,256 | 66,789 | — | — | — | |||||||||||||||
Class C | 294,024 | 147,013 | — | — | — | |||||||||||||||
Class R | 27,172 | 40,677 | — | — | — | |||||||||||||||
Class I | — | — | — | — | 437,607 | |||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||
Class A | (39,713,135 | ) | (22,695,126 | ) | (84,487,252 | ) | (73,530,933 | ) | (285,716 | ) | ||||||||||
Class B | (8,809,245 | ) | (3,834,070 | ) | — | — | — | |||||||||||||
Class C | (33,444,485 | ) | (19,134,707 | ) | — | — | — | |||||||||||||
Class R | (1,932,830 | ) | (2,846,769 | ) | — | — | — | |||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (4,054,592 | ) | 6,991,603 | 3,773,597 | (20,745,004 | ) | 55,911,347 | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 25,977,082 | 76,449,369 | 3,773,597 | (20,755,033 | ) | 56,530,455 | ||||||||||||||
NET ASSETS | ||||||||||||||||||||
Beginning of Year or Period | 200,122,753 | 123,673,384 | 34,668,924 | 55,423,957 | — | |||||||||||||||
End of Year or Period | $ | 226,099,835 | $ | 200,122,753 | $ | 38,442,521 | $ | 34,668,924 | $ | 56,530,455 | ||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 573,483 | $ | 1,132,279 | $ | (3,699 | ) | $ | (3,665 | ) | $ | 6,275 | ||||||||
(1) | Operations commenced on December 31, 2010. |
C-5
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each year or period ended March 31 were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Activities | Distributions from Net Investment Income | Distributions from Capital Gains | Total Distributions | Net Asset Value, End of Year or Period | Total Returns (2) | Net Assets, End of Year or Period (in thousands) | Ratios of Expenses After Expense Reductions to Average Net Assets (3), (4) | Ratios of Expenses Before Expense Reductions to Average Net Assets (4) | Ratios of Net Investment Income to Average Net Assets (4) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2010 - 3/31/2011 | $ | 10.41 | $ | 0.15 | $ | 0.63 | $ | 0.78 | $ | ( 0.32 | ) | $ | — | $ | ( 0.32 | ) | $ | 10.87 | 7.60 | % | $ | 130,249 | 0.53 | % | 0.78 | % | 1.43 | % | 18.42 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.84 | 0.32 | 1.59 | 1.91 | (0.31 | ) | (0.03 | ) | (0.34 | ) | 10.41 | 21.67 | % | 68,938 | 0.20 | % | 0.95 | % | 3.20 | % | 20.50 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.55 | 0.37 | (1.50 | ) | (1.13 | ) | (0.55 | ) | (0.03 | ) | (0.58 | ) | 8.84 | (10.78 | %) | 32,817 | 0.16 | % | 0.95 | % | 3.91 | % | 26.41 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 10.51 | 0.34 | 0.19 | 0.53 | (0.35 | ) | (0.14 | ) | (0.49 | ) | 10.55 | 5.15 | % | 24,003 | 0.00 | % | 0.94 | % | 3.20 | % | 43.30 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.34 | 0.29 | 0.33 | 0.62 | (0.28 | ) | (0.17 | ) | (0.45 | ) | 10.51 | 6.12 | % | 11,730 | 0.02 | % | 1.37 | % | 2.77 | % | 35.84 | % | ||||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2010 - 3/31/2011 | $ | 10.34 | $ | 0.07 | $ | 0.63 | $ | 0.70 | $ | ( 0.26 | ) | $ | — | $ | ( 0.26 | ) | $ | 10.78 | 6.80 | % | $ | 22,282 | 1.27 | % | 1.53 | % | 0.68 | % | 18.42 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.77 | 0.24 | 1.60 | 1.84 | (0.24 | ) | (0.03 | ) | (0.27 | ) | 10.34 | 21.07 | % | 13,336 | 0.95 | % | 1.70 | % | 2.45 | % | 20.50 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.49 | 0.30 | (1.50 | ) | (1.20 | ) | (0.49 | ) | (0.03 | ) | (0.52 | ) | 8.77 | (11.51 | %) | 8,306 | 0.91 | % | 1.70 | % | 3.16 | % | 26.41 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 10.46 | 0.26 | 0.19 | 0.45 | (0.28 | ) | (0.14 | ) | (0.42 | ) | 10.49 | 4.42 | % | 4,895 | 0.75 | % | 1.69 | % | 2.45 | % | 43.30 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.30 | 0.23 | 0.33 | 0.56 | (0.23 | ) | (0.17 | ) | (0.40 | ) | 10.46 | 5.52 | % | 2,822 | 0.58 | % | 1.93 | % | 2.20 | % | 35.84 | % | ||||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2010 - 3/31/2011 | $ | 10.33 | $ | 0.07 | $ | 0.63 | $ | 0.70 | $ | ( 0.26 | ) | $ | — | $ | ( 0.26 | ) | $ | 10.77 | 6.81 | % | $ | 117,458 | 1.27 | % | 1.53 | % | 0.68 | % | 18.42 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.76 | 0.24 | 1.61 | 1.85 | (0.25 | ) | (0.03 | ) | (0.28 | ) | 10.33 | 21.14 | % | 67,620 | 0.95 | % | 1.70 | % | 2.45 | % | 20.50 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.49 | 0.30 | (1.51 | ) | (1.21 | ) | (0.49 | ) | (0.03 | ) | (0.52 | ) | 8.76 | (11.63 | %) | 37,659 | 0.91 | % | 1.70 | % | 3.16 | % | 26.41 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 10.45 | 0.26 | 0.20 | 0.46 | (0.28 | ) | (0.14 | ) | (0.42 | ) | 10.49 | 4.48 | % | 25,841 | 0.75 | % | 1.69 | % | 2.45 | % | 43.30 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.29 | 0.23 | 0.33 | 0.56 | (0.23 | ) | (0.17 | ) | (0.40 | ) | 10.45 | 5.55 | % | 16,322 | 0.58 | % | 1.93 | % | 2.20 | % | 35.84 | % | ||||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2010 - 3/31/2011 | $ | 10.38 | $ | 0.13 | $ | 0.61 | $ | 0.74 | $ | ( 0.29 | ) | $ | — | $ | ( 0.29 | ) | $ | 10.83 | 7.25 | % | $ | 8,881 | 0.75 | % | 1.03 | % | 1.20 | % | 18.42 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.81 | 0.29 | 1.60 | 1.89 | (0.29 | ) | (0.03 | ) | (0.32 | ) | 10.38 | 21.53 | % | 7,972 | 0.45 | % | 1.20 | % | 2.95 | % | 20.50 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.53 | 0.34 | (1.50 | ) | (1.16 | ) | (0.53 | ) | (0.03 | ) | (0.56 | ) | 8.81 | (11.07 | %) | 3,197 | 0.41 | % | 1.20 | % | 3.66 | % | 26.41 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 10.50 | 0.31 | 0.19 | 0.50 | (0.33 | ) | (0.14 | ) | (0.47 | ) | 10.53 | 4.90 | % | 1,629 | 0.25 | % | 1.19 | % | 2.95 | % | 43.30 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.33 | 0.28 | 0.34 | 0.62 | (0.28 | ) | (0.17 | ) | (0.45 | ) | 10.50 | 6.13 | % | 216 | 0.10 | % | 1.43 | % | 2.68 | % | 35.84 | % | ||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2010 - 3/31/2011 | $ | 10.54 | $ | 0.12 | $ | 0.87 | $ | 0.99 | $ | ( 0.28 | ) | $ | — | $ | ( 0.28 | ) | $ | 11.25 | 9.53 | % | $ | 132,919 | 0.52 | % | 0.78 | % | 1.16 | % | 9.61 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.36 | 0.26 | 2.19 | 2.45 | (0.27 | ) | — | (0.27 | ) | 10.54 | 29.60 | % | 78,160 | 0.20 | % | 0.95 | % | 2.58 | % | 10.42 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.96 | 0.30 | (2.36 | ) | (2.06 | ) | (0.44 | ) | (0.10 | ) | (0.54 | ) | 8.36 | (19.15 | %) | 39,518 | 0.14 | % | 0.92 | % | 3.10 | % | 31.68 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 11.21 | 0.28 | (0.01 | ) | 0.27 | (0.34 | ) | (0.18 | ) | (0.52 | ) | 10.96 | 2.31 | % | 50,389 | 0.00 | % | 0.82 | % | 2.50 | % | 10.38 | % | |||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.87 | 0.23 | 0.61 | 0.84 | (0.25 | ) | (0.25 | ) | (0.50 | ) | 11.21 | 7.93 | % | 36,345 | 0.01 | % | 1.18 | % | 2.13 | % | 18.25 | % | ||||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2010 - 3/31/2011 | $ | 10.47 | $ | 0.04 | $ | 0.87 | $ | 0.91 | $ | ( 0.21 | ) | $ | — | $ | ( 0.21 | ) | $ | 11.17 | 8.78 | % | $ | 28,411 | 1.27 | % | 1.53 | % | 0.41 | % | 9.61 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.30 | 0.18 | 2.20 | 2.38 | (0.21 | ) | — | (0.21 | ) | 10.47 | 28.87 | % | 19,202 | 0.95 | % | 1.70 | % | 1.83 | % | 10.42 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.89 | 0.23 | (2.36 | ) | (2.13 | ) | (0.36 | ) | (0.10 | ) | (0.46 | ) | 8.30 | (19.85 | %) | 11,943 | 0.89 | % | 1.67 | % | 2.35 | % | 31.68 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 11.15 | 0.20 | (0.02 | ) | 0.18 | (0.26 | ) | (0.18 | ) | (0.44 | ) | 10.89 | 1.53 | % | 15,092 | 0.75 | % | 1.57 | % | 1.75 | % | 10.38 | % | |||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.82 | 0.17 | 0.61 | 0.78 | (0.20 | ) | (0.25 | ) | (0.45 | ) | 11.15 | 7.39 | % | 12,098 | 0.58 | % | 1.75 | % | 1.56 | % | 18.25 | % | ||||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2010 - 3/31/2011 | $ | 10.47 | $ | 0.04 | $ | 0.86 | $ | 0.90 | $ | ( 0.21 | ) | $ | — | $ | ( 0.21 | ) | $ | 11.16 | 8.71 | % | $ | 107,411 | 1.27 | % | 1.53 | % | 0.41 | % | 9.61 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.30 | 0.18 | 2.20 | 2.38 | (0.21 | ) | — | (0.21 | ) | 10.47 | 28.87 | % | 65,086 | 0.95 | % | 1.70 | % | 1.83 | % | 10.42 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.89 | 0.22 | (2.35 | ) | (2.13 | ) | (0.36 | ) | (0.10 | ) | (0.46 | ) | 8.30 | (19.84 | %) | 40,640 | 0.89 | % | 1.67 | % | 2.35 | % | 31.68 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 11.16 | 0.20 | (0.02 | ) | 0.18 | (0.27 | ) | (0.18 | ) | (0.45 | ) | 10.89 | 1.51 | % | 48,205 | 0.75 | % | 1.57 | % | 1.75 | % | 10.38 | % | |||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.83 | 0.17 | 0.61 | 0.78 | (0.20 | ) | (0.25 | ) | (0.45 | ) | 11.16 | 7.38 | % | 30,464 | 0.58 | % | 1.75 | % | 1.56 | % | 18.25 | % | ||||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2010 - 3/31/2011 | $ | 10.51 | $ | 0.10 | $ | 0.86 | $ | 0.96 | $ | ( 0.25 | ) | $ | — | $ | ( 0.25 | ) | $ | 11.22 | 9.32 | % | $ | 15,236 | 0.76 | % | 1.03 | % | 0.91 | % | 9.61 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.34 | 0.23 | 2.20 | 2.43 | (0.26 | ) | — | (0.26 | ) | 10.51 | 29.32 | % | 10,478 | 0.45 | % | 1.20 | % | 2.33 | % | 10.42 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.94 | 0.27 | (2.36 | ) | (2.09 | ) | (0.41 | ) | (0.10 | ) | (0.51 | ) | 8.34 | (19.36 | %) | 4,957 | 0.39 | % | 1.17 | % | 2.85 | % | 31.68 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 11.20 | 0.25 | (0.01 | ) | 0.24 | (0.32 | ) | (0.18 | ) | (0.50 | ) | 10.94 | 2.03 | % | 3,031 | 0.25 | % | 1.07 | % | 2.25 | % | 10.38 | % | |||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.87 | 0.22 | 0.61 | 0.83 | (0.25 | ) | (0.25 | ) | (0.50 | ) | 11.20 | 7.84 | % | 1,373 | 0.10 | % | 1.25 | % | 2.04 | % | 18.25 | % | ||||||||||||||||||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-8 |
C-6
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31 were as follows:
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios of Expenses | Ratios of Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Activities | Distributions | After Expense | Before Expense | Ratios of Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, | Net Realized and | Total from | Distributions from | Net Asset Value, | Net Assets, End of | Reductions to | Reductions to | Investment Income | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of Year | Net Investment | Unrealized Gain | Investment | Net | Distributions from | Total | End of Year or | Total | Year or Period | Average Net Assets | Average Net Assets | (Loss) to Average | Turnover | |||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income (Loss) (1) | (Loss) | Activities | Investment Income | Capital Gains | Distributions | Period | Returns(2) | (in thousands) | (3),(4) | (4) | Net Assets(4) | Rates | ||||||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2010 - 3/31/2011 | $ | 10.81 | $ | 0.10 | $ | 1.19 | $ | 1.29 | $ | (0.22 | ) | $ | — | $ | (0.22 | ) | $ | 11.88 | 12.10 | % | $ | 384,999 | 0.52 | % | 0.77 | % | 0.91 | % | 9.36 | % | |||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.96 | 0.20 | 2.87 | 3.07 | (0.22 | ) | — | (0.22 | ) | 10.81 | 38.85 | % | 247,213 | 0.20 | % | 0.92 | % | 1.99 | % | 9.43 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.51 | 0.23 | (3.30 | ) | (3.07 | ) | (0.31 | ) | (0.17 | ) | (0.48 | ) | 7.96 | (27.25 | %) | 137,205 | 0.14 | % | 0.89 | % | 2.35 | % | 25.95 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 12.08 | 0.23 | (0.17 | ) | 0.06 | (0.35 | ) | (0.28 | ) | (0.63 | ) | 11.51 | 0.28 | % | 192,707 | 0.00 | % | 0.78 | % | 1.90 | % | 5.01 | % | |||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.56 | 0.18 | 0.88 | 1.06 | (0.22 | ) | (0.32 | ) | (0.54 | ) | 12.08 | 9.41 | % | 149,905 | 0.00 | % | 1.06 | % | 1.51 | % | 8.24 | % | ||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2010 - 3/31/2011 | $ | 10.74 | $ | 0.02 | $ | 1.18 | $ | 1.20 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 11.80 | 11.33 | % | $ | 92,064 | 1.26 | % | 1.52 | % | 0.17 | % | 9.36 | % | |||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.90 | 0.12 | 2.87 | 2.99 | (0.15 | ) | — | (0.15 | ) | 10.74 | 38.14 | % | 65,336 | 0.95 | % | 1.67 | % | 1.24 | % | 9.43 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.44 | 0.16 | (3.30 | ) | (3.14 | ) | (0.23 | ) | (0.17 | ) | (0.40 | ) | 7.90 | (27.95 | %) | 40,658 | 0.89 | % | 1.64 | % | 1.60 | % | 25.95 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 12.02 | 0.14 | (0.17 | ) | (0.03 | ) | (0.27 | ) | (0.28 | ) | (0.55 | ) | 11.44 | (0.48 | %) | 56,387 | 0.75 | % | 1.53 | % | 1.15 | % | 5.01 | % | ||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.51 | 0.11 | 0.89 | 1.00 | (0.17 | ) | (0.32 | ) | (0.49 | ) | 12.02 | 8.88 | % | 43,774 | 0.57 | % | 1.63 | % | 0.94 | % | 8.24 | % | ||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2010 - 3/31/2011 | $ | 10.73 | $ | 0.02 | $ | 1.17 | $ | 1.19 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 11.78 | 11.26 | % | $ | 308,449 | 1.26 | % | 1.52 | % | 0.17 | % | 9.36 | % | |||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.88 | 0.12 | 2.88 | 3.00 | (0.15 | ) | — | (0.15 | ) | 10.73 | 38.36 | % | 210,889 | 0.95 | % | 1.67 | % | 1.24 | % | 9.43 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.42 | 0.16 | (3.30 | ) | (3.14 | ) | (0.23 | ) | (0.17 | ) | (0.40 | ) | 7.88 | (28.02 | %) | 123,122 | 0.89 | % | 1.64 | % | 1.60 | % | 25.95 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 12.00 | 0.14 | (0.17 | ) | (0.03 | ) | (0.27 | ) | (0.28 | ) | (0.55 | ) | 11.42 | (0.46 | %) | 180,421 | 0.75 | % | 1.53 | % | 1.15 | % | 5.01 | % | ||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.50 | 0.11 | 0.88 | 0.99 | (0.17 | ) | (0.32 | ) | (0.49 | ) | 12.00 | 8.82 | % | 134,695 | 0.57 | % | 1.63 | % | 0.94 | % | 8.24 | % | ||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2010 - 3/31/2011 | $ | 10.77 | $ | 0.07 | $ | 1.18 | $ | 1.25 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | 11.84 | 11.82 | % | $ | 23,658 | 0.75 | % | 1.02 | % | 0.68 | % | 9.36 | % | |||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.93 | 0.17 | 2.87 | 3.04 | (0.20 | ) | — | (0.20 | ) | 10.77 | 38.61 | % | 24,232 | 0.45 | % | 1.17 | % | 1.74 | % | 9.43 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.48 | 0.20 | (3.29 | ) | (3.09 | ) | (0.29 | ) | (0.17 | ) | (0.46 | ) | 7.93 | (27.48 | %) | 12,323 | 0.39 | % | 1.14 | % | 2.10 | % | 25.95 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 12.06 | 0.20 | (0.17 | ) | 0.03 | (0.33 | ) | (0.28 | ) | (0.61 | ) | 11.48 | 0.05 | % | 7,754 | 0.25 | % | 1.03 | % | 1.65 | % | 5.01 | % | |||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.56 | 0.16 | 0.88 | 1.04 | (0.22 | ) | (0.32 | ) | (0.54 | ) | 12.06 | 9.24 | % | 2,332 | 0.11 | % | 1.13 | % | 1.40 | % | 8.24 | % | ||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2010 - 3/31/2011 | $ | 10.68 | $ | 0.07 | $ | 1.44 | $ | 1.51 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 12.05 | 14.36 | % | $ | 301,232 | 0.51 | % | 0.77 | % | 0.62 | % | 13.33 | % | |||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.31 | 0.13 | 3.38 | 3.51 | (0.14 | ) | — | (0.14 | ) | 10.68 | 48.26 | % | 225,236 | 0.20 | % | 0.92 | % | 1.33 | % | 13.96 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.79 | 0.16 | (4.21 | ) | (4.05 | ) | (0.19 | ) | (0.24 | ) | (0.43 | ) | 7.31 | (35.15 | %) | 128,976 | 0.14 | % | 0.89 | % | 1.63 | % | 22.98 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 12.74 | 0.17 | (0.41 | ) | (0.24 | ) | (0.33 | ) | (0.38 | ) | (0.71 | ) | 11.79 | (2.25 | %) | 203,091 | 0.00 | % | 0.78 | % | 1.30 | % | 5.05 | % | ||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.02 | 0.12 | 1.12 | 1.24 | (0.20 | ) | (0.32 | ) | (0.52 | ) | 12.74 | 10.57 | % | 158,754 | 0.00 | % | 1.05 | % | 1.02 | % | 6.96 | % | ||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2010 - 3/31/2011 | $ | 10.57 | $ | (0.01 | ) | $ | 1.43 | $ | 1.42 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 11.93 | 13.59 | % | $ | 83,812 | 1.26 | % | 1.52 | % | (0.13 | %) | 13.33 | % | ||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.21 | 0.05 | 3.38 | 3.43 | (0.07 | ) | — | (0.07 | ) | 10.57 | 47.84 | % | 68,751 | 0.95 | % | 1.67 | % | 0.58 | % | 13.96 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.69 | 0.08 | (4.19 | ) | (4.11 | ) | (0.13 | ) | (0.24 | ) | (0.37 | ) | 7.21 | (35.97 | %) | 43,587 | 0.89 | % | 1.64 | % | 0.88 | % | 22.98 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 12.67 | 0.07 | (0.41 | ) | (0.34 | ) | (0.26 | ) | (0.38 | ) | (0.64 | ) | 11.69 | (3.04 | %) | 68,162 | 0.75 | % | 1.53 | % | 0.55 | % | 5.05 | % | ||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.97 | 0.05 | 1.13 | 1.18 | (0.16 | ) | (0.32 | ) | (0.48 | ) | 12.67 | 10.11 | % | 56,938 | 0.57 | % | 1.62 | % | 0.44 | % | 6.96 | % | ||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2010 - 3/31/2011 | $ | 10.55 | $ | (0.01 | ) | $ | 1.43 | $ | 1.42 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 11.91 | 13.64 | % | $ | 230,964 | 1.26 | % | 1.52 | % | (0.13 | %) | 13.33 | % | ||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.18 | 0.05 | 3.39 | 3.44 | (0.07 | ) | — | (0.07 | ) | 10.55 | 48.18 | % | 189,917 | 0.95 | % | 1.67 | % | 0.58 | % | 13.96 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.67 | 0.08 | (4.20 | ) | (4.12 | ) | (0.13 | ) | (0.24 | ) | (0.37 | ) | 7.18 | (36.12 | %) | 117,549 | 0.89 | % | 1.64 | % | 0.88 | % | 22.98 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 12.65 | 0.07 | (0.41 | ) | (0.34 | ) | (0.26 | ) | (0.38 | ) | (0.64 | ) | 11.67 | (3.03 | %) | 184,634 | 0.75 | % | 1.53 | % | 0.55 | % | 5.05 | % | ||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.95 | 0.05 | 1.13 | 1.18 | (0.16 | ) | (0.32 | ) | (0.48 | ) | 12.65 | 10.12 | % | 143,281 | 0.57 | % | 1.62 | % | 0.44 | % | 6.96 | % | ||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2010 - 3/31/2011 | $ | 10.67 | $ | 0.04 | $ | 1.44 | $ | 1.48 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | $ | 12.03 | 14.00 | % | $ | 17,265 | 0.76 | % | 1.02 | % | 0.37 | % | 13.33 | % | |||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.30 | 0.10 | 3.39 | 3.49 | (0.12 | ) | — | (0.12 | ) | 10.67 | 48.07 | % | 12,211 | 0.45 | % | 1.17 | % | 1.08 | % | 13.96 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.79 | 0.13 | (4.21 | ) | (4.08 | ) | (0.17 | ) | (0.24 | ) | (0.41 | ) | 7.30 | (35.38 | %) | 5,307 | 0.39 | % | 1.14 | % | 1.38 | % | 22.98 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 12.74 | 0.13 | (0.39 | ) | (0.26 | ) | (0.31 | ) | (0.38 | ) | (0.69 | ) | 11.79 | (2.39 | %) | 3,147 | 0.25 | % | 1.03 | % | 1.05 | % | 5.05 | % | ||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.02 | 0.11 | 1.13 | 1.24 | (0.20 | ) | (0.32 | ) | (0.52 | ) | 12.74 | 10.57 | % | 971 | 0.10 | % | 1.12 | % | 0.92 | % | 6.96 | % |
See Notes to Financial Statements | See explanation of references on C-8 |
C-7
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31 were as follows:
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios of Expenses | Ratios of Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Activities | Distributions | After Expense | Before Expense | Ratios of Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, | Net Realized and | Total from | Distributions from | Net Asset Value, | Net Assets, End of | Reductions to | Reductions to | Investment Income | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of Year | Net Investment | Unrealized Gain | Investment | Net | Distributions from | Total | End of Year or | Total | Year or Period | Average Net Assets | Average Net Assets | (Loss) to Average | Turnover | |||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income (Loss) (1) | (Loss) | Activities | Investment Income | Capital Gains | Distributions | Period | Returns(2) | (in thousands) | (3),(4) | (4) | Net Assets(4) | Rates | ||||||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2010 — 3/31/2011 | $ | 10.66 | $ | 0.05 | $ | 1.65 | $ | 1.70 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 12.29 | 16.11 | % | $ | 114,246 | 0.51 | % | 0.80 | % | 0.44 | % | 26.22 | % | |||||||||||||||||||||||||||
4/1/2009 — 3/31/2010 | 6.92 | 0.09 | 3.75 | 3.84 | (0.10 | ) | — | (0.10 | ) | 10.66 | 55.84 | % | 98,669 | 0.20 | % | 0.94 | % | 0.94 | % | 25.89 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 — 3/31/2009 | 12.04 | 0.09 | (4.88 | ) | (4.79 | ) | — | (0.33 | ) | (0.33 | ) | 6.92 | (40.88 | %) | 59,937 | 0.14 | % | 0.92 | % | 0.97 | % | 18.16 | % | |||||||||||||||||||||||||||||||||||
4/1/2007 — 3/31/2008 | 13.49 | 0.08 | (0.77 | ) | (0.69 | ) | (0.33 | ) | (0.43 | ) | (0.76 | ) | 12.04 | (5.70 | %) | 96,230 | 0.00 | % | 0.80 | % | 0.62 | % | 9.66 | % | ||||||||||||||||||||||||||||||||||
4/1/2006 — 3/31/2007 | 12.57 | 0.07 | 1.46 | 1.53 | (0.19 | ) | (0.42 | ) | (0.61 | ) | 13.49 | 12.53 | % | 75,546 | 0.00 | % | 1.09 | % | 0.54 | % | 10.14 | % | ||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2010 — 3/31/2011 | $ | 10.46 | $ | (0.03 | ) | $ | 1.65 | $ | 1.62 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 12.03 | 15.62 | % | $ | 30,693 | 1.25 | % | 1.55 | % | (0.31 | %) | 26.22 | % | ||||||||||||||||||||||||||
4/1/2009 — 3/31/2010 | 6.72 | 0.02 | 3.75 | 3.77 | (0.03 | ) | — | (0.03 | ) | 10.46 | 56.15 | % | 28,776 | 0.95 | % | 1.69 | % | 0.19 | % | 25.89 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 — 3/31/2009 | 11.93 | 0.02 | (4.90 | ) | (4.88 | ) | — | (0.33 | ) | (0.33 | ) | 6.72 | (42.04 | %) | 18,042 | 0.89 | % | 1.67 | % | 0.22 | % | 18.16 | % | |||||||||||||||||||||||||||||||||||
4/1/2007 — 3/31/2008 | 13.41 | (0.02 | ) | (0.78 | ) | (0.80 | ) | (0.25 | ) | (0.43 | ) | (0.68 | ) | 11.93 | (6.46 | %) | 30,059 | 0.75 | % | 1.55 | % | (0.13 | %) | 9.66 | % | |||||||||||||||||||||||||||||||||
4/1/2006 — 3/31/2007 | 12.52 | (0.00 | )(5) | 1.46 | 1.46 | (0.15 | ) | (0.42 | ) | (0.57 | ) | 13.41 | 12.00 | % | 23,716 | 0.58 | % | 1.67 | % | (0.04 | %) | 10.14 | % | |||||||||||||||||||||||||||||||||||
Class C: | 4/1/2010 — 3/31/2011 | $ | 10.46 | $ | (0.03 | ) | $ | 1.65 | $ | 1.62 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 12.03 | 15.61 | % | $ | 75,607 | 1.25 | % | 1.55 | % | (0.31 | %) | 26.22 | % | ||||||||||||||||||||||||||
4/1/2009 — 3/31/2010 | 6.71 | 0.02 | 3.75 | 3.77 | (0.02 | ) | — | (0.02 | ) | 10.46 | 56.11 | % | 68,230 | 0.95 | % | 1.69 | % | 0.19 | % | 25.89 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 — 3/31/2009 | 11.92 | 0.02 | (4.90 | ) | (4.88 | ) | — | (0.33 | ) | (0.33 | ) | 6.71 | (41.99 | %) | 43,588 | 0.89 | % | 1.67 | % | 0.22 | % | 18.16 | % | |||||||||||||||||||||||||||||||||||
4/1/2007 — 3/31/2008 | 13.40 | (0.02 | ) | (0.77 | ) | (0.79 | ) | (0.26 | ) | (0.43 | ) | (0.69 | ) | 11.92 | (6.44 | %) | 75,389 | 0.75 | % | 1.55 | % | (0.13 | %) | 9.66 | % | |||||||||||||||||||||||||||||||||
4/1/2006 — 3/31/2007 | 12.51 | (0.00 | )(5) | 1.46 | 1.46 | (0.15 | ) | (0.42 | ) | (0.57 | ) | 13.40 | 12.01 | % | 55,389 | 0.58 | % | 1.67 | % | (0.04 | %) | 10.14 | % | |||||||||||||||||||||||||||||||||||
Class R: | 4/1/2010 — 3/31/2011 | $ | 10.61 | $ | 0.02 | $ | 1.65 | $ | 1.67 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 12.22 | 16.02 | % | $ | 5,553 | 0.76 | % | 1.05 | % | 0.19 | % | 26.22 | % | |||||||||||||||||||||||||||
4/1/2009 — 3/31/2010 | 6.88 | 0.06 | 3.76 | 3.82 | (0.09 | ) | — | (0.09 | ) | 10.61 | 55.70 | % | 4,448 | 0.45 | % | 1.19 | % | 0.69 | % | 25.89 | % | |||||||||||||||||||||||||||||||||||||
4/1/2008 — 3/31/2009 | 12.03 | 0.06 | (4.88 | ) | (4.82 | ) | — | (0.33 | ) | (0.33 | ) | 6.88 | (41.17 | %) | 2,106 | 0.39 | % | 1.17 | % | 0.72 | % | 18.16 | % | |||||||||||||||||||||||||||||||||||
4/1/2007 — 3/31/2008 | 13.49 | 0.05 | (0.77 | ) | (0.72 | ) | (0.31 | ) | (0.43 | ) | (0.74 | ) | 12.03 | (5.88 | %) | 1,236 | 0.25 | % | 1.05 | % | 0.37 | % | 9.66 | % | ||||||||||||||||||||||||||||||||||
4/1/2006 — 3/31/2007 | 12.57 | 0.05 | 1.48 | 1.53 | (0.19 | ) | (0.42 | ) | (0.61 | ) | 13.49 | 12.53 | % | 382 | 0.14 | % | 1.17 | % | 0.40 | % | 10.14 | % | ||||||||||||||||||||||||||||||||||||
PL Money Market Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2010 — 3/31/2011 | $ | 1.00 | $ | (0.00 | )(5) | $ | 0.00 | (5) | $ | 0.00 | $ | — | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 38,443 | 0.24 | % | 1.00 | % | (0.00% | )(5) | N/A | ||||||||||||||||||||||||||||
4/1/2009 — 3/31/2010 | 1.00 | (0.00 | )(5) | 0.00 | (5) | 0.00 | (0.00 | )(5) | — | (0.00 | )(5) | 1.00 | 0.03 | % | 34,669 | 0.36 | % | 1.09 | % | (0.00% | )(5) | N/A | ||||||||||||||||||||||||||||||||||||
4/1/2008 — 3/31/2009 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 1.27 | % | 55,424 | 0.78 | % | 1.18 | % | 1.22 | % | N/A | ||||||||||||||||||||||||||||||||||||||
4/1/2007 — 3/31/2008 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | 1.00 | 3.90 | % | 42,636 | 0.95 | % | 1.28 | % | 3.68 | % | N/A | ||||||||||||||||||||||||||||||||||||||
4/1/2006 — 3/31/2007 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | 1.00 | 4.31 | % | 21,098 | 1.02 | % | 1.58 | % | 4.20 | % | N/A | ||||||||||||||||||||||||||||||||||||||
PL Income Fund (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 12/31/2010 — 3/31/2011 | $ | 10.00 | $ | 0.09 | $ | 0.16 | $ | 0.25 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 10.16 | 2.46 | % | $ | 5,300 | 0.90 | % | 1.77 | % | 3.62 | % | 142.25 | % | |||||||||||||||||||||||||||
Class I: | 12/31/2010 — 3/31/2011 | $ | 10.00 | $ | 0.10 | $ | 0.15 | $ | 0.25 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 10.16 | 2.48 | % | $ | 51,231 | 0.65 | % | 1.37 | % | 3.87 | % | 142.25 | % |
(1) | Net investment income (loss) per share has been calculated using the average shares method except for the PL Money Market Fund. | |
(2) | 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. | |
(3) | The ratios of expenses after expense reductions to average net assets are after any advisory fee waivers, adviser expense reimbursements, administrator fee reductions, and distributor fee waivers, as discussed in Note 5 in Notes to Financial Statements. The expense ratios for all the PL Portfolio Optimization Funds do not include expenses of the Underlying Funds (see Note 1 in Notes to Financial Statements) in which the PL Portfolio Optimization Funds invest. | |
(4) | The ratios are annualized for periods of less than one full year. | |
(5) | Amount represents less than $0.005 per share or less than 0.005%. | |
(6) | Operations commenced on December 31, 2010. |
C-8
NOTES TO FINANCIAL STATEMENTS
D-1
NOTES TO FINANCIAL STATEMENTS (Continued)
D-2
NOTES TO FINANCIAL STATEMENTS (Continued)
D-3
NOTES TO FINANCIAL STATEMENTS (Continued)
D-4
PL Portfolio Optimization Conservative | 0.20 | % | PL Portfolio Optimization Aggressive | 0.20 | % | |||||
PL Portfolio Optimization Moderate-Conservative | 0.20 | % | PL Money Market | See | (1) | |||||
PL Portfolio Optimization Moderate | 0.20 | % | PL Income Fund | 0.50 | % | |||||
PL Portfolio Optimization Moderate-Aggressive | 0.20 | % |
(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. |
D-5
NOTES TO FINANCIAL STATEMENTS (Continued)
Investment | Total | |||||||||||
Adviser | Administrator | Reimbursements | ||||||||||
Expense | Fee | and | ||||||||||
Fund | Reimbursements | Reductions | Reductions | |||||||||
PL Portfolio Optimization Conservative | $ | 354,657 | $ | 131,857 | $ | 486,514 | ||||||
PL Portfolio Optimization Moderate-Conservative | 331,354 | 136,113 | 467,467 | |||||||||
PL Portfolio Optimization Moderate | 873,502 | 420,810 | 1,294,312 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 755,077 | 369,617 | 1,124,694 | |||||||||
PL Portfolio Optimization Aggressive | 330,435 | 147,226 | 477,661 | |||||||||
PL Money Market | 112,758 | 128,332 | 241,090 | |||||||||
PL Income | 85,167 | 596 | 85,763 | |||||||||
Total | $ | 2,842,950 | $ | 1,334,551 | $ | 4,177,501 | ||||||
Expiration Date | ||||||||||||
Fund | 3/31/2012 | 3/31/2013 | 3/31/2014 | |||||||||
PL Portfolio Optimization Conservative | $ | 366,006 | $ | 592,826 | $ | 486,514 | ||||||
PL Portfolio Optimization Moderate-Conservative | 577,457 | 678,602 | 467,467 | |||||||||
PL Portfolio Optimization Moderate | 1,939,507 | 2,044,114 | 1,294,312 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 1,999,277 | 1,951,672 | 1,124,694 | |||||||||
PL Portfolio Optimization Aggressive | 906,385 | 851,173 | 477,661 | |||||||||
PL Money Market | 165,706 | 147,762 | 112,758 | |||||||||
PL Income | — | — | 85,763 | |||||||||
Total | $ | 5,954,338 | $ | 6,266,149 | $ | 4,049,169 | ||||||
D-6
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2011 | ||||||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||||||
Distributions | Net | Unrealized | ||||||||||||||||||||||||||||||||||
Value as of | Purchase | Received and | Sales | Realized | Appreciation | Shares | Ownership | |||||||||||||||||||||||||||||
Fund/Underlying Fund | April 1, 2010 | Cost (1) | Reinvested (2) | Proceeds | Gain (Loss)(3) | (Depreciation) | Value | Balance | Percentage | |||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||||||||||||||||||||||
PL Floating Rate Loan | $ | 13,948,940 | $ | 10,210,419 | $ | 622,837 | $ | 1,202,244 | ( $20,143 | ) | $ | 700,704 | $ | 24,260,513 | 2,397,284 | 28.20 | % | |||||||||||||||||||
PL Inflation Managed | 27,399,176 | 24,880,946 | 738,636 | 6,433,273 | 815,499 | 1,359,969 | 48,760,953 | 4,630,670 | 21.26 | % | ||||||||||||||||||||||||||
PL Managed Bond | 57,821,043 | 45,065,491 | 2,376,582 | 5,131,611 | 2,973,621 | (600,516 | ) | 102,504,610 | 9,544,191 | 27.06 | % | |||||||||||||||||||||||||
PL Short Duration Bond | 21,195,054 | 23,581,633 | 258,278 | 6,467,937 | 137,436 | 38,353 | 38,742,817 | 3,858,846 | 31.98 | % | ||||||||||||||||||||||||||
PL Comstock | 5,249,495 | 6,588,292 | 75,689 | 3,329,317 | 359,981 | 1,038,959 | 9,983,099 | 823,009 | 6.00 | % | ||||||||||||||||||||||||||
PL Growth LT | 3,334,336 | 2,298,767 | — | 1,001,005 | 48,225 | 657,490 | 5,337,813 | 429,776 | 4.62 | % | ||||||||||||||||||||||||||
PL Large-Cap Growth | 3,615,993 | 2,212,616 | — | 2,001,338 | 252,885 | 848,341 | 4,928,497 | 533,965 | 4.98 | % | ||||||||||||||||||||||||||
PL Large-Cap Value | 8,513,338 | 10,655,756 | 172,078 | 5,578,851 | 418,036 | 1,636,694 | 15,817,051 | 1,364,715 | 6.92 | % | ||||||||||||||||||||||||||
PL Main Street Core | 3,306,392 | 3,845,375 | 35,461 | 1,956,417 | 85,708 | 753,189 | 6,069,708 | 599,181 | 3.84 | % | ||||||||||||||||||||||||||
PL Mid-Cap Equity | 5,218,666 | 5,855,184 | 63,452 | 3,339,353 | 374,029 | 1,413,566 | 9,585,544 | 916,400 | 7.05 | % | ||||||||||||||||||||||||||
PL International Large-Cap | 3,287,070 | 4,663,929 | 50,883 | 2,685,622 | 83,856 | 766,187 | 6,166,303 | 401,191 | 4.48 | % | ||||||||||||||||||||||||||
PL International Value | 3,553,342 | 4,943,986 | 127,940 | 3,036,094 | 85,212 | 488,948 | 6,163,334 | 648,090 | 6.82 | % | ||||||||||||||||||||||||||
$ | 156,442,845 | $ | 144,802,394 | $ | 4,521,836 | $ | 42,163,062 | $ | 5,614,345 | $ | 9,101,884 | $ | 278,320,242 | |||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | ||||||||||||||||||||||||||||||||||||
PL Floating Rate Loan | $ | 12,427,676 | $ | 8,508,145 | $ | 458,798 | $ | 772,218 | ( $3,520 | ) | $ | 448,113 | $ | 21,066,994 | 2,081,719 | 24.50 | % | |||||||||||||||||||
PL Inflation Managed | 23,688,489 | 15,528,461 | 570,145 | 1,729,221 | 614,901 | 1,151,233 | 39,824,008 | 3,781,957 | 17.36 | % | ||||||||||||||||||||||||||
PL Managed Bond | 45,254,807 | 35,094,772 | 1,669,629 | 3,236,932 | 2,069,744 | (417,685 | ) | 80,434,335 | 7,489,230 | 21.24 | % | |||||||||||||||||||||||||
PL Short Duration Bond | 18,728,389 | 13,318,964 | 178,576 | 3,392,711 | 92,179 | 53,456 | 28,978,853 | 2,886,340 | 23.90 | % | ||||||||||||||||||||||||||
PL Comstock | 10,675,296 | 4,147,589 | 136,852 | 885,035 | (133,435 | ) | 2,336,430 | 16,277,697 | 1,341,937 | 9.77 | % | |||||||||||||||||||||||||
PL Growth LT | 5,282,950 | 2,579,339 | — | 434,236 | (22,761 | ) | 891,931 | 8,297,223 | 668,054 | 7.19 | % | |||||||||||||||||||||||||
PL Large-Cap Growth | 5,502,715 | 4,046,378 | — | 684,189 | (55,751 | ) | 2,168,644 | 10,977,797 | 1,189,360 | 11.08 | % | |||||||||||||||||||||||||
PL Large-Cap Value | 12,277,896 | 8,109,534 | 239,582 | 1,136,813 | (251,352 | ) | 2,918,989 | 22,157,836 | 1,911,806 | 9.70 | % | |||||||||||||||||||||||||
PL Main Street Core | 12,667,594 | 4,275,471 | 83,104 | 4,962,281 | (1,048,342 | ) | 2,541,839 | 13,557,385 | 1,338,340 | 8.59 | % | |||||||||||||||||||||||||
PL Mid-Cap Equity | 6,643,164 | 3,030,703 | 76,709 | 793,964 | (54,804 | ) | 2,028,570 | 10,930,378 | 1,044,969 | 8.05 | % | |||||||||||||||||||||||||
PL Mid-Cap Growth | 3,301,373 | 2,041,656 | 9,824 | 378,457 | 490,329 | 982,876 | 6,447,601 | 627,199 | 10.00 | % | ||||||||||||||||||||||||||
PL Small-Cap Value | 1,558,992 | 977,568 | 28,660 | 299,170 | (4,098 | ) | 554,865 | 2,816,817 | 265,738 | 3.71 | % | |||||||||||||||||||||||||
PL International Large-Cap | 9,271,422 | 4,454,137 | 111,981 | 1,737,706 | (210,211 | ) | 1,776,429 | 13,666,052 | 889,138 | 9.90 | % | |||||||||||||||||||||||||
PL International Value | 5,592,955 | 2,468,210 | 169,244 | 893,189 | (305,829 | ) | 806,265 | 7,837,656 | 824,149 | 8.68 | % | |||||||||||||||||||||||||
$ | 172,873,718 | $ | 108,580,927 | $ | 3,733,104 | $ | 21,336,122 | $ | 1,177,050 | $ | 18,241,955 | $ | 283,270,632 | |||||||||||||||||||||||
D-7
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2011 | ||||||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||||||
Distributions | Net | Unrealized | ||||||||||||||||||||||||||||||||||
Value as of | Purchase | Received and | Sales | Realized | Appreciation | Shares | Ownership | |||||||||||||||||||||||||||||
Fund/Underlying Fund | April 1, 2010 | Cost (1) | Reinvested (2) | Proceeds | Gain (Loss) (3) | (Depreciation) | Value | Balance | Percentage | |||||||||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | ||||||||||||||||||||||||||||||||||||
PL Floating Rate Loan | $ | 26,756,141 | $ | 13,554,407 | $ | 958,138 | $ | 1,422,242 | ( $894 | ) | $ | 850,252 | $ | 40,695,802 | 4,021,323 | 47.30 | % | |||||||||||||||||||
PL Inflation Managed | 57,412,437 | 31,994,056 | 1,338,933 | 5,536,315 | 1,307,840 | 2,832,159 | 89,349,110 | 8,485,196 | 38.97 | % | ||||||||||||||||||||||||||
PL Managed Bond | 88,899,450 | 51,117,556 | 2,961,883 | 8,389,951 | 3,614,172 | (498,325 | ) | 137,704,785 | 12,821,675 | 36.35 | % | |||||||||||||||||||||||||
PL Short Duration Bond | 26,096,259 | 15,987,695 | 254,798 | 1,993,723 | 124,775 | 78,206 | 40,548,010 | 4,038,646 | 33.46 | % | ||||||||||||||||||||||||||
PL Comstock | 44,744,877 | 12,051,208 | 519,919 | 2,154,000 | (568,127 | ) | 8,348,435 | 62,942,312 | 5,188,979 | 37.80 | % | |||||||||||||||||||||||||
PL Growth LT | 27,729,279 | 10,921,226 | — | 1,833,575 | (73,824 | ) | 3,983,417 | 40,726,523 | 3,279,108 | 35.25 | % | |||||||||||||||||||||||||
PL Large-Cap Growth | 22,555,165 | 13,537,376 | — | 2,941,631 | (604,745 | ) | 7,646,393 | 40,192,558 | 4,354,557 | 40.56 | % | |||||||||||||||||||||||||
PL Large-Cap Value | 54,988,140 | 25,482,879 | 947,868 | 2,961,750 | (725,716 | ) | 10,443,636 | 88,175,057 | 7,607,857 | 38.60 | % | |||||||||||||||||||||||||
PL Main Street Core | 50,578,147 | 12,973,384 | 323,366 | 12,973,447 | (4,318,942 | ) | 9,819,983 | 56,402,491 | 5,567,867 | 35.72 | % | |||||||||||||||||||||||||
PL Mid-Cap Equity | 32,887,850 | 8,193,721 | 318,557 | 2,285,271 | (581,171 | ) | 8,673,237 | 47,206,923 | 4,513,090 | 34.76 | % | |||||||||||||||||||||||||
PL Mid-Cap Growth | 11,127,446 | 3,163,280 | 27,045 | 1,060,854 | 1,458,249 | 2,687,860 | 17,403,026 | 1,692,901 | 27.00 | % | ||||||||||||||||||||||||||
PL Small-Cap Growth | 5,725,947 | 1,294,301 | — | 724,878 | (4,467 | ) | 1,769,219 | 8,060,122 | 677,321 | 24.90 | % | |||||||||||||||||||||||||
PL Small-Cap Value | 11,191,274 | 9,610,870 | 223,429 | 1,017,998 | (18,069 | ) | 4,763,289 | 24,752,795 | 2,335,169 | 32.47 | % | |||||||||||||||||||||||||
PL Real Estate | 11,653,763 | 2,272,719 | 121,411 | 1,554,304 | (192,360 | ) | 3,029,144 | 15,330,373 | 1,337,729 | 36.61 | % | |||||||||||||||||||||||||
PL Emerging Markets | 17,229,262 | 6,257,017 | 374,217 | 2,529,560 | 43,544 | 3,641,504 | 25,015,984 | 1,704,086 | 38.91 | % | ||||||||||||||||||||||||||
PL International Large-Cap | 34,217,226 | 11,993,969 | 384,192 | 3,917,989 | (809,389 | ) | 5,713,141 | 47,581,150 | 3,095,716 | 34.48 | % | |||||||||||||||||||||||||
PL International Value | 22,828,900 | 7,178,434 | 522,513 | 7,366,639 | (3,373,895 | ) | 3,948,692 | 23,738,005 | 2,496,110 | 26.30 | % | |||||||||||||||||||||||||
$ | 546,621,563 | $ | 237,584,098 | $ | 9,276,269 | $ | 60,664,127 | ( $4,723,019 | ) | $ | 77,730,242 | $ | 805,825,026 | |||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | ||||||||||||||||||||||||||||||||||||
PL Inflation Managed | $ | 37,772,773 | $ | 17,407,085 | $ | 820,247 | $ | 7,083,129 | $ | 766,842 | $ | 1,711,539 | $ | 51,395,357 | 4,880,851 | 22.41 | % | |||||||||||||||||||
PL Managed Bond | 33,146,636 | 20,517,769 | 1,095,796 | 4,454,746 | 1,343,630 | (157,143 | ) | 51,491,942 | 4,794,408 | 13.60 | % | |||||||||||||||||||||||||
PL Short Duration Bond | 9,410,825 | 4,680,893 | 83,044 | 1,323,350 | 39,081 | 33,344 | 12,923,837 | 1,287,235 | 10.66 | % | ||||||||||||||||||||||||||
PL Comstock | 45,255,401 | 7,667,016 | 468,188 | 3,335,047 | (924,195 | ) | 7,747,500 | 56,878,863 | 4,689,107 | 34.16 | % | |||||||||||||||||||||||||
PL Growth LT | 34,822,202 | 7,036,927 | — | 2,514,434 | (83,743 | ) | 4,252,745 | 43,513,697 | 3,503,518 | 37.66 | % | |||||||||||||||||||||||||
PL Large-Cap Growth | 20,044,255 | 8,288,147 | — | 2,147,186 | (307,469 | ) | 5,968,193 | 31,845,940 | 3,450,264 | 32.13 | % | |||||||||||||||||||||||||
PL Large-Cap Value | 59,254,893 | 11,912,243 | 849,838 | 4,332,662 | (1,058,236 | ) | 8,891,786 | 75,517,862 | 6,515,778 | 33.05 | % | |||||||||||||||||||||||||
PL Main Street Core | 55,172,436 | 8,046,577 | 330,109 | 12,426,386 | (3,936,777 | ) | 9,539,461 | 56,725,420 | 5,599,745 | 35.93 | % | |||||||||||||||||||||||||
PL Mid-Cap Equity | 40,531,478 | 4,105,214 | 341,451 | 3,787,528 | (958,104 | ) | 9,686,413 | 49,918,924 | 4,772,364 | 36.76 | % | |||||||||||||||||||||||||
PL Mid-Cap Growth | 25,488,101 | 1,437,140 | 44,515 | 7,694,677 | 2,868,640 | 3,987,141 | 26,130,860 | 2,541,912 | 40.54 | % | ||||||||||||||||||||||||||
PL Small-Cap Growth | 10,493,002 | 1,492,205 | — | 1,440,796 | (64,764 | ) | 2,884,726 | 13,364,373 | 1,123,057 | 41.30 | % | |||||||||||||||||||||||||
PL Small-Cap Value | 15,488,739 | 12,707,818 | 300,340 | 2,487,998 | 75,716 | 6,409,935 | 32,494,550 | 3,065,524 | 42.63 | % | ||||||||||||||||||||||||||
PL Real Estate | 16,023,035 | 2,441,217 | 145,929 | 3,857,270 | (276,715 | ) | 3,781,249 | 18,257,445 | 1,593,145 | 43.62 | % | |||||||||||||||||||||||||
PL Emerging Markets | 20,253,709 | 5,236,112 | 391,795 | 2,963,812 | 380,240 | 3,797,862 | 27,095,906 | 1,845,770 | 42.16 | % | ||||||||||||||||||||||||||
PL International Large-Cap | 39,891,136 | 8,960,540 | 424,226 | 4,413,818 | (678,396 | ) | 5,751,931 | 49,935,619 | 3,248,902 | 36.18 | % | |||||||||||||||||||||||||
PL International Value | 34,935,717 | 6,181,501 | 798,026 | 7,477,992 | (4,248,181 | ) | 5,370,411 | 35,559,482 | 3,739,167 | 39.40 | % | |||||||||||||||||||||||||
$ | 497,984,338 | $ | 128,118,404 | $ | 6,093,504 | $ | 71,740,831 | ( $7,062,431 | ) | $ | 79,657,093 | $ | 633,050,077 | |||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | ||||||||||||||||||||||||||||||||||||
PL Managed Bond | $ | 5,575,991 | $ | 4,276,088 | $ | 158,573 | $ | 3,626,437 | $ | 215,798 | ( $19,750 | ) | $ | 6,580,263 | 612,687 | 1.75 | % | |||||||||||||||||||
PL Comstock | 20,322,078 | 1,912,177 | 174,408 | 4,358,622 | (1,236,761 | ) | 3,619,377 | 20,432,657 | 1,684,473 | 12.27 | % | |||||||||||||||||||||||||
PL Growth LT | 16,191,792 | 2,884,220 | — | 3,177,397 | (165,276 | ) | 1,924,438 | 17,657,777 | 1,421,721 | 15.28 | % | |||||||||||||||||||||||||
PL Large-Cap Growth | 8,103,722 | 2,859,585 | — | 1,923,954 | (25,793 | ) | 2,132,177 | 11,145,737 | 1,207,555 | 11.25 | % | |||||||||||||||||||||||||
PL Large-Cap Value | 24,030,520 | 2,814,360 | 310,508 | 3,167,901 | (797,266 | ) | 3,605,219 | 26,795,440 | 2,311,945 | 11.73 | % | |||||||||||||||||||||||||
PL Main Street Core | 24,276,726 | 3,982,529 | 142,865 | 5,967,794 | (1,655,785 | ) | 4,353,043 | 25,131,584 | 2,480,907 | 15.92 | % | |||||||||||||||||||||||||
PL Mid-Cap Equity | 16,162,199 | 3,794,404 | 124,195 | 5,084,271 | (894,068 | ) | 4,074,468 | 18,176,927 | 1,737,756 | 13.38 | % | |||||||||||||||||||||||||
PL Mid-Cap Growth | 12,099,420 | 2,464,483 | 23,697 | 3,888,988 | 1,693,411 | 2,083,230 | 14,475,253 | 1,408,099 | 22.46 | % | ||||||||||||||||||||||||||
PL Small-Cap Growth | 8,353,605 | 4,413,320 | — | 4,473,540 | 62,941 | 2,579,438 | 10,935,764 | 918,972 | 33.80 | % | ||||||||||||||||||||||||||
PL Small-Cap Value | 9,928,335 | 5,526,794 | 155,297 | 2,804,997 | 133,636 | 3,211,598 | 16,150,663 | 1,523,647 | 21.19 | % | ||||||||||||||||||||||||||
PL Real Estate | 8,312,172 | 2,537,478 | 71,091 | 4,320,597 | 46,957 | 1,624,691 | 8,271,792 | 721,797 | 19.77 | % | ||||||||||||||||||||||||||
PL Emerging Markets | 10,221,959 | 3,915,252 | 174,696 | 4,048,995 | 471,675 | 1,431,461 | 12,166,048 | 828,750 | 18.93 | % | ||||||||||||||||||||||||||
PL International Large-Cap | 20,032,406 | 4,892,028 | 209,168 | 6,490,020 | (288,059 | ) | 2,300,468 | 20,655,991 | 1,343,916 | 14.96 | % | |||||||||||||||||||||||||
PL International Value | 18,012,668 | 4,111,233 | 389,133 | 6,069,957 | (3,426,843 | ) | 3,950,074 | 16,966,308 | 1,784,049 | 18.80 | % | |||||||||||||||||||||||||
$ | 201,623,593 | $ | 50,383,951 | $ | 1,933,631 | $ | 59,403,470 | ( $5,865,433 | ) | $ | 36,869,932 | $ | 225,542,204 | |||||||||||||||||||||||
(1) | Purchased cost excludes distributions received and reinvested. | |
(2) | Distributions received includes distributions from net investment income from the Underlying Funds. | |
(3) | Net realized gain (loss) includes distribution from capital gains from the Underlying Funds. |
D-8
NOTES TO FINANCIAL STATEMENTS (Continued)
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Fund | Income | Capital Gains | Distributions | |||||||||
| | | | ||||||||||||
PL Portfolio Optimization Conservative | $ | 6,824,644 | $ | — | $ | 6,824,644 | ||||||
PL Portfolio Optimization Moderate-Conservative | 5,140,621 | — | 5,140,621 | |||||||||
PL Portfolio Optimization Moderate | 10,392,641 | — | 10,392,641 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 4,952,239 | — | 4,952,239 | |||||||||
PL Portfolio Optimization Aggressive | 1,134,051 | — | 1,134,051 | |||||||||
PL Income | 461,390 | — | 461,390 |
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Fund | Income | Capital Gains | Distributions | |||||||||
PL Portfolio Optimization Conservative | $ | 3,842,769 | $ | — | $ | 3,842,769 | ||||||
PL Portfolio Optimization Moderate-Conservative | 3,324,008 | — | 3,324,008 | |||||||||
PL Portfolio Optimization Moderate | 7,918,608 | — | 7,918,608 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 4,376,451 | — | 4,376,451 | |||||||||
PL Portfolio Optimization Aggressive | 1,107,118 | — | 1,107,118 | |||||||||
PL Money Market | 10,032 | 25 | 10,057 |
Net | ||||||||||||||||
Accumulated | Undistributed | Undistributed | Unrealized | |||||||||||||
Capital and | Ordinary | Long-Term | Appreciation | |||||||||||||
Fund | Other Losses | Income | Capital Gains | (Depreciation) | ||||||||||||
PL Portfolio Optimization Conservative | $ | — | $ | — | $ | 199,772 | $ | 16,387,812 | ||||||||
PL Portfolio Optimization Moderate-Conservative | (5,806,370 | ) | 483,789 | — | 21,649,967 | |||||||||||
PL Portfolio Optimization Moderate | (24,373,382 | ) | 2,136,218 | — | 70,637,756 | |||||||||||
PL Portfolio Optimization Moderate-Aggressive | (37,802,003 | ) | 1,755,297 | — | 60,871,353 | |||||||||||
PL Portfolio Optimization Aggressive | (28,045,850 | ) | 575,805 | — | 27,506,699 | |||||||||||
PL Money Market | — | 37 | — | — | ||||||||||||
PL Income | — | 526,794 | — | 97,883 |
Post | Accumulated | |||||||||||||||||||||||
Net Capital | Net Capital Loss Carryover | October | Capital and | |||||||||||||||||||||
Loss | Expiring on March 31, | Capital Loss | Other | |||||||||||||||||||||
Fund | Carryover | 2017 | 2018 | 2019 | Deferral | Losses | ||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative | $ | (5,806,370 | ) | $ | ( 1,054,093 | ) | $ | ( 4,752,277 | ) | $ | — | $ | — | $ | (5,806,370 | ) | ||||||||
PL Portfolio Optimization Moderate | (24,373,382 | ) | (3,967,837 | ) | (16,532,849 | ) | (3,872,696 | ) | — | (24,373,382 | ) | |||||||||||||
PL Portfolio Optimization Moderate-Aggressive | (37,802,003 | ) | (3,214,516 | ) | (30,478,382 | ) | (4,109,105 | ) | — | (37,802,003 | ) | |||||||||||||
PL Portfolio Optimization Aggressive | (27,970,730 | ) | (2,128,707 | ) | (22,811,627 | ) | (3,030,396 | ) | (75,120 | ) | (28,045,850 | ) |
D-9
NOTES TO FINANCIAL STATEMENTS (Continued)
Gross | Gross | Net Unrealized | ||||||||||||||
Total Cost of | Unrealized | Unrealized | Appreciation | |||||||||||||
Investments | Appreciation | Depreciation | (Depreciation) | |||||||||||||
Fund | on Tax Basis | on Investments | on Investments | on Investments | ||||||||||||
PL Portfolio Optimization Conservative | $ | 261,939,946 | $ | 16,387,812 | $ | — | $ | 16,387,812 | ||||||||
PL Portfolio Optimization Moderate-Conservative | 261,856,759 | 21,649,967 | — | 21,649,967 | ||||||||||||
PL Portfolio Optimization Moderate | 736,519,173 | 70,637,756 | — | 70,637,756 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 573,040,746 | 61,757,713 | (886,360 | ) | 60,871,353 | |||||||||||
PL Portfolio Optimization Aggressive | 198,035,505 | 27,506,699 | — | 27,506,699 | ||||||||||||
PL Money Market | 38,772,015 | — | — | — | ||||||||||||
PL Income | 56,008,609 | 375,960 | (278,077 | ) | 97,883 |
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PL Portfolio Optimization Conservative | $ | — | $ | — | $ | 153,474,693 | $ | 42,163,062 | ||||||||
PL Portfolio Optimization Moderate-Conservative | — | — | 115,695,843 | 21,336,122 | ||||||||||||
PL Portfolio Optimization Moderate | — | — | 253,505,798 | 60,664,127 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | — | — | 138,688,242 | 71,740,831 | ||||||||||||
PL Portfolio Optimization Aggressive | — | — | 53,669,786 | 59,403,470 | ||||||||||||
PL Income | 9,450,497 | 5,036,409 | 100,004,418 | 50,617,931 |
• Level 1 — | Quoted prices (unadjusted) in active markets for identical investments | ||
• 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 |
D-10
NOTES TO FINANCIAL STATEMENTS (Continued)
D-11
NOTES TO FINANCIAL STATEMENTS (Continued)
D-12
NOTES TO FINANCIAL STATEMENTS (Continued)
D-13
NOTES TO FINANCIAL STATEMENTS (Continued)
D-14
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 | |||||||||||||||||||||||||
3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 9,883,219 | 5,095,105 | 7,499,767 | 4,079,611 | 16,639,175 | 9,322,499 | 10,900,181 | 6,825,323 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 273,222 | 154,810 | 228,388 | 151,488 | 494,777 | 395,409 | 282,851 | 265,252 | ||||||||||||||||||||||||
Shares repurchased | (4,793,123 | ) | (2,343,715 | ) | (3,327,441 | ) | (1,540,865 | ) | (7,572,182 | ) | (4,091,285 | ) | (7,258,951 | ) | (3,652,598 | ) | ||||||||||||||||
Net increase | 5,363,318 | 2,906,200 | 4,400,714 | 2,690,234 | 9,561,770 | 5,626,623 | 3,924,081 | 3,437,977 | ||||||||||||||||||||||||
Beginning shares outstanding | 6,620,300 | 3,714,100 | 7,414,505 | 4,724,271 | 22,858,713 | 17,232,090 | 21,080,126 | 17,642,149 | ||||||||||||||||||||||||
Ending shares outstanding | 11,983,618 | 6,620,300 | 11,815,219 | 7,414,505 | 32,420,483 | 22,858,713 | 25,004,207 | 21,080,126 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 1,209,958 | 585,682 | 1,147,366 | 682,096 | 2,989,542 | 1,643,306 | 2,076,087 | 1,225,743 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 40,641 | 27,986 | 40,051 | 32,703 | 84,489 | 83,625 | 40,570 | 49,996 | ||||||||||||||||||||||||
Shares repurchased | (473,616 | ) | (270,707 | ) | (477,945 | ) | (319,317 | ) | (1,351,393 | ) | (793,232 | ) | (1,595,557 | ) | (823,019 | ) | ||||||||||||||||
Net increase | 776,983 | 342,961 | 709,472 | 395,482 | 1,722,638 | 933,699 | 521,100 | 452,720 | ||||||||||||||||||||||||
Beginning shares outstanding | 1,290,277 | 947,316 | 1,834,094 | 1,438,612 | 6,082,192 | 5,148,493 | 6,501,786 | 6,049,066 | ||||||||||||||||||||||||
Ending shares outstanding | 2,067,260 | 1,290,277 | 2,543,566 | 1,834,094 | 7,804,830 | 6,082,192 | 7,022,886 | 6,501,786 | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 8,387,689 | 4,616,051 | 5,199,896 | 2,637,348 | 11,224,010 | 7,600,515 | 5,999,834 | 4,735,118 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 202,508 | 134,198 | 139,873 | 107,346 | 272,946 | 250,879 | 113,765 | 132,149 | ||||||||||||||||||||||||
Shares repurchased | (4,231,977 | ) | (2,499,753 | ) | (1,937,194 | ) | (1,423,572 | ) | (4,970,189 | ) | (3,815,913 | ) | (4,720,942 | ) | (3,234,418 | ) | ||||||||||||||||
Net increase | 4,358,220 | 2,250,496 | 3,402,575 | 1,321,122 | 6,526,767 | 4,035,481 | 1,392,657 | 1,632,849 | ||||||||||||||||||||||||
Beginning shares outstanding | 6,547,328 | 4,296,832 | 6,217,865 | 4,896,743 | 19,658,434 | 15,622,953 | 18,004,286 | 16,371,437 | ||||||||||||||||||||||||
Ending shares outstanding | 10,905,548 | 6,547,328 | 9,620,440 | 6,217,865 | 26,185,201 | 19,658,434 | 19,396,943 | 18,004,286 | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||
Shares sold | 383,168 | 573,385 | 711,711 | 666,896 | 1,078,079 | 1,380,156 | 640,197 | 1,099,903 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 21,554 | 20,183 | 27,930 | 22,829 | 36,679 | 41,583 | 13,461 | 15,130 | ||||||||||||||||||||||||
Shares repurchased | (353,249 | ) | (188,408 | ) | (378,253 | ) | (287,268 | ) | (1,365,474 | ) | (727,441 | ) | (362,686 | ) | (697,823 | ) | ||||||||||||||||
Net increase (decrease) | 51,473 | 405,160 | 361,388 | 402,457 | (250,716 | ) | 694,298 | 290,972 | 417,210 | |||||||||||||||||||||||
Beginning shares outstanding | 768,216 | 363,056 | 996,558 | 594,101 | 2,248,938 | 1,554,640 | 1,144,057 | 726,847 | ||||||||||||||||||||||||
Ending shares outstanding | 819,689 | 768,216 | 1,357,946 | 996,558 | 1,998,222 | 2,248,938 | 1,435,029 | 1,144,057 | ||||||||||||||||||||||||
PL Portfolio Optimization | PL Money | PL Income | ||||||||||||||||||
Aggressive Fund | Market Fund | Fund (1) | ||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Period ended | ||||||||||||||||
3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | ||||||||||||||||
Class A | ||||||||||||||||||||
Shares sold | 3,514,980 | 2,980,430 | 88,260,849 | 52,775,972 | 548,189 | |||||||||||||||
Dividends and distribution reinvested | 66,115 | 97,909 | — | 9,957 | 1,632 | |||||||||||||||
Shares repurchased | (3,543,645 | ) | (2,484,648 | ) | (84,487,252 | ) | (73,530,933 | ) | (27,989 | ) | ||||||||||
Net increase (decrease) | 37,450 | 593,691 | 3,773,597 | (20,745,004 | ) | 521,832 | ||||||||||||||
Beginning shares outstanding | 9,258,763 | 8,665,072 | 34,679,729 | 55,424,733 | — | |||||||||||||||
Ending shares outstanding | 9,296,213 | 9,258,763 | 38,453,326 | 34,679,729 | 521,832 | |||||||||||||||
Class B | ||||||||||||||||||||
Shares sold | 594,910 | 487,134 | — | — | — | |||||||||||||||
Dividends and distribution reinvested | 14,313 | 8,236 | — | — | — | |||||||||||||||
Shares repurchased | (808,725 | ) | (429,310 | ) | — | — | — | |||||||||||||
Net increase (decrease) | (199,502 | ) | 66,060 | — | — | — | ||||||||||||||
Beginning shares outstanding | 2,749,973 | 2,683,913 | — | — | — | |||||||||||||||
Ending shares outstanding | 2,550,471 | 2,749,973 | ||||||||||||||||||
D-15
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Portfolio Optimization | PL Money | PL Income | ||||||||||||||||||
Aggressive Fund | Market Fund | Fund (1) | ||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Period ended | ||||||||||||||||
3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | ||||||||||||||||
Class C | ||||||||||||||||||||
Shares sold | 2,856,844 | 2,128,529 | — | — | — | |||||||||||||||
Dividends and distribution reinvested | 31,582 | 18,127 | — | — | — | |||||||||||||||
Shares repurchased | (3,126,313 | ) | (2,117,305 | ) | — | — | — | |||||||||||||
Net increase (decrease) | (237,887 | ) | 29,351 | — | — | — | ||||||||||||||
Beginning shares outstanding | 6,520,769 | 6,491,418 | — | — | — | |||||||||||||||
Ending shares outstanding | 6,282,882 | 6,520,769 | ||||||||||||||||||
Class R | ||||||||||||||||||||
Shares sold | 210,892 | 389,684 | — | — | — | |||||||||||||||
Dividends and distribution reinvested | 2,875 | 4,954 | — | — | — | |||||||||||||||
Shares repurchased | (178,354 | ) | (281,783 | ) | — | — | — | |||||||||||||
Net increase | 35,413 | 112,855 | — | — | — | |||||||||||||||
Beginning shares outstanding | 419,121 | 306,266 | — | — | — | |||||||||||||||
Ending shares outstanding | 454,534 | 419,121 | ||||||||||||||||||
Class I | ||||||||||||||||||||
Shares sold | — | — | — | — | 5,000,965 | |||||||||||||||
Dividends and distribution reinvested | — | — | — | — | 43,044 | |||||||||||||||
Shares repurchased | — | — | — | — | — | |||||||||||||||
Net increase | — | — | — | — | 5,044,009 | |||||||||||||||
Beginning shares outstanding | — | — | — | — | — | |||||||||||||||
Ending shares outstanding | 5,044,009 | |||||||||||||||||||
(1) | Operations commenced on December 31, 2010. |
Undistributed/ | ||||||||||||
Accumulated | Accumulated | |||||||||||
Paid-In | Net Investment | Net Realized | ||||||||||
Fund | Capital | Income (Loss) | Loss | |||||||||
PL Portfolio Optimization Conservative | ( $388,983 | ) | $ | 3,617,235 | ( $3,228,252 | ) | ||||||
PL Portfolio Optimization Moderate-Conservative | — | 2,381,578 | (2,381,578 | ) | ||||||||
PL Portfolio Optimization Moderate | — | 4,536,230 | (4,536,230 | ) | ||||||||
PL Portfolio Optimization Moderate-Aggressive | — | 2,401,414 | (2,401,414 | ) | ||||||||
PL Portfolio Optimization Aggressive | — | 414,187 | (414,187 | ) | ||||||||
PL Money Market | 148 | — | (148 | ) | ||||||||
PL Income | (992 | ) | 8,458 | (7,466 | ) |
D-16
NOTES TO FINANCIAL STATEMENTS (Continued)
Fund | Percentage | |||
PL Portfolio Optimization Conservative | 7.89 | % | ||
PL Portfolio Optimization Moderate-Conservative | 14.66 | % | ||
PL Portfolio Optimization Moderate | 27.73 | % | ||
PL Portfolio Optimization Moderate-Aggressive | 56.12 | % | ||
PL Portfolio Optimization Aggressive | 89.37 | % |
Fund | Percentage | |||
PL Portfolio Optimization Conservative | 12.25 | % | ||
PL Portfolio Optimization Moderate-Conservative | 21.12 | % | ||
PL Portfolio Optimization Moderate | 41.37 | % | ||
PL Portfolio Optimization Moderate-Aggressive | 85.55 | % | ||
PL Portfolio Optimization Aggressive | 100.00 | % |
Fund | Amount | |||
PL Portfolio Optimization Conservative | $ | 199,772 |
D-17
Pacific Life Funds
Costa Mesa, California
May 26, 2011
E-1
DISCLOSURE OF FUND EXPENSES
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period(1) | |||||||||||||
Value at | Value at | Expense | 10/01/10 — | |||||||||||||
10/01/10 | 03/31/11 | Ratio | 03/31/11 | |||||||||||||
PL Portfolio Optimization Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,036.40 | 0.60 | % | $ | 3.05 | ||||||||
Class B | 1,000.00 | 1,032.80 | 1.35 | % | 6.84 | |||||||||||
Class C | 1,000.00 | 1,032.70 | 1.35 | % | 6.84 | |||||||||||
Class R | 1,000.00 | 1,034.40 | 0.85 | % | 4.31 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Class B | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class C | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class R | 1,000.00 | 1,020.69 | 0.85 | % | 4.28 | |||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,064.60 | 0.60 | % | $ | 3.09 | ||||||||
Class B | 1,000.00 | 1,060.90 | 1.35 | % | 6.94 | |||||||||||
Class C | 1,000.00 | 1,060.10 | 1.35 | % | 6.93 | |||||||||||
Class R | 1,000.00 | 1,063.10 | 0.85 | % | 4.37 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Class B | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class C | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class R | 1,000.00 | 1,020.69 | 0.85 | % | 4.28 | |||||||||||
PL Portfolio Optimization Moderate Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,093.70 | 0.60 | % | $ | 3.13 | ||||||||
Class B | 1,000.00 | 1,090.90 | 1.35 | % | 7.04 | |||||||||||
Class C | 1,000.00 | 1,090.10 | 1.35 | % | 7.03 | |||||||||||
Class R | 1,000.00 | 1,092.50 | 0.85 | % | 4.43 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Class B | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class C | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class R | 1,000.00 | 1,020.69 | 0.85 | % | 4.28 | |||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,121.40 | 0.60 | % | $ | 3.17 | ||||||||
Class B | 1,000.00 | 1,117.90 | 1.35 | % | 7.13 | |||||||||||
Class C | 1,000.00 | 1,119.30 | 1.35 | % | 7.13 | |||||||||||
Class R | 1,000.00 | 1,119.80 | 0.85 | % | 4.49 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Class B | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class C | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class R | 1,000.00 | 1,020.69 | 0.85 | % | 4.28 |
F-1
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period(1) | |||||||||||||
Value at | Value at | Expense | 10/01/10 - | |||||||||||||
10/01/10 | 03/31/11 | Ratio | 03/31/11 | |||||||||||||
PL Portfolio Optimization Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,145.40 | 0.60 | % | $ | 3.21 | ||||||||
Class B | 1,000.00 | 1,143.50 | 1.35 | % | 7.21 | |||||||||||
Class C | 1,000.00 | 1,143.50 | 1.35 | % | 7.21 | |||||||||||
Class R | 1,000.00 | 1,145.30 | 0.85 | % | 4.55 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Class B | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class C | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||
Class R | 1,000.00 | 1,020.69 | 0.85 | % | 4.28 | |||||||||||
PL Money Market Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,000.00 | 0.22 | % | $ | 1.10 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.83 | 0.22 | % | $ | 1.11 | ||||||||
PL Income Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A (3) | $ | 1,000.00 | $ | 1,024.60 | 0.90 | % | $ | 2.27 | ||||||||
Class I (3) | 1,000.00 | 1,024.80 | 0.65 | % | 1.64 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.44 | 0.90 | % | $ | 4.53 | ||||||||
Class I | 1,000.00 | 1,021.69 | 0.65 | % | 3.28 |
(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 or applicable period, then divided by 365 days. | |
(2) | The annualized expense ratios for the Portfolio Optimization Funds do not include expenses of the Underlying Funds (See Note 1 in Notes to Financial Statements) in which the Portfolio Optimization Funds invest. | |
(3) | PL Income Fund commenced operations on December 31, 2010. The actual fund return and expenses paid during the period for this fund were for the period from December 31, 2010 to March 31, 2011 instead of the entire 6-month period. The hypothetical return is based on the entire 6-month period for comparison purposes. |
F-2
TRUSTEES AND OFFICERS INFORMATION
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
the Fund 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); Member of Board of Trustees (2010 to present) of Cranbrook Educational Community; Former Member of Board of Governors (1994 to 1999) of Cranbrook Schools; and Former Member, Board of Regents (1993 to 1996), Eastern Michigan University. | 68 | |||||
Gale K. Caruso Year of birth 1957 | Trustee since 1/01/06 | Trustee (1/06 to present) of Pacific Select Fund; Former 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 the Advisory Investments; Former Member of 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. | 68 | |||||
Lucie H. Moore Year of birth 1956 | Trustee since 6/13/01 | Trustee (10/98 to present) of Pacific Select Fund; Former Partner (1984 to 1994) with Gibson, Dunn & Crutcher (Law); Member of the Board of Trustees (2007 to present) of Sage Hill School; Former Member (2000 to 2009) of the Board of Trustees of The Pegasus School; Member of the Board of Directors (2005 to present) of HomeWord; and Former Member of the Advisory Board (1993 to 2004) of Court Appointed Special Advocates (CASA) of Orange County. | 68 | |||||
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. | 68 | |||||
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. | 68 |
F-3
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
the Fund and | (and certain additional occupation information) | Fund Complex | ||||||
Name and Age | Length of Time Served* | During Past 5 Years | Overseen** | |||||
INTERESTED PERSONS | ||||||||
James T. Morris Year of birth 1960 | Chairman of the Board and Trustee since 1/11/07, (Chief Executive Officer 1/11/07 to 12/31/09, 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), 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), 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 Chairman of the Board and Trustee (1/07 to present), Chief Executive Officer (1/07 to 12/09),President (11/05 to 1/07) and Executive Vice President (6/05 to 11/05) of Pacific Select Fund. | 68 | |||||
Mary Ann Brown Year of birth 1951 | Chief Executive Officer since 1/01/10, (President 1/11/07 to 12/31/09, Executive Vice President 6/20/06 to 1/10/07) | Executive Vice President (4/10 to present) and Senior Vice President (5/06 to 4/10) of Pacific LifeCorp; Executive Vice President (4/10 to present) and Senior Vice President (3/05 to 4/10) of Pacific Life; Trustee (9/05 to present), Pacific Life Employees Retirement Plan; Executive Vice President (4/10 to present) and Senior Vice President (5/07 to 4/10) of Pacific Life Fund Advisors LLC; Executive Vice President (4/10 to present) and Senior Vice President (6/08 to 4/10) of Pacific Life Re Holdings LLC; Director (6/08 to present) Executive Vice President (4/10 to present) and Senior Vice President (6/08 to 4/10) of Pacific Life Re Holdings Limited; current and prior Board Member and Vice Chairman (8/01 to present) and Chairman (7/04 to 10/05) of National Association of Variable Annuities; Senior Vice President (7/03 to 11/03), of 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, Security First Group (later MetLife Investors); Chairman, Chief Executive Officer and President, New England Pension and Annuity Company; Board Member, New England Zenith Funds; Board Member, 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 (12/05 to present), Executive Vice President (4/10 to present) and Senior Vice President (12/05 to 4/10) of Pacific Alliance Reinsurance Ltd; Director (10/07 to present), Executive Vice President (6/10 to present) and Senior Vice President (10/07 to 6/10) of Pacific Alliance Reinsurance Company of Vermont; and Chief Executive Officer (1/10 to present), President (1/07 to 12/09) and Executive Vice President (6/06 to 1/07) of Pacific Select Fund. | 68 |
F-4
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
the Fund 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 6/13/01 | Vice President, Fund Advisor General Counsel, and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; Vice President and Counsel (4/04 to present), Assistant Vice President and Investment Counsel (11/93 to 4/04) of Pacific Life; Vice President and Investment Counsel (4/04 to 9/09), Assistant Vice President and Investment Counsel (8/99 to 4/04) of Pacific Life & Annuity Company; and Vice President and General Counsel (4/05 to present) of Pacific Select Fund. | 68 | |||||
Brian D. Klemens Year of birth 1956 | Vice President and Treasurer since 6/13/01 | 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. | 68 | |||||
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), 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 | 68 | |||||
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 (4/10 to present) of Pacific Life & Annuity Company; 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. | 68 | |||||
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; Vice President (4/05 to 9/09) of Pacific Life & Annuity Company; and Vice President (6/06 to present) of Pacific Select Fund. | 68 | |||||
Jane M. Guon Year of birth 1964 | Vice President since 1/01/11 and Secretary since 1/01/11 | Vice President and Secretary (1/11 to present) and Assistant Vice President (4/06 to 12/10) and Assistant Secretary (6/98 to 12/10) of Pacific Mutual Holding Company and Pacific LifeCorp; Director, Vice President, and Secretary (1/11 to present) and Assistant Vice President (4/06 to 12/10) and Assistant Secretary (2/95 to 12/10) of Pacific Life, Vice President and Secretary (1/11 to present) and Assistant Vice President and Assistant Secretary (05/07 to 12/10) of Pacific Life Fund Advisors LLC ; and similar positions with other subsidiaries of Pacific Life; and Vice President (1/11 to present) and Secretary (1/11 to present) of Pacific Select Fund. | 68 |
F-5
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
the Fund 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 | Vice President (4/11 to present), Assistant Secretary (5/07 to present), and Assistant Vice President (5/07 to 3/11) of Pacific Life Fund Advisors LLC; Vice President (4/11 to present); Assistant Vice President (4/02 to 3/11) 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. | 68 | |||||
Carleton J. Muench Year of birth 1973 | Assistant 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 Vice President (11/06 to present) of Pacific Select Fund. | 68 |
* | A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified. | |
** | As of March 31, 2011, the “Fund Complex” consisted of Pacific Life Funds (24 funds) and Pacific Select Fund (44 portfolios) |
F-6
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS
(Unaudited)
F-7
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-8
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-9
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-10
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-11
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-12
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
• | On the Trust’s Website at www.pacificlife.com/pacificlifefunds.htm | ||
• | On the SEC’s Website at www.sec.gov | ||
• | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
F-13
as of March 31, 2011
P.O. Box 9768
Providence, RI 02940-9768
Annual Report
As of March 31, 2011
Performance Discussion | A-1 | |||
Schedules of Investments | B-1 | |||
Financial Statements: | ||||
Statements of Assets and Liabilities | C-1 | |||
Statements of Operations | C-7 | |||
Statements of Changes in Net Assets | C-10 | |||
Financial Highlights | C-15 | |||
Notes to Financial Statements | D-1 | |||
Report of Independent Registered Public Accounting Firm | E-1 | |||
Disclosure of Fund Expenses | F-1 | |||
Trustees and Officers Information | F-3 | |||
Approval of Investment Advisory Agreement and Fund Management Agreements | F-7 | |||
Where to Go for More Information | F-13 |
Fund | Fund Manager | |
PL Floating Rate Loan Fund | Eaton Vance Management (Eaton Vance) | |
PL Inflation Managed Fund PL Managed Bond Fund | Pacific Investment Management Company LLC (PIMCO) | |
PL Short Duration Bond Fund | Goldman Sachs Asset Management, L.P. (Goldman Sachs) | |
PL Comstock Fund | Invesco Advisers, Inc. (Invesco) | |
PL Growth LT Fund | Janus Capital Management LLC (Janus) | |
PL Large-Cap Growth Fund | UBS Global Asset Management (Americas) Inc. (UBS) | |
PL Large-Cap Value Fund | ClearBridge Advisors, LLC (ClearBridge) | |
PL Main Street® Core Fund | OppenheimerFunds, Inc. (Oppenheimer) | |
PL Mid-Cap Equity Fund | Lazard Asset Management LLC (Lazard) | |
PL Mid-Cap Growth Fund | Morgan Stanley Investment Management Inc. (Morgan Stanley) | |
PL Small-Cap Growth Fund | Fred Alger Management, Inc. (Alger) | |
PL Small-Cap Value Fund | NFJ Investment Group LLC (NFJ) | |
PL Real Estate Fund | Morgan Stanley Investment Management Inc. (Morgan Stanley) | |
PL Emerging Markets Fund | OppenheimerFunds, Inc. (Oppenheimer) | |
PL International Large-Cap Fund | MFS Investment Management (MFS) | |
PL International Value Fund | J.P. Morgan Investment Management Inc. (JPMorgan) |
A-1
1 | The Business Roundtable’s CEO Economic Outlook Survey and The Duke/CFO Magazine Global Business Outlook Survey. |
A-2
2 | Federal Reserve Bank of Philadelphia: Survey of Professional Forecasters — First Quarter 2011. | |
3 | International Monetary Fund: World Economic Outlook — April 2011. |
A-3
PL Floating Rate Loan Fund | Class P | |||
1 Year Total Return | 5.51 | % | ||
S&P/LSTA Leveraged Loan Index | 7.80 | % | ||
Credit Suisse Leveraged Loan Index | 8.19 | % | ||
Since Inception (June 30, 2008) | 5.04 | % | ||
S&P/LSTA Leveraged Loan Index | 7.69 | % | ||
Credit Suisse Leveraged Loan Index | 6.40 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. | |
(2) | Eaton Vance Management began managing the fund on July 1, 2010, and some investment policies changed at that time. Another firm managed the fund before that date. |
A-4
PL Inflation Managed Fund | Class P | |||
1 Year Total Return | 8.56 | % | ||
Barclays Capital U.S. TIPS Index | 7.91 | % | ||
5 Years Total Return | 6.48 | % | ||
Barclays Capital U.S. TIPS Index | 6.25 | % | ||
Since Inception (December 31, 2002) | 5.78 | % | ||
Barclays Capital U.S. TIPS Index | 5.86 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-5
PL Managed Bond Fund | Class P | |||
1 Year Total Return | 6.31 | % | ||
Barclays Capital U.S. | ||||
Aggregate Bond Index | 5.12 | % | ||
5 Years Total Return | 7.91 | % | ||
Barclays Capital U.S. | ||||
Aggregate Bond Index | 6.03 | % | ||
Since Inception (September 28, 2001) | 6.37 | % | ||
Barclays Capital U.S. | ||||
Aggregate Bond Index | 5.30 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-6
A-7
PL Short Duration Bond Fund | Class P | |||
1 Year Total Return | 1.57 | % | ||
BofA Merrill Lynch 1-3 Year | ||||
U.S. Treasury Index | 1.67 | % | ||
5 Years Total Return | 3.81 | % | ||
BofA Merrill Lynch 1-3 Year | ||||
U.S. Treasury Index | 4.10 | % | ||
Since Inception (December 31, 2003) | 2.69 | % | ||
BofA Merrill Lynch 1-3 Year | ||||
U.S. Treasury Index | 3.23 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-8
PL Comstock Fund | Class P | |||
1 Year Total Return | 14.55 | % | ||
Russell 1000 Value Index | 15.15 | % | ||
5 Years Total Return | 0.94 | % | ||
Russell 1000 Value Index | 1.38 | % | ||
Since Inception (September 28, 2001) | 3.90 | % | ||
Russell 1000 Value Index | 5.54 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. | |
(2) | Invesco Advisers, Inc. began managing the fund on June 1, 2010. Another firm managed the fund before that date. |
A-9
PL Growth LT Fund | Class P | |||
1 Year Total Return | 10.79 | % | ||
Russell 1000 Growth Index | 18.26 | % | ||
5 Years Total Return | 1.69 | % | ||
Russell 1000 Growth Index | 4.34 | % | ||
Since Inception (September 28, 2001) | 3.08 | % | ||
Russell 1000 Growth Index | 4.63 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-10
A-11
PL Large-Cap Growth Fund | Class P | |||
1 Year Total Return | 19.72 | % | ||
Russell 1000 Growth Index | 18.26 | % | ||
5 Years Total Return | -1.20 | % | ||
Russell 1000 Growth Index | 4.34 | % | ||
Since Inception (September 28, 2001) | 0.27 | % | ||
Russell 1000 Growth Index | 4.63 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. | |
(2) | UBS Global Asset Management (Americas) Inc. began managing the fund on July 1, 2009, and some investment policies changed at that time. Other firms managed the fund before that date. |
A-12
PL Large-Cap Value Fund | Class P | |||
1 Year Total Return | 12.69 | % | ||
Russell 1000 Value Index | 15.15 | % | ||
5 Years Total Return | 1.30 | % | ||
Russell 1000 Value Index | 1.38 | % | ||
Since Inception (September 28, 2001) | 3.44 | % | ||
Russell 1000 Value Index | 5.54 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. | |
(2) | ClearBridge Advisors, LLC assumed management of the fund on October 1, 2006. Salomon Brothers Asset Management Inc, an affiliate of ClearBridge, managed the fund before that date. |
A-13
PL Main Street Core Fund | Class P | |||
1 Year Total Return | 13.28 | % | ||
S&P500 Index | 15.65 | % | ||
5 Years Total Return | 1.00 | % | ||
S&P500 Index | 2.62 | % | ||
Since Inception (September 30, 2005) | 2.13 | % | ||
S&P500 Index | 3.54 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-14
PL Mid-Cap Equity Fund | Class P | |||
1 Year Total Return | 21.70 | % | ||
Russell Midcap Index | 24.27 | % | ||
5 Years Total Return | 3.31 | % | ||
Russell Midcap Index | 4.67 | % | ||
Since Inception (December 31, 2004) | 4.52 | % | ||
Russell Midcap Index | 6.96 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-15
PL Mid-Cap Growth Fund | Class P | |||
1 Year Total Return | 35.16 | % | ||
Russell Midcap Growth Index | 26.60 | % | ||
5 Years Total Return | 8.03 | % | ||
Russell Midcap Growth Index | 4.93 | % | ||
Since Inception (September 28, 2001) | 7.36 | % | ||
Russell Midcap Growth Index | 9.33 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. | |
(2) | Morgan Stanley Investment Management Inc. manages the fund and formerly did business in certain instances under the name Van Kampen, and managed the PL Mid-Cap Growth Fund under the Van Kampen name from May 1, 2003 to May 31, 2010. Another firm managed the fund before May 1, 2003. |
A-16
PL Small-Cap Growth Fund | Class P | |||
1 Year Total Return | 26.46 | % | ||
Russell 2000 Growth Index | 31.04 | % | ||
5 Years Total Return | 3.60 | % | ||
Russell 2000 Growth Index | 4.34 | % | ||
Since Inception (September 28, 2001) | 5.52 | % | ||
Russell 2000 Growth Index | 8.65 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. | |
(2) | Fred Alger Management, Inc. began managing the fund on July 1, 2007, and some investment policies changed at that time. Other firms managed the fund before that date. |
A-17
Average Annual Total Returns for the Periods Ended March 31, 2011 | ||||
PL Small-Cap Value Fund | Class P | |||
1 Year Total Return | 25.11 | % | ||
Russell 2000 Value Index | 20.63 | % | ||
3 Years Total Return | 8.00 | % | ||
Russell 2000 Value Index | 6.76 | % | ||
Since Inception (June 29, 2007) | 2.95 | % | ||
Russell 2000 Value Index | -0.30 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-18
PL Real Estate Fund | Class P | |||
1 Year Total Return | 25.16 | % | ||
FTSE NAREIT Equity REITs Index | 23.68 | % | ||
5 Years Total Return | 1.69 | % | ||
FTSE NAREIT Equity REITs Index | 1.48 | % | ||
Since Inception (December 31, 2004) | 5.96 | % | ||
FTSE NAREIT Equity REITs Index | 5.35 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. | |
(2) | Morgan Stanley Investment Management Inc. manages the fund and formerly did business in certain instances under the name Van Kampen, and managed the PL Real Estate Fund under the Van Kampen name from the fund’s inception until May 31, 2010. |
A-19
PL Emerging Markets Fund | Class P | |||
1 Year Total Return | 22.53 | % | ||
MSCI Emerging Markets Index | 18.46 | % | ||
5 Years Total Return | 12.20 | % | ||
MSCI Emerging Markets Index | 10.70 | % | ||
Since Inception (September 30, 2005) | 14.94 | % | ||
MSCI Emerging Markets Index | 13.38 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-20
PL International Large-Cap Fund | Class P | |||
1 Year Total Return | 12.36 | % | ||
MSCI EAFE Index | 10.42 | % | ||
5 Years Total Return | 3.75 | % | ||
MSCI EAFE Index | 1.30 | % | ||
Since Inception (September 28, 2001) | 7.43 | % | ||
MSCI EAFE Index | 7.49 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. |
A-21
PL International Value Fund | Class P | |||
1 Year Total Return | 5.99 | % | ||
MSCI EAFE Index | 10.42 | % | ||
5 Years Total Return | -2.92 | % | ||
MSCI EAFE Index | 1.30 | % | ||
Since Inception (September 28, 2001) | 3.51 | % | ||
MSCI EAFE Index | 7.49 | % |
(1) | Class A Shares were converted to Class P Shares on July 2, 2010. | |
(2) | J.P. Morgan Investment Management Inc. began managing the fund on January 1, 2011, and some investment policies changed at that time. AllianceBernstein L.P. managed the PL International Value Fund from May 1, 2006 to December 31, 2010. Another firm managed the fund prior to May 1, 2006. |
A-22
A-23
A-24
PL FLOATING RATE LOAN FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS - 0.7% | ||||||||
Consumer Discretionary - 0.7% | ||||||||
Metro-Goldwyn-Mayer Studios Inc ‘A’ | 27,061 | $ | 620,149 | |||||
Total Common Stocks (Cost $671,651) | 620,149 | |||||||
Principal | ||||||||
Amount | ||||||||
SENIOR LOAN NOTES - 95.5% | ||||||||
Consumer Discretionary - 37.7% | ||||||||
Advantage Sales & Marketing Inc | ||||||||
(1st Lien) | ||||||||
5.250% due 12/17/17 § | $ | 174,563 | 175,598 | |||||
Affinion Group Inc Tranche B | ||||||||
5.000% due 10/09/16 § | 1,092,234 | 1,094,965 | ||||||
Allison Transmission Inc | ||||||||
due 08/07/14 ∞ | 500,000 | 496,875 | ||||||
3.010% due 08/07/14 § | 492,571 | 489,493 | ||||||
ARAMARK Corp | ||||||||
(Non-Extending) | ||||||||
0.094% due 01/26/14 § | 67,524 | 67,059 | ||||||
2.182% due 01/26/14 § | 838,203 | 832,436 | ||||||
Asurion Corp (1st Lien) | ||||||||
3.267% due 07/03/14 § | 988,722 | 983,425 | ||||||
Burger King Corp Term B | ||||||||
4.500% due 10/19/16 § | 498,750 | 498,704 | ||||||
Catalina Marketing Corp (Initial Term Loan) | ||||||||
3.012% due 10/26/14 § | 946,993 | 943,441 | ||||||
Cequel Communications LLC | ||||||||
2.260% due 05/05/13 § | 997,403 | 992,649 | ||||||
Charter Communications Operating LLC | ||||||||
Term B-1 | ||||||||
2.250% due 09/06/13 § | 401,487 | 401,291 | ||||||
Term C | ||||||||
3.560% due 09/06/16 § | 498,737 | 500,745 | ||||||
Cumulus Media Inc | ||||||||
(Replacement Term Loan) | ||||||||
3.996% due 06/11/14 § | 498,155 | 494,241 | ||||||
DineEquity Inc Term B-1 | ||||||||
4.250% due 10/25/17 § | 123,652 | 124,657 | ||||||
Dollar General Corp | ||||||||
Tranche B-1 | ||||||||
3.021% due 07/06/14 § | 426,848 | 427,284 | ||||||
Tranche B-2 | ||||||||
3.001% due 07/06/13 § | 500,000 | 500,426 | ||||||
Dunkin Brands Inc Term B-1 | ||||||||
4.250% due 11/23/17 § | 997,500 | 1,003,646 | ||||||
Education Management LLC Tranche C-2 | ||||||||
4.313% due 06/01/16 § | 994,686 | 974,870 | ||||||
Entercom Radio LLC Term A | ||||||||
1.434% due 06/18/12 § | 366,889 | 361,386 | ||||||
Federal-Mogul Corp | ||||||||
Tranche B | ||||||||
2.196% due 12/27/14 § | 652,053 | 637,265 | ||||||
Tranche C | ||||||||
2.189% due 12/27/15 § | 332,680 | 325,135 | ||||||
Ford Motor Co Tranche B-1 | ||||||||
3.010% due 12/15/13 § | 761,940 | 762,472 | ||||||
General Nutrition Centers Inc Tranche B | ||||||||
4.250% due 03/02/18 § | 500,000 | 500,700 | ||||||
Getty Images Inc | ||||||||
5.250% due 11/03/16 § | 497,500 | 502,553 | ||||||
Harrah’s Operating Co Inc Term B-1 | ||||||||
3.303% due 01/28/15 § | 1,000,000 | 927,969 | ||||||
Interactive Data Corp Term B | ||||||||
due 02/08/18 ∞ | 300,000 | 301,713 | ||||||
4.750% due 02/08/18 § | 200,000 | 201,142 | ||||||
Jo-Ann Stores Inc | ||||||||
4.750% due 03/18/18 § | 175,000 | 173,841 | ||||||
Language Line LLC Tranche B | ||||||||
6.250% due 06/15/16 § | 199,500 | 201,412 | ||||||
Las Vegas Sands LLC | ||||||||
(Extended Delayed Draw I Term Loan) | ||||||||
3.000% due 05/23/16 § | 108,343 | 105,815 | ||||||
Tranche B (Extended) | ||||||||
3.000% due 11/23/16 § | 536,188 | 523,521 | ||||||
MCC Iowa LLC Tranche E | ||||||||
4.500% due 11/03/17 § | 992,500 | 977,613 | ||||||
Michaels Stores Inc | ||||||||
Term B-1 | ||||||||
2.584% due 10/31/13 § | 463,828 | 460,092 | ||||||
Term B-2 | ||||||||
4.834% due 07/31/16 § | 688,114 | 691,245 | ||||||
National Bedding Co LLC (Extended) | ||||||||
3.813% due 12/17/13 § | 497,269 | 496,647 | ||||||
Orbitz Worldwide Inc | ||||||||
3.286% due 07/25/14 § | 479,871 | 452,878 | ||||||
OSI Restaurant Partners LLC | ||||||||
2.563% due 06/14/14 § | 428,653 | 416,954 | ||||||
(Pre-Funded Revolving Credit Loan) | ||||||||
3.542% due 06/14/14 § | 41,547 | 40,413 | ||||||
Penn National Gaming Inc Term B | ||||||||
2.028% due 10/03/12 § | 1,000,000 | 997,219 | ||||||
Petco Animal Supplies Inc Term B | ||||||||
4.500% due 10/28/17 § | 495,000 | 496,987 | ||||||
Pilot Travel Centers LLC Tranche B | ||||||||
(Initial Term Loan) | ||||||||
4.250% due 03/23/18 § | 425,000 | 427,125 | ||||||
Protection One Alarm Monitoring Inc | ||||||||
6.000% due 06/04/16 § | 466,763 | 469,875 | ||||||
Regal Cinemas Corp | ||||||||
3.557% due 08/23/17 § | 847,875 | 850,345 | ||||||
Sabre Inc (Initial Term Loan) | ||||||||
2.267% due 09/21/14 § | 971,124 | 916,768 | ||||||
SeaWorld Parks & Entertainment Inc | ||||||||
Term A | ||||||||
2.996% due 02/16/16 § | 254,249 | 253,614 | ||||||
Term B | ||||||||
4.000% due 02/16/16 § | 241,926 | 243,741 | ||||||
The Goodyear Tire & Rubber Co | ||||||||
(2nd Lien) | ||||||||
1.960% due 04/30/14 § | 1,000,000 | 982,083 | ||||||
The Neiman Marcus Group Inc Tranche B-2 | ||||||||
4.310% due 04/06/16 § | 953,264 | 954,257 | ||||||
The Pep Boys — Manny, Moe and Jack | ||||||||
2.310% due 10/25/13 § | 232,987 | 232,696 | ||||||
The Weather Channel Holding Corp | ||||||||
4.250% due 02/04/17 § | 249,375 | 251,505 | ||||||
Travelport LLC | ||||||||
(Extended Delayed Draw Term Loan) | ||||||||
4.963% due 08/23/15 § | 992,268 | 982,811 | ||||||
Universal City Development Partners Ltd | ||||||||
5.500% due 11/03/14 § | 894,472 | 903,231 | ||||||
Univision Communications Inc | ||||||||
(Extended 1st Lien Term Loan) | ||||||||
4.496% due 03/29/17 § | 766,960 | 748,608 | ||||||
(Initial Term Loan) | ||||||||
2.246% due 09/29/14 § | 766,960 | 747,992 | ||||||
Visant Corp Tranche B | ||||||||
5.250% due 12/22/16 § | 149,625 | 149,681 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 | |||
B-1
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
VML US Finance LLC Term B | ||||||||
(Delayed Draw Project Loan) | ||||||||
4.790% due 05/25/12 § | $ | 150,825 | $ | 151,024 | ||||
(Funded Project Loan) | ||||||||
4.790% due 04/11/13 § | 673,062 | 673,950 | ||||||
Zuffa LLC (Initial Term Loan) | ||||||||
2.313% due 06/01/15 § | 994,832 | 978,666 | ||||||
32,474,749 | ||||||||
Consumer Staples - 10.9% | ||||||||
Dean Foods Co Tranche B | ||||||||
(Non-Extending) | ||||||||
1.810% due 04/02/14 § | 497,409 | 484,228 | ||||||
Del Mont Foods Co | ||||||||
(Initial Term Loan) | ||||||||
4.500% due 02/15/18 § | 1,000,000 | 1,001,953 | ||||||
DSW Holdings Inc | ||||||||
4.311% due 03/02/12 § | 500,000 | 485,000 | ||||||
Green Mountain Coffee Roasters Inc | ||||||||
(Facility Term B Loan) | ||||||||
5.500% due 12/17/16 § | 997,500 | 1,004,150 | ||||||
KIK Custom Products Inc | ||||||||
(2nd Lien) | ||||||||
5.246% due 11/24/14 § | 500,000 | 336,667 | ||||||
NBTY Inc Term B-1 | ||||||||
4.250% due 10/01/17 § | 997,500 | 1,000,929 | ||||||
Pierre Foods Inc (1st Lien) | ||||||||
7.000% due 09/15/16 § | 498,747 | 501,968 | ||||||
Pinnacle Foods Finance LLC | ||||||||
2.761% due 04/02/14 § | 500,000 | 498,854 | ||||||
Reynolds Group Holdings Inc | ||||||||
(US Term Loan) | ||||||||
4.250% due 02/10/18 § | 1,000,000 | 1,005,805 | ||||||
Rite Aid Corp | ||||||||
Tranche 2 | ||||||||
2.007% due 06/04/14 § | 1,446,717 | 1,394,274 | ||||||
Tranche 5 | ||||||||
4.500% due 03/01/18 § | 194,383 | 192,763 | ||||||
Roundy’s Supermarkets Inc | ||||||||
Tranche B (Extended) | ||||||||
3.755% due 11/03/13 § | 994,805 | 999,002 | ||||||
U.S. Foodservice | ||||||||
2.753% due 07/03/14 § | 498,705 | 484,540 | ||||||
9,390,133 | ||||||||
Energy - 0.2% | ||||||||
Citgo Petroleum Corp Term B | ||||||||
8.000% due 06/25/15 § | 195,536 | 203,944 | ||||||
Financials - 3.4% | ||||||||
First Data Corp Tranche B-1 (Initial Term Loan) | ||||||||
3.002% due 09/24/14 § | 527,211 | 505,958 | ||||||
HUB International Ltd | ||||||||
(Delayed Draw Term Loan) | ||||||||
2.807% due 04/02/14 § | 177,755 | 176,377 | ||||||
(Initial Term Loan) | ||||||||
2.807% due 04/02/14 § | 790,776 | 784,644 | ||||||
Nuveen Investments Inc (1st Lien) | ||||||||
(Non-Extended) | ||||||||
3.306% due 11/13/14 § | 691,740 | 665,943 | ||||||
(Extended) | ||||||||
5.806% due 05/13/17 § | 808,260 | 810,404 | ||||||
2,943,326 | ||||||||
Health Care - 11.9% | ||||||||
Aveta Inc | ||||||||
(MMM Term Loan) | ||||||||
8.500% due 04/14/16 § | 237,405 | 239,284 | ||||||
(NAMM Term Loan) | ||||||||
8.500% due 04/14/16 § | 237,405 | 239,284 | ||||||
Axcan Intermediate Holdings Inc | ||||||||
5.500% due 02/11/17 § | 498,750 | 498,360 | ||||||
Bausch & Lomb Inc | ||||||||
(Delayed Draw Term Loan) | ||||||||
3.496% due 04/26/15 § | 97,102 | 97,102 | ||||||
(Parent Term Loan) | ||||||||
3.543% due 04/26/15 § | 399,415 | 399,415 | ||||||
Biomet Inc (Dollar Term Loan) | ||||||||
3.292% due 03/25/15 § | 992,288 | 992,012 | ||||||
CHS/Community Health Systems Inc | ||||||||
(Extended Term Loan) | ||||||||
3.811% due 01/25/17 § | 320,556 | 320,335 | ||||||
(Non-Extended Delayed Draw Term Loan) | ||||||||
2.561% due 07/25/14 § | 32,824 | 32,513 | ||||||
(Non-Extended Funded Term Loan) | ||||||||
2.561% due 07/25/14 § | 637,987 | 631,954 | ||||||
DaVita Inc Tranche B | ||||||||
4.500% due 10/20/16 § | 224,438 | 225,759 | ||||||
DJO Finance LLC | ||||||||
3.246% due 11/20/13 § | 454,143 | 452,062 | ||||||
Grifols SA Tranche B | ||||||||
due 11/09/16 ∞ | 675,000 | 680,763 | ||||||
HCA Inc Tranche B-1 | ||||||||
2.557% due 11/17/13 § | 1,581,924 | 1,576,858 | ||||||
Health Management Associates Inc Term B | ||||||||
2.057% due 02/28/14 § | 991,734 | 979,276 | ||||||
IMS Health Inc Tranche B | ||||||||
(Dollar Term Loan) | ||||||||
4.500% due 03/10/16 § | 495,005 | 497,738 | ||||||
InVentiv Health Inc Term B | ||||||||
(Replacement) | ||||||||
4.750% due 08/04/16 § | 496,256 | 498,427 | ||||||
Kindred Healthcare Inc | ||||||||
due 02/09/18 ∞ | 175,000 | 174,508 | ||||||
MultiPlan Merger Corp | ||||||||
4.750% due 08/12/17 § | 673,077 | 676,358 | ||||||
Warner Chilcott Co LLC | ||||||||
Term B-1 | ||||||||
4.250% due 03/17/18 § | 457,143 | 459,809 | ||||||
Term B-2 | ||||||||
4.250% due 03/17/18 § | 228,571 | 229,905 | ||||||
WC Luxco SARL | ||||||||
Term B-3 | ||||||||
4.250% due 03/17/18 § | 314,286 | 316,119 | ||||||
10,217,841 | ||||||||
Industrials - 5.7% | ||||||||
Bombardier Recreational Products Inc | ||||||||
2.810% due 06/07/13 § | 500,000 | 494,125 | ||||||
Goodman Global Inc (1st Lien Initial Term Loan) | ||||||||
5.750% due 10/21/16 § | 149,250 | 150,357 | ||||||
Nielsen Finance LLC Term A (Dollar Term Loan) | ||||||||
2.259% due 08/09/13 § | 976,089 | 971,819 | ||||||
Novelis Inc | ||||||||
4.000% due 03/10/17 § | 997,500 | 1,001,329 | ||||||
Pinafore LLC Term B-1 | ||||||||
4.250% due 09/28/16 § | 565,889 | 568,860 | ||||||
Sensata Technologies BV (US Term Loan) | ||||||||
2.054% due 04/27/13 § | 496,094 | 492,745 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 | |||
B-2
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
Swift Transportation Co | ||||||||
6.000% due 12/21/16 § | $ | 943,354 | $ | 949,132 | ||||
Transdigm Inc Term B | ||||||||
(New Term Loan) | ||||||||
4.000% due 02/15/17 § | 249,375 | 251,596 | ||||||
4,879,963 | ||||||||
Information Technology - 5.3% | ||||||||
Brocade Communication Systems Inc (Borrowing) | ||||||||
7.000% due 10/07/13 § | 151,805 | 152,754 | ||||||
Fidelity National Information Services Inc Term B | ||||||||
5.250% due 07/15/16 § | 199,000 | 200,430 | ||||||
Freescale Semiconductor Inc | ||||||||
(Extended Maturity Term Loan) | ||||||||
4.511% due 12/01/16 § | 990,347 | 986,243 | ||||||
Infor Enterprise Solutions Holdings Ltd | ||||||||
(Extended Delayed Draw 1st Lien) | ||||||||
6.000% due 07/29/15 § | 345,065 | 341,614 | ||||||
(Extended Initial US Term Loan 1st Lien) | ||||||||
6.000% due 07/29/15 § | 649,727 | 643,027 | ||||||
Kronos Inc (2nd Lien) | ||||||||
6.057% due 12/31/15 § | 500,000 | 494,375 | ||||||
Skillsoft Corp Term B | ||||||||
6.500% due 05/20/17 § | 496,251 | 503,384 | ||||||
Spansion LLC | ||||||||
6.500% due 02/09/15 § | 279,719 | 282,166 | ||||||
SunGard Data Systems Inc | ||||||||
Tranche A | ||||||||
2.008% due 02/28/14 § | 244,500 | 243,200 | ||||||
Tranche B | ||||||||
3.933% due 02/28/16 § | 717,155 | 719,972 | ||||||
4,567,165 | ||||||||
Materials - 9.5% | ||||||||
Fairmount Minerals Ltd Tranche B | ||||||||
5.250% due 03/10/17 § | 300,000 | 300,703 | ||||||
Georgia-Pacific LLC | ||||||||
Term B (Additional Term Loan) | ||||||||
2.307% due 12/29/13 § | 726,417 | 726,993 | ||||||
Graphic Packaging International Inc Term B | ||||||||
2.303% due 05/16/14 § | 940,554 | 935,656 | ||||||
Hexion Specialty Chemicals Inc | ||||||||
Tranche C-1B | ||||||||
4.063% due 05/05/15 § | 700,286 | 694,013 | ||||||
Tranche C-2B | ||||||||
4.063% due 05/05/15 § | 294,593 | 291,954 | ||||||
Huntsman International LLC Term B | ||||||||
(Dollar Term Loan) | ||||||||
1.786% due 04/19/14 § | 268,345 | 265,326 | ||||||
(Extended Dollar Term Loan) | ||||||||
2.786% due 03/07/17 § | 731,655 | 727,692 | ||||||
Ineos US Finance LLC | ||||||||
Term B-2 | ||||||||
7.500% due 12/11/13 § | 458,252 | 472,429 | ||||||
Term C-2 | ||||||||
8.001% due 12/11/14 § | 486,309 | 501,355 | ||||||
Nalco Co Tranche B-1 | ||||||||
4.500% due 10/07/17 § | 995,000 | 1,005,053 | ||||||
Smurfit-Stone Container Enterprises Inc | ||||||||
(Exit Term Loan) | ||||||||
6.750% due 02/22/16 § | 486,708 | 489,065 | ||||||
Solutia Inc Term B | ||||||||
(New Term Loan) | ||||||||
3.500% due 08/16/17 § | 203,309 | 204,707 | ||||||
Styron SARL LLC Term B | ||||||||
6.000% due 01/28/17 § | 498,750 | 502,231 | ||||||
Univar Inc Term B | ||||||||
due 02/28/17 ∞ | 349,125 | 350,933 | ||||||
5.000% due 02/28/17 § | 498,750 | 501,333 | ||||||
Walter Energy Inc Term B | ||||||||
due 03/04/18 ∞ | 225,000 | 226,744 | ||||||
8,196,187 | ||||||||
Telecommunication Services - 5.5% | ||||||||
Digicel International Finance Ltd | ||||||||
Tranche A | ||||||||
2.813% due 04/25/12 § | 366,736 | 363,986 | ||||||
2.813% due 04/25/12 § | 200,036 | 198,536 | ||||||
Intelsat Jackson Holdings SA Tranche B | ||||||||
5.250% due 04/03/18 § | 1,950,000 | 1,965,382 | ||||||
MetroPCS Wireless Inc Term B | ||||||||
4.060% due 03/17/17 § | 174,563 | 175,135 | ||||||
Syniverse Holdings Inc Term B | ||||||||
5.250% due 12/21/17 § | 498,750 | 503,270 | ||||||
Telesat Canada | ||||||||
Term I (US Term Loan) | ||||||||
3.250% due 06/06/14 § | 456,908 | 456,527 | ||||||
Term II (US Term Loan) | ||||||||
3.250% due 06/06/14 § | 39,247 | 39,214 | ||||||
UPC Financing Partnership Facility X | ||||||||
3.761% due 04/16/17 § | 1,000,000 | 1,002,083 | ||||||
4,704,133 | ||||||||
Utilities - 5.4% | ||||||||
Calpine Corp | ||||||||
4.500% due 03/09/18 § | 1,050,000 | 1,056,052 | ||||||
Dynegy Holdings Inc | ||||||||
(Facility Term Loan) | ||||||||
4.000% due 04/24/13 § | 1,388,246 | 1,380,113 | ||||||
(Tranche B) | ||||||||
4.000% due 03/27/13 § | 110,325 | 109,678 | ||||||
NRG Energy Inc (Extended Maturity Term Loan) | ||||||||
3.502% due 08/31/15 § | 992,500 | 998,781 | ||||||
Texas Competitive Electric Holdings Co LLC | ||||||||
Tranche B2 (Initial Term Loan) | ||||||||
3.783% due 10/10/14 § | 1,263,980 | 1,066,934 | ||||||
4,611,558 | ||||||||
Total Senior Loan Notes (Cost $80,340,832) | 82,188,999 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 5.8% | ||||||||
Money Market Fund - 5.8% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 4,995,491 | 4,995,491 | ||||||
Total Short-Term Investment (Cost $4,995,491) | 4,995,491 | |||||||
TOTAL INVESTMENTS - 102.0% (Cost $86,007,974) | 87,804,639 | |||||||
OTHER ASSETS & LIABILITIES, NET — (2.0%) | (1,739,039 | ) | ||||||
NET ASSETS - 100.0% | $ | 86,065,600 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 | |||
B-3
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
March 31, 2011
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Consumer Discretionary | 38.4 | % | ||
Health Care | 11.9 | % | ||
Consumer Staples | 10.9 | % | ||
Materials | 9.5 | % | ||
Short-Term Investment | 5.8 | % | ||
Industrials | 5.7 | % | ||
Telecommunication Services | 5.5 | % | ||
Utilities | 5.4 | % | ||
Information Technology | 5.3 | % | ||
Financials | 3.4 | % | ||
Energy | 0.2 | % | ||
102.0 | % | |||
Other Assets & Liabilities, Net | (2.0 | %) | ||
100.0 | % | |||
(b) | As of March 31, 2011, the fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
BBB | 2.1 | % | ||
BB | 52.1 | % | ||
B | 42.1 | % | ||
CCC | 1.6 | % | ||
Not Rated | 2.1 | % | ||
100.0 | % | |||
(c) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks (1) | $ | 620,149 | $ | — | $ | 620,149 | $ | — | |||||||||||
Senior Loan Notes | 82,188,999 | — | 82,188,999 | — | ||||||||||||||||
Short-Term Investment | 4,995,491 | 4,995,491 | — | — | ||||||||||||||||
Total | $ | 87,804,639 | $ | 4,995,491 | $ | 82,809,148 | $ | — | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 | |||
B-4
PL INFLATION MANAGED FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.0% | ||||||||
Financials - 0.0% | ||||||||
Wells Fargo & Co 7.500% | 100 | $ | 103,520 | |||||
Total Convertible Preferred Stocks (Cost $100,000) | 103,520 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES - 23.7% | ||||||||
Consumer Discretionary - 0.2% | ||||||||
Starwood Hotels & Resorts Worldwide Inc | ||||||||
6.250% due 02/15/13 | $ | 300,000 | 322,125 | |||||
Energy — 0.9% | ||||||||
EOG Resources Inc | ||||||||
1.061% due 02/03/14 § | 1,000,000 | 1,009,477 | ||||||
Petrobras International Finance Co (Cayman) | ||||||||
3.875% due 01/27/16 | 1,000,000 | 1,010,414 | ||||||
Petroleos Mexicanos (Mexico) | ||||||||
5.500% due 01/21/21 | 100,000 | 102,000 | ||||||
2,121,891 | ||||||||
Financials - 21.2% | ||||||||
ABN AMRO Bank NV (Netherlands) | ||||||||
2.071% due 01/30/14 § ~ | 1,000,000 | 1,001,364 | ||||||
Ally Financial Inc | ||||||||
3.512% due 02/11/14 § | 700,000 | 702,272 | ||||||
8.300% due 02/12/15 | 100,000 | 109,875 | ||||||
American Express Bank FSB | ||||||||
0.378% due 05/29/12 § | 300,000 | 299,347 | ||||||
0.406% due 06/12/12 § | 500,000 | 498,700 | ||||||
American International Group Inc | ||||||||
8.175% due 05/15/58 § | 200,000 | 216,750 | ||||||
Banco Santander Brazil SA (Brazil) | ||||||||
2.409% due 03/18/14 § ~ | 1,600,000 | 1,604,832 | ||||||
4.250% due 01/14/16 ~ | 400,000 | 400,760 | ||||||
Banco Santander (Chile) | ||||||||
1.553% due 04/20/12 § ~ | 300,000 | 300,004 | ||||||
Bank of America Corp | ||||||||
0.908% due 06/11/12 § | GBP | 900,000 | 1,431,113 | |||||
Commonwealth Bank of Australia (Australia) | ||||||||
1.039% due 03/17/14 § ~Δ | $ | 1,500,000 | 1,501,891 | |||||
Countrywide Financial Corp | ||||||||
5.800% due 06/07/12 | 400,000 | 420,792 | ||||||
Dexia Credit Local NY SA (France) | ||||||||
0.710% due 03/05/13 § ~ | 4,400,000 | 4,372,768 | ||||||
Ford Motor Credit Co LLC | ||||||||
7.250% due 10/25/11 | 500,000 | 514,610 | ||||||
7.500% due 08/01/12 | 600,000 | 639,743 | ||||||
General Electric Capital Corp | ||||||||
0.429% due 12/20/13 § | 200,000 | 197,986 | ||||||
General Motors Acceptance Corp | ||||||||
6.000% due 12/15/11 | 400,000 | 410,000 | ||||||
7.000% due 02/01/12 | 600,000 | 620,250 | ||||||
HBOS PLC (United Kingdom) | ||||||||
6.750% due 05/21/18 ~ | 300,000 | 293,763 | ||||||
HSBC Finance Corp | ||||||||
0.553% due 01/15/14 § | 4,600,000 | 4,535,513 | ||||||
ICICI Bank Ltd (India) | ||||||||
2.063% due 02/24/14 § ~ | 300,000 | 298,289 | ||||||
ING Bank NV (Netherlands) | ||||||||
1.360% due 03/15/13 § ~ Δ | 900,000 | 902,426 | ||||||
Merrill Lynch & Co Inc | ||||||||
1.387% due 08/25/14 § | EUR | 1,000,000 | 1,368,717 | |||||
1.947% due 09/27/12 § | 1,000,000 | 1,384,500 | ||||||
5.450% due 07/15/14 | $ | 300,000 | 320,954 | |||||
Metlife Institutional Funding II | ||||||||
1.201% due 04/04/14 § ~ Δ | 2,100,000 | 2,099,676 | ||||||
Metropolitan Life Global Funding I | ||||||||
5.125% due 04/10/13 ~ | 100,000 | 106,705 | ||||||
Morgan Stanley | ||||||||
1.388% due 11/29/13 § | EUR | 200,000 | 275,633 | |||||
1.395% due 04/13/16 § | 1,000,000 | 1,321,860 | ||||||
2.812% due 05/14/13 § | $ | 1,000,000 | 1,035,880 | |||||
Nordea Eiendomskreditt AS (Norway) | ||||||||
0.723% due 04/07/14 § ~ Δ | 2,200,000 | 2,199,661 | ||||||
SLM Corp | ||||||||
3.125% due 09/17/12 | EUR | 700,000 | 964,879 | |||||
6.250% due 01/25/16 | $ | 3,100,000 | 3,235,098 | |||||
Sun Life Financial Global Funding LP | ||||||||
0.547% due 10/06/13 § ~ | 1,500,000 | 1,487,946 | ||||||
The Goldman Sachs Group Inc | ||||||||
1.383% due 02/04/13 § | EUR | 1,500,000 | 2,106,365 | |||||
5.375% due 02/15/13 | 500,000 | 734,565 | ||||||
The Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
2.733% due 08/23/13 § | $ | 700,000 | 719,495 | |||||
3.000% due 12/09/11 ~ | 200,000 | 203,616 | ||||||
4.875% due 03/16/15 | 400,000 | 415,690 | ||||||
UBS AG (Switzerland) | ||||||||
1.413% due 02/23/12 § | 1,100,000 | 1,109,079 | ||||||
Volkswagen International Finance NV (Netherlands) | ||||||||
0.757% due 10/01/12 § ~ | 1,900,000 | 1,901,433 | ||||||
Wachovia Corp | ||||||||
1.244% due 02/13/14 § | EUR | 500,000 | 693,756 | |||||
5.143% due 05/25/12 § | AUD | 1,400,000 | 1,433,367 | |||||
Westpac Banking Corp (Australia) | ||||||||
1.037% due 03/31/14 § ~ Δ | $ | 2,300,000 | 2,298,643 | |||||
48,690,566 | ||||||||
Health Care - 0.3% | ||||||||
HCA Inc | ||||||||
7.250% due 09/15/20 | 600,000 | 645,000 | ||||||
Industrials - 0.8% | ||||||||
International Lease Finance Corp | ||||||||
5.350% due 03/01/12 | 500,000 | 510,625 | ||||||
6.375% due 03/25/13 | 900,000 | 936,000 | ||||||
6.500% due 09/01/14 ~ | 100,000 | 107,250 | ||||||
6.750% due 09/01/16 ~ | 100,000 | 107,500 | ||||||
7.125% due 09/01/18 ~ | 200,000 | 215,900 | ||||||
1,877,275 | ||||||||
Materials - 0.3% | ||||||||
Cemex SAB de CV (Mexico) | ||||||||
5.303% due 09/30/15 § ~ Δ | 700,000 | 693,007 | ||||||
Total Corporate Bonds & Notes (Cost $53,344,316) | 54,349,864 | |||||||
MORTGAGE-BACKED SECURITIES - 9.8% | ||||||||
Collateralized Mortgage Obligations — Commercial - 1.8% | ||||||||
Banc of America Large Loan Inc | ||||||||
2.005% due 11/15/15 “ § ~ | 984,277 | 931,411 | ||||||
BCRR Trust | ||||||||
4.230% due 12/22/28 “ ~ | 1,250,227 | 1,253,300 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-5
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
European Loan Conduit (Ireland) | ||||||||
1.243% due 05/15/19 “ § | EUR 686,266 | $ | 868,185 | |||||
JPMorgan Chase Commercial Mortgage Securities Corp | ||||||||
5.336% due 05/15/47 “ | $ | 110,000 | 115,157 | |||||
Morgan Stanley Capital I | ||||||||
5.877% due 06/11/49 “ § | 100,000 | 106,533 | ||||||
UBS Commercial Mortgage Trust | ||||||||
1.155% due 07/15/24 “ ~ § | 607,685 | 586,752 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
5.418% due 01/15/45 “ § | 210,000 | 225,452 | ||||||
4,086,790 | ||||||||
Collateralized Mortgage Obligations — Residential - 8.0% | ||||||||
Arkle Master Issuer PLC (United Kingdom) | ||||||||
1.464% due 05/17/60 “ § ~ | 500,000 | 500,468 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.290% due 08/25/35 “ § | 31,909 | 30,820 | ||||||
2.400% due 08/25/35 “ § | 56,155 | 54,225 | ||||||
2.710% due 03/25/35 “ § | 107,951 | 103,975 | ||||||
2.934% due 03/25/35 “ § | 33,790 | 32,621 | ||||||
3.121% due 01/25/35 “ § | 3,197,303 | 2,963,799 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
2.510% due 08/25/35 “ § | 50,947 | 48,474 | ||||||
2.560% due 08/25/35 “ § | 41,830 | 37,283 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust | ||||||||
0.590% due 06/25/35 “ § ~ | 32,992 | 28,100 | ||||||
4.440% due 01/19/34 “ § | 168,494 | 164,486 | ||||||
Driver One GmbH (Denmark) | ||||||||
1.787% due 09/21/14 “ § | EUR 399,851 | 567,386 | ||||||
Fannie Mae | ||||||||
0.600% due 07/25/37 “ § | $ | 850,714 | 850,553 | |||||
0.630% due 07/25/37 “ § | 808,982 | 809,375 | ||||||
0.690% due 05/25/36 “ § | 578,790 | 580,300 | ||||||
0.695% due 02/25/37 “ § | 176,961 | 177,089 | ||||||
0.930% due 02/25/41 “ § | 963,578 | 969,030 | ||||||
Freddie Mac | ||||||||
0.855% due 12/15/37 “ § | 2,826,424 | 2,840,473 | ||||||
GSR Mortgage Loan Trust | ||||||||
2.796% due 09/25/35 “ § | 85,164 | 83,473 | ||||||
Holmes Master Issuer (United Kingdom) | ||||||||
1.106% due 07/15/40 “ § | EUR 1,400,000 | 1,983,036 | ||||||
2.340% due 10/01/54 “ § ~ | 1,200,000 | 1,700,510 | ||||||
MLCC Mortgage Investors Inc | ||||||||
2.238% due 12/25/34 “ § | $ | 239,876 | 233,652 | |||||
New York Mortgage Trust Inc | ||||||||
2.786% due 05/25/36 “ § | 700,000 | 581,048 | ||||||
RBSSP Resecuritization Trust | ||||||||
2.703% due 07/26/45 “ § ~ | 1,049,996 | 1,034,067 | ||||||
Residential Accredit Loans Inc | ||||||||
0.430% due 06/25/46 “ § | 168,376 | 68,480 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
0.460% due 05/25/46 “ § | 154,669 | 88,146 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
2.864% due 10/25/35 “ § | 559,358 | 524,964 | ||||||
2.888% due 10/25/35 “ § | 1,400,000 | 1,257,540 | ||||||
18,313,373 | ||||||||
Total Mortgage-Backed Securities (Cost $21,894,769) | 22,400,163 | |||||||
ASSET-BACKED SECURITIES - 5.0% | ||||||||
Aames Mortgage Investment Trust | ||||||||
0.830% due 10/25/35 “ § | 180,372 | 179,402 | ||||||
Ally Auto Receivables Trust | ||||||||
1.320% due 03/15/12 ” ~ | 162,741 | 162,858 | ||||||
AMMC CLO (Cayman) | ||||||||
0.544% due 08/08/17 “ § ~ | 199,203 | 187,015 | ||||||
ARES CLO Funds (Cayman) | ||||||||
0.537% due 03/12/18 “ § ~ | 494,669 | 463,613 | ||||||
Asset Backed Funding Certificates | ||||||||
0.730% due 06/25/35 “ § | 1,128,349 | 1,111,130 | ||||||
First Franklin Mortgage Loan Asset-Backed Certificates | ||||||||
0.300% due 11/25/36 “ § | 33,396 | 33,143 | ||||||
Freddie Mac Structured Pass-Through Securities | ||||||||
0.530% due 09/25/31 “ § | 2,677 | 2,540 | ||||||
Harvest CLO (Luxembourg) | ||||||||
2.003% due 03/29/17 “ ~ § | EUR 303,386 | 396,380 | ||||||
Hillmark Funding CDO (Cayman) | ||||||||
0.563% due 05/21/21 “ § ~ ∆ | $ | 1,100,000 | 1,023,361 | |||||
Pacifica CDO Ltd (Cayman) | ||||||||
0.663% due 02/15/17 “ § | 870,495 | 845,312 | ||||||
Park Place Securities Inc | ||||||||
0.930% due 12/25/34 “ § | 359,904 | 343,736 | ||||||
Plymouth Rock CLO Ltd Inc | ||||||||
1.920% due 02/16/19 “ § ~ | 1,000,000 | 998,459 | ||||||
Race Point CLO (Cayman) | ||||||||
0.863% due 05/15/15 “ § ~ | 615,654 | 580,487 | ||||||
SLM Student Loan Trust | ||||||||
1.433% due 12/15/23 “ § | EUR 2,182,329 | 2,972,326 | ||||||
1.443% due 09/15/21 “ § | 1,227,903 | 1,692,003 | ||||||
Structured Asset Securities Corp | ||||||||
0.340% due 02/25/37 “ § | $ | 233,868 | 231,229 | |||||
Wood Street CLO BV (Netherlands) | ||||||||
1.763% due 03/29/21 “ § ~ | EUR 246,374 | 322,113 | ||||||
Total Asset-Backed Securities (Cost $11,469,011) | 11,545,107 | |||||||
U.S. TREASURY OBLIGATIONS — 83.9% | ||||||||
U.S. Treasury Inflation Protected Securities — 83.9% | ||||||||
0.500% due 04/15/15 ^ | $ | 406,416 | 421,911 | |||||
0.625% due 04/15/13 ^ | 1,979,306 | 2,072,240 | ||||||
1.125% due 01/15/21 ^ | 201,314 | 204,224 | ||||||
1.250% due 04/15/14 ^ | 1,976,817 | 2,113,032 | ||||||
1.250% due 07/15/20 ^ | 5,452,110 | 5,629,304 | ||||||
1.625% due 01/15/15 ^ ‡ | 8,879,255 | 9,626,364 | ||||||
1.625% due 01/15/18 ^ | 1,576,560 | 1,706,626 | ||||||
1.750% due 01/15/28 ^ | 2,627,600 | 2,680,562 | ||||||
1.875% due 07/15/13 ^ | 5,035,254 | 5,447,123 | ||||||
1.875% due 07/15/15 ^ | 9,961,776 | 10,960,285 | ||||||
1.875% due 07/15/19 ^ | 5,774,944 | 6,334,842 | ||||||
2.000% due 01/15/14 ^ | 13,545,557 | 14,754,949 | ||||||
2.000% due 01/15/16 ^ | 3,106,292 | 3,430,511 | ||||||
2.000% due 01/15/26 ^ | 4,659,438 | 4,977,226 | ||||||
2.000% due 04/15/12 ^ | 1,193,610 | 1,248,442 | ||||||
2.000% due 07/15/14 ^ | 1,869,008 | 2,051,382 | ||||||
2.125% due 01/15/19 ^ | 4,102,280 | 4,576,926 | ||||||
2.375% due 04/15/11 ^ ‡ | 1,331,208 | 1,335,889 | ||||||
2.375% due 01/15/17 ^ | 3,057,208 | 3,446,764 | ||||||
2.375% due 01/15/25 ^ | 6,693,385 | 7,521,691 | ||||||
2.375% due 01/15/27 ^ ‡ | 11,273,366 | 12,534,678 | ||||||
2.500% due 01/15/29 ^ | 7,794,332 | 8,838,648 | ||||||
2.500% due 07/15/16 ^ | 12,898,810 | 14,596,375 | ||||||
2.625% due 07/15/17 ^ | 10,417,160 | 11,956,731 | ||||||
3.000% due 07/15/12 ^ | 16,781,803 | 17,936,527 | ||||||
3.375% due 01/15/12 ^ | 11,811,015 | 12,335,811 | ||||||
3.375% due 04/15/32 ^ | 186,075 | 239,833 | ||||||
3.625% due 04/15/28 ^ | 4,996,265 | 6,450,258 | ||||||
3.875% due 04/15/29 ^ ‡ | 12,677,685 | 16,943,084 | ||||||
192,372,238 | ||||||||
Total U.S. Treasury Obligations (Cost $188,758,315) | 192,372,238 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-6
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | |||||||||
Amount | Value | ||||||||
FOREIGN GOVERNMENT BONDS & NOTES - 2.8% | |||||||||
Australian Government Bond (Australia) | |||||||||
2.500% due 09/20/30 | AUD 200,000 | $ | 204,289 | ||||||
3.000% due 09/20/25 | 1,100,000 | 1,237,138 | |||||||
4.000% due 08/20/20 | 300,000 | 509,075 | |||||||
Canada Housing Trust No.1 (Canada) | |||||||||
2.450% due 12/15/15 ~ | CAD 1,200,000 | 1,214,110 | |||||||
Instituto de Credito Oficial (Spain) | |||||||||
2.941% due 03/25/14 § ~ Δ | EUR 1,600,000 | 2,261,770 | |||||||
Italy Buoni Poliennali del Tesoro (Italy) | |||||||||
2.100% due 09/15/16 | 301,827 | 436,279 | |||||||
New South Wales Treasury Corp (Australia) | |||||||||
2.750% due 11/20/25 | AUD 500,000 | 543,799 | |||||||
Total Foreign Government Bonds & Notes (Cost $5,992,441) | 6,406,460 | ||||||||
MUNICIPAL BONDS - 0.1% | |||||||||
Tobacco Settlement Finance Authority of WV ‘A’ | |||||||||
7.467% due 06/01/47 | $ | 95,000 | 66,377 | ||||||
Tobacco Settlement Financing Corp of RI ‘A’ | |||||||||
6.000% due 06/01/23 | 65,000 | 65,979 | |||||||
Total Municipal Bonds (Cost $148,566) | 132,356 | ||||||||
SHORT-TERM INVESTMENTS - 0.7% | |||||||||
Commercial Paper - 0.3% | |||||||||
Itau Unibanco Holdings SA (Brazil) | |||||||||
1.200% due 04/20/11 | 600,000 | 599,621 | |||||||
Shares | |||||||||
Money Market Fund - 0.4% | |||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 990,176 | 990,176 | |||||||
Total Short-Term Investments (Cost $1,589,797) | 1,589,797 | ||||||||
TOTAL INVESTMENTS - 126.0% (Cost $283,297,215) | 288,899,505 | ||||||||
OTHER ASSETS & LIABILITIES, NET — (26.0%) | (59,543,104 | ) | |||||||
NET ASSETS - 100.0% | $ | 229,356,401 | |||||||
U.S. Treasury Obligations | 83.9 | % | ||
Corporate Bonds & Notes | 23.7 | % | ||
Mortgage-Backed Securities | 9.8 | % | ||
Asset-Backed Securities | 5.0 | % | ||
Foreign Government Bonds & Notes | 2.8 | % | ||
Short-Term Investments | 0.7 | % | ||
Municipal Bonds | 0.1 | % | ||
126.0 | % | |||
Other Assets & Liabilities, Net | (26.0 | %) | ||
100.0 | % | |||
(b) | As of March 31, 2011, 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 | 71.8 | % | ||
A-1 | 0.2 | % | ||
AA | 6.2 | % | ||
A | 7.8 | % | ||
BBB | 3.9 | % | ||
BB | 1.3 | % | ||
B | 0.9 | % | ||
Not Rated | 7.9 | % | ||
100.0 | % | |||
(c) | Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments. | |
(d) | As of March 31, 2011, 5.7% of the fund’s net assets were reported illiquid by the portfolio manager under the Trust’s policy. | |
(e) | Open futures contracts outstanding as of March 31, 2011 were as follows: |
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
Eurodollar (09/11) | 32 | $ | 32,000,000 | $ | 6,112 | |||||||
Eurodollar (12/11) | 22 | 22,000,000 | (2,188 | ) | ||||||||
Eurodollar (03/12) | 55 | 55,000,000 | (13,337 | ) | ||||||||
Eurodollar (06/12) | 15 | 15,000,000 | (8,250 | ) | ||||||||
Total Futures Contracts | ($17,663 | ) | ||||||||||
(f) | A reverse repurchase agreement outstanding as of March 31, 2011 was as follows: |
Interest | Settlement | Maturity | Repurchase | Principal | ||||||||||||
Counterparty | Rate | Date | Date | Amount | Amount | |||||||||||
DUB | 0.210 | % | 03/24/11 | 04/15/11 | $ | 1,272,163 | $ | 1,272,000 | ||||||||
(g) | The average amount of borrowings by the fund on reverse repurchase agreements while outstanding during the year ended March 31, 2011 was $993,270 at a weighted average interest rate of 0.227%. | |
(h) | Forward foreign currency contracts outstanding as of March 31, 2011 were as follows: |
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Sell | AUD | 290,000 | 04/11 | DUB | ( $15,382 | ) | ||||||||||||||
Sell | AUD | 1,373,000 | 04/11 | RBS | (36,147 | ) | ||||||||||||||
Buy | BRL | 1,531,244 | 04/11 | BRC | 34,636 | |||||||||||||||
Sell | BRL | 1,531,244 | 04/11 | CIT | (20,809 | ) | ||||||||||||||
Buy | BRL | 1,531,244 | 06/11 | CIT | 21,178 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-7
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2011
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Buy | CAD | 575,000 | 06/11 | CIT | $ | 3,599 | ||||||||||||||
Buy | CNY | 237,000 | 11/11 | BRC | (276 | ) | ||||||||||||||
Buy | CNY | 1,424,792 | 11/11 | CIT | 781 | |||||||||||||||
Buy | CNY | 887,138 | 11/11 | JPM | (995 | ) | ||||||||||||||
Buy | CNY | 2,318,616 | 02/12 | DUB | 1,845 | |||||||||||||||
Sell | EUR | 1,755,000 | 04/11 | CIT | (69,322 | ) | ||||||||||||||
Sell | EUR | 260,000 | 04/11 | DUB | (9,866 | ) | ||||||||||||||
Sell | EUR | 589,000 | 04/11 | HSB | (22,354 | ) | ||||||||||||||
Sell | EUR | 1,195,000 | 04/11 | JPM | (74,107 | ) | ||||||||||||||
Sell | EUR | 1,598,000 | 04/11 | MSC | (5,269 | ) | ||||||||||||||
Sell | EUR | 11,754,000 | 04/11 | UBS | (529,759 | ) | ||||||||||||||
Sell | GBP | 444,000 | 06/11 | CIT | 581 | |||||||||||||||
Sell | GBP | 443,000 | 06/11 | CSF | 805 | |||||||||||||||
Buy | IDR | 1,781,400,000 | 04/11 | BRC | 4,090 | |||||||||||||||
Sell | IDR | 1,781,400,000 | 04/11 | CIT | 199 | |||||||||||||||
Buy | IDR | 3,209,200,000 | 10/11 | CIT | 7,972 | |||||||||||||||
Buy | IDR | 1,480,000,000 | 10/11 | GSC | 3,704 | |||||||||||||||
Buy | IDR | 1,781,400,000 | 01/12 | CIT | (2,531 | ) | ||||||||||||||
Buy | INR | 77,061,700 | 08/11 | BRC | 42,560 | |||||||||||||||
Buy | INR | 10,400,000 | 08/11 | DUB | 4,938 | |||||||||||||||
Sell | JPY | 24,203,000 | 04/11 | CIT | 15,636 | |||||||||||||||
Sell | JPY | 32,232,000 | 04/11 | DUB | 10,630 | |||||||||||||||
Buy | KRW | 433,930,000 | 05/11 | BRC | 9,015 | |||||||||||||||
Buy | KRW | 641,355,000 | 05/11 | CIT | 14,926 | |||||||||||||||
Buy | KRW | 260,030,000 | 05/11 | DUB | 6,469 | |||||||||||||||
Buy | KRW | 24,505,000 | 05/11 | GSC | 691 | |||||||||||||||
Buy | KRW | 57,000,000 | 05/11 | HSB | 1,060 | |||||||||||||||
Buy | KRW | 982,720,000 | 05/11 | JPM | 42,769 | |||||||||||||||
Buy | KRW | 114,000,000 | 05/11 | RBS | 2,906 | |||||||||||||||
Buy | MXN | 3,992,035 | 07/11 | HSB | 2,607 | |||||||||||||||
Buy | MXN | 3,626,450 | 07/11 | MSC | 2,147 | |||||||||||||||
Buy | MYR | 283,084 | 05/11 | CIT | 1,200 | |||||||||||||||
Buy | MYR | 764,070 | 08/11 | BRC | 2,854 | |||||||||||||||
Buy | MYR | 950,000 | 08/11 | CIT | 2,759 | |||||||||||||||
Buy | MYR | 243,325 | 08/11 | HSB | 533 | |||||||||||||||
Buy | MYR | 100,000 | 08/11 | JPM | 261 | |||||||||||||||
Buy | PHP | 16,758,400 | 06/11 | CIT | 3,107 | |||||||||||||||
Buy | PHP | 11,788,600 | 06/11 | DUB | 2,072 | |||||||||||||||
Buy | PHP | 2,235,000 | 06/11 | JPM | 354 | |||||||||||||||
Buy | PHP | 16,651,010 | 11/11 | BRC | 4,624 | |||||||||||||||
Buy | PHP | 5,300,000 | 11/11 | CIT | 1,352 | |||||||||||||||
Buy | SGD | 653,214 | 06/11 | GSC | 8,383 | |||||||||||||||
Buy | SGD | 260,815 | 09/11 | BRC | 3,006 | |||||||||||||||
Buy | SGD | 100,000 | 09/11 | CIT | 1,233 | |||||||||||||||
Buy | SGD | 100,000 | 09/11 | RBS | 1,588 | |||||||||||||||
Total Forward Foreign Currency Contracts: | $ | (517,747 | ) | |||||||||||||||||
(i) | Transactions in written options for the year ended March 31, 2011 were as follows: |
Notional | Notional | |||||||||||||||
Number of | Amount | Amount | ||||||||||||||
Contracts | in EUR | in $ | Premium | |||||||||||||
Outstanding, March 31, 2010 | 18 | — | 59,100,000 | $ | 445,261 | |||||||||||
Call Options Written | 183 | — | 62,600,000 | 306,326 | ||||||||||||
Put Options Written | 116 | 700,000 | 74,400,000 | 485,225 | ||||||||||||
Call Options Closed | (62 | ) | — | (27,600,000 | ) | (92,041 | ) | |||||||||
Put Options Closed | (53 | ) | — | (24,900,000 | ) | (164,340 | ) | |||||||||
Call Options Expired | (67 | ) | — | (47,700,000 | ) | (251,243 | ) | |||||||||
Put Options Expired | (48 | ) | (700,000 | ) | (61,100,000 | ) | (378,118 | ) | ||||||||
Outstanding, March 31, 2011 | 87 | — | 34,800,000 | $ | 351,070 | |||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-8
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2011
Exercise | Expiration | Counter- | Notional | |||||||||||||||||||||
Description | Rate | Date | party | Amount | Premium | Value | ||||||||||||||||||
Call — OTC Dow Jones CDX IG15 Index | 0.800 | % | 06/15/11 | BRC | $ | 100,000 | $ | 315 | $ | (174 | ) | |||||||||||||
Call — OTC Dow Jones CDX IG15 Index | 0.800 | % | 06/15/11 | MSC | 200,000 | 620 | (348 | ) | ||||||||||||||||
935 | (522 | ) | ||||||||||||||||||||||
Put — OTC Dow Jones CDX IG15 Index | 1.200 | % | 06/15/11 | BRC | 100,000 | $ | 310 | $ | (102 | ) | ||||||||||||||
Put — OTC Dow Jones CDX IG15 Index | 1.200 | % | 06/15/11 | MSC | 400,000 | 1,600 | (407 | ) | ||||||||||||||||
Put — OTC Dow Jones CDX IG15 Index | 1.200 | % | 09/21/11 | UBS | 100,000 | 540 | (290 | ) | ||||||||||||||||
Put — OTC Dow Jones CDX IG15 Index | 1.300 | % | 09/21/11 | MSC | 400,000 | 1,800 | (1,591 | ) | ||||||||||||||||
4,250 | (2,390 | ) | ||||||||||||||||||||||
$ | 5,185 | $ | (2,912 | ) | ||||||||||||||||||||
(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 investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. The seller is only obligated if the swaption is exercised. | |
(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 investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. The fund is only obligated if the swaption is exercised. |
Strike | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | Index | Index | Date | party | Amount | Premium | Value | |||||||||||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 215.95 | Maximum of ((-1.00%)10 - Inflation Adjustment) or $0 | 03/12/20 | CIT | $ | 1,200,000 | $ | 10,320 | $ | (6,679 | ) | |||||||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 216.69 | Maximum of ((-1.00%)10 - Inflation Adjustment) or $0 | 04/07/20 | CIT | 2,000,000 | 17,720 | (11,446 | ) | ||||||||||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 217.97 | Maximum of ((-1.00%)10 - Inflation Adjustment) or $0 | 09/29/20 | CIT | 300,000 | 3,870 | (1,838 | ) | ||||||||||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 218.01 | Maximum of ((-1.00%)10 - Inflation Adjustment) or $0 | 10/13/20 | DUB | 700,000 | 6,860 | (5,497 | ) | ||||||||||||||||||||
$ | 38,770 | $ | (25,460 | ) | ||||||||||||||||||||||||
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | BRC | $ | 3,800,000 | $ | 34,352 | $ | (45,963 | ) | ||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | CIT | 1,400,000 | 15,688 | (16,934 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | DUB | 1,000,000 | 11,177 | (12,096 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | RBS | 2,200,000 | 24,378 | (26,610 | ) | |||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 10.000 | % | 07/10/12 | MSC | 200,000 | 1,320 | (21 | ) | |||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 10.000 | % | 07/10/12 | RBS | 500,000 | 3,400 | (52 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | CIT | 600,000 | 4,087 | (8,359 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | MSC | 300,000 | 1,920 | (4,179 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | RBS | 12,600,000 | 101,115 | (175,530 | ) | |||||||||||||||||||
$ | 197,437 | $ | (289,744 | ) | ||||||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-9
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2011
Exercise | Expiration | Counter- | Number of | |||||||||||||||||||||
Description | Price | Date | party | Contracts | Premium | Value | ||||||||||||||||||
Call — CBOT 10-Year U.S. Treasury Note Futures (06/11) | $ | 122.00 | 05/20/11 | MER | 54 | $ | 26,819 | $ | (14,344 | ) | ||||||||||||||
Call — CME Eurodollar Futures (09/11) | 99.38 | 09/19/11 | MER | 9 | 4,140 | (5,287 | ) | |||||||||||||||||
30,959 | (19,631 | ) | ||||||||||||||||||||||
Put — CBOT 10-Year U.S. Treasury Note Futures (06/11) | 117.00 | 05/20/11 | MER | 15 | 6,525 | (7,500 | ) | |||||||||||||||||
Put — CME Eurodollar Futures (09/11) | 99.38 | 09/19/11 | MER | 9 | 5,715 | (1,575 | ) | |||||||||||||||||
12,240 | (9,075 | ) | ||||||||||||||||||||||
$ | 43,199 | $ | (28,706 | ) | ||||||||||||||||||||
Exercise | Expiration | Counter- | Notional | |||||||||||||||||||||
Description | Price (1) | Date | party | Amount | Premium | Value | ||||||||||||||||||
Call & Put — OTC 1-Year vs. 1 Year Forward Volatility Agreement ∆ | $ | — | 10/11/11 | JPM | $ | 1,200,000 | $ | 6,096 | $ | (10,059 | ) | |||||||||||||
Call & Put — OTC 1-Year vs. 2 Year Forward Volatility Agreement ∆ | — | 10/11/11 | MSC | 2,600,000 | 28,849 | (45,969 | ) | |||||||||||||||||
Call & Put — OTC 1-Year vs. 2 Year Forward Volatility Agreement ∆ | — | 11/14/11 | MSC | 2,900,000 | 31,534 | (51,146 | ) | |||||||||||||||||
$ | 66,479 | $ | (107,174 | ) | ||||||||||||||||||||
(1) Exercise price and final cost determined on a future date based upon implied volatility parameters. | ||||||||||||||||||||||||
Total Written Options | $ | 351,070 | $ | (453,996 | ) | |||||||||||||||||||
Fixed Deal | Implied Credit | Upfront | ||||||||||||||||||||||||||||||
Pay | Expiration | Counter- | Spread at | Notional | Premiums Paid | Unrealized | ||||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/11 (3) | Amount (4) | Value (5) | (Received) | Depreciation | ||||||||||||||||||||||||
Pulte Homes Inc 5.250% due 01/15/14 | (1.000 | %) | 09/20/11 | DUB | 0.924 | % | $ | 500,000 | $ | (335 | ) | $ | 1,858 | $ | (2,193 | ) | ||||||||||||||||
Starwood Hotels & Resorts Worldwide Inc 6.750% due 05/15/18 | (1.000 | %) | 03/20/13 | DUB | 0.585 | % | 300,000 | (2,544 | ) | 5,065 | (7,609 | ) | ||||||||||||||||||||
American International Group Inc 5.875% due 05/01/13 | (5.000 | %) | 03/20/13 | GSC | 2.240 | % | 900,000 | (48,985 | ) | (41,360 | ) | (7,625 | ) | |||||||||||||||||||
$ | (51,864 | ) | $ | (34,437 | ) | $ | (17,427 | ) | ||||||||||||||||||||||||
Fixed Deal | Implied Credit | Upfront | Unrealized | |||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Premiums Paid | Appreciation | ||||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/11 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | ||||||||||||||||||||||||
ING Verzekeringen NV 4.000% due 09/18/13∆ | 1.400 | % | 06/20/11 | DUB | 1.034 | % | EUR 300,000 | $ | 529 | $ | — | $ | 529 | |||||||||||||||||||
Petrobras International 8.375% due 12/10/18 | 1.000 | % | 09/20/12 | DUB | 0.776 | % | $ | 100,000 | 362 | (1,241 | ) | 1,603 | ||||||||||||||||||||
American International Group Inc 6.250% due 05/01/36 | 1.950 | % | 03/20/13 | DUB | 0.767 | % | 1,200,000 | 28,596 | — | 28,596 | ||||||||||||||||||||||
France Government Bond OAT 4.250% due 04/25/19 | 0.250 | % | 06/20/15 | CIT | 0.620 | % | 800,000 | (12,042 | ) | (16,897 | ) | 4,855 | ||||||||||||||||||||
Republic of Brazil 12.250% due 03/06/30 | 1.000 | % | 06/20/15 | BRC | 0.966 | % | 800,000 | 1,352 | (6,842 | ) | 8,194 | |||||||||||||||||||||
United Kingdom GILT 4.250% due 06/07/32 ∆ | 1.000 | % | 06/20/15 | GSC | 0.450 | % | 1,600,000 | 36,604 | 17,606 | 18,998 | ||||||||||||||||||||||
Republic of Brazil 12.250% due 03/06/30 | 1.000 | % | 06/20/15 | HSB | 0.966 | % | 700,000 | 1,183 | (7,024 | ) | 8,207 | |||||||||||||||||||||
France Government Bond OAT 4.250% due 04/25/19 | 0.250 | % | 12/20/15 | BRC | 0.693 | % | 800,000 | (15,981 | ) | (15,888 | ) | (93 | ) | |||||||||||||||||||
Japanese Government Bond 2.000% due 03/21/22 ∆ | 1.000 | % | 12/20/15 | GSC | 0.928 | % | 1,000,000 | 3,526 | 22,098 | (18,572 | ) | |||||||||||||||||||||
Japanese Government Bond 2.000% due 03/21/22 ∆ | 1.000 | % | 06/20/16 | HSB | 0.999 | % | 1,300,000 | 290 | (635 | ) | 925 | |||||||||||||||||||||
$ | 44,419 | $ | (8,823 | ) | $ | 53,242 | ||||||||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-10
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2011
Fixed Deal | Upfront | Unrealized | ||||||||||||||||||||||||||
Receive | Expiration | Counter- | Notional | Premiums Paid | Appreciation | |||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | Amount (4) | Value (5) | (Received) | (Depreciation) | |||||||||||||||||||||
Dow Jones CDX NA IG-16 5Y ∆ | 1.000 | % | 06/20/16 | GSC | $ | 5,800,000 | $ | 12,854 | $ | 11,596 | $ | 1,258 | ||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | CIT | 1,900,000 | 250,037 | 244,835 | 5,202 | ||||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | DUB | 200,000 | 26,320 | 30,200 | (3,880 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | MSC | 1,200,000 | 157,918 | 168,000 | (10,082 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | UBS | 300,000 | 39,480 | 42,300 | (2,820 | ) | |||||||||||||||||||
Dow Jones CDX NA EM15 5Y ∆ | 5.000 | % | 06/20/16 | BRC | 200,000 | 28,012 | 27,000 | 1,012 | ||||||||||||||||||||
$ | 514,621 | $ | 523,931 | $ | (9,310 | ) | ||||||||||||||||||||||
Total Credit Default Swaps | $ | 507,176 | $ | 480,671 | $ | 26,505 | ||||||||||||||||||||||
(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 ofprotection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments 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 investments comprising the referenced index or (ii) pay net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. | |
(3) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of year 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, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk 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 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 be closed/sold as of the year end. Increasing 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 | Paid | Appreciation | ||||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
France CPI Excluding Tobacco | JPM | Pay | 2.261 | % | 07/14/11 | EUR 500,000 | $ | 28,728 | $ | — | $ | 28,728 | ||||||||||||||||||||
France CPI Excluding Tobacco | JPM | Pay | 2.028 | % | 10/15/11 | 200,000 | 7,666 | — | 7,666 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 10.115 | % | 01/02/12 | BRL 1,300,000 | (28,649 | ) | (18,939 | ) | (9,710 | ) | ||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.680 | % | 01/02/12 | 800,000 | (5,987 | ) | (6,967 | ) | 980 | |||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.140 | % | 01/02/12 | 500,000 | 5,298 | 1,918 | 3,380 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.290 | % | 01/02/12 | 200,000 | (356 | ) | (212 | ) | (144 | ) | ||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.360 | % | 01/02/12 | 6,500,000 | 60,207 | 3,554 | 56,653 | |||||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 11.670 | % | 01/02/12 | 200,000 | 3,554 | 1,620 | 1,934 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 14.765 | % | 01/02/12 | 2,300,000 | 144,207 | 15,333 | 128,874 | |||||||||||||||||||||||
BRL — CDI Compounded | MER | Pay | 14.765 | % | 01/02/12 | 100,000 | 6,270 | 191 | 6,079 | |||||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 11.890 | % | 01/02/13 | 3,500,000 | 11,490 | 2,159 | 9,331 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.890 | % | 01/02/13 | 1,400,000 | 4,596 | 1,943 | 2,653 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.980 | % | 01/02/13 | 900,000 | 3,825 | — | 3,825 | |||||||||||||||||||||||
BRL — CDI Compounded | UBS | Pay | 12.070 | % | 01/02/13 | 1,900,000 | 10,933 | (6,688 | ) | 17,621 | ||||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 12.285 | % | 01/02/13 | 800,000 | 7,040 | 2,511 | 4,529 | |||||||||||||||||||||||
Total Interest Rate Swaps | $ | 258,822 | $ | (3,577 | ) | $ | 262,399 | |||||||||||||||||||||||||
Total Swap Agreements | $ | 765,998 | $ | 477,094 | $ | 288,904 | ||||||||||||||||||||||||||
(l) | As of March 31, 2011, investments with total aggregate values of $160,160 and $1,253,038 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts and a reverse repurchase agreement, respectively. Additionally, $14,700 in cash was segregated as collateral for open futures contracts. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-11
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2011
(m) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Convertible Preferred Stocks (1) | $ | 103,520 | $ | 103,520 | $ | — | $ | — | |||||||||||
Corporate Bonds & Notes | 54,349,864 | — | 49,752,238 | 4,597,626 | ||||||||||||||||
Mortgage-Backed Securities | 22,400,163 | — | 22,400,163 | — | ||||||||||||||||
Asset-Backed Securities | 11,545,107 | — | 7,124,747 | 4,420,360 | ||||||||||||||||
U.S. Treasury Obligations | 192,372,238 | — | 192,372,238 | — | ||||||||||||||||
Foreign Government Bonds & Notes | 6,406,460 | — | 4,144,690 | 2,261,770 | ||||||||||||||||
Municipal Bonds | 132,356 | — | 132,356 | — | ||||||||||||||||
Short-Term Investments | 1,589,797 | 990,176 | 599,621 | — | ||||||||||||||||
Derivatives: | ||||||||||||||||||||
Credit Contracts | ||||||||||||||||||||
Swaps | 587,063 | — | 587,063 | — | ||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
Forward Foreign Currency Contracts | 269,070 | — | 269,070 | — | ||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Futures | 6,112 | 6,112 | — | — | ||||||||||||||||
Swaps | 293,814 | 293,814 | — | |||||||||||||||||
Total Interest Rate Contracts | 299,926 | 6,112 | 293,814 | — | ||||||||||||||||
Total Assets — Derivatives | 1,156,059 | 6,112 | 1,149,947 | — | ||||||||||||||||
Total Assets | 290,055,564 | 1,099,808 | 277,676,000 | 11,279,756 | ||||||||||||||||
Liabilities | Derivatives: | |||||||||||||||||||
Credit Contracts | ||||||||||||||||||||
Written Options | (2,912 | ) | — | (2,912 | ) | — | ||||||||||||||
Swaps | (79,887 | ) | — | (79,887 | ) | — | ||||||||||||||
Total Credit Contracts | (82,799 | ) | — | (82,799 | ) | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
Forward Foreign Currency Contracts | (786,817 | ) | — | (786,817 | ) | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Futures | (23,775 | ) | (23,775 | ) | — | — | ||||||||||||||
Written Options | (451,084 | ) | (28,706 | ) | (289,744 | ) | (132,634 | ) | ||||||||||||
Swaps | (34,992 | ) | — | (34,992 | ) | — | ||||||||||||||
Total Interest Rate Contracts | (509,851 | ) | (52,481 | ) | (324,736 | ) | (132,634 | ) | ||||||||||||
Total Liabilities — Derivatives | (1,379,467 | ) | (52,481 | ) | (1,194,352 | ) | (132,634 | ) | ||||||||||||
Total Liabilities | (1,379,467 | ) | (52,481 | ) | (1,194,352 | ) | (132,634 | ) | ||||||||||||
Total | $ | 288,676,097 | $ | 1,047,327 | $ | 276,481,648 | $ | 11,147,122 | ||||||||||||
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||||||
Total Change | (Depreciation) | |||||||||||||||||||||||||||||||
in Net | Transfers | on Level 3 | ||||||||||||||||||||||||||||||
Value, | Net | Accrued | Total Net | Unrealized | In and/ | Investments Held at | ||||||||||||||||||||||||||
Beginning | Purchases | Discounts | Realized Gains | Appreciation | or Out of | Value, | the End of Year, | |||||||||||||||||||||||||
Of Year | (Sales) | (Premiums) | (Losses) | (Depreciation) | Level 3 | End of Year | If Applicable | |||||||||||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 4,600,000 | $ | — | $ | — | $ | (2,374 | ) | $ | — | $ | 4,597,626 | $ | (2,374 | ) | ||||||||||||||
Asset-Backed Securities | 1,763,241 | 2,604,793 | — | 28,095 | 24,231 | — | 4,420,360 | 24,231 | ||||||||||||||||||||||||
Foreign Government Bonds & Notes | — | 2,261,745 | — | — | 25 | — | 2,261,770 | 25 | ||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||||||
Interest Rate Contracts Written Options | (12,183 | ) | (94,928 | ) | — | — | (25,523 | ) | — | (132,634 | ) | (27,833 | ) | |||||||||||||||||||
$ | 1,751,058 | $ | 9,371,610 | $ | — | $ | 28,095 | $ | (3,641 | ) | $ | — | $ | 11,147,122 | $ | (5,951 | ) | |||||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-12
PL MANAGED BOND FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.8% | ||||||||
Financials - 0.8% | ||||||||
American International Group Inc 8.500% | 8,300 | $ | 37,267 | |||||
Lehman Brothers Holdings Inc 8.750% Ω | 1,500 | 1,350 | ||||||
Wells Fargo & Co 7.500% | 3,000 | 3,105,600 | ||||||
3,144,217 | ||||||||
Total Convertible Preferred Stocks (Cost $3,649,385) | 3,144,217 | |||||||
PREFERRED STOCKS - 0.0% | ||||||||
Financials - 0.0% | ||||||||
Fannie Mae * | 8,000 | 13,600 | ||||||
Total Preferred Stocks (Cost $200,000) | 13,600 | |||||||
COMMON STOCKS - 0.0% | ||||||||
Financials - 0.0% | ||||||||
American International Group Inc * | 345 | 12,121 | ||||||
Total Common Stocks (Cost $12,519) | 12,121 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES - 30.5% | ||||||||
Consumer Discretionary - 0.0% | ||||||||
General Motors Corp 8.375% due 07/05/33 Ω | EUR | 200,000 | 80,071 | |||||
Consumer Staples - 0.8% | ||||||||
Anheuser-Busch InBev Worldwide Inc 0.854% due 01/27/14 § | $ | 1,700,000 | 1,714,691 | |||||
Kraft Foods Inc | ||||||||
6.125% due 02/01/18 | 700,000 | 782,351 | ||||||
6.875% due 02/01/38 | 100,000 | 111,226 | ||||||
Reynolds American Inc 7.625% due 06/01/16 | 100,000 | 118,786 | ||||||
Wal-Mart Stores Inc | ||||||||
5.800% due 02/15/18 | 200,000 | 227,714 | ||||||
6.500% due 08/15/37 | 100,000 | 114,205 | ||||||
3,068,973 | ||||||||
Energy — 1.4% | ||||||||
Colorado Interstate Gas Co 6.800% due 11/15/15 | 200,000 | 230,614 | ||||||
Gaz Capital SA (Russia) | ||||||||
8.146% due 04/11/18 ~ | 500,000 | 591,850 | ||||||
9.250% due 04/23/19 ~ | 500,000 | 624,350 | ||||||
NGPL PipeCo LLC 7.119% due 12/15/17 ~ | 500,000 | 558,546 | ||||||
Novatek Finance Ltd (Ireland) 5.326% due 02/03/16 ~ | 200,000 | 206,425 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd (Cayman) 6.350% due 06/30/21 ~ | 100,000 | 105,875 | ||||||
Petrobras International Finance Co (Cayman) | ||||||||
5.375% due 01/27/21 | 900,000 | 906,125 | ||||||
5.875% due 03/01/18 | 400,000 | 425,315 | ||||||
Petroleos Mexicanos (Mexico) 5.500% due 01/21/21 | 600,000 | 612,000 | ||||||
Ras Laffan Liquefied Natural Gas Co Ltd III (Qatar) 4.500% due 09/30/12 ∆ ~ | 400,000 | 415,300 | ||||||
Shell International Finance BV (Netherlands) 5.500% due 03/25/40 | 100,000 | 101,617 | ||||||
TNK-BP Finance SA (Luxembourg) 7.250% due 02/02/20 ~ | 200,000 | 221,000 | ||||||
TransCapitalInvest Ltd for OJSC AK Transneft (Ireland) 8.700% due 08/07/18 ~ | 100,000 | 124,125 | ||||||
5,123,142 | ||||||||
Financials - 24.4% | ||||||||
Ally Financial Inc | ||||||||
6.250% due 12/01/17 ~ | 300,000 | 306,000 | ||||||
7.500% due 09/15/20 ~ | 200,000 | 214,250 | ||||||
8.300% due 02/12/15 | 600,000 | 659,250 | ||||||
American Express Bank FSB 5.500% due 04/16/13 | 600,000 | 643,461 | ||||||
American Express Centurion Bank 6.000% due 09/13/17 | 1,200,000 | 1,336,852 | ||||||
American Express Co 4.875% due 07/15/13 | 200,000 | 213,185 | ||||||
American General Finance Corp 4.125% due 11/29/13 | EUR | 1,000,000 | 1,298,981 | |||||
American International Group Inc | ||||||||
5.450% due 05/18/17 | $ | 100,000 | 102,766 | |||||
5.850% due 01/16/18 | 800,000 | 834,891 | ||||||
6.250% due 03/15/37 | 200,000 | 184,000 | ||||||
ANZ National International Ltd (New Zealand) 6.200% due 07/19/13 ~ | 300,000 | 327,216 | ||||||
Banco Santander Brasil SA (Brazil) 4.250% due 01/14/16 ~ | 300,000 | 300,570 | ||||||
Banco Santander Brazil SA (Brazil) 2.409% due 03/18/14 § ~ | 600,000 | 601,812 | ||||||
Banco Santander Chile (Chile) | ||||||||
1.553% due 04/20/12 § ~ | 400,000 | 400,005 | ||||||
1.903% due 01/19/16 § ~ | 1,000,000 | 1,005,030 | ||||||
Bank of America Corp | ||||||||
1.723% due 01/30/14 § | 1,200,000 | 1,220,624 | ||||||
4.500% due 04/01/15 | 1,900,000 | 1,971,900 | ||||||
4.875% due 01/15/13 | 100,000 | 105,127 | ||||||
5.650% due 05/01/18 | 700,000 | 731,381 | ||||||
Bank of China Hong Kong Ltd (Hong Kong) 5.550% due 02/11/20 ~ | 100,000 | 102,700 | ||||||
Bank of Montreal (Canada) 2.850% due 06/09/15 ~ | 100,000 | 100,843 | ||||||
Bank of Nova Scotia (Canada) 1.650% due 10/29/15 ~ | 200,000 | 191,825 | ||||||
Banque PSA Finance (France) 2.203% due 04/04/14 § ~ | 600,000 | 598,786 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
5.000% due 09/22/16 | 100,000 | 105,991 | ||||||
5.450% due 09/12/12 | 800,000 | 848,796 | ||||||
6.050% due 12/04/17 ~ | 2,700,000 | 2,812,782 | ||||||
10.179% due 06/12/21 ~ | 720,000 | 918,079 | ||||||
BM&FBovespa SA (Brazil) 5.500% due 07/16/20 ~ | 100,000 | 102,678 | ||||||
BPCE SA (France) | ||||||||
2.375% due 10/04/13 ~ | 100,000 | 99,997 | ||||||
9.000% § ± | EUR | 300,000 | 437,955 | |||||
CIT Group Inc | ||||||||
5.250% due 04/01/14 ~ | $ | 100,000 | 100,613 | |||||
7.000% due 05/01/15 | 600,000 | 606,750 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-13
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | |||||||||
Amount | Value | ||||||||
Citigroup Capital XXI | |||||||||
8.300% due 12/21/77 § | $ | 2,000,000 | $ | 2,090,000 | |||||
Citigroup Inc | |||||||||
2.312% due 08/13/13 § | 200,000 | 206,019 | |||||||
3.625% due 11/30/17 § | EUR 500,000 | 667,930 | |||||||
5.500% due 04/11/13 | $ | 700,000 | 748,940 | ||||||
5.500% due 10/15/14 | 1,000,000 | 1,078,397 | |||||||
5.625% due 08/27/12 | 50,000 | 52,555 | |||||||
5.875% due 05/29/37 | 200,000 | 195,799 | |||||||
8.500% due 05/22/19 | 200,000 | 246,851 | |||||||
Commonwealth Bank of Australia (Australia) | |||||||||
0.723% due 07/12/13 § ~ | 1,600,000 | 1,603,667 | |||||||
Credit Agricole SA (France) | |||||||||
5.136% § ± ~ | GBP 300,000 | 419,974 | |||||||
Credit Suisse NY (Switzerland) | |||||||||
2.200% due 01/14/14 | $ | 300,000 | 301,347 | ||||||
Danske Bank AS (Denmark) | |||||||||
2.500% due 05/10/12 ~ | 200,000 | 203,000 | |||||||
Deutsche Bank AG (Germany) | |||||||||
6.000% due 09/01/17 | 900,000 | 997,803 | |||||||
Dexia Credit Local SA (France) | |||||||||
0.784% due 04/29/14 § ~ | 800,000 | 796,143 | |||||||
0.959% due 09/23/11 § ~ | 500,000 | 500,911 | |||||||
Ford Motor Credit Co LLC | |||||||||
3.053% due 01/13/12 § | 2,900,000 | 2,929,029 | |||||||
7.250% due 10/25/11 | 100,000 | 102,922 | |||||||
7.800% due 06/01/12 | 900,000 | 954,406 | |||||||
General Electric Capital Corp | |||||||||
5.875% due 01/14/38 | 900,000 | 891,515 | |||||||
6.875% due 01/10/39 | 200,000 | 223,931 | |||||||
General Motors Acceptance Corp | |||||||||
6.625% due 05/15/12 | 300,000 | 309,219 | |||||||
6.875% due 09/15/11 | 1,500,000 | 1,531,875 | |||||||
7.000% due 02/01/12 | 600,000 | 619,094 | |||||||
HBOS PLC (United Kingdom) | |||||||||
0.510% due 09/06/17 § | 8,100,000 | 7,022,214 | |||||||
HCP Inc | |||||||||
5.950% due 09/15/11 | 700,000 | 715,508 | |||||||
HSBC Bank PLC (United Kingdom) | |||||||||
2.000% due 01/19/14 ~ | 200,000 | 199,490 | |||||||
ICICI Bank Ltd (India) | |||||||||
5.500% due 03/25/15 ~ | 600,000 | 625,470 | |||||||
ING Bank NV (Netherlands) | |||||||||
1.107% due 03/30/12 § ~ | 700,000 | 702,292 | |||||||
2.500% due 01/14/16 ~ | 100,000 | 96,036 | |||||||
Intesa Sanpaolo SPA (Italy) | |||||||||
2.375% due 12/21/12 | 1,400,000 | 1,409,674 | |||||||
2.713% due 02/24/14 § ~ | 500,000 | 506,836 | |||||||
JPMorgan Chase & Co | |||||||||
1.057% due 09/30/13 § | 900,000 | 904,393 | |||||||
4.250% due 10/15/20 | 1,600,000 | 1,529,728 | |||||||
7.900% § ± | 300,000 | 329,371 | |||||||
LeasePlan Corp NV (Netherlands) | |||||||||
3.125% due 02/10/12 | EUR 300,000 | 430,189 | |||||||
Lehman Brothers Holdings Inc | |||||||||
2.851% due 12/23/19 Ω § | $ | 500,000 | 129,375 | ||||||
5.625% due 01/24/13 Ω | 1,200,000 | 318,000 | |||||||
6.750% due 12/28/17 Ω | 500,000 | 400 | |||||||
6.875% due 05/02/18 Ω | 100,000 | 26,750 | |||||||
Lloyds TSB Bank PLC (United Kingdom) | |||||||||
4.875% due 01/21/16 | 200,000 | 205,771 | |||||||
12.000% § ~ ± | 1,100,000 | 1,290,626 | |||||||
Macquarie Bank Ltd (Australia) | |||||||||
3.300% due 07/17/14 ~ | 5,300,000 | 5,525,012 | |||||||
Merrill Lynch & Co Inc | |||||||||
6.875% due 04/25/18 | 900,000 | 999,380 | |||||||
MetLife Institutional Funding II | |||||||||
1.201% due 04/04/14 § ~ ∆ | 1,800,000 | 1,799,722 | |||||||
Metropolitan Life Global Funding I | |||||||||
5.125% due 04/10/13 ~ | 300,000 | 320,117 | |||||||
Morgan Stanley | |||||||||
0.510% due 04/19/12 § | 100,000 | 100,057 | |||||||
5.950% due 12/28/17 | 1,900,000 | 2,040,583 | |||||||
Nationwide Building Society (United Kingdom) | |||||||||
6.250% due 02/25/20 ~ | 300,000 | 312,315 | |||||||
Nordea Bank AB (Sweden) | |||||||||
2.125% due 01/14/14 ~ | 100,000 | 99,750 | |||||||
Nordea Eiendomskreditt AS (Norway) | |||||||||
0.714% due 04/07/14 § ~ ∆ | 900,000 | 899,861 | |||||||
Nykredit Realkredit AS (Denmark) | |||||||||
2.359% due 04/01/38 § | DKK 731,116 | 132,655 | |||||||
2.359% due 10/01/38 § | 896,280 | 160,220 | |||||||
Principal Life Income Funding Trusts | |||||||||
5.300% due 04/24/13 | $ | 100,000 | 107,585 | ||||||
Qatari Diar Finance QSC (Qatar) | |||||||||
5.000% due 07/21/20 ~ | 200,000 | 198,478 | |||||||
Realkredit Danmark AS (Denmark) | |||||||||
2.340% due 01/01/38 § | DKK 3,183,974 | 572,221 | |||||||
Regions Bank/Birmingham AL | |||||||||
7.500% due 05/15/18 | $ | 300,000 | 317,273 | ||||||
Regions Financial Corp | |||||||||
0.479% due 06/26/12 § | 900,000 | 869,185 | |||||||
RZD Capital Ltd (Ireland) | |||||||||
5.739% due 04/03/17 | 500,000 | 522,975 | |||||||
Santander Issuances SA Unipersonal (Spain) | |||||||||
7.300% due 07/27/19 § | GBP 3,000,000 | 4,940,768 | |||||||
Santander U.S. Debt SA Unipersonal (Spain) | |||||||||
1.107% due 03/30/12 § ~ | $ | 1,500,000 | 1,486,475 | ||||||
SLM Corp | |||||||||
0.533% due 10/25/11 § | 900,000 | 890,420 | |||||||
2.244% due 10/01/14 § | 100,000 | 94,536 | |||||||
5.000% due 10/01/13 | 3,200,000 | 3,311,360 | |||||||
6.250% due 01/25/16 | 100,000 | 104,358 | |||||||
8.000% due 03/25/20 | 400,000 | 436,706 | |||||||
State Bank of India/London (India) | |||||||||
4.500% due 07/27/15 ~ | 1,000,000 | 1,020,164 | |||||||
Stone Street Trust | |||||||||
5.902% due 12/15/15 ~ | 700,000 | 730,082 | |||||||
Temasek Financial I Ltd (Singapore) | |||||||||
4.300% due 10/25/19 ~ | 300,000 | 304,937 | |||||||
The Bear Stearns Cos LLC | |||||||||
6.400% due 10/02/17 | 400,000 | 449,351 | |||||||
The Dai-ichi Life Insurance Co Ltd (Japan) | |||||||||
7.250% § ~ ± Δ | 300,000 | 296,930 | |||||||
The Goldman Sachs Group Inc | |||||||||
0.491% due 02/06/12 § | 200,000 | 199,953 | |||||||
6.250% due 09/01/17 | 1,100,000 | 1,204,468 | |||||||
6.750% due 10/01/37 | 1,200,000 | 1,214,092 | |||||||
The Royal Bank of Scotland Group PLC | |||||||||
(United Kingdom) | |||||||||
0.707% due 04/08/11 § ~ | 400,000 | 400,016 | |||||||
2.625% due 05/11/12 ~ | 100,000 | 102,198 | |||||||
3.000% due 12/09/11 ~ | 800,000 | 814,463 | |||||||
3.950% due 09/21/15 | 400,000 | 400,238 | |||||||
7.640% ± | 500,000 | 400,000 | |||||||
UBS AG (Switzerland) | |||||||||
1.413% due 02/23/12 § | 300,000 | 302,476 | |||||||
5.875% due 12/20/17 | 700,000 | 764,275 | |||||||
Vnesheconombank Via VEB Finance Ltd (Ireland) | |||||||||
5.450% due 11/22/17 ~ | 100,000 | 102,000 | |||||||
Wachovia Corp | |||||||||
0.433% due 10/15/11 § | 800,000 | 800,785 | |||||||
0.494% due 08/01/13 § | 300,000 | 298,416 | |||||||
Wells Fargo & Co | |||||||||
7.980% § ± | 1,700,000 | 1,870,000 | |||||||
Westpac Banking Corp (Australia) | |||||||||
1.037% due 03/31/14 § ~ Δ | 1,000,000 | 999,410 | |||||||
92,514,812 | |||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-14
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
Health Care — 0.3% | ||||||||
Roche Holdings Inc | ||||||||
7.000% due 03/01/39 ~ | $ | 400,000 | $ | 488,694 | ||||
UnitedHealth Group Inc | ||||||||
6.000% due 02/15/18 | 400,000 | 444,800 | ||||||
6.875% due 02/15/38 | 100,000 | 112,536 | ||||||
1,046,030 | ||||||||
Industrials — 1.1% | ||||||||
International Lease Finance Corp | ||||||||
0.653% due 07/13/12 § | 2,682,000 | 2,627,622 | ||||||
1.468% due 08/15/11 § | EUR | 400,000 | 561,892 | |||||
5.300% due 05/01/12 | $ | 300,000 | 306,750 | |||||
5.400% due 02/15/12 | 300,000 | 306,375 | ||||||
5.625% due 09/20/13 | 255,000 | 260,419 | ||||||
Noble Group Ltd (Bermuda) | ||||||||
6.750% due 01/29/20 ~ | 200,000 | 214,716 | ||||||
4,277,774 | ||||||||
Materials — 0.8% | ||||||||
Codelco Inc (Chile) | ||||||||
6.150% due 10/24/36 ~ | 200,000 | 220,829 | ||||||
CSN Islands XI Corp (Cayman) | ||||||||
6.875% due 09/21/19 ~ | 700,000 | 780,500 | ||||||
CSN Resources SA (Luxembourg) | ||||||||
6.500% due 07/21/20 ~ | 600,000 | 642,000 | ||||||
Gerdau Holdings Inc | ||||||||
7.000% due 01/20/20 ~ | 400,000 | 445,000 | ||||||
GTL Trade Finance Inc (United Kingdom) | ||||||||
7.250% due 10/20/17 ~ | 600,000 | 678,000 | ||||||
Vale Overseas Ltd (Cayman) | ||||||||
6.250% due 01/23/17 | 200,000 | 222,809 | ||||||
6.875% due 11/10/39 | 100,000 | 107,348 | ||||||
3,096,486 | ||||||||
Telecommunication Services — 1.1% | ||||||||
AT&T Inc | ||||||||
6.300% due 01/15/38 | 200,000 | 202,076 | ||||||
Deutsche Telekom International Finance BV | ||||||||
(Netherlands) | ||||||||
6.500% due 04/08/22 | GBP | 900,000 | 1,592,861 | |||||
Verizon Communications Inc | ||||||||
0.919% due 03/28/14 § | $ | 900,000 | 905,580 | |||||
Verizon Wireless Capital LLC | ||||||||
5.250% due 02/01/12 | 1,300,000 | 1,347,749 | ||||||
4,048,266 | ||||||||
Utilities — 0.6% | ||||||||
CMS Energy Corp | ||||||||
5.050% due 02/15/18 | 1,000,000 | 999,502 | ||||||
Electricite de France (France) | ||||||||
5.500% due 01/26/14 ~ | 200,000 | 219,087 | ||||||
6.500% due 01/26/19 ~ | 200,000 | 229,407 | ||||||
6.950% due 01/26/39 ~ | 200,000 | 233,119 | ||||||
Entergy Corp | ||||||||
3.625% due 09/15/15 | 500,000 | 494,732 | ||||||
2,175,847 | ||||||||
Total Corporate Bonds & Notes | ||||||||
(Cost $111,768,430) | 115,431,401 | |||||||
CONVERTIBLE CORPORATE BONDS — 0.4% | ||||||||
Energy — 0.4% | ||||||||
Chesapeake Energy Corp | ||||||||
2.250% due 12/15/38 | 100,000 | 92,375 | ||||||
Transocean Inc (Cayman) | ||||||||
1.500% due 12/15/37 | 1,400,000 | 1,384,250 | ||||||
1,476,625 | ||||||||
Total Convertible Corporate Bonds (Cost $1,378,471) | 1,476,625 | |||||||
SENIOR LOAN NOTES — 0.5% | ||||||||
Financials — 0.5% | ||||||||
Spring Leaf Financial Funding Co | ||||||||
7.250% due 04/21/15 § | 2,100,000 | 2,105,907 | ||||||
Total Senior Loan Notes (Cost $2,135,319) | 2,105,907 | |||||||
MORTGAGE-BACKED SECURITIES — 25.8% | ||||||||
Collateralized Mortgage Obligations — Commercial — 1.9% | ||||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
5.471% due 01/12/45 “ § | 100,000 | 107,327 | ||||||
5.700% due 06/13/50 “ | 200,000 | 213,200 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
5.306% due 12/10/46 “ | 200,000 | 210,843 | ||||||
Credit Suisse Mortgage Capital Certificates | ||||||||
5.467% due 09/15/39 “ | 900,000 | 952,700 | ||||||
5.847% due 03/15/39 “ § | 100,000 | 107,506 | ||||||
European Loan Conduit (Ireland) | ||||||||
1.243% due 05/15/19 “ § ~ | EUR | 85,783 | 108,523 | |||||
Greenwich Capital Commercial Funding Corp | ||||||||
5.444% due 03/10/39 “ | $ | 400,000 | 423,352 | |||||
JPMorgan Chase Commercial Mortgage | ||||||||
Securities Corp | ||||||||
4.070% due 11/15/43 “ ~ | 500,000 | 481,005 | ||||||
LB-UBS Commercial Mortgage Trust | ||||||||
5.866% due 09/15/45 “ § | 600,000 | 642,273 | ||||||
Merrill Lynch-Floating Trust | ||||||||
0.797% due 07/09/21 “ § ~ | 499,897 | 475,621 | ||||||
Merrill Lynch/Countrywide Commercial | ||||||||
Mortgage Trust | ||||||||
5.700% due 09/12/49 “ | 500,000 | 523,926 | ||||||
Morgan Stanley Capital I | ||||||||
5.731% due 07/12/44 “ § | 1,700,000 | 1,858,240 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
0.345% due 09/15/21 “ § ~ | 305,896 | 303,251 | ||||||
5.342% due 12/15/43 “ | 600,000 | 621,308 | ||||||
7,029,075 | ||||||||
Collateralized Mortgage Obligations — Residential — 4.6% | ||||||||
Adjustable Rate Mortgage Trust | ||||||||
2.784% due 05/25/35 “ § | 19,603 | 19,830 | ||||||
Arran Residential Mortgages Funding PLC | ||||||||
(United Kingdom) | ||||||||
2.491% due 05/16/47 “ § ~ | EUR | 1,000,000 | 1,419,852 | |||||
Banc of America Funding Corp | ||||||||
2.813% due 05/25/35 “ § | $ | 161,797 | 158,826 | |||||
Banc of America Mortgage Securities Inc | ||||||||
2.929% due 07/25/33 “ § | 65,814 | 65,000 | ||||||
5.000% due 05/25/34 “ | 16,774 | 16,855 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-15
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.400% due 08/25/35 “ § | $ | 71,994 | $ | 69,519 | ||||
2.560% due 10/25/35 “ § | 434,520 | 397,937 | ||||||
2.731% due 03/25/35 “ § | 149,073 | 143,916 | ||||||
2.749% due 08/25/33 “ § | 180,146 | 180,274 | ||||||
3.086% due 01/25/35 “ § | 1,767,947 | 1,612,543 | ||||||
Bear Stearns Alt-A Trust | ||||||||
2.629% due 05/25/35 “ § | 64,492 | 54,419 | ||||||
2.935% due 09/25/35 “ § | 78,037 | 61,094 | ||||||
5.068% due 11/25/36 “ § | 103,638 | 64,910 | ||||||
Chase Mortgage Finance Corp | ||||||||
5.996% due 09/25/36 “ § | 447,886 | 431,506 | ||||||
Chevy Chase Mortgage Funding Corp | ||||||||
0.500% due 08/25/35 “ § ~ | 82,825 | 59,692 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
2.560% due 08/25/35 “ § | 83,660 | 74,567 | ||||||
2.670% due 12/25/35 “ § | 144,437 | 140,724 | ||||||
Countrywide Alternative Loan Trust | ||||||||
3.456% due 06/25/37 “ § | 410,793 | 299,610 | ||||||
Countrywide Home Loan Mortgage | ||||||||
Pass-Through Trust | ||||||||
0.570% due 03/25/35 “ § | 38,068 | 25,704 | ||||||
0.590% due 06/25/35 “ § ~ | 164,960 | 140,498 | ||||||
Credit Suisse First Boston Mortgage | ||||||||
Securities Corp | ||||||||
0.884% due 03/25/32 “ § ~ | 6,300 | 5,449 | ||||||
6.000% due 11/25/35 “ | 140,830 | 105,544 | ||||||
Downey Saving and Loan Association Mortgage | ||||||||
Loan Trust | ||||||||
0.434% due 04/19/48 “ § | 581,621 | 237,158 | ||||||
Fannie Mae | ||||||||
0.450% due 10/27/37 “ § | 3,400,000 | 3,378,119 | ||||||
0.560% due 04/25/37 “ § | 200,535 | 200,036 | ||||||
0.700% due 09/25/35 “ § | 366,626 | 366,946 | ||||||
1.625% due 11/25/23 “ § | 322,929 | 323,686 | ||||||
4.250% due 07/25/17 “ | 110,182 | 113,691 | ||||||
4.500% due 04/25/17 “ | 47,410 | 47,973 | ||||||
4.500% due 10/25/17 “ | 118,467 | 123,129 | ||||||
5.000% due 01/25/17 “ | 19,264 | 19,327 | ||||||
6.000% due 03/25/31 “ | 711,410 | 726,370 | ||||||
Freddie Mac | ||||||||
1.504% due 10/25/44 “ § | 55,843 | 55,099 | ||||||
1.712% due 07/25/44 “ § | 296,886 | 294,674 | ||||||
4.500% due 06/15/17 “ | 69,933 | 70,986 | ||||||
4.500% due 10/15/19 “ | 13,257 | 13,274 | ||||||
5.000% due 04/15/18 “ | 229,236 | 234,645 | ||||||
5.000% due 04/15/30 “ | 6,959 | 6,958 | ||||||
5.500% due 03/15/17 “ | 13,161 | 13,389 | ||||||
8.000% due 04/15/30 “ | 304,934 | 347,260 | ||||||
Granite Master Issuer PLC | ||||||||
0.997% due 12/20/54 “ § ~ | EUR | 888,767 | 1,192,798 | |||||
Granite Mortgages PLC (United Kingdom) | ||||||||
0.996% due 09/20/44 “ § ~ | GBP | 278,146 | 428,021 | |||||
1.156% due 01/20/44 “ § ~ | 51,376 | 79,224 | ||||||
1.392% due 01/20/44 “ § ~ | EUR | 50,769 | 69,161 | |||||
Harborview Mortgage Loan Trust | ||||||||
0.424% due 12/19/36 “ § | $ | 763,310 | 509,678 | |||||
0.444% due 01/19/38 “ § | 239,661 | 158,525 | ||||||
0.474% due 05/19/35 “ § | 41,701 | 28,684 | ||||||
JPMorgan Mortgage Trust | ||||||||
5.035% due 02/25/35 “ § | 53,594 | 54,648 | ||||||
5.387% due 07/25/35 “ § | 548,916 | 550,763 | ||||||
5.750% due 01/25/36 “ | 89,253 | 83,950 | ||||||
Mellon Residential Funding Corp | ||||||||
0.735% due 06/15/30 “ § | 12,354 | 12,219 | ||||||
Merrill Lynch Mortgage Investors Inc | ||||||||
0.460% due 02/25/36 “ § | 54,142 | 41,661 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
5.500% due 08/25/35 “ | 517,949 | 509,320 | ||||||
Residential Accredit Loans Inc | ||||||||
0.430% due 06/25/46 “ § | 112,251 | 45,653 | ||||||
6.000% due 06/25/36 “ | 332,810 | 228,791 | ||||||
Residential Asset Securitization Trust | ||||||||
0.650% due 05/25/33 “ § | 17,464 | 16,798 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
0.470% due 05/25/36 “ § | 246,116 | 146,841 | ||||||
Structured Asset Securities Corp | ||||||||
2.573% due 08/25/32 “ § | 29,197 | 28,726 | ||||||
2.768% due 10/25/35 “ § ~ | 89,713 | 73,757 | ||||||
Washington Mutual Mortgage Pass-Through Certificates | ||||||||
0.560% due 01/25/45 “ § | 32,081 | 27,214 | ||||||
0.570% due 01/25/45 “ § | 32,557 | 27,598 | ||||||
1.712% due 08/25/42 “ § | 5,529 | 5,032 | ||||||
2.734% due 02/27/34 “ § | 10,716 | 11,016 | ||||||
2.984% due 09/25/46 “ § | 114,776 | 94,106 | ||||||
5.707% due 02/25/37 “ § | 600,000 | 517,970 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | ||||||||
2.845% due 12/25/34 “ § | 148,789 | 146,054 | ||||||
2.901% due 04/25/36 “ § | 142,357 | 129,600 | ||||||
4.500% due 11/25/18 “ | 66,367 | 67,361 | ||||||
5.211% due 08/25/36 “ § | 15,871 | 15,903 | ||||||
17,422,061 | ||||||||
Fannie Mae — 16.5% | ||||||||
1.518% due 10/01/44 “ § | 54,448 | 54,400 | ||||||
2.411% due 09/01/35 “ § | 217,989 | 228,725 | ||||||
2.487% due 12/01/35 “ § | 63,448 | 66,584 | ||||||
2.686% due 11/01/34 “ § | 194,709 | 205,592 | ||||||
2.832% due 11/01/32 “ § | 206,211 | 217,259 | ||||||
4.000% due 04/01/24 - 12/01/25 “ | 959,118 | 986,534 | ||||||
4.500% due 01/01/23 - 04/13/41 “ | 26,500,972 | 26,992,099 | ||||||
4.578% due 12/01/36 “ § | 22,966 | 24,010 | ||||||
5.000% due 03/01/34 - 05/15/38 “ | 10,583,881 | 11,053,968 | ||||||
5.500% due 12/01/20 - 12/01/39 “ | 13,741,326 | 14,756,143 | ||||||
6.000% due 09/01/22 - 01/01/39 “ | 6,470,154 | 7,058,041 | ||||||
6.500% due 03/01/17 - 05/15/37 “ | 948,704 | 1,059,568 | ||||||
62,702,923 | ||||||||
Freddie Mac — 2.8% | ||||||||
2.505% due 11/01/31 “ § | 8,286 | 8,711 | ||||||
2.520% due 09/01/35 “ § | 26,036 | 27,142 | ||||||
2.615% due 04/01/32 “ § | 26,590 | 27,675 | ||||||
2.624% due 06/01/35 “ § | 334,403 | 348,785 | ||||||
3.060% due 09/01/35 “ § | 207,530 | 218,418 | ||||||
4.500% due 04/13/41 “ | 1,000,000 | 1,014,531 | ||||||
5.500% due 03/01/23 - 05/01/40 “ | 8,104,735 | 8,660,327 | ||||||
6.000% due 12/01/22 - 03/01/23 “ | 143,841 | 158,099 | ||||||
10,463,688 | ||||||||
Total Mortgage-Backed Securities (Cost $97,010,337) | 97,617,747 | |||||||
ASSET-BACKED SECURITIES — 5.6% | ||||||||
Ally Auto Receivables Trust | ||||||||
1.320% due 03/15/12 “ ~ | 29,589 | 29,610 | ||||||
Asset Backed Funding Certificates | ||||||||
0.600% due 06/25/34 “ § | 136,876 | 112,072 | ||||||
Auto ABS SRL (Italy) | ||||||||
1.165% due 10/25/20 “ § ~ | EUR | 973,074 | 1,362,276 | |||||
Bear Stearns Asset Backed Securities Trust | ||||||||
3.165% due 10/25/36 “ § | $ | 187,501 | 136,905 | |||||
Citibank Omni Master Trust | ||||||||
2.355% due 05/16/16 “ § ~ | 7,400,000 | 7,513,870 | ||||||
3.005% due 08/15/18 “ § ~ | 3,200,000 | 3,391,825 | ||||||
Duane Street CLO (Cayman) | ||||||||
0.562% due 11/08/17 “ § ~ | 3,784,464 | 3,632,244 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-16
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
Galaxy CLO Ltd (Cayman) | ||||||||
0.583% due 04/17/17 “ § ~ ∆ | $ | 986,155 | $ | 949,326 | ||||
Hillmark Funding CLO (Cayman) | ||||||||
0.563% due 05/21/21 “ § ~ ∆ | 1,100,000 | 1,023,361 | ||||||
HSBC Home Equity Loan Trust | ||||||||
0.404% due 03/20/36 “ § | 606,856 | 572,007 | ||||||
Long Beach Mortgage Loan Trust | ||||||||
0.530% due 10/25/34 “ § | 18,554 | 15,526 | ||||||
Park Place Securities Inc | ||||||||
0.510% due 09/25/35 “ § | 138,718 | 126,234 | ||||||
Securitized Asset-Backed Receivables LLC Trust | ||||||||
0.380% due 05/25/37 “ § | 190,946 | 152,335 | ||||||
SLM Student Loan Trust | ||||||||
0.303% due 10/25/16 “ § | 24,441 | 24,438 | ||||||
4.500% due 11/16/43 “ § ~ | 287,805 | 279,766 | ||||||
6.255% due 07/15/42 “ § ~ | 496,268 | 479,607 | ||||||
Small Business Administration | ||||||||
4.754% due 08/10/14 “ | 45,616 | 48,109 | ||||||
Structured Asset Securities Corp | ||||||||
0.300% due 10/25/36 “ § | 8,807 | 8,772 | ||||||
Wind River CLO Ltd (Cayman) | ||||||||
0.639% due 12/19/16 “ § ~ | 1,248,651 | 1,214,424 | ||||||
Total Asset-Backed Securities (Cost $21,155,693) | 21,072,707 | |||||||
U.S. GOVERNMENT AGENCY ISSUES — 0.8% | ||||||||
Fannie Mae | ||||||||
1.000% due 12/27/12 | 3,000,000 | 3,012,804 | ||||||
Total U.S. Government Agency Issues (Cost $3,023,773) | 3,012,804 | |||||||
U.S. TREASURY OBLIGATIONS - 0.9% | ||||||||
U.S. Treasury Inflation Protected Securities — 0.9% | ||||||||
2.000% due 01/15/26 ^ | 2,107,841 | 2,251,602 | ||||||
2.375% due 01/15/25 ^ | 1,168,130 | 1,312,686 | ||||||
3,564,288 | ||||||||
Total U.S. Treasury Obligations (Cost $3,630,423) | 3,564,288 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES — 2.9% | ||||||||
Banco Nacional Desenvolvimento Economico e Social (Brazil) | ||||||||
4.125% due 09/15/17 ~ | EUR | 100,000 | 135,980 | |||||
Canada Housing Trust No 1 (Canada) | ||||||||
3.350% due 12/15/20 | CAD | 700,000 | 702,975 | |||||
3.950% due 12/15/11 ~ ∆ | 100,000 | 105,083 | ||||||
4.000% due 06/15/12 | 700,000 | 743,249 | ||||||
4.550% due 12/15/12 | 200,000 | 215,800 | ||||||
4.800% due 06/15/12 | 200,000 | 214,255 | ||||||
Canadian Government Bond (Canada) | ||||||||
1.500% due 12/01/12 | 300,000 | 308,407 | ||||||
1.750% due 03/01/13 | 1,000,000 | 1,030,428 | ||||||
2.000% due 12/01/14 | 500,000 | 508,448 | ||||||
2.500% due 09/01/13 | 600,000 | 626,315 | ||||||
3.000% due 12/01/15 | 200,000 | 209,357 | ||||||
Export-Import Bank of Korea (South Korea) | ||||||||
0.523% due 10/04/11 § ~ | $ | 800,000 | 800,457 | |||||
4.000% due 01/29/21 | 100,000 | 91,436 | ||||||
5.125% due 06/29/20 | 100,000 | 101,129 | ||||||
Instituto de Credito Oficial (Spain) | ||||||||
2.941% due 03/25/14 § ~ ∆ | EUR | 600,000 | 848,164 | |||||
Province of Ontario Canada (Canada) | ||||||||
1.375% due 01/27/14 | $ | 500,000 | 498,584 | |||||
4.300% due 03/08/17 | CAD | 300,000 | 325,173 | |||||
4.400% due 06/02/19 | 300,000 | 321,422 | ||||||
4.600% due 06/02/39 | 100,000 | 104,366 | ||||||
4.700% due 06/02/37 | 400,000 | 422,614 | ||||||
5.500% due 06/02/18 | 100,000 | 115,007 | ||||||
Republic of Panama (Panama) | ||||||||
9.375% due 04/01/29 | $ | 40,000 | 56,600 | |||||
Russia Foreign Bond (Russia) | ||||||||
3.625% due 04/29/15 ~ | 100,000 | 101,625 | ||||||
7.500% due 03/31/30 ~ | 1,384,000 | 1,616,692 | ||||||
Societe de Financement de l’Economie | ||||||||
Francaise (France) | ||||||||
2.125% due 05/20/12 | EUR | 300,000 | 427,433 | |||||
3.375% due 05/05/14 ~ | $ | 200,000 | 209,970 | |||||
United Mexican States (Mexico) | ||||||||
6.050% due 01/11/40 | 100,000 | 103,500 | ||||||
Total Foreign Government Bonds & Notes (Cost $10,686,894) | 10,944,469 | |||||||
MUNICIPAL BONDS — 2.6% | ||||||||
American Municipal Power Inc OH | ||||||||
8.084% due 02/15/50 | 1,000,000 | 1,139,910 | ||||||
Buckeye Tobacco Settlement Financing | ||||||||
Authority OH ‘A2’ | ||||||||
5.875% due 06/01/47 | 1,100,000 | 732,105 | ||||||
City of North Las Vegas NV | ||||||||
6.572% due 06/01/40 | 900,000 | 921,042 | ||||||
Clark County NV Airport ‘C’ | ||||||||
6.820% due 07/01/45 | 200,000 | 198,184 | ||||||
Los Angeles Unified School District CA ‘A1’ | ||||||||
4.500% due 01/01/28 | 400,000 | 350,344 | ||||||
North Carolina Turnpike Authority ‘B’ | ||||||||
6.700% due 01/01/39 | 100,000 | 103,645 | ||||||
Southern California Public Power Authority | ||||||||
5.943% due 07/01/40 | 1,600,000 | 1,497,920 | ||||||
State of California | ||||||||
5.650% due 04/01/39 § | 100,000 | 105,138 | ||||||
7.500% due 04/01/34 | 100,000 | 107,714 | ||||||
7.550% due 04/01/39 | 100,000 | 108,799 | ||||||
State of Illinois | ||||||||
4.071% due 01/01/14 | 200,000 | 200,252 | ||||||
Tobacco Securitization Authority of Southern California ‘A1’ | ||||||||
5.000% due 06/01/37 | 800,000 | 523,408 | ||||||
Tobacco Settlement Finance Authority WV ‘A’ | ||||||||
7.467% due 06/01/47 | 850,000 | 593,903 | ||||||
University of Arizona | ||||||||
6.423% due 08/01/35 | 2,700,000 | 2,726,622 | ||||||
University of California | ||||||||
6.270% due 05/15/31 | 500,000 | 505,015 | ||||||
Total Municipal Bonds (Cost $10,397,744) | 9,814,001 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-17
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 39.1% | ||||||||
Commercial Paper — 5.0% | ||||||||
Comcast Corp | ||||||||
0.480% due 05/25/11 | $ | 300,000 | $ | 299,918 | ||||
Kells Fund LLC | ||||||||
0.280% due 06/10/11 | 600,000 | 599,691 | ||||||
0.280% due 07/08/11 | 1,600,000 | 1,598,715 | ||||||
0.280% due 07/13/11 | 500,000 | 499,568 | ||||||
0.280% due 07/18/11 | 600,000 | 599,446 | ||||||
0.310% due 05/12/11 | 4,200,000 | 4,198,683 | ||||||
0.330% due 05/11/11 | 2,200,000 | 2,199,329 | ||||||
0.360% due 09/07/11 | 1,000,000 | 998,400 | ||||||
Straight-A Funding LLC | ||||||||
0.240% due 06/06/11 | 600,000 | 599,696 | ||||||
0.250% due 05/02/11 | 3,500,000 | 3,499,197 | ||||||
0.250% due 05/09/11 | 3,200,000 | 3,199,103 | ||||||
0.250% due 05/11/11 | 500,000 | 499,848 | ||||||
18,791,594 | ||||||||
U.S. Treasury Bills — 24.9% | ||||||||
0.140% due 09/08/11 | 5,800,000 | 5,796,392 | ||||||
0.156% due 08/25/11 | 3,700,000 | 3,698,050 | ||||||
0.164% due 09/01/11 | 9,700,000 | 9,694,442 | ||||||
0.170% due 08/04/11 ‡ | 34,500,000 | 34,488,029 | ||||||
0.175% due 08/11/11 | 7,500,000 | 7,496,842 | ||||||
0.175% due 08/18/11 | 21,900,000 | 21,889,444 | ||||||
0.180% due 07/14/11 ‡ | 2,280,000 | 2,279,387 | ||||||
0.186% due 06/23/11 | 1,400,000 | 1,399,751 | ||||||
0.186% due 06/16/11 | 4,200,000 | 4,199,425 | ||||||
0.254% due 08/25/11 | 3,600,000 | 3,598,103 | ||||||
94,539,865 | ||||||||
Repurchase Agreements — 8.8% | ||||||||
Barclays PLC | ||||||||
0.130% due 04/11/11 (Dated 03/10/11, repurchase price of $6,800,786; collateralized by Freddie Mac: | ||||||||
4.375% due 07/17/15 and value $6,965,052) ∆ | 6,800,000 | 6,800,000 | ||||||
Deutsche Bank | ||||||||
0.100% due 04/01/11 (Dated 03/31/11, repurchase price of $4,000,011; collateralized by a U.S. Treasury Bond: | ||||||||
4.750% due 02/15/41 and value $4,089,409) | 4,000,000 | 4,000,000 | ||||||
Morgan Stanley | ||||||||
0.140% due 04/01/11 (Dated 03/31/11, repurchase price of $22,700,088; collateralized by a U.S. Treasury Note: | ||||||||
2.750% due 02/15/19 and value $23,205,882) | 22,700,000 | 22,700,000 | ||||||
33,500,000 | ||||||||
Shares | ||||||||
Money Market Fund — 0.4% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,336,925 | 1,336,925 | ||||||
Total Short-Term Investments (Cost $148,152,700) | 148,168,384 | |||||||
TOTAL INVESTMENTS — 109.9% (Cost $413,201,688) | 416,378,271 | |||||||
TOTAL SECURITIES SOLD SHORT — (0.7%) (See Note (f) to Notes to Schedule of Investments) (Proceeds $2,552,850) | (2,540,376 | ) | ||||||
OTHER ASSETS & LIABILITIES, NET — (9.2%) | (34,855,425 | ) | ||||||
NET ASSETS — 100.0% | $ | 378,982,470 | ||||||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Short-Term Investments | 39.1 | % | ||
Corporate Bonds & Notes | 30.5 | % | ||
Mortgage-Backed Securities | 25.8 | % | ||
Asset-Backed Securities | 5.6 | % | ||
Foreign Government Bonds & Notes | 2.9 | % | ||
Municipal Bonds | 2.6 | % | ||
U.S. Treasury Obligations | 0.9 | % | ||
Convertible Preferred Stocks | 0.8 | % | ||
U.S. Government Agency Issues | 0.8 | % | ||
Senior Loan Notes | 0.5 | % | ||
Convertible Corporate Bonds | 0.4 | % | ||
109.9 | % | |||
Securities Sold Short | (0.7 | %) | ||
Other Assets & Liabilities, Net | (9.2 | %) | ||
100.0 | % | |||
(b) | As of March 31, 2011, 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 | 51.8 | % | ||
A-1 (Short-term debt only) | 12.7 | % | ||
AA | 8.1 | % | ||
A | 9.9 | % | ||
BBB | 7.3 | % | ||
BB | 3.7 | % | ||
B | 1.5 | % | ||
CCC | 0.5 | % | ||
C | 0.1 | % | ||
D | 0.1 | % | ||
Not Rated | 4.3 | % | ||
100.0 | % | |||
(c) | Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments. | |
(d) | Investments with a total aggregate value of $555,946 or 0.1% of the net assets were in default as of March 31, 2011. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-18
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
(e) | As of March 31, 2011, 3.7% of the fund’s net assets were reported illiquid by the portfolio manager under the Trust’s policy. | |
(f) | Securities sold short outstanding as of March 31, 2011 were as follows: |
Principal | ||||||||
Description | Amount | Value | ||||||
Fannie Mae | ||||||||
5.500% due 04/13/41 | $ | 1,000,000 | $ | (1,069,532 | ) | |||
U.S. Treasury Notes | ||||||||
2.625% due 11/15/20 | 600,000 | (559,172 | ) | |||||
3.625% due 02/15/21 | 900,000 | (911,672 | ) | |||||
Total Securities sold short | ||||||||
(Proceeds $2,552,850) | $ | (2,540,376 | ) | |||||
(g) | The average amount of borrowings by the fund on reverse repurchase agreements while outstanding during the year ended March 31, 2011 was $2,484,000 at a weighted average interest rate of 0.180%. As of March 31, 2011, there were no open reverse repurchase agreements. | |
(h) | Open futures contracts outstanding as of March 31, 2011 were as follows: |
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
Eurodollar (09/11) | 316 | $ | 316,000,000 | $ | 85,625 | |||||||
Eurodollar (12/11) | 702 | 702,000,000 | 326,213 | |||||||||
Eurodollar (03/12) | 856 | 856,000,000 | 36,050 | |||||||||
Eurodollar (06/12) | 333 | 333,000,000 | (18,188 | ) | ||||||||
Eurodollar (09/12) | 10 | 10,000,000 | (8,850 | ) | ||||||||
Eurodollar (12/12) | 25 | 25,000,000 | (43,550 | ) | ||||||||
U.S. Treasury 2-Year Notes (06/11) | 50 | 10,000,000 | (781 | ) | ||||||||
376,519 | ||||||||||||
Short Futures Outstanding | ||||||||||||
U.S. Treasury 10-Year Notes (06/11) | 80 | 8,000,000 | (32,844 | ) | ||||||||
Total Futures Contracts | $ | 343,675 | ||||||||||
(i) | Forward foreign currency contracts outstanding as of March 31, 2011 were as follows: |
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Buy | AUD | 1,255,000 | 04/11 | WPC | $ | 66,689 | ||||||||||||||
Buy | BRL | 10,415,027 | 04/11 | BRC | 229,008 | |||||||||||||||
Buy | BRL | 1,676,800 | 04/11 | UBS | 26,258 | |||||||||||||||
Sell | BRL | 12,091,827 | 04/11 | CIT | (164,326 | ) | ||||||||||||||
Buy | BRL | 12,091,827 | 06/11 | CIT | 167,236 | |||||||||||||||
Buy | BRL | 92,975 | 09/11 | MSC | 4,987 | |||||||||||||||
Buy | CAD | 5,824,000 | 06/11 | CIT | 36,456 | |||||||||||||||
Buy | CAD | 396,000 | 06/11 | CSF | 7,272 | |||||||||||||||
Buy | CHF | 92,000 | 05/11 | BRC | 1,686 | |||||||||||||||
Buy | CNY | 4,516,754 | 04/11 | BRC | 7,996 | |||||||||||||||
Buy | CNY | 2,732,816 | 04/11 | DUB | 10,443 | |||||||||||||||
Buy | CNY | 1,972,760 | 04/11 | HSB | 3,366 | |||||||||||||||
Buy | CNY | 1,000,375 | 04/11 | MSC | 1,821 | |||||||||||||||
Sell | CNY | 10,222,705 | 04/11 | DUB | (8,058 | ) | ||||||||||||||
Buy | CNY | 159,000 | 11/11 | BRC | (185 | ) | ||||||||||||||
Buy | CNY | 958,897 | 11/11 | CIT | 526 | |||||||||||||||
Buy | CNY | 596,638 | 11/11 | JPM | (669 | ) | ||||||||||||||
Buy | CNY | 10,222,705 | 02/13 | DUB | 8,320 | |||||||||||||||
Sell | DKK | 4,607,000 | 05/11 | DUB | (23,130 | ) | ||||||||||||||
Buy | EUR | 300,000 | 04/11 | UBS | 2,781 | |||||||||||||||
Sell | EUR | 868,000 | 04/11 | BRC | (45,442 | ) | ||||||||||||||
Sell | EUR | 339,000 | 04/11 | CIT | (10,442 | ) | ||||||||||||||
Sell | EUR | 60,000 | 04/11 | HSB | (2,277 | ) | ||||||||||||||
Sell | EUR | 49,000 | 04/11 | JPM | (3,039 | ) | ||||||||||||||
Sell | EUR | 542,000 | 04/11 | MSC | (2,069 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-19
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Sell | EUR | 939,000 | 04/11 | RBS | ( $45,088 | ) | ||||||||||||||
Sell | EUR | 5,351,000 | 04/11 | UBS | (367,193 | ) | ||||||||||||||
Sell | GBP | 865,000 | 06/11 | CIT | 1,131 | |||||||||||||||
Sell | GBP | 864,000 | 06/11 | CSF | 1,569 | |||||||||||||||
Sell | GBP | 3,155,000 | 06/11 | UBS | (5,237 | ) | ||||||||||||||
Buy | IDR | 1,765,000,000 | 04/11 | BRC | 2,211 | |||||||||||||||
Buy | IDR | 367,720,000 | 04/11 | CIT | 2,129 | |||||||||||||||
Buy | IDR | 2,644,400,000 | 04/11 | JPM | 2,962 | |||||||||||||||
Buy | IDR | 1,818,000,000 | 04/11 | MSC | 8,283 | |||||||||||||||
Sell | IDR | 6,595,120,000 | 04/11 | CIT | 737 | |||||||||||||||
Buy | IDR | 976,805,000 | 07/11 | BRC | 4,472 | |||||||||||||||
Buy | IDR | 1,191,100,000 | 07/11 | CIT | 7,193 | |||||||||||||||
Buy | IDR | 2,135,550,000 | 07/11 | HSB | 12,419 | |||||||||||||||
Buy | IDR | 2,983,200,000 | 07/11 | JPM | 11,499 | |||||||||||||||
Buy | IDR | 189,000,000 | 07/11 | RBS | 1,265 | |||||||||||||||
Buy | IDR | 6,595,120,000 | 01/12 | CIT | (9,371 | ) | ||||||||||||||
Buy | INR | 13,716,000 | 05/11 | BRC | 5,298 | |||||||||||||||
Buy | INR | 13,758,000 | 05/11 | JPM | 6,233 | |||||||||||||||
Buy | INR | 40,393,500 | 08/11 | BRC | 22,309 | |||||||||||||||
Buy | INR | 5,500,000 | 08/11 | DUB | 2,611 | |||||||||||||||
Sell | JPY | 97,080,000 | 04/11 | CIT | 43,382 | |||||||||||||||
Buy | KRW | 20,700,000 | 05/11 | BRC | 397 | |||||||||||||||
Buy | KRW | 426,600,000 | 05/11 | CIT | 9,452 | |||||||||||||||
Buy | KRW | 16,605,250 | 05/11 | GSC | 468 | |||||||||||||||
Buy | KRW | 153,750,000 | 05/11 | HSB | 5,079 | |||||||||||||||
Buy | KRW | 1,906,584,181 | 05/11 | JPM | 71,008 | |||||||||||||||
Buy | KRW | 1,123,825,000 | 05/11 | MSC | 22,000 | |||||||||||||||
Buy | KRW | 78,000,000 | 05/11 | RBS | 1,988 | |||||||||||||||
Buy | KRW | 338,190,000 | 08/11 | GSC | 5,746 | |||||||||||||||
Buy | KRW | 49,740,000 | 08/11 | MSC | 725 | |||||||||||||||
Buy | KRW | 63,000,000 | 08/11 | RBS | 530 | |||||||||||||||
Buy | MXN | 2,473,700 | 07/11 | DUB | 6,102 | |||||||||||||||
Buy | MXN | 55,660,048 | 07/11 | HSB | 143,270 | |||||||||||||||
Buy | MXN | 1,226,200 | 07/11 | MSC | 2,164 | |||||||||||||||
Buy | MXN | 1,225,770 | 07/11 | UBS | 2,128 | |||||||||||||||
Buy | MYR | 500,000 | 08/11 | BRC | 1,594 | |||||||||||||||
Buy | MYR | 760,000 | 08/11 | CIT | 2,301 | |||||||||||||||
Buy | MYR | 300,405 | 08/11 | HSB | 658 | |||||||||||||||
Buy | MYR | 100,000 | 08/11 | JPM | 261 | |||||||||||||||
Buy | PHP | 4,361,000 | 04/11 | CIT | 406 | |||||||||||||||
Buy | PHP | 4,375,000 | 04/11 | JPM | 728 | |||||||||||||||
Sell | PHP | 8,736,000 | 04/11 | MSC | 64 | |||||||||||||||
Buy | PHP | 4,437,000 | 06/11 | BRC | 1,888 | |||||||||||||||
Buy | PHP | 5,200,000 | 06/11 | CIT | 1,076 | |||||||||||||||
Buy | PHP | 12,555,000 | 06/11 | DUB | 2,052 | |||||||||||||||
Buy | PHP | 4,321,000 | 06/11 | DUB | (776 | ) | ||||||||||||||
Buy | PHP | 15,906,000 | 06/11 | JPM | 6,553 | |||||||||||||||
Buy | PHP | 6,719,377 | 11/11 | BRC | 1,855 | |||||||||||||||
Buy | PHP | 4,310,000 | 11/11 | CIT | (1,675 | ) | ||||||||||||||
Buy | PHP | 6,521,000 | 11/11 | CIT | 1,393 | |||||||||||||||
Buy | PHP | 4,392,000 | 11/11 | GSC | 195 | |||||||||||||||
Buy | PHP | 4,310,000 | 11/11 | JPM | (1,675 | ) | ||||||||||||||
Buy | PHP | 4,410,000 | 11/11 | JPM | 606 | |||||||||||||||
Buy | PHP | 8,736,000 | 03/12 | MSC | (2,434 | ) | ||||||||||||||
Buy | RUB | 2,897,000 | 04/11 | BRC | 1,884 | |||||||||||||||
Sell | RUB | 2,897,000 | 04/11 | BRC | 285 | |||||||||||||||
Buy | RUB | 2,897,000 | 07/11 | BRC | (268 | ) | ||||||||||||||
Buy | SGD | 380,292 | 05/11 | CIT | 1,717 | |||||||||||||||
Buy | SGD | 128,640 | 06/11 | CIT | 2,069 | |||||||||||||||
Buy | SGD | 131,144 | 06/11 | DUB | 3,427 | |||||||||||||||
Buy | SGD | 1,100,227 | 06/11 | GSC | 15,669 | |||||||||||||||
Buy | SGD | 195,295 | 06/11 | JPM | 4,957 | |||||||||||||||
Buy | SGD | 131,279 | 06/11 | RBS | 4,428 | |||||||||||||||
Buy | SGD | 381,700 | 09/11 | BRC | 4,399 | |||||||||||||||
Buy | SGD | 200,000 | 09/11 | CIT | 2,324 | |||||||||||||||
Buy | SGD | 127,757 | 09/11 | DUB | 1,220 | |||||||||||||||
Buy | SGD | 100,000 | 09/11 | JPM | 1,186 | |||||||||||||||
Buy | SGD | 227,707 | 09/11 | RBS | 2,638 | |||||||||||||||
Buy | TRY | 1,199,333 | 07/11 | HSB | 6,506 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-20
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Buy | TWD | 7,244,185 | 04/11 | BRC | $ | 544 | ||||||||||||||
Buy | TWD | 2,874,455 | 04/11 | DUB | 2,593 | |||||||||||||||
Buy | TWD | 4,369,730 | 04/11 | JPM | 4,209 | |||||||||||||||
Sell | TWD | 7,244,185 | 04/11 | BRC | (352 | ) | ||||||||||||||
Sell | TWD | 2,874,455 | 04/11 | DUB | (216 | ) | ||||||||||||||
Sell | TWD | 4,369,730 | 04/11 | JPM | (328 | ) | ||||||||||||||
Buy | TWD | 7,244,185 | 01/12 | BRC | (4,170 | ) | ||||||||||||||
Buy | ZAR | 1,393,900 | 04/11 | JPM | 5,228 | |||||||||||||||
Buy | ZAR | 697,650 | 04/11 | MSC | 2,717 | |||||||||||||||
Buy | ZAR | 696,750 | 07/11 | HSB | 1,189 | |||||||||||||||
Buy | ZAR | 5,071,209 | 07/11 | JPM | (4,805 | ) | ||||||||||||||
Buy | ZAR | 760,150 | 09/11 | BRC | 9,626 | |||||||||||||||
Total Forward Foreign Currency Contracts | $ | 378,825 | ||||||||||||||||||
(j) | Transactions in written options for the year ended March 31, 2011 were as follows: |
Number of | Notional Amount | |||||||||||
Contracts | in $ | Premium | ||||||||||
Outstanding, March 31, 2010 | 401 | 86,200,000 | $ | 836,411 | ||||||||
Call Options Written | 93 | 56,200,000 | 324,972 | |||||||||
Put Options Written | 86 | 102,600,000 | 828,519 | |||||||||
Call Options Closed | (30 | ) | (6,600,000 | ) | (42,314 | ) | ||||||
Call Options Expired | (112 | ) | (65,400,000 | ) | (340,144 | ) | ||||||
Put Options Expired | (371 | ) | (85,700,000 | ) | (797,345 | ) | ||||||
Outstanding, March 31, 2011 | 67 | 87,300,000 | $ | 810,099 | ||||||||
(k) | Premiums received and value of written options outstanding as of March 31, 2011 were as follows: |
Strike | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | Index | Index | Date | party | Amount | Premium | Value | |||||||||||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 215.95 | Maximum of ((1+0.00%)10 - Inflation Adjustment) or $0 | 03/12/20 | CIT | $ | 1,200,000 | $10,320 | ($6,679 | ) | |||||||||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 217.97 | Maximum of ((1+0.00%)10 - Inflation Adjustment) or $0 | 09/29/20 | CIT | 600,000 | 7,740 | (3,676 | ) | ||||||||||||||||||||
$ | 18,060 | ( $10,355 | ) | |||||||||||||||||||||||||
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||||||||||
Call — OTC 10-Year Interest Rate Swap | Receive | 3.100 | % | 04/25/11 | RBS | $ | 6,600,000 | $ | 26,070 | ( $2,607 | ) | |||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 3.700 | % | 04/25/11 | RBS | 6,600,000 | 26,400 | (36,707 | ) | |||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 4.000 | % | 06/13/11 | BRC | 400,000 | 5,620 | (2,446 | ) | |||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 4.000 | % | 06/13/11 | DUB | 1,600,000 | 21,840 | (9,782 | ) | |||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 4.000 | % | 06/13/11 | RBS | 900,000 | 12,721 | (5,503 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 2.750 | % | 06/18/12 | DUB | 6,200,000 | 64,360 | (91,715 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 2.750 | % | 06/18/12 | RBS | 4,400,000 | 43,120 | (65,088 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | BRC | 4,300,000 | 38,951 | (52,011 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | CIT | 3,100,000 | 34,590 | (37,496 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | DUB | 1,900,000 | 21,236 | (22,982 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | RBS | 6,600,000 | 55,422 | (79,831 | ) | |||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 10.000 | % | 07/10/12 | MSC | 1,200,000 | 7,230 | (124 | ) | |||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.250 | % | 07/16/12 | CIT | 3,800,000 | 93,949 | (111,573 | ) | |||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.250 | % | 07/16/12 | RBS | 1,200,000 | 30,132 | (35,234 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | CIT | 700,000 | 4,769 | (9,752 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | MSC | 4,800,000 | 29,501 | (66,869 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | RBS | 15,000,000 | 117,839 | (208,965 | ) | |||||||||||||||||||
Put — OTC 1-Year Interest Rate Swap | Pay | 1.750 | % | 11/19/12 | RBS | 5,400,000 | 20,385 | (44,202 | ) | |||||||||||||||||||
628,065 | (880,280 | ) | ||||||||||||||||||||||||||
$ | 654,135 | ( $882,887 | ) | |||||||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-21
PL MANAGED BOND FUND
Schedule of Investments(Continued)
March 31, 2011
Exercise | Expiration | Counter- | Number of | |||||||||||||||||||||
Description | Price | Date | party | Contracts | Premium | Value | ||||||||||||||||||
Call — CBOT 10-Year U.S. Treasury Note Futures (05/11) | $ | 123.00 | 04/21/11 | MER | 1 | $ | 451 | $ | (31 | ) | ||||||||||||||
Call — CBOT 10-Year U.S. Treasury Note Futures (06/11) | 122.00 | 05/20/11 | MER | 35 | 15,928 | (9,297 | ) | |||||||||||||||||
16,379 | (9,328 | ) | ||||||||||||||||||||||
Put — CBOT 10-Year U.S. Treasury Note Futures (05/11) | 118.50 | 04/21/11 | MER | 1 | 388 | (562 | ) | |||||||||||||||||
Put — CBOT 10-Year U.S. Treasury Note Futures (06/11) | 117.00 | 05/20/11 | MER | 30 | 13,519 | (15,000 | ) | |||||||||||||||||
13,907 | (15,562 | ) | ||||||||||||||||||||||
$ | 30,286 | $ | (24,890 | ) | ||||||||||||||||||||
Exercise | Expiration | Counter- | Notional | |||||||||||||||||||||
Description | Price (1) | Date | party | Amount | Premium | Value | ||||||||||||||||||
Call & Put — OTC 1-Year vs. 1-Year Forward Volatility Agreement Δ | $ | — | 10/11/11 | GSC | $ | 2,000,000 | $ | 10,560 | $ | (16,765 | ) | |||||||||||||
Call & Put — OTC 1-Year vs. 2-Year Forward Volatility Agreement Δ | — | 10/11/11 | MSC | 6,000,000 | 66,685 | (106,082 | ) | |||||||||||||||||
Call & Put — OTC 1-Year vs. 2-Year Forward Volatility Agreement Δ | — | 11/14/11 | MSC | 2,800,000 | 30,373 | (49,382 | ) | |||||||||||||||||
$ | 107,618 | $ | (172,229 | ) | ||||||||||||||||||||
(1) Exercise price and final cost determined on a future date based upon implied volatility parameters. | ||||||||||||||||||||||||
Total Written Options | $ | 810,099 | $ | (1,090,361 | ) | |||||||||||||||||||
Fixed Deal | Implied Credit | Upfront | Unrealized | |||||||||||||||||||||||||||||
Pay | Expiration | Counter- | Spread at | Notional | Premiums Paid | Appreciation | ||||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/11 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | ||||||||||||||||||||||||
Health Care Properties | ||||||||||||||||||||||||||||||||
5.950% due 09/15/11 | (0.460 | %) | 09/20/11 | JPM | 0.001 | % | $ | 700,000 | $ | (1,197 | ) | $ | — | $ | (1,197 | ) | ||||||||||||||||
Fixed Deal | Implied Credit | Upfront | Unrealized | |||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Premiums Paid | Appreciation | ||||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/11 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | ||||||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
6.000% due 06/15/12 | 1.500 | % | 09/20/11 | DUB | 0.330 | % | $ | 100,000 | $ | 609 | $ | — | $ | 609 | ||||||||||||||||||
MBIA Insurance Corp Debt | 5.000 | % | 09/20/11 | GSC | 9.800 | % | 3,000,000 | (61,973 | ) | (30,000 | ) | (31,973 | ) | |||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
5.625% due 09/15/17 | 4.000 | % | 12/20/13 | CIT | 0.740 | % | 200,000 | 17,790 | — | 17,790 | ||||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
5.625% due 09/15/17 | 4.230 | % | 12/20/13 | DUB | 0.740 | % | 200,000 | 19,043 | — | 19,043 | ||||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
5.625% due 09/15/17 | 4.325 | % | 12/20/13 | CIT | 0.740 | % | 200,000 | 19,560 | — | 19,560 | ||||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
6.000% due 06/15/12 | 4.400 | % | 12/20/13 | BRC | 0.740 | % | 200,000 | 19,987 | — | 19,987 | ||||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
6.000% due 06/15/12 | 4.500 | % | 12/20/13 | BRC | 0.740 | % | 300,000 | 30,770 | — | 30,770 | ||||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
6.000% due 06/15/12 | 4.700 | % | 12/20/13 | BRC | 0.740 | % | 400,000 | 43,205 | — | 43,205 | ||||||||||||||||||||||
General Electric Capital Corp | ||||||||||||||||||||||||||||||||
5.625% due 09/15/17 | 4.750 | % | 12/20/13 | DUB | 0.740 | % | 400,000 | 43,750 | — | 43,750 | ||||||||||||||||||||||
United Mexican States | ||||||||||||||||||||||||||||||||
7.500% due 04/08/33 | 1.000 | % | 03/20/15 | BRC | 0.890 | % | 400,000 | 1,814 | (8,999 | ) | 10,813 | |||||||||||||||||||||
United Mexican States | ||||||||||||||||||||||||||||||||
7.500% due 04/08/33 | 1.000 | % | 03/20/15 | CIT | 0.890 | % | 400,000 | 1,814 | (9,184 | ) | 10,998 | |||||||||||||||||||||
Japanese Government Bond Δ | ||||||||||||||||||||||||||||||||
2.000% due 03/21/22 | 1.000 | % | 03/20/15 | DUB | 0.810 | % | 1,000,000 | 7,663 | 11,615 | (3,952 | ) | |||||||||||||||||||||
United Mexican States | ||||||||||||||||||||||||||||||||
7.500% due 04/08/33 | 1.000 | % | 03/20/15 | DUB | 0.890 | % | 200,000 | 907 | (4,592 | ) | 5,499 | |||||||||||||||||||||
Brazil Government | ||||||||||||||||||||||||||||||||
12.250% due 03/06/30 | 1.000 | % | 06/20/15 | DUB | 0.970 | % | 1,000,000 | 1,659 | (10,975 | ) | 12,634 | |||||||||||||||||||||
United Kingdom Gilt | ||||||||||||||||||||||||||||||||
4.250% due 06/07/32 Δ | 1.000 | % | 06/20/15 | GSC | 0.450 | % | 1,100,000 | 25,166 | 10,164 | 15,002 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-22
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Fixed Deal | Implied Credit | Upfront | Unrealized | |||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Premiums Paid | Appreciation | ||||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 03/31/11 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | ||||||||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 06/20/15 | HSB | 0.970 | % | $ | 1,000,000 | $ | 1,660 | ($10,975 | ) | $ | 12,635 | ||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 09/20/15 | BRC | 1.010 | % | 1,000,000 | (73 | ) | (7,735 | ) | 7,662 | ||||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 09/20/15 | BRC | 0.960 | % | 1,000,000 | 2,179 | (7,735 | ) | 9,914 | |||||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 09/20/15 | HSB | 1.010 | % | 600,000 | (44 | ) | (5,962 | ) | 5,918 | ||||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 09/20/15 | UBS | 1.010 | % | 500,000 | (36 | ) | (4,731 | ) | 4,695 | ||||||||||||||||||||
France Government Bond OAT 4.250% due 04/25/19 | 0.250 | % | 12/20/15 | GSC | 0.690 | % | 300,000 | (5,993 | ) | (5,883 | ) | (110 | ) | |||||||||||||||||||
France Government Bond OAT 4.250% due 04/25/19 | 0.250 | % | 12/20/15 | RBS | 0.690 | % | 700,000 | (13,984 | ) | (13,898 | ) | (86 | ) | |||||||||||||||||||
MetLife Inc 5.000% due 06/15/15 | 1.000 | % | 12/20/15 | CIT | 1.430 | % | 800,000 | (15,078 | ) | (29,082 | ) | 14,004 | ||||||||||||||||||||
United Kingdom Gilt 4.250% due 06/07/32 Δ | 1.000 | % | 12/20/15 | GSC | 0.510 | % | 1,200,000 | 26,985 | 27,797 | (812 | ) | |||||||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 1.000 | % | 12/20/15 | MSC | 1.080 | % | 500,000 | (1,627 | ) | (9,796 | ) | 8,169 | ||||||||||||||||||||
France Government 4.250% due 04/25/19 | 0.250 | % | 03/20/16 | RBS | 0.720 | % | 2,900,000 | (64,876 | ) | (89,270 | ) | 24,394 | ||||||||||||||||||||
China Government 4.750% due 10/29/13 Δ | 1.000 | % | 03/20/16 | BRC | 0.680 | % | 1,000,000 | 15,630 | 11,950 | 3,680 | ||||||||||||||||||||||
Italy Republic 6.875% due 09/27/23 | 1.000 | % | 03/20/16 | BRC | 1.460 | % | 1,100,000 | (22,781 | ) | (40,967 | ) | 18,186 | ||||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/16 | BRC | 1.020 | % | 100,000 | (68 | ) | (768 | ) | 700 | ||||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 03/20/16 | CIT | 1.080 | % | 2,300,000 | (8,071 | ) | (16,240 | ) | 8,169 | ||||||||||||||||||||
Republic of Kazakhstan Debt | 1.000 | % | 03/20/16 | CIT | 136.740 | % | 300,000 | (5,063 | ) | (8,658 | ) | 3,595 | ||||||||||||||||||||
Spain Government 5.500% due 07/30/17 | 1.000 | % | 03/20/16 | CIT | 2.310 | % | 900,000 | (52,127 | ) | (54,475 | ) | 2,348 | ||||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/16 | CIT | 1.020 | % | 1,100,000 | (753 | ) | (8,978 | ) | 8,225 | ||||||||||||||||||||
Republic of Kazakhstan Debt | 1.000 | % | 03/20/16 | DUB | 136.740 | % | 300,000 | (5,063 | ) | (9,075 | ) | 4,012 | ||||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/16 | DUB | 1.020 | % | 700,000 | (479 | ) | (5,135 | ) | 4,656 | ||||||||||||||||||||
Italy Republic 6.875% due 09/27/23 | 1.000 | % | 03/20/16 | GSC | 1.460 | % | 4,000,000 | (82,835 | ) | (128,942 | ) | 46,107 | ||||||||||||||||||||
Spain Government 5.500% due 07/30/17 | 1.000 | % | 03/20/16 | GSC | 2.310 | % | 1,100,000 | (63,712 | ) | (68,499 | ) | 4,787 | ||||||||||||||||||||
Republic of Kazakhstan Debt | 1.000 | % | 03/20/16 | HSB | 136.740 | % | 400,000 | (6,751 | ) | (11,729 | ) | 4,978 | ||||||||||||||||||||
Reynolds American Inc 7.625% due 06/01/16 | 1.280 | % | 06/20/17 | DUB | 1.420 | % | 200,000 | (1,485 | ) | — | (1,485 | ) | ||||||||||||||||||||
MetLife Inc 5.000% due 06/15/15 | 1.000 | % | 03/20/18 | DUB | 1.690 | % | 1,200,000 | (49,632 | ) | (68,165 | ) | 18,533 | ||||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/21 | CIT | 1.400 | % | 100,000 | (3,252 | ) | (4,247 | ) | 995 | ||||||||||||||||||||
$ | (185,565 | ) | $ | (613,169 | ) | $ | 427,604 | |||||||||||||||||||||||||
�� | Upfront | |||||||||||||||||||||||||||
Fixed Deal | Premiums | Unrealized | ||||||||||||||||||||||||||
Receive | Expiration | Notional | Paid | Appreciation | ||||||||||||||||||||||||
Referenced Obligation | Rate | Date | Counterparty | Amount (4) | Value (5) | (Received) | (Depreciation) | |||||||||||||||||||||
Dow Jones CDX NA HY-8 5Y D | 0.483 | % | 06/20/12 | BRC | $ | 770,352 | $ | 4,343 | $ | — | $ | 4,343 | ||||||||||||||||
Dow Jones CDX NA HY-9 5Y D | 2.080 | % | 12/20/12 | MER | 1,444,065 | 50,291 | — | 50,291 | ||||||||||||||||||||
Dow Jones CDX NA EM13 5Y | 5.000 | % | 06/20/15 | BRC | 400,000 | 48,342 | 45,500 | 2,842 | ||||||||||||||||||||
Dow Jones CDX NA EM13 5Y | 5.000 | % | 06/20/15 | DUB | 900,000 | 108,769 | 117,500 | (8,731 | ) | |||||||||||||||||||
Dow Jones CDX NA EM13 5Y | 5.000 | % | 06/20/15 | HSB | 1,200,000 | 145,026 | 135,550 | 9,476 | ||||||||||||||||||||
Dow Jones CDX NA EM13 5Y | 5.000 | % | 06/20/15 | MSC | 900,000 | 108,769 | 101,250 | 7,519 | ||||||||||||||||||||
Dow Jones CDX NA IG-15 5Y D | 1.000 | % | 12/20/15 | DUB | 1,800,000 | 13,516 | 3,875 | 9,641 | ||||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | BRC | 900,000 | 118,438 | 115,050 | 3,388 | ||||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | CIT | 200,000 | 26,320 | 27,650 | (1,330 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | DUB | 600,000 | 78,959 | 74,750 | 4,209 | ||||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | HSB | 200,000 | 26,320 | 26,100 | 220 | ||||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | MSC | 400,000 | 52,639 | 52,000 | 639 | ||||||||||||||||||||
Dow Jones CDX NA HY-15 5Y | 5.000 | % | 12/20/15 | MSC | 2,400,000 | 83,284 | 26,125 | 57,159 | ||||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | UBS | 100,000 | 13,160 | 13,850 | (690 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-23
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Upfront | ||||||||||||||||||||||||||||
Fixed Deal | Premiums | Unrealized | ||||||||||||||||||||||||||
Receive | Expiration | Notional | Paid | Appreciation | ||||||||||||||||||||||||
Referenced Obligation | Rate | Date | Counterparty | Amount (4) | Value (5) | (Received) | (Depreciation) | |||||||||||||||||||||
Dow Jones CDX NA EM15 5Y Δ | 5.000 | % | 06/20/16 | DUB | $ | 100,000 | $ | 14,006 | $ | 13,550 | $ | 456 | ||||||||||||||||
Dow Jones CDX NA IG-9 10Y | 0.548 | % | 12/20/17 | GSC | 96,450 | 1,044 | — | 1,044 | ||||||||||||||||||||
$ | 893,226 | $ | 752,750 | $ | 140,476 | |||||||||||||||||||||||
Total Credit Default Swaps | $ | 706,464 | $ | 139,581 | $ | 566,883 | ||||||||||||||||||||||
(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 investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments 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 investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. | |
(3) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of year 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, in comparison to narrower 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 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 be closed/sold as of the year end. Increasing 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 | Paid | Appreciation | ||||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
3-Month Australian Bank Bill | CIT | Pay | 4.500 | % | 06/15/11 | AUD 100,000 | ($114 | ) | $ | 115 | ($229 | ) | ||||||||||||||||||||
3-Month Australian Bank Bill | DUB | Pay | 4.500 | % | 06/15/11 | 4,720,000 | (5,396 | ) | 4,828 | (10,224 | ) | |||||||||||||||||||||
3-Month Australian Bank Bill | MSC | Pay | 4.500 | % | 06/15/11 | 3,600,000 | (4,115 | ) | 3,423 | (7,538 | ) | |||||||||||||||||||||
6-Month Australian Bank Bill | CSF | Pay | 6.250 | % | 09/15/11 | 1,200,000 | 7,241 | 129 | 7,112 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 10.115 | % | 01/02/12 | BRL 8,900,000 | (196,134 | ) | (199,363 | ) | 3,229 | |||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 10.150 | % | 01/02/12 | 6,100,000 | (129,203 | ) | (23,780 | ) | (105,423 | ) | ||||||||||||||||||||
BRL — CDI Compounded | UBS | Pay | 10.575 | % | 01/02/12 | 1,200,000 | (11,839 | ) | (31,680 | ) | 19,841 | |||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.600 | % | 01/02/12 | 1,500,000 | 4,616 | — | 4,616 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 10.610 | % | 01/02/12 | 1,400,000 | 4,507 | — | 4,507 | |||||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.680 | % | 01/02/12 | 5,600,000 | (41,909 | ) | (65,566 | ) | 23,657 | |||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.835 | % | 01/02/12 | 600,000 | 3,928 | 1,014 | 2,914 | |||||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 10.990 | % | 01/02/12 | 600,000 | 3,781 | 840 | 2,941 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.140 | % | 01/02/12 | 900,000 | 9,536 | 4,636 | 4,900 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.360 | % | 01/02/12 | 800,000 | 7,410 | 3,212 | 4,198 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.630 | % | 01/02/12 | 4,200,000 | 18,335 | (1,547 | ) | 19,882 | ||||||||||||||||||||||
BRL — CDI Compounded | RBS | Pay | 12.080 | % | 01/02/12 | 400,000 | 2,952 | 748 | 2,204 | |||||||||||||||||||||||
BRL — CDI Compounded | MER | Pay | 12.540 | % | 01/02/12 | 4,000,000 | 124,415 | (20,439 | ) | 144,854 | ||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 12.540 | % | 01/02/12 | 900,000 | 27,993 | (6,048 | ) | 34,041 | ||||||||||||||||||||||
BRL — CDI Compounded | UBS | Pay | 12.540 | % | 01/02/12 | 3,000,000 | 93,311 | (14,783 | ) | 108,094 | ||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 14.765 | % | 01/02/12 | 100,000 | 6,270 | 667 | 5,603 | |||||||||||||||||||||||
BRL — CDI Compounded | MER | Pay | 14.765 | % | 01/02/12 | 200,000 | 12,540 | 1,029 | 11,511 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.880 | % | 01/02/13 | 1,300,000 | 2,213 | (989 | ) | 3,202 | ||||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 11.890 | % | 01/02/13 | 200,000 | 656 | 314 | 342 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.890 | % | 01/02/13 | 2,000,000 | 6,566 | 4,283 | 2,283 | |||||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 11.910 | % | 01/02/13 | 1,000,000 | 2,601 | 2,348 | 253 | |||||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 11.930 | % | 01/02/13 | 900,000 | 3,148 | (1,293 | ) | 4,441 | ||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.980 | % | 01/02/13 | 600,000 | 2,550 | 935 | 1,615 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 12.300 | % | 01/02/13 | 1,300,000 | 11,856 | 3,928 | 7,928 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 12.590 | % | 01/02/13 | 2,400,000 | 19,129 | 9,023 | 10,106 | |||||||||||||||||||||||
28-Day Mexico Interbank TIIE Banxico | MSC | Pay | 6.500 | % | 03/05/13 | MXN 1,400,000 | (86 | ) | (54 | ) | (32 | ) | ||||||||||||||||||||
6-Month EUR-LIBOR | MSC | Pay | 2.500 | % | 09/21/13 | EUR 1,100,000 | (7,347 | ) | (6,424 | ) | (923 | ) | ||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.890 | % | 01/02/14 | BRL 3,500,000 | (17,068 | ) | (21 | ) | (17,047 | ) | ||||||||||||||||||||
BRL — CDI Compounded | UBS | Pay | 12.250 | % | 01/02/14 | 600,000 | 2,751 | 1,667 | 1,084 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 12.510 | % | 01/02/14 | 200,000 | 1,773 | 919 | 854 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-24
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Upfront | ||||||||||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||||||||||
Counter- | Pay/Receive | Fixed | Expiration | Notional | Paid | Appreciation | ||||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 12.540 | % | 01/02/14 | BRL 100,000 | $ | 932 | $ | 648 | $ | 284 | ||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 12.650 | % | 01/02/14 | 1,200,000 | 13,237 | 9,626 | 3,611 | |||||||||||||||||||||||
28-Day Mexico Interbank TIIE Banxico | HSB | Pay | 7.330 | % | 01/28/15 | MXN 3,200,000 | 5,742 | 1,414 | 4,328 | |||||||||||||||||||||||
28-Day Mexico Interbank TIIE Banxico | GSC | Pay | 8.170 | % | 11/04/16 | 1,200,000 | 4,128 | 1,757 | 2,371 | |||||||||||||||||||||||
3-Month USD-LIBOR | DUB | Receive | 3.500 | % | 06/15/21 | $ | 1,600,000 | 21,558 | 51,050 | (29,492 | ) | |||||||||||||||||||||
3-Month Canadian Bank Bill | RBS | Pay | 5.700 | % | 12/18/24 | CAD 2,100,000 | 21,617 | (1,439 | ) | 23,056 | ||||||||||||||||||||||
3-Month USD-LIBOR | BRC | Receive | 4.250 | % | 06/15/41 | $ | 300,000 | 4,175 | 6,750 | (2,575 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | CIT | Receive | 4.250 | % | 06/15/41 | 300,000 | 4,175 | 14,040 | (9,865 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | GSC | Receive | 4.250 | % | 06/15/41 | 300,000 | 4,175 | 6,000 | (1,825 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | MSC | Receive | 4.250 | % | 06/15/41 | 1,500,000 | 3,434 | 6,300 | (2,866 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | RBS | Receive | 4.250 | % | 06/15/41 | 600,000 | 8,349 | 18,620 | (10,271 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | UBS | Receive | 4.250 | % | 06/15/41 | 100,000 | 1,392 | 3,775 | (2,383 | ) | ||||||||||||||||||||||
Total Interest Rate Swaps | $ | 59,781 | $ | (209,388 | ) | $ | 269,169 | |||||||||||||||||||||||||
Total Swap Agreements | $ | 766,245 | $ | (69,807 | ) | $ | 836,052 | |||||||||||||||||||||||||
(m) | As of March 31, 2011, investments with total aggregate values of $1,599,445 and $79,978 were fully or partially segregated with the broker(s)/custodian as collateral for open futures and swap contracts, respectively. | |
(n) | Fair Value Measurements |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Convertible Preferred Stocks (1) | $ | 3,144,217 | $ | 3,144,217 | $ | — | $ | — | |||||||||||
Preferred Stocks (1) | 13,600 | 13,600 | — | — | ||||||||||||||||
Common Stocks (1) | 12,121 | 12,121 | — | — | ||||||||||||||||
Corporate Bonds & Notes | 115,431,401 | — | 115,431,401 | — | ||||||||||||||||
Convertible Corporate Bonds | 1,476,625 | — | 1,476,625 | — | ||||||||||||||||
Senior Loan Notes | 2,105,907 | — | 2,105,907 | — | ||||||||||||||||
Mortgage-Backed Securities | 97,617,747 | — | 97,617,747 | — | ||||||||||||||||
Asset-Backed Securities | 21,072,707 | — | 14,253,352 | 6,819,355 | ||||||||||||||||
U.S. Government Agency Issues | 3,012,804 | — | 3,012,804 | — | ||||||||||||||||
U.S. Treasury Obligations | 3,564,288 | — | 3,564,288 | — | ||||||||||||||||
Foreign Government Bonds & Notes | 10,944,469 | — | 10,096,305 | 848,164 | ||||||||||||||||
Municipal Bonds | 9,814,001 | — | 9,814,001 | — | ||||||||||||||||
Short-Term Investments | 148,168,384 | 1,336,925 | 146,831,459 | — | ||||||||||||||||
Derivatives: | ||||||||||||||||||||
Credit Contracts | ||||||||||||||||||||
Swaps | 1,173,417 | — | 1,173,417 | — | ||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
Forward Foreign Currency Contracts | 1,082,050 | — | 1,082,050 | — | ||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Futures | 447,888 | 447,888 | — | — | ||||||||||||||||
Swaps | 472,992 | — | 472,992 | — | ||||||||||||||||
Total Interest Rate Contracts | 920,880 | 447,888 | 472,992 | — | ||||||||||||||||
Total Assets — Derivatives | 3,176,347 | 447,888 | 2,728,459 | — | ||||||||||||||||
Total Assets | 419,554,618 | 4,954,751 | 406,932,348 | 7,667,519 | ||||||||||||||||
Liabilities | Securities Sold Short | (2,540,376 | ) | — | (2,540,376 | ) | — | |||||||||||||
Derivatives: | ||||||||||||||||||||
Credit Contracts | ||||||||||||||||||||
Swaps | (466,953 | ) | — | (466,953 | ) | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
Forward Foreign Currency Contracts | (703,225 | ) | — | (703,225 | ) | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Futures | (104,213 | ) | (104,213 | ) | — | — | ||||||||||||||
Written Options | (1,090,361 | ) | (24,890 | ) | (882,887 | ) | (182,584 | ) | ||||||||||||
Swaps | (413,211 | ) | — | (413,211 | ) | — | ||||||||||||||
Total Interest Rate Contracts | (1,607,785 | ) | (129,103 | ) | (1,296,098 | ) | (182,584 | ) | ||||||||||||
Total Liabilities — Derivatives | (2,777,963 | ) | (129,103 | ) | (2,466,276 | ) | (182,584 | ) | ||||||||||||
Total Liabilities | (5,318,339 | ) | (129,103 | ) | (5,006,652 | ) | (182,584 | ) | ||||||||||||
Total | $ | 414,236,279 | $ | 4,825,648 | $ | 401,925,696 | $ | 7,484,935 | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-25
PL MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2011
The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) for the year ended March 31, 2011: |
Change in Net | |||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||
Appreciation | |||||||||||||||||||||||||||||||||
Total Change | (Depreciation) | ||||||||||||||||||||||||||||||||
in Net | Transfers | on Level 3 | |||||||||||||||||||||||||||||||
Value, | Net | Accrued | Total Net | Unrealized | In and/ | Investments Held at | |||||||||||||||||||||||||||
Beginning | Purchases | Discounts | Realized Gains | Appreciation | or Out of | Value, | the End of Year, | ||||||||||||||||||||||||||
of Year | (Sales) | (Premiums) | (Losses) | (Depreciation) | Level 3 | End of Year | if Applicable | ||||||||||||||||||||||||||
Asset-Backed Securities | $ | — | $ | 6,813,009 | $ | — | $ | 2,324 | $ | 4,022 | $ | — | $ | 6,819,355 | $ | 4,022 | |||||||||||||||||
Foreign Government Bonds & Notes | — | 849,867 | — | — | (1,703 | ) | — | 848,164 | (1,703 | ) | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Credit Contracts | |||||||||||||||||||||||||||||||||
Written Options | (7,024 | ) | — | — | 8,972 | (1,948 | ) | — | — | — | |||||||||||||||||||||||
Interest Rate Contracts | |||||||||||||||||||||||||||||||||
Written Options | (9,872 | ) | (115,358 | ) | — | — | (57,354 | ) | — | (182,584 | ) | (57,354 | ) | ||||||||||||||||||||
$ | ( 16,896 | ) | $ | 7,547,518 | $ | — | $ | 11,296 | $ | ( 56,983 | ) | $ | — | $ | 7,484,935 | $ | ( 55,035 | ) | |||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms,if any, on page B-61 |
B-26
PL SHORT DURATION BOND FUND
Schedule of Investments
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS & NOTES — 33.7% | ||||||||
Consumer Discretionary — 2.5% | ||||||||
Comcast Cable Communications Holdings Inc | ||||||||
8.375% due 03/15/13 | $ | 650,000 | $ | 732,402 | ||||
Cox Communications Inc | ||||||||
7.125% due 10/01/12 | 325,000 | 352,734 | ||||||
Johnson Controls Inc | ||||||||
1.750% due 03/01/14 | 475,000 | 472,930 | ||||||
NBC Universal Inc | ||||||||
2.100% due 04/01/14 ~ | 250,000 | 248,803 | ||||||
Reed Elsevier Capital Inc | ||||||||
4.625% due 06/15/12 | 500,000 | 518,297 | ||||||
Thomson Reuters Corp (Canada) | ||||||||
5.700% due 10/01/14 | 250,000 | 279,355 | ||||||
Time Warner Cable Inc | ||||||||
5.400% due 07/02/12 | 381,000 | 400,573 | ||||||
3,005,094 | ||||||||
Consumer Staples — 3.0% | ||||||||
Anheuser-Busch InBev Worldwide Inc | ||||||||
3.000% due 10/15/12 | 375,000 | 385,660 | ||||||
5.375% due 11/15/14 | 75,000 | 82,628 | ||||||
7.200% due 01/15/14 | 475,000 | 539,562 | ||||||
BAT International Finance PLC (United Kingdom) | ||||||||
8.125% due 11/15/13 ~ | 150,000 | 173,839 | ||||||
Cargill Inc | ||||||||
5.200% due 01/22/13 ~ | 525,000 | 560,673 | ||||||
General Mills Inc | ||||||||
5.250% due 08/15/13 | 200,000 | 217,304 | ||||||
6.000% due 02/15/12 | 200,000 | 209,336 | ||||||
Kellogg Co | ||||||||
5.125% due 12/03/12 | 300,000 | 319,983 | ||||||
Kraft Foods Inc | ||||||||
2.625% due 05/08/13 | 275,000 | 281,419 | ||||||
6.000% due 02/11/13 | 75,000 | 81,137 | ||||||
Philip Morris International Inc | ||||||||
6.875% due 03/17/14 | 325,000 | 372,961 | ||||||
The Kroger Co | ||||||||
6.750% due 04/15/12 | 100,000 | 105,989 | ||||||
Wal-Mart Stores Inc | ||||||||
3.200% due 05/15/14 | 250,000 | 261,843 | ||||||
3,592,334 | ||||||||
Energy — 1.6% | ||||||||
Apache Corp | ||||||||
6.000% due 09/15/13 | 400,000 | 442,434 | ||||||
BP Capital Markets PLC (United Kingdom) | ||||||||
3.125% due 10/01/15 | 225,000 | 226,494 | ||||||
Enterprise Products Operating LLC | ||||||||
4.600% due 08/01/12 | 150,000 | 156,091 | ||||||
6.375% due 02/01/13 | 100,000 | 108,100 | ||||||
7.625% due 02/15/12 | 100,000 | 105,639 | ||||||
PC Financial Partnership | ||||||||
5.000% due 11/15/14 | 250,000 | 269,579 | ||||||
Williams Partners LP | ||||||||
3.800% due 02/15/15 | 325,000 | 336,385 | ||||||
XTO Energy Inc | ||||||||
7.500% due 04/15/12 | 300,000 | 320,972 | ||||||
1,965,694 | ||||||||
Financials — 16.9% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | ||||||||
2.450% due 06/22/12 | 2,400,000 | 2,434,265 | ||||||
Bank of America Corp | ||||||||
0.509% due 06/22/12 § | 1,200,000 | 1,204,325 | ||||||
1.723% due 01/30/14 § | 150,000 | 152,578 | ||||||
4.500% due 04/01/15 | 75,000 | 77,838 | ||||||
Bank of Scotland PLC (United Kingdom) | ||||||||
5.000% due 11/21/11 ~ | 300,000 | 306,884 | ||||||
5.250% due 02/21/17 ~ Δ | 100,000 | 102,735 | ||||||
Bank of Tokyo-Mitsubishi UFJ Ltd (Japan) | ||||||||
2.600% due 01/22/13 ~ | 125,000 | 127,055 | ||||||
BB&T Corp | ||||||||
3.850% due 07/27/12 | 250,000 | 258,825 | ||||||
BRFkredit AS (Denmark) | ||||||||
2.050% due 04/15/13 ~ | 1,100,000 | 1,120,519 | ||||||
Capital One Financial Corp | ||||||||
7.375% due 05/23/14 | 275,000 | 315,598 | ||||||
Citigroup Inc | ||||||||
6.375% due 08/12/14 | 175,000 | 193,422 | ||||||
Commonwealth Bank of Australia (Australia) | ||||||||
2.500% due 12/10/12 ~ | 100,000 | 102,581 | ||||||
Fifth Third Bank | ||||||||
0.424% due 05/17/13 § | 250,000 | 245,889 | ||||||
FIH Erhvervsbank AS (Denmark) | ||||||||
2.000% due 06/12/13 ~ | 1,200,000 | 1,219,679 | ||||||
General Electric Capital Corp | ||||||||
2.000% due 09/28/12 | 800,000 | 816,290 | ||||||
2.125% due 12/21/12 | 3,300,000 | 3,377,365 | ||||||
General Motors Acceptance Corp LLC | ||||||||
2.200% due 12/19/12 | 500,000 | 512,151 | ||||||
HCP Inc | ||||||||
2.700% due 02/01/14 | 150,000 | 150,429 | ||||||
HSBC Finance Corp | ||||||||
0.522% due 08/09/11 § | 100,000 | 100,037 | ||||||
0.553% due 01/15/14 § | 100,000 | 98,598 | ||||||
0.573% due 04/24/12 § | 250,000 | 249,711 | ||||||
Intesa Sanpaolo SPA (Italy) | ||||||||
2.375% due 12/21/12 | 275,000 | 276,900 | ||||||
JPMorgan Chase & Co | ||||||||
1.103% due 01/24/14 § | 500,000 | 503,180 | ||||||
Kreditanstalt fuer Wiederaufbau (Germany) | ||||||||
3.750% due 06/27/11 | 800,000 | 806,316 | ||||||
Lloyds TSB Bank PLC (United Kingdom) | ||||||||
4.375% due 01/12/15 ~ | 150,000 | 152,757 | ||||||
MassMutual Global Funding II | ||||||||
0.809% due 09/27/13 ~ § | 450,000 | 449,765 | ||||||
MetLife Inc | ||||||||
2.375% due 02/06/14 | 125,000 | 125,152 | ||||||
Metropolitan Life Global Funding I | ||||||||
2.500% due 01/11/13 ~ | 525,000 | 533,937 | ||||||
5.125% due 06/10/14 ~ | 250,000 | 270,908 | ||||||
Prudential Financial Inc | ||||||||
2.750% due 01/14/13 | 325,000 | 331,307 | ||||||
5.100% due 09/20/14 | 100,000 | 107,461 | ||||||
Rabobank Nederland NV (Netherlands) | ||||||||
4.200% due 05/13/14 ~ | 150,000 | 158,779 | ||||||
Reinsurance Group of America Inc | ||||||||
6.750% due 12/15/11 | 175,000 | 181,355 | ||||||
Simon Property Group LP | ||||||||
4.200% due 02/01/15 | 275,000 | 289,166 | ||||||
Sovereign Bank | ||||||||
5.125% due 03/15/13 | 350,000 | 360,747 | ||||||
Standard Chartered PLC (United Kingdom) | ||||||||
3.850% due 04/27/15 ~ | 175,000 | 179,062 | ||||||
Sun Life Financial Global Funding LP | ||||||||
0.553% due 10/06/13 § ~ | 375,000 | 371,986 | ||||||
Suncorp-Metway Ltd (Australia) | ||||||||
1.553% due 04/15/11 § ~ | 900,000 | 900,352 | ||||||
The Royal Bank of Scotland PLC (United Kingdom) | ||||||||
3.400% due 08/23/13 | 225,000 | 230,283 | ||||||
Wachovia Corp | ||||||||
5.500% due 05/01/13 | 475,000 | 511,845 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-27
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
WEA Finance LLC | ||||||||
5.400% due 10/01/12 ~ | $ | 375,000 | $ | 396,699 | ||||
Western Corporate Federal Credit Union | ||||||||
1.750% due 11/02/12 | 200,000 | 203,209 | ||||||
20,507,940 | ||||||||
Health Care — 2.0% | ||||||||
Covidien International Finance SA (Luxembourg) | ||||||||
1.875% due 06/15/13 | 500,000 | 504,710 | ||||||
Express Scripts Inc | ||||||||
5.250% due 06/15/12 | 225,000 | 235,771 | ||||||
6.250% due 06/15/14 | 100,000 | 111,079 | ||||||
Life Technologies Corp | ||||||||
4.400% due 03/01/15 | 250,000 | 260,754 | ||||||
Medco Health Solutions Inc | ||||||||
7.250% due 08/15/13 | 150,000 | 167,973 | ||||||
Merck & Co Inc | ||||||||
1.875% due 06/30/11 | 125,000 | 125,487 | ||||||
Novartis Capital Corp | ||||||||
1.900% due 04/24/13 | 400,000 | 406,665 | ||||||
Roche Holdings Inc | ||||||||
5.000% due 03/01/14 ~ | 144,000 | 156,959 | ||||||
St Jude Medical Inc | ||||||||
2.200% due 09/15/13 | 350,000 | 355,692 | ||||||
3.750% due 07/15/14 | 100,000 | 105,039 | ||||||
2,430,129 | ||||||||
Industrials — 0.8% | ||||||||
CSX Corp | ||||||||
5.750% due 03/15/13 | 225,000 | 242,431 | ||||||
Tyco International Finance SA (Luxembourg) | ||||||||
6.000% due 11/15/13 | 300,000 | 332,316 | ||||||
Waste Management Inc | ||||||||
5.000% due 03/15/14 | 150,000 | 161,805 | ||||||
6.375% due 11/15/12 | 250,000 | 270,947 | ||||||
1,007,499 | ||||||||
Information Technology — 1.2% | ||||||||
Dell Inc | ||||||||
1.400% due 09/10/13 | 275,000 | 273,732 | ||||||
Fiserv Inc | ||||||||
6.125% due 11/20/12 | 350,000 | 375,712 | ||||||
Hewlett-Packard Co | ||||||||
2.250% due 05/27/11 | 350,000 | 351,164 | ||||||
HP Enterprise Services LLC | ||||||||
6.000% due 08/01/13 | 375,000 | 412,997 | ||||||
1,413,605 | ||||||||
Telecommunication Services — 2.4% | ||||||||
Rogers Communications Inc (Canada) | ||||||||
5.500% due 03/15/14 | 50,000 | 54,877 | ||||||
6.250% due 06/15/13 | 300,000 | 330,524 | ||||||
6.375% due 03/01/14 | 125,000 | 140,179 | ||||||
Telecom Italia Capital SA (Luxembourg) | ||||||||
5.250% due 11/15/13 | 375,000 | 395,862 | ||||||
Telefonica Emisiones SAU (Spain) | �� | |||||||
5.855% due 02/04/13 | 450,000 | 479,612 | ||||||
Verizon Wireless Capital LLC | ||||||||
3.750% due 05/20/11 | 775,000 | 778,296 | ||||||
7.375% due 11/15/13 | 100,000 | 114,108 | ||||||
Vodafone Group PLC (United Kingdom) | ||||||||
5.350% due 02/27/12 | 550,000 | 573,373 | ||||||
2,866,831 | ||||||||
Utilities — 3.3% | ||||||||
Arizona Public Service Co | ||||||||
6.500% due 03/01/12 | 250,000 | 262,293 | ||||||
CenterPoint Energy Resources Corp | ||||||||
7.875% due 04/01/13 | 75,000 | 83,914 | ||||||
Commonwealth Edison Co | ||||||||
1.625% due 01/15/14 | 450,000 | 447,049 | ||||||
Dominion Resources Inc/VA | ||||||||
1.800% due 03/15/14 | 325,000 | 324,368 | ||||||
Duke Energy Corp | ||||||||
6.300% due 02/01/14 | 525,000 | 585,127 | ||||||
Enel Finance International SA (Luxembourg) | ||||||||
5.700% due 01/15/13 ~ Δ | 250,000 | 264,637 | ||||||
FirstEnergy Corp | ||||||||
6.450% due 11/15/11 | 5,000 | 5,149 | ||||||
Georgia Power Co | ||||||||
1.300% due 09/15/13 | 325,000 | 324,867 | ||||||
MidAmerican Energy Holdings Co | ||||||||
3.150% due 07/15/12 | 525,000 | 538,160 | ||||||
5.000% due 02/15/14 | 250,000 | 268,450 | ||||||
PacifiCorp | ||||||||
5.450% due 09/15/13 | 200,000 | 218,551 | ||||||
Progress Energy Inc | ||||||||
6.050% due 03/15/14 | 150,000 | 165,842 | ||||||
Southern Co | ||||||||
0.703% due 10/21/11 § | 125,000 | 125,325 | ||||||
Wisconsin Electric Power Co | ||||||||
6.000% due 04/01/14 | 375,000 | 419,259 | ||||||
4,032,991 | ||||||||
Total Corporate Bonds & Notes (Cost $40,440,817) | 40,822,117 | |||||||
MORTGAGE-BACKED SECURITIES — 7.2% | ||||||||
Collateralized Mortgage Obligations — Residential — 2.0% | ||||||||
Citimortgage Alternative Loan Trust | ||||||||
6.000% due 12/25/36 “ | 481,969 | 360,113 | ||||||
Fannie Mae | ||||||||
5.000% due 08/25/19 “ | 791,049 | 844,931 | ||||||
NCUA Guaranteed Notes | ||||||||
0.620% due 03/06/20 “ § | 500,000 | 500,000 | ||||||
0.672% due 03/11/20 “ § | 500,000 | 500,000 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | ||||||||
2.713% due 11/25/34 “ § | 306,230 | 268,982 | ||||||
2,474,026 | ||||||||
Fannie Mae — 5.0% | ||||||||
2.107% due 01/01/35 “ § | 1,303,000 | 1,357,611 | ||||||
2.535% due 09/01/34 “ § | 1,028,326 | 1,080,625 | ||||||
2.686% due 11/01/34 “ § | 803,177 | 848,067 | ||||||
2.787% due 09/01/35 “ § | 1,273,046 | 1,340,642 | ||||||
5.000% due 01/01/20 “ | 7,471 | 7,987 | ||||||
6.000% due 10/01/21 “ | 1,238,774 | 1,354,328 | ||||||
5,989,260 | ||||||||
Freddie Mac — 0.2% | ||||||||
5.000% due 11/01/16 “ | 228,406 | 244,340 | ||||||
5.500% due 01/01/20 “ | 42,629 | 46,469 | ||||||
290,809 | ||||||||
Total Mortgage-Backed Securities (Cost $8,761,712) | 8,754,095 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-28
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2011
Principal | ||||||||
Amount | Value | |||||||
ASSET-BACKED SECURITIES — 7.2% | ||||||||
Bank of America Auto Trust | ||||||||
1.670% due 12/15/13 “ ~ Δ | $ | 456,338 | $ | 459,368 | ||||
College Loan Corp Trust | ||||||||
0.403% due 07/25/24 “ § | 1,000,000 | 992,842 | ||||||
0.463% due 04/25/21 “ § | 839,987 | 839,383 | ||||||
Collegiate Funding Services Education Loan Trust I | ||||||||
0.399% due 12/28/21 “ § | 398,830 | 393,431 | ||||||
Ford Credit Auto Owner Trust | ||||||||
1.510% due 01/15/14 “ | 600,000 | 604,137 | ||||||
Nelnet Education Loan Funding Inc | ||||||||
0.412% due 11/25/15 “ § | 150,864 | 150,786 | ||||||
Northstar Education Finance Inc | ||||||||
0.424% due 04/28/16 “ § | 648,051 | 628,532 | ||||||
0.474% due 04/28/17 “ § | 272,500 | 272,127 | ||||||
SLM Student Loan Trust | ||||||||
0.303% due 07/25/17 “ § | 409,334 | 406,434 | ||||||
0.333% due 07/25/18 “ § | 1,500,000 | 1,495,159 | ||||||
0.703% due 10/27/14 “ § | 96,467 | 96,524 | ||||||
Student Loan Consolidation Center | ||||||||
1.470% due 10/25/27 “ ~ § Δ | 299,330 | 299,330 | ||||||
Suntrust Student Loan Trust | ||||||||
0.404% due 07/28/20 “ ~ § | 561,439 | 559,533 | ||||||
World Financial Network Credit Card Master Trust | ||||||||
0.385% due 02/15/17 “ ~ § | 1,100,000 | 1,082,160 | ||||||
3.790% due 05/15/16 “ | 400,000 | 413,052 | ||||||
Total Asset-Backed Securities (Cost $8,679,554) | 8,692,798 | |||||||
U.S. GOVERNMENT AGENCY ISSUES — 2.6% | ||||||||
Fannie Mae | ||||||||
2.050% due 04/26/13 | 1,500,000 | 1,501,669 | ||||||
Federal Home Loan Bank | ||||||||
3.125% due 06/10/11 ‡ | 700,000 | 703,723 | ||||||
Freddie Mac | ||||||||
2.750% due 04/29/14 | 700,000 | 701,360 | ||||||
4.500% due 01/15/13 | 300,000 | 319,899 | ||||||
Total U.S. Government Agency Issues (Cost $3,220,011) | 3,226,651 | |||||||
U.S. TREASURY OBLIGATIONS — 33.7% | ||||||||
U.S. Treasury Bonds — 0.2% | ||||||||
4.250% due 11/15/40 | 100,000 | 95,563 | ||||||
4.375% due 11/15/39 | 100,000 | 97,766 | ||||||
4.750% due 02/15/41 | 100,000 | 103,891 | ||||||
297,220 | ||||||||
U.S. Treasury Inflation Protected Securities — 0.6% | ||||||||
2.375% due 04/15/11 ^ | 665,604 | 667,944 | ||||||
U.S. Treasury Notes — 32.9% | ||||||||
2.625% due 11/15/20 | 600,000 | 559,172 | ||||||
0.375% due 10/31/12 | 900,000 | 896,625 | ||||||
0.625% due 06/30/12 | 9,800,000 | 9,822,609 | ||||||
0.625% due 07/31/12 | 900,000 | 901,833 | ||||||
0.625% due 01/31/13 | 200,000 | 199,547 | ||||||
0.750% due 05/31/12 | 4,600,000 | 4,619,026 | ||||||
0.750% due 03/31/13 | 600,000 | 599,206 | ||||||
1.000% due 03/31/12 | 3,500,000 | 3,523,510 | ||||||
1.000% due 04/30/12 | 6,800,000 | 6,847,852 | ||||||
1.250% due 03/15/14 | 2,400,000 | 2,397,374 | ||||||
1.375% due 03/15/13 | 900,000 | 909,951 | ||||||
1.500% due 12/31/13 | 2,200,000 | 2,219,078 | ||||||
2.125% due 02/29/16 | 300,000 | 298,641 | ||||||
2.250% due 03/31/16 | 2,175,000 | 2,174,665 | ||||||
3.625% due 02/15/21 | 3,800,000 | 3,849,282 | ||||||
39,818,371 | ||||||||
Total U.S. Treasury Obligations (Cost $40,699,567) | 40,783,535 | |||||||
SHORT-TERM INVESTMENTS — 15.0% | ||||||||
Repurchase Agreement — 14.5% | ||||||||
Bank of America Corp 0.150% due 04/01/11 (Dated 03/31/11, repurchase price of $17,600,073, collateralized by Freddie Mac 4.000% due 03/01/25 and value $17,952,000) | 17,600,000 | 17,600,000 | ||||||
Shares | ||||||||
Money Market Fund — 0.5% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 550,476 | 550,476 | ||||||
Total Short-Term Investments (Cost $18,150,476) | 18,150,476 | |||||||
TOTAL INVESTMENTS — 99.4% (Cost $119,952,137) | 120,429,672 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.6% | 703,551 | |||||||
NET ASSETS — 100.0% | $ | 121,133,223 | ||||||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Corporate Bonds & Notes | 33.7 | % | ||||||
U.S. Treasury Obligations | 33.7 | % | ||||||
Short-term Investments | 15.0 | % | ||||||
Mortgage-Backed Securities | 7.2 | % | ||||||
Asset-Backed Securities | 7.2 | % | ||||||
U.S. Government Agency Issues | 2.6 | % | ||||||
99.4 | % | |||||||
Other Assets & Liabilities, Net | 0.6 | % | ||||||
100.0 | % | |||||||
(b) | As of March 31, 2011, 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 | 60.5 | % | ||||||
A-1 (Short-term debt only) | 14.7 | % | ||||||
AA | 2.6 | % | ||||||
A | 10.6 | % | ||||||
BBB | 9.8 | % | ||||||
Not Rated | 1.8 | % | ||||||
100.0 | % | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-29
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2011
(c) | Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments. | |
(d) | Open futures contracts outstanding as of March 31, 2011 were as follows: |
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
Eurodollar (06/11) | 5 | $ | 5,000,000 | $ | 864 | |||||||
U.S. Treasury 2-Year Notes (06/11) | 94 | 18,800,000 | (9,579 | ) | ||||||||
U.S. Treasury 2-Year Notes (06/11) | 134 | 26,800,000 | 30,159 | |||||||||
U.S. Treasury Ultra Long Bond (06/11) | 6 | 600,000 | 3,555 | |||||||||
24,999 | ||||||||||||
Short Futures Outstanding | ||||||||||||
Eurodollar (09/11) | 4 | 4,000,000 | (14,960 | ) | ||||||||
Eurodollar (12/11) | 4 | 4,000,000 | (17,010 | ) | ||||||||
U.S. Treasury 5-Year Notes (06/11) | 11 | 1,100,000 | 462 | |||||||||
U.S. Treasury 5-Year Notes (06/11) | 11 | 1,100,000 | (6,037 | ) | ||||||||
U.S. Treasury 10-Year Notes (06/11) | 21 | 2,100,000 | (2,835 | ) | ||||||||
U.S. Treasury 30-Year Bonds (06/11) | 14 | 1,400,000 | 884 | |||||||||
U.S. Treasury 30-Year Bonds (06/11) | 15 | 1,500,000 | (12,269 | ) | ||||||||
(51,765 | ) | |||||||||||
Total Futures Contracts | $ | (26,766 | ) | |||||||||
(e) | As of March 31, 2011, investments with a total aggregate value of $331,755 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts. | |
(f) | As of March 31, 2011, 0.9% of the fund’s net assets were reported illiquid by the portfolio manager under the Trust’s policy. | |
(g) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Corporate Bonds & Notes | $ | 40,822,117 | $ | — | $ | 40,822,117 | $ | — | |||||||||||
Mortgage-Backed Securities | 8,754,095 | — | 7,754,095 | 1,000,000 | ||||||||||||||||
Asset-Backed Securities | 8,692,798 | — | 8,393,468 | 299,330 | ||||||||||||||||
U.S. Government Agency Issues | 3,226,651 | — | 3,226,651 | — | ||||||||||||||||
U.S. Treasury Obligations | 40,783,535 | — | 40,783,535 | — | ||||||||||||||||
Short-Term Investments | 18,150,476 | 550,476 | 17,600,000 | — | ||||||||||||||||
Derivatives: | ||||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Futures | 35,924 | 35,924 | — | — | ||||||||||||||||
Total Assets | 120,465,596 | 586,400 | 118,579,866 | 1,299,330 | ||||||||||||||||
Liabilities | Derivatives: | |||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Futures | (62,690 | ) | (62,690 | ) | ||||||||||||||||
Total Liabilities | (62,690 | ) | (62,690 | ) | — | — | ||||||||||||||
Total | $ | 120,402,906 | $ | 523,710 | $ | 118,579,866 | $ | 1,299,330 | ||||||||||||
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||||||
Total Change | (Depreciation) | |||||||||||||||||||||||||||||||
in Net | Transfers | on Level 3 | ||||||||||||||||||||||||||||||
Value, | Net | Accrued | Total Net | Unrealized | In and/ | Investments Held at | ||||||||||||||||||||||||||
Beginning | Purchases | Discounts | Realized Gains | Appreciation | or Out of | Value, | the End of Year, | |||||||||||||||||||||||||
of Year | (Sales) | (Premiums) | (Losses) | (Depreciation) | Level 3 | End of Year | if Applicable | |||||||||||||||||||||||||
Mortgage-Backed Securities | $ | — | $ | 1,000,000 | $ | — | $ | — | $ | — | $ | — | $ | 1,000,000 | $ | — | ||||||||||||||||
Asset-Backed Securities | — | 299,330 | — | — | — | — | 299,330 | — | ||||||||||||||||||||||||
$ | — | $ | 1,299,330 | $ | — | $ | — | $ | — | $ | — | $ | 1,299,330 | $ | — | |||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-30
PL COMSTOCK FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS — 94.6% | ||||||||
Consumer Discretionary — 14.7% | ||||||||
Comcast Corp ‘A’ | 249,205 | $ | 6,160,348 | |||||
DIRECTV ‘A’ * | 22,000 | 1,029,600 | ||||||
General Motors Co * | 37,634 | 1,167,783 | ||||||
Lowe’s Cos Inc | 64,496 | 1,704,629 | ||||||
Macy’s Inc | 19,880 | 482,289 | ||||||
News Corp ‘B’ | 126,788 | 2,360,792 | ||||||
Staples Inc | 55,619 | 1,080,121 | ||||||
Target Corp | 20,202 | 1,010,302 | ||||||
The Home Depot Inc | 43,540 | 1,613,592 | ||||||
Time Warner Cable Inc | 40,999 | 2,924,869 | ||||||
Time Warner Inc | 42,372 | 1,512,680 | ||||||
Viacom Inc ‘B’ | 73,881 | 3,436,944 | ||||||
24,483,949 | ||||||||
Consumer Staples — 8.2% | ||||||||
Avon Products Inc | 27,355 | 739,679 | ||||||
CVS Caremark Corp | 71,703 | 2,460,847 | ||||||
Kraft Foods Inc ‘A’ | 113,083 | 3,546,283 | ||||||
PepsiCo Inc | 9,717 | 625,872 | ||||||
The Coca-Cola Co | 16,415 | 1,089,135 | ||||||
The Procter & Gamble Co | 8,819 | 543,250 | ||||||
Unilever NV ‘NY’ (Netherlands) | 91,586 | 2,872,137 | ||||||
Wal-Mart Stores Inc | 34,857 | 1,814,307 | ||||||
13,691,510 | ||||||||
Energy — 11.4% | ||||||||
BP PLC ADR (United Kingdom) | 41,129 | 1,815,434 | ||||||
Chevron Corp | 37,884 | 4,069,878 | ||||||
ConocoPhillips | 10,087 | 805,548 | ||||||
Halliburton Co | 91,411 | 4,555,924 | ||||||
Noble Corp (Switzerland) | 21,597 | 985,255 | ||||||
Royal Dutch Shell PLC ADR ‘A’ (United Kingdom) | 41,502 | 3,023,836 | ||||||
Total SA ADR (France) | 20,825 | 1,269,700 | ||||||
Weatherford International Ltd (Switzerland) * | 105,402 | 2,382,085 | ||||||
18,907,660 | ||||||||
Financials — 20.3% | ||||||||
Aflac Inc | 12,377 | 653,258 | ||||||
Bank of America Corp | 228,676 | 3,048,251 | ||||||
Citigroup Inc * | 528,833 | 2,337,442 | ||||||
JPMorgan Chase & Co | 115,298 | 5,315,238 | ||||||
MetLife Inc | 54,502 | 2,437,875 | ||||||
Morgan Stanley | 70,370 | 1,922,508 | ||||||
State Street Corp | 16,968 | 762,542 | ||||||
The Allstate Corp | 10,431 | 331,497 | ||||||
The Bank of New York Mellon Corp | 109,747 | 3,278,143 | ||||||
The Chubb Corp | 50,243 | 3,080,398 | ||||||
The Goldman Sachs Group Inc | 11,523 | 1,826,050 | ||||||
The PNC Financial Services Group Inc | 36,424 | 2,294,348 | ||||||
The Travelers Cos Inc | 33,389 | 1,985,978 | ||||||
Torchmark Corp | 20,336 | 1,351,937 | ||||||
U.S. Bancorp | 46,832 | 1,237,770 | ||||||
Wells Fargo & Co | 60,475 | 1,917,058 | ||||||
33,780,293 | ||||||||
Health Care — 12.5% | ||||||||
Abbott Laboratories | 23,714 | 1,163,172 | ||||||
Bristol-Myers Squibb Co | 121,550 | 3,212,567 | ||||||
Cardinal Health Inc | 51,915 | 2,135,264 | ||||||
GlaxoSmithKline PLC ADR (United Kingdom) | 38,805 | 1,490,500 | ||||||
Merck & Co Inc | 59,493 | 1,963,864 | ||||||
Pfizer Inc | 246,799 | 5,012,488 | ||||||
Roche Holding AG ADR (Switzerland) | 31,559 | 1,134,546 | ||||||
UnitedHealth Group Inc | 72,346 | 3,270,039 | ||||||
WellPoint Inc | 19,640 | 1,370,676 | ||||||
20,753,116 | ||||||||
Industrials — 6.2% | ||||||||
Emerson Electric Co | 19,056 | 1,113,442 | ||||||
General Electric Co | 128,296 | 2,572,335 | ||||||
Honeywell International Inc | 35,088 | 2,095,104 | ||||||
Ingersoll-Rand PLC (Ireland) | 55,348 | 2,673,862 | ||||||
Textron Inc | 39,448 | 1,080,481 | ||||||
Tyco International Ltd (Switzerland) | 19,614 | 878,119 | ||||||
10,413,343 | ||||||||
Information Technology — 11.2% | ||||||||
Accenture PLC ‘A’ (Ireland) | 12,507 | 687,510 | ||||||
Cisco Systems Inc | 71,955 | 1,234,028 | ||||||
Dell Inc * | 134,735 | 1,955,005 | ||||||
eBay Inc * | 94,277 | 2,926,358 | ||||||
Hewlett-Packard Co | �� | 88,432 | 3,623,059 | |||||
Intel Corp | 44,867 | 904,967 | ||||||
KLA-Tencor Corp | 21,442 | 1,015,707 | ||||||
Microsoft Corp | 128,560 | 3,260,282 | ||||||
The Western Union Co | 23,663 | 491,480 | ||||||
Yahoo! Inc * | 156,205 | 2,600,813 | ||||||
18,699,209 | ||||||||
Materials — 4.7% | ||||||||
Alcoa Inc | 148,838 | 2,626,991 | ||||||
International Paper Co | 171,020 | 5,161,384 | ||||||
7,788,375 | ||||||||
Telecommunication Services — 3.2% | ||||||||
AT&T Inc | 52,254 | 1,598,972 | ||||||
Verizon Communications Inc | 55,016 | 2,120,317 | ||||||
Vodafone Group PLC ADR (United Kingdom) | 56,827 | 1,633,776 | ||||||
5,353,065 | ||||||||
Utilities — 2.2% | ||||||||
American Electric Power Co Inc | 19,292 | 677,921 | ||||||
FirstEnergy Corp | 31,342 | 1,162,475 | ||||||
PPL Corp | 51,396 | 1,300,319 | ||||||
Sempra Energy | 9,530 | 509,855 | ||||||
3,650,570 | ||||||||
Total Common Stocks (Cost $124,087,219) | 157,521,090 | |||||||
SHORT-TERM INVESTMENT — 5.1% | ||||||||
Money Market Fund — 5.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 8,526,551 | 8,526,551 | ||||||
Total Short-Term Investment (Cost $8,526,551) | 8,526,551 | |||||||
TOTAL INVESTMENTS — 99.7% (Cost $132,613,770) | 166,047,641 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.3% | 417,624 | |||||||
NET ASSETS — 100.0% | $ | 166,465,265 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-31
PL COMSTOCK FUND
Schedule of Investments (Continued)
March 31, 2011
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Financials | 20.3 | % | ||
Consumer Discretionary | 14.7 | % | ||
Health Care | 12.5 | % | ||
Energy | 11.4 | % | ||
Information Technology | 11.2 | % | ||
Consumer Staples | 8.2 | % | ||
Industrials | 6.2 | % | ||
Short-Term Investment | 5.1 | % | ||
Materials | 4.7 | % | ||
Telecommunication Services | 3.2 | % | ||
Utilities | 2.2 | % | ||
99.7 | % | |||
Other Assets & Liabilities, Net | 0.3 | % | ||
100.0 | % | |||
(b) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks (1) | $ | 157,521,090 | $ | 157,521,090 | $ | — | $ | — | |||||||||||
Short-Term Investment | 8,526,551 | 8,526,551 | — | — | ||||||||||||||||
Total | $ | 166,047,641 | $ | 166,047,641 | $ | — | $ | — | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-32
PL GROWTH LT FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||||||
COMMON STOCKS — 94.5% | ||||||||||||
Consumer Discretionary — 10.9% | ||||||||||||
CBS Corp ‘B’ | 104,625 | $ | 2,619,810 | |||||||||
Cie Financiere Richemont SA ‘A’ (Switzerland) | 17,251 | 994,693 | ||||||||||
Crown Ltd (Australia) | 111,734 | 941,202 | ||||||||||
International Game Technology | 55,365 | 898,574 | ||||||||||
Lamar Advertising Co ‘A’ * | 9,645 | 356,286 | ||||||||||
Limited Brands Inc | 38,210 | 1,256,345 | ||||||||||
Mattel Inc | 33,395 | 832,537 | ||||||||||
Netflix Inc * | 3,855 | 914,907 | ||||||||||
Nike Inc ‘B’ | 5,860 | 443,602 | ||||||||||
Nordstrom Inc | 16,570 | 743,662 | ||||||||||
Polo Ralph Lauren Corp | 7,450 | 921,193 | ||||||||||
The Walt Disney Co | 38,450 | 1,656,811 | ||||||||||
12,579,622 | ||||||||||||
Consumer Staples — 7.2% | ||||||||||||
Anheuser-Busch InBev NV (Belgium) | 38,149 | 2,174,935 | ||||||||||
Anheuser-Busch InBev NV Strip VVPR (Belgium) * | 110,992 | 786 | ||||||||||
Coca-Cola Enterprises Inc | 25,570 | 698,061 | ||||||||||
Colgate-Palmolive Co | 13,605 | 1,098,740 | ||||||||||
Philip Morris International Inc | 34,635 | 2,273,095 | ||||||||||
SABMiller PLC (United Kingdom) | 16,962 | 600,271 | ||||||||||
Walgreen Co | 36,795 | 1,476,951 | ||||||||||
8,322,839 | ||||||||||||
Energy — 11.0% | ||||||||||||
Apache Corp | 13,610 | 1,781,821 | ||||||||||
Canadian Natural Resources Ltd (Canada) | 26,480 | 1,308,906 | ||||||||||
EOG Resources Inc | 13,285 | 1,574,405 | ||||||||||
Halliburton Co | 34,050 | 1,697,052 | ||||||||||
Hess Corp | 18,240 | 1,554,230 | ||||||||||
Occidental Petroleum Corp | 40,000 | 4,179,600 | ||||||||||
OGX Petroleo e Gas Participacoes SA ADR (Brazil) * | 53,700 | 660,510 | ||||||||||
12,756,524 | ||||||||||||
Financials — 7.8% | ||||||||||||
Aflac Inc | 18,640 | 983,819 | ||||||||||
Citigroup Inc * | 370,940 | 1,639,555 | ||||||||||
JPMorgan Chase & Co | 27,593 | 1,272,037 | ||||||||||
Mizuho Financial Group Inc (Japan) | 463,300 | 764,487 | ||||||||||
Morgan Stanley | 49,170 | 1,343,324 | ||||||||||
Prudential PLC (United Kingdom) | 78,945 | 894,032 | ||||||||||
T. Rowe Price Group Inc | 22,430 | 1,489,801 | ||||||||||
The Charles Schwab Corp | 35,560 | 641,147 | ||||||||||
9,028,202 | ||||||||||||
Health Care — 16.4% | ||||||||||||
AmerisourceBergen Corp | 24,010 | 949,836 | ||||||||||
Bristol-Myers Squibb Co | 45,825 | 1,211,155 | ||||||||||
Celgene Corp * | 45,275 | 2,604,671 | ||||||||||
Covidien PLC (Ireland) | 50,040 | 2,599,078 | ||||||||||
DaVita Inc * | 9,235 | 789,685 | ||||||||||
Endo Pharmaceuticals Holdings Inc* | 34,630 | 1,321,481 | ||||||||||
Medco Health Solutions Inc * | 53,570 | 3,008,491 | ||||||||||
Mylan Inc * | 40,515 | 918,475 | ||||||||||
Pfizer Inc | 162,985 | 3,310,225 | ||||||||||
UnitedHealth Group Inc | 30,745 | 1,389,674 | ||||||||||
Vertex Pharmaceuticals Inc * | 18,596 | 891,306 | ||||||||||
18,994,077 | ||||||||||||
Industrials — 7.6% | ||||||||||||
C.H. Robinson Worldwide Inc | 15,730 | 1,166,065 | ||||||||||
Emerson Electric Co | 14,315 | 836,425 | ||||||||||
Expeditors International of Washington Inc | 19,865 | 996,031 | ||||||||||
FANUC Corp (Japan) | 4,800 | 725,553 | ||||||||||
Precision Castparts Corp | 9,385 | 1,381,284 | ||||||||||
Sensata Technologies Holding Inc (Netherlands) * | 17,031 | 591,487 | ||||||||||
Tyco International Ltd (Switzerland) | 20,660 | 924,948 | ||||||||||
Union Pacific Corp | 15,985 | 1,571,805 | ||||||||||
Verisk Analytics Inc ‘A’ * | 16,085 | 526,945 | ||||||||||
8,720,543 | ||||||||||||
Information Technology — 26.7% | ||||||||||||
Amphenol Corp ‘A’ | 23,563 | 1,281,592 | ||||||||||
Apple Inc * | 12,640 | 4,404,408 | ||||||||||
Cisco Systems Inc | 107,795 | 1,848,684 | ||||||||||
eBay Inc * | 150,940 | 4,685,178 | ||||||||||
Google Inc ‘A’ * | 6,485 | 3,801,572 | ||||||||||
International Business Machines Corp | 14,420 | 2,351,469 | ||||||||||
Microsoft Corp | 214,155 | 5,430,971 | ||||||||||
ON Semiconductor Corp * | 109,317 | 1,078,959 | ||||||||||
Oracle Corp | 52,895 | 1,765,106 | ||||||||||
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) | 382,453 | 916,459 | ||||||||||
TE Connectivity Ltd (Switzerland) | 42,655 | 1,485,247 | ||||||||||
Teradata Corp * | 25,095 | 1,272,317 | ||||||||||
The Western Union Co | 27,410 | 569,306 | ||||||||||
30,891,268 | ||||||||||||
Materials — 3.9% | ||||||||||||
E.I. Du Pont de Nemours & Co | 24,285 | 1,334,946 | ||||||||||
K+S AG (Germany) | 23,371 | 1,762,305 | ||||||||||
Nucor Corp | 29,565 | 1,360,581 | ||||||||||
4,457,832 | ||||||||||||
Telecommunication Services — 3.0% | ||||||||||||
Crown Castle International Corp * | 81,700 | 3,476,335 | ||||||||||
Total Common Stocks (Cost $88,344,719) | 109,227,242 | |||||||||||
EXCHANGE-TRADED FUND — 0.6% | ||||||||||||
SPDR Gold Shares * | 4,840 | 676,729 | ||||||||||
Total Exchange-Traded Fund (Cost $672,966) | 676,729 | |||||||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS — 4.8% | ||||||||
U.S. Government Agency Issues — 3.9% | ||||||||
Federal Home Loan Bank 0.001% due 04/01/11 | $ | 4,500,000 | 4,500,000 | |||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-33
PL GROWTH LT FUND
Schedule of Investments (Continued)
March 31, 2011
Shares | Value | |||||||
Money Market Fund — 0.9% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,051,976 | $ | 1,051,976 | |||||
Total Short-Term Investments (Cost $5,551,976) | 5,551,976 | |||||||
TOTAL INVESTMENTS — 99.9% (Cost $94,569,661) | 115,455,947 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.1% | 119,880 | |||||||
NET ASSETS — 100.0% | $ | 115,575,827 | ||||||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 26.7 | % | ||
Health Care | 16.4 | % | ||
Energy | 11.0 | % | ||
Consumer Discretionary | 10.9 | % | ||
Financials | 7.8 | % | ||
Industrials | 7.6 | % | ||
Consumer Staples | 7.2 | % | ||
Short-Term Investments | 4.8 | % | ||
Materials | 3.9 | % | ||
Telecommunication Services | 3.0 | % | ||
Exchange-Traded Fund | 0.6 | % | ||
99.9 | % | |||
Other Assets & Liabilities, Net | 0.1 | % | ||
100.0 | % | |||
(b) | Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments. |
(c) | Forward foreign currency contracts outstanding as of March 31, 2011 were as follows: |
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Sell | EUR | 350,000 | 04/11 | JPM | $ | (15,905 | ) | |||||||||||||
Sell | EUR | 870,000 | 05/11 | CSF | (29,225 | ) | ||||||||||||||
Sell | EUR | 210,000 | 05/11 | HSB | (239 | ) | ||||||||||||||
Buy | GBP | 60,000 | 04/11 | JPM | (929 | ) | ||||||||||||||
Sell | GBP | 295,000 | 04/11 | JPM | 5,385 | |||||||||||||||
Sell | GBP | 65,000 | 04/11 | JPM | (126 | ) | ||||||||||||||
Buy | GBP | 165,000 | 05/11 | CSF | (4,399 | ) | ||||||||||||||
Sell | GBP | 325,000 | 05/11 | CSF | 5,849 | |||||||||||||||
$ | (39,589 | ) | ||||||||||||||||||
(d) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks | |||||||||||||||||||
Consumer Discretionary | $ | 12,579,622 | $ | 10,643,727 | $ | 1,935,895 | $ | — | ||||||||||||
Consumer Staples | 8,322,839 | 5,547,633 | 2,775,206 | — | ||||||||||||||||
Energy | 12,756,524 | 12,756,524 | — | — | ||||||||||||||||
Financials | 9,028,202 | 7,369,683 | 1,658,519 | — | ||||||||||||||||
Health Care | 18,994,077 | 18,994,077 | — | — | ||||||||||||||||
Industrials | 8,720,543 | 7,994,990 | 725,553 | — | ||||||||||||||||
Information Technology | 30,891,268 | 29,974,809 | 916,459 | — | ||||||||||||||||
�� | Materials | 4,457,832 | 2,695,527 | 1,762,305 | — | |||||||||||||||
Telecommunication Services | 3,476,335 | 3,476,335 | — | — | ||||||||||||||||
109,227,242 | 99,453,305 | 9,773,937 | — | |||||||||||||||||
Exchange-Traded Fund | 676,729 | 676,729 | — | — | ||||||||||||||||
Short-Term Investments | 5,551,976 | 1,051,976 | 4,500,000 | — | ||||||||||||||||
Derivatives: | ||||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
Forward Foreign Currency Contracts | 11,234 | — | 11,234 | — | ||||||||||||||||
Total Assets | 115,467,181 | 101,182,010 | 14,285,171 | — | ||||||||||||||||
Liabilities | Derivatives: | |||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
Forward Foreign Currency Contracts | (50,823 | ) | — | (50,823 | ) | — | ||||||||||||||
Total Liabilities | (50,823 | ) | — | (50,823 | ) | — | ||||||||||||||
Total | $ | 115,416,358 | $ | 101,182,010 | $ | 14,234,348 | $ | — | ||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-34
PL LARGE-CAP GROWTH FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS — 98.5% | ||||||||
Consumer Discretionary — 18.7% | ||||||||
Amazon.com Inc * | 20,600 | $ | 3,710,678 | |||||
Discovery Communications Inc ‘A’ * | 39,400 | 1,572,060 | ||||||
Focus Media Holding Ltd ADR (Cayman) * | 57,600 | 1,766,592 | ||||||
International Game Technology | 86,700 | 1,407,141 | ||||||
Las Vegas Sands Corp * | 52,200 | 2,203,884 | ||||||
McDonald’s Corp | 43,800 | 3,332,742 | ||||||
Nike Inc ‘B’ | 22,500 | 1,703,250 | ||||||
priceline.com Inc * | 5,500 | 2,785,420 | ||||||
18,481,767 | ||||||||
Consumer Staples — 4.0% | ||||||||
CVS Caremark Corp | 54,700 | 1,877,304 | ||||||
Kellogg Co | 38,900 | 2,099,822 | ||||||
3,977,126 | ||||||||
Energy — 9.6% | ||||||||
Anadarko Petroleum Corp | 19,600 | 1,605,632 | ||||||
Cimarex Energy Co | 9,100 | 1,048,684 | ||||||
Concho Resources Inc * | 18,100 | 1,942,130 | ||||||
CONSOL Energy Inc | 28,400 | 1,523,092 | ||||||
FMC Technologies Inc * | 14,800 | 1,398,304 | ||||||
Schlumberger Ltd (Netherlands) | 10,900 | 1,016,534 | ||||||
Suncor Energy Inc (Canada) | 21,400 | 959,576 | ||||||
9,493,952 | ||||||||
Financials — 3.8% | ||||||||
CME Group Inc ‘A’ | 8,300 | 2,502,865 | ||||||
The Goldman Sachs Group Inc | 7,900 | 1,251,913 | ||||||
3,754,778 | ||||||||
Health Care — 8.3% | ||||||||
Agilent Technologies Inc * | 47,200 | 2,113,616 | ||||||
Allergan Inc | 40,800 | 2,897,616 | ||||||
Express Scripts Inc * | 27,900 | 1,551,519 | ||||||
Watson Pharmaceuticals Inc * | 30,300 | 1,697,103 | ||||||
8,259,854 | ||||||||
Industrials — 11.9% | ||||||||
C.H. Robinson Worldwide Inc | 27,200 | 2,016,336 | ||||||
Danaher Corp | 35,300 | 1,832,070 | ||||||
Parker-Hannifin Corp | 13,800 | 1,306,584 | ||||||
Precision Castparts Corp | 14,200 | 2,089,956 | ||||||
Roper Industries Inc | 15,600 | 1,348,776 | ||||||
Union Pacific Corp | 11,200 | 1,101,296 | ||||||
United Technologies Corp | 25,200 | 2,133,180 | ||||||
11,828,198 | ||||||||
Information Technology — 34.0% | ||||||||
Apple Inc * | 19,800 | 6,899,310 | ||||||
Baidu Inc ADR (Cayman) * | 13,800 | 1,901,778 | ||||||
EMC Corp * | 142,200 | 3,775,410 | ||||||
Google Inc ‘A’ * | 8,500 | 4,982,785 | ||||||
Juniper Networks Inc * | 29,200 | 1,228,736 | ||||||
MasterCard Inc ‘A’ | 4,400 | 1,107,568 | ||||||
MercadoLibre Inc | 5,500 | 448,965 | ||||||
Oracle Corp | 86,400 | 2,883,168 | ||||||
QUALCOMM Inc | 57,800 | 3,169,174 | ||||||
Red Hat Inc * | 22,100 | 1,003,119 | ||||||
Riverbed Technology Inc * | 43,200 | 1,626,480 | ||||||
salesforce.com inc * | 6,400 | 854,912 | ||||||
SINA Corp (Cayman) * | 14,200 | 1,519,968 | ||||||
Teradata Corp * | 44,800 | 2,271,360 | ||||||
33,672,733 | ||||||||
Materials — 5.9% | ||||||||
Freeport-McMoRan Copper & Gold Inc | 28,600 | 1,588,730 | ||||||
Potash Corp of Saskatchewan Inc (Canada) | 23,100 | 1,361,283 | ||||||
Praxair Inc | 9,700 | 985,520 | ||||||
The Sherwin-Williams Co | 22,000 | 1,847,780 | ||||||
5,783,313 | ||||||||
Telecommunication Services — 2.3% | ||||||||
Crown Castle International Corp * | 54,100 | 2,301,955 | ||||||
Total Common Stocks (Cost $74,457,608) | 97,553,676 | |||||||
EXCHANGE-TRADED FUND — 0.3% | ||||||||
iShares Russell 1000 Growth Index Fund | 5,300 | 320,491 | ||||||
Total Exchange-Traded Fund (Cost $299,253) | 320,491 | |||||||
SHORT-TERM INVESTMENT — 0.9% | ||||||||
Money Market Fund — 0.9% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 909,297 | 909,297 | ||||||
Total Short-Term Investment (Cost $909,297) | 909,297 | |||||||
TOTAL INVESTMENTS — 99.7% (Cost $75,666,158) | 98,783,464 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.3% | 317,422 | |||||||
NET ASSETS — 100.0% | $ | 99,100,886 | ||||||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 34.0 | % | ||
Consumer Discretionary | 18.7 | % | ||
Industrials | 11.9 | % | ||
Energy | 9.6 | % | ||
Health Care | 8.3 | % | ||
Materials | 5.9 | % | ||
Consumer Staples | 4.0 | % | ||
Financials | 3.8 | % | ||
Telecommunication Services | 2.3 | % | ||
Short-Term Investment | 0.9 | % | ||
Exchange-Traded Fund | 0.3 | % | ||
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 B-61 |
B-35
PL LARGE-CAP GROWTH FUND FUND
Schedule of Investments (Continued)
March 31, 2011
(b) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks (1) | $ | 97,553,676 | $ | 97,553,676 | $ | — | $ | — | |||||||||||
Exchange-Traded Fund | 320,491 | 320,491 | — | — | ||||||||||||||||
Short-Term Investment | 909,297 | 909,297 | — | — | ||||||||||||||||
Total | $ | 98,783,464 | $ | 98,783,464 | $ | — | $ | — | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-36
PL LARGE-CAP VALUE FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS - 97.7% | ||||||||
Consumer Discretionary - 16.8% | ||||||||
DISH Network Corp ‘A’ * | 188,681 | $ | 4,596,269 | |||||
Johnson Controls Inc | 59,372 | 2,468,094 | ||||||
McDonald’s Corp | 31,672 | 2,409,922 | ||||||
News Corp ‘A’ | 420,987 | 7,392,532 | ||||||
SES SA FDR (Luxembourg) | 156,732 | 4,035,320 | ||||||
Target Corp | 39,975 | 1,999,150 | ||||||
The Home Depot Inc | 82,006 | 3,039,142 | ||||||
Time Warner Cable Inc | 81,011 | 5,779,325 | ||||||
Time Warner Inc | 189,334 | 6,759,224 | ||||||
38,478,978 | ||||||||
Consumer Staples - 11.0% | ||||||||
Altria Group Inc | 84,980 | 2,212,029 | ||||||
CVS Caremark Corp | 71,261 | 2,445,678 | ||||||
Kimberly-Clark Corp | 90,661 | 5,917,444 | ||||||
Lorillard Inc | 26,796 | 2,545,888 | ||||||
Philip Morris International Inc | 113,454 | 7,445,986 | ||||||
Unilever PLC ADR (United Kingdom) | 77,205 | 2,364,017 | ||||||
Wal-Mart Stores Inc | 41,666 | 2,168,715 | ||||||
25,099,757 | ||||||||
Energy - 14.9% | ||||||||
Apache Corp | 20,035 | 2,622,982 | ||||||
El Paso Corp | 369,565 | 6,652,170 | ||||||
Exxon Mobil Corp | 69,004 | 5,805,307 | ||||||
Halliburton Co | 78,767 | 3,925,747 | ||||||
Royal Dutch Shell PLC ADR ‘A’ (United Kingdom) | 43,358 | 3,159,064 | ||||||
Suncor Energy Inc (Canada) | 88,114 | 3,951,032 | ||||||
Total SA ADR (France) | 86,554 | 5,277,197 | ||||||
Transocean Ltd (Switzerland) * | 33,813 | 2,635,723 | ||||||
34,029,222 | ||||||||
Financials - 21.5% | ||||||||
American Express Co | 82,914 | 3,747,713 | ||||||
Bank of America Corp | 286,267 | 3,815,939 | ||||||
JPMorgan Chase & Co | 165,497 | 7,629,412 | ||||||
Loews Corp | 78,583 | 3,386,142 | ||||||
Marsh & McLennan Cos Inc | 121,505 | 3,622,064 | ||||||
MetLife Inc | 49,389 | 2,209,170 | ||||||
State Street Corp | 58,264 | 2,618,384 | ||||||
The Bank of New York Mellon Corp | 69,839 | 2,086,091 | ||||||
The Charles Schwab Corp | 141,535 | 2,551,876 | ||||||
The Chubb Corp | 35,400 | 2,170,374 | ||||||
The Progressive Corp | 106,871 | 2,258,184 | ||||||
The Travelers Cos Inc | 55,359 | 3,292,753 | ||||||
U.S. Bancorp | 81,908 | 2,164,828 | ||||||
Wells Fargo & Co | 242,811 | 7,697,109 | ||||||
49,250,039 | ||||||||
Health Care - 6.2% | ||||||||
Johnson & Johnson | 60,773 | 3,600,800 | ||||||
Merck & Co Inc | 65,550 | 2,163,806 | ||||||
Novartis AG ADR (Switzerland) | 61,981 | 3,368,667 | ||||||
Pfizer Inc | 119,590 | 2,428,873 | ||||||
WellPoint Inc | 36,695 | 2,560,944 | ||||||
14,123,090 | ||||||||
Industrials - 10.2% | ||||||||
General Electric Co | 261,876 | 5,250,614 | ||||||
Honeywell International Inc | 91,592 | 5,468,958 | ||||||
Illinois Tool Works Inc | 56,698 | 3,045,817 | ||||||
Raytheon Co | 69,691 | 3,545,181 | ||||||
United Technologies Corp | 69,884 | 5,915,681 | ||||||
23,226,251 | ||||||||
Information Technology - 7.8% | ||||||||
Hewlett-Packard Co | 72,525 | 2,971,349 | ||||||
International Business Machines Corp | 33,156 | 5,406,749 | ||||||
Microsoft Corp | 127,729 | 3,239,207 | ||||||
Motorola Solutions Inc * | 61,590 | 2,752,457 | ||||||
Xerox Corp | 328,986 | 3,503,701 | ||||||
17,873,463 | ||||||||
Materials - 3.1% | ||||||||
Air Products & Chemicals Inc | 49,198 | 4,436,676 | ||||||
Crown Holdings Inc * | 67,792 | 2,615,415 | ||||||
7,052,091 | ||||||||
Telecommunication Services - 4.4% | ||||||||
AT&T Inc | 103,219 | 3,158,501 | ||||||
CenturyLink Inc | 106,558 | 4,427,485 | ||||||
Verizon Communications Inc | 64,070 | 2,469,258 | ||||||
10,055,244 | ||||||||
Utilities - 1.8% | ||||||||
Sempra Energy | 76,598 | 4,097,993 | ||||||
Total Common Stocks (Cost $178,252,013) | 223,286,128 | |||||||
SHORT-TERM INVESTMENT - 3.4% | ||||||||
Money Market Fund - 3.4% | ||||||||
BlackRock Liquidity Funds Treasury | ||||||||
Trust Fund Portfolio | 7,708,826 | 7,708,826 | ||||||
Total Short-Term Investment (Cost $7,708,826) | 7,708,826 | |||||||
TOTAL INVESTMENTS - 101.1% (Cost $185,960,839) | 230,994,954 | |||||||
OTHER ASSETS & LIABILITIES, NET - (1.1%) | (2,559,365 | ) | ||||||
NET ASSETS - 100.0% | $ | 228,435,589 | ||||||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Financials | 21.5 | % | ||
Consumer Discretionary | 16.8 | % | ||
Energy | 14.9 | % | ||
Consumer Staples | 11.0 | % | ||
Industrials | 10.2 | % | ||
Information Technology | 7.8 | % | ||
Health Care | 6.2 | % | ||
Telecommunication Services | 4.4 | % | ||
Short-Term Investment | 3.4 | % | ||
Materials | 3.1 | % | ||
Utilities | 1.8 | % | ||
101.1 | % | |||
Other Assets & Liabilities, Net | (1.1 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-37
PL LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
March 31, 2011
(b) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks | |||||||||||||||||||
Consumer Discretionary | $ | 38,478,978 | $ | 34,443,658 | $ | 4,035,320 | $ | — | ||||||||||||
Consumer Staples | 25,099,757 | 25,099,757 | — | — | ||||||||||||||||
Energy | 34,029,222 | 34,029,222 | — | — | ||||||||||||||||
Financials | 49,250,039 | 49,250,039 | — | — | ||||||||||||||||
Health Care | 14,123,090 | 14,123,090 | — | — | ||||||||||||||||
Industrials | 23,226,251 | 23,226,251 | — | — | ||||||||||||||||
Information Technology | 17,873,463 | 17,873,463 | — | — | ||||||||||||||||
Materials | 7,052,091 | 7,052,091 | — | — | ||||||||||||||||
Telecommunication Services | 10,055,244 | 10,055,244 | — | — | ||||||||||||||||
Utilities | 4,097,993 | 4,097,993 | — | — | ||||||||||||||||
223,286,128 | 219,250,808 | 4,035,320 | — | |||||||||||||||||
Short-Term Investment | 7,708,826 | 7,708,826 | — | — | ||||||||||||||||
Total | $ | 230,994,954 | $ | 226,959,634 | $ | 4,035,320 | $ | — | ||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-38
PL MAIN STREET®CORE FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS — 95.9% | ||||||||
Consumer Discretionary — 10.7% | ||||||||
AutoZone Inc * | 8,280 | $ | 2,265,077 | |||||
Ford Motor Co * | 323,132 | 4,817,898 | ||||||
Hyatt Hotels Corp ‘A’ * | 51,768 | 2,228,095 | ||||||
McDonald’s Corp | 16,282 | 1,238,897 | ||||||
The McGraw-Hill Cos Inc | 93,688 | 3,691,307 | ||||||
The TJX Cos Inc | 32,680 | 1,625,176 | ||||||
The Washington Post Co ‘B’ | 2,262 | 989,761 | ||||||
16,856,211 | ||||||||
Consumer Staples - 10.3% | ||||||||
Dr Pepper Snapple Group Inc | 84,000 | 3,121,440 | ||||||
General Mills Inc | 81,470 | 2,977,729 | ||||||
Mead Johnson Nutrition Co | 41,280 | 2,391,350 | ||||||
Philip Morris International Inc | 92,130 | 6,046,492 | ||||||
Sara Lee Corp | 98,570 | 1,741,732 | ||||||
16,278,743 | ||||||||
Energy — 12.0% | ||||||||
Chevron Corp | 67,294 | 7,229,394 | ||||||
Enterprise Products Partners LP | 42,706 | 1,838,920 | ||||||
Kinder Morgan Inc * | 23,570 | 698,615 | ||||||
Noble Energy Inc | 21,568 | 2,084,547 | ||||||
Occidental Petroleum Corp | 62,868 | 6,569,077 | ||||||
Plains All American Pipeline LP | 9,072 | 578,159 | ||||||
18,998,712 | ||||||||
Financials — 18.5% | ||||||||
Aflac Inc | 54,568 | 2,880,099 | ||||||
Bank of America Corp | 265,500 | 3,539,115 | ||||||
CIT Group Inc * | 129,340 | 5,503,417 | ||||||
Citigroup Inc * | 825,884 | 3,650,407 | ||||||
State Street Corp | 69,562 | 3,126,116 | ||||||
The Goldman Sachs Group Inc | 14,242 | 2,256,930 | ||||||
The Progressive Corp | 151,738 | 3,206,224 | ||||||
Wells Fargo & Co | 158,670 | 5,029,839 | ||||||
29,192,147 | ||||||||
Health Care — 10.8% | ||||||||
Abbott Laboratories | 74,870 | 3,672,373 | ||||||
Celgene Corp * | 44,032 | 2,533,161 | ||||||
Express Scripts Inc * | 31,586 | 1,756,498 | ||||||
Human Genome Sciences Inc * | 28,432 | 780,458 | ||||||
Intuitive Surgical Inc * | 670 | 223,418 | ||||||
Merck & Co Inc | 59,420 | 1,961,454 | ||||||
Teva Pharmaceutical Industries Ltd ADR (Israel) | 46,818 | 2,348,859 | ||||||
Waters Corp * | 5,070 | 440,583 | ||||||
WellPoint Inc | 48,440 | 3,380,628 | ||||||
17,097,432 | ||||||||
Industrials — 8.5% | ||||||||
KBR Inc | 23,340 | 881,552 | ||||||
Norfolk Southern Corp | 9,020 | 624,815 | ||||||
Precision Castparts Corp | 9,834 | 1,447,368 | ||||||
The Boeing Co | 20,928 | 1,547,207 | ||||||
Tyco International Ltd (Switzerland) | 94,245 | 4,219,349 | ||||||
United Parcel Service Inc ‘B’ | 62,406 | 4,638,014 | ||||||
13,358,305 | ||||||||
Information Technology — 17.9% | ||||||||
Apple Inc * | 20,892 | 7,279,818 | ||||||
Check Point Software Technologies Ltd (Israel) * | 25,954 | 1,324,952 | ||||||
eBay Inc * | 161,470 | 5,012,029 | ||||||
Google Inc ‘A’ * | 6,906 | 4,048,366 | ||||||
Marvell Technology Group Ltd (Bermuda) * | 136,620 | 2,124,441 | ||||||
Microsoft Corp | 140,382 | 3,560,088 | ||||||
QUALCOMM Inc | 75,632 | 4,146,903 | ||||||
Western Digital Corp * | 19,090 | 711,866 | ||||||
28,208,463 | ||||||||
Materials — 1.7% | ||||||||
Praxair Inc | 26,312 | 2,673,299 | ||||||
Telecommunication Services — 2.3% | ||||||||
America Movil SAB de CV ‘L’ ADR (Mexico) | 63,610 | 3,695,741 | ||||||
Utilities — 3.2% | ||||||||
The AES Corp * | 390,208 | 5,072,704 | ||||||
Total Common Stocks (Cost $121,503,418) | 151,431,757 | |||||||
SHORT-TERM INVESTMENT — 3.9% | ||||||||
Money Market Fund — 3.9% | ||||||||
BlackRock Liquidity Funds Treasury | ||||||||
Trust Fund Portfolio | 6,204,498 | 6,204,498 | ||||||
Total Short-Term Investment (Cost $6,204,498) | 6,204,498 | |||||||
TOTAL INVESTMENTS — 99.8% (Cost $127,707,916) | 157,636,255 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.2% | 253,347 | |||||||
NET ASSETS — 100.0% | $ | 157,889,602 | ||||||
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Financials | 18.5 | % | ||
Information Technology | 17.9 | % | ||
Energy | 12.0 | % | ||
Health Care | 10.8 | % | ||
Consumer Discretionary | 10.7 | % | ||
Consumer Staples | 10.3 | % | ||
Industrials | 8.5 | % | ||
Short-Term Investment | 3.9 | % | ||
Utilities | 3.2 | % | ||
Telecommunication Services | 2.3 | % | ||
Materials | 1.7 | % | ||
99.8 | % | |||
Other Assets & Liabilities, Net | 0.2 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-39
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
March 31, 2011
(b) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks (1) | $ | 151,431,757 | $ | 151,431,757 | $ | — | $ | — | |||||||||||
Short-Term Investment | 6,204,498 | 6,204,498 | — | — | ||||||||||||||||
Total | $ | 157,636,255 | $ | 157,636,255 | $ | — | $ | — | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-40
PL MID-CAP EQUITY FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS — 0.4% | ||||||||
Industrials — 0.4% | ||||||||
Better Place LLC ‘B’ 8.000% * Δ + | 191,233 | $ | 573,700 | |||||
Total Convertible Preferred Stocks (Cost $573,700) | 573,700 | |||||||
COMMON STOCKS — 96.7% | ||||||||
Consumer Discretionary — 16.8% | ||||||||
AutoZone Inc * | 8,660 | 2,369,029 | ||||||
Cablevision Systems Corp ‘A’ | 44,160 | 1,528,377 | ||||||
Darden Restaurants Inc | 41,090 | 2,018,752 | ||||||
DeVry Inc | 41,300 | 2,274,391 | ||||||
DreamWorks Animation SKG Inc ‘A’ * | 36,600 | 1,022,238 | ||||||
International Game Technology | 122,300 | 1,984,929 | ||||||
Lear Corp | 39,200 | 1,915,704 | ||||||
Mattel Inc | 65,340 | 1,628,926 | ||||||
Newell Rubbermaid Inc | 173,430 | 3,317,716 | ||||||
Ross Stores Inc | 13,700 | 974,344 | ||||||
Sirius XM Radio Inc * | 323,800 | 537,508 | ||||||
Stanley Black & Decker Inc | 20,000 | 1,532,000 | ||||||
The Interpublic Group of Cos Inc | 62,600 | 786,882 | ||||||
The TJX Cos Inc | 19,070 | 948,351 | ||||||
22,839,147 | ||||||||
Consumer Staples — 6.7% | ||||||||
Avon Products Inc | 36,130 | 976,955 | ||||||
Campbell Soup Co | 47,600 | 1,576,036 | ||||||
Energizer Holdings Inc * | 600 | 42,696 | ||||||
Molson Coors Brewing Co ‘B’ | 76,140 | 3,570,205 | ||||||
Ralcorp Holdings Inc * | 42,950 | 2,939,069 | ||||||
9,104,961 | ||||||||
Energy — 8.7% | ||||||||
Arch Coal Inc | 35,220 | 1,269,329 | ||||||
EQT Corp | 49,540 | 2,472,046 | ||||||
Noble Energy Inc | 13,210 | 1,276,747 | ||||||
Rowan Cos Inc * | 53,940 | 2,383,069 | ||||||
The Williams Cos Inc | 73,150 | 2,280,817 | ||||||
Tidewater Inc | 36,400 | 2,178,540 | ||||||
11,860,548 | ||||||||
Financials — 13.4% | ||||||||
Ameriprise Financial Inc | 55,300 | 3,377,724 | ||||||
City National Corp | 33,390 | 1,904,899 | ||||||
Fifth Third Bancorp | 105,900 | 1,469,892 | ||||||
Invesco Ltd (Bermuda) | 104,100 | 2,660,796 | ||||||
KeyCorp | 104,910 | 931,601 | ||||||
NYSE Euronext | 19,060 | 670,340 | ||||||
PartnerRe Ltd (Bermuda) | 22,990 | 1,821,728 | ||||||
Principal Financial Group Inc | 60,830 | 1,953,251 | ||||||
The Macerich Co REIT | 30,700 | 1,520,571 | ||||||
Weingarten Realty Investors REIT | 76,000 | 1,904,560 | ||||||
18,215,362 | ||||||||
Health Care — 9.1% | ||||||||
CareFusion Corp * | 62,220 | 1,754,604 | ||||||
DENTSPLY International Inc | 25,400 | 939,546 | ||||||
HealthSouth Corp * | 36,000 | 899,280 | ||||||
Hospira Inc * | 27,950 | 1,542,840 | ||||||
Laboratory Corp of America Holdings * | 12,500 | 1,151,625 | ||||||
Life Technologies Corp * | 33,337 | 1,747,526 | ||||||
Medicis Pharmaceutical Corp ‘A’ | 20,700 | 663,228 | ||||||
Warner Chilcott PLC ‘A’ (Ireland) | 76,000 | 1,769,280 | ||||||
Zimmer Holdings Inc * | 30,880 | 1,869,166 | ||||||
12,337,095 | ||||||||
Industrials — 14.6% | ||||||||
Corrections Corp of America * | 76,190 | 1,859,036 | ||||||
Dover Corp | 73,240 | 4,814,797 | ||||||
Equifax Inc | 71,100 | 2,762,235 | ||||||
Foster Wheeler AG (Switzerland) * | 34,460 | 1,296,385 | ||||||
Joy Global Inc | 13,090 | 1,293,423 | ||||||
Parker-Hannifin Corp | 31,500 | 2,982,420 | ||||||
Rockwell Collins Inc | 51,390 | 3,331,614 | ||||||
Thomas & Betts Corp * | 25,700 | 1,528,379 | ||||||
19,868,289 | ||||||||
Information Technology — 15.1% | ||||||||
Amdocs Ltd (United Kingdom) * | 55,100 | 1,589,635 | ||||||
Analog Devices Inc | 42,220 | 1,662,624 | ||||||
AOL Inc * | 33,300 | 650,349 | ||||||
BMC Software Inc * | 49,540 | 2,464,119 | ||||||
Ingram Micro Inc ‘A’ * | 132,610 | 2,788,788 | ||||||
Intuit Inc * | 27,150 | 1,441,665 | ||||||
Lender Processing Services Inc | 29,600 | 952,824 | ||||||
Motorola Mobility Holdings Inc * | 35,510 | 866,444 | ||||||
Quest Software Inc * | 43,200 | 1,096,848 | ||||||
Symantec Corp * | 106,490 | 1,974,325 | ||||||
Teradata Corp * | 28,100 | 1,424,670 | ||||||
Teradyne Inc * | 91,100 | 1,622,491 | ||||||
Xilinx Inc | 57,400 | 1,882,720 | ||||||
20,417,502 | ||||||||
Materials — 8.2% | ||||||||
Ball Corp | 85,720 | 3,073,062 | ||||||
Cliffs Natural Resources Inc | 17,550 | 1,724,814 | ||||||
Compass Minerals International Inc | 22,640 | 2,117,519 | ||||||
Eastman Chemical Co | 13,710 | 1,361,677 | ||||||
Rock-Tenn Co ‘A’ | 23,300 | 1,615,855 | ||||||
United States Steel Corp | 23,200 | 1,251,408 | ||||||
11,144,335 | ||||||||
Utilities — 4.1% | ||||||||
CMS Energy Corp | 70,900 | 1,392,476 | ||||||
Energen Corp | 43,850 | 2,767,812 | ||||||
Wisconsin Energy Corp | 45,100 | 1,375,550 | ||||||
5,535,838 | ||||||||
Total Common Stocks (Cost $104,019,613) | 131,323,077 | |||||||
SHORT-TERM INVESTMENT — 2.9% | ||||||||
Money Market Fund — 2.9% | ||||||||
BlackRock Liquidity Funds Treasury | ||||||||
Trust Fund Portfolio | 3,889,021 | 3,889,021 | ||||||
Total Short-Term Investment (Cost $3,889,021) | 3,889,021 | |||||||
TOTAL INVESTMENTS — 100.0% (Cost $108,482,334) | 135,785,798 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.0%) | (30,411 | ) | ||||||
NET ASSETS — 100.0% | $ | 135,755,387 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-41
PL MID-CAP EQUITY FUND
Schedule of Investments (Continued)
March 31, 2011
Consumer Discretionary | 16.8 | % | ||
Information Technology | 15.1 | % | ||
Industrials | 15.0 | % | ||
Financials | 13.4 | % | ||
Health Care | 9.1 | % | ||
Energy | 8.7 | % | ||
Materials | 8.2 | % | ||
Consumer Staples | 6.7 | % | ||
Utilities | 4.1 | % | ||
Short-Term Investment | 2.9 | % | ||
100.0 | % | |||
Other Assets & Liabilities, Net | (0.0 | %) | ||
100.0 | % | |||
(b) | An investment with a total aggregate value of $573,700 or 0.4% of the net assets was valued by a Trustee Valuation Committee or determined by a Board approved valuation committee or a delegate of the Board and then approved by the Board. | |
(c) | As of March 31, 2011, 0.4% of the fund’s net assets were reported illiquid by the portfolio manager under the Trust’s policy. | |
(d) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Convertible Preferred Stocks (1) | $ | 573,700 | $ | — | $ | — | $ | 573,700 | |||||||||||
Common Stocks (1) | 131,323,077 | 131,323,077 | — | — | ||||||||||||||||
Short-Term Investment | 3,889,021 | 3,889,021 | — | — | ||||||||||||||||
Total | $ | 135,785,798 | $ | 135,212,098 | $ | — | $ | 573,700 | ||||||||||||
Change in Net | |||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||
Appreciation | |||||||||||||||||||||||||||||||
Total Change | (Depreciation) | ||||||||||||||||||||||||||||||
in Net | Transfers | on Level 3 | |||||||||||||||||||||||||||||
Value, | Net | Total Net | Unrealized | In and/ | Investments Held at | ||||||||||||||||||||||||||
Beginning | Purchases | Realized | Appreciation | or Out of | Value, | the End of Year, | |||||||||||||||||||||||||
of Year | (Sales) | Gains (Losses) | (Depreciation) | Level 3 | End of Year | if Applicable | |||||||||||||||||||||||||
Convertible Preferred Stocks (1) | $ | 573,700 | $ | — | $ | — | $ | — | $ | — | $ | 573,700 | $ | — | |||||||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-42
PL MID-CAP GROWTH FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS — 0.4% | ||||||||
Industrials - 0.4% | ||||||||
Better Place LLC ‘B’ 8.000% * Δ + | 98,662 | $ | 295,986 | |||||
Total Convertible Preferred Stocks (Cost $295,986) | 295,986 | |||||||
COMMON STOCKS — 90.8% | ||||||||
Consumer Discretionary — 19.9% | ||||||||
Betfair Group PLC (United Kingdom) * | 11,499 | 179,856 | ||||||
Chipotle Mexican Grill Inc * | 4,279 | 1,165,471 | ||||||
Ctrip.com International Ltd ADR (Cayman) * | 30,598 | 1,269,511 | ||||||
Dollar Tree Inc * | 15,346 | 852,010 | ||||||
Gafisa SA ADR (Brazil) | 29,345 | 376,790 | ||||||
Groupe Aeroplan Inc (Canada) | 39,136 | 530,021 | ||||||
Lululemon Athletica Inc * | 10,517 | 936,539 | ||||||
Morningstar Inc | 13,826 | 807,162 | ||||||
Naspers Ltd ‘N’ (South Africa) | 18,728 | 1,007,411 | ||||||
Netflix Inc * | 7,692 | 1,825,542 | ||||||
New Oriental Education & Technology Group ADR (Cayman) * | 7,216 | 722,105 | ||||||
NVR Inc * | 747 | 564,732 | ||||||
priceline.com Inc * | 3,263 | 1,652,514 | ||||||
Wynn Resorts Ltd | 7,348 | 935,033 | ||||||
12,824,697 | ||||||||
Consumer Staples — 3.0% | ||||||||
Mead Johnson Nutrition Co | 19,343 | 1,120,540 | ||||||
Natura Cosmeticos SA (Brazil) | 28,106 | 791,716 | ||||||
1,912,256 | ||||||||
Energy — 3.5% | ||||||||
Range Resources Corp | 17,236 | 1,007,617 | ||||||
Ultra Petroleum Corp (Canada) * | 25,229 | 1,242,528 | ||||||
2,250,145 | ||||||||
Financials — 6.1% | ||||||||
Greenhill & Co Inc | 9,624 | 633,163 | ||||||
IntercontinentalExchange Inc * | 6,504 | 803,504 | ||||||
Leucadia National Corp | 28,501 | 1,069,928 | ||||||
Moody’s Corp | 8,227 | 278,978 | ||||||
MSCI Inc ‘A’ * | 30,652 | 1,128,607 | ||||||
3,914,180 | ||||||||
Health Care — 10.7% | ||||||||
Gen-Probe Inc * | 14,522 | 963,535 | ||||||
IDEXX Laboratories Inc * | 10,199 | 787,567 | ||||||
Illumina Inc * | 26,356 | 1,846,765 | ||||||
Intuitive Surgical Inc * | 4,255 | 1,418,872 | ||||||
Ironwood Pharmaceuticals Inc ‘A’ * | 31,306 | 438,284 | ||||||
Techne Corp | 10,598 | 758,817 | ||||||
Valeant Pharmaceuticals International Inc (Canada) | 14,051 | 699,880 | ||||||
6,913,720 | ||||||||
Industrials — 16.9% | ||||||||
C.H. Robinson Worldwide Inc | 9,970 | 739,076 | ||||||
Covanta Holding Corp | 40,901 | 698,589 | ||||||
Edenred (France) * | 74,346 | 2,243,698 | ||||||
Expeditors International of Washington Inc | 20,723 | 1,039,051 | ||||||
Fastenal Co | 12,757 | 827,036 | ||||||
IHS Inc ‘A’ * | 10,447 | 927,171 | ||||||
Intertek Group PLC (United Kingdom) | 38,476 | 1,255,764 | ||||||
Schindler Holding AG (Switzerland) | 9,223 | 1,108,358 | ||||||
Stericycle Inc * | 10,329 | 915,872 | ||||||
Verisk Analytics Inc ‘A’ * | 34,704 | 1,136,903 | ||||||
10,891,518 | ||||||||
Information Technology — 21.7% | ||||||||
Akamai Technologies Inc * | 16,395 | 623,010 | ||||||
Alibaba.com Ltd (Cayman) | 282,100 | 483,555 | ||||||
ARM Holdings PLC ADR (United Kingdom) | 32,793 | 923,779 | ||||||
Autodesk Inc * | 18,181 | 801,964 | ||||||
Citrix Systems Inc * | 7,025 | 516,057 | ||||||
FactSet Research Systems Inc | 9,219 | 965,506 | ||||||
First Solar Inc * | 3,450 | 554,898 | ||||||
Gartner Inc * | 23,063 | 961,035 | ||||||
Motorola Solutions Inc * | 49,697 | 2,220,959 | ||||||
NVIDIA Corp * | 11,592 | 213,988 | ||||||
Red Hat Inc * | 21,167 | 960,770 | ||||||
Rovi Corp * | 9,922 | 532,315 | ||||||
salesforce.com inc * | 8,789 | 1,174,035 | ||||||
Solera Holdings Inc | 23,022 | 1,176,424 | ||||||
Teradata Corp * | 25,543 | 1,295,030 | ||||||
Youku.com Inc ADR (Cayman) * | 12,583 | 597,818 | ||||||
14,001,143 | ||||||||
Materials — 7.9% | ||||||||
Intrepid Potash Inc * | 27,952 | 973,289 | ||||||
Lynas Corp Ltd (Australia) * | 208,447 | 485,551 | ||||||
Martin Marietta Materials Inc | 7,491 | 671,718 | ||||||
Molycorp Inc * | 22,847 | 1,371,277 | ||||||
Nalco Holding Co | 24,192 | 660,684 | ||||||
Rockwood Holdings Inc * | 18,442 | 907,715 | ||||||
5,070,234 | ||||||||
Telecommunication Services — 1.1% | ||||||||
Millicom International Cellular SA (Luxembourg) | 7,789 | 749,068 | ||||||
Total Common Stocks (Cost $38,476,576) | 58,526,961 | |||||||
SHORT-TERM INVESTMENT — 8.6% | ||||||||
Money Market Fund — 8.6% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 5,525,427 | 5,525,427 | ||||||
Total Short-Term Investment (Cost $5,525,427) | 5,525,427 | |||||||
TOTAL INVESTMENTS — 99.8% (Cost $44,297,989) | 64,348,374 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.2% | 127,203 | |||||||
NET ASSETS — 100.0% | $ | 64,475,577 | ||||||
See Notes to Financial Statements | B-43 | See explanation of symbols and terms, if any, on page B-61 |
PL MID-CAP GROWTH FUND
Schedule of Investments (Continued)
March 31, 2011
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 21.7 | % | ||
Consumer Discretionary | 19.9 | % | ||
Industrials | 17.3 | % | ||
Health Care | 10.7 | % | ||
Short-Term Investment | 8.6 | % | ||
Materials | 7.9 | % | ||
Financials | 6.1 | % | ||
Energy | 3.5 | % | ||
Consumer Staples | 3.0 | % | ||
Telecommunication Services | 1.1 | % | ||
99.8 | % | |||
Other Assets & Liabilities, Net | 0.2 | % | ||
100.0 | % | |||
(b) | An investment with a total aggregate value of $295,986 or 0.4% of the net assets was valued by a Trustee Valuation Committee or determined by a Board approved valuation committee or a delegate of the Board and then approved by the Board. | |
(c) | As of March 31, 2011, 0.4% of the fund’s net assets were reported illiquid by the portfolio manager under the Trust’s policy | |
(d) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Convertible Preferred Stocks (1) | $ | 295,986 | $ | — | $ | — | $ | 295,986 | |||||||||||
Common Stocks | ||||||||||||||||||||
Consumer Discretionary | 12,824,697 | 11,817,286 | 1,007,411 | — | ||||||||||||||||
Consumer Staples | 1,912,256 | 1,912,256 | — | — | ||||||||||||||||
Energy | 2,250,145 | 2,250,145 | — | — | ||||||||||||||||
Financials | 3,914,180 | 3,914,180 | — | — | ||||||||||||||||
Health Care | 6,913,720 | 6,913,720 | — | — | ||||||||||||||||
Industrials | 10,891,518 | 8,527,396 | 2,364,122 | — | ||||||||||||||||
Information Technology | 14,001,143 | 13,517,588 | 483,555 | — | ||||||||||||||||
Materials | 5,070,234 | 4,584,683 | 485,551 | — | ||||||||||||||||
Telecommunication Services | 749,068 | 749,068 | — | — | ||||||||||||||||
58,526,961 | 54,186,322 | 4,340,639 | — | |||||||||||||||||
Short-Term Investment | 5,525,427 | 5,525,427 | — | — | ||||||||||||||||
Total | $ | 64,348,374 | $ | 59,711,749 | $ | 4,340,639 | $ | 295,986 | ||||||||||||
Change in Net | ||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||
(Depreciation) | ||||||||||||||||||||||||||||
Total Change | Transfers | on Level 3 | ||||||||||||||||||||||||||
Value, | Net | Total Net | in Net | In and/ | Investments Held at | |||||||||||||||||||||||
Beginning | Purchases | Realized | Unrealized | or Out of | Value, | the End of Year, | ||||||||||||||||||||||
of Year | (Sales) | Losses | Appreciation | Level 3 | End of Year | if Applicable | ||||||||||||||||||||||
Convertible Preferred Stocks (1) | $ | 816,515 | $ | (112,215 | ) | $ | (9,876 | ) | $ | 39,846 | $ | (438,284 | ) | $ | 295,986 | $ | — | |||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | B-44 | See explanation of symbols and terms, if any, on page B-61 |
PL SMALL-CAP GROWTH FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS - 98.2% | ||||||||
Consumer Discretionary - 18.7% | ||||||||
American Axle & Manufacturing Holdings Inc * | 9,550 | $ | 120,234 | |||||
American Public Education Inc * | 3,900 | 157,755 | ||||||
ANN Inc * | 12,600 | 366,786 | ||||||
Brunswick Corp | 12,050 | 306,431 | ||||||
Dana Holding Corp * | 21,050 | 366,059 | ||||||
Gaylord Entertainment Co * | 9,050 | 313,854 | ||||||
Interval Leisure Group Inc * | 17,615 | 288,005 | ||||||
Life Time Fitness Inc * | 4,270 | 159,314 | ||||||
LKQ Corp * | 11,350 | 273,535 | ||||||
McCormick & Schmick’s Seafood Restaurants Inc * | 11,025 | 79,601 | ||||||
OfficeMax Inc * | 14,200 | 183,748 | ||||||
Shutterfly Inc * | 7,875 | 412,335 | ||||||
Six Flags Entertainment Corp | 3,000 | 216,000 | ||||||
Sonic Corp * | 20,600 | 186,430 | ||||||
Sotheby’s | 6,000 | 315,600 | ||||||
The Cheesecake Factory Inc * | 9,350 | 281,341 | ||||||
The Children’s Place Retail Stores Inc * | 5,030 | 250,645 | ||||||
The Warnaco Group Inc * | 5,000 | 285,950 | ||||||
Tupperware Brands Corp | 6,375 | 380,651 | ||||||
Ulta Salon Cosmetics & Fragrance Inc * | 8,300 | 399,479 | ||||||
Vera Bradley Inc * | 3,700 | 156,177 | ||||||
Vitamin Shoppe Inc * | 8,300 | 280,789 | ||||||
Williams-Sonoma Inc | 6,800 | 275,400 | ||||||
6,056,119 | ||||||||
Consumer Staples - 2.1% | ||||||||
The Fresh Market Inc * | 3,050 | 115,107 | ||||||
The Hain Celestial Group Inc * | 7,535 | 243,230 | ||||||
United Natural Foods Inc * | 7,300 | 327,186 | ||||||
685,523 | ||||||||
Energy - 5.9% | ||||||||
Brigham Exploration Co * | 8,950 | 332,761 | ||||||
Cal Dive International Inc * | 23,300 | 162,634 | ||||||
Complete Production Services Inc * | 7,300 | 232,213 | ||||||
Dril-Quip Inc * | 2,965 | 234,324 | ||||||
Energy XXI Ltd (Bermuda) * | 5,700 | 194,370 | ||||||
Lufkin Industries Inc | 1,250 | 116,838 | ||||||
Patriot Coal Corp * | 8,070 | 208,448 | ||||||
Quicksilver Resources Inc * | 13,695 | 195,975 | ||||||
Rosetta Resources Inc * | 4,800 | 228,192 | ||||||
1,905,755 | ||||||||
Financials - 4.1% | ||||||||
Fortress Investment Group LLC ‘A’ * | 55,900 | 317,512 | ||||||
Greenhill & Co Inc | 4,500 | 296,055 | ||||||
Northwest Bancshares Inc | 21,750 | 272,745 | ||||||
Signature Bank * | 4,950 | 279,180 | ||||||
Texas Capital Bancshares Inc * | 6,250 | 162,438 | ||||||
1,327,930 | ||||||||
Health Care - 16.8% | ||||||||
Align Technology Inc * | 11,550 | 236,544 | ||||||
AMERIGROUP Corp * | 5,540 | 355,945 | ||||||
ArthroCare Corp * | 5,150 | 171,701 | ||||||
Auxilium Pharmaceuticals Inc * | 9,855 | 211,587 | ||||||
Bruker Corp * | 16,540 | 344,859 | ||||||
Catalyst Health Solutions Inc * | 5,750 | 321,597 | ||||||
Cubist Pharmaceuticals Inc * | 5,500 | 138,820 | ||||||
Gentiva Health Services Inc * | 8,430 | 236,293 | ||||||
HealthSouth Corp * | 9,550 | 238,559 | ||||||
HealthSpring Inc * | 5,150 | 192,455 | ||||||
HMS Holdings Corp * | 2,000 | 163,700 | ||||||
Incyte Corp Ltd * | 7,500 | 118,875 | ||||||
Insulet Corp * | 14,270 | 294,247 | ||||||
InterMune Inc * | 6,150 | 290,218 | ||||||
LifePoint Hospitals Inc * | 5,150 | 206,927 | ||||||
MedAssets Inc * | 10,400 | 158,808 | ||||||
Medicis Pharmaceutical Corp ‘A’ | 10,180 | 326,167 | ||||||
Medidata Solutions Inc * | 12,400 | 317,068 | ||||||
Onyx Pharmaceuticals Inc * | 2,500 | 87,950 | ||||||
Optimer Pharmaceuticals Inc * | 19,960 | 236,127 | ||||||
PAREXEL International Corp * | 11,725 | 291,953 | ||||||
Salix Pharmaceuticals Ltd * | 1,850 | 64,806 | ||||||
Sirona Dental Systems Inc * | 3,750 | 188,100 | ||||||
Thoratec Corp * | 5,920 | 153,506 | ||||||
ViroPharma Inc * | 4,100 | 81,590 | ||||||
5,428,402 | ||||||||
Industrials - 15.7% | ||||||||
AAR Corp * | 11,771 | 326,292 | ||||||
Actuant Corp ‘A’ | 13,095 | 379,755 | ||||||
Aecom Technology Corp * | 8,235 | 228,357 | ||||||
Barnes Group Inc | 14,600 | 304,848 | ||||||
CLARCOR Inc | 4,740 | 212,968 | ||||||
Clean Harbors Inc * | 3,600 | 355,176 | ||||||
Esterline Technologies Corp * | 5,380 | 380,474 | ||||||
Genesee & Wyoming Inc ‘A’ * | 5,720 | 332,904 | ||||||
GrafTech International Ltd * | 15,700 | 323,891 | ||||||
RBC Bearings Inc * | 9,365 | 358,024 | ||||||
Resources Connection Inc | 13,175 | 255,463 | ||||||
Tetra Tech Inc * | 11,550 | 285,170 | ||||||
The Geo Group Inc * | 12,980 | 332,807 | ||||||
Towers Watson & Co ‘A’ | 3,300 | 183,018 | ||||||
US Airways Group Inc * | 17,550 | 152,861 | ||||||
Waste Connections Inc | 11,860 | 341,449 | ||||||
Woodward Inc | 9,180 | 317,261 | ||||||
5,070,718 | ||||||||
Information Technology - 28.0% | ||||||||
Acme Packet Inc * | 3,150 | 223,524 | ||||||
Aeroflex Holding Corp * | 8,950 | 162,979 | ||||||
Ancestry.com Inc * | 8,410 | 298,134 | ||||||
Applied Micro Circuits Corp * | 21,800 | 226,284 | ||||||
Aruba Networks Inc * | 7,550 | 255,492 | ||||||
BroadSoft Inc * | 5,650 | 269,448 | ||||||
Cadence Design Systems Inc * | 32,550 | 317,362 | ||||||
Ciena Corp * | 9,500 | 246,620 | ||||||
comScore Inc * | 8,250 | 243,457 | ||||||
Concur Technologies Inc * | 4,600 | 255,070 | ||||||
Fabrinet (Cayman) * | 7,300 | 147,168 | ||||||
Finisar Corp * | 8,550 | 210,330 | ||||||
Fortinet Inc * | 5,850 | 257,400 | ||||||
GSI Commerce Inc * | 11,340 | 331,922 | ||||||
Informatica Corp * | 6,447 | 336,727 | ||||||
Jack Henry & Associates Inc | 8,250 | 279,592 | ||||||
LogMeIn Inc * | 8,565 | 361,100 | ||||||
Mellanox Technologies Ltd (Israel) * | 8,440 | 212,941 | ||||||
Monolithic Power Systems Inc * | 10,495 | 148,924 | ||||||
Netlogic Microsystems Inc * | 8,330 | 350,027 | ||||||
NICE Systems Ltd ADR (Israel) * | 9,495 | 350,745 | ||||||
Novellus Systems Inc * | 9,350 | 347,166 | ||||||
OpenTable Inc * | 3,340 | 355,209 | ||||||
QLIK Technologies Inc * | 11,300 | 293,800 | ||||||
RealPage Inc * | 8,950 | 248,184 | ||||||
RF Micro Devices Inc * | 37,700 | 241,657 | ||||||
Riverbed Technology Inc * | 6,900 | 259,785 | ||||||
Solera Holdings Inc | 5,815 | 297,147 | ||||||
Taleo Corp ‘A’ * | 8,624 | 307,446 | ||||||
The Ultimate Software Group Inc * | 5,000 | 293,750 | ||||||
VanceInfo Technologies Inc ADR | ||||||||
(Cayman) * | 7,181 | 225,555 |
See Notes to Financial Statements | B-45 | See explanation of symbols and terms, if any, on page B-61 |
PL SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
March 31, 2011
Shares | Value | |||||||
VistaPrint NV (Netherlands) * | 6,475 | $ | 336,053 | |||||
Wright Express Corp * | 7,015 | 363,658 | ||||||
9,054,656 | ||||||||
Materials - 5.0% | ||||||||
Gammon Gold Inc (Canada) * | 20,650 | 215,793 | ||||||
Kraton Performance Polymers Inc * | 7,000 | 267,750 | ||||||
Rockwood Holdings Inc * | 7,500 | 369,150 | ||||||
Silgan Holdings Inc | 7,290 | 278,041 | ||||||
Solutia Inc * | 12,850 | 326,390 | ||||||
Stillwater Mining Co * | 7,700 | 176,561 | ||||||
1,633,685 | ||||||||
Telecommunication Services - 0.8% | ||||||||
SBA Communications Corp ‘A’ * | 7,000 | 277,760 | ||||||
Utilities - 1.1% | ||||||||
ITC Holdings Corp | 4,930 | 344,607 | ||||||
Total Common Stocks (Cost $22,009,834) | 31,785,155 | |||||||
SHORT-TERM INVESTMENT - 2.0% | ||||||||
Money Market Fund - 2.0% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 629,015 | 629,015 | ||||||
Total Short-Term Investment (Cost $629,015) | 629,015 | |||||||
TOTAL INVESTMENTS - 100.2% (Cost $22,638,849) | 32,414,170 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.2%) | (59,013 | ) | ||||||
NET ASSETS - 100.0% | $ | 32,355,157 | ||||||
Information Technology | 28.0 | % | ||
Consumer Discretionary | 18.7 | % | ||
Health Care | 16.8 | % | ||
Industrials | 15.7 | % | ||
Energy | 5.9 | % | ||
Materials | 5.0 | % | ||
Financials | 4.1 | % | ||
Consumer Staples | 2.1 | % | ||
Short-Term Investment | 2.0 | % | ||
Utilities | 1.1 | % | ||
Telecommunication Services | 0.8 | % | ||
100.2 | % | |||
Other Assets & Liabilities, Net | (0.2 | %) | ||
100.0 | % | |||
(b) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks (1) | $ | 31,785,155 | $ | 31,785,155 | $ | — | $ | — | |||||||||||
Short-Term Investment | 629,015 | 629,015 | — | — | ||||||||||||||||
Total | $ | 32,414,170 | $ | 32,414,170 | $ | — | $ | — | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-46
PL SMALL-CAP VALUE FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS — 94.1% | ||||||||
Consumer Discretionary — 10.3% | ||||||||
Aaron’s Inc | 32,900 | $ | 834,344 | |||||
Bob Evans Farms Inc | 8,100 | 264,060 | ||||||
Brown Shoe Co Inc | 5,361 | 65,511 | ||||||
Cinemark Holdings Inc | 32,600 | 630,810 | ||||||
Cooper Tire & Rubber Co | 26,200 | 674,650 | ||||||
Dover Downs Gaming & Entertainment Inc | 6,200 | 22,258 | ||||||
Group 1 Automotive Inc | 16,000 | 684,800 | ||||||
Hillenbrand Inc | 12,300 | 264,450 | ||||||
International Speedway Corp ‘A’ | 14,100 | 420,180 | ||||||
Meredith Corp | 21,700 | 736,064 | ||||||
Oxford Industries Inc | 3,700 | 126,503 | ||||||
PetMed Express Inc | 11,700 | 185,562 | ||||||
RadioShack Corp | 38,400 | 576,384 | ||||||
Sturm Ruger & Co Inc | 11,600 | 266,452 | ||||||
The Buckle Inc | 22,600 | 913,040 | ||||||
The Jones Group Inc | 25,900 | 356,125 | ||||||
Wolverine World Wide Inc | 22,500 | 838,800 | ||||||
7,859,993 | ||||||||
Consumer Staples — 6.2% | ||||||||
Cal-Maine Foods Inc | 11,000 | 324,500 | ||||||
Casey’s General Stores Inc | 17,200 | 670,800 | ||||||
Cia Cervecerias Unidas SA ADR (Chile) | 4,800 | 283,680 | ||||||
Corn Products International Inc | 20,000 | 1,036,400 | ||||||
Embotelladora Andina SA ‘B’ ADR (Chile) | 8,400 | 245,784 | ||||||
Fresh Del Monte Produce Inc (Cayman) | 6,100 | 159,271 | ||||||
Ruddick Corp | 16,400 | 632,876 | ||||||
The Andersons Inc | 8,809 | 429,175 | ||||||
Universal Corp | 14,200 | 618,268 | ||||||
WD-40 Co | 5,700 | 241,338 | ||||||
Weis Markets Inc | 2,800 | 113,288 | ||||||
4,755,380 | ||||||||
Energy — 15.9% | ||||||||
Alliance Resource Partners LP | 4,300 | 350,149 | ||||||
Berry Petroleum Co ‘A’ | 21,200 | 1,069,540 | ||||||
Buckeye Partners LP | 9,100 | 578,214 | ||||||
Cimarex Energy Co | 9,600 | 1,106,304 | ||||||
El Paso Pipeline Partners LP | 11,000 | 398,530 | ||||||
EXCO Resources Inc | 41,400 | 855,324 | ||||||
Frontline Ltd (Bermuda) | 24,200 | 599,434 | ||||||
Holly Corp | 18,100 | 1,099,756 | ||||||
Knightsbridge Tankers Ltd (Bermuda) | 3,900 | 97,656 | ||||||
Linn Energy LLC | 25,200 | 981,036 | ||||||
Magellan Midstream Partners LP | 13,100 | 784,166 | ||||||
Ship Finance International Ltd (Bermuda) | 16,300 | 337,899 | ||||||
Southern Union Co | 27,200 | 778,464 | ||||||
Sunoco Logistics Partners LP | 4,200 | 364,476 | ||||||
TC Pipelines LP | 3,800 | 197,638 | ||||||
Tidewater Inc | 15,100 | 903,735 | ||||||
TransMontaigne Partners LP | 4,000 | 145,320 | ||||||
W&T Offshore Inc | 17,200 | 391,988 | ||||||
World Fuel Services Corp | 25,600 | 1,039,616 | ||||||
12,079,245 | ||||||||
Financials — 13.4% | ||||||||
Advance America Cash Advance Centers Inc | 23,700 | 125,610 | ||||||
American Equity Investment Life Holding Co | 15,800 | 207,296 | ||||||
American Financial Group Inc | 22,300 | 780,946 | ||||||
Bank of Hawaii Corp | 15,000 | 717,300 | ||||||
Cash America International Inc | 15,900 | 732,195 | ||||||
CommonWealth REIT | 11,950 | 310,342 | ||||||
CreXus Investment Corp REIT | 8,000 | 91,360 | ||||||
Cullen/Frost Bankers Inc | 12,500 | 737,750 | ||||||
Delphi Financial Group Inc ‘A’ | 22,000 | 675,620 | ||||||
Equity One Inc REIT | 19,200 | 360,384 | ||||||
Federated Investors Inc ‘B’ | 26,300 | 703,525 | ||||||
Franklin Street Properties Corp REIT | 27,500 | 386,925 | ||||||
Healthcare Realty Trust Inc REIT | 21,900 | 497,130 | ||||||
Infinity Property & Casualty Corp | 4,300 | 255,807 | ||||||
Life Partners Holdings Inc | 3,260 | 26,210 | ||||||
Montpelier Re Holdings Ltd (Bermuda) | 4,000 | 70,680 | ||||||
Omega Healthcare Investors Inc REIT | 31,100 | 694,774 | ||||||
Prosperity Bancshares Inc | 14,700 | 628,719 | ||||||
PS Business Parks Inc REIT | 6,900 | 399,786 | ||||||
Raymond James Financial Inc | 19,700 | 753,328 | ||||||
RLI Corp | 7,000 | 403,550 | ||||||
Sovran Self Storage Inc REIT | 8,800 | 348,040 | ||||||
Trustmark Corp | 13,500 | 316,170 | ||||||
10,223,447 | ||||||||
Health Care — 6.6% | ||||||||
Invacare Corp | 13,100 | 407,672 | ||||||
Owens & Minor Inc | 22,400 | 727,552 | ||||||
PerkinElmer Inc | 29,450 | 773,652 | ||||||
STERIS Corp | 20,000 | 690,800 | ||||||
Teleflex Inc | 13,200 | 765,336 | ||||||
The Cooper Cos Inc | 15,700 | 1,090,365 | ||||||
West Pharmaceutical Services Inc | 13,200 | 590,964 | ||||||
5,046,341 | ||||||||
Industrials — 11.6% | ||||||||
Albany International Corp ‘A’ | 3,780 | 94,122 | ||||||
Alliant Techsystems Inc | 10,700 | 756,169 | ||||||
AZZ Inc | 500 | 22,800 | ||||||
Baltic Trading Ltd | 10,200 | 93,024 | ||||||
Barnes Group Inc | 21,200 | 442,656 | ||||||
Belden Inc | 17,800 | 668,390 | ||||||
Crane Co | 18,100 | 876,583 | ||||||
Cubic Corp | 4,800 | 276,000 | ||||||
Curtiss-Wright Corp | 16,400 | 576,296 | ||||||
Elbit Systems Ltd (Israel) | 2,200 | 121,374 | ||||||
Ennis Inc | 12,100 | 206,063 | ||||||
Great Lakes Dredge & Dock Co | 14,600 | 111,398 | ||||||
Harsco Corp | 18,900 | 666,981 | ||||||
KBR Inc | 26,500 | 1,000,905 | ||||||
SkyWest Inc | 19,800 | 335,016 | ||||||
Standex International Corp | 1,567 | 59,374 | ||||||
The Brink’s Co | 20,500 | 678,755 | ||||||
Triumph Group Inc | 8,500 | 751,825 | ||||||
UniFirst Corp | 3,700 | 196,137 | ||||||
Valmont Industries Inc | 8,300 | 866,271 | ||||||
8,800,139 | ||||||||
Information Technology — 2.8% | ||||||||
AVX Corp | 13,200 | 196,812 | ||||||
Diebold Inc | 21,200 | 751,752 | ||||||
Himax Technologies Inc ADR (Cayman) | 23,500 | 55,695 | ||||||
Jabil Circuit Inc | 40,500 | 827,415 | ||||||
Micrel Inc | 23,800 | 320,824 | ||||||
2,152,498 | ||||||||
Materials — 16.6% | ||||||||
A. Schulman Inc | 8,300 | 205,176 | ||||||
AMCOL International Corp | 7,800 | 280,644 | ||||||
Bemis Co Inc | 22,400 | 734,944 | ||||||
Cabot Corp | 15,400 | 712,866 | ||||||
Compass Minerals International Inc | 9,700 | 907,241 | ||||||
Gold Resource Corp | 13,120 | 349,254 | ||||||
HudBay Minerals Inc (Canada) | 45,030 | 733,392 | ||||||
IAMGOLD Corp (Canada) | 42,800 | 942,456 | ||||||
Innophos Holdings Inc | 9,200 | 424,212 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-47
PL SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
March 31, 2011
Shares | Value | |||||||
International Flavors & Fragrances Inc | 15,200 | $ | 946,960 | |||||
Methanex Corp (Canada) | 18,300 | 571,509 | ||||||
Neenah Paper Inc | 3,700 | 81,289 | ||||||
NewMarket Corp | 2,400 | 379,728 | ||||||
Quaker Chemical Corp | 3,794 | 152,405 | ||||||
Rock-Tenn Co ‘A’ | 12,700 | 880,745 | ||||||
Royal Gold Inc | 19,800 | 1,037,520 | ||||||
RPM International Inc | 28,700 | 681,051 | ||||||
Sensient Technologies Corp | 19,200 | 688,128 | ||||||
Sonoco Products Co | 21,000 | 760,830 | ||||||
Stepan Co | 1,658 | 120,205 | ||||||
The Lubrizol Corp | 8,000 | 1,071,680 | ||||||
12,662,235 | ||||||||
Telecommunication Services — 0.2% | ||||||||
Partner Communications Co Ltd ADR (Israel) | 8,100 | 153,981 | ||||||
Utilities - 10.5% | ||||||||
AGL Resources Inc | 16,000 | 637,440 | ||||||
AmeriGas Partners LP | 3,400 | 163,404 | ||||||
Atmos Energy Corp | 19,900 | 678,590 | ||||||
Avista Corp | 15,800 | 365,454 | ||||||
Cleco Corp | 20,400 | 699,516 | ||||||
Energen Corp | 13,700 | 864,744 | ||||||
Great Plains Energy Inc | 18,100 | 362,362 | ||||||
OGE Energy Corp | 15,800 | 798,848 | ||||||
Southwest Gas Corp | 12,000 | 467,640 | ||||||
Suburban Propane Partners LP | 7,100 | 400,653 | ||||||
UGI Corp | 22,300 | 733,670 | ||||||
Vectren Corp | 21,600 | 587,520 | ||||||
Westar Energy Inc | 23,400 | 618,228 | ||||||
WGL Holdings Inc | 16,400 | 639,600 | ||||||
8,017,669 | ||||||||
Total Common Stocks (Cost $54,145,697) | 71,750,928 | |||||||
SHORT-TERM INVESTMENT — 5.9% | ||||||||
Money Market Fund — 5.9% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 4,468,166 | 4,468,166 | ||||||
Total Short-Term Investment (Cost $4,468,166) | 4,468,166 | |||||||
TOTAL INVESTMENTS — 100.0% (Cost $58,613,863) | 76,219,094 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.0% | 28,002 | |||||||
NET ASSETS - 100.0% | $ | 76,247,096 | ||||||
Notes to Schedule of Investments |
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Materials | 16.6 | % | ||||||
Energy | 15.9 | % | ||||||
Financials | 13.4 | % | ||||||
Industrials | 11.6 | % | ||||||
Utilities | 10.5 | % | ||||||
Consumer Discretionary | 10.3 | % | ||||||
Health Care | 6.6 | % | ||||||
Consumer Staples | 6.2 | % | ||||||
Short-Term Investment | 5.9 | % | ||||||
Information Technology | 2.8 | % | ||||||
Telecommunication Services | 0.2 | % | ||||||
100.0 | % | |||||||
Other Assets & Liabilities, Net | 0.0 | % | ||||||
100.0 | % | |||||||
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks (1) | $ | 71,750,928 | $ | 71,750,928 | $ | — | $ | — | |||||||||||
Short-Term Investment | 4,468,166 | 4,468,166 | — | — | ||||||||||||||||
Total | $ | 76,219,094 | $ | 76,219,094 | $ | — | $ | — | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-48
PL REAL ESTATE FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS — 97.2% | ||||||||
Consumer Discretionary — 4.2% | ||||||||
Starwood Hotels & Resorts Worldwide Inc | 30,117 | $ | 1,750,400 | |||||
Financials — 91.6% | ||||||||
Acadia Realty Trust REIT | 22,673 | 428,973 | ||||||
AMB Property Corp REIT | 22,736 | 817,814 | ||||||
American Campus Communities Inc REIT | 2,320 | 76,560 | ||||||
Apartment Investment & Management Co ‘A’ REIT | 4,540 | 115,634 | ||||||
Ashford Hospitality Trust Inc REIT | 18,850 | 207,727 | ||||||
AvalonBay Communities Inc REIT | 12,829 | 1,540,506 | ||||||
BioMed Realty Trust Inc REIT | 4,435 | 84,354 | ||||||
Boston Properties Inc REIT | 20,099 | 1,906,390 | ||||||
Brookfield Properties Corp (Canada) | 53,174 | 942,243 | ||||||
Camden Property Trust REIT | 17,266 | 981,054 | ||||||
CommonWealth REIT | 4,857 | 126,136 | ||||||
Coresite Realty Corp REIT | 11,480 | 181,843 | ||||||
Cousins Properties Inc REIT | 74,931 | 625,674 | ||||||
CreXus Investment Corp REIT | 6,780 | 77,428 | ||||||
DCT Industrial Trust Inc REIT | 46,120 | 255,966 | ||||||
Digital Realty Trust Inc REIT | 8,140 | 473,260 | ||||||
Douglas Emmett Inc REIT | 9,860 | 184,875 | ||||||
Duke Realty Corp REIT | 8,340 | 116,843 | ||||||
Equity Lifestyle Properties Inc REIT | 12,264 | 707,020 | ||||||
Equity One Inc REIT | 281 | 5,274 | ||||||
Equity Residential REIT | 72,395 | 4,083,802 | ||||||
Federal Realty Investment Trust REIT | 6,408 | 522,636 | ||||||
Forest City Enterprises Inc ‘A’ * | 58,793 | 1,107,072 | ||||||
General Growth Properties Inc REIT * | 107,483 | 1,663,837 | ||||||
HCP Inc REIT | 53,840 | 2,042,690 | ||||||
Healthcare Realty Trust Inc REIT | 44,949 | 1,020,342 | ||||||
Host Hotels & Resorts Inc REIT | 156,062 | 2,748,252 | ||||||
Hudson Pacific Properties Inc REIT | 9,690 | 142,443 | ||||||
Kite Realty Group Trust REIT | 10,500 | 55,755 | ||||||
Lexington Realty Trust REIT | 2,680 | 25,058 | ||||||
Liberty Property Trust REIT | 3,824 | 125,810 | ||||||
LTC Properties Inc REIT | 2,490 | 70,567 | ||||||
Mack-Cali Realty Corp REIT | 30,859 | 1,046,120 | ||||||
Nationwide Health Properties Inc REIT | 4,520 | 192,236 | ||||||
Parkway Properties Inc REIT | 1,280 | 21,760 | ||||||
Plum Creek Timber Co Inc REIT | 3,669 | 160,005 | ||||||
Post Properties Inc REIT | 3,510 | 137,768 | ||||||
PS Business Parks Inc REIT | 3,681 | 213,277 | ||||||
Public Storage REIT | 15,737 | 1,745,391 | ||||||
Regency Centers Corp REIT | 48,601 | 2,113,171 | ||||||
Retail Opportunity Investments Corp REIT | 29,993 | 328,123 | ||||||
Senior Housing Properties Trust REIT | 31,443 | 724,447 | ||||||
Simon Property Group Inc REIT | 45,627 | 4,889,389 | ||||||
Sovran Self Storage Inc REIT | 2,922 | 115,565 | ||||||
Starwood Property Trust Inc REIT | 19,990 | 445,777 | ||||||
The Macerich Co REIT | 612 | 30,312 | ||||||
Ventas Inc REIT | 7,260 | 394,218 | ||||||
Vornado Realty Trust REIT | 24,911 | 2,179,713 | ||||||
Winthrop Realty Trust REIT | 10,711 | 131,208 | ||||||
38,332,318 | ||||||||
Health Care — 1.4% | ||||||||
Assisted Living Concepts Inc ‘A’ * | 12,240 | 479,074 | ||||||
Capital Senior Living Corp * | 12,030 | 127,759 | ||||||
606,833 | ||||||||
Total Common Stocks (Cost $25,254,038) | 40,689,551 | |||||||
SHORT-TERM INVESTMENT — 1.9% | ||||||||
Money Market Fund — 1.9% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 814,268 | 814,268 | ||||||
Total Short-Term Investment (Cost $814,268) | 814,268 | |||||||
TOTAL INVESTMENTS — 99.1% (Cost $26,068,306) | 41,503,819 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.9% | 356,076 | |||||||
NET ASSETS - 100.0% | $ | 41,859,895 | ||||||
Notes to Schedule of Investments | ||
(a) | As of March 31, 2011, the fund was diversified by property sector as a percentage of net assets as follows: |
Retail | 23.2 | % | ||||||
Specialized | 22.0 | % | ||||||
Residential | 18.3 | % | ||||||
Office | 9.5 | % | ||||||
Diversified | 9.0 | % | ||||||
Real Estate Operating Companies | 5.2 | % | ||||||
Hotels, Resort & Cruise Lines | 4.7 | % | ||||||
Industrial | 2.6 | % | ||||||
Health Care Facilities | 1.4 | % | ||||||
Mortgage | 1.3 | % | ||||||
97.2 | % | |||||||
Short-Term Investment | 1.9 | % | ||||||
Other Assets & Liabilities, Net | 0.9 | % | ||||||
100.0 | % | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-49
PL REAL ESTATE FUND
Schedule of Investments (Continued)
March 31, 2011
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks (1) | $ | 40,689,551 | $ | 40,689,551 | $ | — | $ | — | |||||||||||
Short-Term Investment | 814,268 | 814,268 | — | — | ||||||||||||||||
Total | $ | 41,503,819 | $ | 41,503,819 | $ | — | $ | — | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-50
PL EMERGING MARKETS FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
RIGHTS — 0.0% | ||||||||
Brazil - 0.0% | ||||||||
B2W Cia Global Do Varejo Exp. 04/26/11 * | 11,324 | $ | 7,630 | |||||
Total Rights (Cost $0) | 7,630 | |||||||
PREFERRED STOCKS — 7.7% | ||||||||
Brazil — 7.1% | ||||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 17,460 | 732,098 | ||||||
Cia de Bebidas das Americas ADR | 18,100 | 512,411 | ||||||
Lojas Americanas SA | 55,740 | 464,998 | ||||||
Petroleo Brasileiro SA ADR | 53,600 | 1,904,944 | ||||||
Vale SA ADR | 32,890 | 970,913 | ||||||
4,585,364 | ||||||||
Colombia — 0.6% | ||||||||
Banco Davivienda SA | 2,320 | 25,487 | ||||||
BanColombia SA ADR | 5,700 | 357,162 | ||||||
382,649 | ||||||||
Total Preferred Stocks (Cost $3,336,372) | 4,968,013 | |||||||
COMMON STOCKS — 88.1% | ||||||||
Bermuda — 1.6% | ||||||||
Credicorp Ltd | 3,290 | 345,220 | ||||||
Dairy Farm International Holdings Ltd | 18,100 | �� | 150,592 | |||||
VimpelCom Ltd ADR | 39,050 | 551,386 | ||||||
1,047,198 | ||||||||
Brazil — 6.9% | ||||||||
Anhanguera Educacional Participacoes SA | 14,800 | 358,612 | ||||||
B2W Cia Global do Varejo | 27,000 | 370,441 | ||||||
BM&F BOVESPA SA | 103,616 | 752,059 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 38,200 | 361,492 | ||||||
Diagnosticos da America SA | 27,900 | 357,155 | ||||||
Embraer SA ADR | 24,410 | 822,617 | ||||||
Estacio Participacoes SA | 23,800 | 390,095 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 12,300 | 251,251 | ||||||
Natura Cosmeticos SA | 26,200 | 738,026 | ||||||
4,401,748 | ||||||||
Cayman — 3.7% | ||||||||
Ambow Education Holding Ltd ADR * | 7,280 | 57,876 | ||||||
Baidu Inc ADR * | 1,320 | 181,909 | ||||||
Ctrip.com International Ltd ADR * | 6,020 | 249,770 | ||||||
Eurasia Drilling Co Ltd GDR A ~ ∆ | 500 | 17,000 | ||||||
Eurasia Drilling Co Ltd GDR B | 510 | 17,340 | ||||||
Li Ning Co Ltd | 141,500 | 238,004 | ||||||
NetEase.com Inc ADR * | 5,660 | 280,227 | ||||||
New Oriental Education & Technology Group ADR * | 1,610 | 161,113 | ||||||
Tencent Holdings Ltd | 26,000 | 633,178 | ||||||
Tingyi Holding Corp | 186,000 | 454,652 | ||||||
Want Want China Holdings Ltd | 116,000 | 91,153 | ||||||
2,382,222 | ||||||||
Chile — 0.8% | ||||||||
Banco Santander Chile SA | 2,428,150 | 203,850 | ||||||
Cencosud SA | 42,740 | 306,468 | ||||||
510,318 | ||||||||
China — 2.4% | ||||||||
China Shenhua Energy Co Ltd ‘H’ | 155,000 | 729,548 | ||||||
PetroChina Co Ltd ‘H’ | 478,000 | 727,126 | ||||||
Shanghai Zhenhua Heavy Industries Co Ltd ‘B’ * | 117,390 | 79,346 | ||||||
1,536,020 | ||||||||
Colombia — 0.3% | ||||||||
Almacenes Exito SA | 4,551 | 66,386 | ||||||
Almacenes Exito SA GDR ~ | 9,200 | 133,612 | ||||||
199,998 | ||||||||
Denmark — 1.7% | ||||||||
Carlsberg AS ‘B’ | 10,011 | 1,076,519 | ||||||
Egypt — 0.7% | ||||||||
Commercial International Bank SAE * | 43,894 | 240,151 | ||||||
Eastern Co SAE | 2,562 | 45,439 | ||||||
Egyptian Financial Group-Hermes Holding | 44,712 | 164,780 | ||||||
450,370 | ||||||||
France — 0.6% | ||||||||
CFAO SA | 10,740 | 402,636 | ||||||
Hong Kong — 5.8% | ||||||||
AIA Group Ltd * | 160,400 | 493,755 | ||||||
China Resources Enterprise Ltd | 121,000 | 491,601 | ||||||
CNOOC Ltd | 536,000 | 1,354,484 | ||||||
Hang Lung Group Ltd | 48,000 | 297,484 | ||||||
Hang Lung Properties Ltd | 120,000 | 526,317 | ||||||
Hong Kong Exchanges & Clearing Ltd | 24,800 | 538,119 | ||||||
3,701,760 | ||||||||
India — 13.5% | ||||||||
Asian Paints Ltd | 2,925 | 165,835 | ||||||
Cipla Ltd | 32,162 | 232,051 | ||||||
Colgate-Palmolive India Ltd | 19,024 | 347,291 | ||||||
Dabur India Ltd | 67,433 | 145,268 | ||||||
Divi’s Laboratories Ltd | 10,735 | 162,450 | ||||||
Godrej Consumer Products Ltd | 7,597 | 62,122 | ||||||
HDFC Bank Ltd ADR | 3,370 | 572,698 | ||||||
Hindustan Unilever Ltd | 129,511 | 833,784 | ||||||
Housing Development Finance Corp Ltd | 62,365 | 981,110 | ||||||
IBN18 Broadcast Ltd * | 14,431 | 30,120 | ||||||
ICICI Bank Ltd ADR | 14,010 | 698,118 | ||||||
Infosys Technologies Ltd | 34,775 | 2,525,134 | ||||||
Jain Irrigation Systems Ltd | 15,503 | 62,178 | ||||||
Marico Ltd | 75,877 | 237,105 | ||||||
Network 18 Media & Investments Ltd * | 1,103 | 3,309 | ||||||
Sun Pharmaceutical Industries Ltd | 34,723 | 344,811 | ||||||
Tata Consultancy Services Ltd | 25,544 | 678,180 | ||||||
Television Eighteen India Ltd * | 18,769 | 32,682 | ||||||
Zee Entertainment Enterprises Ltd | 195,709 | 543,087 | ||||||
Zee Learn Ltd * | 15,223 | 7,937 | ||||||
8,665,270 | ||||||||
Indonesia — 2.0% | ||||||||
P.T. Astra International Tbk | 70,400 | 460,441 | ||||||
P.T. Bank Central Asia Tbk | 200,000 | 159,377 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-51
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
March 31, 2011
Shares | Value | |||||||
P.T. Kalbe Farma Tbk | 65,500 | $ | 25,547 | |||||
P.T. Telekomunikasi Indonesia Tbk | 425,400 | 358,106 | ||||||
P.T. Unilever Indonesia Tbk | 164,000 | 287,947 | ||||||
1,291,418 | ||||||||
Kenya — 0.1% | ||||||||
East African Breweries Ltd | 17,305 | 37,760 | ||||||
Luxembourg — 1.8% | ||||||||
Oriflame Cosmetics SA SDR | 2,627 | 135,825 | ||||||
Tenaris SA ADR | 20,920 | 1,034,703 | ||||||
1,170,528 | ||||||||
Mexico — 10.6% | ||||||||
America Movil SAB de CV ‘L’ ADR | 37,950 | 2,204,895 | ||||||
Fomento Economico Mexicano SAB de CV | 146,268 | 859,203 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 21,000 | 1,232,700 | ||||||
Grupo Financiero Inbursa SAB de CV ‘O’ | 68,419 | 315,047 | ||||||
Grupo Modelo SAB de CV ‘C’ | 92,290 | 554,774 | ||||||
Grupo Televisa SAB ADR * | 25,450 | 624,288 | ||||||
Wal-Mart de Mexico SAB de CV ‘V’ | 338,226 | 1,015,151 | ||||||
6,806,058 | ||||||||
Nigeria — 0.2% | ||||||||
Nigerian Breweries PLC | 264,485 | 131,543 | ||||||
Norway — 0.4% | ||||||||
DNO International ASA * | 143,068 | 233,515 | ||||||
Philippines — 2.6% | ||||||||
Jollibee Foods Corp | 115,660 | 232,353 | ||||||
Philippine Long Distance Telephone Co | 5,120 | 273,004 | ||||||
SM Investments Corp | 26,380 | 315,328 | ||||||
SM Prime Holdings Inc | 3,330,056 | 859,484 | ||||||
1,680,169 | ||||||||
Russia — 4.3% | ||||||||
Magnit OJSC | 9,679 | 1,352,708 | ||||||
NovaTek OAO GDR (LI) | 6,900 | 957,988 | ||||||
NovaTek OAO GDR (OTC) ~ ∆ | 3,400 | 472,052 | ||||||
2,782,748 | ||||||||
South Africa — 6.2% | ||||||||
Anglo Platinum Ltd | 8,756 | 900,086 | ||||||
Impala Platinum Holdings Ltd | 47,023 | 1,358,641 | ||||||
JSE Ltd | 3,233 | 33,453 | ||||||
MTN Group Ltd | 48,330 | 974,800 | ||||||
Standard Bank Group Ltd | 46,148 | 708,406 | ||||||
3,975,386 | ||||||||
South Korea — 4.5% | ||||||||
MegaStudy Co Ltd | 1,315 | 202,276 | ||||||
NHN Corp * | 9,943 | 1,734,793 | ||||||
Shinsegae Co Ltd | 4,110 | 977,859 | ||||||
2,914,928 | ||||||||
Taiwan — 6.5% | ||||||||
Epistar Corp | 220,000 | 807,737 | ||||||
HTC Corp | 53,772 | 2,100,325 | ||||||
MediaTek Inc | 28,684 | 329,563 | ||||||
Synnex Technology International Corp | 134,118 | 312,832 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd | 264,993 | 634,993 | ||||||
4,185,450 | ||||||||
Thailand — 0.6% | ||||||||
CP ALL PCL | 24,000 | 31,768 | ||||||
Siam Commercial Bank PCL | 94,900 | 338,872 | ||||||
370,640 | ||||||||
Turkey — 3.4% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 13,954 | 197,697 | ||||||
BIM Birlesik Magazalar AS | 13,451 | 452,762 | ||||||
Enka Insaat ve Sanayi AS | 169,023 | 650,639 | ||||||
Haci Omer Sabanci Holding AS | 122,206 | 567,280 | ||||||
Turkiye Garanti Bankasi AS | 61,315 | 286,088 | ||||||
2,154,466 | ||||||||
United Arab Emirates — 0.8% | ||||||||
DP World Ltd * | 875,683 | 520,515 | ||||||
United Kingdom — 5.6% | ||||||||
Anglo American PLC | 16,327 | 838,970 | ||||||
Antofagasta PLC | 6,680 | 145,618 | ||||||
Cairn Energy PLC * | 92,880 | 688,189 | ||||||
SABMiller PLC | 29,900 | 1,058,136 | ||||||
Tullow Oil PLC | 38,670 | 897,330 | ||||||
3,628,243 | ||||||||
United States — 0.5% | ||||||||
Sohu.com Inc * | 3,620 | 323,483 | ||||||
Total Common Stocks (Cost $37,090,970) | 56,580,909 | |||||||
EQUITY-LINKED STRUCTURED SECURITIES — 0.1% | ||||||||
Vietnam — 0.1% | ||||||||
UBS AG (for Vietnam Dairy Products) Exp. 02/12/12 *∆ | 11,700 | 51,532 | ||||||
Total Equity-Linked Structured Securities (Cost $54,618) | 51,532 | |||||||
SHORT-TERM INVESTMENT — 3.3% | ||||||||
Money Market Fund — 3.3% | ||||||||
BlackRock Liquidity Funds Treasury | ||||||||
Trust Fund Portfolio | 2,139,296 | 2,139,296 | ||||||
Total Short-Term Investment (Cost $2,139,296) | 2,139,296 | |||||||
TOTAL INVESTMENTS — 99.2% (Cost $42,621,256) | 63,747,380 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.8% | 522,886 | |||||||
NET ASSETS — 100.0% | $ | 64,270,266 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-52
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
March 31, 2011
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Consumer Staples | 22.9 | % | ||
Information Technology | 16.4 | % | ||
Financials | 15.2 | % | ||
Energy | 14.1 | % | ||
Consumer Discretionary | 8.2 | % | ||
Materials | 6.8 | % | ||
Telecommunication Services | 6.8 | % | ||
Industrials | 3.8 | % | ||
Short-Term Investment | 3.3 | % | ||
Health Care | 1.7 | % | ||
99.2 | % | |||
Other Assets & Liabilities, Net | 0.8 | % | ||
100.0 | % | |||
(b) | As of March 31, 2011, the fund was diversified by geographical region as a percentage of net assets as follows: |
Brazil | 14.0 | % | ||
India | 13.5 | % | ||
Mexico | 10.6 | % | ||
Taiwan | 6.5 | % | ||
South Africa | 6.2 | % | ||
Hong Kong | 5.8 | % | ||
United Kingdom | 5.6 | % | ||
South Korea | 4.5 | % | ||
Russia | 4.3 | % | ||
United States | 3.8 | % | ||
Cayman | 3.7 | % | ||
Turkey | 3.4 | % | ||
Philippines | 2.6 | % | ||
China | 2.4 | % | ||
Indonesia | 2.0 | % | ||
Luxembourg | 1.8 | % | ||
Denmark | 1.7 | % | ||
Bermuda | 1.6 | % | ||
Others (each less than 1.0%) | 5.2 | % | ||
99.2 | % | |||
Other Assets & Liabilities, Net | 0.8 | % | ||
100.0 | % | |||
(c) | As of March 31, 2011, 0.8% of the fund’s net assets were reported illiquid by the portfolio manager under the Trust’s policy. | |
(d) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Rights (1) | $ | 7,630 | $ | 7,630 | $ | — | $ | — | |||||||||||
Preferred Stocks (1) | 4,968,013 | 4,968,013 | — | — | ||||||||||||||||
Common Stocks | ||||||||||||||||||||
Bermuda | 1,047,198 | 1,047,198 | — | — | ||||||||||||||||
Brazil | 4,401,748 | 4,401,748 | — | — | ||||||||||||||||
Cayman | 2,382,222 | 948,235 | 1,433,987 | — | ||||||||||||||||
Chile | 510,318 | 510,318 | — | — | ||||||||||||||||
China | 1,536,020 | — | 1,536,020 | — | ||||||||||||||||
Colombia | 199,998 | 199,998 | — | — | ||||||||||||||||
Denmark | 1,076,519 | — | 1,076,519 | — | ||||||||||||||||
Egypt | 450,370 | — | 450,370 | — | ||||||||||||||||
France | 402,636 | — | 402,636 | — | ||||||||||||||||
Hong Kong | 3,701,760 | — | 3,701,760 | — | ||||||||||||||||
India | 8,665,270 | 2,463,137 | 6,202,133 | — | ||||||||||||||||
Indonesia | 1,291,418 | — | 1,291,418 | — | ||||||||||||||||
Kenya | 37,760 | 37,760 | — | — | ||||||||||||||||
Luxembourg | 1,170,528 | 1,034,703 | 135,825 | — | ||||||||||||||||
Mexico | 6,806,058 | 6,806,058 | — | — | ||||||||||||||||
Nigeria | 131,543 | 131,543 | — | — | ||||||||||||||||
Norway | 233,515 | — | 233,515 | — | ||||||||||||||||
Philippines | 1,680,169 | — | 1,680,169 | — | ||||||||||||||||
Russia | 2,782,748 | — | 2,782,748 | — | ||||||||||||||||
South Africa | 3,975,386 | 33,453 | 3,941,933 | — | ||||||||||||||||
South Korea | 2,914,928 | — | 2,914,928 | — | ||||||||||||||||
Taiwan | 4,185,450 | — | 4,185,450 | — | ||||||||||||||||
Thailand | 370,640 | 370,640 | — | — | ||||||||||||||||
Turkey | 2,154,466 | — | 2,154,466 | — | ||||||||||||||||
United Arab Emirates | 520,515 | — | 520,515 | — | ||||||||||||||||
United Kingdom | 3,628,243 | — | 3,628,243 | — | ||||||||||||||||
United States | 323,483 | 323,483 | — | — | ||||||||||||||||
56,580,909 | 18,308,274 | 38,272,635 | — | |||||||||||||||||
Equity-Linked Structured Securities | 51,532 | — | 51,532 | — | ||||||||||||||||
Short-Term Investment | 2,139,296 | 2,139,296 | — | — | ||||||||||||||||
Total | $ | 63,747,380 | $ | 25,423,213 | $ | 38,324,167 | $ | — | ||||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-53
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
COMMON STOCKS — 98.0% | ||||||||
Australia — 2.4% | ||||||||
QBE Insurance Group Ltd | 61,819 | $ | 1,130,737 | |||||
Westpac Banking Corp | 83,880 | 2,110,536 | ||||||
3,241,273 | ||||||||
Austria — 0.6% | ||||||||
Erste Group Bank AG | 16,153 | 815,704 | ||||||
Bermuda — 1.6% | ||||||||
Esprit Holdings Ltd | 236,500 | 1,084,353 | ||||||
Li & Fung Ltd | 219,200 | 1,120,987 | ||||||
2,205,340 | ||||||||
Brazil — 0.7% | ||||||||
Banco Santander Brasil SA ADR | 74,560 | 914,106 | ||||||
Canada — 2.9% | ||||||||
Canadian National Railway Co | 53,550 | 4,030,709 | ||||||
Czech Republic — 0.7% | ||||||||
Komercni Banka AS | 3,893 | 981,431 | ||||||
France — 12.4% | ||||||||
Air Liquide SA | 21,267 | 2,828,214 | ||||||
Danone SA | 34,252 | 2,235,414 | ||||||
Legrand SA | 20,185 | 839,645 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 21,062 | 3,334,915 | ||||||
Pernod-Ricard SA | 22,704 | 2,119,857 | ||||||
Schneider Electric SA | 27,078 | 4,624,676 | ||||||
Total SA | 18,589 | 1,132,689 | ||||||
17,115,410 | ||||||||
Germany — 11.1% | ||||||||
Bayer AG | 21,556 | 1,665,472 | ||||||
Beiersdorf AG | 36,960 | 2,255,722 | ||||||
Deutsche Boerse AG | 26,308 | 1,991,638 | ||||||
Linde AG | 35,064 | 5,535,953 | ||||||
MAN SE | 10,150 | 1,262,887 | ||||||
Merck KGaA | 11,425 | 1,030,415 | ||||||
SAP AG | 24,608 | 1,505,028 | ||||||
15,247,115 | ||||||||
Hong Kong — 2.4% | ||||||||
AIA Group Ltd * | 351,400 | 1,081,705 | ||||||
China Unicom Ltd | 806,000 | 1,342,108 | ||||||
CNOOC Ltd | 349,000 | 881,931 | ||||||
3,305,744 | ||||||||
India — 3.1% | ||||||||
ICICI Bank Ltd ADR | 47,930 | 2,388,352 | ||||||
Infosys Technologies Ltd ADR | 26,370 | 1,890,729 | ||||||
4,279,081 | ||||||||
Japan — 11.1% | ||||||||
Aeon Credit Service Co Ltd | 10,000 | 137,915 | ||||||
Canon Inc | 31,750 | 1,365,560 | ||||||
Denso Corp | 43,800 | 1,456,565 | ||||||
FANUC Corp | 10,400 | 1,572,032 | ||||||
Honda Motor Co Ltd | 30,100 | 1,118,324 | ||||||
HOYA Corp | 93,000 | 2,122,350 | ||||||
INPEX Corp | 354 | 2,678,220 | ||||||
Lawson Inc | 36,300 | 1,749,660 | ||||||
Nomura Holdings Inc | 132,700 | 685,925 | ||||||
Shin-Etsu Chemical Co Ltd | 49,000 | 2,438,748 | ||||||
15,325,299 | ||||||||
Netherlands — 9.4% | ||||||||
Akzo Nobel NV | 40,709 | 2,801,299 | ||||||
Heineken NV | 75,335 | 4,113,765 | ||||||
ING Groep NV CVA * | 230,123 | 2,921,126 | ||||||
Randstad Holding NV * | 35,126 | 1,955,332 | ||||||
Wolters Kluwer NV | 53,112 | 1,242,072 | ||||||
13,033,594 | ||||||||
Singapore — 1.0% | ||||||||
Keppel Corp Ltd | 48,000 | 468,253 | ||||||
Singapore Telecommunications Ltd | 405,380 | 970,632 | ||||||
1,438,885 | ||||||||
South Africa — 1.0% | ||||||||
MTN Group Ltd | 64,929 | 1,309,596 | ||||||
South Korea — 1.6% | ||||||||
Samsung Electronics Co Ltd | 2,578 | 2,186,055 | ||||||
Spain — 1.3% | ||||||||
Banco Santander SA | 104,970 | 1,224,366 | ||||||
Red Electrica Corp SA | 10,558 | 600,879 | ||||||
1,825,245 | ||||||||
Sweden — 1.4% | ||||||||
Hennes & Mauritz AB ‘B’ | 25,360 | 841,894 | ||||||
Svenska Cellulosa AB ‘B’ | 69,491 | 1,118,265 | ||||||
1,960,159 | ||||||||
Switzerland — 10.7% | ||||||||
Cie Financiere Richemont SA ‘A’ | 20,670 | 1,191,832 | ||||||
Givaudan SA | 1,081 | 1,087,066 | ||||||
Julius Baer Group Ltd | 62,681 | 2,713,679 | ||||||
Nestle SA | 71,319 | 4,084,092 | ||||||
Roche Holding AG | 14,352 | 2,048,969 | ||||||
Sonova Holding AG | 6,093 | 542,964 | ||||||
Swiss Reinsurance Co Ltd | 17,800 | 1,014,374 | ||||||
UBS AG (XVTX) * | 117,680 | 2,117,072 | ||||||
14,800,048 | ||||||||
Taiwan — 1.7% | ||||||||
Hon Hai Precision Industry Co Ltd | 107,000 | 374,392 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 163,930 | 1,996,667 | ||||||
2,371,059 | ||||||||
United Kingdom — 19.0% | ||||||||
Barclays PLC | 162,262 | 728,554 | ||||||
BG Group PLC | 55,690 | 1,382,539 | ||||||
Burberry Group PLC | 32,938 | 620,391 | ||||||
Compass Group PLC | 160,640 | 1,443,975 | ||||||
Diageo PLC | 156,360 | 2,972,155 | ||||||
Hays PLC | 385,306 | 718,199 | ||||||
HSBC Holdings PLC (LI) | 385,422 | 3,981,089 | ||||||
Reckitt Benckiser Group PLC | 74,123 | 3,804,789 | ||||||
Royal Dutch Shell PLC ‘A’ (LI) | 63,396 | 2,299,603 | ||||||
Smiths Group PLC | 77,044 | 1,601,157 | ||||||
Standard Chartered PLC | 91,555 | 2,374,848 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-54
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
March 31, 2011
Shares | Value | |||||||
Tesco PLC | 350,110 | $ | 2,138,715 | |||||
WPP PLC | 175,023 | 2,156,965 | ||||||
26,222,979 | ||||||||
United States — 1.9% | ||||||||
Synthes Inc | 19,239 | 2,598,427 | ||||||
Total Common Stocks (Cost $105,613,007) | 135,207,259 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS — 1.9% | ||||||||
Commercial Paper — 1.9% | ||||||||
JPMorgan Chase 0.010% due 04/01/11 | $ | 2,591,000 | 2,591,000 | |||||
Shares | ||||||||
Money Market Fund — 0.0% | ||||||||
BlackRock Liquidity Funds Treasury | ||||||||
Trust Fund Portfolio | 41,092 | 41,092 | ||||||
Total Short-Term Investments (Cost $2,632,092) | 2,632,092 | |||||||
TOTAL INVESTMENTS — 99.9% (Cost $108,245,099) | 137,839,351 | |||||||
OTHER ASSETS & LIABILITIES, NET — 0.1% | 193,655 | |||||||
NET ASSETS — 100.0% | $ | 138,033,006 |
(a) | As of March 31, 2011, the fund was diversified as a percentage of net assets as follows: |
Financials | 21.2 | % | ||
Consumer Staples | 18.5 | % | ||
Industrials | 12.4 | % | ||
Materials | 11.5 | % | ||
Consumer Discretionary | 11.3 | % | ||
Information Technology | 8.3 | % | ||
Energy | 6.1 | % | ||
Health Care | 5.7 | % | ||
Telecommunication Services | 2.6 | % | ||
Short-Term Investments | 1.9 | % | ||
Utilities | 0.4 | % | ||
99.9 | % | |||
Other Assets & Liabilities, Net | 0.1 | % | ||
100.0 | % | |||
(b) | As of March 31, 2011, the fund was diversified by geographical region as a percentage of net assets as follows: |
United Kingdom | 19.0 | % | ||
France | 12.4 | % | ||
Japan | 11.1 | % | ||
Germany | 11.1 | % | ||
Switzerland | 10.7 | % | ||
Netherlands | 9.4 | % | ||
United States | 3.8 | % | ||
India | 3.1 | % | ||
Canada | 2.9 | % | ||
Hong Kong | 2.4 | % | ||
Australia | 2.4 | % | ||
Taiwan | 1.7 | % | ||
Bermuda | 1.6 | % | ||
South Korea | 1.6 | % | ||
Sweden | 1.4 | % | ||
Spain | 1.3 | % | ||
Singapore | 1.0 | % | ||
South Africa | 1.0 | % | ||
Others (each less than 1.0%) | 2.0 | % | ||
99.9 | % | |||
Other Assets & Liabilities, Net | 0.1 | % | ||
100.0 | % | |||
(c) | Short-term investments reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted investments. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-55
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
March 31, 2011
(d) | Fair Value Measurements | |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks | |||||||||||||||||||
Australia | $ | 3,241,273 | $ | — | $ | 3,241,273 | $ | — | ||||||||||||
Austria | 815,704 | — | 815,704 | — | ||||||||||||||||
Bermuda | 2,205,340 | — | 2,205,340 | — | ||||||||||||||||
Brazil | 914,106 | 914,106 | — | — | ||||||||||||||||
Canada | 4,030,709 | 4,030,709 | — | — | ||||||||||||||||
Czech Republic | 981,431 | — | 981,431 | — | ||||||||||||||||
France | 17,115,410 | — | 17,115,410 | — | ||||||||||||||||
Germany | 15,247,115 | 2,255,722 | 12,991,393 | — | ||||||||||||||||
Hong Kong | 3,305,744 | — | 3,305,744 | — | ||||||||||||||||
India | 4,279,081 | 4,279,081 | — | — | ||||||||||||||||
Japan | 15,325,299 | — | 15,325,299 | — | ||||||||||||||||
Netherlands | 13,033,594 | — | 13,033,594 | — | ||||||||||||||||
Singapore | 1,438,885 | — | 1,438,885 | — | ||||||||||||||||
South Africa | 1,309,596 | — | 1,309,596 | — | ||||||||||||||||
South Korea | 2,186,055 | — | 2,186,055 | — | ||||||||||||||||
Spain | 1,825,245 | — | 1,825,245 | — | ||||||||||||||||
Sweden | 1,960,159 | — | 1,960,159 | — | ||||||||||||||||
Switzerland | 14,800,048 | — | 14,800,048 | |||||||||||||||||
Taiwan | 2,371,059 | 1,996,667 | 374,392 | — | ||||||||||||||||
United Kingdom | 26,222,979 | — | 26,222,979 | — | ||||||||||||||||
United States | 2,598,427 | — | 2,598,427 | — | ||||||||||||||||
135,207,259 | 13,476,285 | 121,730,974 | — | |||||||||||||||||
Short-Term Investments | 2,632,092 | 41,092 | 2,591,000 | — | ||||||||||||||||
Total | $ | 137,839,351 | $ | 13,517,377 | $ | 124,321,974 | $ | — | ||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-56
PL INTERNATIONAL VALUE FUND
Schedule of Investments
March 31, 2011
Shares | Value | |||||||
PREFERRED STOCKS — 1.7% | ||||||||
Germany — 1.7% | ||||||||
Volkswagen AG | 9,797 | $ | 1,583,414 | |||||
Total Preferred Stocks (Cost $1,626,114) | 1,583,414 | |||||||
COMMON STOCKS — 96.0% | ||||||||
Australia — 0.7% | ||||||||
QBE Insurance Group Ltd | 31,582 | 577,669 | ||||||
Austria — 1.1% | ||||||||
Erste Group Bank AG | 19,833 | 1,001,538 | ||||||
Belgium — 1.0% | ||||||||
KBC Groep NV * | 24,723 | 930,273 | ||||||
Canada — 1.4% | ||||||||
First Quantum Minerals Ltd | 9,951 | 1,287,318 | ||||||
China — 1.4% | ||||||||
China Merchants Bank Co Ltd ‘H’ | 295,500 | 816,874 | ||||||
China Shenhua Energy Co Ltd ‘H’ | 102,000 | 480,089 | ||||||
1,296,963 | ||||||||
Finland — 1.3% | ||||||||
UPM-Kymmene OYJ * | 54,293 | 1,147,941 | ||||||
France — 11.8% | ||||||||
BNP Paribas | 15,115 | 1,104,972 | ||||||
GDF Suez | 55,580 | 2,266,628 | ||||||
PPR | 6,709 | 1,027,539 | ||||||
Sanofi-Aventis SA | 30,505 | 2,137,617 | ||||||
Schneider Electric SA | 9,211 | 1,573,155 | ||||||
Societe Generale | 19,117 | 1,241,726 | ||||||
Sodexo | 11,920 | 870,938 | ||||||
Vivendi SA | 15,876 | 452,899 | ||||||
10,675,474 | ||||||||
Germany — 10.7% | ||||||||
Allianz SE | 11,724 | 1,641,653 | ||||||
BASF SE | 21,541 | 1,859,305 | ||||||
Bayer AG | 22,260 | 1,719,865 | ||||||
Daimler AG * | 22,014 | 1,551,155 | ||||||
Hamburger Hafen und Logistik AG | 9,903 | 459,532 | ||||||
Lanxess AG | 9,264 | 694,316 | ||||||
Siemens AG | 12,287 | 1,680,713 | ||||||
9,606,539 | ||||||||
Hong Kong — 1.9% | ||||||||
Hutchison Whampoa Ltd | 76,000 | 899,411 | ||||||
Sun Hung Kai Properties Ltd | 52,000 | 823,473 | ||||||
1,722,884 | ||||||||
Italy — 4.1% | ||||||||
Enel SPA | 206,790 | 1,302,722 | ||||||
Snam Rete Gas SPA | 223,163 | 1,253,626 | ||||||
UniCredit SPA | 456,215 | 1,124,495 | ||||||
3,680,843 | ||||||||
Japan — 19.0% | ||||||||
Amada Co Ltd | 76,000 | 634,667 | ||||||
Bridgestone Corp | 34,300 | 717,241 | ||||||
East Japan Railway Co | 13,900 | 771,853 | ||||||
FUJIFILM Holdings Corp | 29,800 | 923,659 | ||||||
Fujitsu Ltd | 134,000 | 757,241 | ||||||
Japan Tobacco Inc | 287 | 1,037,615 | ||||||
JX Holdings Inc | 176,860 | 1,188,249 | ||||||
KDDI Corp | 238 | 1,471,478 | ||||||
Marubeni Corp | 100,000 | 718,679 | ||||||
Mitsubishi Electric Corp | 87,000 | 1,023,866 | ||||||
Mitsui & Co Ltd | 73,800 | 1,321,306 | ||||||
Nintendo Co Ltd | 1,900 | 516,629 | ||||||
Nippon Telegraph & Telephone Corp | 20,800 | 929,031 | ||||||
Nissan Motor Co Ltd | 108,000 | 959,367 | ||||||
Ricoh Co Ltd | 35,000 | 412,090 | ||||||
Shiseido Co Ltd | 5,300 | 91,802 | ||||||
Sumitomo Corp | 80,100 | 1,144,727 | ||||||
Sumitomo Mitsui Financial Group Inc | 55,400 | 1,718,802 | ||||||
Toyota Motor Corp | 20,400 | 809,559 | ||||||
17,147,861 | ||||||||
Netherlands — 5.7% | ||||||||
ING Groep NV CVA * | 159,008 | 2,018,409 | ||||||
Koninklijke KPN NV | 75,047 | 1,279,707 | ||||||
Koninklijke Philips Electronics NV * | 19,849 | 635,819 | ||||||
Unilever NV CVA | 39,264 | 1,230,238 | ||||||
5,164,173 | ||||||||
Norway — 1.1% | ||||||||
DnB NOR ASA | 66,393 | 1,017,990 | ||||||
Singapore — 0.7% | ||||||||
Singapore Telecommunications Ltd | 250,000 | 598,594 | ||||||
South Africa — 0.7% | ||||||||
African Bank Investments Ltd | 114,100 | 638,272 | ||||||
South Korea — 1.3% | ||||||||
Samsung Electronics Co Ltd | 1,408 | 1,193,936 | ||||||
Spain — 2.8% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 111,366 | 1,351,158 | ||||||
Telefonica SA | 47,150 | 1,182,738 | ||||||
2,533,896 | ||||||||
Sweden — 0.8% | ||||||||
Swedbank AB ‘A’ | 40,231 | 687,916 | ||||||
Switzerland — 3.3% | ||||||||
Holcim Ltd | 13,729 | 1,031,862 | ||||||
UBS AG * | 43,260 | 778,251 | ||||||
Zurich Financial Services AG | 4,267 | 1,192,784 | ||||||
3,002,897 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-57
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
March 31, 2011
Shares | Value | |||||||
Taiwan - 0.6% | ||||||||
Hon Hai Precision Industry Co Ltd GDR | 78,480 | $ | 549,776 | |||||
United Kingdom - 24.6% | ||||||||
Barclays PLC | 268,895 | 1,207,334 | ||||||
BP PLC | 258,397 | 1,898,476 | ||||||
British American Tobacco PLC | 25,104 | 1,006,616 | ||||||
BT Group PLC | 234,292 | 696,181 | ||||||
Cairn Energy PLC * | 106,111 | 786,223 | ||||||
Centrica PLC | 218,818 | 1,141,101 | ||||||
Experian PLC | 62,720 | 776,536 | ||||||
GlaxoSmithKline PLC | 80,538 | 1,534,634 | ||||||
HSBC Holdings PLC | 85,539 | 883,547 | ||||||
InterContinental Hotels Group PLC | 49,477 | 1,013,928 | ||||||
International Power PLC | 130,232 | 643,285 | ||||||
Lloyds Banking Group PLC * | 788,886 | 733,040 | ||||||
Man Group PLC | 137,535 | 541,948 | ||||||
Petropavlovsk PLC | 28,112 | 449,907 | ||||||
Prudential PLC | 120,749 | 1,367,452 | ||||||
Royal Dutch Shell PLC ‘A’ | 105,478 | 3,826,069 | ||||||
Standard Chartered PLC | 25,684 | 666,218 | ||||||
Tullow Oil PLC | 20,211 | 468,992 | ||||||
Vodafone Group PLC | 891,463 | 2,540,516 | ||||||
22,182,003 | ||||||||
Total Common Stocks (Cost $81,536,938) | 86,644,756 | |||||||
SHORT-TERM INVESTMENT - 1.3% | ||||||||
Money Market Fund - 1.3% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,145,067 | 1,145,067 | ||||||
Total Short-Term Investment (Cost $1,145,067) | 1,145,067 | |||||||
TOTAL INVESTMENTS - 99.0% (Cost $84,308,119) | 89,373,237 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.0% | 869,044 | |||||||
NET ASSETS - 100.0% | $ | 90,242,281 | ||||||
Financials | 26.6 | % | ||
Industrials | 12.9 | % | ||
Consumer Discretionary | 9.9 | % | ||
Telecommunication Services | 9.6 | % | ||
Energy | 9.6 | % | ||
Utilities | 7.3 | % | ||
Materials | 7.2 | % | ||
Health Care | 6.0 | % | ||
Information Technology | 4.9 | % | ||
Consumer Staples | 3.7 | % | ||
Short-Term Investment | 1.3 | % | ||
99.0 | % | |||
Other Assets & Liabilities, Net | 1.0 | % | ||
100.0 | % | |||
United Kingdom | 24.6 | % | ||
Japan | 19.0 | % | ||
Germany | 12.4 | % | ||
France | 11.8 | % | ||
Netherlands | 5.7 | % | ||
Italy | 4.1 | % | ||
Switzerland | 3.3 | % | ||
Spain | 2.8 | % | ||
Hong Kong | 1.9 | % | ||
China | 1.4 | % | ||
Canada | 1.4 | % | ||
South Korea | 1.3 | % | ||
Finland | 1.3 | % | ||
United States | 1.3 | % | ||
Norway | 1.1 | % | ||
Austria | 1.1 | % | ||
Belgium | 1.0 | % | ||
Others (each less than 1.0%) | 3.5 | % | ||
99.0 | % | |||
Other Assets & Liabilities, Net | 1.0 | % | ||
100.0 | % | |||
Net | ||||||||||||
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Depreciation | |||||||||
Dow Jones EURO | ||||||||||||
STOXX 50 (06/11) | 12 | EUR 341,400 | $ | ( 170 | ) | |||||||
FTSE 100 Index (06/11) | 4 | GBP235,880 | (802 | ) | ||||||||
$ | (972 | ) | ||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-58
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
March 31, 2011
Contracts | Principal Amount | Unrealized | ||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||
Buy | AUD | 277,533 | 05/11 | BRC | $ | 6,736 | ||||||||
Buy | AUD | 450,000 | 05/11 | UBS | 11,365 | |||||||||
Buy | AUD | 6,527,719 | 05/11 | WPC | 311,210 | |||||||||
Sell | AUD | 475,399 | 05/11 | WPC | (13,116 | ) | ||||||||
Sell | CAD | 1,022,059 | 05/11 | WPC | (33,015 | ) | ||||||||
Buy | CHF | 4,087,217 | 05/11 | CIT | 117,402 | |||||||||
Sell | CHF | 450,000 | 05/11 | WPC | (10,799 | ) | ||||||||
Buy | EUR | 1,030,763 | 05/11 | RBC | 22,975 | |||||||||
Buy | EUR | 363,097 | 05/11 | TDB | 963 | |||||||||
Buy | EUR | 934,948 | 05/11 | WPC | 22,099 | |||||||||
Sell | EUR | 203,072 | 05/11 | BRC | (8,494 | ) | ||||||||
Sell | EUR | 6,381,143 | 05/11 | HSB | (322,476 | ) | ||||||||
Sell | EUR | 261,618 | 05/11 | MER | 496 | |||||||||
Sell | EUR | 620,584 | 05/11 | SGG | (30,497 | ) | ||||||||
Sell | EUR | 387,212 | 05/11 | SSB | (13,289 | ) | ||||||||
Sell | EUR | 409,134 | 05/11 | UBS | (15,612 | ) | ||||||||
Buy | GBP | 221,920 | 05/11 | BRC | (2,850 | ) | ||||||||
Buy | GBP | 210,895 | 05/11 | HSB | 4,231 | |||||||||
Buy | GBP | 506,062 | 05/11 | RBS | 1,709 | |||||||||
Sell | GBP | 213,558 | 05/11 | BRC | 4,526 | |||||||||
Sell | GBP | 125,387 | 05/11 | CIT | 3,203 | |||||||||
Sell | GBP | 610,000 | 05/11 | CIT | (10,062 | ) | ||||||||
Sell | GBP | 1,177,884 | 05/11 | CSF | (18,628 | ) | ||||||||
Sell | GBP | 371,131 | 05/11 | MER | 2,111 | |||||||||
Sell | GBP | 179,903 | 05/11 | RBC | 3,820 | |||||||||
Sell | GBP | 141,358 | 05/11 | SSB | 2,841 | |||||||||
Buy | HKD | 2,891,350 | 05/11 | MER | 794 | |||||||||
Buy | HKD | 2,376,548 | 05/11 | SSB | 727 | |||||||||
Sell | HKD | 2,021,818 | 05/11 | BRC | (295 | ) | ||||||||
Sell | HKD | 3,411,049 | 05/11 | SGG | (1,087 | ) | ||||||||
Buy | JPY | 56,060,741 | 05/11 | CSF | (8,476 | ) | ||||||||
Buy | JPY | 49,259,088 | 05/11 | MER | (4,902 | ) | ||||||||
Sell | JPY | 19,055,644 | 05/11 | BRC | 980 | |||||||||
Sell | JPY | 58,458,405 | 05/11 | BRC | (4,755 | ) | ||||||||
Sell | JPY | 56,167,155 | 05/11 | HSB | 16,756 | |||||||||
Buy | NOK | 4,043,342 | 05/11 | CIT | 26,492 | |||||||||
Buy | NOK | 3,916,107 | 05/11 | HSB | 28,693 | |||||||||
Sell | NOK | 8,960,000 | 05/11 | SSB | (80,507 | ) | ||||||||
Buy | SEK | 15,719,142 | 05/11 | SSB | 72,072 | |||||||||
Sell | SEK | 2,833,493 | 05/11 | RBC | (9,852 | ) | ||||||||
Buy | SGD | 1,224,215 | 05/11 | CIT | 14,460 | |||||||||
$ | 87,949 | |||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-59
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
March 31, 2011
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 11 in Notes to Financial Statements) as of March 31, 2011: |
Level 2 | Level 3 | |||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||
March 31, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||
Assets | Preferred Stocks (1) | $ | 1,583,414 | $ | — | $ | 1,583,414 | $ | — | |||||||||
Common Stocks | ||||||||||||||||||
Australia | 577,669 | — | 577,669 | — | ||||||||||||||
Austria | 1,001,538 | — | 1,001,538 | — | ||||||||||||||
Belgium | 930,273 | — | 930,273 | — | ||||||||||||||
Canada | 1,287,318 | 1,287,318 | — | — | ||||||||||||||
China | 1,296,963 | — | 1,296,963 | — | ||||||||||||||
Finland | 1,147,941 | — | 1,147,941 | — | ||||||||||||||
France | 10,675,474 | — | 10,675,474 | — | ||||||||||||||
Germany | 9,606,539 | — | 9,606,539 | — | ||||||||||||||
Hong Kong | 1,722,884 | — | 1,722,884 | — | ||||||||||||||
Italy | 3,680,843 | — | 3,680,843 | — | ||||||||||||||
Japan | 17,147,861 | — | 17,147,861 | — | ||||||||||||||
Netherlands | 5,164,173 | — | 5,164,173 | — | ||||||||||||||
Norway | 1,017,990 | — | 1,017,990 | — | ||||||||||||||
Singapore | 598,594 | — | 598,594 | — | ||||||||||||||
South Africa | 638,272 | — | 638,272 | — | ||||||||||||||
South Korea | 1,193,936 | — | 1,193,936 | — | ||||||||||||||
Spain | 2,533,896 | — | 2,533,896 | — | ||||||||||||||
Sweden | 687,916 | — | 687,916 | — | ||||||||||||||
Switzerland | 3,002,897 | — | 3,002,897 | — | ||||||||||||||
Taiwan | 549,776 | 549,776 | — | — | ||||||||||||||
United Kingdom | 22,182,003 | — | 22,182,003 | — | ||||||||||||||
86,644,756 | 1,837,094 | 84,807,662 | — | |||||||||||||||
Short-Term Investment | 1,145,067 | 1,145,067 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 676,661 | — | 676,661 | — | ||||||||||||||
Total Assets | 90,049,898 | 2,982,161 | 87,067,737 | — | ||||||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | (972 | ) | (972 | ) | — | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (588,712 | ) | — | (588,712 | ) | — | ||||||||||||
Total Liabilities | (589,684 | ) | (972 | ) | (588,712 | ) | — | |||||||||||
Total | $ | 89,460,214 | $ | 2,981,189 | $ | 86,479,025 | $ | — | ||||||||||
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page B-61 |
B-60
Schedule of Investments (Continued)
Explanation of Symbols and Terms
March 31, 2011
* | Non-income producing investments. | |
" | 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. | |
^ | Investments with their principal amount adjusted for inflation. | |
§ | Variable rate investments. The rate shown is based on the latest available information as of March 31, 2011. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. | |
Ώ | Investments were in default as of March 31, 2011. | |
± | The security is a perpetual bond and has no definite maturity date. | |
∞ | Unsettled position. Contract rates do not take effect until settlement date. | |
~ | 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. | |
‡ | Investments were fully or partially segregated with the broker(s)/custodian as collateral for securities sold short, futures contracts, written option contracts, swap contracts and/or reverse repurchase agreements, if any, as of March 31, 2011. | |
Δ | Illiquid Investments. Investments were reported as illiquid by the portfolio manager pursuant to the Trust’s policy and procedures (See Note 2G in Notes to Financial Statements). | |
+ | The values of these investments were determined by a Trustee Valuation Committee or determined by a Board of Trustees (“Board”) approved valuation committee, or a delegate of the Board and then approved by the Board. Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940 ( See Note 2B in Notes to Financial Statements). |
BRC | Barclays | |
CIT | Citigroup | |
CSF | Credit Suisse | |
DUB | Deutsche Bank | |
GSC | Goldman Sachs | |
HSB | HSBC | |
JPM | JPMorgan Chase | |
MER | Merrill Lynch | |
MSC | Morgan Stanley | |
RBC | Royal Bank of Canada | |
RBS | Royal Bank of Scotland | |
SGG | Societe Generale Group | |
SSB | State Street Bank | |
TDB | Toronto Dominion Bank | |
UBS | UBS | |
WPC | Westpac Group | |
Currency Abbreviations: | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CNY | Chinese Renminbi | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringitt | |
NOK | Norwegian Krone | |
PHP | Philippine Peso | |
RUB | Russian Ruble | |
SGD | Singapore Dollar | |
TRY | Turkish Lira | |
TWD | Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand | |
Other Abbreviations: | ||
ADR | American Depositary Receipt | |
CBOT | Chicago Board of Trade | |
CDO | Collateralized Debt Obligation | |
CLO | Collateralized Loan Obligation | |
CME | Chicago Mercantile Exchange | |
CPI | Consumer Price Index | |
CVA | Certificaten Van Aandelen (Dutch Certificate) | |
FDR | Fiduciary Depositary Receipt | |
GDR | Global Depositary Receipt | |
LI | London Stock Exchange | |
LIBOR | London Interbank Offered Rate | |
‘NY’ | New York Shares | |
OTC | Over the Counter | |
REIT | Real Estate Investment Trust | |
SDR | Swedish Depositary Receipt | |
VVPR | Verminderde Voorheffing Precompte Reduit (Belgium dividend coupon) | |
XVTX | Virt-X Pan European Stock Exchange |
See Notes to Financial Statements |
B-61
PL Floating | PL Inflation | PL Managed | PL Short Duration | PL Large-Cap | ||||||||||||||||||||||||
Rate Loan | Managed | Bond | Bond | PL Comstock | PL Growth LT | Growth | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments and repurchase agreements, at cost | $ | 86,007,974 | $ | 283,297,215 | $ | 413,201,688 | $ | 119,952,137 | $ | 132,613,770 | $ | 94,569,661 | $ | 75,666,158 | ||||||||||||||
Investments, at value | $ | 87,804,639 | $ | 288,899,505 | $ | 382,878,271 | $ | 102,829,672 | $ | 166,047,641 | $ | 115,455,947 | $ | 98,783,464 | ||||||||||||||
Repurchase agreements, at value | — | — | 33,500,000 | 17,600,000 | — | — | — | |||||||||||||||||||||
Cash (1) | — | 14,700 | — | — | — | — | — | |||||||||||||||||||||
Foreign currency held, at value (2) | — | 21,520 | 111,416 | — | — | 31,878 | — | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 267,259 | 1,346,335 | 1,864,351 | 514,539 | 289,556 | 182,609 | 37,083 | |||||||||||||||||||||
Foreign tax reclaim | — | — | — | — | — | 7,085 | — | |||||||||||||||||||||
Fund shares sold | 192,778 | 397,166 | 661,207 | 230,998 | 126,311 | 186,189 | — | |||||||||||||||||||||
Securities sold | 84,728 | 2,959,434 | 31,383,374 | 5,072,031 | 1,064,469 | — | 465,995 | |||||||||||||||||||||
Variation margin | — | 13,650 | 250,704 | 16,091 | — | — | — | |||||||||||||||||||||
Securities sold short | — | — | 2,552,892 | — | — | — | — | |||||||||||||||||||||
Due from adviser | 29,101 | 23,596 | 63,796 | 18,353 | 22,504 | 14,768 | 11,062 | |||||||||||||||||||||
Forward foreign currency contracts appreciation | — | 269,070 | 1,082,050 | — | — | 11,234 | — | |||||||||||||||||||||
Prepaid expenses and other assets | 2,236 | 5,775 | 9,661 | 3,180 | 4,244 | 2,948 | 2,585 | |||||||||||||||||||||
Swap contracts, at value | — | 880,877 | 1,646,409 | — | — | — | — | |||||||||||||||||||||
Total Assets | 88,380,741 | 294,831,628 | 456,004,131 | 126,284,864 | 167,554,725 | 115,892,658 | 99,300,189 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Due to brokers (3) | — | 260,000 | 1,410,000 | — | — | — | — | |||||||||||||||||||||
Fund shares redeemed | — | — | 4,968 | — | — | — | — | |||||||||||||||||||||
Securities purchased | 2,223,888 | 62,398,448 | 70,053,199 | 5,051,604 | 911,573 | 151,290 | 87,243 | |||||||||||||||||||||
Reverse repurchase agreement | — | 1,272,000 | — | — | — | — | — | |||||||||||||||||||||
Securities sold short, at value (proceeds $2,552,850) | — | — | 2,540,376 | — | — | — | — | |||||||||||||||||||||
Accrued advisory fees | 45,783 | 76,624 | 126,072 | 39,960 | 100,403 | 52,283 | 59,916 | |||||||||||||||||||||
Accrued administration fees | 10,565 | 28,734 | 47,277 | 14,985 | 20,490 | 14,259 | 12,396 | |||||||||||||||||||||
Accrued support service expenses | 3,619 | 9,334 | 15,621 | 5,143 | 6,858 | 4,762 | 4,191 | |||||||||||||||||||||
Accrued custodian fees and expenses | 7,631 | 13,391 | 40,426 | 6,995 | 8,806 | 12,718 | 6,309 | |||||||||||||||||||||
Accrued legal, audit and tax service fees | 11,146 | 28,788 | 48,166 | 15,844 | 21,152 | 14,693 | 12,919 | |||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 240 | 2,854 | 8,945 | 1,427 | 3,545 | 3,411 | 6,368 | |||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 3,279 | 8,455 | 14,150 | 4,659 | 6,212 | 4,314 | 3,796 | |||||||||||||||||||||
Accrued interest | — | 57 | — | — | — | — | — | |||||||||||||||||||||
Accrued other | 8,990 | 20,850 | 38,711 | 11,024 | 10,421 | 8,278 | 6,165 | |||||||||||||||||||||
Forward foreign currency contracts depreciation | — | 786,817 | 703,225 | — | — | 50,823 | — | |||||||||||||||||||||
Outstanding options written, at value (premiums received $351,070 and $810,099) | — | 453,996 | 1,090,361 | — | — | — | — | |||||||||||||||||||||
Swap contracts, at value | — | 114,879 | 880,164 | — | — | — | — | |||||||||||||||||||||
Total Liabilities | 2,315,141 | 65,475,227 | 77,021,661 | 5,151,641 | 1,089,460 | 316,831 | 199,303 | |||||||||||||||||||||
NET ASSETS | $ | 86,065,600 | $ | 229,356,401 | $ | 378,982,470 | $ | 121,133,223 | $ | 166,465,265 | $ | 115,575,827 | $ | 99,100,886 | ||||||||||||||
(1) | Includes margin deposits of $14,700 segregated for futures contracts in the PL Inflation Managed Fund. | |
(2) | The cost of foreign currency for the PL Inflation Managed, PL Managed Bond and PL Growth LT Funds were $20,935, $108,615 and $31,187, respectively. | |
(3) | The PL Inflation Managed and PL Managed Bond Funds received cash collateral to mitigate risk of loss to certain counterparties, which will be repaid based on master netting arrangements between the Funds and the counterparty. The Funds invest such cash collateral in investment securities (See Note 12 in Notes to Financial Statements). |
C-1
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2011
PL Floating | PL Inflation | PL Managed | PL Short Duration | PL Large-Cap | ||||||||||||||||||||||||
Rate Loan | Managed | Bond | Bond | PL Comstock | PL Growth LT | Growth | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 83,899,910 | $ | 224,898,923 | $ | 374,627,443 | $ | 120,474,444 | $ | 167,769,700 | $ | 114,262,005 | $ | 76,200,560 | ||||||||||||||
Undistributed/accumulated net investment income (loss) | 890,890 | 1,571,041 | 2,525,457 | 267,511 | 491,193 | 399,303 | (6,382 | ) | ||||||||||||||||||||
Accumulated net realized loss | (521,865 | ) | (2,369,492 | ) | (2,642,025 | ) | (59,501 | ) | (35,229,499 | ) | (19,933,235 | ) | (210,599 | ) | ||||||||||||||
Net unrealized appreciation on investments and assets and liabilities in foreign currencies | 1,796,665 | 5,255,929 | 4,471,595 | 450,769 | 33,433,871 | 20,847,754 | 23,117,307 | |||||||||||||||||||||
NET ASSETS | $ | 86,065,600 | $ | 229,356,401 | $ | 378,982,470 | $ | 121,133,223 | $ | 166,465,265 | $ | 115,575,827 | $ | 99,100,886 | ||||||||||||||
Shares of beneficial interest outstanding | 8,500,327 | 21,778,673 | 35,262,191 | 12,071,067 | 13,727,504 | 9,302,177 | 10,735,702 | |||||||||||||||||||||
Net Asset Value Per Share | $ | 10.12 | $ | 10.53 | $ | 10.75 | $ | 10.04 | $ | 12.13 | $ | 12.42 | $ | 9.23 | ||||||||||||||
C-2
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2011
PL Large-Cap | PL Main Street | PL Mid-Cap | PL Mid-Cap | PL Small-Cap | PL Small-Cap | |||||||||||||||||||||||
Value | Core | Equity | Growth | Growth | Value | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $ | 185,960,839 | $ | 127,707,916 | $ | 108,482,334 | $ | 44,297,989 | $ | 22,638,849 | $ | 58,613,863 | $ | 26,068,306 | ||||||||||||||
Investments, at value | $ | 230,994,954 | $ | 157,636,255 | $ | 135,785,798 | $ | 64,348,374 | $ | 32,414,170 | $ | 76,219,094 | $ | 41,503,819 | ||||||||||||||
Foreign currency held, at value (1) | — | — | — | 1,008 | — | — | — | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 537,715 | 161,535 | 24,186 | 28,871 | 3,115 | 57,411 | 92,119 | |||||||||||||||||||||
Foreign tax reclaim | 12,242 | — | — | 6,025 | — | — | — | |||||||||||||||||||||
Fund shares sold | 170,367 | 213,766 | 1,246 | 128,823 | — | — | — | |||||||||||||||||||||
Securities sold | — | — | 109,412 | 149,432 | 352,384 | 49,853 | 352,936 | |||||||||||||||||||||
Due from adviser | 21,888 | 1,256 | 12,786 | 15,262 | 7,644 | 16,230 | 5,602 | |||||||||||||||||||||
Prepaid expenses and other assets | 5,886 | 4,021 | 3,534 | 1,655 | 825 | 1,992 | 1,178 | |||||||||||||||||||||
Total Assets | 231,743,052 | 158,016,833 | 135,936,962 | 64,679,450 | 32,778,138 | 76,344,580 | 41,955,654 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | — | — | — | — | 22,814 | — | 17,632 | |||||||||||||||||||||
Securities purchased | 3,084,093 | — | 46,335 | 123,565 | 358,223 | 10,072 | 21,459 | |||||||||||||||||||||
Accrued advisory fees | 122,240 | 58,253 | 72,655 | 35,326 | 16,124 | 46,939 | 31,728 | |||||||||||||||||||||
Accrued administration fees | 28,209 | 19,418 | 16,766 | 7,570 | 4,031 | 9,388 | 5,288 | |||||||||||||||||||||
Accrued support service expenses | 9,525 | 6,477 | 5,715 | 2,667 | 1,333 | 3,238 | 1,905 | |||||||||||||||||||||
Accrued custodian fees and expenses | 6,498 | 5,586 | 7,468 | 16,223 | 10,319 | 9,537 | 6,525 | |||||||||||||||||||||
Accrued legal, audit and tax service fees | 29,374 | 19,977 | 17,629 | 8,221 | 4,111 | 9,983 | 5,873 | |||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 4,888 | 1,661 | 1,149 | 3,324 | 2,017 | 33 | 527 | |||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 8,628 | 5,867 | 5,177 | 2,416 | 1,208 | 2,934 | 1,726 | |||||||||||||||||||||
Accrued other | 14,008 | 9,992 | 8,681 | 4,561 | 2,801 | 5,360 | 3,096 | |||||||||||||||||||||
Total Liabilities | 3,307,463 | 127,231 | 181,575 | 203,873 | 422,981 | 97,484 | 95,759 | |||||||||||||||||||||
NET ASSETS | $ | 228,435,589 | $ | 157,889,602 | $ | 135,755,387 | $ | 64,475,577 | $ | 32,355,157 | $ | 76,247,096 | $ | 41,859,895 | ||||||||||||||
(1) | The cost of foreign currency for the PL Mid-Cap Growth Fund was $ 972. |
C-3
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2011
PL Large-Cap | PL Main Street | PL Mid-Cap | PL Mid-Cap | PL Small-Cap | PL Small-Cap | |||||||||||||||||||||||
Value | Core | Equity | Growth | Growth | Value | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 201,188,740 | $ | 158,109,933 | $ | 123,623,428 | $ | 41,932,517 | $ | 30,721,977 | $ | 65,115,356 | $ | 38,201,822 | ||||||||||||||
Undistributed/accumulated net investment income (loss) | 877,748 | 398,039 | 124,898 | 9,435 | (2,021 | ) | 253,449 | (534 | ) | |||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (18,666,828 | ) | (30,546,709 | ) | (15,296,403 | ) | 2,483,041 | (8,140,120 | ) | (6,726,940 | ) | (11,776,906 | ) | |||||||||||||||
Net unrealized appreciation on investments and assets and liabilities in foreign currencies | 45,035,929 | 29,928,339 | 27,303,464 | 20,050,584 | 9,775,321 | 17,605,231 | 15,435,513 | |||||||||||||||||||||
NET ASSETS | $ | 228,435,589 | $ | 157,889,602 | $ | 135,755,387 | $ | 64,475,577 | $ | 32,355,157 | $ | 76,247,096 | $ | 41,859,895 | ||||||||||||||
Shares of beneficial interest outstanding | 19,712,101 | 15,586,040 | 12,984,579 | 6,270,111 | 2,719,349 | 7,190,078 | 3,652,671 | |||||||||||||||||||||
Net Asset Value Per Share | $ | 11.59 | $ | 10.13 | $ | 10.46 | $ | 10.28 | $ | 11.90 | $ | 10.60 | $ | 11.46 | ||||||||||||||
C-4
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2011
PL Emerging | PL International | PL International | ||||||||||
Markets | Large-Cap | Value | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost | $ | 42,621,256 | $ | 108,245,099 | $ | 84,308,119 | ||||||
Investments, at value | $ | 63,747,380 | $ | 137,839,351 | $ | 89,373,237 | ||||||
Foreign currency held, at value (1) | 376,680 | 11,740 | 8,365 | |||||||||
Receivables: | ||||||||||||
Dividends and interest | 106,175 | 501,362 | 339,072 | |||||||||
Foreign tax reclaim | 1,701 | 154,374 | 82,193 | |||||||||
Fund shares sold | — | 127,906 | 778 | |||||||||
Securities sold | 350,814 | 47,379 | 1,159,227 | |||||||||
Due from adviser | 27,513 | 22,743 | 25,032 | |||||||||
Forward foreign currency contracts appreciation | — | — | 676,661 | |||||||||
Prepaid expenses and other assets | 1,533 | 3,418 | 2,362 | |||||||||
Total Assets | 64,611,796 | 138,708,273 | 91,666,927 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Fund shares redeemed | — | — | 11,869 | |||||||||
Securities purchased | 194,879 | 491,063 | 706,188 | |||||||||
Variation margin | — | — | 1,002 | |||||||||
Deferred foreign capital gains tax | 14,792 | — | — | |||||||||
Accrued advisory fees | 41,671 | 96,351 | 49,454 | |||||||||
Accrued administration fees | 7,813 | 17,003 | 11,413 | |||||||||
Accrued support service expenses | 2,477 | 5,525 | 3,810 | |||||||||
Accrued custodian fees and expenses | 58,901 | 30,492 | 25,174 | |||||||||
Accrued legal, audit and tax service fees | 7,646 | 17,053 | 11,768 | |||||||||
Accrued trustees’ fees and expenses and deferred compensation | 853 | 2,808 | 3,976 | |||||||||
Accrued transfer agency out-of-pocket expenses | 2,243 | 5,004 | 3,451 | |||||||||
Accrued other | 10,255 | 9,968 | 7,829 | |||||||||
Forward foreign currency contracts depreciation | — | — | 588,712 | |||||||||
Total Liabilities | 341,530 | 675,267 | 1,424,646 | |||||||||
NET ASSETS | $ | 64,270,266 | $ | 138,033,006 | $ | 90,242,281 | ||||||
(1) | The cost of foreign currency for the PL Emerging Markets, PL International Large-Cap and the PL International Value Funds were $378,478, $11,755 and $8,304 respectively. |
C-5
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2011
PL Emerging | PL International | PL International | ||||||||||
Markets | Large-Cap | Value | ||||||||||
Fund | Fund | Fund | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 45,289,262 | $ | 123,424,342 | $ | 131,272,604 | ||||||
Undistributed/accumulated net investment income (loss) | (409,632 | ) | 1,065,721 | 378,185 | ||||||||
Accumulated net realized loss | (1,720,260 | ) | (16,065,965 | ) | (46,565,732 | ) | ||||||
Net unrealized appreciation on investments and assets and liabilities in foreign currencies | 21,110,896 | 29,608,908 | 5,157,224 | |||||||||
NET ASSETS | $ | 64,270,266 | $ | 138,033,006 | $ | 90,242,281 | ||||||
Shares of beneficial interest outstanding | 4,378,606 | 8,978,862 | 9,491,565 | |||||||||
Net Asset Value Per Share | $ | 14.68 | $ | 15.37 | $ | 9.51 | ||||||
C-6
PL Floating | PL Inflation | PL Managed | PL Short Duration | PL Large-Cap | ||||||||||||||||||||||||
Rate Loan | Managed | Bond | Bond | PL Comstock | PL Growth LT | Growth | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $ | — | $ | 7,500 | $ | 278,832 | $ | — | $ | 3,018,234 | $ | 1,340,153 | $ | 657,872 | ||||||||||||||
Dividends from mutual fund investments | 554 | 51 | 100 | 118 | 330 | — | 17,008 | |||||||||||||||||||||
Interest, net of foreign taxes withheld | 3,541,620 | 5,462,276 | 8,238,297 | 1,588,002 | 1,632 | 5,187 | — | |||||||||||||||||||||
Total Investment Income | 3,542,174 | 5,469,827 | 8,517,229 | 1,588,120 | 3,020,196 | 1,345,340 | 674,880 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 511,431 | 741,908 | 1,218,929 | 389,015 | 1,054,519 | 539,788 | 599,593 | |||||||||||||||||||||
Administration fees | 123,507 | 338,991 | 553,848 | 177,303 | 258,010 | 180,319 | 142,330 | |||||||||||||||||||||
Support services expenses | 22,823 | 50,966 | 79,832 | 27,771 | 43,531 | 26,339 | 18,478 | |||||||||||||||||||||
Custodian fees and expenses | 23,477 | 52,467 | 111,553 | 23,183 | 26,347 | 36,182 | 19,829 | |||||||||||||||||||||
Shareholder report expenses | 5,031 | 14,074 | 23,043 | 7,451 | 10,592 | 7,457 | 8,808 | |||||||||||||||||||||
Service fees (see Note 3 in Notes to Financial Statements) | 35,367 | 101,347 | 161,350 | 52,373 | 78,546 | 55,205 | 37,381 | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 19,503 | 53,873 | 88,099 | 28,185 | 40,872 | 28,897 | 21,730 | |||||||||||||||||||||
Registration fees | 2,054 | 12,792 | 16,356 | 10,549 | 11,739 | 10,197 | 9,865 | |||||||||||||||||||||
Legal, audit and tax service fees | 60,672 | 48,704 | 80,684 | 27,630 | 38,927 | 25,475 | 20,691 | |||||||||||||||||||||
Trustees’ fees and expenses | 3,354 | 9,222 | 15,149 | 4,901 | 6,910 | 4,875 | 3,836 | |||||||||||||||||||||
Interest expense | — | 409 | 261 | — | — | — | — | |||||||||||||||||||||
Other | 24,268 | 87,465 | 143,497 | 34,785 | 15,788 | 15,553 | 8,891 | |||||||||||||||||||||
Total Expenses | 831,487 | 1,512,218 | 2,492,601 | 783,146 | 1,585,781 | 930,287 | 891,432 | |||||||||||||||||||||
Advisory Fee Waiver | (54,044 | ) | — | — | — | (5,907 | ) | — | (19,986 | ) | ||||||||||||||||||
Adviser Reimbursement | (161,181 | ) | (329,563 | ) | (558,213 | ) | (164,455 | ) | (194,706 | ) | (154,975 | ) | (112,128 | ) | ||||||||||||||
Net Expenses | 616,262 | 1,182,655 | 1,934,388 | 618,691 | 1,385,168 | 775,312 | 759,318 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 2,925,912 | 4,287,172 | 6,582,841 | 969,429 | 1,635,028 | 570,028 | (84,438 | ) | ||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions | 625,495 | 8,527,065 | 2,739,264 | 332,599 | 3,283,482 | 8,312,974 | 6,298,659 | |||||||||||||||||||||
Closed short positions | — | 1,489 | (171,953 | ) | 42,409 | — | — | — | ||||||||||||||||||||
Futures contracts and swap transactions | — | (9,257 | ) | 5,152,185 | 164,450 | — | — | — | ||||||||||||||||||||
Written option transactions | — | 465,555 | 1,011,560 | — | — | — | — | |||||||||||||||||||||
Foreign currency transactions | — | 75,701 | 762,425 | — | — | (46,997 | ) | — | ||||||||||||||||||||
Net Realized Gain | 625,495 | 9,060,553 | 9,493,481 | 539,458 | 3,283,482 | 8,265,977 | 6,298,659 | |||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities | 516,066 | 2,110,305 | 3,187,395 | (130,621 | ) | 16,761,825 | 2,621,788 | 11,649,279 | ||||||||||||||||||||
Short positions | — | — | 12,474 | — | — | — | — | |||||||||||||||||||||
Futures contracts and swaps | — | (35,205 | ) | (1,609,942 | ) | (43,700 | ) | — | — | — | ||||||||||||||||||
Written options | — | (414,566 | ) | (775,343 | ) | — | — | — | — | |||||||||||||||||||
Foreign currencies | — | (826,299 | ) | 240,329 | — | — | (160,649 | ) | — | |||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 516,066 | 834,235 | 1,054,913 | (174,321 | ) | 16,761,825 | 2,461,139 | 11,649,279 | ||||||||||||||||||||
NET GAIN | 1,141,561 | 9,894,788 | 10,548,394 | 365,137 | 20,045,307 | 10,727,116 | 17,947,938 | |||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,067,473 | $ | 14,181,960 | $ | 17,131,235 | $ | 1,334,566 | $ | 21,680,335 | $ | 11,297,144 | $ | 17,863,500 | ||||||||||||||
Foreign taxes withheld on dividends and interest | $ | — | $ | 2,670 | $ | 4,034 | $ | — | $ | 45,109 | $ | 27,603 | $ | 554 |
C-7
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2011
PL Large-Cap | PL Main Street | PL Mid-Cap | PL Mid-Cap | PL Small-Cap | PL Small-Cap | |||||||||||||||||||||||
Value | Core | Equity | Growth | Growth | Value | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $ | 4,610,540 | $ | 2,290,510 | $ | 2,020,332 | $ | 646,550 | $ | 58,544 | $ | 1,540,842 | $ | 713,529 | ||||||||||||||
Dividends from mutual fund investments | 382 | 224 | 278 | 60 | 44 | 197 | — | |||||||||||||||||||||
Total Investment Income | 4,610,922 | 2,290,734 | 2,020,610 | 646,610 | 58,588 | 1,541,039 | 713,529 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 1,225,118 | 631,523 | 745,223 | 378,744 | 164,706 | 431,612 | 336,152 | |||||||||||||||||||||
Administration fees | 343,098 | 264,196 | 209,570 | 101,662 | 50,399 | 100,392 | 69,265 | |||||||||||||||||||||
Support services expenses | 50,275 | 37,138 | 28,942 | 14,973 | 11,240 | 16,995 | 10,126 | |||||||||||||||||||||
Custodian fees and expenses | 19,492 | 23,202 | 23,561 | 43,830 | 27,927 | 25,528 | 21,690 | |||||||||||||||||||||
Shareholder report expenses | 13,627 | 11,393 | 8,420 | 4,497 | 1,975 | 3,534 | 2,821 | |||||||||||||||||||||
Service fees (see Note 3 in Notes to Financial Statements) | 100,687 | 89,480 | 62,664 | 34,231 | 15,398 | 23,449 | 22,072 | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 54,174 | 42,612 | 33,431 | 16,985 | 7,925 | 15,397 | 11,159 | |||||||||||||||||||||
Registration fees | 12,903 | 3,697 | 10,436 | 9,007 | 8,245 | 1,835 | 8,271 | |||||||||||||||||||||
Legal, audit and tax service fees | 49,254 | 36,167 | 30,034 | 15,144 | 7,051 | 15,816 | 10,550 | |||||||||||||||||||||
Trustees’ fees and expenses | 9,279 | 7,022 | 5,695 | 2,853 | 1,337 | 2,734 | 1,904 | |||||||||||||||||||||
Other | 19,243 | 15,364 | 13,445 | 9,300 | 8,029 | 10,452 | 5,984 | |||||||||||||||||||||
Total Expenses | 1,897,150 | 1,161,794 | 1,171,421 | 631,226 | 304,232 | 647,744 | 499,994 | |||||||||||||||||||||
Adviser Reimbursement | (228,247 | ) | (176,595 | ) | (153,964 | ) | (116,589 | ) | (73,729 | ) | (92,291 | ) | (72,505 | ) | ||||||||||||||
Net Expenses | 1,668,903 | 985,199 | 1,017,457 | 514,637 | 230,503 | 555,453 | 427,489 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 2,942,019 | 1,305,535 | 1,003,153 | 131,973 | (171,915 | ) | 985,586 | 286,040 | ||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions | (1,817,558 | ) | 7,391,931 | 13,268,146 | 7,361,212 | 3,696,262 | 3,289,234 | 3,407,040 | ||||||||||||||||||||
Foreign currency transactions | (1,669 | ) | — | — | (10,948 | ) | — | (2,323 | ) | (63 | ) | |||||||||||||||||
Net Realized Gain (Loss) | (1,819,227 | ) | 7,391,931 | 13,268,146 | 7,350,264 | 3,696,262 | 3,286,911 | 3,406,977 | ||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities | 26,048,991 | 8,326,713 | 10,335,351 | 8,770,531 | 3,595,499 | 11,588,543 | 4,637,930 | |||||||||||||||||||||
Foreign currencies | 988 | — | — | 198 | — | — | — | |||||||||||||||||||||
Change in Net Unrealized Appreciation | 26,049,979 | 8,326,713 | 10,335,351 | 8,770,729 | 3,595,499 | 11,588,543 | 4,637,930 | |||||||||||||||||||||
NET GAIN | 24,230,752 | 15,718,644 | 23,603,497 | 16,120,993 | 7,291,761 | 14,875,454 | 8,044,907 | |||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 27,172,771 | $ | 17,024,179 | $ | 24,606,650 | $ | 16,252,966 | $ | 7,119,846 | $ | 15,861,040 | $ | 8,330,947 | ||||||||||||||
Foreign taxes withheld on dividends | $ | 97,141 | $ | 2,859 | $ | — | $ | 25,789 | $ | — | $ | 9,811 | $ | 4,849 | ||||||||||||||
C-8
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2011
PL Emerging | PL International | PL International | ||||||||||
Markets | Large-Cap | Value | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends, net of foreign taxes withheld | $ | 941,567 | $ | 2,643,981 | $ | 2,434,414 | ||||||
Dividends from mutual fund investments | 71 | 7 | 96 | |||||||||
Interest, net of foreign taxes withheld | 5,088 | 4,083 | — | |||||||||
Total Investment Income | 946,726 | 2,648,071 | 2,434,510 | |||||||||
EXPENSES | ||||||||||||
Advisory fees | 412,457 | 1,001,880 | 544,234 | |||||||||
Administration fees | 94,830 | 215,884 | 156,305 | |||||||||
Support services expenses | 18,502 | 38,293 | 30,778 | |||||||||
Custodian fees and expenses | 172,911 | 107,626 | 70,125 | |||||||||
Shareholder report expenses | 3,903 | 8,381 | 6,577 | |||||||||
Service fees (see Note 3 in Notes to Financial Statements) | 29,158 | 65,158 | 51,214 | |||||||||
Transfer agency out-of-pocket expenses | 14,987 | 33,273 | 25,141 | |||||||||
Registration fees | 1,411 | 10,632 | 9,660 | |||||||||
Legal, audit and tax service fees | 13,210 | 29,400 | 23,576 | |||||||||
Trustees’ fees and expenses | 2,526 | 5,645 | 4,226 | |||||||||
Other | 42,893 | 21,772 | 30,223 | |||||||||
Total Expenses | 806,788 | 1,537,944 | 952,059 | |||||||||
Adviser Reimbursement | (270,343 | ) | (255,021 | ) | (200,306 | ) | ||||||
Net Expenses | 536,445 | 1,282,923 | 751,753 | |||||||||
NET INVESTMENT INCOME | 410,281 | 1,365,148 | 1,682,757 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||
Investment security transactions (1) | 5,100,492 | (2,088,270 | ) | 2,372,352 | ||||||||
Futures contract transactions | — | — | 64,480 | |||||||||
Foreign currency transactions | (36,035 | ) | (36,135 | ) | (190,899 | ) | ||||||
Net Realized Gain (Loss) | 5,064,457 | (2,124,405 | ) | 2,245,933 | ||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||
Investment securities (1) | 5,217,818 | 16,232,593 | 1,075,788 | |||||||||
Futures contracts | — | — | (7,588 | ) | ||||||||
Foreign currencies | (1,925 | ) | 10,158 | 89,227 | ||||||||
Change in Net Unrealized Appreciation | 5,215,893 | 16,242,751 | 1,157,427 | |||||||||
NET GAIN | 10,280,350 | 14,118,346 | 3,403,360 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 10,690,631 | $ | 15,483,494 | $ | 5,086,117 | ||||||
Foreign taxes withheld on dividends and interest | $ | 89,977 | $ | 319,937 | $ | 293,164 | ||||||
(1) | Realized gain on investment security transactions for the PL Emerging Markets Fund is net of foreign capital gains taxes withheld of $41. Change in unrealized appreciation (depreciation) on investment securities for the PL Emerging Markets Fund is net of increase in deferred foreign capital gains tax of $2,704. No foreign tax was withheld on realized and change in unrealized capital gain for all other funds. |
C-9
PL Floating Rate | PL Inflation | PL Managed | PL Short Duration | |||||||||||||||||||||||||||||
Loan Fund(1) | Managed Fund (1) | Bond Fund(1) | Bond Fund (1) | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31,2011 | March 31, 2010 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 2,925,912 | $ | 1,954,305 | $ | 4,287,172 | $ | 3,385,754 | $ | 6,582,841 | $ | 5,411,682 | $ | 969,429 | $ | 1,123,333 | ||||||||||||||||
Net realized gain | 625,495 | 955,953 | 9,060,553 | 5,658,554 | 9,493,481 | 10,759,370 | 539,458 | 1,036,747 | ||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 516,066 | 5,926,475 | 834,235 | 1,561,622 | 1,054,913 | 13,386,144 | (174,321 | ) | 714,924 | |||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 4,067,473 | 8,836,733 | 14,181,960 | 10,605,930 | 17,131,235 | 29,557,196 | 1,334,566 | 2,875,004 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (576,673 | ) | (1,975,960 | ) | (1,981,141 | ) | (4,584,817 | ) | (2,619,779 | ) | (9,085,139 | ) | (226,394 | ) | (1,199,020 | ) | ||||||||||||||||
Class P | (1,463,098 | ) | — | (1,520,135 | ) | — | (5,686,622 | ) | — | (548,974 | ) | — | ||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | — | — | — | (2,540,364 | ) | (4,569,759 | ) | — | — | ||||||||||||||||||||||
Class P | — | — | (3,913,597 | ) | — | (8,056,500 | ) | — | (403,149 | ) | — | |||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (2,039,771 | ) | (1,975,960 | ) | (7,414,873 | ) | (4,584,817 | ) | (18,903,265 | ) | (13,654,898 | ) | (1,178,517 | ) | (1,199,020 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 7,659,141 | 21,175,293 | 20,082,422 | 62,656,627 | 33,695,419 | 76,725,391 | 14,306,748 | 35,040,145 | ||||||||||||||||||||||||
Class P | 24,589,520 | — | 69,727,535 | — | 122,376,254 | — | 43,262,438 | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 576,673 | 1,975,960 | 1,978,436 | 4,569,314 | 5,154,057 | 13,624,292 | 226,240 | 1,198,965 | ||||||||||||||||||||||||
Class P | 1,463,098 | — | 5,433,732 | — | 13,743,122 | — | 952,123 | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (232,057 | ) | (4,701,222 | ) | (4,960,351 | ) | (5,059,940 | ) | (7,768,096 | ) | (8,018,991 | ) | (952,151 | ) | (9,596,640 | ) | ||||||||||||||||
Class P | (3,140,337 | ) | — | (19,125,619 | ) | — | (22,403,735 | ) | — | (12,491,880 | ) | — | ||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | (59,055,247 | ) | — | (169,787,788 | ) | — | (268,664,284 | ) | — | (89,594,322 | ) | — | ||||||||||||||||||||
Class P(1) | 59,055,247 | — | 169,787,788 | — | 268,664,284 | — | 89,594,322 | — | ||||||||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions | 30,916,038 | 18,450,031 | 73,136,155 | 62,166,001 | 144,797,021 | 82,330,692 | 45,303,518 | 26,642,470 | ||||||||||||||||||||||||
NET INCREASE IN NET ASSETS | 32,943,740 | 25,310,804 | 79,903,242 | 68,187,114 | 143,024,991 | 98,232,990 | 45,459,567 | 28,318,454 | ||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year | 53,121,860 | 27,811,056 | 149,453,159 | 81,266,045 | 235,957,479 | 137,724,489 | 75,673,656 | 47,355,202 | ||||||||||||||||||||||||
End of Year | $ | 86,065,600 | $ | 53,121,860 | $ | 229,356,401 | $ | 149,453,159 | $ | 378,982,470 | $ | 235,957,479 | $ | 121,133,223 | $ | 75,673,656 | ||||||||||||||||
Undistributed Net Investment Income | $ | 890,890 | $ | 4,749 | $ | 1,571,041 | $ | 607,209 | $ | 2,525,457 | $ | 543,826 | $ | 267,511 | $ | 10,068 | ||||||||||||||||
(1) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
C-10
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Comstock | PL Growth LT | PL Large-Cap Growth | PL Large-Cap Value | |||||||||||||||||||||||||||||
Fund(1) | Fund(1) | Fund(1) | Fund(1) | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,635,028 | $ | 961,704 | $ | 570,028 | $ | 153,170 | $ | ( 84,438 | ) | $ | ( 162,469 | ) | $ | 2,942,019 | $ | 1,848,996 | ||||||||||||||
Net realized gain (loss) | 3,283,482 | (6,318,818 | ) | 8,265,977 | (4,637,879 | ) | 6,298,659 | 3,605,421 | (1,819,227 | ) | (3,573,288 | ) | ||||||||||||||||||||
Change in net unrealized appreciation | 16,761,825 | 47,994,902 | 2,461,139 | 34,435,525 | 11,649,279 | 10,919,592 | 26,049,979 | 40,575,133 | ||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 21,680,335 | 42,637,788 | 11,297,144 | 29,950,816 | 17,863,500 | 14,362,544 | 27,172,771 | 38,850,841 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (236,849 | ) | (1,052,848 | ) | — | (1,426,742 | ) | — | — | (467,480 | ) | (1,750,061 | ) | |||||||||||||||||||
Class P | (1,140,637 | ) | — | — | — | — | — | (2,058,011 | ) | — | ||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (1,377,486 | ) | (1,052,848 | ) | — | (1,426,742 | ) | — | — | (2,525,491 | ) | (1,750,061 | ) | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 8,415,520 | 17,633,612 | 5,457,542 | 12,826,646 | 4,037,967 | 32,510,333 | 14,633,209 | 62,793,290 | ||||||||||||||||||||||||
Class P | 23,950,764 | — | 20,262,936 | — | 26,906,134 | — | 44,341,564 | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 236,711 | 1,052,607 | — | 1,426,397 | — | — | 467,255 | 1,748,702 | ||||||||||||||||||||||||
Class P | 1,140,637 | — | — | — | — | — | 2,058,011 | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (1,921,221 | ) | (6,963,843 | ) | (1,796,334 | ) | (27,715,411 | ) | (1,396,630 | ) | (2,281,361 | ) | (3,090,654 | ) | (2,262,396 | ) | ||||||||||||||||
Class P | (13,829,114 | ) | — | (8,864,918 | ) | — | (9,416,192 | ) | — | (16,932,785 | ) | — | ||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | (119,192,019 | ) | — | (82,580,720 | ) | — | (56,182,987 | ) | — | (153,219,431 | ) | — | ||||||||||||||||||||
Class P (1) | 119,192,019 | — | 82,580,720 | — | 56,182,987 | — | 153,219,431 | — | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 17,993,297 | 11,722,376 | 15,059,226 | (13,462,368 | ) | 20,131,279 | 30,228,972 | 41,476,600 | 62,279,596 | |||||||||||||||||||||||
NET INCREASE IN NET ASSETS | 38,296,146 | 53,307,316 | 26,356,370 | 15,061,706 | 37,994,779 | 44,591,516 | 66,123,880 | 99,380,376 | ||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year | 128,169,119 | 74,861,803 | 89,219,457 | 74,157,751 | 61,106,107 | 16,514,591 | 162,311,709 | 62,931,333 | ||||||||||||||||||||||||
End of Year | $ | 166,465,265 | $ | 128,169,119 | $ | 115,575,827 | $ | 89,219,457 | $ | 99,100,886 | $ | 61,106,107 | $ | 228,435,589 | $ | 162,311,709 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 491,193 | $ | 233,651 | $ | 399,303 | $ | ( 123,728 | ) | $ | ( 6,382 | ) | $ | ( 6,156 | ) | $ | 877,748 | $ | 462,889 | |||||||||||||
(1) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
C-11
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Main Street Core | PL Mid-Cap Equity | PL Mid-Cap Growth | PL Small-Cap Growth | |||||||||||||||||||||||||||||
Fund(1) | Fund(1) | Fund(1) | Fund(1) | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,305,535 | $ | 1,046,278 | $ | 1,003,153 | $ | 367,394 | $ | 131,973 | $ | (175,601 | ) | $ | (171,915 | ) | $ | (190,619 | ) | |||||||||||||
Net realized gain (loss) | 7,391,931 | (14,377,544 | ) | 13,268,146 | 2,654,681 | 7,350,264 | 2,074,733 | 3,696,262 | 64,515 | |||||||||||||||||||||||
Change in net unrealized appreciation | 8,326,713 | 56,194,577 | 10,335,351 | 35,083,900 | 8,770,729 | 17,555,720 | 3,595,499 | 11,316,545 | ||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 17,024,179 | 42,863,311 | 24,606,650 | 38,105,975 | 16,252,966 | 19,454,852 | 7,119,846 | 11,190,441 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (95,654 | ) | (1,045,156 | ) | (47,048 | ) | (432,366 | ) | — | — | — | — | ||||||||||||||||||||
Class P | (819,251 | ) | — | (877,377 | ) | — | (105,080 | ) | — | — | — | |||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | — | — | — | (524,490 | ) | (614,615 | ) | — | — | ||||||||||||||||||||||
Class P | — | — | — | — | (4,624,405 | ) | — | — | — | |||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (914,905 | ) | (1,045,156 | ) | (924,425 | ) | (432,366 | ) | (5,253,975 | ) | (614,615 | ) | — | — | ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 8,538,755 | 25,816,890 | 7,987,693 | 8,843,524 | 997,962 | 20,304,644 | 241,073 | 3,883,828 | ||||||||||||||||||||||||
Class P | 24,547,598 | — | 16,991,531 | — | 8,108,597 | — | 6,958,753 | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 95,654 | 1,045,156 | 47,047 | 432,363 | 523,636 | 613,939 | — | — | ||||||||||||||||||||||||
Class P | 819,251 | — | 877,377 | — | 4,729,485 | — | — | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (125,274 | ) | (7,912,859 | ) | (3,190,726 | ) | (4,434,390 | ) | (5,043,424 | ) | (3,637,248 | ) | (2,114,592 | ) | (13,429,355 | ) | ||||||||||||||||
Class P | (38,124,068 | ) | — | (12,289,913 | ) | — | (10,833,939 | ) | — | (5,541,320 | ) | — | ||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | (136,507,682 | ) | — | (96,440,538 | ) | — | (48,202,865 | ) | — | (21,274,966 | ) | — | ||||||||||||||||||||
Class P (1) | 136,507,682 | — | 96,440,538 | — | 48,202,865 | — | 21,274,966 | — | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (4,248,084 | ) | 18,949,187 | 10,423,009 | 4,841,497 | (1,517,683 | ) | 17,281,335 | (456,086 | ) | (9,545,527 | ) | ||||||||||||||||||||
NET INCREASE IN NET ASSETS | 11,861,190 | 60,767,342 | 34,105,234 | 42,515,106 | 9,481,308 | 36,121,572 | 6,663,760 | 1,644,914 | ||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year | 146,028,412 | 85,261,070 | 101,650,153 | 59,135,047 | 54,994,269 | 18,872,697 | 25,691,397 | 24,046,483 | ||||||||||||||||||||||||
End of Year | $ | 157,889,602 | $ | 146,028,412 | $ | 135,755,387 | $ | 101,650,153 | $ | 64,475,577 | $ | 54,994,269 | $ | 32,355,157 | $ | 25,691,397 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 398,039 | $ | 94,313 | $ | 124,898 | $ | 46,170 | $ | 9,435 | $ | (8,296 | ) | $ | (2,021 | ) | $ | (1,955 | ) | |||||||||||||
(1) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
C-12
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Small-Cap Value | PL Real Estate | PL Emerging Markets | PL International Large-Cap | |||||||||||||||||||||||||||||
Fund(1) | Fund(1) | Fund(1) | Fund(1) | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 985,586 | $ | 600,102 | $ | 286,040 | $ | 513,836 | $ | 410,281 | $ | 229,192 | $ | 1,365,148 | $ | 1,115,334 | ||||||||||||||||
Net realized gain (loss) | 3,286,911 | (4,303,623 | ) | 3,406,977 | (6,918,840 | ) | 5,064,457 | (711,695 | ) | (2,124,405 | ) | (6,136,387 | ) | |||||||||||||||||||
Change in net unrealized appreciation | 11,588,543 | 18,077,190 | 4,637,930 | 26,784,376 | 5,215,893 | 23,987,304 | 16,242,751 | 39,313,505 | ||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 15,861,040 | 14,373,669 | 8,330,947 | 20,379,372 | 10,690,631 | 23,504,801 | 15,483,494 | 34,292,452 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (68,741 | ) | (491,572 | ) | (68,821 | ) | (485,508 | ) | — | (243,918 | ) | (926,192 | ) | (975,278 | ) | |||||||||||||||||
Class P | (638,985 | ) | — | (270,054 | ) | — | (940,708 | ) | — | (261,079 | ) | — | ||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (707,726 | ) | (491,572 | ) | (338,875 | ) | (485,508 | ) | (940,708 | ) | (243,918 | ) | (1,187,271 | ) | (975,278 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 1,360,677 | 4,741,243 | 179,622 | 5,319,973 | 763,496 | 5,677,562 | 11,388,585 | 20,864,545 | ||||||||||||||||||||||||
Class P | 27,468,646 | — | 7,071,793 | — | 14,652,817 | — | 23,576,016 | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 68,740 | 491,572 | 68,818 | 485,465 | — | 243,918 | 925,856 | 975,153 | ||||||||||||||||||||||||
Class P | 638,985 | — | 270,054 | — | 940,708 | — | 261,079 | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (1,398,444 | ) | (7,959,638 | ) | (3,964,447 | ) | (10,121,953 | ) | (95,644 | ) | (12,289,022 | ) | (1,280,976 | ) | (12,278,526 | ) | ||||||||||||||||
Class P | (5,217,990 | ) | — | (6,110,043 | ) | — | (9,454,654 | ) | — | (19,135,979 | ) | — | ||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | (35,260,361 | ) | — | (31,360,853 | ) | — | (45,487,862 | ) | — | (105,495,716 | ) | — | ||||||||||||||||||||
Class P(1) | 35,260,361 | — | 31,360,853 | — | 45,487,862 | — | 105,495,716 | — | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 22,920,614 | (2,726,823 | ) | (2,484,203 | ) | (4,316,515 | ) | 6,806,723 | (6,367,542 | ) | 15,734,581 | 9,561,172 | ||||||||||||||||||||
NET INCREASE IN NET ASSETS | 38,073,928 | 11,155,274 | 5,507,869 | 15,577,349 | 16,556,646 | 16,893,341 | 30,030,804 | 42,878,346 | ||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year | 38,173,168 | 27,017,894 | 36,352,026 | 20,774,677 | 47,713,620 | 30,820,279 | 108,002,202 | 65,123,856 | ||||||||||||||||||||||||
End of Year | $ | 76,247,096 | $ | 38,173,168 | $ | 41,859,895 | $ | 36,352,026 | $ | 64,270,266 | $ | 47,713,620 | $ | 138,033,006 | $ | 108,002,202 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 253,449 | $ | 78,140 | $ | (534 | ) | $ | 23,386 | $ | (409,632 | ) | $ | (7,231 | ) | $ | 1,065,721 | $ | 923,664 | |||||||||||||
(1) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
C-13
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL International Value | ||||||||
Fund(1) | ||||||||
Year Ended | Year Ended | |||||||
March 31, 2011 | March 31, 2010 | |||||||
OPERATIONS | ||||||||
Net investment income | $ | 1,682,757 | $ | 1,848,094 | ||||
Net realized gain (loss) | 2,245,933 | (25,094,512 | ) | |||||
Change in net unrealized appreciation | 1,157,427 | 57,686,947 | ||||||
Net Increase in Net Assets Resulting from Operations | 5,086,117 | 34,440,529 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Net investment income | ||||||||
Class A | (468,259 | ) | (1,330,371 | ) | ||||
Class P | (1,543,617 | ) | — | |||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (2,011,876 | ) | (1,330,371 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from sale of shares | ||||||||
Class A | 10,276,598 | 17,693,878 | ||||||
Class P | 14,606,762 | — | ||||||
Dividends and distribution reinvestments | ||||||||
Class A | 468,104 | 1,329,963 | ||||||
Class P | 1,543,617 | — | ||||||
Cost of shares repurchased | ||||||||
Class A | (1,331,608 | ) | (44,454,169 | ) | ||||
Class P | (24,679,366 | ) | — | |||||
Share class conversions | ||||||||
Class A(1) | (80,620,211 | ) | — | |||||
Class P(1) | 80,620,211 | — | ||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 884,107 | (25,430,328 | ) | |||||
NET INCREASE IN NET ASSETS | 3,958,348 | 7,679,830 | ||||||
NET ASSETS | ||||||||
Beginning of Year | 86,283,933 | 78,604,103 | ||||||
End of Year | $ | 90,242,281 | $ | 86,283,933 | ||||
Undistributed Net Investment Income | $ | 378,185 | $ | 302,691 | ||||
(1) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
C-14
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios of | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | After | Before | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Realized | Asset | Assets, | Expense | Expense | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Net | and | Total | Distributions | Value, | End of | Reductions | Reductions | Investment Income | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of | Investment | Unrealized | from | from Net | Distributions | End of | Year or | to Average | to Average | (Loss) to Average | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Year or | Income | Gain | Investment | Investment | from | Total | Year or | Total | Period | Net | Net | Net | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (2) | (Loss) | Activities | Income | Capital Gains | Distributions | Period | Returns (3) | (in thousands) | Assets (4), (5) | Assets (5) | Assets (5) | Rates | ||||||||||||||||||||||||||||||||||||||||||||||
PL Floating Rate Loan Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 9.88 | $ | 0.34 | $ | 0.19 | $ | 0.53 | $ | (0.29 | ) | $ | — | $ | (0.29 | ) | $ | 10.12 | 5.51 | % | $ | 86,066 | 0.90 | % | 1.22 | % | 4.29 | % | 92.44 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 8.18 | 0.45 | 1.70 | 2.15 | (0.45 | ) | — | (0.45 | ) | 9.88 | 26.70 | % | 53,122 | 1.30 | % | 1.54 | % | 4.78 | % | 118.03 | % | |||||||||||||||||||||||||||||||||||||||
6/30/2008 - 3/31/2009 | 10.00 | 0.39 | (1.82 | ) | (1.43 | ) | (0.39 | ) | — | (0.39 | ) | 8.18 | (14.37 | %) | 27,811 | 1.30 | % | 1.53 | % | 5.90 | % | 56.30 | % | |||||||||||||||||||||||||||||||||||||
PL Inflation Managed Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 10.10 | $ | 0.24 | $ | 0.61 | $ | 0.85 | $ | (0.21 | ) | $ | (0.21 | ) | $ | (0.42 | ) | $ | 10.53 | 8.56 | % | $ | 229,356 | 0.64 | % | 0.82 | % | 2.31 | % | 322.90 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 9.59 | 0.29 | 0.62 | 0.91 | (0.40 | ) | — | (0.40 | ) | 10.10 | 9.68 | % | 149,453 | 0.95 | % | 1.21 | % | 2.90 | % | 299.61 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.08 | 0.39 | (0.80 | ) | (0.41 | ) | (0.41 | ) | (0.67 | ) | (1.08 | ) | 9.59 | (3.85 | %) | 81,266 | 1.01 | % | 1.35 | % | 3.94 | % | 745.76 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 10.13 | 0.49 | 0.95 | 1.44 | (0.49 | ) | — | (0.49 | ) | 11.08 | 14.80 | % | 122,386 | 1.15 | % | 1.49 | % | 4.77 | % | 474.46 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.00 | 0.26 | 0.14 | 0.40 | (0.27 | ) | — | (0.27 | ) | 10.13 | 4.15 | % | 82,340 | 1.39 | % | 1.78 | % | 2.60 | % | 356.40 | % | |||||||||||||||||||||||||||||||||||||||
PL Managed Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 10.75 | $ | 0.24 | $ | 0.43 | $ | 0.67 | $ | (0.30 | ) | $ | (0.37 | ) | $ | (0.67 | ) | $ | 10.75 | 6.31 | % | $ | 378,982 | 0.63 | % | 0.82 | % | 2.16 | % | 501.72 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 9.70 | 0.30 | 1.48 | 1.78 | (0.50 | ) | (0.23 | ) | (0.73 | ) | 10.75 | 18.68 | % | 235,957 | 0.95 | % | 1.22 | % | 2.86 | % | 351.53 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.73 | 0.43 | (0.45 | ) | (0.02 | ) | (0.55 | ) | (0.46 | ) | (1.01 | ) | 9.70 | 0.07 | % | 137,724 | 1.01 | % | 1.30 | % | 4.36 | % | 441.01 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 10.16 | 0.42 | 0.53 | 0.95 | (0.37 | ) | (0.01 | ) | (0.38 | ) | 10.73 | 9.44 | % | 175,800 | 1.15 | % | 1.50 | % | 4.05 | % | 424.71 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 9.98 | 0.35 | 0.22 | 0.57 | (0.39 | ) | — | (0.39 | ) | 10.16 | 5.90 | % | 101,940 | 1.39 | % | 1.82 | % | 3.49 | % | 477.64 | % | |||||||||||||||||||||||||||||||||||||||
PL Short Duration Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 10.00 | $ | 0.10 | $ | 0.06 | $ | 0.16 | $ | (0.08 | ) | $ | (0.04 | ) | $ | (0.12 | ) | $ | 10.04 | 1.57 | % | $ | 121,133 | 0.64 | % | 0.81 | % | 1.00 | % | 195.72 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 9.69 | 0.18 | 0.33 | 0.51 | (0.20 | ) | — | (0.20 | ) | 10.00 | 5.27 | % | 75,674 | 0.95 | % | 1.22 | % | 1.84 | % | 167.12 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 10.22 | 0.32 | (0.25 | ) | 0.07 | (0.31 | ) | (0.29 | ) | (0.60 | ) | 9.69 | 0.75 | % | 47,355 | 1.02 | % | 1.26 | % | 3.20 | % | 146.36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 9.81 | 0.35 | 0.41 | 0.76 | (0.35 | ) | — | (0.35 | ) | 10.22 | 7.86 | % | 83,683 | 1.15 | % | 1.42 | % | 3.48 | % | 41.74 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 9.76 | 0.32 | 0.04 | 0.36 | (0.31 | ) | — | (0.31 | ) | 9.81 | 3.76 | % | 66,823 | 1.39 | % | 1.75 | % | 3.28 | % | 77.84 | % | |||||||||||||||||||||||||||||||||||||||
PL Comstock Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 10.69 | $ | 0.13 | $ | 1.41 | $ | 1.54 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 12.13 | 14.55 | % | $ | 166,465 | 0.99 | % | 1.13 | % | 1.16 | % | 30.58 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 6.95 | 0.09 | 3.74 | 3.83 | (0.09 | ) | — | (0.09 | ) | 10.69 | 55.34 | % | 128,169 | 1.30 | % | 1.51 | % | 0.93 | % | 27.65 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.84 | 0.16 | (4.89 | ) | (4.73 | ) | (0.16 | ) | — | (0.16 | ) | 6.95 | (40.11 | %) | 74,862 | 1.37 | % | 1.58 | % | 1.68 | % | 59.96 | % | |||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 14.11 | 0.15 | (1.95 | ) | (1.80 | ) | (0.12 | ) | (0.35 | ) | (0.47 | ) | 11.84 | (13.16 | %) | 124,271 | 1.50 | % | 1.77 | % | 1.09 | % | 23.28 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.92 | 0.12 | 1.55 | 1.67 | (0.11 | ) | (0.37 | ) | (0.48 | ) | 14.11 | 13.21 | % | 83,788 | 1.74 | % | 2.11 | % | 0.92 | % | 40.11 | % | ||||||||||||||||||||||||||||||||||||||
PL Growth LT Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 11.21 | $ | 0.07 | $ | 1.14 | $ | 1.21 | $ | — | $ | — | $ | — | $ | 12.42 | 10.79 | % | $ | 115,576 | 0.79 | % | 0.95 | % | 0.58 | % | 82.71 | % | ||||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.74 | 0.02 | 3.60 | 3.62 | (0.15 | ) | — | (0.15 | ) | 11.21 | 47.26 | % | 89,219 | 1.10 | % | 1.37 | % | 0.19 | % | 60.31 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 12.63 | 0.03 | (4.63 | ) | (4.60 | ) | — | (0.29 | ) | (0.29 | ) | 7.74 | (37.27 | %) | 74,158 | 1.15 | % | 1.42 | % | 0.32 | % | 80.89 | % | |||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 13.10 | 0.05 | (0.22 | ) | (0.17 | ) | (0.05 | ) | (0.25 | ) | (0.30 | ) | 12.63 | (1.55 | %) | 77,196 | 1.30 | % | 1.66 | % | 0.36 | % | 81.50 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.23 | (0.01 | ) | 0.98 | 0.97 | — | (0.10 | ) | (0.10 | ) | 13.10 | 7.95 | % | 61,954 | 1.54 | % | 1.95 | % | (0.08 | %) | 37.99 | % | ||||||||||||||||||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-17 |
C-15
FINANCIAL HIGHLIGHTS (Continued) (1)
Selected per share, ratios and supplemental data for each year or period ended March 31 were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
�� | Ratios of | Ratios of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | After | Before | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Realized | Asset | Assets, | Expense | Expense | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Net | and | Total | Distributions | Value, | End of | Reductions | Reductions | Investment Income | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of | Investment | Unrealized | from | from Net | Distributions | End of | Year or | to Average | to Average | (Loss) to Average | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Year or | Income | Gain | Investment | Investment | from | Total | Year or | Total | Period | Net | Net | Net | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (2) | (Loss) | Activities | Income | Capital Gains | Distributions | Period | Returns (3) | (in thousands) | Assets (4), (5) | Assets (5) | Assets (5) | Rates | ||||||||||||||||||||||||||||||||||||||||||||||
PL Large-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 7.71 | $ | (0.01 | ) | $ | 1.53 | $ | 1.52 | $ | — | $ | — | $ | — | $ | 9.23 | 19.72 | % | $ | 99,101 | 0.95 | % | 1.12 | % | (0.11 | %) | 101.69 | % | |||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 5.44 | (0.03 | ) | 2.30 | 2.27 | — | — | — | 7.71 | 41.73 | % | 61,106 | 1.28 | % | 1.59 | % | (0.38 | %) | 115.83 | % | ||||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 9.24 | (0.05 | ) | (3.75 | ) | (3.80 | ) | — | — | — | 5.44 | (41.13 | %) | 16,515 | 1.37 | % | 1.81 | % | (0.61 | %) | 179.61 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 9.43 | (0.08 | ) | (0.11 | ) | (0.19 | ) | — | — | — | 9.24 | (2.01 | %) | 26,235 | 1.50 | % | 1.92 | % | (0.79 | %) | 178.83 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.85 | (0.09 | ) | (0.40 | ) | (0.49 | ) | — | (0.93 | ) | (0.93 | ) | 9.43 | (3.80 | %) | 29,713 | 1.73 | % | 2.43 | % | (0.93 | %) | 147.66 | % | ||||||||||||||||||||||||||||||||||||
PL Large-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 10.42 | $ | 0.16 | $ | 1.15 | $ | 1.31 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 11.59 | 12.69 | % | $ | 228,436 | 0.89 | % | 1.01 | % | 1.56 | % | 18.76 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 7.35 | 0.14 | 3.07 | 3.21 | (0.14 | ) | — | (0.14 | ) | 10.42 | 43.79 | % | 162,312 | 1.20 | % | 1.38 | % | 1.52 | % | 16.28 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.59 | 0.16 | (4.27 | ) | (4.11 | ) | (0.12 | ) | (0.01 | ) | (0.13 | ) | 7.35 | (35.61 | %) | 62,931 | 1.25 | % | 1.48 | % | 1.63 | % | 38.49 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 13.03 | 0.10 | (1.21 | ) | (1.11 | ) | (0.08 | ) | (0.25 | ) | (0.33 | ) | 11.59 | (8.80 | %) | 68,901 | 1.40 | % | 1.69 | % | 0.79 | % | 24.35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.67 | 0.06 | 1.37 | 1.43 | (0.04 | ) | (1.03 | ) | (1.07 | ) | 13.03 | 12.09 | % | 56,601 | 1.63 | % | 2.05 | % | 0.50 | % | 19.58 | % | ||||||||||||||||||||||||||||||||||||||
PL Main Street Core Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 9.00 | $ | 0.09 | $ | 1.10 | $ | 1.19 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 10.13 | 13.28 | % | $ | 157,890 | 0.70 | % | 0.83 | % | 0.93 | % | 58.13 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 6.11 | 0.07 | 2.89 | 2.96 | (0.07 | ) | — | (0.07 | ) | 9.00 | 48.57 | % | 146,028 | 1.00 | % | 1.23 | % | 0.89 | % | 130.37 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 9.91 | 0.09 | (3.81 | ) | (3.72 | ) | (0.08 | ) | — | (0.08 | ) | 6.11 | (37.66 | %) | 85,261 | 1.06 | % | 1.41 | % | 1.07 | % | 101.22 | % | |||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 11.46 | 0.08 | (0.94 | ) | (0.86 | ) | (0.08 | ) | (0.61 | ) | (0.69 | ) | 9.91 | (8.29 | %) | 111,936 | 1.20 | % | 1.50 | % | 0.69 | % | 126.84 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.67 | 0.05 | 0.92 | 0.97 | (0.03 | ) | (0.15 | ) | (0.18 | ) | 11.46 | 9.23 | % | 87,136 | 1.43 | % | 1.88 | % | 0.54 | % | 107.36 | % | ||||||||||||||||||||||||||||||||||||||
PL Mid-Cap Equity Fund (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 8.66 | $ | 0.08 | $ | 1.79 | $ | 1.87 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 10.46 | 21.70 | % | $ | 135,755 | 0.89 | % | 1.02 | % | 0.87 | % | 87.04 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 5.33 | 0.03 | 3.34 | 3.37 | (0.04 | ) | — | (0.04 | ) | 8.66 | 63.29 | % | 101,650 | 1.20 | % | 1.41 | % | 0.44 | % | 74.00 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 8.92 | 0.07 | (3.58 | ) | (3.51 | ) | (0.08 | ) | (0.00 | )(7) | (0.08 | ) | 5.33 | (39.44 | %) | 59,135 | 1.26 | % | 1.52 | % | 1.01 | % | 82.26 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 11.62 | 0.06 | (1.61 | ) | (1.55 | ) | (0.03 | ) | (1.12 | ) | (1.15 | ) | 8.92 | (14.81 | %) | 85,208 | 1.40 | % | 1.69 | % | 0.55 | % | 70.09 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.54 | (0.00 | )(7) | 1.51 | 1.51 | — | (0.43 | ) | (0.43 | ) | 11.62 | 14.80 | % | 71,181 | 1.60 | % | 2.01 | % | (0.00% | )(7) | 74.07 | % | ||||||||||||||||||||||||||||||||||||||
PL Mid-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 8.41 | $ | 0.02 | $ | 2.83 | $ | 2.85 | $ | (0.02 | ) | $ | (0.96 | ) | $ | (0.98 | ) | $ | 10.28 | 35.16 | % | $ | 64,476 | 0.95 | % | 1.17 | % | 0.24 | % | 44.37 | % | |||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 4.98 | (0.03 | ) | 3.56 | 3.53 | — | (0.10 | ) | (0.10 | ) | 8.41 | 70.89 | % | 54,994 | 1.25 | % | 1.53 | % | (0.42 | %) | 31.79 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 9.31 | (0.05 | ) | (3.57 | ) | (3.62 | ) | — | (0.71 | ) | (0.71 | ) | 4.98 | (40.02 | %) | 18,873 | 1.34 | % | 1.80 | % | (0.60 | %) | 47.92 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 10.93 | (0.02 | ) | 0.66 | 0.64 | — | (2.26 | ) | (2.26 | ) | 9.31 | 3.48 | % | 50,189 | 1.45 | % | 1.80 | % | (0.19 | %) | 77.63 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.67 | (0.07 | ) | 0.31 | 0.24 | — | (0.98 | ) | (0.98 | ) | 10.93 | 2.64 | % | 63,462 | 1.68 | % | 2.08 | % | (0.64 | %) | 60.08 | % | ||||||||||||||||||||||||||||||||||||||
PL Small-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 9.41 | $ | (0.06 | ) | $ | 2.55 | $ | 2.49 | $ | — | $ | — | $ | — | $ | 11.90 | 26.46 | % | $ | 32,355 | 0.84 | % | 1.11 | % | (0.63 | %) | 85.58 | % | |||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 5.88 | (0.06 | ) | 3.59 | 3.53 | — | — | — | 9.41 | 60.03 | % | 25,691 | 1.15 | % | 1.56 | % | (0.81 | %) | 87.50 | % | ||||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 9.12 | (0.07 | ) | (3.17 | ) | (3.24 | ) | — | — | — | 5.88 | (35.53 | %) | 24,046 | 1.28 | % | 1.71 | % | (0.96 | %) | 72.93 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 11.24 | (0.12 | ) | (0.62 | ) | (0.74 | ) | — | (1.38 | ) | (1.38 | ) | 9.12 | (8.81 | %) | 37,258 | 1.55 | % | 1.90 | % | (1.07 | %) | 163.56 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.22 | (0.08 | ) | 0.11 | 0.03 | — | (0.01 | ) | (0.01 | ) | 11.24 | 0.28 | % | 41,378 | 1.78 | % | 2.24 | % | (0.74 | %) | 52.87 | % | ||||||||||||||||||||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-17 |
C-16
FINANCIAL HIGHLIGHTS (Continued)(1)
Selected per share, ratios and supplemental data for each year or period ended March 31 were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios of | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | After | Before | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Realized | Asset | Assets, | Expense | Expense | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Net | and | Total | Distributions | Value, | End of | Reductions | Reductions | Investment Income | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of | Investment | Unrealized | from | from Net | Distributions | End of | Year or | to Average | to Average | to Average | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Year or | Income | Gain | Investment | Investment | from | Total | Year or | Total | Period | Net | Net | Net | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (2) | (Loss) | Activities | Income | Capital Gains | Distributions | Period | Returns (3) | (in thousands) | Assets (4), (5) | Assets (5) | Assets (5) | Rates | ||||||||||||||||||||||||||||||||||||||||||||||
PL Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 8.57 | $ | 0.16 | $ | 1.98 | $ | 2.14 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | 10.60 | 25.11 | % | $ | 76,247 | 0.97 | % | 1.13 | % | 1.71 | % | 31.06 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 5.49 | 0.13 | 3.06 | 3.19 | (0.11 | ) | — | (0.11 | ) | 8.57 | 58.28 | % | 38,173 | 1.30 | % | 1.58 | % | 1.82 | % | 31.57 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 8.80 | 0.16 | (3.34 | ) | (3.18 | ) | (0.13 | ) | — | (0.13 | ) | 5.49 | (36.39 | %) | 27,018 | 1.34 | % | 1.73 | % | 2.21 | % | 47.41 | % | |||||||||||||||||||||||||||||||||||||
6/29/2007 - 3/31/2008 | 10.00 | 0.10 | (1.24 | ) | (1.14 | ) | (0.06 | ) | — | (0.06 | ) | 8.80 | (11.47 | %) | 19,112 | 1.50 | % | 2.07 | % | 1.46 | % | 17.98 | % | |||||||||||||||||||||||||||||||||||||
PL Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 9.24 | $ | 0.08 | $ | 2.23 | $ | 2.31 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 11.46 | 25.16 | % | $ | 41,860 | 1.14 | % | 1.34 | % | 0.77 | % | 32.30 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 4.60 | 0.12 | 4.64 | 4.76 | (0.12 | ) | — | (0.12 | ) | 9.24 | 104.32 | % | 36,352 | 1.45 | % | 1.76 | % | 1.68 | % | 26.55 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.25 | 0.15 | (6.65 | ) | (6.50 | ) | (0.15 | )(8) | — | (0.15 | ) | 4.60 | (58.24 | %) | 20,775 | 1.51 | % | 1.89 | % | 1.79 | % | 42.37 | % | |||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 14.94 | 0.13 | (2.77 | ) | (2.64 | ) | (0.18 | ) | (0.87 | ) | (1.05 | ) | 11.25 | (18.03 | %) | 37,872 | 1.65 | % | 2.03 | % | 1.02 | % | 34.98 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.89 | 0.04 | 3.01 | 3.05 | (0.05 | ) | (0.95 | ) | (1.00 | ) | 14.94 | 24.19 | % | 31,504 | 1.89 | % | 2.42 | % | 0.27 | % | 36.83 | % | ||||||||||||||||||||||||||||||||||||||
PL Emerging Markets Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 12.19 | $ | 0.11 | $ | 2.64 | $ | 2.75 | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | $ | 14.68 | 22.53 | % | $ | 64,270 | 1.04 | % | 1.56 | % | 0.80 | % | 45.98 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 6.54 | 0.06 | 5.66 | 5.72 | (0.07 | ) | — | (0.07 | ) | 12.19 | 87.45 | % | 47,714 | 1.35 | % | 2.15 | % | 0.57 | % | 55.24 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 13.58 | 0.11 | (5.39 | ) | (5.28 | ) | (0.07 | ) | (1.69 | ) | (1.76 | ) | 6.54 | (42.31 | %) | 30,820 | 1.42 | % | 2.34 | % | 1.18 | % | 61.50 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 13.01 | 0.07 | 2.32 | 2.39 | (0.05 | ) | (1.77 | ) | (1.82 | ) | 13.58 | 17.21 | % | 47,633 | 1.55 | % | 2.38 | % | 0.46 | % | 60.20 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.00 | 0.06 | 1.56 | 1.62 | (0.05 | ) | (0.56 | ) | (0.61 | ) | 13.01 | 14.49 | % | 51,376 | 1.78 | % | 2.81 | % | 0.49 | % | 58.31 | % | ||||||||||||||||||||||||||||||||||||||
PL International Large-Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 13.83 | $ | 0.16 | $ | 1.52 | $ | 1.68 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 15.37 | 12.36 | % | $ | 138,033 | 1.09 | % | 1.30 | % | 1.16 | % | 33.73 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 9.17 | 0.16 | 4.64 | 4.80 | (0.14 | ) | — | (0.14 | ) | 13.83 | 52.64 | % | 108,002 | 1.40 | % | 1.72 | % | 1.26 | % | 24.61 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 15.55 | 0.17 | (6.37 | ) | (6.20 | ) | (0.06 | ) | (0.12 | ) | (0.18 | ) | 9.17 | (40.24 | %) | 65,124 | 1.46 | % | 1.82 | % | 1.39 | % | 25.95 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 16.64 | 0.19 | (0.34 | ) | (0.15 | ) | (0.15 | ) | (0.79 | ) | (0.94 | ) | 15.55 | (1.17 | %) | 96,049 | 1.60 | % | 1.99 | % | 1.18 | % | 28.23 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 15.45 | 0.28 | 2.49 | 2.77 | (0.30 | ) | (1.28 | ) | (1.58 | ) | 16.64 | 18.70 | % | 76,806 | 1.84 | % | 2.38 | % | 1.77 | % | 47.87 | % | ||||||||||||||||||||||||||||||||||||||
PL International Value Fund (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | $ | 9.19 | $ | 0.18 | $ | 0.35 | $ | 0.53 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 9.51 | 5.99 | % | $ | 90,242 | 0.90 | % | 1.14 | % | 2.01 | % | 149.95 | % | ||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 6.14 | 0.19 | 3.00 | 3.19 | (0.14 | ) | — | (0.14 | ) | 9.19 | 52.10 | % | 86,284 | 1.20 | % | 1.56 | % | 2.28 | % | 59.92 | % | |||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 12.82 | 0.26 | (6.72 | ) | (6.46 | ) | (0.22 | ) | (0.00 | )(7) | (0.22 | ) | 6.14 | (50.74 | %) | 78,604 | 1.27 | % | 1.58 | % | 2.82 | % | 31.43 | % | ||||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 14.39 | 0.22 | (1.38 | ) | (1.16 | ) | (0.13 | ) | (0.28 | ) | (0.41 | ) | 12.82 | (8.27 | %) | 124,055 | 1.40 | % | 1.72 | % | 1.50 | % | 17.40 | % | ||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 15.30 | 0.16 | 2.48 | 2.64 | (0.14 | ) | (3.41 | ) | (3.55 | ) | 14.39 | 18.40 | % | 77,127 | 1.64 | % | 2.08 | % | 1.04 | % | 108.86 | % | ||||||||||||||||||||||||||||||||||||||
(1) | The Underlying Funds currently offer Class P shares only. Effective July 2, 2010, all Class A Shares of the Underlying Funds were converted to Class P Shares. Performance information prior to the conversion pertains to Class A shares and reflects the fees and expenses associated with that share class. | |
(2) | Net investment income (loss) per share has been calculated using the average shares method with the exception of the PL Main Street Core and PL Emerging Markets Funds for the fiscal year ended March 31, 2007. | |
(3) | 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. | |
(4) | The ratios of expenses after expense reductions to average net assets are after any advisory fee waivers and adviser expense reimbursements as discussed in Note 3 and Note 5, respectively, in Notes to the Financial Statements. | |
(5) | The ratios are annualized for periods of less than one full year. | |
(6) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named PL Mid-Cap Value Fund. | |
(7) | Amount represents less than $0.005 per share or less than 0.005%. | |
(8) | Includes return of capital distribution of $0.01 per share. | |
(9) | Prior to May 1, 2006, the PL International Value Fund was named PF Lazard International Value Fund. |
C-17
D-1
NOTES TO FINANCIAL STATEMENTS (Continued)
D-2
NOTES TO FINANCIAL STATEMENTS (Continued)
D-3
NOTES TO FINANCIAL STATEMENTS (Continued)
D-4
NOTES TO FINANCIAL STATEMENTS (Continued)
D-5
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Floating Rate Loan (1) | 0.75 | % | ||
PL Inflation Managed | 0.40 | % | ||
PL Managed Bond | 0.40 | % | ||
PL Short Duration Bond | 0.40 | % | ||
PL Comstock (2) | 0.75 | % | ||
PL Growth LT | 0.55 | % | ||
PL Large-Cap Growth (3) | 0.75 | % | ||
PL Large-Cap Value | 0.65 | % | ||
PL Main Street Core | 0.45 | % | ||
PL Mid-Cap Equity | 0.65 | % | ||
PL Mid-Cap Growth | 0.70 | % | ||
PL Small-Cap Growth | 0.60 | % | ||
PL Small-Cap Value | 0.75 | % | ||
PL Real Estate | 0.90 | % | ||
PL Emerging Markets | 0.80 | % | ||
PL International Large-Cap | 0.85 | % | ||
PL International Value | 0.65 | % |
(1) | Effective July 1, 2010, PLFA has contractually agreed to waive 0.10% of its advisory fees through June 30, 2012 as long as Eaton Vance Management remains manager of the Fund. There is no guarantee that PLFA will continue such waiver after that date. |
D-6
NOTES TO FINANCIAL STATEMENTS (Continued)
(2) | Effective January 1, 2011, PLFA has contractually agreed to waive 0.015% of its advisory fees through June 30, 2012 as long as Invesco Advisers, Inc. remains manager of the Fund. There is no guarantee that PLFA will continue such waiver after that date. | |
(3) | PLFA has contractually agreed to waive 0.025% of its advisory fees through June 30, 2012 as long as UBS Global Asset Management (Americas) Inc. remains manager of the Fund. There is no guarantee that PLFA will continue such waiver after that date. |
D-7
NOTES TO FINANCIAL STATEMENTS (Continued)
Investment | ||||
Adviser | ||||
Expense | ||||
Fund | Reimbursements | |||
PL Floating Rate Loan | $ | 161,181 | ||
PL Inflation Managed | 329,563 | |||
PL Managed Bond | 558,213 | |||
PL Short Duration Bond | 164,455 | |||
PL Comstock | 194,706 | |||
PL Growth LT | 154,975 | |||
PL Large-Cap Growth | 112,128 | |||
PL Large-Cap Value | 228,247 | |||
PL Main Street Core | 176,595 | |||
PL Mid-Cap Equity | 153,964 | |||
PL Mid-Cap Growth | 116,589 | |||
PL Small-Cap Growth | 73,729 | |||
PL Small-Cap Value | 92,291 | |||
PL Real Estate | 72,505 | |||
PL Emerging Markets | 270,343 | |||
PL International Large-Cap | 255,021 | |||
PL International Value | 200,306 | |||
Total | $ | 3,314,811 | ||
Expiration Date | ||||||||||||
Fund | 3/31/2012 | 3/31/2013 | 3/31/2014 | |||||||||
PL Floating Rate Loan | $ | 55,422 | $ | 98,235 | $ | 161,181 | ||||||
PL Inflation Managed | 341,417 | 308,763 | 329,563 | |||||||||
PL Managed Bond | 472,001 | 502,729 | 558,213 | |||||||||
PL Short Duration Bond | 150,950 | 164,724 | 164,455 | |||||||||
PL Comstock | 214,389 | 214,415 | 194,706 | |||||||||
PL Growth LT | 229,867 | 216,805 | 154,975 | |||||||||
PL Large-Cap Growth | 94,718 | 120,503 | 112,128 | |||||||||
PL Large-Cap Value | 175,460 | 216,004 | 228,247 | |||||||||
PL Main Street Core | 370,309 | 266,417 | 176,595 | |||||||||
PL Mid-Cap Equity | 195,175 | 177,580 | 153,964 | |||||||||
PL Mid-Cap Growth | 138,724 | 115,208 | 116,589 | |||||||||
PL Small-Cap Growth | 131,007 | 96,729 | 73,729 | |||||||||
PL Small-Cap Value | 120,502 | 92,384 | 92,291 | |||||||||
PL Real Estate | 118,370 | 94,439 | 72,505 | |||||||||
PL Emerging Markets | 347,289 | 319,937 | 270,343 | |||||||||
PL International Large-Cap | 296,673 | 286,639 | 255,021 | |||||||||
PL International Value | 325,469 | 289,342 | 200,306 | |||||||||
Total | $ | 3,777,742 | $ | 3,580,853 | $ | 3,314,811 | ||||||
D-8
NOTES TO FINANCIAL STATEMENTS (Continued)
The tax character of distributions paid during the year ended March 31, 2011, were as follows: |
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Fund | Income | Capital Gains | Distributions | |||||||||
PL Floating Rate Loan | $ | 2,039,771 | $ | — | $ | 2,039,771 | ||||||
PL Inflation Managed | 7,414,873 | — | 7,414,873 | |||||||||
PL Managed Bond | 16,002,758 | 2,900,507 | 18,903,265 | |||||||||
PL Short Duration Bond | 939,371 | 239,146 | 1,178,517 | |||||||||
PL Comstock | 1,377,486 | — | 1,377,486 | |||||||||
PL Large-Cap Value | 2,525,491 | — | 2,525,491 | |||||||||
PL Main Street Core | 914,905 | — | 914,905 | |||||||||
PL Mid-Cap Equity | 924,425 | — | 924,425 | |||||||||
PL Mid-Cap Growth | 1,329,323 | 3,924,652 | 5,253,975 | |||||||||
PL Small-Cap Value | 707,726 | — | 707,726 | |||||||||
PL Real Estate | 338,875 | — | 338,875 | |||||||||
PL Emerging Markets | 940,708 | — | 940,708 | |||||||||
PL International Large-Cap | 1,187,271 | — | 1,187,271 | |||||||||
PL International Value | 2,011,876 | — | 2,011,876 |
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Fund | Income | Capital Gains | Distributions | |||||||||
PL Floating Rate Loan | $ | 1,975,960 | $ | — | $ | 1,975,960 | ||||||
PL Inflation Managed | 4,584,817 | — | 4,584,817 | |||||||||
PL Managed Bond | 12,379,527 | 1,275,371 | 13,654,898 | |||||||||
PL Short Duration Bond | 1,199,020 | — | 1,199,020 | |||||||||
PL Comstock | 1,052,848 | — | 1,052,848 | |||||||||
PL Growth LT | 1,426,742 | — | 1,426,742 | |||||||||
PL Large-Cap Value | 1,750,061 | — | 1,750,061 | |||||||||
PL Main Street Core | 1,045,156 | — | 1,045,156 | |||||||||
PL Mid-Cap Equity | 432,366 | — | 432,366 | |||||||||
PL Mid-Cap Growth | 316,397 | 298,218 | 614,615 | |||||||||
PL Small-Cap Value | 491,572 | — | 491,572 | |||||||||
PL Real Estate | 485,508 | — | 485,508 | |||||||||
PL Emerging Markets | 243,918 | — | 243,918 | |||||||||
PL International Large-Cap | 975,278 | — | 975,278 | |||||||||
PL International Value | 1,330,371 | — | 1,330,371 |
Accumulated | Undistributed | Undistributed | Net | |||||||||||||
Capital and | Ordinary | Long-Term | Unrealized | |||||||||||||
Fund | Other Losses | Income | Capital Gains | Appreciation | ||||||||||||
PL Floating Rate Loan | $ | (516,636 | ) | $ | 891,140 | $ | — | $ | 1,791,436 | |||||||
PL Inflation Managed | (382,597 | ) | 2,277,307 | — | 1,958,679 | |||||||||||
PL Managed Bond | (2,240,453 | ) | 2,813,425 | — | 4,419,093 | |||||||||||
PL Short Duration Bond | (68,841 | ) | 268,953 | — | 433,343 | |||||||||||
PL Comstock | (29,683,301 | ) | 494,759 | — | 27,887,673 | |||||||||||
PL Growth LT | (19,071,774 | ) | 536,158 | — | 19,813,274 | |||||||||||
PL Large-Cap Growth | — | — | 43,089 | 22,863,618 | ||||||||||||
PL Large-Cap Value | (16,713,668 | ) | 882,666 | — | 43,082,769 | |||||||||||
PL Main Street Core | (29,547,120 | ) | 399,720 | — | 28,928,750 | |||||||||||
PL Mid-Cap Equity | (14,498,290 | ) | 126,064 | — | 26,505,351 |
D-9
NOTES TO FINANCIAL STATEMENTS (Continued)
Accumulated | Undistributed | Undistributed | Net | |||||||||||||
Capital and | Ordinary | Long-Term | Unrealized | |||||||||||||
Fund | Other Losses | Income | Capital Gains | Appreciation | ||||||||||||
PL Mid-Cap Growth | $ | — | $ | 510,442 | $ | 2,483,401 | $ | 19,552,549 | ||||||||
PL Small Cap Growth | (7,701,433 | ) | — | — | 9,336,634 | |||||||||||
PL Small-Cap Value | (6,682,763 | ) | 253,578 | — | 17,560,968 | |||||||||||
PL Real Estate | (9,963,672 | ) | — | — | 13,622,278 | |||||||||||
PL Emerging Markets | (137,695 | ) | 79,552 | — | 19,040,008 | |||||||||||
PL International Large-Cap | (13,107,754 | ) | 1,107,327 | — | 26,611,916 | |||||||||||
PL International Value | (45,889,495 | ) | 559,041 | — | 4,377,469 |
Post- | Post-October | Accumulated | ||||||||||||||||||||||||||
Net Capital | October | Foreign | Capital and | |||||||||||||||||||||||||
Loss | Net Capital Loss Carryover Expiring on March 31 | Capital Loss | Currency | Other | ||||||||||||||||||||||||
Fund | Carryover | 2017 | 2018 | 2019 | Deferral | Loss Deferral | Losses | |||||||||||||||||||||
PL Floating Rate Loan | $ | ( 386,480 | ) | $ | — | $ | (386,480 | ) | $ | — | $ | (130,156 | ) | $ | — | $ | (516,636 | ) | ||||||||||
PL Inflation Managed | — | — | — | — | — | (382,597 | ) | (382,597 | ) | |||||||||||||||||||
PL Managed Bond | — | — | — | — | (2,240,453 | ) | — | (2,240,453 | ) | |||||||||||||||||||
PL Short Duration Bond | — | — | — | — | (68,841 | ) | — | (68,841 | ) | |||||||||||||||||||
PL Comstock | (29,683,301 | ) | (9,468,854 | ) | (20,214,447 | ) | — | — | — | (29,683,301 | ) | |||||||||||||||||
PL Growth LT | (18,995,216 | ) | — | (18,995,216 | ) | — | — | (76,558 | ) | (19,071,774 | ) | |||||||||||||||||
PL Large-Cap Value | (16,713,668 | ) | (5,885,797 | ) | (10,501,973 | ) | (325,898 | ) | — | — | (16,713,668 | ) | ||||||||||||||||
PL Main Street Core | (29,547,120 | ) | (7,632,949 | ) | (21,914,171 | ) | — | — | — | (29,547,120 | ) | |||||||||||||||||
PL Mid-Cap Equity | (14,498,290 | ) | (3,028,634 | ) | (11,469,656 | ) | — | — | — | (14,498,290 | ) | |||||||||||||||||
PL Small-Cap Growth | (7,701,433 | ) | (1,817,790 | ) | (5,883,643 | ) | — | — | — | (7,701,433 | ) | |||||||||||||||||
PL Small-Cap Value | (6,682,677 | ) | — | (6,682,677 | ) | — | — | (86 | ) | (6,682,763 | ) | |||||||||||||||||
PL Real Estate | (9,963,671 | ) | — | (9,963,671 | ) | — | — | (1 | ) | (9,963,672 | ) | |||||||||||||||||
PL Emerging Markets | (117,646 | ) | — | (117,646 | ) | — | — | (20,049 | ) | (137,695 | ) | |||||||||||||||||
PL International Large-Cap | (13,101,020 | ) | (2,153,723 | ) | (8,295,134 | ) | (2,652,163 | ) | — | (6,734 | ) | (13,107,754 | ) | |||||||||||||||
PL International Value | (45,785,977 | ) | (7,035,726 | ) | (38,750,251 | ) | — | — | (103,518 | ) | (45,889,495 | ) |
Gross | Gross | Net Unrealized | ||||||||||||||||||||||
Total Cost of | Unrealized | Unrealized | Net Unrealized | Appreciation | ||||||||||||||||||||
Investments | Appreciation | Depreciation | Appreciation | (Depreciation) | Net Unrealized | |||||||||||||||||||
Fund | on Tax Basis | on Investments | on Investments | on Investments | on Other(1) | Appreciation | ||||||||||||||||||
PL Floating Rate Loan | $ | 86,013,203 | $ | 2,035,476 | $ | (244,040 | ) | $ | 1,791,436 | $ | — | $ | 1,791,436 | |||||||||||
PL Inflation Managed | 286,594,465 | 3,581,110 | (1,276,070 | ) | 2,305,040 | (346,361 | ) | 1,958,679 | ||||||||||||||||
PL Managed Bond | 413,254,190 | 9,069,302 | (5,945,221 | ) | 3,124,081 | 1,295,012 | 4,419,093 | |||||||||||||||||
PL Short Duration Bond | 119,969,563 | 694,637 | (234,528 | ) | 460,109 | (26,766 | ) | 433,343 | ||||||||||||||||
PL Comstock | 138,159,968 | 34,918,244 | (7,030,571 | ) | 27,887,673 | — | 27,887,673 | |||||||||||||||||
PL Growth LT | 95,604,141 | 22,610,197 | (2,758,391 | ) | 19,851,806 | (38,532 | ) | 19,813,274 | ||||||||||||||||
PL Large-Cap Growth | 75,919,846 | 23,190,326 | (326,708 | ) | 22,863,618 | — | 22,863,618 | |||||||||||||||||
PL Large-Cap Value | 187,913,999 | 46,047,444 | (2,966,489 | ) | 43,080,955 | 1,814 | 43,082,769 | |||||||||||||||||
PL Main Street Core | 128,707,505 | 29,439,892 | (511,142 | ) | 28,928,750 | — | 28,928,750 |
D-10
NOTES TO FINANCIAL STATEMENTS (Continued)
�� | ||||||||||||||||||||||||
Gross | Gross | Net Unrealized | ||||||||||||||||||||||
Total Cost of | Unrealized | Unrealized | Net Unrealized | Appreciation | ||||||||||||||||||||
Investments | Appreciation | Depreciation | Appreciation | (Depreciation) | Net Unrealized | |||||||||||||||||||
Fund | on Tax Basis | on Investments | on Investments | on Investments | on Other(1) | Appreciation | ||||||||||||||||||
PL Mid-Cap Equity | $ | 109,280,447 | $ | 27,952,529 | $ | (1,447,178 | ) | $ | 26,505,351 | $ | — | $ | 26,505,351 | |||||||||||
PL Mid-Cap Growth | 44,796,024 | 19,812,350 | (260,000 | ) | 19,552,350 | 199 | 19,552,549 | |||||||||||||||||
PL Small-Cap Growth | 23,077,536 | 9,621,308 | (284,674 | ) | 9,336,634 | — | 9,336,634 | |||||||||||||||||
PL Small-Cap Value | 58,658,126 | 18,424,542 | (863,574 | ) | 17,560,968 | — | 17,560,968 | |||||||||||||||||
PL Real Estate | 27,881,541 | 13,718,488 | (96,210 | ) | 13,622,278 | — | 13,622,278 | |||||||||||||||||
PL Emerging Markets | 44,692,144 | 19,274,281 | (219,045 | ) | 19,055,236 | (15,228 | ) | 19,040,008 | ||||||||||||||||
PL International Large-Cap | 111,242,091 | 28,279,182 | (1,681,922 | ) | 26,597,260 | 14,656 | 26,611,916 | |||||||||||||||||
PL International Value | 85,087,874 | 6,917,221 | (2,631,858 | ) | 4,285,363 | 92,106 | 4,377,469 |
(1) | Other includes net appreciation or depreciation on derivatives, securities sold short, and assets and liabilities in foreign currencies, if any. |
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PL Floating Rate Loan | $ | — | $ | — | $ | 93,568,716 | $ | 60,177,644 | ||||||||
PL Inflation Managed | 744,870,349 | 682,937,748 | 75,207,823 | 28,693,176 | ||||||||||||
PL Managed Bond | 1,408,978,576 | 1,382,299,230 | 107,709,356 | 24,792,343 | ||||||||||||
PL Short Duration Bond | 180,264,612 | 159,493,363 | 30,443,141 | 12,758,641 | ||||||||||||
PL Comstock | — | — | 56,495,094 | 40,860,278 | ||||||||||||
PL Growth LT | — | — | 91,392,805 | 76,443,415 | ||||||||||||
PL Large-Cap Growth | — | — | 99,272,162 | 79,962,095 | ||||||||||||
PL Large-Cap Value | — | — | 75,044,005 | 34,059,533 | ||||||||||||
PL Main Street Core | — | — | 79,361,154 | 87,247,928 | ||||||||||||
PL Mid-Cap Equity | — | — | 104,279,959 | 95,828,531 |
D-11
NOTES TO FINANCIAL STATEMENTS (Continued)
U.S. Government Securities | Other Securities | |||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||
PL Mid-Cap Growth | $ | — | $ | — | $ | 23,508,932 | $ | 35,479,937 | ||||
PL Small-Cap Growth | — | — | 22,732,597 | 23,221,610 | ||||||||
PL Small-Cap Value | — | — | 37,022,969 | 16,840,234 | ||||||||
PL Real Estate | — | — | 11,677,599 | 13,171,903 | ||||||||
PL Emerging Markets | — | — | 28,554,224 | 22,980,574 | ||||||||
PL International Large-Cap | — | — | 55,846,769 | 38,920,734 | ||||||||
PL International Value | — | — | 122,307,156 | 120,907,539 |
• | Level 1 — Quoted prices in active markets for identical investments | ||
• | 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 |
D-12
NOTES TO FINANCIAL STATEMENTS (Continued)
D-13
NOTES TO FINANCIAL STATEMENTS (Continued)
D-14
NOTES TO FINANCIAL STATEMENTS (Continued)
D-15
NOTES TO FINANCIAL STATEMENTS (Continued)
D-16
NOTES TO FINANCIAL STATEMENTS (Continued)
D-17
NOTES TO FINANCIAL STATEMENTS (Continued)
D-18
NOTES TO FINANCIAL STATEMENTS (Continued)
Location on the Statements of Assets and Liabilities | ||||
Derivative Investments Type | Asset Derivative Investments | Liability Derivative Investments | ||
Interest rate contracts | Investments, at value | Outstanding options written, at value | ||
Receivable: Variation margin | Payable: Variation margin | |||
Swap contracts, at value | Swap contracts, at value | |||
Foreign currency contracts | Investments, at value | Outstanding options written, at value | ||
Receivable: Variation margin | Payable: Variation margin | |||
Forward foreign currency contracts appreciation | Forward foreign currency contracts depreciation | |||
Credit contracts | Swap contracts, at value | Swap contracts, at value | ||
Equity contracts | Investments, at value | Outstanding options written, at value | ||
Receivable: Variation margin | Payable: Variation margin |
Asset Derivative Investments Value | ||||||||||||||||||||
Foreign | Interest | |||||||||||||||||||
Total Value at | Credit | Equity | Currency | Rate | ||||||||||||||||
Fund | March 31, 2011 | Contracts | Contracts | Contracts | Contracts | |||||||||||||||
PL Inflation Managed | $ | 1,156,059 | $ | 587,063 | $ | — | $ | 269,070 | $ | 299,926 | * | |||||||||
PL Managed Bond | 3,176,347 | 1,173,417 | — | 1,082,050 | 920,880 | * | ||||||||||||||
PL Short Duration Bond | 35,924 | — | — | — | 35,924 | * | ||||||||||||||
PL Growth LT | 11,234 | — | — | 11,234 | — | |||||||||||||||
PL International Value | 676,661 | — | — | 676,661 | — |
Liability Derivative Investments Value | ||||||||||||||||||||
Foreign | Interest | |||||||||||||||||||
Total Value at | Credit | Equity | Currency | Rate | ||||||||||||||||
Fund | March 31, 2011 | Contracts | Contracts | Contracts | Contracts | |||||||||||||||
PL Inflation Managed | $ | (1,379,467 | ) | $ | (82,799 | ) | $ | — | $ | (786,817 | ) | $ | (509,851) | * | ||||||
PL Managed Bond | (2,777,963 | ) | (466,953 | ) | — | (703,225 | ) | (1,607,785) | * | |||||||||||
PL Short Duration Bond | (62,690 | ) | — | — | — | (62,690) | * | |||||||||||||
PL Growth LT | (50,823 | ) | — | — | (50,823 | ) | — | |||||||||||||
PL International Value | (589,684 | ) | — | (972) | * | (588,712 | ) | — |
* | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments and their notes. Only current day’s variation margin is reported within the Statements of Assets & Liabilities. |
Derivative Investments Type | Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | |
Interest rate contracts | Net realized gain (loss) on investment security transactions | |
Equity contracts | Net realized gain (loss) on futures contracts and swap transactions | |
Net realized gain (loss) on written option transactions | ||
Change in net unrealized appreciation (depreciation) on investment securities | ||
Change in net unrealized appreciation (depreciation) on futures contracts and swaps | ||
Change in net unrealized appreciation (depreciation) on written options | ||
Foreign currency contracts | Net realized gain (loss) on investment security transactions | |
Net realized gain (loss) on futures contracts and swap transactions | ||
Net realized gain (loss) on written option transactions | ||
Net realized gain (loss) on foreign currency transactions | ||
Change in net unrealized appreciation (depreciation) on investment securities | ||
Change in net unrealized appreciation (depreciation) on futures contracts and swaps | ||
Change in net unrealized appreciation (depreciation) on written options | ||
Change in net unrealized appreciation (depreciation) on foreign currencies | ||
Credit contracts | Net realized gain (loss) on futures contracts and swap transactions | |
Change in net unrealized appreciation (depreciation) on futures contracts and swaps |
19
NOTES TO FINANCIAL STATEMENTS (Continued)
Realized Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | ||||||||||||||||||||
Foreign | Interest | |||||||||||||||||||
Credit | Equity | Currency | Rate | |||||||||||||||||
Fund | Total | Contracts | Contracts | Contracts | Contracts | |||||||||||||||
PL Inflation Managed | $ | 639,426 | $ | 158,913 | $ | — | $ | 202,973 | $ | 277,540 | ||||||||||
PL Managed Bond | 7,063,857 | 1,161,081 | — | 930,541 | 4,972,235 | |||||||||||||||
PL Short Duration Bond | 164,450 | — | — | — | 164,450 | |||||||||||||||
PL Growth LT | (42,357 | ) | — | — | (42,357 | ) | — | |||||||||||||
PL International Value | (87,992 | ) | — | (50,474 | ) | (152,472 | ) | 114,954 |
Change in Net Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||
Derivative Investments Recognized in the Statements of Operations | ||||||||||||||||||||
Foreign | Interest | |||||||||||||||||||
Credit | Equity | Currency | Rate | |||||||||||||||||
Fund | Total | Contracts | Contracts | Contracts | Contracts | |||||||||||||||
PL Inflation Managed | $ | (1,291,508 | ) | $ | 22,120 | $ | — | $ | (831,339 | ) | $ | (482,289 | ) | |||||||
PL Managed Bond | (2,158,328 | ) | 95,870 | — | 242,900 | (2,497,098 | ) | |||||||||||||
PL Short Duration Bond | (43,700 | ) | — | — | — | (43,700 | ) | |||||||||||||
PL Growth LT | (160,154 | ) | — | — | (160,154 | ) | — | |||||||||||||
PL International Value | 80,361 | — | (7,588 | ) | 87,949 | — |
PL Floating Rate | PL Inflation | PL Managed | PL Short Duration | |||||||||||||||||||||||||||||
Loan Fund (1) | Managed Fund(1) | Bond Fund (1) | Bond Fund (1) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 783,698 | 2,282,633 | 1,956,632 | 6,378,988 | 3,125,323 | 7,234,283 | 1,426,601 | 3,533,144 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 59,430 | 210,756 | 192,834 | 462,500 | 476,813 | 1,283,200 | 22,578 | 120,785 | ||||||||||||||||||||||||
Shares repurchased | (26,716 | ) | (515,930 | ) | (481,900 | ) | (518,710 | ) | (717,827 | ) | (765,659 | ) | (94,972 | ) | (973,595 | ) | ||||||||||||||||
Converted to Class P shares | (6,194,222 | ) | — | (16,468,262 | ) | — | (24,830,341 | ) | — | (8,923,737 | ) | — | ||||||||||||||||||||
Net increase (decrease) | (5,377,810 | ) | 1,977,459 | (14,800,696 | ) | 6,322,778 | (21,946,032 | ) | 7,751,824 | (7,569,530 | ) | 2,680,334 | ||||||||||||||||||||
Beginning shares outstanding | 5,377,810 | 3,400,351 | 14,800,696 | 8,477,918 | 21,946,032 | 14,194,208 | 7,569,530 | 4,889,196 | ||||||||||||||||||||||||
Ending shares outstanding | — | 5,377,810 | — | 14,800,696 | — | 21,946,032 | — | 7,569,530 | ||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||
Shares sold | 2,473,194 | 6,605,011 | 11,171,594 | 4,291,769 | ||||||||||||||||||||||||||||
Dividends and distributions reinvested | 147,193 | 529,088 | 1,296,521 | 95,117 | ||||||||||||||||||||||||||||
Shares repurchased | (314,282 | ) | (1,823,688 | ) | (2,036,265 | ) | (1,239,556 | ) | ||||||||||||||||||||||||
Converted from Class A Shares | 6,194,222 | 16,468,262 | 24,830,341 | 8,923,737 | ||||||||||||||||||||||||||||
Net increase | 8,500,327 | 21,778,673 | 35,262,191 | 12,071,067 | ||||||||||||||||||||||||||||
Beginning shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||
Ending shares outstanding | 8,500,327 | 21,778,673 | 35,262,191 | 12,071,067 | ||||||||||||||||||||||||||||
PL Comstock | PL Growth | PL Large-Cap | PL Large-Cap | |||||||||||||||||||||||||||||
Fund (1) | LT Fund (1) | Growth Fund (1) | Value Fund (1) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 840,641 | 1,887,392 | 515,246 | 1,279,195 | 565,551 | 5,211,526 | 1,490,054 | 7,070,227 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 25,075 | 111,723 | — | 161,723 | — | — | 51,066 | 179,933 | ||||||||||||||||||||||||
Shares repurchased | (199,075 | ) | (787,611 | ) | (175,781 | ) | (3,057,754 | ) | (200,745 | ) | (323,434 | ) | (329,474 | ) | (242,469 | ) | ||||||||||||||||
Converted to Class P shares | (12,653,081 | ) | — | (8,299,570 | ) | — | (8,286,576 | ) | — | (16,781,975 | ) | — | ||||||||||||||||||||
Net increase (decrease) | (11,986,440 | ) | 1,211,504 | (7,960,105 | ) | (1,616,836 | ) | (7,921,770 | ) | 4,888,092 | (15,570,329 | ) | 7,007,691 | |||||||||||||||||||
Beginning shares outstanding | 11,986,440 | 10,774,936 | 7,960,105 | 9,576,941 | 7,921,770 | 3,033,678 | 15,570,329 | 8,562,638 | ||||||||||||||||||||||||
Ending shares outstanding | — | 11,986,440 | — | 7,960,105 | — | 7,921,770 | — | 15,570,329 | ||||||||||||||||||||||||
20
NOTES TO FINANCIAL STATEMENTS (Continued)
PL Comstock | PL Growth | PL Large-Cap | PL Large-Cap | |||||||||||||||||||||||||||||
Fund (1) | LT Fund (1) | Growth Fund (1) | Value Fund (1) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | |||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||
Shares sold | 2,223,407 | 1,755,602 | 3,571,915 | 4,330,848 | ||||||||||||||||||||||||||||
Dividends and distributions reinvested | 99,619 | — | — | 190,557 | ||||||||||||||||||||||||||||
Shares repurchased | (1,248,603 | ) | (752,995 | ) | (1,122,789 | ) | (1,591,279 | ) | ||||||||||||||||||||||||
Converted from Class A Shares | 12,653,081 | 8,299,570 | 8,286,576 | 16,781,975 | ||||||||||||||||||||||||||||
Net increase | 13,727,504 | 9,302,177 | 10,735,702 | 19,712,101 | ||||||||||||||||||||||||||||
Beginning shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||
Ending shares outstanding | 13,727,504 | 9,302,177 | 10,735,702 | 19,712,101 | ||||||||||||||||||||||||||||
PL Main Street | PL Mid-Cap | PL Mid-Cap | PL Small-Cap | |||||||||||||||||||||||||||||
Core Fund (1) | Equity Fund (1) | Growth Fund(1) | Growth Fund (1) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 1,015,605 | 3,174,195 | 949,982 | 1,214,393 | 117,550 | 3,175,797 | 27,664 | 501,380 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 12,032 | 127,649 | 5,986 | 56,832 | 66,283 | 76,838 | — | — | ||||||||||||||||||||||||
Shares repurchased | (18,854 | ) | (1,035,627 | ) | (377,103 | ) | (631,044 | ) | (620,970 | ) | (507,051 | ) | (234,932 | ) | (1,862,567 | ) | ||||||||||||||||
Converted to Class P shares | (17,231,149 | ) | — | (12,316,799 | ) | — | (6,101,628 | ) | — | (2,523,721 | ) | — | ||||||||||||||||||||
Net increase (decrease) | (16,222,366 | ) | 2,266,217 | (11,737,934 | ) | 640,181 | (6,538,765 | ) | 2,745,584 | (2,730,989 | ) | (1,361,187 | ) | |||||||||||||||||||
Beginning shares outstanding | 16,222,366 | 13,956,149 | 11,737,934 | 11,097,753 | 6,538,765 | 3,793,181 | 2,730,989 | 4,092,176 | ||||||||||||||||||||||||
Ending shares outstanding | — | 16,222,366 | — | 11,737,934 | — | 6,538,765 | — | 2,730,989 | ||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||
Shares sold | 2,582,319 | 1,862,192 | 860,631 | 717,380 | ||||||||||||||||||||||||||||
Dividends and distributions reinvested | 82,836 | 89,164 | 495,234 | — | ||||||||||||||||||||||||||||
Shares repurchased | (4,310,264 | ) | (1,283,576 | ) | (1,187,382 | ) | (521,752 | ) | ||||||||||||||||||||||||
Converted from Class A Shares | 17,231,149 | 12,316,799 | 6,101,628 | 2,523,721 | ||||||||||||||||||||||||||||
Net increase | 15,586,040 | 12,984,579 | 6,270,111 | 2,719,349 | ||||||||||||||||||||||||||||
Beginning shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||
Ending shares outstanding | 15,586,040 | 12,984,579 | 6,270,111 | 2,719,349 | ||||||||||||||||||||||||||||
PL Small-Cap | PL Real Estate | PL Emerging | PL International | |||||||||||||||||||||||||||||
Value Fund (1) | Fund (1) | Markets Fund (1) | Large-Cap Fund (1) | |||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||||||||
3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | 3/31/2011 | 3/31/2010 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 157,009 | 681,735 | 18,349 | 865,460 | 64,136 | 543,076 | 899,940 | 1,665,396 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 8,614 | 63,819 | 7,759 | 63,259 | — | 20,636 | 76,898 | 86,240 | ||||||||||||||||||||||||
Shares repurchased | (160,735 | ) | (1,213,361 | ) | (423,437 | ) | (1,515,147 | ) | (7,619 | ) | (1,365,816 | ) | (104,013 | ) | (1,045,692 | ) | ||||||||||||||||
Converted to Class P shares | (4,458,487 | ) | — | (3,535,609 | ) | — | (3,969,965 | ) | — | (8,682,775 | ) | — | ||||||||||||||||||||
Net increase (decrease) | (4,453,599 | ) | (467,807 | ) | (3,932,938 | ) | (586,428 | ) | (3,913,448 | ) | (802,104 | ) | (7,809,950 | ) | 705,944 | |||||||||||||||||
Beginning shares outstanding | 4,453,599 | 4,921,406 | 3,932,938 | 4,519,366 | 3,913,448 | 4,715,552 | 7,809,950 | 7,104,006 | ||||||||||||||||||||||||
Ending shares outstanding | — | 4,453,599 | — | 3,932,938 | — | 3,913,448 | — | 7,809,950 | ||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||
Shares sold | 3,207,574 | 688,375 | 1,054,854 | 1,645,551 | ||||||||||||||||||||||||||||
Dividends and distributions reinvested | 65,004 | 24,982 | 64,256 | 17,428 | ||||||||||||||||||||||||||||
Shares repurchased | (540,987 | ) | (596,295 | ) | (710,469 | ) | (1,366,892 | ) | ||||||||||||||||||||||||
Converted from Class A Shares | 4,458,487 | 3,535,609 | 3,969,965 | 8,682,775 | ||||||||||||||||||||||||||||
Net increase | 7,190,078 | 3,652,671 | 4,378,606 | 8,978,862 | ||||||||||||||||||||||||||||
Beginning shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||
Ending shares outstanding | 7,190,078 | 3,652,671 | 4,378,606 | 8,978,862 | ||||||||||||||||||||||||||||
D-21
NOTES TO FINANCIAL STATEMENTS (Continued)
PL International | ||||||||
Value Fund (1) | ||||||||
Year ended | Year ended | |||||||
3/31/2011 | 3/31/2010 | |||||||
Class A | ||||||||
Shares sold | 1,269,450 | 2,094,735 | ||||||
Dividends and distribution reinvested | 61,755 | 153,540 | ||||||
Shares repurchased | (170,122 | ) | (5,667,580 | ) | ||||
Converted to Class P shares | (10,552,384 | ) | — | |||||
Net decrease | (9,391,301 | ) | (3,419,305 | ) | ||||
Beginning shares outstanding | 9,391,301 | 12,810,606 | ||||||
Ending shares outstanding | — | 9,391,301 | ||||||
Class P | ||||||||
Shares sold | 1,627,362 | |||||||
Dividends and distributions reinvested | 167,784 | |||||||
Shares repurchased | (2,855,965 | ) | ||||||
Converted from Class A Shares | 10,552,384 | |||||||
Net increase | 9,491,565 | |||||||
Beginning shares outstanding | — | |||||||
Ending shares outstanding | 9,491,565 | |||||||
(1) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 to Financial Statements). |
Undistributed/ | Undistributed/ | |||||||||||
Accumulated | Accumulated | |||||||||||
Paid-In | Net Investment | Net Realized | ||||||||||
Fund | Capital | Income (Loss) | Gain (Loss) | |||||||||
PL Inflation Managed | $ | — | $ | 177,936 | $ | (177,936 | ) | |||||
PL Managed Bond | — | 3,705,191 | (3,705,191 | ) | ||||||||
PL Short Duration Bond | — | 63,382 | (63,382 | ) | ||||||||
PL Growth LT | — | (46,997 | ) | 46,997 | ||||||||
PL Large-Cap Growth | (84,212 | ) | 84,212 | — | ||||||||
PL Large-Cap Value | — | (1,669 | ) | 1,669 | ||||||||
PL Main Street Core | — | (86,904 | ) | 86,904 | ||||||||
PL Mid-Cap Growth | — | (9,162 | ) | 9,162 | ||||||||
PL Small-Cap Growth | (170,500 | ) | 171,849 | (1,349 | ) | |||||||
PL Small-Cap Value | — | (102,551 | ) | 102,551 | ||||||||
PL Real Estate | (28,978 | ) | 28,915 | 63 | ||||||||
PL Emerging Markets | — | 128,026 | (128,026 | ) | ||||||||
PL International Large-Cap | — | (35,820 | ) | 35,820 | ||||||||
PL International Value | — | 404,613 | (404,613 | ) |
D-22
NOTES TO FINANCIAL STATEMENTS (Continued)
Fund | Percentage | |||
PL Inflation Managed | 0.10 | % | ||
PL Managed Bond | 1.49 | % | ||
PL Comstock | 100.00 | % | ||
PL Large-Cap Value | 100.00 | % | ||
PL Main Street Core | 100.00 | % | ||
PL Mid-Cap Equity | 100.00 | % | ||
PL Mid-Cap Growth | 27.84 | % | ||
PL Small-Cap Value | 100.00 | % | ||
PL Real Estate | 2.26 | % | ||
PL International Large-Cap | 0.59 | % |
Fund | Percentage | |||
PL Inflation Managed | 0.10 | % | ||
PL Managed Bond | 1.49 | % | ||
PL Comstock | 100.00 | % | ||
PL Large-Cap Value | 100.00 | % | ||
PL Main Street Core | 100.00 | % | ||
PL Mid-Cap Equity | 100.00 | % | ||
PL Mid-Cap Growth | 35.81 | % | ||
PL Small-Cap Value | 100.00 | % | ||
PL Real Estate | 12.85 | % | ||
PL Emerging Markets | 62.89 | % | ||
PL International Large-Cap | 100.00 | % | ||
PL International Value | 100.00 | % |
Fund | Amount | |||
PL Managed Bond | $ | 2,900,507 | ||
PL Short Duration Bond | 239,146 | |||
PL Large-Cap Growth | 43,089 | |||
PL Mid-Cap Growth | 6,222,354 |
D-23
Pacific Life Funds
May 26, 2011
E-1
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period(1) | |||||||||||||
Value at | Value at | Expense | 10/01/10 - | |||||||||||||
10/01/10 | 03/31/11 | Ratio | 03/31/11 | |||||||||||||
PL Floating Rate Loan Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,046.80 | 0.80 | % | $ | 4.08 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.94 | 0.80 | % | $ | 4.03 | ||||||||
PL Inflation Managed Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,008.70 | 0.55 | % | $ | 2.75 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,022.19 | 0.55 | % | $ | 2.77 | ||||||||
PL Managed Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 999.20 | 0.55 | % | $ | 2.74 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,022.19 | 0.55 | % | $ | 2.77 | ||||||||
PL Short Duration Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,002.00 | 0.55 | % | $ | 2.75 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,022.19 | 0.55 | % | $ | 2.77 | ||||||||
PL Comstock Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,174.00 | 0.89 | % | $ | 4.82 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.49 | 0.89 | % | $ | 4.48 | ||||||||
PL Growth LT Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,120.90 | 0.70 | % | $ | 3.70 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.44 | 0.70 | % | $ | 3.53 | ||||||||
PL Large-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,183.30 | 0.88 | % | $ | 4.79 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.54 | 0.88 | % | $ | 4.43 | ||||||||
PL Large-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,166.00 | 0.80 | % | $ | 4.32 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.94 | 0.80 | % | $ | 4.03 |
F-1
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period(1) | |||||||||||||
Value at | Value at | Expense | 10/01/10 - | |||||||||||||
10/01/10 | 03/31/11 | Ratio | 03/31/11 | |||||||||||||
PL Main Street Core Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,138.40 | 0.60 | % | $ | 3.20 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
PL Mid-Cap Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,185.00 | 0.80 | % | $ | 4.36 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.94 | 0.80 | % | $ | 4.03 | ||||||||
PL Mid-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,209.60 | 0.85 | % | $ | 4.68 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.69 | 0.85 | % | $ | 4.28 | ||||||||
PL Small-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,240.90 | 0.75 | % | $ | 4.19 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.19 | 0.75 | % | $ | 3.78 | ||||||||
PL Small-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,210.50 | 0.90 | % | $ | 4.96 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.44 | 0.90 | % | $ | 4.53 | ||||||||
PL Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,146.00 | 1.05 | % | $ | 5.62 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,019.70 | 1.05 | % | $ | 5.29 | ||||||||
PL Emerging Markets Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,082.30 | 0.95 | % | $ | 4.93 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.19 | 0.95 | % | $ | 4.78 | ||||||||
PL International Large-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,106.40 | 1.00 | % | $ | 5.25 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,019.95 | 1.00 | % | $ | 5.04 | ||||||||
PL International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,088.10 | 0.80 | % | $ | 4.16 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.94 | 0.80 | % | $ | 4.03 |
(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 or applicable period, then divided by 365 days. |
F-2
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
the Fund 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); Member of Board of Trustees (2010 to present) of Cranbrook Educational Community; Former Member of Board of Governors (1994 to 1999) of Cranbrook Schools; and Former Member, Board of Regents (1993 to 1996), Eastern Michigan University. | 68 | |||||
Gale K. Caruso Year of birth 1957 | Trustee since 1/01/06 | Trustee (1/06 to present) of Pacific Select Fund; Former 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; Former 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. | 68 | |||||
Lucie H. Moore Year of birth 1956 | Trustee since 6/13/01 | Trustee (10/98 to present) of Pacific Select Fund; Former Partner (1984 to 1994) with Gibson, Dunn & Crutcher (Law); Member of the Board of Trustees (2007 to present) of Sage Hill School; Former Member (2000 to 2009) of the Board of Trustees of The Pegasus School; Member of the Board of Directors (2005 to present) of HomeWord; and Former Member of the Advisory Board (1993 to 2004) of Court Appointed Special Advocates (CASA) of Orange County. | 68 | |||||
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. | 68 | |||||
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. | 68 |
F-3
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
the Fund and | (and certain additional occupation information) | Fund Complex | ||||||
Name and Age | Length of Time Served* | During Past 5 Years | Overseen** | |||||
INTERESTED PERSONS | ||||||||
James T. Morris Year of birth 1960 | Chairman of the Board and Trustee since 1/11/07, (Chief Executive Officer 1/11/07 to 12/31/09, 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), 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), 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 Chairman of the Board and Trustee (1/07 to present), Chief Executive Officer (1/07 to 12/09),President (11/05 to 1/07) and Executive Vice President (6/05 to 11/05) of Pacific Select Fund. | 68 | |||||
Mary Ann Brown Year of birth 1951 | Chief Executive Officer since 1/01/10, (President 1/11/07 to 12/31/09, Executive Vice President 6/20/06 to 1/10/07) | Executive Vice President (4/10 to present) and Senior Vice President (5/06 to 4/10) of Pacific LifeCorp; Executive Vice President (4/10 to present) and Senior Vice President (3/05 to 4/10) of Pacific Life; Trustee (9/05 to present), Pacific Life Employees Retirement Plan; Executive Vice President (4/10 to present) and Senior Vice President (5/07 to 4/10) of Pacific Life Fund Advisors LLC; Executive Vice President (4/10 to present) and Senior Vice President (6/08 to 4/10) of Pacific Life Re Holdings LLC; Director (6/08 to present) Executive Vice President (4/10 to present) and Senior Vice President (6/08 to 4/10) of Pacific Life Re Holdings Limited; current and prior Board Member and Vice Chairman (8/01 to present) and Chairman (7/04 to 10/05) of National Association of Variable Annuities; Senior Vice President (7/03 to 11/03), of 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, Security First Group (later MetLife Investors); Chairman, Chief Executive Officer and President, New England Pension and Annuity Company; Board Member, New England Zenith Funds; Board Member, 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 (12/05 to present), Executive Vice President (4/10 to present) and Senior Vice President (12/05 to 4/10) of Pacific Alliance Reinsurance Ltd; Director (10/07 to present), Executive Vice President (6/10 to present) and Senior Vice President (10/07 to 6/10) of Pacific Alliance Reinsurance Company of Vermont; and Chief Executive Officer (1/10 to present), President (1/07 to 12/09) and Executive Vice President (6/06 to 1/07) of Pacific Select Fund. | 68 |
F-4
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||||
the Fund 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 6/13/01 | Vice President, Fund Advisor General Counsel, and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; Vice President and Counsel (4/04 to present), Assistant Vice President and Investment Counsel (11/93 to 4/04) of Pacific Life; Vice President and Investment Counsel (4/04 to 9/09), Assistant Vice President and Investment Counsel (8/99 to 4/04) of Pacific Life & Annuity Company; and Vice President and General Counsel (4/05 to present) of Pacific Select Fund. | 68 | |||||
Brian D. Klemens Year of birth 1956 | Vice President and Treasurer since 6/13/01 | 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. | 68 | |||||
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), 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 | 68 | |||||
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 (4/10 to present) of Pacific Life & Annuity Company; 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. | 68 | |||||
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; Vice President (4/05 to 9/09) of Pacific Life & Annuity Company; and Vice President (6/06 to present) of Pacific Select Fund. | 68 | |||||
Jane M. Guon Year of birth 1964 | Vice President since 1/01/11 and Secretary since 1/01/11 | Vice President and Secretary (1/11 to present) and Assistant Vice President (4/06 to 12/10) and Assistant Secretary (6/98 to 12/10) of Pacific Mutual Holding Company and Pacific LifeCorp; Director, Vice President, and Secretary (1/11 to present) and Assistant Vice President (4/06 to 12/10) and Assistant Secretary (2/95 to 12/10) of Pacific Life, Vice President and Secretary (1/11 to present) and Assistant Vice President and Assistant Secretary (05/07 to 12/10) of Pacific Life Fund Advisors LLC ; and similar positions with other subsidiaries of Pacific Life; and Vice President (1/11 to present) and Secretary (1/11 to present) of Pacific Select Fund. | 68 |
F-5
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
Number of | ||||||
Position(s) with | Current Directorship(s) Held and Principal Occupation(s) | Portfolios in | ||||
the Fund 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 | Vice President since 4/04/05 | Vice President (4/11 to present), Assistant | 68 | |||
Year of birth 1966 | and Assistant Secretary | Secretary (5/07 to present), and Assistant | ||||
since 6/13/01 | Vice President (5/07 to 3/11) of Pacific Life | |||||
Fund Advisors LLC; Vice President (4/11 to | ||||||
present); Assistant Vice President (4/02 to | ||||||
3/11) 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. | ||||||
Carleton J. Muench | Assistant Vice President | Assistant Vice President (5/07 to present) of | 68 | |||
Year of birth 1973 | since 11/30/06 | 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 Vice | ||||||
President (11/06 to present) of Pacific Select | ||||||
Fund. |
* | A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified. | |
** | As of March 31, 2011, the “Fund Complex” consisted of Pacific Life Funds (24 funds) and Pacific Select Fund (44 portfolios) |
F-6
AND FUND MANAGEMENT AGREEMENTS
(Unaudited)
* | At the December 7, 2010 meeting, the Board did not consider the continuance of the Fund Management Agreements relating to the PL International Value, PL Floating Rate Loan and PL Comstock Funds, as those agreement were not up for renewal at that time. |
F-7
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-8
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-9
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-10
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-11
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
F-12
• | On the Trust’s Website at www.pacificlife.com/pacificlifefunds.htm | ||
• | On the SEC’s Website at www.sec.gov | ||
• | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
F-13
(a) | The aggregate fees billed for the fiscal years ended March 31, 2011 and 2010 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 $378,437 and $364,450, respectively. |
(b) | There were no aggregate fees billed for the fiscal years ended March 31, 2011 and 2010 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. |
(c) | The aggregate fees billed for the fiscal years ended March 31, 2011 and 2010 for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $79,350 and $79,350, respectively. The nature of the services comprising the fees was the review of income tax returns and excise tax. |
(d) | There were no aggregate fees billed for the fiscal years ended March 31, 2011 and 2010 for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. | ||
(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, 2011 and 2010 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 $84,350 and $85,765, 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) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. | |
(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 Chief Executive Officer 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 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) | Separate certifications pursuant to 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 | |||
Mary Ann Brown | ||||
Chief Executive Officer | ||||
Date: 6/6/11 |
By: | /s/ Mary Ann Brown | |||
Mary Ann Brown | ||||
Chief Executive Officer | ||||
Date: 6/6/11 |
By: | /s/ Brian D. Klemens | |||
Brian D. Klemens | ||||
Treasurer (Principal Financial and Accounting Officer) | ||||
Date: 6/6/11 |