SECURITIES AND EXCHANGE COMMISSION
COMPANIES
Newport Beach, CA 92660
Vice President and General Counsel of Pacific Life Funds
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
Item 1. | Reports to Stockholders. |
![(FULL PAGE IMAGE)](https://capedge.com/proxy/N-CSRS/0000950123-11-102332/y92358y9235803.gif)
PORT OP Money Mkt |
SEMI-ANNUAL REPORT
SEPTEMBER 30, 2011
Schedules of Investments and Notes | A-1 | |||
Financial Statements: | ||||
Statements of Assets and Liabilities | B-1 | |||
Statements of Operations | B-3 | |||
Statements of Changes in Net Assets | B-4 | |||
Financial Highlights | B-6 | |||
Notes to Financial Statements | C-1 | |||
Disclosure of Fund Expenses | D-1 | |||
Where to Go for More Information | D-3 |
PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.0% | ||||||||
PL Floating Rate Loan Fund ‘P’ | 2,887,837 | $ | 28,531,825 | |||||
PL Inflation Managed Fund ‘P’ | 4,949,406 | 55,532,331 | ||||||
PL Managed Bond Fund ‘P’ | 11,019,344 | 118,127,367 | ||||||
PL Short Duration Bond Fund ‘P’ | 4,357,967 | 43,841,150 | ||||||
PL Comstock Fund ‘P’ | 1,268,402 | 12,696,704 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 763,371 | 6,175,671 | ||||||
PL Large-Cap Value Fund ‘P’ | 1,611,963 | 16,055,154 | ||||||
PL Main Street Core Fund ‘P’ | 723,455 | 6,409,809 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 1,144,697 | 9,546,776 | ||||||
PL International Large-Cap Fund ‘P’ | 770,367 | 9,752,850 | ||||||
PL International Value Fund ‘P’ | 868,376 | 6,599,654 | ||||||
Total Affiliated Mutual Funds (Cost $302,754,882) | 313,269,291 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $302,754,882) | 313,269,291 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 69,554 | |||||||
NET ASSETS - 100.0% | $ | 313,338,845 | ||||||
Notes to Schedule of Investments | ||||||||
(a) As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: | ||||||||
Affiliated Fixed Income Funds | 78.5 | % | ||||||
Affiliated Equity Funds | 21.5 | % | ||||||
100.0 | % | |||||||
Other Assets & Liabilities, Net | 0.0 | % | ||||||
100.0 | % | |||||||
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.0% | ||||||||
PL Floating Rate Loan Fund ‘P’ | 2,192,723 | $ | 21,664,104 | |||||
PL Inflation Managed Fund ‘P’ | 3,769,733 | 42,296,408 | ||||||
PL Managed Bond Fund ‘P’ | 7,928,959 | 84,998,446 | ||||||
PL Short Duration Bond Fund ‘P’ | 3,048,302 | 30,665,917 | ||||||
PL Comstock Fund ‘P’ | 1,864,885 | 18,667,497 | ||||||
PL Growth LT Fund ‘P’ * | 572,160 | 6,019,126 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 1,502,206 | 12,152,845 | ||||||
PL Large-Cap Value Fund ‘P’ | 2,524,050 | 25,139,534 | ||||||
PL Main Street Core Fund ‘P’ | 1,736,600 | 15,386,274 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 1,502,677 | 12,532,329 | ||||||
PL Mid-Cap Growth Fund ‘P’ | 708,106 | 5,990,578 | ||||||
PL Small-Cap Value Fund ‘P’ | 345,680 | 3,055,813 | ||||||
PL Emerging Markets Fund ‘P’ | 263,715 | 3,077,552 | ||||||
PL International Large-Cap Fund ‘P’ | 1,283,560 | 16,249,869 | ||||||
PL International Value Fund ‘P’ | 1,300,281 | 9,882,136 | ||||||
Total Affiliated Mutual Funds (Cost $301,233,326) | 307,778,428 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $301,233,326) | 307,778,428 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.0%) | (80,424 | ) | ||||||
NET ASSETS - 100.0% | $ | 307,698,004 | ||||||
Notes to Schedule of Investments | ||||||||
(a) As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: | ||||||||
Affiliated Fixed Income Funds | 58.4 | % | ||||||
Affiliated Equity Funds | 41.6 | % | ||||||
100.0 | % | |||||||
Other Assets & Liabilities, Net | (0.0 | )% | ||||||
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 11 in Notes to Financial Statements) as of September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||
Assets | ||||||||||||||||
Affiliated Mutual Funds | $ | 313,269,291 | $ | 313,269,291 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate-Conservative Fund | ||||||||||||||||
Assets | ||||||||||||||||
Affiliated Mutual Funds | $ | 307,778,428 | $ | 307,778,428 | $ | — | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-9 |
A-1
PL PORTFOLIO OPTIMIZATION MODERATE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.0% | ||||||||
PL Floating Rate Loan Fund ‘P’ | 4,095,947 | $ | 40,467,956 | |||||
PL Inflation Managed Fund ‘P’ | 7,787,583 | 87,376,676 | ||||||
PL Managed Bond Fund ‘P’ | 12,679,790 | 135,927,348 | ||||||
PL Short Duration Bond Fund ‘P’ | 4,012,955 | 40,370,331 | ||||||
PL Comstock Fund ‘P’ | 6,483,228 | 64,897,112 | ||||||
PL Growth LT Fund ‘P’ * | 3,006,089 | 31,624,056 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 4,843,852 | 39,186,763 | ||||||
PL Large-Cap Value Fund ‘P’ | 8,241,895 | 82,089,278 | ||||||
PL Main Street Core Fund ‘P’ | 6,350,782 | 56,267,927 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 5,878,397 | 49,025,832 | ||||||
PL Mid-Cap Growth Fund ‘P’ | 1,868,923 | 15,811,092 | ||||||
PL Small-Cap Growth Fund ‘P’ * | 883,510 | 8,110,618 | ||||||
PL Small-Cap Value Fund ‘P’ | 2,737,089 | 24,195,866 | ||||||
PL Real Estate Fund ‘P’ | 1,631,779 | 16,121,977 | ||||||
PL Emerging Markets Fund ‘P’ | 2,088,088 | 24,367,992 | ||||||
PL International Large-Cap Fund ‘P’ | 5,298,679 | 67,081,275 | ||||||
PL International Value Fund ‘P’ | 3,318,982 | 25,224,262 | ||||||
Total Affiliated Mutual Funds (Cost $811,639,205) | 808,146,361 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $811,639,205) | 808,146,361 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.0%) | (20,815 | ) | ||||||
NET ASSETS - 100.0% | $ | 808,125,546 | ||||||
Notes to Schedule of Investments | ||||||||
(a) As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: | ||||||||
Affiliated Equity Funds | 62.4 | % | ||||||
Affiliated Fixed Income Funds | 37.6 | % | ||||||
100.0 | % | |||||||
Other Assets & Liabilities, Net | (0.0 | )% | ||||||
100.0 | % | |||||||
PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.0% | ||||||||
PL Inflation Managed Fund ‘P’ | 4,122,577 | $ | 46,255,311 | |||||
PL Managed Bond Fund ‘P’ | 4,346,499 | 46,594,465 | ||||||
PL Short Duration Bond Fund ‘P’ | 1,167,656 | 11,746,622 | ||||||
PL Comstock Fund ‘P’ | 5,305,663 | 53,109,686 | ||||||
PL Growth LT Fund ‘P’ * | 3,286,595 | 34,574,977 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 3,518,770 | 28,466,849 | ||||||
PL Large-Cap Value Fund ‘P’ | 6,593,035 | 65,666,625 | ||||||
PL Main Street Core Fund ‘P’ | 5,943,687 | 52,661,067 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 5,705,776 | 47,586,173 | ||||||
PL Mid-Cap Growth Fund ‘P’ | 2,720,857 | 23,018,453 | ||||||
PL Small-Cap Growth Fund ‘P’ * | 1,297,535 | 11,911,369 | ||||||
PL Small-Cap Value Fund ‘P’ | 3,320,641 | 29,354,466 | ||||||
PL Real Estate Fund ‘P’ | 1,781,709 | 17,603,290 | ||||||
PL Emerging Markets Fund ‘P’ | 2,557,324 | 29,843,969 | ||||||
PL International Large-Cap Fund ‘P’ | 4,329,358 | 54,809,678 | ||||||
PL International Value Fund ‘P’ | 4,833,285 | 36,732,966 | ||||||
Total Affiliated Mutual Funds (Cost $604,488,222) | 589,935,966 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $604,488,222) | 589,935,966 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 274,538 | |||||||
NET ASSETS - 100.0% | $ | 590,210,504 | ||||||
Notes to Schedule of Investments | ||||||||
(a) As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: | ||||||||
Affiliated Equity Funds | 82.3 | % | ||||||
Affiliated Fixed Income Funds | 17.7 | % | ||||||
100.0 | % | |||||||
Other Assets & Liabilities, Net | 0.0 | % | ||||||
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 11 in Notes to Financial Statements) as of September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
PL Portfolio Optimization Moderate Fund | ||||||||||||||||
Assets | ||||||||||||||||
Affiliated Mutual Funds | $ | 808,146,361 | $ | 808,146,361 | $ | — | $ | — | ||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | ||||||||||||||||
Assets | ||||||||||||||||
Affiliated Mutual Funds | $ | 589,935,966 | $ | 589,935,966 | $ | — | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-9 |
A-2
PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.6% | ||||||||
PL Managed Bond Fund ‘P’ | 533,910 | $ | 5,723,515 | |||||
PL Comstock Fund ‘P’ | 1,728,072 | 17,297,998 | ||||||
PL Growth LT Fund ‘P’ * | 1,075,367 | 11,312,860 | ||||||
PL Large-Cap Growth Fund ‘P’ * | 1,148,073 | 9,287,908 | ||||||
PL Large-Cap Value Fund ‘P’ | 2,350,975 | 23,415,707 | ||||||
PL Main Street Core Fund ‘P’ | 2,371,171 | 21,008,579 | ||||||
PL Mid-Cap Equity Fund ‘P’ | 1,856,425 | 15,482,585 | ||||||
PL Mid-Cap Growth Fund ‘P’ | 1,332,369 | 11,271,840 | ||||||
PL Small-Cap Growth Fund ‘P’ * | 1,052,616 | 9,663,012 | ||||||
PL Small-Cap Value Fund ‘P’ | 1,516,994 | 13,410,229 | ||||||
PL Real Estate Fund ‘P’ | 775,766 | 7,664,572 | ||||||
PL Emerging Markets Fund ‘P’ | 995,927 | 11,622,466 | ||||||
PL International Large-Cap Fund ‘P’ | 1,562,787 | 19,784,890 | ||||||
PL International Value Fund ‘P’ | 2,094,582 | 15,918,825 | ||||||
Total Affiliated Mutual Funds (Cost $191,141,090) | 192,864,986 | |||||||
TOTAL INVESTMENTS - 100.6% (Cost $191,141,090) | 192,864,986 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.6%) | (1,124,628 | ) | ||||||
NET ASSETS - 100.0% | $ | 191,740,358 | ||||||
Notes to Schedule of Investments | ||||||||
(a) As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: | ||||||||
Affiliated Equity Funds | 97.6 | % | ||||||
Affiliated Fixed Income Fund | 3.0 | % | ||||||
100.6 | % | |||||||
Other Assets & Liabilities, Net | (0.6 | )% | ||||||
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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Affiliated Mutual Funds | $ | 192,864,986 | $ | 192,864,986 | $ | — | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-9 |
A-3
PL INCOME FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS & NOTES - 70.7% | ||||||||
Consumer Discretionary - 12.6% | ||||||||
Comcast Corp | ||||||||
4.950% due 06/15/16 | $ | 1,000,000 | $ | 1,109,817 | ||||
Dana Holding Corp | ||||||||
6.750% due 02/15/21 | 750,000 | 716,250 | ||||||
DIRECTV Holdings LLC | ||||||||
3.500% due 03/01/16 | 1,500,000 | 1,550,260 | ||||||
DISH DBS Corp | ||||||||
6.625% due 10/01/14 | 1,250,000 | 1,270,313 | ||||||
Hyatt Hotels Corp | ||||||||
3.875% due 08/15/16 | 1,000,000 | 998,505 | ||||||
6.875% due 08/15/19 ~ | 750,000 | 846,454 | ||||||
Kia Motors Corp (South Korea) | ||||||||
3.625% due 06/14/16 ~ | 750,000 | 746,833 | ||||||
McDonald’s Corp | ||||||||
2.625% due 01/15/22 | 1,000,000 | 996,532 | ||||||
NBCUniversal Media LLC | ||||||||
2.875% due 04/01/16 | 1,000,000 | 1,019,756 | ||||||
5.950% due 04/01/41 | 750,000 | 839,627 | ||||||
Royal Caribbean Cruises Ltd (Liberia) | ||||||||
6.875% due 12/01/13 | 750,000 | 759,375 | ||||||
The Interpublic Group of Cos Inc | ||||||||
6.250% due 11/15/14 | 1,000,000 | 1,060,000 | ||||||
The Servicemaster Co | ||||||||
10.750% due 07/15/15 ~ | 250,000 | 253,750 | ||||||
Time Warner Cable Inc | ||||||||
4.000% due 09/01/21 | 1,750,000 | 1,717,639 | ||||||
Toll Brothers Finance Corp | ||||||||
6.750% due 11/01/19 | 750,000 | 769,433 | ||||||
Toys R Us Property Co II LLC | ||||||||
8.500% due 12/01/17 | 750,000 | 735,000 | ||||||
Viacom Inc | ||||||||
3.500% due 04/01/17 | 1,000,000 | 1,015,594 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | ||||||||
6.500% due 01/15/18 | 1,000,000 | 1,067,500 | ||||||
Wynn Las Vegas LLC Wynn Las Vegas Capital Corp | ||||||||
7.875% due 11/01/17 | 1,000,000 | 1,052,500 | ||||||
18,525,138 | ||||||||
Consumer Staples - 4.3% | ||||||||
Cencosud SA (Chile) | ||||||||
5.500% due 01/20/21 ~ | 500,000 | 503,970 | ||||||
Coca-Cola Enterprises Inc | ||||||||
2.000% due 08/19/16 | 1,250,000 | 1,249,525 | ||||||
Lorillard Tobacco Co | ||||||||
3.500% due 08/04/16 | 750,000 | 752,360 | ||||||
Reynolds Group Issuer Inc | ||||||||
7.875% due 08/15/19 ~ | 250,000 | 242,500 | ||||||
8.750% due 10/15/16 ~ | 500,000 | 503,750 | ||||||
The Coca-Cola Co | ||||||||
1.800% due 09/01/16 ~ | 1,500,000 | 1,507,154 | ||||||
The Procter & Gamble Co | ||||||||
1.450% due 08/15/16 | 1,500,000 | 1,502,943 | ||||||
6,262,202 | ||||||||
Energy - 7.1% | ||||||||
Alpha Natural Resources Inc | ||||||||
6.000% due 06/01/19 | 500,000 | 468,750 | ||||||
Arch Coal Inc | ||||||||
7.000% due 06/15/19 ~ | 500,000 | 477,500 | ||||||
Complete Production Services Inc | ||||||||
8.000% due 12/15/16 | 250,000 | 251,250 | ||||||
Enbridge Energy Partners LP | ||||||||
4.200% due 09/15/21 | 500,000 | 496,218 | ||||||
Gazprom OAO Via Gaz Capital SA (Luxembourg) | ||||||||
5.092% due 11/29/15 ~ | 500,000 | 495,000 | ||||||
Key Energy Services Inc | ||||||||
6.750% due 03/01/21 | 500,000 | 483,750 | ||||||
Kinder Morgan Kansas Inc | ||||||||
5.150% due 03/01/15 | 500,000 | 507,500 | ||||||
Lukoil International Finance BV (Netherlands) | ||||||||
6.356% due 06/07/17 ~ | 500,000 | 505,000 | ||||||
Marathon Petroleum Corp | ||||||||
3.500% due 03/01/16 ~ | 750,000 | 774,499 | ||||||
Nabors Industries Inc | ||||||||
4.625% due 09/15/21 ~ | 1,000,000 | 985,115 | ||||||
Newfield Exploration Co | ||||||||
5.750% due 01/30/22 | 1,000,000 | 991,250 | ||||||
Occidental Petroleum Corp | ||||||||
1.750% due 02/15/17 | 1,000,000 | 994,506 | ||||||
Petrobras International Finance Co (Cayman) | ||||||||
5.375% due 01/27/21 | 750,000 | 765,750 | ||||||
Plains Exploration & Production Co | ||||||||
8.625% due 10/15/19 | 500,000 | 540,000 | ||||||
Precision Drilling Corp (Canada) | ||||||||
6.500% due 12/15/21 ~ | 100,000 | 99,000 | ||||||
TNK-BP Finance SA (Luxembourg) | ||||||||
6.250% due 02/02/15 ~ | 500,000 | 508,750 | ||||||
Weatherford International Ltd (Bermuda) | ||||||||
5.125% due 09/15/20 | 1,000,000 | 1,019,518 | ||||||
10,363,356 | ||||||||
Financials - 21.3% | ||||||||
Ally Financial Inc | ||||||||
8.300% due 02/12/15 | 1,000,000 | 991,250 | ||||||
American Honda Finance Corp | ||||||||
2.600% due 09/20/16 ~ | 1,250,000 | 1,257,649 | ||||||
American International Group Inc | ||||||||
4.875% due 09/15/16 | 1,000,000 | 960,354 | ||||||
6.400% due 12/15/20 | 500,000 | 510,945 | ||||||
AON Corp | ||||||||
3.125% due 05/27/16 | 1,500,000 | 1,502,993 | ||||||
Australia & New Zealand Banking Group Ltd (Australia) | ||||||||
2.125% due 01/10/14 ~ | 500,000 | 502,177 | ||||||
Bank of America Corp | ||||||||
5.875% due 01/05/21 | 500,000 | 468,760 | ||||||
Berkshire Hathaway Inc | ||||||||
2.200% due 08/15/16 | 1,500,000 | 1,512,564 | ||||||
3.750% due 08/15/21 | 1,500,000 | 1,526,730 | ||||||
BRE Properties Inc REIT | ||||||||
5.500% due 03/15/17 | 1,000,000 | 1,078,898 | ||||||
Camden Property Trust REIT | ||||||||
4.625% due 06/15/21 | 500,000 | 498,841 | ||||||
Capital One Financial Corp | ||||||||
4.750% due 07/15/21 | 750,000 | 753,802 | ||||||
Caterpillar Financial Services Corp | ||||||||
2.050% due 08/01/16 | 1,500,000 | 1,513,208 | ||||||
CIT Group Inc | ||||||||
7.000% due 05/01/14 | 131,995 | 134,801 | ||||||
Citigroup Inc | ||||||||
4.750% due 05/19/15 | 750,000 | 769,576 | ||||||
Daimler Finance North America LLC | ||||||||
2.625% due 09/15/16 ~ | 1,000,000 | 977,111 | ||||||
Dexus Diversified Trust (Australia) | ||||||||
5.600% due 03/15/21 ~ | 500,000 | 522,961 | ||||||
Ford Motor Credit Co LLC | ||||||||
7.000% due 10/01/13 | 500,000 | 526,367 | ||||||
FUEL Trust | ||||||||
3.984% due 06/15/16 ~ | 1,000,000 | 980,746 | ||||||
4.207% due 04/15/16 ~ | 500,000 | 498,954 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-9 |
A-4
PL INCOME FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
General Electric Capital Corp | ||||||||
2.100% due 01/07/14 | $ | 500,000 | $ | 503,439 | ||||
2.950% due 05/09/16 | 1,000,000 | 1,003,919 | ||||||
Host Hotels & Resorts LP REIT | ||||||||
5.875% due 06/15/19 ~ | 1,000,000 | 960,000 | ||||||
6.375% due 03/15/15 | 500,000 | 500,000 | ||||||
JPMorgan Chase & Co | ||||||||
3.150% due 07/05/16 | 1,000,000 | 995,247 | ||||||
JPMorgan Chase Bank NA | ||||||||
6.000% due 10/01/17 | 500,000 | 526,709 | ||||||
Lincoln National Corp | ||||||||
4.850% due 06/24/21 | 500,000 | 483,631 | ||||||
Marsh & McLennan Cos Inc | ||||||||
4.800% due 07/15/21 | 500,000 | 525,997 | ||||||
5.750% due 09/15/15 | 500,000 | 557,743 | ||||||
Merrill Lynch & Co Inc | ||||||||
6.875% due 04/25/18 | 500,000 | 501,328 | ||||||
Morgan Stanley | ||||||||
3.800% due 04/29/16 | 500,000 | 461,722 | ||||||
5.500% due 01/26/20 | 500,000 | 460,274 | ||||||
National Australia Bank Ltd (Australia) | ||||||||
3.000% due 07/27/16 ~ | 500,000 | 502,039 | ||||||
New York Life Global Funding | ||||||||
2.450% due 07/14/16 ~ | 500,000 | 508,863 | ||||||
PNC Funding Corp | ||||||||
2.700% due 09/19/16 | 600,000 | 601,147 | ||||||
Raymond James Financial Inc | ||||||||
4.250% due 04/15/16 | 500,000 | 505,993 | ||||||
The Goldman Sachs Group Inc | ||||||||
5.350% due 01/15/16 | 500,000 | 518,146 | ||||||
The Progressive Corp | ||||||||
3.750% due 08/23/21 | 500,000 | 511,867 | ||||||
Toyota Motor Credit Corp | ||||||||
2.000% due 09/15/16 | 1,000,000 | 997,281 | ||||||
3.400% due 09/15/21 | 400,000 | 404,922 | ||||||
UDR Inc REIT | ||||||||
4.250% due 06/01/18 | 500,000 | 512,388 | ||||||
Ventas Realty LP REIT | ||||||||
4.750% due 06/01/21 | 500,000 | 481,799 | ||||||
Wells Operating Partnership II LP REIT | ||||||||
5.875% due 04/01/18 | 750,000 | 767,879 | ||||||
31,281,020 | ||||||||
Health Care - 0.7% | ||||||||
HCA Inc | ||||||||
6.300% due 10/01/12 | 500,000 | 507,500 | ||||||
Thermo Fisher Scientific Inc | ||||||||
3.600% due 08/15/21 | 500,000 | 520,915 | ||||||
1,028,415 | ||||||||
Industrials - 8.5% | ||||||||
3M Co | ||||||||
1.375% due 09/29/16 | 1,000,000 | 996,502 | ||||||
AWAS Aviation Capital Ltd (Ireland) | ||||||||
7.000% due 10/15/16 ~ | 476,000 | 468,860 | ||||||
Boeing Capital Corp | ||||||||
2.125% due 08/15/16 | 500,000 | 506,870 | ||||||
Burlington Northern Santa Fe LLC | ||||||||
3.450% due 09/15/21 | 1,000,000 | 1,022,019 | ||||||
Continental Airlines 2010-1 Class A Pass Through Trust | ||||||||
4.750% due 01/12/21 | 500,000 | 480,000 | ||||||
Delta Air Lines 2010-1 Class A Pass Through Trust | ||||||||
6.200% due 07/02/18 | 707,449 | 728,673 | ||||||
Delta Air Lines Inc | ||||||||
9.500% due 09/15/14 ~ | 1,000,000 | 1,035,000 | ||||||
Florida East Coast Railway Corp | ||||||||
8.125% due 02/01/17 | 200,000 | 195,000 | ||||||
International Lease Finance Corp | ||||||||
5.650% due 06/01/14 | 750,000 | 699,375 | ||||||
7.125% due 09/01/18 ~ | 1,000,000 | 1,008,750 | ||||||
Lockheed Martin Corp | ||||||||
2.125% due 09/15/16 | 1,250,000 | 1,245,154 | ||||||
4.850% due 09/15/41 | 250,000 | 264,859 | ||||||
Owens Corning | ||||||||
6.500% due 12/01/16 | 500,000 | 540,317 | ||||||
Ryder System Inc | ||||||||
3.500% due 06/01/17 | 500,000 | 519,290 | ||||||
Union Pacific Corp | ||||||||
4.750% due 09/15/41 | 500,000 | 517,149 | ||||||
US Airways 2011-1 Pass Through Trust ‘A’ | ||||||||
7.125% due 10/22/23 | 500,000 | 475,000 | ||||||
Waste Management Inc | ||||||||
2.600% due 09/01/16 | 1,750,000 | 1,757,364 | ||||||
12,460,182 | ||||||||
Information Technology - 1.2% | ||||||||
FLIR Systems Inc | ||||||||
3.750% due 09/01/16 | 500,000 | 498,690 | ||||||
International Business Machines Corp | ||||||||
1.950% due 07/22/16 | 1,250,000 | 1,263,286 | ||||||
1,761,976 | ||||||||
Materials - 7.3% | ||||||||
APERAM (Luxembourg) | ||||||||
7.375% due 04/01/16 ~ | 500,000 | 442,500 | ||||||
ArcelorMittal (Luxembourg) | ||||||||
5.250% due 08/05/20 | 750,000 | 671,235 | ||||||
ArcelorMittal USA Inc | ||||||||
6.500% due 04/15/14 | 500,000 | 534,392 | ||||||
Ball Corp | ||||||||
7.125% due 09/01/16 | 1,000,000 | 1,055,000 | ||||||
Bemis Co Inc | ||||||||
4.500% due 10/15/21 | 1,000,000 | 1,015,532 | ||||||
Berry Plastics Corp | ||||||||
4.999% due 02/15/15 § | 500,000 | 465,000 | ||||||
Braskem Finance Ltd (Cayman) | ||||||||
5.750% due 04/15/21 ~ | 500,000 | 461,300 | ||||||
FMG Resources August 2006 Pty Ltd (Australia) | ||||||||
6.375% due 02/01/16 ~ | 500,000 | 452,500 | ||||||
7.000% due 11/01/15 ~ | 500,000 | 467,500 | ||||||
International Paper Co | ||||||||
5.250% due 04/01/16 | 500,000 | 533,742 | ||||||
Inversiones CMPC SA (Chile) | ||||||||
4.750% due 01/19/18 ~ | 500,000 | 508,347 | ||||||
Quadra FNX Mining Ltd (Canada) | ||||||||
7.750% due 06/15/19 ~ | 500,000 | 486,250 | ||||||
Rio Tinto Finance USA Ltd (Australia) | ||||||||
2.250% due 09/20/16 | 1,500,000 | 1,499,432 | ||||||
Sealed Air Corp | ||||||||
8.125% due 09/15/19 ~ | 500,000 | 506,250 | ||||||
Teck Resources Ltd (Canada) | ||||||||
3.150% due 01/15/17 | 1,000,000 | 1,007,089 | ||||||
Vulcan Materials Co | ||||||||
6.500% due 12/01/16 | 750,000 | 692,500 | ||||||
10,798,569 | ||||||||
Telecommunication Services - 5.0% | ||||||||
America Movil Sab de CV (Mexico) | ||||||||
2.375% due 09/08/16 | 1,000,000 | 977,000 | ||||||
American Tower Corp | ||||||||
4.500% due 01/15/18 | 500,000 | 501,760 | ||||||
AT&T Inc | ||||||||
2.400% due 08/15/16 | 1,750,000 | 1,769,425 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-9 |
A-5
FUNDS PL INCOME FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
CenturyLink Inc | ||||||||
5.150% due 06/15/17 | $ | 500,000 | $ | 470,334 | ||||
Frontier Communications Corp | ||||||||
7.875% due 04/15/15 | 750,000 | 755,625 | ||||||
Qwest Communications International Inc | ||||||||
8.000% due 10/01/15 | 500,000 | 522,500 | ||||||
Qwest Corp | ||||||||
7.500% due 06/15/23 | 750,000 | 744,575 | ||||||
Verizon Communications Inc | ||||||||
3.000% due 04/01/16 | 1,000,000 | 1,047,643 | ||||||
4.600% due 04/01/21 | 500,000 | 554,563 | ||||||
7,343,425 | ||||||||
Utilities - 2.7% | ||||||||
Calpine Corp | ||||||||
7.250% due 10/15/17 ~ | 500,000 | 485,000 | ||||||
Commonwealth Edison Co | ||||||||
1.950% due 09/01/16 | 1,000,000 | 992,668 | ||||||
Dominion Resources Inc | ||||||||
4.900% due 08/01/41 | 250,000 | 260,552 | ||||||
Eskom Holdings Ltd (South Africa) | ||||||||
5.750% due 01/26/21 ~ | 250,000 | 255,000 | ||||||
Southern Co | ||||||||
1.950% due 09/01/16 | 1,000,000 | 997,291 | ||||||
The AES Corp | ||||||||
7.750% due 03/01/14 | 1,000,000 | 1,025,000 | ||||||
4,015,511 | ||||||||
Total Corporate Bonds & Notes (Cost $104,736,459) | 103,839,794 | |||||||
SENIOR LOAN NOTES - 8.3% | ||||||||
Consumer Discretionary - 2.6% | ||||||||
Burger King Corp Term B | ||||||||
4.500% due 10/19/16 § | 496,250 | 479,812 | ||||||
Capital Automotive LP Tranche B | ||||||||
5.000% due 03/11/17 § | 986,293 | 943,144 | ||||||
Delphi Corp Term B | ||||||||
3.500% due 03/31/17 § | 427,632 | 423,890 | ||||||
Interactive Data Corp Term B | ||||||||
4.500% due 02/11/18 § | 498,747 | 481,290 | ||||||
Jo-Ann Stores Inc | ||||||||
4.750% due 03/16/18 § | 498,750 | 465,084 | ||||||
Petco Animal Supplies Inc Term B (1st Lien) | ||||||||
4.500% due 11/30/17 § | 495,000 | 469,734 | ||||||
The Neiman Marcus Group Inc | ||||||||
4.750% due 05/16/18 § | 500,000 | 464,792 | ||||||
3,727,746 | ||||||||
Consumer Staples - 1.3% | ||||||||
NBTY Inc Term Loan B-1 due 10/01/17 ¥ | 500,000 | 486,195 | ||||||
Reynolds Group Holdings Inc Tranche C | ||||||||
6.500% due 08/09/18 § | 500,000 | 485,209 | ||||||
Sprouts Farmers Markets Holdings LLC (Initial Term Loan) | ||||||||
6.000% due 04/18/18 § | 497,500 | 472,625 | ||||||
U.S. Foodservice | ||||||||
5.750% due 03/31/17 § | 497,500 | 471,795 | ||||||
1,915,824 | ||||||||
Financials - 0.3% | ||||||||
Nuveen Investments Inc (Extended 1st Lien) | ||||||||
5.819% due 05/13/17 § | 500,000 | 465,749 | ||||||
Health Care - 0.7% | ||||||||
Capsugel Holdings US Inc due 08/01/18 ¥ | 1,000,000 | 987,813 | ||||||
Industrials - 2.3% | ||||||||
AWAS Finance Luxembourg SARL Term B | ||||||||
5.250% due 06/10/16 § | 489,362 | 483,244 | ||||||
CSC Holdings LLC Incremental B-3 due 03/29/16 ¥ | 750,000 | 733,829 | ||||||
KAR Auction Services Inc | ||||||||
5.000% due 05/19/17 § | 498,750 | 484,099 | ||||||
Nielson Finance LLC ‘C’ (Dollar Term Loan) | ||||||||
3.476% due 05/02/16 § | 746,222 | 723,835 | ||||||
Sensus USA Inc (1st Lien) | ||||||||
4.752% due 05/09/17 § | 497,500 | 478,844 | ||||||
Transdigm Inc | ||||||||
4.000% due 02/15/17 § | 498,744 | 488,455 | ||||||
3,392,306 | ||||||||
Materials - 0.8% | ||||||||
Exopack LLC Term B | ||||||||
6.500% due 05/31/17 § | 498,750 | 468,825 | ||||||
Rock-Tenn Co Term B due 05/28/18 ¥ | 750,000 | 746,094 | ||||||
1,214,919 | ||||||||
Telecommunication Services - 0.3% | ||||||||
Intelstat Jackson Holdings SA Tranche B | ||||||||
5.250% due 04/02/18 § | 500,000 | 482,604 | ||||||
Total Senior Loan Notes (Cost $12,475,821) | 12,186,961 | |||||||
U.S. TREASURY OBLIGATIONS - 10.0% | ||||||||
U.S. Treasury Bonds - 1.8% | ||||||||
3.750% due 08/15/41 | 2,250,000 | 2,630,039 | ||||||
U.S. Treasury Notes - 8.2% | ||||||||
0.125% due 08/31/13 | 1,000,000 | 997,813 | ||||||
0.500% due 08/15/14 | 1,250,000 | 1,254,009 | ||||||
0.750% due 06/15/14 | 1,000,000 | 1,010,235 | ||||||
1.000% due 08/31/16 | 1,000,000 | 1,003,355 | ||||||
1.000% due 09/30/16 | 1,000,000 | 1,002,496 | ||||||
1.500% due 07/31/16 | 1,000,000 | 1,027,735 | ||||||
1.500% due 08/31/18 | 1,500,000 | 1,509,375 | ||||||
1.750% due 05/31/16 | 2,250,000 | 2,341,771 | ||||||
2.250% due 07/31/18 | 1,750,000 | 1,849,122 | ||||||
11,995,911 | ||||||||
Total U.S. Treasury Obligations (Cost $14,386,353) | 14,625,950 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-9 |
A-6
PL INCOME FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 0.7% | ||||||||
Export-Import Bank of Korea (South Korea) 3.750% due 10/20/16 | $ | 500,000 | $ | 490,523 | ||||
Korea Development Bank (South Korea) 4.000% due 09/09/16 | 500,000 | 497,354 | ||||||
Total Foreign Government Bonds & Notes (Cost $994,692) | 987,877 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 10.9% | ||||||||
Money Market Fund - 10.9% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 16,006,868 | 16,006,868 | ||||||
Total Short-Term Investment (Cost $16,006,868) | 16,006,868 | |||||||
TOTAL INVESTMENTS - 100.6% (Cost $148,600,193) | 147,647,450 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.6%) | (904,850 | ) | ||||||
NET ASSETS - 100.0% | $ | 146,742,600 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Corporate Bonds & Notes | 70.7 | % | ||
Short-Term Investment | 10.9 | % | ||
U.S. Treasury Obligations | 10.0 | % | ||
Senior Loan Notes | 8.3 | % | ||
Foreign Government Bonds & Notes | 0.7 | % | ||
100.6 | % | |||
Other Assets & Liabilities, Net | (0.6 | )% | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund’s Standard & Poor’s quality ratings as a percentage of fixed income investments were as follows: |
AA/U.S. Government & Agency Issues | 18.7 | % | ||
A | 21.4 | % | ||
BBB | 35.2 | % | ||
BB | 17.3 | % | ||
B | 7.1 | % | ||
Not Rated | 0.3 | % | ||
100.0 | % | |||
(c) | Pursuant to the terms of the following senior loan agreement, the fund had an unfunded loan commitment of $748,125 or 0.5% of net assets as of September 30, 2011, which could be extended at the option of the borrower: |
Unfunded | ||||||||||||
Loan | Unrealized | |||||||||||
Borrower | Commitment | Value | Depreciation | |||||||||
Lamar Media Corp Term B | $ | 748,125 | $ | 741,562 | $ | (6,563 | ) | |||||
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||
Assets | ||||||||||||||||||
Corporate Bonds & Notes | $ | 103,839,794 | $ | — | $ | 102,156,121 | $ | 1,683,673 | ||||||||||
Senior Loan Notes | 12,186,961 | — | 12,186,961 | — | ||||||||||||||
U.S. Treasury Obligations | 14,625,950 | — | 14,625,950 | — | ||||||||||||||
Foreign Government Bonds & Notes | 987,877 | — | 987,877 | — | ||||||||||||||
Short-Term Investment | 16,006,868 | 16,006,868 | — | — | ||||||||||||||
Unfunded Loan Commitment | 741,562 | — | 741,562 | — | ||||||||||||||
Total | $ | 148,389,012 | $ | 16,006,868 | $ | 130,698,471 | $ | 1,683,673 | ||||||||||
Corporate Bonds | ||||
& Notes | ||||
| | ||||
Value, Beginning of Period | $ | 1,504,015 | ||
Purchases | 985,000 | |||
Sales | (729,375 | ) | ||
Accrued Discounts (Premiums) | (2,444 | ) | ||
Net Realized Losses | (23,810 | ) | ||
Change in Net Unrealized Depreciation | (49,713 | ) | ||
Transfers In | — | |||
Transfers Out | — | |||
Value, End of Period | $ | 1,683,673 | ||
Change in Net Unrealized Depreciation on Level 3 Investments Held at the End of Period, if Applicable | $ | (49,713 | ) | |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-9 |
A-7
PL MONEY MARKET FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS - 100.3% | ||||||||
Commercial Paper - 86.0% | ||||||||
Air Products & Chemicals Inc | ||||||||
0.080% due 10/14/11 | $ | 750,000 | $ | 749,978 | ||||
0.090% due 10/24/11 | 750,000 | 749,957 | ||||||
American Honda Finance Corp | ||||||||
0.160% due 10/20/11 | 500,000 | 499,958 | ||||||
ANZ National International Ltd (United Kingdom) | ||||||||
0.285% due 10/11/11 | 1,600,000 | 1,599,871 | ||||||
Colgate-Palmolive Co | ||||||||
0.030% due 10/18/11 | 1,000,000 | 999,986 | ||||||
Commonwealth Bank of Australia (Australia) | ||||||||
0.267% due 12/21/11 | 1,000,000 | 999,393 | ||||||
Emerson Electric Co | ||||||||
0.040% due 10/20/11 | 600,000 | 599,987 | ||||||
General Electric Capital Corp | ||||||||
0.160% due 10/13/11 | 1,200,000 | 1,199,936 | ||||||
Hewlett-Packard Co | ||||||||
0.140% due 10/03/11 | 1,000,000 | 999,992 | ||||||
Illinois Tool Works Inc | ||||||||
0.050% due 10/14/11 | 500,000 | 499,991 | ||||||
0.060% due 10/12/11 | 750,000 | 749,986 | ||||||
International Business Machines Corp | ||||||||
0.030% due 10/20/11 | 800,000 | 799,987 | ||||||
0.050% due 10/18/11 | 500,000 | 499,988 | ||||||
John Deere Credit Ltd (Australia) | ||||||||
0.120% due 10/06/11 | 750,000 | 749,988 | ||||||
Johnson & Johnson | ||||||||
0.070% due 11/18/11 | 1,700,000 | 1,699,841 | ||||||
Kreditanstalt fuer Wiederaufbau (Germany) | ||||||||
0.130% due 10/07/11 | 500,000 | 499,989 | ||||||
0.190% due 12/05/11 | 1,000,000 | 999,657 | ||||||
L’Oreal USA Inc | ||||||||
0.050% due 10/05/11 | 500,000 | 499,997 | ||||||
0.060% due 10/04/11 | 800,000 | 799,996 | ||||||
Medtronic Inc | ||||||||
0.100% due 11/17/11 | 900,000 | 899,883 | ||||||
National Rural Utilities Cooperative Finance Corp | ||||||||
0.100% due 10/25/11 | 1,000,000 | 999,933 | ||||||
Nestle Finance International Ltd (Luxembourg) | ||||||||
0.090% due 10/20/11 | 1,000,000 | 999,953 | ||||||
0.100% due 10/06/11 | 500,000 | 499,993 | ||||||
NetJets Inc | ||||||||
0.100% due 11/02/11 | 1,000,000 | 999,911 | ||||||
Northwestern University | ||||||||
0.120% due 10/12/11 | 750,000 | 749,973 | ||||||
0.140% due 12/23/11 | 500,000 | 499,839 | ||||||
Novartis Finance Corp | ||||||||
0.040% due 10/04/11 | 700,000 | 699,998 | ||||||
Philip Morris International Inc | ||||||||
0.060% due 10/05/11 | 1,250,000 | 1,249,992 | ||||||
0.070% due 10/06/11 | 500,000 | 499,995 | ||||||
Roche Holdings Inc | ||||||||
0.060% due 10/12/11 | 700,000 | 699,987 | ||||||
The Coca-Cola Co | ||||||||
0.120% due 10/21/11 | 1,450,000 | 1,449,903 | ||||||
The Walt Disney Co | ||||||||
0.070% due 11/28/11 | 1,000,000 | 999,887 | ||||||
Toronto-Dominion Holdings USA Inc | ||||||||
0.160% due 10/17/11 | 600,000 | 599,957 | ||||||
Toyota Motor Credit Corp | ||||||||
0.250% due 12/09/11 | 1,000,000 | 999,521 | ||||||
United Technologies Corp | ||||||||
0.060% due 10/24/11 | 1,100,000 | 1,099,958 | ||||||
Wal-Mart Stores Inc | ||||||||
0.060% due 10/14/11 | 500,000 | 499,989 | ||||||
30,647,150 | ||||||||
U.S. Treasury Bills - 14.0% | ||||||||
0.011% due 12/01/11 | 2,000,000 | 1,999,963 | ||||||
0.040% due 11/10/11 | 2,000,000 | 1,999,911 | ||||||
0.060% due 03/08/12 | 1,000,000 | 999,735 | ||||||
4,999,609 | ||||||||
Shares | ||||||||
Money Market Fund - 0.3% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 89,866 | 89,866 | ||||||
Total Short-Term Investments (Amortized Cost $35,736,625) | 35,736,625 | |||||||
TOTAL INVESTMENTS - 100.3% (Amortized Cost $35,736,625) | 35,736,625 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.3%) | (89,680 | ) | ||||||
NET ASSETS - 100.0% | $ | 35,646,945 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Commercial Paper | 86.0 | % | ||
U.S. Treasury Bills | 14.0 | % | ||
Money Market Fund | 0.3 | % | ||
100.3 | % | |||
Other Assets & Liabilities, Net | (0.3 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund’s Standard & Poor’s quality ratings as a percentage of fixed income investments were as follows: |
A-1 (Short-term Debt Only) | 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 11 in Notes to Financial Statements) as of September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||
Assets | ||||||||||||||||||
Short-Term Investments | $ | 35,736,625 | $ | 89,866 | $ | 35,646,759 | $ | — | ||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-9 |
A-8
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2011 (Unaudited)
* | 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 September 30, 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 |
A-9
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2011 (Unaudited)
PL Portfolio Optimization Funds | ||||||||||||||||||||||||||||
Moderate- | Moderate- | PL Income | PL Money Market | |||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $ | 302,754,882 | $ | 301,233,326 | $ | 811,639,205 | $ | 604,488,222 | $ | 191,141,090 | $ | 148,600,193 | $ | 35,736,625 | ||||||||||||||
Investments in affiliated mutual funds, at value | $ | 313,269,291 | $ | 307,778,428 | $ | 808,146,361 | $ | 589,935,966 | $ | 192,864,986 | $ | — | $ | — | ||||||||||||||
Investments, at value | — | — | — | — | — | 147,647,450 | 35,736,625 | |||||||||||||||||||||
Cash | — | — | — | — | — | 38,710 | — | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | — | — | — | — | — | 1,213,608 | — | |||||||||||||||||||||
Fund shares sold | 1,460,521 | 1,502,856 | 2,668,508 | 1,865,896 | 426,698 | 3,718,442 | 128,762 | |||||||||||||||||||||
Securities sold | — | — | — | — | — | 2,212,238 | — | |||||||||||||||||||||
Due from adviser | 32,424 | 31,811 | 82,383 | 66,045 | 26,621 | 44,713 | 6,857 | |||||||||||||||||||||
Prepaid expenses and other assets | 5,824 | 14,258 | 40,007 | 30,368 | 9,146 | 94,481 | 18,726 | |||||||||||||||||||||
Total Assets | 314,768,060 | 309,327,353 | 810,937,259 | 591,898,275 | 193,327,451 | 154,969,642 | 35,890,970 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 801,739 | 949,353 | 2,161,112 | 873,476 | 1,332,629 | 827,256 | 221,792 | |||||||||||||||||||||
Securities purchased | 423,663 | 474,493 | 91,863 | 386,265 | 106,283 | 7,202,510 | — | |||||||||||||||||||||
Income distributions | — | — | — | — | — | 64,684 | — | |||||||||||||||||||||
Accrued advisory fees | 51,561 | 51,262 | 136,962 | 100,638 | 33,357 | 55,527 | — | |||||||||||||||||||||
Accrued administration fees | 38,671 | 38,446 | 102,721 | 75,479 | 25,018 | 27,331 | — | |||||||||||||||||||||
Accrued support service expenses | 12,381 | 12,580 | 35,932 | 27,768 | 9,709 | 312 | 896 | |||||||||||||||||||||
Accrued custodian fees and expenses | 3,616 | 3,616 | 3,617 | 3,616 | 3,616 | 14,377 | 6,340 | |||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 20,946 | 23,027 | 67,607 | 56,904 | 19,963 | 3,742 | 3,264 | |||||||||||||||||||||
Accrued legal, audit and tax service fees | 29,339 | 29,322 | 83,648 | 65,884 | 23,544 | 7,001 | 4,213 | |||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 2,235 | 2,794 | 8,610 | 7,652 | 2,900 | 164 | 3,796 | |||||||||||||||||||||
Accrued distribution and/or service fees | 27,504 | 26,232 | 69,254 | 50,908 | 16,043 | 4,948 | 507 | |||||||||||||||||||||
Accrued other | 17,560 | 18,224 | 50,387 | 39,181 | 14,031 | 12,627 | 3,217 | |||||||||||||||||||||
Unfunded loan commitment depreciation | — | — | — | — | — | 6,563 | — | |||||||||||||||||||||
Total Liabilities | 1,429,215 | 1,629,349 | 2,811,713 | 1,687,771 | 1,587,093 | 8,227,042 | 244,025 | |||||||||||||||||||||
NET ASSETS | $ | 313,338,845 | $ | 307,698,004 | $ | 808,125,546 | $ | 590,210,504 | $ | 191,740,358 | $ | 146,742,600 | $ | 35,646,945 | ||||||||||||||
B-1
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2011 (Unaudited)
PL Portfolio Optimization Funds | ||||||||||||||||||||||||||||
Moderate- | Moderate- | PL Income | PL Money Market | |||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 306,654,268 | $ | 312,431,260 | $ | 849,023,048 | $ | 656,443,174 | $ | 230,509,138 | $ | 146,725,869 | $ | 35,650,763 | ||||||||||||||
Undistributed/accumulated net investment income (loss) | (1,485,512 | ) | (995,539 | ) | (2,027,285 | ) | (1,398,824 | ) | (483,508 | ) | 14,927 | (3,702 | ) | |||||||||||||||
Undistributed/accumulated net realized gain (loss) | (2,344,320 | ) | (10,282,819 | ) | (35,377,373 | ) | (50,281,590 | ) | (40,009,168 | ) | 961,110 | (116 | ) | |||||||||||||||
Net unrealized appreciation (depreciation) on investments | 10,514,409 | 6,545,102 | (3,492,844 | ) | (14,552,256 | ) | 1,723,896 | (959,306 | ) | — | ||||||||||||||||||
NET ASSETS | $ | 313,338,845 | $ | 307,698,004 | $ | 808,125,546 | $ | 590,210,504 | $ | 191,740,358 | $ | 146,742,600 | $ | 35,646,945 | ||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 143,393,184 | $ | 144,887,859 | $ | 397,693,669 | $ | 287,574,822 | $ | 99,522,882 | $ | 87,525,587 | $ | 35,646,945 | ||||||||||||||
Shares of beneficial interest outstanding | 13,575,617 | 13,737,644 | 37,089,792 | 27,495,067 | 9,684,987 | 8,552,155 | 35,657,903 | |||||||||||||||||||||
Net Asset Value per share* | $ | 10.56 | $ | 10.55 | $ | 10.72 | $ | 10.46 | $ | 10.28 | $ | 10.23 | $ | 1.00 | ||||||||||||||
Sales Charge (1) | 0.61 | 0.61 | 0.62 | 0.61 | 0.60 | 0.45 | — | |||||||||||||||||||||
Maximum offering price per share | $ | 11.17 | $ | 11.16 | $ | 11.34 | $ | 11.07 | $ | 10.88 | $ | 10.68 | $ | 1.00 | ||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 25,506,089 | $ | 31,219,237 | $ | 92,127,296 | $ | 77,847,040 | $ | 26,131,990 | ||||||||||||||||||
Shares of beneficial interest outstanding | 2,444,973 | 2,995,325 | 8,691,638 | 7,555,914 | 2,618,998 | |||||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 10.43 | $ | 10.42 | $ | 10.60 | $ | 10.30 | $ | 9.98 | ||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 134,426,333 | $ | 115,062,811 | $ | 295,928,108 | $ | 206,948,840 | $ | 60,984,767 | $ | 16,239,995 | ||||||||||||||||
Shares of beneficial interest outstanding | 12,895,345 | 11,042,025 | 27,961,275 | 20,139,001 | 6,112,481 | 1,584,644 | ||||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 10.42 | $ | 10.42 | $ | 10.58 | $ | 10.28 | $ | 9.98 | $ | 10.25 | ||||||||||||||||
Class R Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 10,013,239 | $ | 16,528,097 | $ | 22,376,473 | $ | 17,839,802 | $ | 5,100,719 | ||||||||||||||||||
Shares of beneficial interest outstanding | 952,324 | 1,573,788 | 2,096,378 | 1,711,318 | 500,664 | |||||||||||||||||||||||
Net Asset Value per share | $ | 10.51 | $ | 10.50 | $ | 10.67 | $ | 10.42 | $ | 10.19 | ||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 42,977,018 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 4,197,072 | |||||||||||||||||||||||||||
Net Asset Value per share | $ | 10.24 | ||||||||||||||||||||||||||
* | 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 Income Fund is subject to a maximum 4.25% front-end sales charge, and the PL Money Market Fund is not subject to a front-end sales charge. |
B-2
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2011 (Unaudited)
PL Portfolio Optimization Funds | ||||||||||||||||||||||||||||
Moderate- | Moderate- | PL Income | PL Money Market | |||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends from mutual fund investments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | ||||||||||||||
Interest | — | — | — | — | — | 1,866,102 | 24,769 | |||||||||||||||||||||
Other | — | — | — | — | — | 1,718 | — | |||||||||||||||||||||
Total Investment Income | — | — | — | — | — | 1,867,821 | 24,769 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 301,155 | 304,998 | 855,634 | 646,359 | 222,229 | 227,012 | 37,255 | |||||||||||||||||||||
Administration fees | 225,866 | 228,748 | 641,726 | 484,770 | 166,672 | 97,221 | 55,883 | |||||||||||||||||||||
Support services expenses | 26,801 | 27,549 | 78,713 | 61,284 | 21,537 | 10,319 | 6,571 | |||||||||||||||||||||
Custodian fees and expenses | 4,342 | 4,342 | 4,342 | 4,342 | 4,342 | 15,209 | 7,712 | |||||||||||||||||||||
Shareholder report expenses | 20,488 | 20,828 | 59,514 | 46,597 | 16,472 | 11,984 | 2,880 | |||||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||||||
Class A | 175,643 | 180,635 | 518,720 | 389,363 | 142,858 | 44,398 | 46,569 | |||||||||||||||||||||
Class B | 120,614 | 154,064 | 481,772 | 426,732 | 150,415 | — | — | |||||||||||||||||||||
Class C | 635,987 | 568,360 | 1,598,034 | 1,153,966 | 360,306 | 16,522 | — | |||||||||||||||||||||
Class R | 23,302 | 40,014 | 61,744 | 46,823 | 14,496 | — | — | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 45,057 | 48,553 | 142,835 | 119,642 | 41,467 | 7,891 | 4,662 | |||||||||||||||||||||
Registration fees | 46,416 | 37,706 | 60,502 | 50,420 | 36,347 | 28,490 | 13,341 | |||||||||||||||||||||
Legal, audit and tax service fees | 30,120 | 30,731 | 87,757 | 68,550 | 24,196 | 8,284 | 4,159 | |||||||||||||||||||||
Trustees’ fees and expenses | 6,943 | 7,037 | 20,086 | 15,737 | 5,576 | 1,530 | 974 | |||||||||||||||||||||
Offering expenses | — | — | — | — | — | 91,748 | — | |||||||||||||||||||||
Other | 13,409 | 12,216 | 31,574 | 25,993 | 9,867 | 10,117 | 4,150 | |||||||||||||||||||||
Total Expenses | 1,676,143 | 1,665,781 | 4,642,953 | 3,540,578 | 1,216,780 | 570,725 | 184,156 | |||||||||||||||||||||
Advisory Fee Waiver (2) | — | — | — | — | — | — | (37,255 | ) | ||||||||||||||||||||
Adviser Reimbursement and/or Administrator Fee Reduction (2) | (192,172 | ) | (188,544 | ) | (486,051 | ) | (392,549 | ) | (159,789 | ) | (214,689 | ) | (100,332 | ) | ||||||||||||||
Distribution and/or Service Fees Waiver (2) | — | — | — | — | — | — | (21,797 | ) | ||||||||||||||||||||
Net Expenses | 1,483,971 | 1,477,237 | 4,156,902 | 3,148,029 | 1,056,991 | 356,036 | 24,772 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (1,483,971 | ) | (1,477,237 | ) | (4,156,902 | ) | (3,148,029 | ) | (1,056,991 | ) | 1,511,785 | (3 | ) | |||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions in affiliated mutual funds | 1,003,496 | (311,752 | ) | (361,839 | ) | (731,716 | ) | (616,057 | ) | — | — | |||||||||||||||||
Investment security transactions | 20 | 20 | 57 | 45 | 16 | 466,709 | (150 | ) | ||||||||||||||||||||
Net Realized Gain (Loss) | 1,003,516 | (311,732 | ) | (361,782 | ) | (731,671 | ) | (616,041 | ) | 466,709 | (150 | ) | ||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities in affiliated mutual funds | (9,421,011 | ) | (19,269,582 | ) | (84,772,809 | ) | (87,171,525 | ) | (37,130,080 | ) | — | — | ||||||||||||||||
Investment securities | — | — | — | — | — | (1,072,167 | ) | — | ||||||||||||||||||||
Unfunded loan commitments | — | — | — | — | — | (6,563 | ) | — | ||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (9,421,011 | ) | (19,269,582 | ) | (84,772,809 | ) | (87,171,525 | ) | (37,130,080 | ) | (1,078,730 | ) | — | |||||||||||||||
NET LOSS | (8,417,495 | ) | (19,581,314 | ) | (85,134,591 | ) | (87,903,196 | ) | (37,746,121 | ) | (612,021 | ) | (150 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | (9,901,466 | ) | $ | (21,058,551 | ) | $ | (89,291,493 | ) | $ | (91,051,225 | ) | $ | (38,803,112 | ) | $ | 899,764 | $ | (153 | ) | ||||||||
(1) | See Notes 1 and 3 in Notes to Financial Statements. | |
(2) | See Note 5 in Notes to Financial Statements. |
B-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 | |||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||||||||
September 30, 2011 (1) | Year Ended March 31, 2011 | September 30, 2011 (1) | Year Ended March 31, 2011 | September 30, 2011 (1) | Year Ended March 31, 2011 | September 30, 2011 (1) | Year Ended March 31, 2011 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (1,483,971 | ) | $ | 2,426,963 | $ | (1,477,237 | ) | $ | 1,742,933 | $ | (4,156,902 | ) | $ | 3,443,119 | $ | (3,148,029 | ) | $ | 1,257,765 | ||||||||||||
Net realized gain (loss) | 1,003,516 | 5,614,508 | (311,732 | ) | 1,177,208 | (361,782 | ) | (4,722,550 | ) | (731,671 | ) | (7,062,030 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (9,421,011 | ) | 9,101,884 | (19,269,582 | ) | 18,241,955 | (84,772,809 | ) | 77,730,242 | (87,171,525 | ) | 79,657,093 | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (9,901,466 | ) | 17,143,355 | (21,058,551 | ) | 21,162,096 | (89,291,493 | ) | 76,450,811 | (91,051,225 | ) | 73,852,828 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | (3,593,206 | ) | — | (2,708,809 | ) | — | (5,861,904 | ) | — | (3,198,720 | ) | ||||||||||||||||||||
Class B | — | (479,073 | ) | — | (453,971 | ) | — | (947,544 | ) | — | (413,315 | ) | ||||||||||||||||||||
Class C | — | (2,524,717 | ) | — | (1,680,826 | ) | — | (3,190,968 | ) | — | (1,199,785 | ) | ||||||||||||||||||||
Class R | — | (227,648 | ) | — | (297,015 | ) | — | (392,225 | ) | — | (140,419 | ) | ||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | — | (6,824,644 | ) | — | (5,140,621 | ) | — | (10,392,641 | ) | — | (4,952,239 | ) | ||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
B-4 Class A | 45,287,822 | 104,781,421 | 42,557,091 | 80,784,715 | 113,978,344 | 185,986,071 | 67,160,334 | 121,425,845 | ||||||||||||||||||||||||
Class B | 5,694,252 | 12,759,957 | 7,144,872 | 12,279,576 | 17,074,021 | 33,183,939 | 12,149,598 | 22,860,115 | ||||||||||||||||||||||||
Class C | 44,043,815 | 88,154,402 | 27,493,108 | 55,590,836 | 60,368,036 | 123,838,803 | 31,369,858 | 65,553,149 | ||||||||||||||||||||||||
Class R | 3,011,814 | 4,081,989 | 5,070,308 | 7,703,990 | 6,596,634 | 11,894,550 | 5,212,461 | 7,156,992 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | — | 2,892,117 | — | 2,437,411 | — | 5,379,578 | — | 2,983,736 | ||||||||||||||||||||||||
Class B | — | 427,599 | — | 424,066 | — | 899,819 | — | 398,886 | ||||||||||||||||||||||||
Class C | — | 2,127,507 | — | 1,479,706 | — | 2,904,360 | — | 1,118,086 | ||||||||||||||||||||||||
Class R | — | 227,284 | — | 297,015 | — | 391,387 | — | 140,419 | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (27,833,719 | ) | (51,195,607 | ) | (20,812,050 | ) | (36,084,313 | ) | (58,509,410 | ) | (84,457,616 | ) | (37,524,284 | ) | (80,660,446 | ) | ||||||||||||||||
Class B | (1,619,586 | ) | (5,031,808 | ) | (2,143,104 | ) | (5,109,134 | ) | (6,714,021 | ) | (14,909,440 | ) | (5,872,246 | ) | (17,358,312 | ) | ||||||||||||||||
Class C | (22,638,200 | ) | (44,764,772 | ) | (11,806,796 | ) | (20,738,361 | ) | (39,152,058 | ) | (54,487,355 | ) | (22,545,389 | ) | (51,398,155 | ) | ||||||||||||||||
Class R | (1,576,181 | ) | (3,774,101 | ) | (2,723,701 | ) | (4,035,851 | ) | (5,394,220 | ) | (15,183,105 | ) | (1,962,694 | ) | (3,961,554 | ) | ||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions | 44,370,017 | 110,685,988 | 44,779,728 | 95,029,656 | 88,247,326 | 195,440,991 | 47,987,638 | 68,258,761 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 34,468,551 | 121,004,699 | 23,721,177 | 111,051,131 | (1,044,167 | ) | 261,499,161 | (43,063,587 | ) | 137,159,350 | ||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year or Period | 278,870,294 | 157,865,595 | 283,976,827 | 172,925,696 | 809,169,713 | 547,670,552 | 633,274,091 | 496,114,741 | ||||||||||||||||||||||||
End of Year or Period | $ | 313,338,845 | $ | 278,870,294 | $ | 307,698,004 | $ | 283,976,827 | $ | 808,125,546 | $ | 809,169,713 | $ | 590,210,504 | $ | 633,274,091 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | (1,485,512 | ) | $ | (1,541 | ) | $ | (995,539 | ) | $ | 481,698 | $ | (2,027,285 | ) | $ | 2,129,617 | $ | (1,398,824 | ) | $ | 1,749,205 | |||||||||||
(1) | Unaudited. |
B-4
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Portfolio Optimization | PL Income | PL Money Market | ||||||||||||||||||||||
Aggressive Fund | Fund(1) | Fund | ||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||
September 30, | Year Ended | September 30, | Period Ended | September 30, | Year Ended | |||||||||||||||||||
2011(2) | March 31, 2011 | 2011(2) | March 31, 2011 | 2011(2) | March 31, 2011 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | (1,056,991 | ) | $ | 161,068 | $ | 1,511,785 | $ | 459,207 | $ | (3 | ) | $ | (34 | ) | |||||||||
Net realized gain (loss) | (616,041 | ) | (5,865,275 | ) | 466,709 | 501,867 | (150 | ) | 34 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (37,130,080 | ) | 36,869,932 | (1,078,730 | ) | 119,424 | — | — | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (38,803,112 | ) | 31,165,725 | 899,764 | 1,080,498 | (153 | ) | — | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | — | (653,565 | ) | (619,967 | ) | (23,783 | ) | — | — | |||||||||||||||
Class B | — | (139,088 | ) | — | — | — | — | |||||||||||||||||
Class C | — | (314,226 | ) | (54,099 | ) | — | — | — | ||||||||||||||||
Class R | — | (27,172 | ) | — | — | — | — | |||||||||||||||||
Class I | — | — | (829,067 | ) | (437,607 | ) | — | — | ||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | — | (1,134,051 | ) | (1,503,133 | ) | (461,390 | ) | — | — | |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | 17,957,593 | 38,968,570 | 88,368,300 | 5,581,764 | 27,536,823 | 88,260,849 | ||||||||||||||||||
Class B | 2,627,089 | 6,508,358 | — | — | — | — | ||||||||||||||||||
Class C | 12,641,165 | 30,970,677 | 16,837,586 | — | — | — | ||||||||||||||||||
Class R | 1,725,134 | 2,314,952 | — | — | — | — | ||||||||||||||||||
Class I | — | — | 340,135 | 50,161,102 | — | — | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | — | 628,094 | 401,089 | 16,590 | — | — | ||||||||||||||||||
Class B | — | 133,256 | — | — | — | — | ||||||||||||||||||
Class C | — | 294,024 | 42,710 | — | — | — | ||||||||||||||||||
Class R | — | 27,172 | — | — | — | — | ||||||||||||||||||
Class I | — | — | 829,067 | 437,607 | — | — | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | (13,010,227 | ) | (39,713,135 | ) | (5,626,742 | ) | (285,716 | ) | (30,332,246 | ) | (84,487,252 | ) | ||||||||||||
Class B | (1,804,118 | ) | (8,809,245 | ) | — | — | — | — | ||||||||||||||||
Class C | (14,527,814 | ) | (33,444,485 | ) | (454,969 | ) | — | — | — | |||||||||||||||
Class R | (1,165,187 | ) | (1,932,830 | ) | — | — | — | — | ||||||||||||||||
Class I | — | — | (9,921,662 | ) | — | — | — | |||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 4,443,635 | (4,054,592 | ) | 90,815,514 | 55,911,347 | (2,795,423 | ) | 3,773,597 | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (34,359,477 | ) | 25,977,082 | 90,212,145 | 56,530,455 | (2,795,576 | ) | 3,773,597 | ||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Year or Period | 226,099,835 | 200,122,753 | 56,530,455 | — | 38,442,521 | 34,668,924 | ||||||||||||||||||
End of Year or Period | $ | 191,740,358 | $ | 226,099,835 | $ | 146,742,600 | $ | 56,530,455 | $ | 35,646,945 | $ | 38,442,521 | ||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | (483,508 | ) | $ | 573,483 | $ | 14,927 | $ | 6,275 | $ | (3,702 | ) | $ | (3,699 | ) | |||||||||
(1) | Operations commenced on December 31, 2010. | |
(2) | Unaudited. |
B-5
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios of | Ratios of | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Net | Net | Net Assets, | Before | After | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Net | Realized | Distributions | Distributions | Asset | End of | Expense | Expense | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | and | Total from | from Net | from | Value, End | Year or | Reductions | Reductions | (Loss) to | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||
of Year or | Income | Unrealized | Investment | Investment | Capital | Total | of Year | Total | Period | to Average Net | to Average Net | Average Net | Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (1) | Gain (Loss) | Activities | Income | Gains | Distributions | or Period | Returns (2) | (in thousands) | Assets (3) | Assets (3), (4) | Assets (3) | Rates | |||||||||||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2011 - 9/30/2011 (5) | $ | 10.87 | $ | (0.03 | ) | $ | (0.28 | ) | $ | (0.37 | ) | $ | — | $ | — | $ | — | $ | 10.56 | (2.85 | )% | $ | 143,393 | 0.73 | % | 0.60 | % | (0.60 | )% | 7.12 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.41 | 0.15 | 0.63 | 0.78 | (0.32 | ) | — | (0.32 | ) | 10.87 | 7.60 | % | 130,249 | 0.78 | % | 0.53 | % | 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 | 0.95 | % | 0.20 | % | 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 | 0.95 | % | 0.16 | % | 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 | 0.94 | % | 0.00 | % | 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 | 1.37 | % | 0.02 | % | 2.77 | % | 35.84 | % | |||||||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2011 - 9/30/2011 (5) | $ | 10.78 | $ | (0.07 | ) | $ | (0.28 | ) | $ | (0.35 | ) | $ | — | $ | — | $ | — | $ | 10.43 | (3.25 | )% | $ | 25,506 | 1.48 | % | 1.35 | % | (1.35 | )% | 7.12 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.34 | 0.07 | 0.63 | 0.70 | (0.26 | ) | — | (0.26 | ) | 10.78 | 6.80 | % | 22,282 | 1.53 | % | 1.27 | % | 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 | 1.70 | % | 0.95 | % | 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 | 1.70 | % | 0.91 | % | 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 | 1.69 | % | 0.75 | % | 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 | 1.93 | % | 0.58 | % | 2.20 | % | 35.84 | % | |||||||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2011 - 9/30/2011 (5) | $ | 10.77 | $ | (0.07 | ) | $ | (0.28 | ) | $ | (0.35 | ) | $ | — | $ | — | $ | — | $ | 10.42 | (3.25 | )% | $ | 134,426 | 1.48 | % | 1.35 | % | (1.35 | )% | 7.12 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.33 | 0.07 | 0.63 | 0.70 | (0.26 | ) | — | (0.26 | ) | 10.77 | 6.81 | % | 117,458 | 1.53 | % | 1.27 | % | 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 | 1.70 | % | 0.95 | % | 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 | 1.70 | % | 0.91 | % | 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 | 1.69 | % | 0.75 | % | 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 | 1.93 | % | 0.58 | % | 2.20 | % | 35.84 | % | |||||||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2011 - 9/30/2011 (5) | $ | 10.83 | $ | (0.05 | ) | $ | (0.27 | ) | $ | (0.32 | ) | $ | — | $ | — | $ | — | $ | 10.51 | (2.86 | )% | $ | 10,013 | 0.98 | % | 0.85 | % | (0.85 | )% | 7.12 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.38 | 0.13 | 0.61 | 0.74 | (0.29 | ) | — | (0.29 | ) | 10.83 | 7.25 | % | 8,881 | 1.03 | % | 0.75 | % | 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 | 1.20 | % | 0.45 | % | 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 | 1.20 | % | 0.41 | % | 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 | 1.19 | % | 0.25 | % | 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 | 1.43 | % | 0.10 | % | 2.68 | % | 35.84 | % | |||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2011 - 9/30/2011 (5) | $ | 11.25 | $ | (0.03 | ) | $ | (0.67 | ) | $ | (0.70 | ) | $ | — | $ | — | $ | — | $ | 10.55 | (6.22 | )% | $ | 144,888 | 0.72 | % | 0.60 | % | (0.60 | )% | 4.94 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.54 | 0.12 | 0.87 | 0.99 | (0.28 | ) | — | (0.28 | ) | 11.25 | 9.53 | % | 132,919 | 0.78 | % | 0.52 | % | 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 | 0.95 | % | 0.20 | % | 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 | 0.92 | % | 0.14 | % | 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 | 0.82 | % | 0.00 | % | 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 | 1.18 | % | 0.01 | % | 2.13 | % | 18.25 | % | |||||||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2011 - 9/30/2011 (5) | $ | 11.17 | $ | (0.07 | ) | $ | (0.68 | ) | $ | (0.75 | ) | $ | — | $ | — | $ | — | $ | 10.42 | (6.71 | )% | $ | 31,219 | 1.47 | % | 1.35 | % | (1.35 | )% | 4.94 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.47 | 0.04 | 0.87 | 0.91 | (0.21 | ) | — | (0.21 | ) | 11.17 | 8.78 | % | 28,411 | 1.53 | % | 1.27 | % | 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 | 1.70 | % | 0.95 | % | 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 | 1.67 | % | 0.89 | % | 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 | 1.57 | % | 0.75 | % | 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 | 1.75 | % | 0.58 | % | 1.56 | % | 18.25 | % | |||||||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2011 - 9/30/2011 (5) | $ | 11.16 | $ | (0.07 | ) | $ | (0.67 | ) | $ | (0.74 | ) | $ | — | $ | — | $ | — | $ | 10.42 | (6.63 | )% | $ | 115,063 | 1.47 | % | 1.35 | % | (1.35 | )% | 4.94 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.47 | 0.04 | 0.86 | 0.90 | (0.21 | ) | — | (0.21 | ) | 11.16 | 8.71 | % | 107,411 | 1.53 | % | 1.27 | % | 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 | 1.70 | % | 0.95 | % | 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 | 1.67 | % | 0.89 | % | 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 | 1.57 | % | 0.75 | % | 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 | 1.75 | % | 0.58 | % | 1.56 | % | 18.25 | % |
See Notes to Financial Statements | See explanation of references on B-9 |
B-6
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios of | Ratios of | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
�� | Expenses | Expenses | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Net | Net | Net Assets, | Before | After | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Net | Realized | Distributions | Distributions | Asset | End of | Expense | Expense | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | and | Total from | from Net | from | Value, End | Year or | Reductions | Reductions | (Loss) to | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||
of Year or | Income | Unrealized | Investment | Investment | Capital | Total | of Year | Total | Period | to Average Net | to Average Net | Average Net | Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (1) | Gain (Loss) | Activities | Income | Gains | Distributions | or Period | Returns (2) | (in thousands) | Assets (3) | Assets (3), (4) | Assets (3) | Rates | |||||||||||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2011 - 9/30/2011 (5) | $ | 11.22 | $ | (0.05 | ) | $ | (0.67 | ) | $ | (0.72 | ) | $ | — | $ | — | $ | — | $ | 10.50 | (6.42 | )% | $ | 16,528 | 0.97 | % | 0.85 | % | (0.85 | )% | 4.94 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.51 | 0.10 | 0.86 | 0.96 | (0.25 | ) | — | (0.25 | ) | 11.22 | 9.32 | % | 15,236 | 1.03 | % | 0.76 | % | 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 | 1.20 | % | 0.45 | % | 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 | 1.17 | % | 0.39 | % | 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 | 1.07 | % | 0.25 | % | 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 | 1.25 | % | 0.10 | % | 2.04 | % | 18.25 | % | |||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2011 - 9/30/2011 (5) | $ | 11.88 | $ | (0.03 | ) | $ | (1.13 | ) | $ | (1.16 | ) | $ | — | $ | — | $ | — | $ | 10.72 | (9.76 | )% | $ | 397,694 | 0.71 | % | 0.60 | % | (0.60 | )% | 5.88 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.81 | 0.10 | 1.19 | 1.29 | (0.22 | ) | — | (0.22 | ) | 11.88 | 12.10 | % | 384,999 | 0.77 | % | 0.52 | % | 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 | 0.92 | % | 0.20 | % | 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 | 0.89 | % | 0.14 | % | 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 | 0.78 | % | 0.00 | % | 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 | 1.06 | % | 0.00 | % | 1.51 | % | 8.24 | % | |||||||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2011 - 9/30/2011 (5) | $ | 11.80 | $ | (0.08 | ) | $ | (1.12 | ) | $ | (1.20 | ) | $ | — | $ | — | $ | — | $ | 10.60 | (10.17 | )% | $ | 92,127 | 1.46 | % | 1.35 | % | (1.35 | )% | 5.88 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.74 | 0.02 | 1.18 | 1.20 | (0.14 | ) | — | (0.14 | ) | 11.80 | 11.33 | % | 92,064 | 1.52 | % | 1.26 | % | 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 | 1.67 | % | 0.95 | % | 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 | 1.64 | % | 0.89 | % | 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 | 1.53 | % | 0.75 | % | 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 | 1.63 | % | 0.57 | % | 0.94 | % | 8.24 | % | |||||||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2011 - 9/30/2011 (5) | $ | 11.78 | $ | (0.08 | ) | $ | (1.12 | ) | $ | (1.20 | ) | $ | — | $ | — | $ | — | $ | 10.58 | (10.19 | )% | $ | 295,928 | 1.46 | % | 1.35 | % | (1.35 | )% | 5.88 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.73 | 0.02 | 1.17 | 1.19 | (0.14 | ) | — | (0.14 | ) | 11.78 | 11.26 | % | 308,449 | 1.52 | % | 1.26 | % | 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 | 1.67 | % | 0.95 | % | 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 | 1.64 | % | 0.89 | % | 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 | 1.53 | % | 0.75 | % | 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 | 1.63 | % | 0.57 | % | 0.94 | % | 8.24 | % | |||||||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2011 - 9/30/2011 (5) | $ | 11.84 | $ | (0.05 | ) | $ | (1.12 | ) | $ | (1.17 | ) | $ | — | $ | — | $ | — | $ | 10.67 | (9.88 | )% | $ | 22,377 | 0.96 | % | 0.85 | % | (0.85 | )% | 5.88 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.77 | 0.07 | 1.18 | 1.25 | (0.18 | ) | — | (0.18 | ) | 11.84 | 11.82 | % | 23,658 | 1.02 | % | 0.75 | % | 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 | 1.17 | % | 0.45 | % | 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 | 1.14 | % | 0.39 | % | 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 | 1.03 | % | 0.25 | % | 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 | 1.13 | % | 0.11 | % | 1.40 | % | 8.24 | % | |||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2011 - 9/30/2011 (5) | $ | 12.05 | $ | (0.04 | ) | $ | (1.55 | ) | $ | (1.59 | ) | $ | — | $ | — | $ | — | $ | 10.46 | (13.20 | )% | $ | 287,575 | 0.72 | % | 0.60 | % | (0.60 | )% | 5.46 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.68 | 0.07 | 1.44 | 1.51 | (0.14 | ) | — | (0.14 | ) | 12.05 | 14.36 | % | 301,232 | 0.77 | % | 0.51 | % | 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 | 0.92 | % | 0.20 | % | 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 | 0.89 | % | 0.14 | % | 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 | 0.78 | % | 0.00 | % | 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 | 1.05 | % | 0.00 | % | 1.02 | % | 6.96 | % |
See Notes to Financial Statements | See explanation of references on B-9 |
B-7
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios of | Ratios of | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Net | Net | Net Assets, | Before | After | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Net | Realized | Distributions | Distributions | Asset | End of | Expense | Expense | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | and | Total from | from Net | from | Value, End | Year or | Reductions | Reductions | (Loss) to | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||
of Year or | Income | Unrealized | Investment | Investment | Capital | Total | of Year | Total | Period | to Average Net | to Average Net | Average Net | Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (1) | Gain (Loss) | Activities | Income | Gains | Distributions | or Period | Returns (2) | (in thousands) | Assets (3) | Assets (3), (4) | Assets (3) | Rates | |||||||||||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2011 - 9/30/2011 (5) | $ | 11.93 | $ | (0.08 | ) | $ | (1.55 | ) | $ | (1.63 | ) | $ | — | $ | — | $ | — | $ | 10.30 | (13.66 | )% | $ | 77,847 | 1.47 | % | 1.35 | % | (1.35 | )% | 5.46 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.57 | (0.01 | ) | 1.43 | 1.42 | (0.06 | ) | — | (0.06 | ) | 11.93 | 13.59 | % | 83,812 | 1.52 | % | 1.26 | % | (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 | 1.67 | % | 0.95 | % | 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 | 1.64 | % | 0.89 | % | 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 | 1.53 | % | 0.75 | % | 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 | 1.62 | % | 0.57 | % | 0.44 | % | 6.96 | % | |||||||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2011 - 9/30/2011 (5) | $ | 11.91 | $ | (0.08 | ) | $ | (1.55 | ) | $ | (1.63 | ) | $ | — | $ | — | $ | — | $ | 10.28 | (13.69 | )% | $ | 206,949 | 1.47 | % | 1.35 | % | (1.35 | )% | 5.46 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.55 | (0.01 | ) | 1.43 | 1.42 | (0.06 | ) | — | (0.06 | ) | 11.91 | 13.64 | % | 230,964 | 1.52 | % | 1.26 | % | (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 | 1.67 | % | 0.95 | % | 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 | 1.64 | % | 0.89 | % | 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 | 1.53 | % | 0.75 | % | 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 | 1.62 | % | 0.57 | % | 0.44 | % | 6.96 | % | |||||||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2011 - 9/30/2011 (5) | $ | 12.03 | $ | (0.05 | ) | $ | (1.56 | ) | $ | (1.61 | ) | $ | — | $ | — | $ | — | $ | 10.42 | (13.30 | )% | $ | 17,840 | 0.97 | % | 0.85 | % | (0.85 | )% | 5.46 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.67 | 0.04 | 1.44 | 1.48 | (0.12 | ) | — | (0.12 | ) | 12.03 | 14.00 | % | 17,265 | 1.02 | % | 0.76 | % | 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 | 1.17 | % | 0.45 | % | 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 | 1.14 | % | 0.39 | % | 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 | 1.03 | % | 0.25 | % | 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 | 1.12 | % | 0.10 | % | 0.92 | % | 6.96 | % | |||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2011 - 9/30/2011 (5) | $ | 12.29 | $ | (0.04 | ) | $ | (1.97 | ) | $ | (2.01 | ) | $ | — | $ | — | $ | — | $ | 10.28 | (16.36 | )% | $ | 99,523 | 0.74 | % | 0.60 | % | (0.60 | )% | 6.53 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.66 | 0.05 | 1.65 | 1.70 | (0.07 | ) | — | (0.07 | ) | 12.29 | 16.11 | % | 114,246 | 0.80 | % | 0.51 | % | 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 | 0.94 | % | 0.20 | % | 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 | 0.92 | % | 0.14 | % | 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 | 0.80 | % | 0.00 | % | 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 | 1.09 | % | 0.00 | % | 0.54 | % | 10.14 | % | |||||||||||||||||||||||||||||||||||||||||
Class B: | 4/1/2011 - 9/30/2011 (5) | $ | 12.03 | $ | (0.08 | ) | $ | (1.97 | ) | $ | (2.05 | ) | $ | — | $ | — | $ | — | $ | 9.98 | (17.04 | )% | $ | 26,132 | 1.49 | % | 1.35 | % | (1.35 | )% | 6.53 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.46 | (0.03 | ) | 1.65 | 1.62 | (0.05 | ) | — | (0.05 | ) | 12.03 | 15.62 | % | 30,693 | 1.55 | % | 1.25 | % | (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 | 1.69 | % | 0.95 | % | 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 | 1.67 | % | 0.89 | % | 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 | 1.55 | % | 0.75 | % | (0.13 | )% | 9.66 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.52 | (0.00 | )(6) | 1.46 | 1.46 | (0.15 | ) | (0.42 | ) | (0.57 | ) | 13.41 | 12.00 | % | 23,716 | 1.67 | % | 0.58 | % | (0.04 | )% | 10.14 | % | ||||||||||||||||||||||||||||||||||||||||
Class C: | 4/1/2011 - 9/30/2011 (5) | $ | 12.03 | $ | (0.08 | ) | $ | (1.97 | ) | $ | (2.05 | ) | $ | — | $ | — | $ | — | $ | 9.98 | (17.04 | )% | $ | 60,985 | 1.49 | % | 1.35 | % | (1.35 | )% | 6.53 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.46 | (0.03 | ) | 1.65 | 1.62 | (0.05 | ) | — | (0.05 | ) | 12.03 | 15.61 | % | 75,607 | 1.55 | % | 1.25 | % | (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 | 1.69 | % | 0.95 | % | 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 | 1.67 | % | 0.89 | % | 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 | 1.55 | % | 0.75 | % | (0.13 | )% | 9.66 | % | ||||||||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.51 | (0.00 | )(6) | 1.46 | 1.46 | (0.15 | ) | (0.42 | ) | (0.57 | ) | 13.40 | 12.01 | % | 55,389 | 1.67 | % | 0.58 | % | (0.04 | )% | 10.14 | % |
See Notes to Financial Statements | See explanation of references on B-9 |
B-8
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios of | Ratios of | Ratios of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Net | Net | Net Assets, | Before | After | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Net | Realized | Distributions | Distributions | Asset | End of | Expense | Expense | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | and | Total from | from Net | from | Value, End | Year or | Reductions | Reductions | (Loss) to | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||
of Year or | Income | Unrealized | Investment | Investment | Capital | Total | of Year | Total | Period | to Average Net | to Average Net | Average Net | Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (1) | Gain (Loss) | Activities | Income | Gains | Distributions | or Period | Returns (2) | (in thousands) | Assets (3) | Assets (3), (4) | Assets (3) | Rates | |||||||||||||||||||||||||||||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R: | 4/1/2011 - 9/30/2011 (5) | $ | 12.22 | $ | (0.05 | ) | $ | (1.98 | ) | $ | (2.03 | ) | $ | — | $ | — | $ | — | $ | 10.19 | (16.61 | )% | $ | 5,101 | 0.99 | % | 0.85 | % | (0.85 | )% | 6.53 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.61 | 0.02 | 1.65 | 1.67 | (0.06 | ) | — | (0.06 | ) | 12.22 | 16.02 | % | 5,553 | 1.05 | % | 0.76 | % | 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 | 1.19 | % | 0.45 | % | 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 | 1.17 | % | 0.39 | % | 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 | 1.05 | % | 0.25 | % | 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 | 1.17 | % | 0.14 | % | 0.40 | % | 10.14 | % | |||||||||||||||||||||||||||||||||||||||||
PL Income Fund (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2011 - 9/30/2011 (5) | $ | 10.16 | $ | 0.16 | $ | 0.07 | $ | 0.23 | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 10.23 | 2.25 | % | $ | 87,526 | 1.43 | % | 0.90 | % | 3.09 | % | 108.37 | % | ||||||||||||||||||||||||||||||||
12/31/2010 - 3/31/2011 | 10.00 | 0.09 | 0.16 | 0.25 | (0.09 | ) | — | (0.09 | ) | 10.16 | 2.46 | % | 5,300 | 1.77 | % | 0.90 | % | 3.62 | % | 142.25 | % | ||||||||||||||||||||||||||||||||||||||||||
Class C: | 6/30/2011 - 9/30/2011 (5) | $ | 10.32 | $ | 0.15 | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 10.25 | (0.08 | )% | $ | 16,240 | 2.15 | % | 1.65 | % | 5.72 | % | 108.37 | % | ||||||||||||||||||||||||||||||
Class I: | 4/1/2011 - 9/30/2011 (5) | $ | 10.16 | $ | 0.17 | $ | 0.08 | $ | 0.25 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 10.24 | 2.43 | % | $ | 42,977 | 1.08 | % | 0.65 | % | 3.34 | % | 108.37 | % | ||||||||||||||||||||||||||||||||
12/31/2010 - 3/31/2011 | 10.00 | 0.10 | 0.15 | 0.25 | (0.09 | ) | — | (0.09 | ) | 10.16 | 2.48 | % | 51,231 | 1.37 | % | 0.65 | % | 3.87 | % | 142.25 | % | ||||||||||||||||||||||||||||||||||||||||||
PL Money Market Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A: | 4/1/2011 - 9/30/2011 (5) | $ | 1.00 | $ | (0.00 | )(6) | $ | 0.00 | (6) | $ | 0.00 | $ | — | $ | — | $ | — | $ | 1.00 | 0.00 | % | $ | 35,647 | 0.99 | % | 0.13 | % | (0.00) | %(6) | N/A | |||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 1.00 | (0.00 | )(6) | 0.00 | (6) | 0.00 | — | — | — | 1.00 | 0.00 | % | 38,443 | 1.00 | % | 0.24 | % | (0.00) | %(6) | N/A | |||||||||||||||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 1.00 | (0.00 | )(6) | 0.00 | (6) | 0.00 | (0.00 | )(6) | — | (0.00 | )(6) | 1.00 | 0.03 | % | 34,669 | 1.09 | % | 0.36 | % | (0.00) | %(6) | N/A | |||||||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | 1.27 | % | 55,424 | 1.18 | % | 0.78 | % | 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 | 1.28 | % | 0.95 | % | 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 | 1.58 | % | 1.02 | % | 4.20 | % | N/A |
(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 are annualized for periods of less than one full year. | |
(4) | 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. | |
(5) | Unaudited. | |
(6) | Amount represents less than $0.005 per share or less than 0.005%. | |
(7) | Class A and Class I shares of the PL Income Fund commenced operations on December 31, 2010 and Class C shares commenced operations on June 30, 2011. |
B-9
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
C-1
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-2
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-3
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-4
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Portfolio Optimization Conservative | 0.20 | % | ||
PL Portfolio Optimization Moderate-Conservative | 0.20 | % | ||
PL Portfolio Optimization Moderate | 0.20 | % | ||
PL Portfolio Optimization Moderate-Aggressive | 0.20 | % | ||
PL Portfolio Optimization Aggressive | 0.20 | % | ||
PL Income Fund | 0.50 | % | ||
PL Money Market | See (1) |
(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. |
C-5
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Investment Adviser | Administrator | Total Reimbursements | ||||||||||
Expense | Fee | and | ||||||||||
Fund | Reimbursements(1) | Reductions | Reductions | |||||||||
PL Portfolio Optimization Conservative | $ | 192,172 | $ | — | $ | 192,172 | ||||||
PL Portfolio Optimization Moderate-Conservative | 188,544 | — | 188,544 | |||||||||
PL Portfolio Optimization Moderate | 486,051 | — | 486,051 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 392,549 | — | 392,549 | |||||||||
PL Portfolio Optimization Aggressive | 159,789 | — | 159,789 | |||||||||
PL Income | 214,689 | — | 214,689 | |||||||||
PL Money Market | 44,449 | 55,883 | 100,332 | |||||||||
Total | $ | 1,678,243 | $ | 55,883 | $ | 1,734,126 | ||||||
(1) | As of September 30, 2011, $290,854 remained due from the investment adviser as reflected on the Statements of Assets and Liabilities. |
Expiration Date | ||||||||||||||||
Fund | 3/31/2012 | 3/31/2013 | 3/31/2014 | 3/31/2015 | ||||||||||||
PL Portfolio Optimization Conservative | $ | 366,006 | $ | 592,826 | $ | 486,514 | $ | 192,172 | ||||||||
PL Portfolio Optimization Moderate-Conservative | 577,457 | 678,602 | 467,467 | 188,544 | ||||||||||||
PL Portfolio Optimization Moderate | 1,939,507 | 2,044,114 | 1,294,312 | 486,051 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 1,999,277 | 1,951,672 | 1,124,694 | 392,549 | ||||||||||||
PL Portfolio Optimization Aggressive | 906,385 | 851,173 | 477,661 | 159,789 | ||||||||||||
PL Income | — | — | 85,763 | 214,689 | ||||||||||||
PL Money Market | 165,706 | 147,762 | 112,758 | 44,449 | ||||||||||||
Total | $ | 5,954,338 | $ | 6,266,149 | $ | 4,049,169 | $ | 1,678,243 | ||||||||
C-6
As of September 30, 2011 | ||||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||||
Net | Unrealized | |||||||||||||||||||||||||||||||||
Value as of | Purchase | Sales | Realized | Appreciation | Shares | Ownership | ||||||||||||||||||||||||||||
Fund/PL Underlying Fund | April 1, 2011 | Cost | Proceeds | Gain (Loss) | (Depreciation) | Value | Balance | Percentage | ||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | ||||||||||||||||||||||||||||||||||
PL Floating Rate Loan | $ | 24,260,513 | $ | 5,310,958 | $ | 366,278 | $ | (10,749 | ) | $ | (662,619 | ) | $ | 28,531,825 | 2,887,837 | 31.47 | % | |||||||||||||||||
PL Inflation Managed | 48,760,953 | 6,208,891 | 2,936,695 | 121,813 | 3,377,369 | 55,532,331 | 4,949,406 | 23.99 | % | |||||||||||||||||||||||||
PL Managed Bond | 102,504,610 | 16,295,701 | 214,738 | (5,563 | ) | (452,643 | ) | 118,127,367 | 11,019,344 | 30.18 | % | |||||||||||||||||||||||
PL Short Duration Bond | 38,742,817 | 5,144,751 | 109,730 | (522 | ) | 63,834 | 43,841,150 | 4,357,967 | 34.62 | % | ||||||||||||||||||||||||
PL Comstock | 9,983,099 | 8,110,004 | 3,412,222 | 132,894 | (2,117,071 | ) | 12,696,704 | 1,268,402 | 7.62 | % | ||||||||||||||||||||||||
PL Growth LT | 5,337,813 | 1,461,837 | 6,098,214 | 580,747 | (1,282,183 | ) | — | — | 0.00 | % | ||||||||||||||||||||||||
PL Large-Cap Growth | 4,928,497 | 2,087,559 | 49,178 | (6,612 | ) | (784,595 | ) | 6,175,671 | 763,371 | 6.48 | % | |||||||||||||||||||||||
PL Large-Cap Value | 15,817,051 | 6,065,112 | 3,761,114 | 127,459 | (2,193,354 | ) | 16,055,154 | 1,611,963 | 7.56 | % | ||||||||||||||||||||||||
PL Main Street Core | 6,069,708 | 1,320,346 | 216,598 | (885 | ) | (762,762 | ) | 6,409,809 | 723,455 | 4.22 | % | |||||||||||||||||||||||
PL Mid-Cap Equity | 9,585,544 | 3,695,860 | 1,850,740 | (23,929 | ) | (1,859,959 | ) | 9,546,776 | 1,144,697 | 7.12 | % | |||||||||||||||||||||||
PL International Large-Cap | 6,166,303 | 6,628,456 | 1,536,364 | 91,604 | (1,597,149 | ) | 9,752,850 | 770,367 | 5.82 | % | ||||||||||||||||||||||||
PL International Value | 6,163,334 | 2,464,816 | 875,856 | (2,761 | ) | (1,149,879 | ) | 6,599,654 | 868,376 | 6.99 | % | |||||||||||||||||||||||
$ | 278,320,242 | $ | 64,794,291 | $ | 21,427,727 | $ | 1,003,496 | $ | (9,421,011 | ) | $ | 313,269,291 | ||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | ||||||||||||||||||||||||||||||||||
PL Floating Rate Loan | $ | 21,066,994 | $ | 2,618,987 | $ | 1,500,271 | $ | (21,264 | ) | $ | (500,342 | ) | $ | 21,664,104 | 2,192,723 | 23.89 | % | |||||||||||||||||
PL Inflation Managed | 39,824,008 | 3,058,566 | 3,371,211 | 253,849 | 2,531,196 | 42,296,408 | 3,769,733 | 18.27 | % | |||||||||||||||||||||||||
PL Managed Bond | 80,434,335 | 8,389,796 | 3,549,139 | (146,934 | ) | (129,612 | ) | 84,998,446 | 7,928,959 | 21.72 | % | |||||||||||||||||||||||
PL Short Duration Bond | 28,978,853 | 3,465,992 | 1,826,149 | (11,637 | ) | 58,858 | 30,665,917 | 3,048,302 | 24.22 | % | ||||||||||||||||||||||||
PL Comstock | 16,277,697 | 5,782,616 | — | — | (3,392,816 | ) | 18,667,497 | 1,864,885 | 11.20 | % | ||||||||||||||||||||||||
PL Growth LT | 8,297,223 | 1,103,927 | 2,114,302 | (175,869 | ) | (1,091,853 | ) | 6,019,126 | 572,160 | 7.21 | % | |||||||||||||||||||||||
PL Large-Cap Growth | 10,977,797 | 2,766,796 | — | — | (1,591,748 | ) | 12,152,845 | 1,502,206 | 12.76 | % | ||||||||||||||||||||||||
PL Large-Cap Value | 22,157,836 | 6,519,888 | — | — | (3,538,190 | ) | 25,139,534 | 2,524,050 | 11.84 | % | ||||||||||||||||||||||||
PL Main Street Core | 13,557,385 | 3,814,124 | — | — | (1,985,235 | ) | 15,386,274 | 1,736,600 | 10.14 | % | ||||||||||||||||||||||||
PL Mid-Cap Equity | 10,930,378 | 4,214,497 | — | — | (2,612,546 | ) | 12,532,329 | 1,502,677 | 9.34 | % | ||||||||||||||||||||||||
PL Mid-Cap Growth | 6,447,601 | 1,256,400 | 598,214 | 17,777 | (1,132,986 | ) | 5,990,578 | 708,106 | 10.68 | % | ||||||||||||||||||||||||
PL Small-Cap Value | 2,816,817 | 876,821 | 105,186 | (1,767 | ) | (530,872 | ) | 3,055,813 | 345,680 | 4.36 | % | |||||||||||||||||||||||
PL Emerging Markets | — | 5,058,221 | 1,135,910 | (153,896 | ) | (690,863 | ) | 3,077,552 | 263,715 | 4.46 | % | |||||||||||||||||||||||
PL International Large-Cap | 13,666,052 | 5,764,661 | 394,289 | (27,176 | ) | (2,759,379 | ) | 16,249,869 | 1,283,560 | 9.69 | % | |||||||||||||||||||||||
PL International Value | 7,837,656 | 4,486,981 | 494,472 | (44,835 | ) | (1,903,194 | ) | 9,882,136 | 1,300,281 | 10.47 | % | |||||||||||||||||||||||
$ | 283,270,632 | $ | 59,178,273 | $ | 15,089,143 | $ | (311,752 | ) | $ | (19,269,582 | ) | $ | 307,778,428 | |||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | ||||||||||||||||||||||||||||||||||
PL Floating Rate Loan | $ | 40,695,802 | $ | 3,879,386 | $ | 3,037,373 | $ | (84,696 | ) | $ | (985,163 | ) | $ | 40,467,956 | 4,095,947 | 44.64 | % | |||||||||||||||||
PL Inflation Managed | 89,349,110 | 6,307,124 | 14,631,560 | 1,324,372 | 5,027,630 | 87,376,676 | 7,787,583 | 37.75 | % | |||||||||||||||||||||||||
PL Managed Bond | 137,704,785 | 12,106,417 | 13,576,735 | (457,513 | ) | 150,394 | 135,927,348 | 12,679,790 | 34.73 | % | ||||||||||||||||||||||||
PL Short Duration Bond | 40,548,010 | 4,424,290 | 4,677,556 | (25,145 | ) | 100,732 | 40,370,331 | 4,012,955 | 31.88 | % | ||||||||||||||||||||||||
PL Comstock | 62,942,312 | 14,765,519 | 226,052 | (33,767 | ) | (12,550,900 | ) | 64,897,112 | 6,483,228 | 38.94 | % | |||||||||||||||||||||||
PL Growth LT | 40,726,523 | 5,815,789 | 8,581,992 | (582,765 | ) | (5,753,499 | ) | 31,624,056 | 3,006,089 | 37.86 | % | |||||||||||||||||||||||
PL Large-Cap Growth | 40,192,558 | 4,412,130 | — | — | (5,417,925 | ) | 39,186,763 | 4,843,852 | 41.13 | % | ||||||||||||||||||||||||
PL Large-Cap Value | 88,175,057 | 10,592,914 | 3,341,828 | (412,079 | ) | (12,924,786 | ) | 82,089,278 | 8,241,895 | 38.65 | % | |||||||||||||||||||||||
PL Main Street Core | 56,402,491 | 8,087,796 | 239,486 | (39,141 | ) | (7,943,733 | ) | 56,267,927 | 6,350,782 | 37.08 | % | |||||||||||||||||||||||
PL Mid-Cap Equity | 47,206,923 | 12,656,506 | — | — | (10,837,597 | ) | 49,025,832 | 5,878,397 | 36.54 | % | ||||||||||||||||||||||||
PL Mid-Cap Growth | 17,403,026 | 1,810,770 | 289,103 | 3,979 | (3,117,580 | ) | 15,811,092 | 1,868,923 | 28.19 | % | ||||||||||||||||||||||||
PL Small-Cap Growth | �� | 8,060,122 | 2,200,532 | — | — | (2,150,036 | ) | 8,110,618 | 883,510 | 27.32 | % | |||||||||||||||||||||||
PL Small-Cap Value | 24,752,795 | 4,465,977 | 420,017 | (537 | ) | (4,602,352 | ) | 24,195,866 | 2,737,089 | 34.56 | % | |||||||||||||||||||||||
PL Real Estate | 15,330,373 | 3,791,085 | 544,455 | 1,126 | (2,456,152 | ) | 16,121,977 | 1,631,779 | 38.95 | % | ||||||||||||||||||||||||
PL Emerging Markets | 25,015,984 | 5,098,629 | — | — | (5,746,621 | ) | 24,367,992 | 2,088,088 | 35.36 | % | ||||||||||||||||||||||||
PL International Large-Cap | 47,581,150 | 30,498,627 | 500,647 | (18,944 | ) | (10,478,911 | ) | 67,081,275 | 5,298,679 | 40.00 | % | |||||||||||||||||||||||
PL International Value | 23,738,005 | 6,782,115 | 172,819 | (36,729 | ) | (5,086,310 | ) | 25,224,262 | 3,318,982 | 26.73 | % | |||||||||||||||||||||||
$ | 805,825,026 | $ | 137,695,606 | $ | 50,239,623 | $ | (361,839 | ) | $ | (84,772,809 | ) | $ | 808,146,361 | |||||||||||||||||||||
C-7
As of September 30, 2011 | ||||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||||
Net | Unrealized | |||||||||||||||||||||||||||||||||
Value as of | Purchase | Sales | Realized | Appreciation | Shares | Ownership | ||||||||||||||||||||||||||||
Fund/PL Underlying Fund | April 1, 2011 | Cost | Proceeds | Gain (Loss) | (Depreciation) | Value | Balance | Percentage | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | ||||||||||||||||||||||||||||||||||
PL Inflation Managed | $ | 51,395,357 | $ | 2,061,201 | $ | 10,825,279 | $ | 1,191,990 | $ | 2,432,042 | $ | 46,255,311 | 4,122,577 | 19.99 | % | |||||||||||||||||||
PL Managed Bond | 51,491,942 | 2,914,437 | 7,765,815 | (118,561 | ) | 72,462 | 46,594,465 | 4,346,499 | 11.91 | % | ||||||||||||||||||||||||
PL Short Duration Bond | 12,923,837 | 940,595 | 2,141,699 | (7,340 | ) | 31,229 | 11,746,622 | 1,167,656 | 9.28 | % | ||||||||||||||||||||||||
PL Comstock | 56,878,863 | 6,995,935 | — | — | (10,765,112 | ) | 53,109,686 | 5,305,663 | 31.87 | % | ||||||||||||||||||||||||
PL Growth LT | 43,513,697 | 4,080,691 | 6,037,258 | (727,161 | ) | (6,254,992 | ) | 34,574,977 | 3,286,595 | 41.39 | % | |||||||||||||||||||||||
PL Large-Cap Growth | 31,845,940 | 1,847,758 | 1,102,556 | (131,063 | ) | (3,993,230 | ) | 28,466,849 | 3,518,770 | 29.88 | % | |||||||||||||||||||||||
PL Large-Cap Value | 75,517,862 | 4,461,420 | 3,128,213 | (547,119 | ) | (10,637,325 | ) | 65,666,625 | 6,593,035 | 30.92 | % | |||||||||||||||||||||||
PL Main Street Core | 56,725,420 | 4,421,784 | 838,083 | (130,605 | ) | (7,517,449 | ) | 52,661,067 | 5,943,687 | 34.71 | % | |||||||||||||||||||||||
PL Mid-Cap Equity | 49,918,924 | 9,547,625 | 857,501 | (67,825 | ) | (10,955,050 | ) | 47,586,173 | 5,705,776 | 35.46 | % | |||||||||||||||||||||||
PL Mid-Cap Growth | 26,130,860 | 1,625,723 | — | — | (4,738,130 | ) | 23,018,453 | 2,720,857 | 41.04 | % | ||||||||||||||||||||||||
PL Small-Cap Growth | 13,364,373 | 1,624,200 | 9,558 | 184 | (3,067,830 | ) | 11,911,369 | 1,297,535 | 40.13 | % | ||||||||||||||||||||||||
PL Small-Cap Value | 32,494,550 | 2,553,242 | 10,323 | 241 | (5,683,244 | ) | 29,354,466 | 3,320,641 | 41.93 | % | ||||||||||||||||||||||||
PL Real Estate | 18,257,445 | 3,686,745 | 1,715,002 | 4,218 | (2,630,116 | ) | 17,603,290 | 1,781,709 | 42.53 | % | ||||||||||||||||||||||||
PL Emerging Markets | 27,095,906 | 8,899,097 | 10,352 | 172 | (6,140,854 | ) | 29,843,969 | 2,557,324 | 43.31 | % | ||||||||||||||||||||||||
PL International Large-Cap | 49,935,619 | 15,039,950 | 571,668 | (30,760 | ) | (9,563,463 | ) | 54,809,678 | 4,329,358 | 32.69 | % | |||||||||||||||||||||||
PL International Value | 35,559,482 | 9,530,785 | 428,751 | (168,087 | ) | (7,760,463 | ) | 36,732,966 | 4,833,285 | 38.93 | % | |||||||||||||||||||||||
$ | 633,050,077 | $ | 80,231,188 | $ | 35,442,058 | $ | (731,716 | ) | $ | (87,171,525 | ) | $ | 589,935,966 | |||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | ||||||||||||||||||||||||||||||||||
PL Managed Bond | $ | 6,580,263 | $ | 963,972 | $ | 1,826,834 | $ | 2,289 | $ | 3,825 | $ | 5,723,515 | 533,910 | 1.46 | % | |||||||||||||||||||
PL Comstock | 20,432,657 | 874,116 | 289,632 | (64,207 | ) | (3,654,936 | ) | 17,297,998 | 1,728,072 | 10.37 | % | |||||||||||||||||||||||
PL Growth LT | 17,657,777 | 1,103,992 | 5,214,737 | 3,141 | (2,237,313 | ) | 11,312,860 | 1,075,367 | 13.54 | % | ||||||||||||||||||||||||
PL Large-Cap Growth | 11,145,737 | 404,594 | 880,158 | (45,098 | ) | (1,337,167 | ) | 9,287,908 | 1,148,073 | 9.75 | % | |||||||||||||||||||||||
PL Large-Cap Value | 26,795,440 | 1,283,761 | 720,342 | (137,148 | ) | (3,806,004 | ) | 23,415,707 | 2,350,975 | 11.03 | % | |||||||||||||||||||||||
PL Main Street Core | 25,131,584 | 824,086 | 1,729,051 | (236,577 | ) | (2,981,463 | ) | 21,008,579 | 2,371,171 | 13.85 | % | |||||||||||||||||||||||
PL Mid-Cap Equity | 18,176,927 | 1,212,507 | 38,681 | (10,692 | ) | (3,857,476 | ) | 15,482,585 | 1,856,425 | 11.54 | % | |||||||||||||||||||||||
PL Mid-Cap Growth | 14,475,253 | 499,833 | 1,283,110 | 5,743 | (2,425,879 | ) | 11,271,840 | 1,332,369 | 20.09 | % | ||||||||||||||||||||||||
PL Small-Cap Growth | 10,935,764 | 1,452,294 | — | — | (2,725,046 | ) | 9,663,012 | 1,052,616 | 32.55 | % | ||||||||||||||||||||||||
PL Small-Cap Value | 16,150,663 | 860,900 | 871,831 | (79,685 | ) | (2,649,818 | ) | 13,410,229 | 1,516,994 | 19.15 | % | |||||||||||||||||||||||
PL Real Estate | 8,271,792 | 915,251 | 267,220 | (22,145 | ) | (1,233,106 | ) | 7,664,572 | 775,766 | 18.52 | % | |||||||||||||||||||||||
PL Emerging Markets | 12,166,048 | 3,003,959 | 875,118 | 16,551 | (2,688,974 | ) | 11,622,466 | 995,927 | 16.87 | % | ||||||||||||||||||||||||
PL International Large-Cap | 20,655,991 | 3,413,722 | 472,088 | 5,175 | (3,817,910 | ) | 19,784,890 | 1,562,787 | 11.80 | % | ||||||||||||||||||||||||
PL International Value | 16,966,308 | 2,828,382 | 103,648 | (53,404 | ) | (3,718,813 | ) | 15,918,825 | 2,094,582 | 16.88 | % | |||||||||||||||||||||||
$ | 225,542,204 | $ | 19,641,369 | $ | 14,572,450 | $ | (616,057 | ) | $ | (37,130,080 | ) | $ | 192,864,986 | |||||||||||||||||||||
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 | ) |
C-8
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Net Unrealized | Net Unrealized | |||||||||||||||||||||||
Total Cost of | Gross | Gross | Appreciation | Appreciation | Net | |||||||||||||||||||
Investments | Unrealized | Unrealized | (Depreciation) | (Depreciation) | Appreciation | |||||||||||||||||||
Fund | on Tax Basis | Appreciation | Depreciation | on Investments | on Other (1) | (Depreciation) | ||||||||||||||||||
PL Portfolio Optimization Conservative | $ | 306,117,540 | $ | 7,499,664 | $ | (347,913 | ) | $ | 7,151,751 | $ | — | $ | 7,151,751 | |||||||||||
PL Portfolio Optimization Moderate-Conservative | 305,572,249 | 4,523,637 | (2,317,458 | ) | 2,206,179 | — | 2,206,179 | |||||||||||||||||
PL Portfolio Optimization Moderate | 822,422,886 | 11,884,752 | (26,161,277 | ) | (14,276,525 | ) | — | (14,276,525 | ) | |||||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 616,215,725 | 9,775,624 | (36,055,383 | ) | (26,279,759 | ) | — | (26,279,759 | ) | |||||||||||||||
PL Portfolio Optimization Aggressive | 202,523,326 | — | (9,658,340 | ) | (9,658,340 | ) | — | (9,658,340 | ) | |||||||||||||||
PL Income | 148,611,656 | 912,893 | (1,877,099 | ) | (964,206 | ) | (6,563 | ) | (970,769 | ) | ||||||||||||||
PL Money Market | 35,736,625 | — | — | — | — | — |
(1) | Other includes net depreciation on unfunded loan commitments. |
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Fund | Income | Capital Gains | Distributions | |||||||||
PL Income | $ | 1,503,133 | $ | — | $ | 1,503,133 |
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 |
C-9
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 Income | — | 526,794 | — | 97,883 | ||||||||||||
PL Money Market | — | 37 | — | — |
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PL Portfolio Optimization Conservative | $ | — | $ | — | $64,794,291 | $ | 21,427,727 | |||||||||
PL Portfolio Optimization Moderate-Conservative | — | — | 59,178,273 | 15,089,143 | ||||||||||||
PL Portfolio Optimization Moderate | — | — | 137,695,606 | 50,239,623 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | — | — | 80,231,188 | 35,442,058 | ||||||||||||
PL Portfolio Optimization Aggressive | — | — | 19,641,369 | 14,572,450 | ||||||||||||
PL Income | 27,650,811 | 18,278,272 | 142,966,015 | 73,575,776 |
• | 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 |
C-10
PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | |||||||||||||||||||||||||||||
Conservative Fund | Moderate-Conservative Fund | Moderate Fund | Moderate-Aggressive Fund | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 4,145,804 | 9,883,219 | 3,797,747 | 7,499,767 | 9,700,125 | 16,639,175 | 5,688,055 | 10,900,181 | ||||||||||||||||||||||||
Dividends and distribution reinvested | — | 273,222 | — | 228,388 | — | 494,777 | — | 282,851 | ||||||||||||||||||||||||
Shares repurchased | (2,553,805 | ) | (4,793,123 | ) | (1,875,322 | ) | (3,327,441 | ) | (5,030,816 | ) | (7,572,182 | ) | (3,197,195 | ) | (7,258,951 | ) | ||||||||||||||||
Net increase | 1,591,999 | 5,363,318 | 1,922,425 | 4,400,714 | 4,669,309 | 9,561,770 | 2,490,860 | 3,924,081 | ||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
Ending shares outstanding | 13,575,617 | 11,983,618 | 13,737,644 | 11,815,219 | 37,089,792 | 32,420,483 | 27,495,067 | 25,004,207 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 527,512 | 1,209,958 | 645,185 | 1,147,366 | 1,468,177 | 2,989,542 | 1,039,971 | 2,076,087 | ||||||||||||||||||||||||
Dividends and distribution reinvested | — | 40,641 | — | 40,051 | — | 84,489 | — | 40,570 | ||||||||||||||||||||||||
Shares repurchased | (149,799 | ) | (473,616 | ) | (193,426 | ) | (477,945 | ) | (581,369 | ) | (1,351,393 | ) | (506,943 | ) | (1,595,557 | ) | ||||||||||||||||
Net increase | 377,713 | 776,983 | 451,759 | 709,472 | 886,808 | 1,722,638 | 533,028 | 521,100 | ||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
Ending shares outstanding | 2,444,973 | 2,067,260 | 2,995,325 | 2,543,566 | 8,691,638 | 7,804,830 | 7,555,914 | 7,022,886 | ||||||||||||||||||||||||
C-11
PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | |||||||||||||||||||||||||||||
Conservative Fund | Moderate-Conservative Fund | Moderate Fund | Moderate-Aggressive Fund | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 4,085,081 | 8,387,689 | 2,490,830 | 5,199,896 | 5,183,584 | 11,224,010 | 2,695,502 | 5,999,834 | ||||||||||||||||||||||||
Dividends and distribution reinvested | — | 202,508 | — | 139,873 | — | 272,946 | — | 113,765 | ||||||||||||||||||||||||
Shares repurchased | (2,095,284 | ) | (4,231,977 | ) | (1,069,245 | ) | (1,937,194 | ) | (3,407,510 | ) | (4,970,189 | ) | (1,953,444 | ) | (4,720,942 | ) | ||||||||||||||||
Net increase | 1,989,797 | 4,358,220 | 1,421,585 | 3,402,575 | 1,776,074 | 6,526,767 | 742,058 | 1,392,657 | ||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
Ending shares outstanding | 12,895,345 | 10,905,548 | 11,042,025 | 9,620,440 | 27,961,275 | 26,185,201 | 20,139,001 | 19,396,943 | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||
Shares sold | 277,978 | 383,168 | 461,949 | 711,711 | 568,902 | 1,078,079 | 449,100 | 640,197 | ||||||||||||||||||||||||
Dividends and distribution reinvested | — | 21,554 | — | 27,930 | — | 36,679 | — | 13,461 | ||||||||||||||||||||||||
Shares repurchased | (145,343 | ) | (353,249 | ) | (246,107 | ) | (378,253 | ) | (470,746 | ) | (1,365,474 | ) | (172,811 | ) | (362,686 | ) | ||||||||||||||||
Net increase (decrease) | 132,635 | 51,473 | 215,842 | 361,388 | 98,156 | (250,716 | ) | 276,289 | 290,972 | |||||||||||||||||||||||
Beginning shares outstanding | 819,689 | 768,216 | 1,357,946 | 996,558 | 1,998,222 | 2,248,938 | 1,435,029 | 1,144,057 | ||||||||||||||||||||||||
Ending shares outstanding | 952,324 | 819,689 | 1,573,788 | 1,357,946 | 2,096,378 | 1,998,222 | 1,711,318 | 1,435,029 | ||||||||||||||||||||||||
PL Portfolio Optimization | ||||||||||||||||||||||||
Aggressive Fund | PL Income Fund (1) | PL Money Market Fund | ||||||||||||||||||||||
Period ended | Year ended | Period ended | Period ended | Period ended | Year ended | |||||||||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 1,502,717 | 3,514,980 | 8,535,289 | 548,189 | 27,536,823 | 88,260,849 | ||||||||||||||||||
Dividends and distribution reinvested | — | 66,115 | 38,888 | 1,632 | — | — | ||||||||||||||||||
Shares repurchased | (1,113,943 | ) | (3,543,645 | ) | (543,854 | ) | (27,989 | ) | (30,332,246 | ) | (84,487,252 | ) | ||||||||||||
Net increase (decrease) | 388,774 | 37,450 | 8,030,323 | 521,832 | (2,795,423 | ) | 3,773,597 | |||||||||||||||||
Beginning shares outstanding | 9,296,213 | 9,258,763 | 521,832 | — | 38,453,326 | 34,679,729 | ||||||||||||||||||
Ending shares outstanding | 9,684,987 | 9,296,213 | 8,552,155 | 521,832 | 35,657,903 | 38,453,326 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
Shares sold | 225,369 | 594,910 | ||||||||||||||||||||||
Dividends and distribution reinvested | — | 14,313 | ||||||||||||||||||||||
Shares repurchased | (156,842 | ) | (808,725 | ) | ||||||||||||||||||||
Net increase (decrease) | 68,527 | (199,502 | ) | |||||||||||||||||||||
Beginning shares outstanding | 2,550,471 | 2,749,973 | ||||||||||||||||||||||
Ending shares outstanding | 2,618,998 | 2,550,471 | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 1,098,203 | 2,856,844 | 1,624,784 | |||||||||||||||||||||
Dividends and distribution reinvested | — | 31,582 | 4,144 | |||||||||||||||||||||
Shares repurchased | (1,268,604 | ) | (3,126,313 | ) | (44,284 | ) | ||||||||||||||||||
Net increase (decrease) | (170,401 | ) | (237,887 | ) | 1,584,644 | |||||||||||||||||||
Beginning shares outstanding | 6,282,882 | 6,520,769 | — | |||||||||||||||||||||
Ending shares outstanding | 6,112,481 | 6,282,882 | 1,584,644 | |||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 146,924 | 210,892 | ||||||||||||||||||||||
Dividends and distribution reinvested | — | 2,875 | ||||||||||||||||||||||
Shares repurchased | (100,794 | ) | (178,354 | ) | ||||||||||||||||||||
Net increase | 46,130 | 35,413 | ||||||||||||||||||||||
Beginning shares outstanding | 454,534 | 419,121 | ||||||||||||||||||||||
Ending shares outstanding | 500,664 | 454,534 | ||||||||||||||||||||||
C-12
PL Portfolio Optimization | ||||||||||||||||||||||||
Aggressive Fund | PL Income Fund (1) | PL Money Market Fund | ||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 32,856 | 5,000,965 | ||||||||||||||||||||||
Dividends and distribution reinvested | 80,213 | 43,044 | ||||||||||||||||||||||
Shares repurchased | (960,006 | ) | — | |||||||||||||||||||||
Net increase (decrease) | (846,937 | ) | 5,044,009 | |||||||||||||||||||||
Beginning shares outstanding | 5,044,009 | — | ||||||||||||||||||||||
Ending shares outstanding | 4,197,072 | 5,044,009 | ||||||||||||||||||||||
(1) | Class A and Class I shares of the PL Income Fund commenced operations on December 31, 2010 and Class C shares commenced operations on June 30, 2011. |
C-13
DISCLOSURE OF FUND EXPENSES
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 04/01/11 - | |||||||||||||
04/01/11 | 09/30/11 | Ratio | 09/30/11 | |||||||||||||
PL Portfolio Optimization Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 971.50 | 0.60 | % | $ | 2.96 | ||||||||
Class B | 1,000.00 | 967.50 | 1.35 | % | 6.64 | |||||||||||
Class C | 1,000.00 | 967.50 | 1.35 | % | 6.64 | |||||||||||
Class R | 1,000.00 | 971.40 | 0.85 | % | 4.19 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Class B | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85 | % | 4.29 | |||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 937.80 | 0.60 | % | $ | 2.91 | ||||||||
Class B | 1,000.00 | 932.90 | 1.35 | % | 6.52 | |||||||||||
Class C | 1,000.00 | 933.70 | 1.35 | % | 6.53 | |||||||||||
Class R | 1,000.00 | 935.80 | 0.85 | % | 4.11 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Class B | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85 | % | 4.29 | |||||||||||
PL Portfolio Optimization Moderate Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 902.40 | 0.60 | % | $ | 2.85 | ||||||||
Class B | 1,000.00 | 898.30 | 1.35 | % | 6.41 | |||||||||||
Class C | 1,000.00 | 898.10 | 1.35 | % | 6.41 | |||||||||||
Class R | 1,000.00 | 901.20 | 0.85 | % | 4.04 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Class B | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85 | % | 4.29 | |||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 868.00 | 0.60 | % | $ | 2.80 | ||||||||
Class B | 1,000.00 | 863.40 | 1.35 | % | 6.29 | |||||||||||
Class C | 1,000.00 | 863.10 | 1.35 | % | 6.29 | |||||||||||
Class R | 1,000.00 | 867.00 | 0.85 | % | 3.97 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Class B | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85 | % | 4.29 |
D-1
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 04/01/11 - | |||||||||||||
04/01/11 | 09/30/11 | Ratio | 09/30/11 | |||||||||||||
PL Portfolio Optimization Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 836.40 | 0.60 | % | $ | 2.75 | ||||||||
Class B | 1,000.00 | 829.60 | 1.35 | % | 6.17 | |||||||||||
Class C | 1,000.00 | 829.60 | 1.35 | % | 6.17 | |||||||||||
Class R | 1,000.00 | 833.90 | 0.85 | % | 3.90 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Class B | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35 | % | 6.81 | |||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85 | % | 4.29 | |||||||||||
PL Income Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.50 | 0.90 | % | $ | 4.55 | ||||||||
Class C (3) | 1,000.00 | 999.20 | 1.65 | % | 4.19 | |||||||||||
Class I | 1,000.00 | 1,024.30 | 0.65 | % | 3.29 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.50 | 0.90 | % | $ | 4.55 | ||||||||
Class C (3) | 1,000.00 | 1,016.75 | 1.65 | % | 8.32 | |||||||||||
Class I | 1,000.00 | 1,021.75 | 0.65 | % | 3.29 | |||||||||||
PL Money Market Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,000.00 | 0.13 | % | $ | 0.65 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.35 | 0.13 | % | $ | 0.66 |
(1) | Expenses paid during the six-month 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 366 days. | |
(2) | The annualized expense ratios for the Portfolio Optimization Funds do not include expenses of the PL Underlying Funds (See Note 1 in Notes to Financial Statements) in which the Portfolio Optimization Funds invest. | |
(3) | Class C of the PL Income Fund commenced operations on June 30, 2011. The actual class return and expenses paid during the period by this class were for the period from June 30, 2011 to September 30, 2011 instead of the entire six-month period. The hypothetical return is based on the entire six-month period for comparison purposes. |
D-2
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 |
D-3
P.O. Box 9768
Providence, RI 02940-9768
![(PACIFIC LIFE FUNDS LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-102332/y92358y9235802.gif)
Semi-Annual Report
As of September 30, 2011
Schedules of Investments and Notes | A-1 | |||
Financial Statements: | ||||
Statements of Assets and Liabilities | B-1 | |||
Statements of Operations | B-4 | |||
Statements of Changes in Net Assets | B-7 | |||
Financial Highlights | B-13 | |||
Notes to Financial Statements | C-1 | |||
Disclosure of Fund Expenses | D-1 | |||
Approval of Investment Advisory Agreement and Fund Management Agreements | D-3 | |||
Where to Go for More Information | D-6 |
PL FLOATING RATE INCOME FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS & NOTES - 10.9% | ||||||||
Consumer Discretionary - 0.7% | ||||||||
Dana Holding Corp | ||||||||
6.750% due 02/15/21 | $ | 250,000 | $ | 238,750 | ||||
Consumer Staples - 0.7% | ||||||||
Reynolds Group Issuer Inc | ||||||||
7.875% due 08/15/19 ~ | 250,000 | 242,500 | ||||||
Energy - 1.0% | ||||||||
Arch Coal Inc | ||||||||
7.000% due 06/15/19 ~ | 250,000 | 238,750 | ||||||
Precision Drilling Corp (Canada) | ||||||||
6.500% due 12/15/21 ~ | 100,000 | 99,000 | ||||||
337,750 | ||||||||
Financials - 2.2% | ||||||||
CIT Group Inc | ||||||||
7.000% due 05/01/16 | 250,000 | 242,812 | ||||||
Ford Motor Credit Co LLC | ||||||||
2.996% due 01/13/12 § | 250,000 | 251,390 | ||||||
Nuveen Investments Inc | ||||||||
10.500% due 11/15/15 | 250,000 | 231,875 | ||||||
726,077 | ||||||||
Industrials - 1.5% | ||||||||
CSC Holdings LLC | ||||||||
8.500% due 06/15/15 | 250,000 | 264,375 | ||||||
U.S. Airways 2011-1 Pass Through Trust ‘A’ | ||||||||
7.125% due 10/22/23 | 250,000 | 237,500 | ||||||
501,875 | ||||||||
Information Technology - 0.7% | ||||||||
EH Holding Corp | ||||||||
7.625% due 06/15/21 ~ | 250,000 | 241,875 | ||||||
Materials - 3.4% | ||||||||
American Rock Salt Co LLC | ||||||||
8.250% due 05/01/18 ~ | 250,000 | 220,000 | ||||||
Berry Plastics Corp | ||||||||
4.999% due 02/15/15 § | 500,000 | 465,000 | ||||||
FMG Resources August 2006 Pty Ltd (Australia) | ||||||||
7.000% due 11/01/15 ~ | 250,000 | 233,750 | ||||||
Vulcan Materials Co | ||||||||
6.500% due 12/01/16 | 250,000 | 230,834 | ||||||
1,149,584 | ||||||||
Telecommunication Services - 0.7% | ||||||||
Intelsat Luxemburg SA (Luxembourg) | ||||||||
11.500% due 02/04/17 | 250,000 | 215,625 | ||||||
Total Corporate Bonds & Notes (Cost $3,884,381) | 3,654,036 | |||||||
SENIOR LOAN NOTES - 82.6% | ||||||||
Consumer Discretionary - 32.0% | ||||||||
Bass Pro Group LLC | ||||||||
5.254% due 06/13/17 § | 498,750 | 479,112 | ||||||
Bresnan Broadband Holdings LLC Term B | ||||||||
due 12/14/17 ¥ | 500,000 | 484,375 | ||||||
Burger King Corp Term B | ||||||||
4.500% due 10/19/16 § | 498,744 | 482,223 | ||||||
Caesars Entertainment Operating Co Inc Term B-3 | ||||||||
3.254% due 01/28/15 § | 746,250 | 628,249 | ||||||
Chrysler LLC Term B | ||||||||
6.000% due 05/25/17 § | 997,500 | 878,216 | ||||||
Clear Channel Communications Inc Tranche B | ||||||||
3.889% due 01/29/16 § | 1,000,000 | 714,625 | ||||||
Cumulus Media Holdings Inc Term B (1st Lien) | ||||||||
5.750% due 07/29/18 § | 1,000,000 | 946,250 | ||||||
Emergency Medical Services Corp (Initial Term Loan) | ||||||||
5.250% due 05/25/18 § | 497,500 | 474,594 | ||||||
Interactive Data Corp Term B | ||||||||
4.500% due 02/11/18 § | 497,500 | 480,088 | ||||||
Jo-Ann Stores Inc | ||||||||
4.750% due 03/16/18 § | 498,750 | 465,085 | ||||||
MCC Iowa LLC Tranche F | ||||||||
4.500% due 10/23/17 § | 497,481 | 480,691 | ||||||
Petco Animal Supplies Inc Term B (1st Lien) | ||||||||
4.500% due 11/30/17 § | 500,000 | 474,479 | ||||||
Pilot Travel Centers LLC Tranche B (Initial Term Loan) | ||||||||
4.250% due 03/30/18 § | 487,500 | 482,828 | ||||||
The Neiman Marcus Group Inc | ||||||||
4.750% due 05/16/18 § | 750,000 | 697,187 | ||||||
The Servicemaster Co | ||||||||
(Closing Date Loan) 2.744% due 07/24/14 § | 452,248 | 424,661 | ||||||
(Delayed Draw Term Loan) 2.740% due 07/24/14 § | 45,154 | 42,400 | ||||||
Toys ‘R’ Us-Delaware Inc Term B-2 | ||||||||
5.250% due 05/25/18 § | 997,500 | 953,859 | ||||||
Univision Communications Inc (Extended 1st Lien) | ||||||||
4.489% due 03/31/17 § | 750,000 | 639,062 | ||||||
Wendy’s Arby’s Restaurants LLC | ||||||||
5.000% due 05/24/17 § | 498,737 | 497,699 | ||||||
10,725,683 | ||||||||
Consumer Staples - 12.1% | ||||||||
Bj’s Wholesale Club LLC (1st Lien) | ||||||||
due 09/28/18 ¥ | 500,000 | 484,107 | ||||||
Del Monte Foods Co (Initial Term Loan) | ||||||||
4.500% due 03/08/18 § | 748,125 | 694,167 | ||||||
NBTY Inc Term B-1 | ||||||||
due 10/01/17 ¥ | 500,000 | 485,469 | ||||||
Reynolds Group Holdings Inc Tranche C | ||||||||
6.500% due 08/09/18 § | 1,000,000 | 970,417 | ||||||
Rite Aid Corp Tranche 5 | ||||||||
4.500% due 03/03/18 § | 500,000 | 465,000 | ||||||
U.S. Foodservice Inc | ||||||||
5.750% due 03/31/17 § | 995,000 | 943,591 | ||||||
4,042,751 | ||||||||
Energy - 1.3% | ||||||||
CCS Inc | ||||||||
3.369% due 11/14/14 § | 498,705 | 441,977 | ||||||
Financials - 6.0% | ||||||||
First Data Corp Tranche B-1 (Initial Term Loan) | ||||||||
2.985% due 09/24/14 § | 1,000,000 | 878,625 | ||||||
Nuveen Investments Inc (Extended 1st Lien) | ||||||||
5.819% due 05/13/17 § | 500,000 | 465,750 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-1
PL FLOATING RATE INCOME FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Realogy Corp (Non-Extended) | ||||||||
3.272% due 10/10/13 § | $ | 664,432 | $ | 594,389 | ||||
(Synthetic Letter of Credit) | ||||||||
4.469% due 10/10/13 § | 81,809 | 73,185 | ||||||
2,011,949 | ||||||||
Health Care - 7.2% | ||||||||
Capsugel Finance Co Term B | ||||||||
5.250% due 07/30/18 § | 1,000,000 | 987,813 | ||||||
IASIS Healthcare LLC Term B | ||||||||
5.000% due 05/03/18 § | 498,747 | 466,952 | ||||||
InVentiv Health Inc Tranche B-3 | ||||||||
6.750% due 07/19/18 § | 997,500 | 956,353 | ||||||
2,411,118 | ||||||||
Industrials - 7.1% | ||||||||
AWAS Finance Luxembourg SARL Term B | ||||||||
5.250% due 06/10/16 § | 978,723 | 966,489 | ||||||
Ceridian Corp | ||||||||
3.239% due 11/09/14 § | 498,718 | 434,508 | ||||||
Delta Air Lines Inc | ||||||||
5.500% due 04/20/17 § | 498,750 | 470,695 | ||||||
Transdigm Inc | ||||||||
4.000% due 02/15/17 § | 498,744 | 488,457 | ||||||
2,360,149 | ||||||||
Information Technology - 1.3% | ||||||||
CDW LLC (Extended) | ||||||||
4.250% due 07/15/17 § | 500,000 | 446,250 | ||||||
Materials - 5.8% | ||||||||
Exopack LLC/Cello-Foil Products Inc Term B | ||||||||
6.500% due 05/31/17 § | 498,750 | 468,825 | ||||||
Sealed Air Corp Term B (Advanced Loan) | ||||||||
due 10/03/18 ¥ | 1,000,000 | 1,002,750 | ||||||
Univar Inc Term B | ||||||||
5.000% due 06/30/17 § | 497,494 | 466,815 | ||||||
1,938,390 | ||||||||
Telecommunication Services - 4.8% | ||||||||
Avaya Inc Term B-3 | ||||||||
4.814% due 10/26/17 § | 496,742 | 424,507 | ||||||
Intelsat Jackson Holdings Ltd | ||||||||
3.246% due 02/01/14 § | 750,000 | 699,375 | ||||||
Level 3 Financing Inc Tranche B-2 | ||||||||
due 09/01/18 ¥ | 500,000 | 473,750 | ||||||
1,597,632 | ||||||||
Utilities - 5.0% | ||||||||
Calpine Corp | ||||||||
4.500% due 04/01/18 § | 498,747 | 472,937 | ||||||
Dynegy Power Corp Term B | ||||||||
9.250% due 08/05/16 § | 500,000 | 493,672 | ||||||
Texas Competitive Electric Holdings Co (Non-Extending) | ||||||||
3.726% due 10/10/14 § | 1,000,000 | 709,583 | ||||||
1,676,192 | ||||||||
Total Senior Loan Notes (Cost $29,029,394) | 27,652,091 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 14.6% | ||||||||
Money Market Fund - 14.6% | ||||||||
BlackRock Liquidity Funds Treasury | ||||||||
Trust Fund Portfolio | 4,895,766 | 4,895,766 | ||||||
Total Short-Term Investment (Cost $4,895,766) | 4,895,766 | |||||||
TOTAL INVESTMENTS - 108.1% (Cost $37,809,541) | 36,201,893 | |||||||
OTHER ASSETS & LIABILITIES, NET - (8.1%) | (2,711,385 | ) | ||||||
NET ASSETS - 100.0% | $ | 33,490,508 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Consumer Discretionary | 32.7 | % | ||
Short-Term Investment | 14.6 | % | ||
Consumer Staples | 12.8 | % | ||
Materials | 9.2 | % | ||
Industrials | 8.6 | % | ||
Financials | 8.2 | % | ||
Health Care | 7.2 | % | ||
Telecommunication Services | 5.5 | % | ||
Utilities | 5.0 | % | ||
Energy | 2.3 | % | ||
Information Technology | 2.0 | % | ||
108.1 | % | |||
Other Assets & Liabilities, Net | (8.1 | )% | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
BBB | 3.8 | % | ||
BB | 41.8 | % | ||
B | 47.7 | % | ||
CCC | 6.7 | % | ||
100.0 | % | |||
(c) | Pursuant to the terms of the following senior loan agreement, the fund had an unfunded loan commitment of $498,750 or 1.5% of net assets as of September 30, 2011, which could be extended at the option of the borrower: |
Unfunded | ||||||||||||||||
Loan | Unrealized | |||||||||||||||
Borrower | Commitment | Value | Depreciation | |||||||||||||
Lamar Media Corp Term B | $ | 498,750 | $ | 494,375 | $ | (4,375 | ) | |||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-2
PL FLOATING RATE INCOME FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||
Assets | Corporate Bonds & Notes | $ | 3,654,036 | $ | — | $ | 3,654,036 | $ | — | |||||||||||||||||
Senior Loan Notes | 27,652,091 | — | 27,652,091 | — | ||||||||||||||||||||||
Short-Term Investment | 4,895,766 | 4,895,766 | — | — | ||||||||||||||||||||||
Unfunded Loan Commitment | 494,375 | — | 494,375 | — | ||||||||||||||||||||||
Total | $ | 36,696,268 | $ | 4,895,766 | $ | 31,800,502 | $ | — | ||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-3
PL FLOATING RATE LOAN FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 0.5% | ||||||||
Consumer Discretionary - 0.5% | ||||||||
Metro-Goldwyn-Mayer Studios Inc ‘A’ * ◊ | 27,061 | $ | 493,863 | |||||
Total Common Stocks (Cost $671,651) | 493,863 | |||||||
Principal | ||||||||
Amount | Value | |||||||
SENIOR LOAN NOTES - 97.6% | ||||||||
Consumer Discretionary - 35.4% | ||||||||
Advantage Sales & Marketing Inc (1st Lien) 5.250% due 12/17/17 § | $ | 672,431 | 650,997 | |||||
Affinion Group Inc Tranche B 5.000% due 10/09/16 § | 1,086,727 | 991,185 | ||||||
Allison Transmission Inc 2.980% due 08/07/14 § | 961,985 | 908,114 | ||||||
ARAMARK Corp | ||||||||
(Letter of Credit Facility Deposit Non-Extending) 0.089% due 01/26/14 § | 67,524 | 65,724 | ||||||
(Non-Extending) 2.244% due 01/26/14 § | 838,203 | 815,851 | ||||||
Asurion LLC (1st Lien) 5.500% due 05/30/18 § | 661,193 | 626,894 | ||||||
Burger King Corp Term B 4.500% due 10/19/16 § | 496,250 | 479,812 | ||||||
Catalina Marketing Corp (Initial Term Loan) 2.989% due 10/26/14 § | 939,228 | 885,223 | ||||||
Cequel Communications LLC 2.241% due 05/05/13 § | 992,208 | 959,135 | ||||||
Charter Communications Operating LLC Term C 3.620% due 09/06/16 § | 496,212 | 481,326 | ||||||
Chrysler Group LLC Term B 6.000% due 05/24/17 § | 1,047,375 | 922,127 | ||||||
Cumulus Media Inc Term B (1st Lien) 5.750% due 09/16/18 § | 500,000 | 473,125 | ||||||
Delphi Corp Term B 3.500% due 03/31/17 § | 171,053 | 169,556 | ||||||
DineEquity Inc Term B-1 4.250% due 10/25/17 § | 123,652 | 120,329 | ||||||
Dollar General Corp Tranche B-2 2.982% due 07/06/13 § | 500,000 | 495,886 | ||||||
Dunkin Brands Inc Term B-2 4.000% due 11/23/17 § | 992,513 | 962,323 | ||||||
Emergency Medical Services Corp (Initial Term Loan) 5.250% due 05/25/18 § | 997,494 | 951,567 | ||||||
Entercom Radio LLC Term A 1.331% due 06/18/12 § | 170,192 | 163,810 | ||||||
Federal-Mogul Corp | ||||||||
Tranche B 2.159% due 12/27/14 § | 648,683 | 599,491 | ||||||
Tranche C 2.166% due 12/27/15 § | 330,961 | 305,863 | ||||||
General Nutrition Centers Inc Tranche B 4.250% due 03/02/18 § | 375,000 | 363,906 | ||||||
Getty Images Inc 5.250% due 11/03/16 § | 490,344 | 488,506 | ||||||
Go Daddy Group Inc due 10/05/18 ∞ | 175,000 | 166,101 | ||||||
Harrah’s Operating Co Inc Term B-1 3.253% due 01/28/15 § | 1,000,000 | 842,188 | ||||||
Interactive Data Corp Term B 4.500% due 02/08/18 § | 497,500 | 480,088 | ||||||
Jo-Ann Stores Inc 4.750% due 03/18/18 § | 498,750 | 465,084 | ||||||
Language Line LLC Tranche B 6.250% due 06/15/16 § | 194,708 | 184,973 | ||||||
Las Vegas Sands LLC | ||||||||
(Extended Delayed Draw I Term Loan) 2.740% due 05/23/16 § | 107,797 | 100,925 | ||||||
Tranche B (Extended) 2.740% due 11/23/16 § | 533,487 | 499,763 | ||||||
Laureate Education Inc (Extended) 5.250% due 06/15/18 § | 996,247 | 903,264 | ||||||
Mediacom Group LLC Tranche E 4.500% due 11/03/17 § | 987,500 | 960,344 | ||||||
Michaels Stores Inc | ||||||||
Term B-1 2.552% due 10/31/13 § | 463,828 | 444,760 | ||||||
Term B-2 4.802% due 07/31/16 § | 688,114 | 658,009 | ||||||
Nexstar Broadcasting Inc (Delayed Draw Term Loan) 5.000% due 09/30/16 § | 994,979 | 977,567 | ||||||
National Bedding Co LLC (Extended) 3.880% due 12/17/13 § | 494,397 | 487,600 | ||||||
Orbitz Worldwide Inc 3.266% due 07/25/14 § | 479,871 | 421,486 | ||||||
OSI Restaurant Partners LLC due 06/14/14 ∞ | 455,691 | 425,217 | ||||||
2.563% due 06/14/14 § | 425,932 | 397,448 | ||||||
(Pre-Funded Revolving Credit Loan) due 06/14/14 ∞ | 44,309 | 41,345 | ||||||
0.163% due 06/14/14 § | 41,547 | 38,769 | ||||||
Petco Animal Supplies Inc Term B 4.500% due 10/28/17 § | 495,000 | 469,734 | ||||||
Pilot Travel Centers LLC Tranche B (Initial Term Loan) 4.250% due 03/30/18 § | 414,375 | 410,404 | ||||||
Protection One Alarm Monitoring Inc 6.000% due 06/04/16 § | 436,026 | 429,485 | ||||||
Regal Cinemas Corp 3.369% due 08/23/17 § | 843,625 | 822,007 | ||||||
Sabre Inc (Initial Term Loan) 2.243% due 09/21/14 § | 971,124 | 819,251 | ||||||
SeaWorld Parks & Entertainment Inc | ||||||||
Term A 2.989% due 02/16/16 § | 248,475 | 241,021 | ||||||
Term B 4.000% due 02/16/16 § | 228,059 | 222,073 | ||||||
Six Flags Theme Parks Inc Tranche B 5.250% due 02/17/16 § | 1,000,000 | 990,625 | ||||||
SymphonyIRI Group 5.000% due 11/30/17 § | 498,750 | 485,034 | ||||||
The Goodyear Tire & Rubber Co (2nd Lien) 1.940% due 04/30/14 § | 1,000,000 | 968,125 | ||||||
The Neiman Marcus Group Inc 4.750% due 05/16/16 § | 825,000 | 766,906 | ||||||
The Weather Channel Holding Corp 4.250% due 02/04/17 § | 248,750 | 246,055 | ||||||
Travelport LLC (Extended Delayed Draw Term Loan) 4.746% due 08/23/15 § | 697,634 | 617,987 | ||||||
Univision Communications Inc | ||||||||
(Extended 1st Lien Term Loan) 4.489% due 03/29/17 § | 766,960 | 653,514 | ||||||
(Initial Term Loan) 4.489% due 09/29/14 § | 766,960 | 693,140 | ||||||
Visant Corp Tranche B 5.250% due 12/22/16 § | 148,875 | 136,965 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-4
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
VML U.S. Finance LLC Term B | ||||||||
(Delayed Draw Project Loan) 4.740% due 05/25/12 § | $ | 148,072 | $ | 147,721 | ||||
(Funded Project Loan) 4.740% due 04/11/13 § | 660,777 | 659,208 | ||||||
Zuffa LLC (Initial Term Loan) 2.250% due 06/01/15 § | 989,664 | 932,758 | ||||||
32,087,694 | ||||||||
Consumer Staples - 12.4% | ||||||||
Dean Foods Co Tranche B (Non-Extending) 1.870% due 04/02/14 § | 494,819 | 484,922 | ||||||
Del Monte Foods Co (Initial Term Loan) 4.500% due 02/15/18 § | 997,500 | 925,555 | ||||||
Dole Food Company Inc | ||||||||
Tranche B-2 5.000% due 06/28/18 § | 113,466 | 111,976 | ||||||
Tranche C-2 6.000% due 07/08/18 § | 210,722 | 207,956 | ||||||
DSW Holdings Inc 4.239% due 03/02/12 § | 500,000 | 458,750 | ||||||
JBS USA LLC (Initial Term Loan) 4.250% due 05/27/18 § | 1,000,000 | 960,000 | ||||||
KIK Custom Products Inc (2nd Lien) 5.264% due 11/24/14 § | 500,000 | 321,875 | ||||||
Michael Foods Group Inc Term B (Facility) 4.250% due 02/25/18 § | 995,000 | 961,730 | ||||||
NBTY Inc Term B-1 4.250% due 10/01/17 § | 992,500 | 963,656 | ||||||
Pierre Merger Corp (1st Lien) 7.000% due 09/15/16 § | 496,241 | 486,316 | ||||||
Pinnacle Foods Holdings Corp 2.722% due 04/02/14 § | 498,938 | 475,239 | ||||||
Reynolds Group Holdings Inc Tranche B 6.500% due 02/10/18 § | 995,000 | 966,145 | ||||||
Rite Aid Corp | ||||||||
Tranche 2 1.983% due 06/04/14 § | 1,446,717 | 1,345,447 | ||||||
Tranche 5 4.500% due 03/01/18 § | 194,383 | 180,776 | ||||||
Roundy’s Supermarkets Inc Tranche B (Extended) 4.404% due 11/03/13 § | 989,610 | 961,159 | ||||||
Supervalu Inc Tranche B-3 4.500% due 06/02/18 § | 1,022,438 | 947,245 | ||||||
U.S. Foodservice 2.737% due 07/03/14 § | 496,114 | 459,061 | ||||||
11,217,808 | ||||||||
Energy - 3.1% | ||||||||
Citgo Petroleum Corp Term B 8.000% due 06/25/15 § | 183,036 | 184,752 | ||||||
Frac Tech Services LLC Term B 6.250% due 05/06/16 § | 536,456 | 528,298 | ||||||
Gibson Energy ULC Term B 5.750% due 06/15/18 § | 249,375 | 243,452 | ||||||
MEG Energy Corp (Initial Term Loan) 4.000% due 03/16/18 § | 1,000,000 | 981,500 | ||||||
Obsidian Natural Gas Trust 7.000% due 09/30/15 § | 890,801 | 895,255 | ||||||
2,833,257 | ||||||||
Financials - 4.0% | ||||||||
Citco III Ltd Term B 6.250% due 06/29/18 § | 498,750 | 475,059 | ||||||
Fifth Third Processing Solutions LLC Term B-1 (1st Lien) 4.500% due 11/03/16 § | 497,500 | 482,575 | ||||||
First Data Corp | ||||||||
Tranche B-1 (Initial Term Loan) 2.985% due 09/24/14 § | 271,162 | 238,250 | ||||||
(Dollar Term Loan) 4.235% due 03/24/18 § | 223,620 | 184,697 | ||||||
HUB International Ltd | ||||||||
(Delayed Draw Term Loan) 2.869% due 04/02/14 § | 176,835 | 164,014 | ||||||
(Initial Term Loan) 2.869% due 04/02/14 § | 786,668 | 729,635 | ||||||
Nuveen Investments Inc (1st Lien) | ||||||||
(Extended) 5.819% due 12/31/17 § | 808,260 | 752,894 | ||||||
(Non-Extended) 3.319% due 11/13/14 § | 691,740 | 637,784 | ||||||
3,664,908 | ||||||||
Health Care - 13.3% | ||||||||
Alere Inc Term B 4.500% due 06/30/17 § | 800,000 | 774,000 | ||||||
Alliance HealthCare Inc (Initial Term Loan) 5.705% due 06/29/18 § | 469,950 | 429,065 | ||||||
Aptalis Pharma 5.500% due 02/11/17 § | 496,250 | 444,144 | ||||||
Aveta Inc | ||||||||
(MMM Term Loan) 8.500% due 04/14/16 § | 227,521 | 223,255 | ||||||
(NAMM Term Loan) 8.500% due 04/14/16 § | 227,521 | 223,255 | ||||||
Bausch & Lomb Inc | ||||||||
(Delayed Draw Term Loan) 3.489% due 04/26/15 § | 96,844 | 93,590 | ||||||
(Parent Term Loan) 3.590% due 04/26/15 § | 397,351 | 384,002 | ||||||
Biomet Inc (Dollar Term Loan) 3.314% due 03/25/15 § | 987,146 | 947,837 | ||||||
Capsugel Healthcare Ltd Term B 5.250% due 08/01/18 § | 125,000 | 123,477 | ||||||
CHS/Community Health Systems Inc | ||||||||
(Extended Term Loan) 3.819% due 01/25/17 § | 318,945 | 293,961 | ||||||
(Non-Extended Delayed Draw Term Loan) 2.569% due 07/25/14 § | 32,656 | 30,638 | ||||||
(Non-Extended Funded Term Loan) 2.569% due 07/25/14 § | 635,552 | 596,271 | ||||||
DJO Finance LLC 3.239% due 11/20/13 § | 451,796 | 429,065 | ||||||
Grifols Inc SA Tranche B 6.000% due 11/09/16 § | 673,313 | 661,866 | ||||||
HCA Inc Tranch B-3 3.619% due 05/04/18 § | 1,581,925 | 1,490,717 | ||||||
Health Management Associates Inc Term B 2.119% due 02/28/14 § | 986,223 | 930,749 | ||||||
IASIS Healthcare LLC Term B 5.000% due 04/29/18 § | 174,125 | 163,025 | ||||||
IMS Health Inc Tranche B (Dollar Term Loan) 4.500% due 03/10/16 § | 492,506 | 484,503 | ||||||
InVentiv Health Inc Term B (Consolidated) 6.500% due 08/04/16 § | 493,775 | 476,493 | ||||||
Kindred Healthcare Inc 5.250% due 06/01/18 § | 174,563 | 162,343 | ||||||
Multiplan Merger Corp Term B 4.750% due 08/12/17 § | 673,077 | 635,637 | ||||||
Quintiles Transnational Corp Term B 5.000% due 06/08/18 § | 423,938 | 400,974 | ||||||
Royalty Pharma Finance Trust 4.000% due 05/10/18 § | 423,938 | 420,758 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-5
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Select Medical Corp | ||||||||
Tranche B 5.500% due 06/01/18 § | $ | 324,188 | $ | 295,011 | ||||
Warner Chilcott Co LLC | ||||||||
Term B-1 4.250% due 03/15/18 § | 454,857 | 443,486 | ||||||
Term B-2 4.250% due 03/15/18 § | 227,429 | 221,743 | ||||||
WC Luxco SARL | ||||||||
Term B-3 4.250% due 03/15/18 § | 312,714 | 304,896 | ||||||
12,084,761 | ||||||||
Industrials - 6.4% | ||||||||
Adesa 5.000% due 05/16/17 § | 324,188 | 314,664 | ||||||
Bombardier Recreational Products Inc 2.750% due 06/07/13 § | 497,803 | 476,024 | ||||||
Delos Aircraft Term 2 7.000% due 03/10/16 § | 1,000,000 | 1,002,500 | ||||||
Goodman Global Inc (1st Lien Initial Term Loan) 5.750% due 10/21/16 § | 139,625 | 138,665 | ||||||
Metaldyne LLC 5.250% due 05/13/17 § | 174,125 | 168,901 | ||||||
Nielsen Finance LLC Term A (Dollar Term Loan) 2.226% due 08/12/13 § | 913,529 | 888,978 | ||||||
Sensata Technologies Finance Co LLC 4.000% due 05/10/18 § | 350,000 | 341,688 | ||||||
Swift Transportation Co 6.000% due 12/21/16 § | 873,261 | 851,429 | ||||||
TASC Inc 4.500% due 05/03/15 § | 149,360 | 143,572 | ||||||
Tomkins PLC Term B-1 4.250% due 09/28/16 § | 518,232 | 509,649 | ||||||
Transdigm Inc Term B 4.000% due 02/15/17 § | 248,125 | 243,007 | ||||||
VWR Funding Inc (Dollar Term Loan) 2.739% due 06/29/14 § | 723,910 | 679,269 | ||||||
5,758,346 | ||||||||
Information Technology - 4.9% | ||||||||
Activant Term B 5.000% due 05/17/18 § | 274,313 | 256,654 | ||||||
Freescale Semiconductor Inc | ||||||||
(Extended Maturity Term Loan) 4.472% due 02/28/17 § | 983,911 | 903,968 | ||||||
Infor Enterprise Solutions Holdings Ltd | ||||||||
(Extended Delayed Draw 1st Lien) 5.990% due 07/29/15 § | 342,102 | 318,155 | ||||||
(Extended Initial US Term Loan 1st Lien) 5.990% due 07/29/15 § | 644,149 | 599,381 | ||||||
Kronos Inc (2nd Lien) 6.119% due 12/31/15 § | 500,000 | 467,500 | ||||||
Reynolds & Reynolds Term B 3.750% due 04/08/18 § | 249,375 | 244,388 | ||||||
Skillsoft Corp Term B 6.500% due 05/20/17 § | 489,194 | 481,245 | ||||||
Spansion LLC 4.750% due 02/01/15 § | 279,719 | 272,376 | ||||||
SunGard Data Systems Inc | ||||||||
Tranche A 1.977% due 02/28/14 § | 244,500 | 239,152 | ||||||
Tranche B 3.892% due 02/28/16 § | 717,155 | 690,859 | ||||||
4,473,678 | ||||||||
Materials - 9.7% | ||||||||
Ashland Inc Term B 3.750% due 08/23/18 § | 250,000 | 248,527 | ||||||
Fairmount Minerals Ltd Tranche B 5.250% due 03/10/17 § | 979,000 | 965,539 | ||||||
Graphic Packaging International Inc Term B 2.241% due 05/16/14 § | 863,362 | 845,915 | ||||||
Hexion Specialty Chemicals Inc | ||||||||
Tranche C-1B 4.000% due 05/05/15 § | 693,136 | 652,704 | ||||||
Tranche C-2B 4.125% due 05/05/15 § | 293,046 | 275,952 | ||||||
Huntsman International LLC Term B | ||||||||
(Dollar Term Loan) 1.766% due 04/19/14 § | 268,345 | 255,733 | ||||||
(Extended Dollar Term Loan) 2.800% due 03/07/17 § | 731,655 | 689,585 | ||||||
Ineos US Finance LLC | ||||||||
Term B-2 7.500% due 12/11/13 § | 550,589 | 545,772 | ||||||
Term C-2 8.000% due 12/11/14 § | 584,257 | 579,145 | ||||||
Nalco Co Tranche B-1 4.500% due 10/07/17 § | 990,000 | 989,072 | ||||||
Norit Holding NV (1st Lien) 7.500% due 07/08/17 § | 100,000 | 97,500 | ||||||
Novelis Inc (Canada) 3.750% due 03/10/17 § | 992,500 | 972,650 | ||||||
Solutia Inc Term 1 3.500% due 08/16/17 § | 195,956 | 192,588 | ||||||
Styron SARL LLC Term B 6.000% due 01/28/17 § | 496,250 | 452,332 | ||||||
Univar Inc Term B 5.000% due 02/28/17 § | 843,625 | 791,601 | ||||||
Walter Energy Inc Term B 4.000% due 04/01/18 § | 224,438 | 217,760 | ||||||
8,772,375 | ||||||||
Telecommunication Services - 5.9% | ||||||||
Digicel International Finance Ltd | ||||||||
Tranche A 2.875% due 04/25/12 § | 183,423 | 182,735 | ||||||
Tranche A — T&T 2.875% due 04/25/12 § | 200,036 | 199,286 | ||||||
Intelsat Jackson Holdings SA Tranche B 5.250% due 04/03/18 § | 1,945,125 | 1,877,450 | ||||||
MetroPCS Wireless Inc Tranche B-3 4.000% due 03/31/18 § | 621,437 | 598,651 | ||||||
SBA Finance Term B 3.750% due 06/30/18 § | 74,813 | 73,410 | ||||||
Syniverse Holdings Inc Term B 5.250% due 12/21/17 § | 993,744 | 981,736 | ||||||
Telesat Canada | ||||||||
Term I 3.240% due 06/06/14 § | 454,547 | 442,189 | ||||||
Term II 3.240% due 06/06/14 § | 39,045 | 37,984 | ||||||
UPC Financing Partnership (Facility X) 3.722% due 04/16/17 § | 1,000,000 | 957,500 | ||||||
5,350,941 | ||||||||
Utilities - 2.5% | ||||||||
Calpine Corp | ||||||||
4.500% due 03/09/18 § | 1,044,750 | 990,684 | ||||||
4.500% due 06/10/18 § | 99,750 | 94,663 | ||||||
NRG Energy Inc Term B 4.000% due 07/01/18 § | 523,688 | 512,232 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-6
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Texas Competitive Electric Holding Co LLC (Extended) 4.750% due 10/19/17 § | $ | 500,000 | $ | 336,719 | ||||
The AES Corp (Initial Term Loan) 4.250% due 05/27/18 § | 298,500 | 292,437 | ||||||
2,226,735 | ||||||||
Total Senior Loan Notes (Cost $90,894,389) | 88,470,503 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 2.2% | ||||||||
Money Market Fund - 2.2% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,977,037 | 1,977,037 | ||||||
Total Short-Term Investment (Cost $1,977,037) | 1,977,037 | |||||||
TOTAL INVESTMENTS - 100.3% (Cost $93,543,077) | 90,941,403 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.3%) | (291,345 | ) | ||||||
NET ASSETS - 100.0% | $ | 90,650,058 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Consumer Discretionary | 35.6 | % | ||
Health Care | 13.6 | % | ||
Consumer Staples | 12.4 | % | ||
Materials | 9.7 | % | ||
Industrials | 6.4 | % | ||
Telecommunication Services | 5.9 | % | ||
Information Technology | 4.9 | % | ||
Financials | 4.0 | % | ||
Energy | 3.1 | % | ||
Utilities | 2.5 | % | ||
Short-Term Investment | 2.2 | % | ||
100.3 | % | |||
Other Assets & Liabilities, Net | (0.3 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
BBB | 4.0 | % | ||
BB | 53.8 | % | ||
B | 37.1 | % | ||
CCC | 0.2 | % | ||
Not Rated | 4.9 | % | ||
100.0 | % | |||
(c) | Restricted securities as of September 30, 2011 were as follows: |
Issuer and | Value as a % | |||||||||||
Acquisition Date | Cost | Value | Of Net Assets | |||||||||
Metro-Goldwyn-Mayer Studios Inc ‘A’ Acq. 12/30/10 | $ | 671,651 | $ | 493,863 | 0.5 | % | ||||||
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||||||
Assets | Common Stocks (1) | $ | 493,863 | $ | — | $ | 493,863 | $ | — | |||||||||||
Senior Loan Notes | 88,470,503 | — | 88,470,503 | — | ||||||||||||||||
Short-Term Investment | 1,977,037 | 1,977,037 | — | — | ||||||||||||||||
Total | $ | 90,941,403 | $ | 1,977,037 | $ | 88,964,366 | $ | — | ||||||||||||
(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 A-65 |
A-7
PL INFLATION MANAGED FUND
Schedule of Investments
Septembers 30, 2011 (Unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.0% | ||||||||
Financials - 0.0% | ||||||||
Wells Fargo & Co 7.500% | 100 | $ | 103,306 | |||||
Total Convertible Preferred Stocks (Cost $100,000) | 103,306 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES - 21.5% | ||||||||
Consumer Discretionary - 0.1% | ||||||||
Starwood Hotels & Resorts Worldwide Inc | ||||||||
6.250% due 02/15/13 | $ | 300,000 | 310,500 | |||||
Energy - 0.9% | ||||||||
EOG Resources Inc | ||||||||
1.007% due 02/03/14 § | 1,000,000 | 1,008,870 | ||||||
Petrobras International Finance Co (Cayman) | ||||||||
3.875% due 01/27/16 | 1,000,000 | 1,002,000 | ||||||
Petroleos Mexicanos (Mexico) | ||||||||
5.500% due 01/21/21 | 100,000 | 106,000 | ||||||
2,116,870 | ||||||||
Financials - 18.5% | ||||||||
ABN AMRO Bank NV (Netherlands) | ||||||||
2.023% due 01/30/14 § ~ | 1,000,000 | 953,361 | ||||||
Ally Financial Inc | ||||||||
3.478% due 02/11/14 § | 700,000 | 643,743 | ||||||
8.300% due 02/12/15 | 100,000 | 99,125 | ||||||
American International Group Inc | ||||||||
8.175% due 05/15/68 § | 200,000 | 177,250 | ||||||
Banco Santander (Chile) | ||||||||
1.501% due 04/20/12 § ~ | 300,000 | 300,259 | ||||||
Banco Santander Brazil SA (Brazil) | ||||||||
2.450% due 03/18/14 § ~ | 1,600,000 | 1,542,000 | ||||||
4.250% due 01/14/16 ~ | 400,000 | 386,792 | ||||||
Bank of America Corp | ||||||||
1.001% due 06/11/12 § | GBP | 900,000 | 1,363,917 | |||||
Countrywide Financial Corp | ||||||||
5.800% due 06/07/12 | $ | 400,000 | 401,233 | |||||
Credit Agricole Home Loan SFH (France) | ||||||||
1.002% due 07/21/14 § ~ | 400,000 | 390,546 | ||||||
Dexia Credit Local SA NY (France) | ||||||||
0.731% due 03/05/13 § ~ | 4,400,000 | 4,390,298 | ||||||
Ford Motor Credit Co LLC | ||||||||
7.250% due 10/25/11 | 500,000 | 500,632 | ||||||
7.500% due 08/01/12 | 900,000 | 918,621 | ||||||
FUEL Trust | ||||||||
3.984% due 12/15/22 ~ | 1,000,000 | 980,746 | ||||||
General Electric Capital Corp | ||||||||
0.471% due 12/20/13 § | 200,000 | 195,607 | ||||||
General Motors Acceptance Corp | ||||||||
6.000% due 12/15/11 | 500,000 | 503,125 | ||||||
7.000% due 02/01/12 | 600,000 | 605,250 | ||||||
HBOS PLC (United Kingdom) | ||||||||
6.750% due 05/21/18 ~ | 300,000 | 256,342 | ||||||
HSBC Finance Corp | ||||||||
0.499% due 01/15/14 § | 4,600,000 | 4,339,967 | ||||||
ICICI Bank Ltd (India) | ||||||||
2.058% due 02/24/14 § ~ | 300,000 | 293,826 | ||||||
ING Bank NV (Netherlands) | ||||||||
1.397% due 03/15/13 § ~ | 900,000 | 894,258 | ||||||
1.737% due 06/09/14 § ~ | 3,000,000 | 2,951,238 | ||||||
Merrill Lynch & Co Inc | ||||||||
1.836% due 08/25/14 § | EUR | 1,000,000 | 1,157,290 | |||||
2.287% due 09/27/12 § | 1,000,000 | 1,298,198 | ||||||
5.450% due 07/15/14 | $ | 300,000 | 293,883 | |||||
Metropolitan Life Global Funding I | ||||||||
5.125% due 04/10/13 ~ | 100,000 | 105,009 | ||||||
Morgan Stanley | ||||||||
1.840% due 11/29/13 § | EUR | 200,000 | 244,797 | |||||
2.001% due 04/13/16 § | 1,000,000 | 1,103,970 | ||||||
2.786% due 05/14/13 § | $ | 1,000,000 | 967,424 | |||||
Nordea Eiendomskreditt AS (Norway) | ||||||||
0.666% due 04/07/14 § ~ | 2,200,000 | 2,203,332 | ||||||
SLM Corp | ||||||||
3.125% due 09/17/12 | EUR | 300,000 | 396,220 | |||||
6.250% due 01/25/16 | $ | 3,100,000 | 3,047,278 | |||||
Societe Generale SA (France) | ||||||||
1.296% due 04/11/14 § ~ | 1,200,000 | 1,075,081 | ||||||
The Goldman Sachs Group Inc | ||||||||
1.905% due 02/04/13 § | EUR | 1,500,000 | 1,921,158 | |||||
5.375% due 02/15/13 | 500,000 | 676,071 | ||||||
The Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
2.723% due 08/23/13 § | $ | 700,000 | 698,022 | |||||
3.000% due 12/09/11 ~ | 200,000 | 200,988 | ||||||
4.875% due 03/16/15 | 400,000 | 392,136 | ||||||
Volkswagen International Finance NV (Netherlands) | ||||||||
0.696% due 10/01/12 § ~ | 1,900,000 | 1,904,028 | ||||||
Wachovia Corp | ||||||||
1.685% due 02/13/14 § | EUR | 500,000 | 646,921 | |||||
5.060% due 05/25/12 § | AUD | 1,400,000 | 1,343,877 | |||||
42,763,819 | ||||||||
Health Care - 0.3% | ||||||||
HCA Inc | ||||||||
7.250% due 09/15/20 | $ | 600,000 | 609,000 | |||||
Industrials - 0.8% | ||||||||
International Lease Finance Corp | ||||||||
5.350% due 03/01/12 | 500,000 | 496,250 | ||||||
6.375% due 03/25/13 | 900,000 | 879,750 | ||||||
6.500% due 09/01/14 ~ | 100,000 | 100,500 | ||||||
6.750% due 09/01/16 ~ | 100,000 | 100,750 | ||||||
7.125% due 09/01/18 ~ | 200,000 | 201,750 | ||||||
1,779,000 | ||||||||
Materials - 0.2% | ||||||||
Cemex SAB de CV (Mexico) | ||||||||
5.369% due 09/30/15 § ~ | 700,000 | 458,507 | ||||||
Telecommunication Services - 0.7% | ||||||||
TDC AS (Denmark) | ||||||||
3.500% due 02/23/15 ~ | EUR | 1,200,000 | 1,639,089 | |||||
Total Corporate Bonds & Notes (Cost $51,412,603) | 49,676,785 | |||||||
MORTGAGE-BACKED SECURITIES - 9.0% | ||||||||
Collateralized Mortgage Obligations — Commercial - 1.8% | ||||||||
Banc of America Large Loan Inc | ||||||||
1.979% due 11/15/15 “ § ~ | $ | 966,198 | 862,584 | |||||
DBUBS Mortgage Trust | ||||||||
3.386% due 07/12/44 “ ~ | 1,900,000 | 1,927,146 | ||||||
European Loan Conduit (Ireland) | ||||||||
1.685% due 05/15/19 “ § ~ | EUR | 481,376 | 531,254 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-8
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
JPMorgan Chase Commercial Mortgage Securities Corp | ||||||||
5.336% due 05/15/47 “ | $ | 110,000 | $ | 114,108 | ||||
Morgan Stanley Capital I | ||||||||
6.080% due 06/11/49 “ § | 100,000 | 106,547 | ||||||
UBS Commercial Mortgage Trust | ||||||||
1.129% due 07/15/24 “ § ~ | 462,781 | 431,811 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
5.418% due 01/15/45 “ § | 210,000 | 226,818 | ||||||
4,200,268 | ||||||||
Collateralized Mortgage Obligations — Residential - 7.2% | ||||||||
Arran Residential Mortgages Funding PLC (United Kingdom) | ||||||||
2.735% due 11/19/47 “ § ~ | EUR 1,117,635 | 1,494,579 | ||||||
2.985% due 11/19/47 “ § ~ | 500,000 | 667,495 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.150% due 08/25/35 “ § | $ | 28,980 | 27,007 | |||||
2.400% due 08/25/35 “ § | 50,316 | 46,405 | ||||||
2.710% due 03/25/35 “ § | 99,938 | 93,164 | ||||||
2.731% due 03/25/35 “ § | 30,588 | 28,959 | ||||||
3.066% due 01/25/35 “ § | 3,010,179 | 2,575,128 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
2.370% due 08/25/35 “ § | 46,594 | 42,550 | ||||||
2.450% due 08/25/35 “ § | 39,114 | 32,559 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust | ||||||||
0.575% due 06/25/35 “ § ~ | 30,996 | 26,926 | ||||||
4.424% due 01/19/34 “ § | 144,982 | 129,975 | ||||||
Fannie Mae | ||||||||
0.585% due 07/25/37 “ § | 725,681 | 725,575 | ||||||
0.615% due 07/25/37 “ § | 651,454 | 651,801 | ||||||
0.675% due 05/25/36 “ § | 521,196 | 522,560 | ||||||
0.680% due 02/25/37 “ § | 152,919 | 153,296 | ||||||
0.915% due 02/25/41 “ § | 873,566 | 876,189 | ||||||
Freddie Mac | ||||||||
0.829% due 12/15/37 “ § | 2,454,831 | 2,472,905 | ||||||
GSR Mortgage Loan Trust | ||||||||
2.738% due 09/25/35 “ § | 77,258 | 71,404 | ||||||
Holmes Master Issuer (United Kingdom) | ||||||||
2.955% due 10/15/54 “ § ~ | EUR 1,200,000 | 1,603,053 | ||||||
JP Morgan Mortgage Trust | ||||||||
5.170% due 06/25/35 “ § | $ | 366,729 | 351,435 | |||||
MLCC Mortgage Investors Inc | ||||||||
2.098% due 12/25/34 “ § | 218,785 | 206,979 | ||||||
New York Mortgage Trust Inc | ||||||||
2.805% due 05/25/36 “ § | 690,782 | 564,115 | ||||||
Permanent Master Issuer PLC (United Kingdom) | ||||||||
2.905% due 07/15/40 “ § ~ | EUR | 500,000 | 668,428 | |||||
RBSSP Resecuritization Trust | ||||||||
2.211% due 07/26/45 “ § ~ | $ | 1,009,009 | 939,282 | |||||
Residential Accredit Loans Inc | ||||||||
0.415% due 06/25/46 “ § | 158,221 | 53,985 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
0.445% due 05/25/46 “ § | 146,973 | 75,983 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
2.724% due 10/25/35 “ § | 518,171 | 456,199 | ||||||
2.727% due 10/25/35 “ § | 1,400,000 | 1,158,162 | ||||||
16,716,098 | ||||||||
Total Mortgage-Backed Securities (Cost $21,337,831) | 20,916,366 | |||||||
ASSET-BACKED SECURITIES - 4.5% | ||||||||
Aames Mortgage Investment Trust | ||||||||
0.815% due 10/25/35 “ § | 98,812 | 98,160 | ||||||
AMMC CLO (Cayman) | ||||||||
0.586% due 08/08/17 “ § ~ | 197,131 | 188,791 | ||||||
ARES Ltd CLO (Cayman) | ||||||||
0.564% due 03/12/18 “ § ~ | 416,338 | 403,507 | ||||||
Asset Backed Funding Certificates | ||||||||
0.715% due 06/25/35 “ § | 820,982 | 799,404 | ||||||
Driver One GmbH (Germany) | ||||||||
2.247% due 09/21/14 “ § ~ | EUR | 212,893 | 285,474 | |||||
First Franklin Mortgage Loan Asset-Backed Certificates | ||||||||
0.285% due 11/25/36 “ § | $ | 1,425 | 1,421 | |||||
Freddie Mac Structured Pass-Through Securities | ||||||||
0.515% due 09/25/31 “ § | 2,542 | 2,414 | ||||||
Harvest SA CLO (Luxembourg) | ||||||||
2.228% due 03/29/17 “ § ~ | EUR | 191,183 | 244,335 | |||||
Hillmark Funding CDO (Cayman) | ||||||||
0.548% due 05/21/21 “ § ~ | $ | 1,100,000 | 1,013,679 | |||||
Katonah Ltd CLO (Cayman) | ||||||||
0.671% due 09/20/16 “ § ~ | 496,395 | 483,260 | ||||||
MAGI Funding I PLC CDO | ||||||||
1.835% due 04/11/21 “ § ~ | EUR | 464,742 | 576,082 | |||||
Pacifica Ltd CLO (Cayman) | ||||||||
0.636% due 02/15/17 “ § ~ | $ | 599,194 | 582,021 | |||||
Park Place Securities Inc | ||||||||
0.915% due 12/25/34 “ § | 323,735 | 307,702 | ||||||
Plymouth Rock Ltd Inc CLO | ||||||||
1.790% due 02/16/19 “ § ~ | 739,466 | 732,982 | ||||||
Race Point CLO (Cayman) | ||||||||
0.836% due 05/15/15 “ § ~ | 286,874 | 282,723 | ||||||
SLM Student Loan Trust | ||||||||
1.788% due 12/15/23 “ § | EUR | 2,046,836 | 2,628,253 | |||||
1.798% due 09/15/21 “ § ~ | 1,050,095 | 1,380,230 | ||||||
Structured Asset Securities Corp | ||||||||
0.325% due 02/25/37 “ § | $ | 116,761 | 115,611 | |||||
Wood Street BV CLO (Netherlands) | ||||||||
1.988% due 03/29/21 “ § ~ | EUR | 214,111 | 270,487 | |||||
Total Asset-Backed Securities (Cost $10,643,092) | 10,396,536 | |||||||
U.S. TREASURY OBLIGATIONS - 98.2% | ||||||||
U.S. Treasury Inflation Protected Securities - 98.2% | ||||||||
0.125% due 04/15/16 ^ | $ | 2,865,772 | 2,960,477 | |||||
0.500% due 04/15/15 ^ | 4,065,633 | 4,231,116 | ||||||
0.625% due 04/15/13 ^ | 2,030,777 | 2,068,060 | ||||||
0.625% due 07/15/21 ^ ‡ | 7,116,756 | 7,436,455 | ||||||
1.250% due 04/15/14 ^ | 2,028,231 | 2,125,207 | ||||||
1.250% due 07/15/20 ^ | 7,354,890 | 8,132,898 | ||||||
1.375% due 01/15/20 ^ | 104,471 | 116,444 | ||||||
1.625% due 01/15/15 ^ ‡ | 6,743,898 | 7,257,594 | ||||||
1.625% due 01/15/18 ^ | 1,617,555 | 1,811,029 | ||||||
1.750% due 01/15/28 ^ | 6,254,546 | 7,257,719 | ||||||
1.875% due 07/15/13 ^ | 7,749,252 | 8,114,924 | ||||||
1.875% due 07/15/19 ^ | 5,925,136 | 6,829,181 | ||||||
2.000% due 01/15/14 ^ ‡ | 16,444,777 | 17,466,146 | ||||||
2.000% due 01/15/26 ^ | 5,008,256 | 5,961,392 | ||||||
2.125% due 01/15/19 ^ | 4,208,960 | 4,908,700 | ||||||
2.125% due 02/15/40 ^ | 3,553,782 | 4,532,739 | ||||||
2.125% due 02/15/41 ^ | 3,817,994 | 4,894,938 | ||||||
2.375% due 01/15/17 ^ | 2,128,475 | 2,448,412 | ||||||
2.375% due 01/15/25 ^ | 7,406,792 | 9,163,594 | ||||||
2.375% due 01/15/27 ^ ‡ | 17,435,865 | 21,816,611 | ||||||
2.500% due 01/15/29 ^ | 8,419,298 | 10,818,832 | ||||||
2.625% due 07/15/17 ^ ‡ | 10,792,597 | 12,719,123 | ||||||
3.000% due 07/15/12 ^ ‡ | 35,892,215 | 36,828,469 | ||||||
3.375% due 01/15/12 ^ | 6,373,644 | 6,406,019 | ||||||
3.375% due 04/15/32 ^ | 190,914 | 282,135 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-9
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
3.625% due 04/15/28 ^ | $ | 5,265,861 | $ | 7,585,720 | ||||
3.875% due 04/15/29 ^ ‡ | 15,337,691 | 23,078,701 | ||||||
227,252,635 | ||||||||
Total U.S. Treasury Obligations (Cost $220,708,049) | 227,252,635 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 6.4% | ||||||||
Australian Government Bond (Australia) | ||||||||
2.500% due 09/20/30 | AUD | 200,000 | 217,266 | |||||
3.000% due 09/20/25 | 1,400,000 | 1,645,350 | ||||||
4.000% due 08/20/20 | 1,600,000 | 2,758,887 | ||||||
Canada Housing Trust No. 1(Canada) | ||||||||
2.450% due 12/15/15 ~ | CAD 1,200,000 | 1,186,567 | ||||||
Canadian Government Bond (Canada) | ||||||||
2.750% due 09/01/16 | 700,000 | 710,955 | ||||||
Instituto de Credito Oficial (Spain) | ||||||||
3.286% due 03/25/14 § ~ | EUR 1,600,000 | 2,072,727 | ||||||
Italy Buoni Poliennali Del Tesoro (Italy) | ||||||||
2.100% due 09/15/16 | 409,332 | 505,510 | ||||||
2.100% due 09/15/21 | 2,796,201 | 3,056,738 | ||||||
New South Wales Treasury Corp (Australia) | ||||||||
2.750% due 11/20/25 | AUD | 500,000 | 563,229 | |||||
United Kingdom Treasury Gilt (United Kingdom) | ||||||||
4.750% due 12/07/30 | GBP | 500,000 | 948,948 | |||||
United Kingdom Treasury Gilt Inflation-Linked (United Kingdom) | ||||||||
1.875% due 11/22/22 | 570,690 | 1,102,009 | ||||||
Total Foreign Government Bonds & Notes (Cost $15,562,551) | 14,768,186 | |||||||
MUNICIPAL BONDS - 0.1% | ||||||||
Tobacco Settlement Finance Authority of WV ‘A’ | ||||||||
7.467% due 06/01/47 | $ | 95,000 | 69,176 | |||||
Tobacco Settlement Financing Corp of RI ‘A’ | ||||||||
6.000% due 06/01/23 | 55,000 | 55,466 | ||||||
Total Municipal Bonds (Cost $139,604) | 124,642 | |||||||
SHORT-TERM INVESTMENTS - 6.6% | ||||||||
U.S. Treasury Bills - 1.2% | ||||||||
0.035% due 03/29/12 | 2,700,000 | 2,699,298 | ||||||
Repurchase Agreements - 4.7% | ||||||||
Citigroup Inc | ||||||||
0.100% due 10/03/11 (Dated 09/30/11, repurchase price of $6,700,056, collateralized by Fannie Mae: 5.250% due 08/01/12 and value $6,836,899) | 6,700,000 | 6,700,000 | ||||||
Citigroup Inc | ||||||||
0.100% due 10/03/11 (Dated 09/30/11, repurchase price of $4,200,035, collateralized by Federal Farm Credit Bank: 3.800% due 06/14/21 and value $4,326,339) | 4,200,000 | 4,200,000 | ||||||
10,900,000 | ||||||||
Money Market Fund - 0.7% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,700,518 | 1,700,518 | ||||||
Total Short-Term Investments (Cost $15,300,046) | 15,299,816 | |||||||
TOTAL INVESTMENTS - 146.3% (Cost $335,203,776) | 338,538,272 | |||||||
OTHER ASSETS & LIABILITIES, NET - (46.3%) | (107,118,762 | ) | ||||||
NET ASSETS - 100.0% | $ | 231,419,510 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
U.S. Treasury Obligations | 98.2 | % | ||
Corporate Bonds & Notes | 21.5 | % | ||
Mortgage-Backed Securities | 9.0 | % | ||
Short-Term Investments | 6.6 | % | ||
Foreign Government Bonds & Notes | 6.4 | % | ||
Asset-Backed Securities | 4.5 | % | ||
Municipal Bonds | 0.1 | % | ||
146.3 | % | |||
Other Assets & Liabilities, Net | (46.3 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA | 2.9 | % | ||
A-1 (Short-term debt only) | 4.0 | % | ||
AA / U.S. Government & Agency Issues | 73.1 | % | ||
A | 7.6 | % | ||
BBB | 3.5 | % | ||
BB | 0.8 | % | ||
B | 0.8 | % | ||
CC | 0.3 | % | ||
NR | 7.0 | % | ||
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 September 30, 2011, less than 0.1% of the fund’s net were reported illiquid by the portfolio manager under the Trust’s policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-10
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(e) | Open futures contracts outstanding as of September 30, 2011 were as follows: |
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
3-Month Euribor (12/13) | 1 | EUR 1,000,000 | $ | 15 | ||||||||
3-Month Euribor (12/13) | 6 | 6,000,000 | (1,616 | ) | ||||||||
Euro Bund 10-Year Notes | 21 | 2,100,000 | 37,957 | |||||||||
Eurodollar (03/13) | 35 | $ | 35,000,000 | 42,014 | ||||||||
Eurodollar (06/13) | 13 | 13,000,000 | 19,528 | |||||||||
Eurodollar (09/13) | 36 | 36,000,000 | 39,214 | |||||||||
Eurodollar (12/13) | 19 | 19,000,000 | (1,695 | ) | ||||||||
Eurodollar (12/13) | 178 | 178,000,000 | 285,217 | |||||||||
U.S. Treasury 10-Year Notes (12/11) | 6 | 600,000 | (1,224 | ) | ||||||||
U.S. Treasury 10-Year Notes (12/11) | 20 | 2,000,000 | 29,046 | |||||||||
Total Future Contracts | $ | 448,456 | ||||||||||
(f) | Reverse repurchase agreements outstanding as of September 30, 2011 were as follows: |
Interest | Settlement | Maturity | Repurchase | Principal | ||||||||||||
Counterparty | Rate | Date | Date | Amount | Amount | |||||||||||
JPM | 0.090 | % | 07/19/2011 | 10/19/2011 | $ | 16,167,866 | $ | 16,164,148 | ||||||||
DUB | 0.180 | % | 07/29/2011 | 10/28/2011 | 1,037,472 | 1,037,000 | ||||||||||
$ | 17,201,148 | |||||||||||||||
(g) | The average amount of borrowings by the fund on reverse repurchase agreements while outstanding during the six-month period ended September 30, 2011 was $5,548,696 at a weighted average interest rate of 0.121%. | |
(h) | Forward foreign currency contracts outstanding as of September 30, 2011 were as follows: |
Contracts | Principal Amount | Unrealized | ||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||
Sell | AUD | 900,000 | 11/11 | CIT | $ | 11,406 | ||||||||
Sell | AUD | 7,155,000 | 11/11 | DUB | 87,034 | |||||||||
Buy | BRL | 30,000 | 11/11 | HSB | (2,966 | ) | ||||||||
Buy | BRL | 30,000 | 11/11 | MSC | (3,151 | ) | ||||||||
Sell | BRL | 3,916 | 11/11 | BRC | 304 | |||||||||
Sell | BRL | 160,550 | 11/11 | CIT | 14,531 | |||||||||
Sell | BRL | 159,100 | 11/11 | DUB | 13,886 | |||||||||
Sell | CAD | 55,000 | 11/11 | DUB | 2,946 | |||||||||
Sell | CAD | 56,000 | 11/11 | RBC | 3,199 | |||||||||
Buy | CNY | 237,000 | 11/11 | BRC | 246 | |||||||||
Buy | CNY | 1,424,792 | 11/11 | CIT | 3,918 | |||||||||
Buy | CNY | 887,138 | 11/11 | JPM | 958 | |||||||||
Buy | CNY | 2,318,616 | 02/12 | DUB | 6,087 | |||||||||
Buy | CNY | 3,199,500 | 06/12 | BRC | 3,905 | |||||||||
Buy | EUR | 535,000 | 10/11 | BRC | (54,710 | ) | ||||||||
Buy | EUR | 536,000 | 10/11 | CIT | (47,867 | ) | ||||||||
Buy | EUR | 147,000 | 10/11 | CSF | (10,600 | ) | ||||||||
Buy | EUR | 1,054,000 | 10/11 | JPM | (90,623 | ) | ||||||||
Buy | EUR | 491,000 | 10/11 | RBC | (38,071 | ) | ||||||||
Buy | EUR | 865,000 | 10/11 | UBS | (48,717 | ) | ||||||||
Sell | EUR | 630,000 | 10/11 | CSF | 35,719 | |||||||||
Sell | EUR | 829,000 | 10/11 | DUB | 58,968 | |||||||||
Sell | EUR | 631,000 | 10/11 | MSC | 34,040 | |||||||||
Sell | EUR | 4,000 | 10/11 | UBS | 317 | |||||||||
Buy | EUR | 205,000 | 12/11 | CIT | (2,103 | ) | ||||||||
Buy | EUR | 183,000 | 12/11 | GSC | (949 | ) | ||||||||
Buy | EUR | 170,000 | 12/11 | MSC | (4,179 | ) | ||||||||
Sell | EUR | 30,000 | 12/11 | CIT | 501 | |||||||||
Sell | EUR | 25,246,000 | 12/11 | UBS | 675,946 | |||||||||
Sell | GBP | 901,000 | 12/11 | BRC | 34,062 | |||||||||
Sell | GBP | 619,000 | 12/11 | GSC | (4,831 | ) | ||||||||
Sell | GBP | 275,000 | 12/11 | GSC | 11,020 | |||||||||
Sell | GBP | 225,000 | 12/11 | JPM | 8,067 | |||||||||
Sell | GBP | 193,000 | 12/11 | UBS | 7,207 | |||||||||
Buy | IDR | 3,209,200,000 | 10/11 | CIT | 17,033 | |||||||||
Buy | IDR | 1,480,000,000 | 10/11 | GSC | 7,883 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-11
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Contracts | Principal Amount | Unrealized | ||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||
Buy | IDR | 1,781,400,000 | 01/12 | CIT | $ | 3,826 | ||||||||
Sell | INR | 7,392,000 | 11/11 | BRC | 10,176 | |||||||||
Buy | INR | 110,944,900 | 07/12 | JPM | (171,849 | ) | ||||||||
Sell | JPY | 56,435,000 | 10/11 | CIT | (29,553 | ) | ||||||||
Buy | KRW | 2,841,075,000 | 11/11 | JPM | (266,577 | ) | ||||||||
Sell | KRW | 596,000,000 | 11/11 | MSC | (4,465 | ) | ||||||||
Buy | MXN | 14,715,055 | 11/11 | MSC | (197,551 | ) | ||||||||
Buy | MYR | 283,084 | 11/11 | CIT | (6,403 | ) | ||||||||
Buy | MYR | 2,057,395 | 04/12 | JPM | (37,500 | ) | ||||||||
Buy | PHP | 16,651,010 | 11/11 | BRC | 4,613 | |||||||||
Buy | PHP | 5,300,000 | 11/11 | CIT | 1,348 | |||||||||
Buy | PHP | 30,782,000 | 03/12 | CIT | (11,764 | ) | ||||||||
Buy | SGD | 252,030 | 12/11 | CIT | (7,256 | ) | ||||||||
Buy | SGD | 1,364,011 | 12/11 | UBS | (92,434 | ) | ||||||||
Total Forward Foreign Currency Contracts | ($74,973 | ) | ||||||||||||
(i) | Transactions in written options for the six-month period September 30, 2011 were as follows: |
Notional | Notional | |||||||||||||||
Number of | Amount | Amount | ||||||||||||||
Contracts | in EUR | in $ | Premium | |||||||||||||
Outstanding, March 31, 2011 | 87 | — | 34,800,000 | $ | 351,070 | |||||||||||
Call Options Written | 27 | — | 12,300,000 | 76,873 | ||||||||||||
Put Options Written | 48 | 1,400,000 | 50,700,000 | 222,076 | ||||||||||||
Call Options Closed | (60 | ) | — | (2,800,000 | ) | (33,561 | ) | |||||||||
Put Options Closed | — | — | (28,200,000 | ) | (46,177 | ) | ||||||||||
Call Options Expired | (30 | ) | — | (2,600,000 | ) | (28,912 | ) | |||||||||
Put Options Expired | (72 | ) | — | (7,500,000 | ) | (72,113 | ) | |||||||||
Outstanding, September 30, 2011 | — | 1,400,000 | 56,700,000 | $ | 469,256 | |||||||||||
(j) | Premiums received and value of written options outstanding as of September 30, 2011 were as follows: | |
Foreign Currency Options |
Exercise | Expiration | Counter- | Notional | |||||||||||||||||||||
Description | Price | Date | party | Amount | Premium | Value | ||||||||||||||||||
Put — OTC Australian dollar versus U.S. dollarD | $ | 0.99 | 10/11/11 | MSC | AUD 1,400,000 | $ | 13,572 | $ | (38,946 | ) | ||||||||||||||
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 | ($4,044 | ) | ||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 216.69 | Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0 | 04/07/20 | CIT | 2,000,000 | 17,720 | (7,092 | ) | ||||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 217.97 | Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0 | 09/29/20 | CIT | 300,000 | 3,870 | (1,188 | ) | ||||||||||||||
Floor — OTC U.S. CPI Urban Consumers NSA | 218.01 | Maximum of [(1+0.00%)10 - Inflation Adjustment] or $0 | 10/13/20 | DUB | 700,000 | 6,860 | (4,105 | ) | ||||||||||||||
$ | 38,770 | ($16,429 | ) | |||||||||||||||||||
Interest Rate Swaptions |
Pay/Receive | ||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||||
Call — OTC 5-Year Interest Rate Swap | Receive | 1.800 | % | 10/11/11 | RBS | $2,800,000 | $ | 15,934 | ($71,907 | ) | ||||||||||||
Call — OTC 10-Year Interest Rate Swap | Receive | 3.000 | % | 10/11/11 | MSC | 4,400,000 | 30,360 | (356,685 | ) | |||||||||||||
46,294 | (428,592 | ) | ||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-12
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Pay/Receive | ||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 3.750 | % | 10/11/11 | MSC | $44,400,000 | $ | 49,720 | $ | — | ||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | BRC | 3,800,000 | 34,352 | (1,772 | ) | |||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | CIT | 1,400,000 | 15,688 | (653 | ) | |||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | DUB | 1,000,000 | 11,177 | (466 | ) | |||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | RBS | 2,200,000 | 24,377 | (1,026 | ) | |||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 10.000 | % | 07/10/12 | MSC | 200,000 | 1,320 | — | ||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 10.000 | % | 07/10/12 | RBS | 500,000 | 3,400 | (1 | ) | |||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | CIT | 600,000 | 4,087 | (411 | ) | |||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | MSC | 300,000 | 1,920 | (206 | ) | |||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | RBS | 12,600,000 | 101,115 | (8,641 | ) | |||||||||||||
Put — OTC 1-Year Interest Rate Swap | Pay | 1.750 | % | 07/11/13 | DUB | 11,600,000 | 56,985 | (19,245 | ) | |||||||||||||
304,141 | (32,421 | ) | ||||||||||||||||||||
$ | 350,435 | ($461,013 | ) | |||||||||||||||||||
Exercise | Expiration | Counter- | Notional | |||||||||||||||||
Description | Price (1) | Date | party | Amount | Premium | Value | ||||||||||||||
Call & Put — OTC 1-Year vs. 1 Year Forward Volatility AgreementD | $ | — | 10/11/11 | JPM | $ | 1,200,000 | $ | 6,096 | ($4,483 | ) | ||||||||||
Call & Put — OTC 1-Year vs. 2 Year Forward Volatility AgreementD | — | 10/11/11 | MSC | 2,600,000 | 28,849 | (26,410 | ) | |||||||||||||
Call & Put — OTC 1-Year vs. 2 Year Forward Volatility AgreementD | — | 11/14/11 | MSC | 2,900,000 | 31,534 | (30,162 | ) | |||||||||||||
$ | 66,479 | ($61,055 | ) | |||||||||||||||||
(1) | Exercise price and final cost determined on a future date based upon implied volatility parameters. |
Total Written Options | $ | 469,256 | ($577,443 | ) | ||||||||||||||||
(k) | Swap agreements outstanding as of September 30, 2011 were as follows: |
Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection (1) |
Fixed Deal | Implied Credit | Upfront | Unrealized | |||||||||||||||||||||||||
Pay | Expiration | Counter- | Spread at | Notional | Premiums Paid | Appreciation | ||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 09/30/11 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | ||||||||||||||||||||
Starwood Hotels & Resorts Worldwide Inc 6.750% due 05/15/18 | (1.000 | %) | 03/20/13 | DUB | 1.488 | % | $ | 300,000 | $ | 2,043 | $ | 5,065 | $ | (3,022 | ) | |||||||||||||
American International Group Inc 5.875% due 05/01/13 D | (5.000 | %) | 03/20/13 | GSC | 7.062 | % | 900,000 | 23,826 | (41,360 | ) | 65,186 | |||||||||||||||||
$ | 25,869 | $ | (36,295 | ) | $ | 62,164 | ||||||||||||||||||||||
Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection (2) |
Fixed Deal | Implied Credit | Upfront | Unrealized | ||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Premiums Paid | Appreciation | |||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 09/30/11 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | |||||||||||||||||||
Petrobras International 8.375% due 12/10/18 | 1.000 | % | 09/20/12 | DUB | 1.136% | $ | 100,000 | ($102 | ) | ($1,241 | ) | $ | 1,139 | ||||||||||||||
American International Group Inc 6.250% due 05/01/36 | 1.950 | % | 03/20/13 | DUB | 3.420% | 1,200,000 | (24,302 | ) | — | (24,302 | ) | ||||||||||||||||
France Government Bond OAT 4.250% due 04/25/19 | 0.250 | % | 06/20/15 | CIT | 1.645% | 300,000 | (14,886 | ) | (6,336 | ) | (8,550 | ) | |||||||||||||||
Republic of Brazil 1 2.250% due 03/06/30 | 1.000 | % | 06/20/15 | BRC | 1.743% | 800,000 | (21,105 | ) | (6,842 | ) | (14,263 | ) | |||||||||||||||
United Kingdom GILT 4.250% due 06/07/32D | 1.000 | % | 06/20/15 | GSC | 0.757% | 1,600,000 | 14,679 | 17,606 | (2,927 | ) | |||||||||||||||||
Republic of Brazil 12.250% due 03/06/30 | 1.000 | % | 06/20/15 | HSB | 1.743% | 700,000 | (18,466 | ) | (7,024 | ) | (11,442 | ) | |||||||||||||||
France Government Bond OAT 4.250% due 04/25/19 | 0.250 | % | 12/20/15 | BRC | 1.713% | 800,000 | (46,718 | ) | (15,889 | ) | (30,829 | ) | |||||||||||||||
Japanese Government Bond 2.000% due 03/21/22 | 1.000 | % | 12/20/15 | GSC | 1.312% | 1,000,000 | (12,357 | ) | 22,098 | (34,455 | ) | ||||||||||||||||
France Government Bond OAT 4.250% due 04/25/19 | 0.250 | % | 06/20/16 | CIT | 1.792% | 500,000 | (34,020 | ) | (21,588 | ) | (12,432 | ) | |||||||||||||||
Japanese Government Bond 2.000% due 03/21/22 | 1.000 | % | 06/20/16 | HSB | 1.393% | 1,300,000 | (22,617 | ) | (635 | ) | (21,982 | ) | |||||||||||||||
($179,894 | ) | ($19,851 | ) | ($160,043 | ) | ||||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-13
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Fixed Deal | Upfront | |||||||||||||||||||||||
Receive | Expiration | Counter- | Notional | Premiums Paid | Unrealized | |||||||||||||||||||
Referenced Obligation | Rate | Date | party | Amount (4) | Value (5) | (Received) | Depreciation | |||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | CIT | $ | 1,900,000 | $ | 115,617 | $ | 244,835 | $ | (129,218 | ) | |||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | DUB | 200,000 | 12,171 | 30,200 | (18,029 | ) | |||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | MSC | 1,200,000 | 73,021 | 168,000 | (94,979 | ) | |||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | UBS | 300,000 | 18,255 | 42,300 | (24,045 | ) | |||||||||||||||
Dow Jones CDX NA IG-16 5Y | 1.000 | % | 06/20/16 | GSC | 2,400,000 | (37,382 | ) | 4,994 | (42,376 | ) | ||||||||||||||
Dow Jones CDX NA EM15 5Y | 5.000 | % | 06/20/16 | BRC | 200,000 | 12,262 | 27,000 | (14,738 | ) | |||||||||||||||
$ | 193,944 | $ | 517,329 | $ | (323,385 | ) | ||||||||||||||||||
$ | 39,919 | $ | 461,183 | $ | (421,264 | ) | ||||||||||||||||||
(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 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 period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, 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 been closed/sold as of the period 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 | 2.028 | % | 10/15/11 | EUR 200,000 | $ | 7,606 | $ | — | $ | 7,606 | ||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 10.115 | % | 01/02/12 | BRL 1,300,000 | (24,690 | ) | (18,939 | ) | (5,751 | ) | ||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.680 | % | 01/02/12 | 800,000 | (4,488 | ) | (6,967 | ) | 2,479 | |||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.140 | % | 01/02/12 | 500,000 | 5,507 | 1,918 | 3,589 | |||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.290 | % | 01/02/12 | 200,000 | (73 | ) | (212 | ) | 139 | |||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.360 | % | 01/02/12 | 6,500,000 | 63,622 | 3,554 | 60,068 | |||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 11.670 | % | 01/02/12 | 200,000 | 3,522 | 1,620 | 1,902 | |||||||||||||||||||
BRL — CDI Compounded | BOA | Pay | 14.765 | % | 01/02/12 | 100,000 | 5,892 | 191 | 5,701 | |||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 14.765 | % | 01/02/12 | 2,300,000 | 135,521 | 15,333 | 120,188 | |||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 11.890 | % | 01/02/13 | 3,500,000 | 56,291 | 2,160 | 54,131 | |||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.890 | % | 01/02/13 | 1,400,000 | 22,516 | 1,943 | 20,573 | |||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.980 | % | 01/02/13 | 900,000 | 15,275 | — | 15,275 | |||||||||||||||||||
BRL — CDI Compounded | UBS | Pay | 12.070 | % | 01/02/13 | 1,900,000 | 34,875 | (6,688 | ) | 41,563 | ||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 12.285 | % | 01/02/13 | 800,000 | 16,925 | 2,511 | 14,414 | |||||||||||||||||||
Total Interest Rate Swaps | $ | 338,301 | $ | (3,576 | ) | $ | 341,877 | |||||||||||||||||||||
Total Swap Agreements | $ | 378,220 | $ | 457,607 | $ | (79,387 | ) | |||||||||||||||||||||
(l) | As of September 30, 2011, investments with total aggregate values of $371,025 and $17,296,155 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts and reverse repurchase agreements, 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 A-65 |
A-14
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Convertible Preferred Stocks (1) | $ | 103,306 | $ | 103,306 | $ | — | $ | — | ||||||||
Corporate Bonds & Notes | 49,676,785 | — | 49,676,785 | — | ||||||||||||
Mortgage-Backed Securities | 20,916,366 | — | 20,916,366 | — | ||||||||||||
Asset-Backed Securities | 10,396,536 | — | 9,820,454 | 576,082 | ||||||||||||
U.S. Treasury Obligations | 227,252,635 | — | 227,252,635 | — | ||||||||||||
Foreign Government Bonds & Notes | 14,768,186 | — | 14,768,186 | — | ||||||||||||
Municipal Bonds | 124,642 | — | 124,642 | — | ||||||||||||
Short-Term Investments | 15,299,816 | 1,700,518 | 13,599,298 | — | ||||||||||||
Derivatives: | ||||||||||||||||
Credit Contracts | ||||||||||||||||
Swaps | 271,874 | — | 271,874 | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | 1,059,146 | — | 1,059,146 | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||
Futures | 452,991 | 452,991 | — | — | ||||||||||||
Swaps | 367,552 | — | 367,552 | — | ||||||||||||
Total Interest Rate Contracts | 820,543 | 452,991 | 367,552 | — | ||||||||||||
Total Assets — Derivatives | 2,151,563 | 452,991 | 1,698,572 | — | ||||||||||||
Total Assets | 340,689,835 | 2,256,815 | 337,856,938 | 576,082 | ||||||||||||
Liabilities | ||||||||||||||||
Derivatives: | ||||||||||||||||
Credit Contracts | ||||||||||||||||
Swaps | (231,955 | ) | — | (231,955 | ) | — | ||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | (1,134,119 | ) | — | (1,134,119 | ) | — | ||||||||||
Written Options | (38,946 | ) | — | (38,946 | ) | — | ||||||||||
Total Foreign Currency Contracts | (1,173,065 | ) | — | (1,173,065 | ) | — | ||||||||||
Interest Rate Contracts | ||||||||||||||||
Futures | (4,535 | ) | (4,535 | ) | — | — | ||||||||||
Swaps | (29,251 | ) | — | (29,251 | ) | — | ||||||||||
Written Options | (538,497 | ) | — | (461,013 | ) | (77,484 | ) | |||||||||
Total Interest Rate Contracts | (572,283 | ) | (4,535 | ) | (490,264 | ) | (77,484 | ) | ||||||||
Total Liabilities — Derivatives | (1,977,303 | ) | (4,535 | ) | (1,895,284 | ) | (77,484 | ) | ||||||||
Total Liabilities | (1,977,303 | ) | (4,535 | ) | (1,895,284 | ) | (77,484 | ) | ||||||||
Total | $ | 338,712,532 | $ | 2,252,280 | $ | 335,961,654 | $ | 498,598 | ||||||||
Derivatives | ||||||||||||||||||||
Interest Rate | ||||||||||||||||||||
Corporate Bonds | Asset-Backed | Foreign Government | Contracts | |||||||||||||||||
& Notes | Securities | Bonds & Notes | Written Options | Total | ||||||||||||||||
Value, Beginning of Period | $ | 4,597,626 | $ | 4,420,360 | $ | 2,261,770 | $ | (132,634 | ) | $ | 11,147,122 | |||||||||
Purchases | — | 623,521 | — | — | 623,521 | |||||||||||||||
Sales | (2,084,838 | ) | (395,795 | ) | — | — | (2,480,633 | ) | ||||||||||||
Accrued Discounts (Premiums) | — | 476 | — | — | 476 | |||||||||||||||
Net Realized Gains (Losses) | (15,162 | ) | 9,414 | — | — | (5,748 | ) | |||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (468 | ) | (607,704 | ) | (189,043 | ) | 55,150 | (742,065 | ) | |||||||||||
Transfers In | — | — | — | — | — | |||||||||||||||
Transfers Out | (2,497,158 | ) | (3,474,190 | ) | (2,072,727 | ) | — | (8,044,075 | ) | |||||||||||
Value, End of Period | $ | — | $ | 576,082 | $ | — | $ | (77,484 | ) | $ | 498,598 | |||||||||
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable | $ | — | $ | (47,914 | ) | $ | — | $ | 55,150 | $ | 7,236 | |||||||||
(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 A-65 |
A-15
PL MANAGED BOND FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.8% | ||||||||
Financials - 0.8% | ||||||||
Lehman Brothers Holdings Inc 8.750% W | 1,500 | $ | 386 | |||||
Wells Fargo & Co 7.500% | 3,000 | 3,099,180 | ||||||
3,099,566 | ||||||||
Total Convertible Preferred Stocks (Cost $3,611,829) | 3,099,566 | |||||||
PREFERRED STOCKS - 0.0% | �� | |||||||
Financials - 0.0% | ||||||||
Fannie Mae * | 8,000 | 11,600 | ||||||
Total Preferred Stocks (Cost $200,000) | 11,600 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES - 34.3% | ||||||||
Consumer Staples - 0.7% | ||||||||
Anheuser-Busch InBev Worldwide Inc | ||||||||
0.802% due 01/27/14 § | $ | 1,300,000 | 1,310,685 | |||||
Kraft Foods Inc | ||||||||
6.125% due 02/01/18 | 700,000 | 823,589 | ||||||
6.875% due 02/01/38 | 100,000 | 126,802 | ||||||
Reynolds American Inc | ||||||||
7.625% due 06/01/16 | 100,000 | 119,912 | ||||||
Wal-Mart Stores Inc | ||||||||
5.800% due 02/15/18 | 200,000 | 243,391 | ||||||
2,624,379 | ||||||||
Energy - 1.2% | ||||||||
Colorado Interstate Gas Co LLC | ||||||||
6.800% due 11/15/15 | 200,000 | 227,836 | ||||||
Gaz Capital SA (Luxembourg) | ||||||||
8.146% due 04/11/18 ~ | 500,000 | 553,750 | ||||||
9.250% due 04/23/19 ~ | 500,000 | 585,000 | ||||||
NGPL PipeCo LLC | ||||||||
7.119% due 12/15/17 ~ | 500,000 | 528,320 | ||||||
Novatek Finance Ltd (Ireland) | ||||||||
5.326% due 02/03/16 ~ | 200,000 | 197,500 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd (Cayman) | ||||||||
6.350% due 06/30/21 ~ | 100,000 | 100,000 | ||||||
Petrobras International Finance Co (Cayman) | ||||||||
5.375% due 01/27/21 | 900,000 | 918,900 | ||||||
5.875% due 03/01/18 | 400,000 | 420,548 | ||||||
Petroleos Mexicanos (Mexico) | ||||||||
5.500% due 01/21/21 | 600,000 | 636,000 | ||||||
Ras Laffan Liquefied Natural Gas Co Ltd III (Qatar) | ||||||||
4.500% due 09/30/12 D ~ | 400,000 | 410,500 | ||||||
TNK-BP Finance SA (Luxembourg) | ||||||||
7.250% due 02/02/20 ~ | 200,000 | 202,500 | ||||||
Transneft (Ireland) | ||||||||
8.700% due 08/07/18 ~ | 100,000 | 116,125 | ||||||
4,896,979 | ||||||||
Financials - 26.1% | ||||||||
Ally Financial Inc | ||||||||
3.751% due 06/20/14 § | 4,600,000 | 4,201,870 | ||||||
4.500% due 02/11/14 | 500,000 | 458,750 | ||||||
6.250% due 12/01/17 | 300,000 | 262,650 | ||||||
7.500% due 09/15/20 | 200,000 | 181,750 | ||||||
8.300% due 02/12/15 | 600,000 | 594,750 | ||||||
American Express Bank FSB | ||||||||
5.500% due 04/16/13 | 600,000 | 633,708 | ||||||
American Express Centurion Bank | ||||||||
6.000% due 09/13/17 | 1,200,000 | 1,349,453 | ||||||
American Express Co | ||||||||
4.875% due 07/15/13 | 200,000 | 210,156 | ||||||
American General Finance Co | ||||||||
4.125% due 11/29/13 | EUR | 1,000,000 | 1,182,595 | |||||
American International Group Inc | ||||||||
5.450% due 05/18/17 | $ | 100,000 | 96,054 | |||||
5.850% due 01/16/18 | 800,000 | 795,402 | ||||||
6.250% due 03/15/37 | 200,000 | 139,500 | ||||||
ANZ National International Ltd (New Zealand) | ||||||||
6.200% due 07/19/13 ~ | 300,000 | 320,525 | ||||||
Banco Santander Brasil SA (Brazil) | ||||||||
4.250% due 01/14/16 ~ | 300,000 | 290,094 | ||||||
2.450% due 03/18/14 § ~ | 600,000 | 578,250 | ||||||
Banco Santander Chile (Chile) | ||||||||
1.501% due 04/20/12 § ~ | 400,000 | 400,345 | ||||||
1.850% due 01/19/16 § ~ | 1,000,000 | 905,000 | ||||||
Bank of America Corp | ||||||||
1.673% due 01/30/14 § | 1,200,000 | 1,087,613 | ||||||
4.500% due 04/01/15 | 1,900,000 | 1,802,993 | ||||||
4.875% due 01/15/13 | 100,000 | 99,689 | ||||||
5.650% due 05/01/18 | 700,000 | 666,247 | ||||||
Bank of China Ltd (Hong Kong) | ||||||||
5.550% due 02/11/20 ~ | 100,000 | 100,334 | ||||||
Bank of Montreal (Canada) | ||||||||
2.850% due 06/09/15 ~ | 100,000 | 105,690 | ||||||
Bank of Nova Scotia (Canada) | ||||||||
1.650% due 10/29/15 ~ | 200,000 | 201,807 | ||||||
Banque PSA Finance SA (France) | ||||||||
2.146% due 04/04/14 § ~ | 600,000 | 566,108 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
5.000% due 09/22/16 | 100,000 | 100,399 | ||||||
5.450% due 09/12/12 | 800,000 | 827,743 | ||||||
6.050% due 12/04/17 ~ | 2,700,000 | 2,483,258 | ||||||
10.179% due 06/12/21 ~ | 720,000 | 772,618 | ||||||
BBVA Bancomer SA (Mexico) | ||||||||
6.500% due 03/10/21 ~ | 3,800,000 | 3,543,500 | ||||||
BM&FBOVESPA SA (Brazil) | ||||||||
5.500% due 07/16/20 ~ | 100,000 | 99,375 | ||||||
BNP Paribas SA (France) | ||||||||
1.146% due 01/10/14 § | 1,000,000 | 933,309 | ||||||
BPCE SA (France) | ||||||||
2.375% due 10/04/13 ~ | 100,000 | 97,365 | ||||||
9.000% § ± | EUR | 300,000 | 316,334 | |||||
CIT Group Inc | ||||||||
5.250% due 04/01/14 ~ | $ | 100,000 | 97,250 | |||||
7.000% due 05/01/15 | 600,000 | 596,250 | ||||||
Citigroup Capital XXI | ||||||||
8.300% due 12/21/77 § | 2,000,000 | 1,965,000 | ||||||
Citigroup Inc | ||||||||
2.286% due 08/13/13 § | 200,000 | 197,935 | ||||||
3.625% due 11/30/17 § | EUR | 500,000 | 519,227 | |||||
5.500% due 04/11/13 | $ | 700,000 | 720,782 | |||||
5.500% due 10/15/14 | 1,000,000 | 1,040,134 | ||||||
5.625% due 08/27/12 | 50,000 | 50,924 | ||||||
8.500% due 05/22/19 | 200,000 | 242,182 | ||||||
Commonwealth Bank of Australia (Australia) | ||||||||
0.666% due 07/12/13 § ~ | 1,600,000 | 1,600,043 | ||||||
Credit Agricole Home Loan SFH (France) | ||||||||
1.002% due 07/21/14 § ~ | 1,400,000 | 1,366,912 | ||||||
Credit Agricole SA (France) | ||||||||
5.136% due 01/01/00 § ~ ± | GBP | 300,000 | 250,986 | |||||
Credit Suisse NY (Switzerland) | ||||||||
2.200% due 01/14/14 | $ | 300,000 | 297,498 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-16
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Daimler Finance North America LLC | ||||||||
1.543% due 09/13/13 § ~ D | $ | 400,000 | $ | 400,280 | ||||
Danske Bank AS (Denmark) | ||||||||
2.500% due 05/10/12 ~ | 200,000 | 202,393 | ||||||
Deutsche Bank AG (Germany) | ||||||||
6.000% due 09/01/17 | 900,000 | 993,409 | ||||||
Dexia Credit Local SA (France) | ||||||||
0.733% due 04/29/14 § ~ | 800,000 | 753,990 | ||||||
Ford Motor Credit Co LLC | ||||||||
2.996% due 01/13/12 § | 2,900,000 | 2,916,124 | ||||||
7.000% due 04/15/15 | 500,000 | 526,250 | ||||||
7.250% due 10/25/11 | 100,000 | 100,126 | ||||||
8.700% due 10/01/14 | 200,000 | 216,637 | ||||||
General Electric Capital Corp | ||||||||
5.875% due 01/14/38 | 900,000 | 927,834 | ||||||
6.875% due 01/10/39 | 200,000 | 230,855 | ||||||
General Motors Acceptance Corp | ||||||||
8.375% due 07/05/33 W | EUR | 200,000 | 3,349 | |||||
HBOS PLC (United Kingdom) | ||||||||
0.531% due 09/06/17 § | $ | 8,100,000 | 5,876,048 | |||||
HSBC Bank PLC (United Kingdom) | ||||||||
2.000% due 01/19/14 ~ | 200,000 | 199,007 | ||||||
ICICI Bank Ltd (India) | ||||||||
4.750% due 11/25/16 ~ | 1,700,000 | 1,634,905 | ||||||
5.500% due 03/25/15 ~ | 600,000 | 598,342 | ||||||
ING Bank NV (Netherlands) | ||||||||
1.169% due 03/30/12 § ~ | 700,000 | 699,233 | ||||||
2.500% due 01/14/16 ~ | 100,000 | 100,309 | ||||||
Intesa Sanpaolo SPA (Italy) | ||||||||
2.375% due 12/21/12 | 1,400,000 | 1,360,856 | ||||||
2.708% due 02/24/14 § ~ | 500,000 | 450,559 | ||||||
JPMorgan Chase & Co | ||||||||
1.119% due 09/30/13 § | 900,000 | 899,510 | ||||||
4.250% due 10/15/20 | 1,600,000 | 1,609,050 | ||||||
7.900% due 01/01/00 § ± | 300,000 | 310,013 | ||||||
LBG Capital No. 2 PLC (United Kingdom) | ||||||||
9.125% due 07/15/20 | GBP | 800,000 | 960,594 | |||||
LeasePlan Corp NV (Netherlands) | ||||||||
3.125% due 02/10/12 | EUR | 300,000 | 404,505 | |||||
Lehman Brothers Holdings Inc | ||||||||
2.851% due 12/23/08 W § | $ | 500,000 | 118,125 | |||||
5.625% due 01/24/13 W | 1,200,000 | 294,000 | ||||||
6.750% due 12/28/17 W | 500,000 | 750 | ||||||
6.875% due 05/02/18 W | 100,000 | 24,875 | ||||||
Lloyds TSB Bank PLC (United Kingdom) | ||||||||
4.875% due 01/21/16 | 200,000 | 195,231 | ||||||
12.000% § ~ ± | 1,100,000 | 1,077,838 | ||||||
Macquarie Bank Ltd (Australia) | ||||||||
3.300% due 07/17/14 ~ | 5,300,000 | 5,664,221 | ||||||
Merrill Lynch & Co Inc | ||||||||
6.875% due 04/25/18 | 900,000 | 902,390 | ||||||
MetLife Institutional Funding II | ||||||||
1.146% due 04/04/14 § ~ | 1,800,000 | 1,801,665 | ||||||
Metropolitan Life Global Funding I | ||||||||
5.125% due 04/10/13 ~ | 300,000 | 315,028 | ||||||
Morgan Stanley | ||||||||
5.950% due 12/28/17 | 1,900,000 | 1,846,175 | ||||||
National Australia Bank Ltd (Australia) | ||||||||
0.966% due 04/11/14 § ~ | 2,000,000 | 1,995,020 | ||||||
Nationwide Building Society (United Kingdom) | ||||||||
6.250% due 02/25/20 ~ | 300,000 | 303,210 | ||||||
Nordea Bank AB (Sweden) | ||||||||
2.125% due 01/14/14 ~ | 100,000 | 99,334 | ||||||
Nordea Eiendomskreditt AS (Norway) | ||||||||
0.666% due 04/07/14 § ~ | 900,000 | 901,363 | ||||||
Nykredit Realkredit AS (Denmark) | ||||||||
2.628% due 04/01/38 § | DKK | 720,336 | 127,676 | |||||
2.628% due 10/01/38 § | 895,102 | 157,766 | ||||||
Principal Life Income Funding Trusts | ||||||||
5.300% due 04/24/13 | $ | 100,000 | 106,070 | |||||
Qatari Diar Finance QSC (Qatar) | ||||||||
5.000% due 07/21/20 ~ | 200,000 | 214,500 | ||||||
RCI Banque SA (France) | ||||||||
2.116% due 04/11/14 § ~ | 1,300,000 | 1,230,740 | ||||||
Realkredit Danmark AS (Denmark) | ||||||||
2.480% due 01/01/38 § | DKK | 3,165,546 | 558,426 | |||||
Regions Bank | ||||||||
7.500% due 05/15/18 | $ | 300,000 | 299,625 | |||||
Regions Financial Corp | ||||||||
0.528% due 06/26/12 § | 900,000 | 882,984 | ||||||
RZD Capital Ltd (Ireland) | ||||||||
5.739% due 04/03/17 | 500,000 | 499,235 | ||||||
Santander Issuances S.A.Unipersonal (Spain) | ||||||||
7.300% due 07/27/19 § | GBP | 3,000,000 | 4,324,596 | |||||
Santander U.S. Debt SA Unipersonal (Spain) | ||||||||
1.169% due 03/30/12 § ~ | $ | 1,500,000 | 1,489,205 | |||||
SLM Corp | ||||||||
0.483% due 10/25/11 § | 900,000 | 895,845 | ||||||
5.000% due 10/01/13 | 2,600,000 | 2,546,549 | ||||||
5.338% due 10/01/14 § | 100,000 | 92,191 | ||||||
6.250% due 01/25/16 | 100,000 | 98,299 | ||||||
8.000% due 03/25/20 | 400,000 | 395,879 | ||||||
8.450% due 06/15/18 | 600,000 | 625,500 | ||||||
SSIF Nevada LP | ||||||||
0.949% due 04/14/14 § ~ | 3,300,000 | 3,302,379 | ||||||
State Bank of India (India) | ||||||||
4.500% due 07/27/15 ~ | 1,000,000 | 1,002,233 | ||||||
Stone Street Trust | ||||||||
5.902% due 12/15/15 ~ | 700,000 | 725,843 | ||||||
Temasek Financial I Ltd (Singapore) | ||||||||
4.300% due 10/25/19 ~ | 300,000 | 321,296 | ||||||
The Bear Stearns Cos LLC | ||||||||
6.400% due 10/02/17 | 400,000 | 455,077 | ||||||
The Dai-ichi Life Insurance Co Ltd (Japan) | ||||||||
7.250% § ~ ± | 300,000 | 295,936 | ||||||
The Goldman Sachs Group Inc | ||||||||
1.253% due 07/29/13 § | 200,000 | 196,017 | ||||||
6.250% due 09/01/17 | 1,100,000 | 1,147,916 | ||||||
6.750% due 10/01/37 | 1,200,000 | 1,103,182 | ||||||
The Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
2.625% due 05/11/12 ~ | 100,000 | 101,286 | ||||||
3.950% due 09/21/15 | 400,000 | 376,725 | ||||||
7.640% § ± | 500,000 | 242,500 | ||||||
UBS AG (Switzerland) | ||||||||
1.403% due 02/23/12 § | 300,000 | 300,825 | ||||||
5.875% due 12/20/17 | 700,000 | 721,814 | ||||||
Vnesheconombank PLC (Ireland) | ||||||||
5.450% due 11/22/17 ~ | 100,000 | 95,750 | ||||||
Wachovia Corp | ||||||||
0.379% due 10/15/11 § | 800,000 | 799,998 | ||||||
0.444% due 08/01/13 § | 300,000 | 296,326 | ||||||
Wells Fargo & Co | ||||||||
7.980% § ± | 1,700,000 | 1,759,500 | ||||||
Westpac Banking Corp (Australia) | ||||||||
1.099% due 03/31/14 § ~ | 1,000,000 | 1,003,927 | ||||||
102,057,376 | ||||||||
Health Care - 0.1% | ||||||||
UnitedHealth Group Inc | ||||||||
6.000% due 02/15/18 | 400,000 | 475,787 | ||||||
6.875% due 02/15/38 | 100,000 | 131,623 | ||||||
607,410 | ||||||||
Industrials - 1.3% | ||||||||
Caterpillar Inc | ||||||||
0.468% due 05/21/13 § | 1,400,000 | 1,401,803 | ||||||
International Lease Finance Corp | ||||||||
0.596% due 07/13/12 § | 2,682,000 | 2,553,594 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-17
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
5.300% due 05/01/12 | $ | 300,000 | $ | 297,750 | ||||
5.400% due 02/15/12 | 300,000 | 298,500 | ||||||
5.625% due 09/20/13 | 255,000 | 245,756 | ||||||
5.750% due 05/15/16 | 100,000 | 89,021 | ||||||
Noble Group Ltd (Bermuda) | ||||||||
6.750% due 01/29/20 ~ | 200,000 | 177,000 | ||||||
5,063,424 | ||||||||
Information Technology - 0.4% | ||||||||
Hewlett-Packard Co | ||||||||
0.588% due 05/24/13 § | 1,600,000 | 1,582,640 | ||||||
Materials - 1.6% | ||||||||
Braskem Finance Ltd (Cayman) | ||||||||
5.750% due 04/15/21 ~ | 3,600,000 | 3,321,360 | ||||||
Codelco Inc (Chile) | ||||||||
6.150% due 10/24/36 ~ | 200,000 | 244,033 | ||||||
CSN Islands XI Corp (Cayman) | ||||||||
6.875% due 09/21/19 ~ | 700,000 | 743,750 | ||||||
CSN Resources SA (Luxembourg) | ||||||||
6.500% due 07/21/20 ~ | 600,000 | 631,500 | ||||||
Gerdau Holdings Inc | ||||||||
7.000% due 01/20/20 ~ | 400,000 | 414,000 | ||||||
GTL Trade Finance Inc (United Kingdom) | ||||||||
7.250% due 10/20/17 ~ | 600,000 | 633,000 | ||||||
Vale Overseas Ltd (Cayman) | ||||||||
6.250% due 01/23/17 | 200,000 | 217,300 | ||||||
6.875% due 11/10/39 | 100,000 | 108,500 | ||||||
6,313,443 | ||||||||
Telecommunication Services - 2.3% | ||||||||
AT&T Inc | ||||||||
6.300% due 01/15/38 | 200,000 | 230,455 | ||||||
BellSouth Corp | ||||||||
4.463% due 04/26/12 ~ | 4,800,000 | 4,888,008 | ||||||
Deutsche Telekom International Finance BV (Netherlands) | ||||||||
6.500% due 04/08/22 | GBP | 900,000 | 1,630,994 | |||||
Verizon Communications Inc | ||||||||
0.973% due 03/28/14 § | $ | 900,000 | 903,180 | |||||
Verizon Wireless Capital LLC | ||||||||
5.250% due 02/01/12 | 1,300,000 | 1,318,203 | ||||||
8,970,840 | ||||||||
Utilities - 0.6% | ||||||||
CMS Energy Corp | ||||||||
5.050% due 02/15/18 | 1,000,000 | 993,864 | ||||||
Electricite de France (France) | ||||||||
5.500% due 01/26/14 ~ | 200,000 | 214,408 | ||||||
6.500% due 01/26/19 ~ | 200,000 | 234,386 | ||||||
6.950% due 01/26/39 ~ | 200,000 | 250,480 | ||||||
Entergy Corp | ||||||||
3.625% due 09/15/15 | 500,000 | 501,215 | ||||||
2,194,353 | ||||||||
Total Corporate Bonds & Notes (Cost $138,129,950) | 134,310,844 | |||||||
CONVERTIBLE CORPORATE BONDS - 0.4% | ||||||||
Energy - 0.4% | ||||||||
Transocean Inc (Cayman) | ||||||||
1.500% due 12/15/37 | 1,400,000 | 1,387,750 | ||||||
Total Convertible Corporate Bonds (Cost $1,304,059) | 1,387,750 | |||||||
SENIOR LOAN NOTES - 0.5% | ||||||||
Financials - 0.5% | ||||||||
AFGS Funding Co Term (Initial Term Loan) | ||||||||
5.500% due 05/10/17 § | 2,000,000 | 1,757,500 | ||||||
Total Senior Loan Notes (Cost $1,990,549) | 1,757,500 | |||||||
MORTGAGE-BACKED SECURITIES - 34.7% | ||||||||
Collateralized Mortgage Obligations — Commercial - 1.8% | ||||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
5.471% due 01/12/45 “ § | 100,000 | 110,322 | ||||||
5.700% due 06/11/50 “ | 200,000 | 216,454 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
5.306% due 12/10/46 “ | 200,000 | 210,860 | ||||||
Credit Suisse Mortgage Capital Certificates | ||||||||
5.467% due 09/15/39 “ | 900,000 | 929,587 | ||||||
5.824% due 03/15/39 “ § | 100,000 | 105,105 | ||||||
European Loan Conduit (Ireland) | ||||||||
1.685% due 05/15/19 “ § ~ | EUR | 60,172 | 66,407 | |||||
Greenwich Capital Commercial Funding Corp | ||||||||
5.444% due 03/10/39 “ | $ | 400,000 | 416,694 | |||||
JPMorgan Chase Commercial Mortgage Securities Corp | ||||||||
4.070% due 11/15/43 “ ~ | 500,000 | 493,443 | ||||||
LB-UBS Commercial Mortgage Trust | ||||||||
5.866% due 09/15/45 “ § | 600,000 | 646,976 | ||||||
Merrill Lynch Floating Trust | ||||||||
0.764% due 07/09/21 “ § ~ | 499,897 | 481,582 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||||||
5.700% due 09/12/49 “ | 500,000 | 518,353 | ||||||
Morgan Stanley Capital I | ||||||||
5.731% due 07/12/44 “ § | 1,700,000 | 1,857,991 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
0.319% due 09/15/21 “ § ~ | 245,912 | 237,305 | ||||||
5.342% due 12/15/43 “ | 600,000 | 614,550 | ||||||
6,905,629 | ||||||||
Collateralized Mortgage Obligations — Residential - 5.6% | ||||||||
Adjustable Rate Mortgage Trust | ||||||||
2.760% due 05/25/35 “ § | 13,756 | 13,171 | ||||||
Arran Residential Mortgages Funding PLC (United Kingdom) | ||||||||
2.735% due 11/19/47 “ § ~ | EUR | 3,352,905 | 4,483,738 | |||||
2.935% due 05/16/47 “ § ~ | 1,000,000 | 1,331,612 | ||||||
Banc of America Funding Corp | ||||||||
2.717% due 05/25/35 “ § | $ | 147,391 | 147,174 | |||||
Banc of America Mortgage Securities Inc | ||||||||
2.873% due 07/25/33 “ § | 64,139 | 60,740 | ||||||
5.000% due 05/25/34 “ | 9,496 | 9,531 | ||||||
BCAP LLC Trust | ||||||||
5.756% due 03/26/37 “ § ~ | 100,000 | 75,800 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.400% due 08/25/35 “ § | 64,508 | 59,493 | ||||||
2.560% due 10/25/35 “ § | 409,639 | 340,129 | ||||||
2.605% due 08/25/33 “ § | 162,406 | 152,056 | ||||||
2.731% due 03/25/35 “ § | 134,946 | 127,762 | ||||||
2.968% due 01/25/35 “ § | 1,565,330 | 1,304,998 | ||||||
Bear Stearns Alt-A Trust | ||||||||
2.599% due 05/25/35 “ § | 62,126 | 45,630 | ||||||
2.772% due 09/25/35 “ § | 75,236 | 51,060 | ||||||
2.849% due 11/25/36 “ § | 99,597 | 52,007 | ||||||
Chase Mortgage Finance Corp | ||||||||
5.893% due 09/25/36 “ § | 340,776 | 306,635 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-18
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Chevy Chase Mortgage Funding Corp | ||||||||
0.485% due 08/25/35 “ § ~ | $ | 77,723 | $ | 50,674 | ||||
Citigroup Mortgage Loan Trust Inc | ||||||||
2.450% due 08/25/35 “ § | 78,228 | 65,119 | ||||||
2.500% due 12/25/35 “ § | 131,627 | 113,674 | ||||||
Countrywide Alternative Loan Trust | ||||||||
2.890% due 06/25/37 “ § | 409,940 | 256,076 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust | ||||||||
0.555% due 03/25/35 “ § | 36,740 | 22,123 | ||||||
0.575% due 06/25/35 “ § ~ | 154,982 | 134,630 | ||||||
Credit Suisse First Boston Mortgage Securities Corp | ||||||||
0.804% due 03/25/32 “ § ~ | 6,093 | 4,836 | ||||||
6.000% due 11/25/35 “ | 130,362 | 105,351 | ||||||
Downey Saving and Loan Association Mortgage Loan Trust | ||||||||
0.410% due 04/19/47 “ § | 550,607 | 159,379 | ||||||
Fannie Mae | ||||||||
0.435% due 10/27/37 “ § | 3,400,000 | 3,379,857 | ||||||
0.545% due 04/25/37 “ § | 183,357 | 182,971 | ||||||
0.685% due 09/25/35 “ § | 343,103 | 343,963 | ||||||
1.625% due 11/25/23 “ § | 286,615 | 292,213 | ||||||
4.250% due 07/25/17 “ | 76,511 | 78,223 | ||||||
4.500% due 04/25/17-10/25/17 “ | 93,262 | 95,869 | ||||||
6.000% due 03/25/31 “ | 335,651 | 338,736 | ||||||
Freddie Mac | ||||||||
1.451% due 10/25/44 “ § | 52,481 | 54,052 | ||||||
1.652% due 07/25/44 “ § | 279,246 | 284,847 | ||||||
4.500% due 06/15/17 “ | 20,554 | 20,627 | ||||||
5.000% due 04/15/18 “ | 134,178 | 136,026 | ||||||
5.500% due 03/15/17 “ | 4,739 | 4,763 | ||||||
8.000% due 04/15/30 “ | 285,280 | 339,967 | ||||||
Granite Master Issuer PLC | ||||||||
0.491% due 12/20/54 “ § | 611,454 | 579,965 | ||||||
1.456% due 12/20/54 “ § ~ | EUR | 764,990 | 972,110 | |||||
1.626% due 12/20/54 “ ~ | 1,230,552 | 1,563,723 | ||||||
Granite Mortgages PLC (United Kingdom) | ||||||||
1.210% due 01/20/44 “ § ~ | GBP | 44,461 | 66,127 | |||||
1.305% due 09/20/44 “ § ~ | 234,634 | 348,418 | ||||||
1.988% due 01/20/44 “ § ~ | EUR | 43,936 | 56,141 | |||||
Harborview Mortgage Loan Trust | ||||||||
0.400% due 12/19/36 “ § | $ | 711,989 | 369,586 | |||||
0.420% due 01/19/38 “ § | 227,582 | 137,441 | ||||||
0.450% due 05/19/35 “ § | 40,372 | 24,887 | ||||||
JPMorgan Mortgage Trust | ||||||||
5.018% due 02/25/35 “ § | 45,732 | 43,622 | ||||||
5.333% due 07/25/35 “ § | 455,076 | 437,058 | ||||||
5.750% due 01/25/36 “ | 78,470 | 73,905 | ||||||
Mellon Residential Funding Corp | ||||||||
0.709% due 06/15/30 “ § | 11,271 | 10,427 | ||||||
Merrill Lynch Mortgage Investors Inc | ||||||||
0.445% due 02/25/36 “ § | 53,042 | 35,489 | ||||||
Morgan Stanley Mortgage Loan Trust | ||||||||
5.500% due 08/25/35 “ | 415,336 | 407,361 | ||||||
Residential Accredit Loans Inc | ||||||||
0.415% due 06/25/46 “ § | 105,481 | 35,990 | ||||||
6.000% due 06/25/36 “ | 307,454 | 185,499 | ||||||
Residential Asset Securitization Trust | ||||||||
0.635% due 05/25/33 “ § | 14,857 | 14,180 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
0.455% due 05/25/36 “ § | 236,378 | 122,634 | ||||||
Structured Asset Securities Corp | ||||||||
2.470% due 08/25/32 “ § | 28,908 | 26,366 | ||||||
2.655% due 10/25/35 “ § ~ | 81,759 | 64,892 | ||||||
Washington Mutual Mortgage Pass-Through Certificates | ||||||||
0.545% due 01/25/45 “ § | 30,247 | 23,182 | ||||||
0.555% due 01/25/45 “ § | 31,124 | 24,396 | ||||||
1.642% due 08/25/42 “ § | 5,160 | 4,292 | ||||||
2.600% due 02/27/34 “ § | 9,869 | 9,329 | ||||||
2.838% due 09/25/46 “ § | 108,334 | 77,490 | ||||||
5.580% due 02/25/37 “ § | 600,000 | 479,570 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | ||||||||
2.724% due 12/25/34 “ § | 133,254 | 127,568 | ||||||
2.731% due 03/25/36 “ § | 783,110 | 630,295 | ||||||
2.745% due 04/25/36 “ § | 106,804 | 93,838 | ||||||
4.500% due 11/25/18 “ | 48,438 | 49,057 | ||||||
22,120,350 | ||||||||
Fannie Mae - 25.0% | ||||||||
1.452% due 10/01/44 “ § | 51,274 | 51,445 | ||||||
2.175% due 09/01/35 “ § | 185,028 | 191,529 | ||||||
2.487% due 12/01/35 “ § | 57,456 | 60,266 | ||||||
2.555% due 11/01/34 “ § | 178,694 | 188,339 | ||||||
2.826% due 11/01/32 “ § | 199,758 | 211,299 | ||||||
4.000% due 04/01/24-09/01/41 “ | 11,771,230 | 12,371,310 | ||||||
4.500% due 01/01/23-08/01/41 “ | 64,502,356 | 68,509,992 | ||||||
4.542% due 12/01/36 “ § | 21,245 | 22,300 | ||||||
5.000% due 03/01/34-03/01/35 “ | 1,411,227 | 1,525,258 | ||||||
5.500% due 12/01/20-10/13/40 “ | 8,005,662 | 8,704,754 | ||||||
6.000% due 09/01/22-01/01/39 “ | 5,429,565 | 5,979,411 | ||||||
6.500% due 03/01/17 “ | 41,208 | 45,273 | ||||||
97,861,176 | ||||||||
Freddie Mac - 2.3% | ||||||||
2.129% due 09/01/35 “ § | 25,027 | 26,061 | ||||||
2.468% due 06/01/35 “ § | 307,381 | 323,752 | ||||||
2.493% due 11/01/31 “ § | 7,664 | 7,997 | ||||||
2.500% due 04/01/32 “ § | 26,013 | 27,394 | ||||||
2.770% due 09/01/35 “ § | 199,292 | 211,382 | ||||||
4.500% due 10/13/40 “ | 1,000,000 | 1,058,438 | ||||||
5.500% due 03/01/23-05/01/40 “ | 6,732,895 | 7,305,670 | ||||||
6.000% due 12/01/22-03/01/23 “ | 125,582 | 138,265 | ||||||
9,098,959 | ||||||||
Total Mortgage-Backed Securities (Cost $135,479,209) | 135,986,114 | |||||||
ASSET-BACKED SECURITIES - 6.8% | ||||||||
Asset Backed Funding Certificates | ||||||||
0.585% due 06/25/34 “ § | 131,407 | 93,902 | ||||||
Auto ABS SARL (Italy) | ||||||||
1.748% due 10/25/20 “ § ~ | EUR | 692,405 | 915,699 | |||||
Bear Stearns Asset Backed Securities Trust | ||||||||
0.435% due 12/25/36 “ § | $ | 500,000 | 287,001 | |||||
3.076% due 10/25/36 “ § | 181,957 | 127,731 | ||||||
Chester Asset Receivables Dealings (United Kingdom) | ||||||||
2.335% due 01/15/14 “ § ~ | EUR | 1,400,000 | 1,875,287 | |||||
Citibank Omni Master Trust | ||||||||
2.329% due 05/16/16 “ § ~ | $ | 8,200,000 | 8,271,087 | |||||
2.979% due 08/15/18 “ § ~ | 3,200,000 | 3,350,670 | ||||||
Duane Street CLO (Cayman) | ||||||||
0.519% due 11/08/17 “ § ~ | 3,784,464 | 3,567,556 | ||||||
Galaxy Ltd CLO (Cayman) | ||||||||
0.530% due 04/17/17 “ § ~ | 893,207 | 863,921 | ||||||
Hillmark Funding CDO (Cayman) | ||||||||
0.548% due 05/21/21 “ § ~ | 1,100,000 | 1,013,679 | ||||||
HSBC Home Equity Loan Trust | ||||||||
0.381% due 03/20/36 “ § | 547,083 | 502,828 | ||||||
Long Beach Mortgage Loan Trust | ||||||||
0.795% due 10/25/34 “ § | 18,554 | 13,649 | ||||||
Park Place Securities Inc | ||||||||
0.495% due 09/25/35 “ § | 138,718 | 120,412 | ||||||
Securitized Asset-Backed Receivables LLC Trust | ||||||||
0.365% due 05/25/37 “ § | 178,761 | 103,594 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-19
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
SLM Student Loan Trust | ||||||||
4.500% due 11/16/43 “ § ~ | $ | 281,749 | $ | 269,599 | ||||
6.229% due 07/15/42 “ § ~ | 4,525,664 | 4,242,278 | ||||||
United States Small Business Administration | ||||||||
4.754% due 08/10/14 “ | 40,562 | 43,115 | ||||||
Wind River Ltd CLO (Cayman) | ||||||||
0.680% due 12/19/16 “ § ~ | 996,133 | 953,067 | ||||||
Total Asset-Backed Securities (Cost $27,292,912) | 26,615,075 | |||||||
U.S. GOVERNMENT AGENCY ISSUES - 15.5% | ||||||||
Fannie Mae | ||||||||
2.000% due 09/21/15 | 1,800,000 | 1,864,264 | ||||||
2.250% due 03/15/16 | 200,000 | 210,265 | ||||||
4.375% due 10/15/15 | 600,000 | 681,674 | ||||||
Freddie Mac | ||||||||
1.000% due 08/20/14 | 55,900,000 | 56,356,927 | ||||||
4.875% due 06/13/18 | 1,400,000 | 1,678,694 | ||||||
Total U.S. Government Agency Issues (Cost $60,383,552) | 60,791,824 | |||||||
U.S. TREASURY OBLIGATIONS - 9.4% | ||||||||
U.S. Treasury Inflation Protected Securities - 4.8% | ||||||||
0.625% due 07/15/21 ^ ‡ | 200,472 | 209,478 | ||||||
1.125% due 01/15/21 ^ ‡ | 2,377,640 | 2,596,155 | ||||||
2.000% due 01/15/26 ^ ‡ | 2,162,656 | 2,574,238 | ||||||
2.125% due 02/15/40 ^ | 9,207,025 | 11,729,679 | ||||||
2.375% due 01/15/25 ^ | 1,198,510 | 1,482,782 | ||||||
18,592,332 | ||||||||
U.S. Treasury Notes - 4.6% | ||||||||
1.500% due 08/31/18 ‡ | 14,200,000 | 14,288,750 | ||||||
2.250% due 07/31/18 | 100,000 | 105,664 | ||||||
2.625% due 08/15/20 | 1,500,000 | 1,608,984 | ||||||
3.375% due 11/15/19 | 100,000 | 113,555 | ||||||
3.500% due 05/15/20 | 200,000 | 229,359 | ||||||
3.625% due 02/15/20 | 700,000 | 809,211 | ||||||
3.625% due 02/15/21 | 800,000 | 925,625 | ||||||
18,081,148 | ||||||||
Total U.S. Treasury Obligations (Cost $36,547,603) | 36,673,480 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 6.6% | ||||||||
Banco Nacional Desenvolvimento Economico e Social (Brazil) | ||||||||
4.125% due 09/15/17 ~ | EUR | 100,000 | 129,312 | |||||
Canada Housing Trust No 1 (Canada) | ||||||||
2.750% due 09/15/14 ~ | CAD | 800,000 | 795,725 | |||||
3.150% due 06/15/14 ~ | 100,000 | 100,386 | ||||||
3.350% due 12/15/20 ~ | 800,000 | 811,513 | ||||||
3.800% due 06/15/21 ~ D | 300,000 | 314,526 | ||||||
Canadian Government Bond (Canada) | ||||||||
2.000% due 06/01/16 | 100,000 | 98,269 | ||||||
2.750% due 09/01/16 | 700,000 | 710,955 | ||||||
3.000% due 12/01/15 | 700,000 | 714,609 | ||||||
3.250% due 06/01/21 | 700,000 | 731,964 | ||||||
3.750% due 06/01/19 | 200,000 | 216,358 | ||||||
Export-Import Bank of Korea (South Korea) | ||||||||
0.466% due 10/04/11 § ~ | $ | 800,000 | 800,000 | |||||
4.000% due 01/29/21 | 100,000 | 93,062 | ||||||
5.125% due 06/29/20 | 100,000 | 102,019 | ||||||
France Government Bond OAT (France) | ||||||||
3.250% due 10/25/21 | EUR | 5,400,000 | 7,642,663 | |||||
Instituto de Credito Oficial (Spain) | ||||||||
3.286% due 03/25/14 § ~ | 600,000 | 777,273 | ||||||
Italy Buoni Poliennali del Tesoro (Italy) | ||||||||
2.100% due 09/15/16 | 306,999 | 379,133 | ||||||
2.100% due 09/15/21 | 1,139,193 | 1,245,338 | ||||||
2.350% due 09/15/19 | 105,817 | 124,810 | ||||||
Mexican Bonos (Mexico) | ||||||||
9.000% due 12/22/11 | MXN | 9,000,000 | 655,950 | |||||
Province of Ontario (Canada) | ||||||||
1.375% due 01/27/14 | $ | 500,000 | 506,028 | |||||
4.000% due 06/02/21 | CAD | 400,000 | 409,951 | |||||
4.200% due 06/02/20 | 200,000 | 208,800 | ||||||
4.300% due 03/08/17 | 400,000 | 424,796 | ||||||
4.400% due 06/02/19 | 300,000 | 319,184 | ||||||
4.600% due 06/02/39 | 100,000 | 108,620 | ||||||
4.700% due 06/02/37 | 400,000 | 437,427 | ||||||
5.500% due 06/02/18 | 100,000 | 112,926 | ||||||
Province of Quebec (Canada) | ||||||||
4.250% due 12/01/21 | 100,000 | 103,602 | ||||||
4.500% due 12/01/17 | 200,000 | 214,215 | ||||||
4.500% due 12/01/18 | 200,000 | 213,810 | ||||||
Republic of Panama (Panama) | ||||||||
9.375% due 04/01/29 | $ | 40,000 | 60,300 | |||||
Russia Foreign Euro Bond (Russia) | ||||||||
3.625% due 04/29/15 ~ | 100,000 | 98,500 | ||||||
7.500% due 03/31/30 ~ | 1,336,000 | 1,504,576 | ||||||
Societe de Financement de l’Economie Francaise (France) | ||||||||
2.125% due 05/20/12 | EUR | 300,000 | 404,577 | |||||
3.375% due 05/05/14 ~ | $ | 200,000 | 212,589 | |||||
Spain Government Bond (Spain) | ||||||||
4.650% due 07/30/25 | EUR | 2,900,000 | 3,536,562 | |||||
Turkey Government International Bond (Turkey) | ||||||||
7.000% due 09/26/16 | $ | 500,000 | 555,000 | |||||
United Mexican States (Mexico) | ||||||||
6.050% due 01/11/40 | 100,000 | 113,500 | ||||||
Total Foreign Government Bonds & Notes (Cost $27,338,874) | 25,988,828 | |||||||
MUNICIPAL BONDS - 4.2% | ||||||||
American Municipal Power Inc of OH ‘B’ | ||||||||
8.084% due 02/15/50 | 1,000,000 | 1,422,410 | ||||||
Buckeye Tobacco Settlement Financing Authority of OH ‘A2’ | ||||||||
5.875% due 06/01/47 | 1,100,000 | 773,091 | ||||||
City of North Las Vegas NV | ||||||||
6.572% due 06/01/40 | 900,000 | 1,016,343 | ||||||
Clark County NV Airport ‘C’ | ||||||||
6.820% due 07/01/45 | 200,000 | 247,874 | ||||||
County of Fresno CA | ||||||||
0.000% due 08/15/22 | 1,400,000 | 760,368 | ||||||
Los Angeles Unified School District CA ‘A1’ | ||||||||
4.500% due 01/01/28 | 400,000 | 403,804 | ||||||
New Jersey Economic Development Authority ‘B’ | ||||||||
0.000% due 02/15/19 | 4,100,000 | 2,862,702 | ||||||
North Carolina Turnpike Authority ‘B’ | ||||||||
6.700% due 01/01/39 | 100,000 | 114,184 | ||||||
Southern California Public Power Authority | ||||||||
5.943% due 07/01/40 | 1,600,000 | 1,869,728 | ||||||
State of California | ||||||||
5.650% due 04/01/39 § | 100,000 | 105,981 | ||||||
7.500% due 04/01/34 | 100,000 | 120,492 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-20
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
7.550% due 04/01/39 | $ | 100,000 | $ | 122,626 | ||||
7.600% due 11/01/40 | 1,400,000 | 1,733,466 | ||||||
State of Illinois | ||||||||
4.071% due 01/01/14 | 200,000 | 206,352 | ||||||
Tobacco Securitization Authority of Southern California ‘A1’ | ||||||||
5.000% due 06/01/37 | 800,000 | 553,064 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | ||||||||
7.467% due 06/01/47 | 845,000 | 615,304 | ||||||
University of Arizona | ||||||||
6.423% due 08/01/35 | 2,700,000 | 2,997,594 | ||||||
University of California | ||||||||
6.270% due 05/15/31 | 500,000 | 550,720 | ||||||
Total Municipal Bonds (Cost $15,542,150) | 16,476,103 | |||||||
PURCHASED OPTIONS - 0.0% | ||||||||
(See Note (j) in Notes to Schedule of Investments) (Cost $22,099) | 38,641 | |||||||
SHORT-TERM INVESTMENTS - 5.2% | ||||||||
Commercial Paper - 4.7% | ||||||||
Kells Fund LLC | ||||||||
0.310% due 11/16/11 | 2,500,000 | 2,499,187 | ||||||
0.270% due 11/03/11 | 3,500,000 | 3,499,201 | ||||||
0.270% due 10/04/11 | 1,000,000 | 999,981 | ||||||
0.260% due 12/01/11 | 1,000,000 | 999,595 | ||||||
0.260% due 10/05/11 | 1,000,000 | 999,974 | ||||||
0.260% due 10/05/11 | 1,000,000 | 999,974 | ||||||
0.250% due 11/17/11 | 1,000,000 | 999,665 | ||||||
0.240% due 11/07/11 | 7,300,000 | 7,298,002 | ||||||
18,295,579 | ||||||||
U.S. Treasury Bills - 0.1% | ||||||||
0.020% due 10/20/11 ‡ | 280,000 | 279,998 | ||||||
0.260% due 03/08/12 ‡ | 280,000 | 279,948 | ||||||
559,946 | ||||||||
Repurchase Agreement - 0.0% | ||||||||
Morgan Stanley | ||||||||
0.090% due 10/03/11 (Dated 09/30/11, repurchase price of $100,001, collateralized by Federal Farm Credit Bank: 0.300% due 02/11/13 and value $103,082) | 100,000 | 100,000 | ||||||
Shares | ||||||||
Money Market Fund - 0.4% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,417,506 | 1,417,506 | ||||||
Total Short-Term Investments (Cost $20,372,974) | 20,373,031 | |||||||
TOTAL INVESTMENTS - 118.4% (Cost $468,215,760) | 463,510,356 | |||||||
OTHER ASSETS & LIABILITIES, NET — (18.4%) | (72,010,642 | ) | ||||||
NET ASSETS - 100.0% | $ | 391,499,714 | ||||||
Notes to Schedule of Investments | ||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Mortgage-Backed Securities | 34.7 | % | ||
Corporate Bonds & Notes | 34.3 | % | ||
U.S. Government Agency Issues | 15.5 | % | ||
U.S. Treasury Obligations | 9.4 | % | ||
Asset-Backed Securities | 6.8 | % | ||
Foreign Government Bonds & Notes | 6.6 | % | ||
Short-Term Investments | 5.2 | % | ||
Municipal Bonds | 4.2 | % | ||
Equity Securities | 0.8 | % | ||
Senior Loan Notes | 0.5 | % | ||
Convertible Corporate Bonds | 0.4 | % | ||
118.4 | % | |||
Other Assets & Liabilities, Net | (18.4 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA | 7.4 | % | ||
A -1 (Short-term debt only) | 4.1 | % | ||
AA / U.S. Government & Agency Issues | 56.1 | % | ||
A | 11.9 | % | ||
BBB | 9.3 | % | ||
BB | 2.8 | % | ||
B | 1.8 | % | ||
CCC | 0.4 | % | ||
CC | 0.2 | % | ||
D | 0.1 | % | ||
NR | 5.9 | % | ||
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) | Investments with a total aggregate value of $441,485 or 0.1% of the net assets were in default as of September 30, 2011. | |
(e) | As of September 30, 2011, 0.8% of the fund’s net assets were reported illiquid by the portfolio manager under the Trust’s policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-21
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(f) | A reverse repurchase agreement outstanding as of September 30, 2011 was as follows: |
Interest | Settlement | Maturity | Repurchase | Principal | ||||||||||||||||
Counterparty | Rate | Date | Date | Amount | Amount | |||||||||||||||
JPM | 0.150 | % | 09/21/11 | 10/05/11 | $ | 7,566,066 | $ | 7,565,625 | ||||||||||||
(g) | The average amount of borrowings by the fund on reverse repurchase agreements while outstanding during the six-month period ended September 30, 2011 was $8,456,063 at a weighted average interest rate of 0.95%. | |
(h) | Open futures contracts outstanding as of September 30, 2011 were as follows: |
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Appreciation | |||||||||
Eurodollar (03/12) | 641 | $ | 641,000,000 | $ | 444,463 | |||||||
Eurodollar (06/12) | 367 | 367,000,000 | 410,489 | |||||||||
Eurodollar (09/12) | 91 | 91,000,000 | 44,173 | |||||||||
Eurodollar (12/12) | 129 | 129,000,000 | 118,025 | |||||||||
Eurodollar (03/13) | 240 | 240,000,000 | 325,847 | |||||||||
Eurodollar (06/13) | 380 | 380,000,000 | 503,458 | |||||||||
Eurodollar (09/13) | 148 | 148,000,000 | 230,460 | |||||||||
Eurodollar (12/13) | 70 | 70,000,000 | 149,742 | |||||||||
Eurodollar (03/14) | 20 | 20,000,000 | 54,053 | |||||||||
Eurodollar (06/14) | 9 | 9,000,000 | 25,897 | |||||||||
U.S. Treasury 10-Year Notes (12/11) | 64 | 6,400,000 | 46,072 | |||||||||
Total Futures Contracts | $ | 2,352,679 | ||||||||||
(i) | Forward foreign currency contracts outstanding as of September 30, 2011 were as follows: |
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Buy | BRL | 11,529,282 | 11/11 | HSB | $ | (1,010,622 | ) | |||||||||||||
Buy | CAD | 3,549,000 | 10/11 | DUB | (192,101 | ) | ||||||||||||||
Sell | CAD | 3,305,000 | 10/11 | CIT | 47,676 | |||||||||||||||
Sell | CAD | 2,100,000 | 10/11 | JPM | 27,524 | |||||||||||||||
Sell | CAD | 821,000 | 10/11 | RBC | 8,682 | |||||||||||||||
Sell | CAD | 905,404 | 10/11 | UBS | 14,904 | |||||||||||||||
Buy | CNY | 159,000 | 11/11 | BRC | 165 | |||||||||||||||
Buy | CNY | 958,897 | 11/11 | CIT | 2,637 | |||||||||||||||
Buy | CNY | 596,638 | 11/11 | JPM | 644 | |||||||||||||||
Buy | CNY | 6,426,300 | 02/12 | HSB | 8,967 | |||||||||||||||
Buy | CNY | 1,917,000 | 06/12 | BRC | 1,918 | |||||||||||||||
Buy | CNY | 1,278,040 | 06/12 | CIT | 1,285 | |||||||||||||||
Buy | CNY | 7,026,950 | 06/12 | HSB | 6,707 | |||||||||||||||
Buy | CNY | 9,618,000 | 06/12 | JPM | 14,786 | |||||||||||||||
Buy | CNY | 1,889,850 | 06/12 | JPM | (2,359 | ) | ||||||||||||||
Buy | CNY | 1,912,650 | 06/12 | MSC | 1,233 | |||||||||||||||
Buy | CNY | 10,222,705 | 02/13 | DUB | (2,178 | ) | ||||||||||||||
Sell | DKK | 4,520,000 | 10/11 | DUB | 34,361 | |||||||||||||||
Buy | EUR | 1,397,000 | 10/11 | BRC | (139,994 | ) | ||||||||||||||
Buy | EUR | 389,000 | 10/11 | CIT | (21,477 | ) | ||||||||||||||
Buy | EUR | 784,000 | 10/11 | CSF | (56,532 | ) | ||||||||||||||
Buy | EUR | 154,000 | 10/11 | RBC | (14,602 | ) | ||||||||||||||
Buy | EUR | 320,000 | 10/11 | RYL | (34,519 | ) | ||||||||||||||
Buy | EUR | 439,000 | 10/11 | UBS | (34,808 | ) | ||||||||||||||
Sell | EUR | 10,632,000 | 10/11 | CSF | 602,801 | |||||||||||||||
Sell | EUR | 697,000 | 10/11 | DUB | 48,990 | |||||||||||||||
Sell | EUR | 74,000 | 10/11 | HSB | 5,485 | |||||||||||||||
Sell | EUR | 6,114,000 | 10/11 | JPM | 496,105 | |||||||||||||||
Sell | EUR | 10,632,000 | 10/11 | MSC | 573,563 | |||||||||||||||
Sell | EUR | 100,000 | 11/11 | JPM | 2,038 | |||||||||||||||
Buy | GBP | 243,000 | 12/11 | BRC | 3,092 | |||||||||||||||
Sell | GBP | 6,496,000 | 12/11 | BRC | 245,583 | |||||||||||||||
Sell | GBP | 5,000 | 12/11 | JPM | 179 | |||||||||||||||
Sell | GBP | 5,000 | 12/11 | UBS | 187 | |||||||||||||||
Sell | IDR | 9,077,500,000 | 10/11 | HSB | (29,698 | ) | ||||||||||||||
Buy | IDR | 6,595,120,000 | 01/12 | CIT | 14,164 | |||||||||||||||
Buy | IDR | 10,089,755,000 | 07/12 | HSB | (6,228 | ) | ||||||||||||||
Sell | INR | 19,332,000 | 11/11 | CIT | 8,170 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-22
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Sell | INR | 4,834,000 | 11/11 | HSB | $ | 2,022 | ||||||||||||||
Buy | INR | 73,367,500 | 07/12 | JPM | (113,643 | ) | ||||||||||||||
Sell | JPY | 3,422,000 | 10/11 | CIT | (1,792 | ) | ||||||||||||||
Buy | KRW | 4,176,994,431 | 11/11 | JPM | (385,107 | ) | ||||||||||||||
Sell | KRW | 1,149,768,000 | 11/11 | CSF | 26,817 | |||||||||||||||
Sell | KRW | 831,833,100 | 11/11 | JPM | (4,078 | ) | ||||||||||||||
Buy | MXN | 205,416 | 11/11 | DUB | (2,728 | ) | ||||||||||||||
Buy | MXN | 3,580,000 | 11/11 | HSB | (43,125 | ) | ||||||||||||||
Buy | MXN | 61,779,868 | 11/11 | MSC | (799,761 | ) | ||||||||||||||
Buy | MXN | 2,387,300 | 11/11 | UBS | (28,704 | ) | ||||||||||||||
Sell | MXN | 11,947,510 | 11/11 | BRC | 118,964 | |||||||||||||||
Sell | MXN | 6,750,000 | 11/11 | JPM | 15,668 | |||||||||||||||
Sell | MXN | 4,125,650 | 11/11 | MSC | 3,973 | |||||||||||||||
Sell | MXN | 10,890,750 | 11/11 | UBS | 18,557 | |||||||||||||||
Sell | MYR | 636,100 | 11/11 | BRC | 1,073 | |||||||||||||||
Buy | MYR | 1,660,405 | 04/12 | JPM | (30,264 | ) | ||||||||||||||
Buy | PHP | 6,719,377 | 11/11 | BRC | 1,849 | |||||||||||||||
Buy | PHP | 4,310,000 | 11/11 | CIT | (1,678 | ) | ||||||||||||||
Buy | PHP | 6,521,000 | 11/11 | CIT | 1,388 | |||||||||||||||
Buy | PHP | 4,392,000 | 11/11 | GSC | 192 | |||||||||||||||
Buy | PHP | 4,310,000 | 11/11 | JPM | (1,678 | ) | ||||||||||||||
Buy | PHP | 4,410,000 | 11/11 | JPM | 603 | |||||||||||||||
Sell | PHP | 26,172,000 | 11/11 | CIT | 2,952 | |||||||||||||||
Sell | PHP | 4,382,000 | 11/11 | HSB | 36 | |||||||||||||||
Buy | PHP | 42,419,000 | 03/12 | CIT | (10,939 | ) | ||||||||||||||
Buy | PHP | 8,736,000 | 03/12 | MSC | (2,506 | ) | ||||||||||||||
Buy | SGD | 380,292 | 12/11 | CIT | (10,948 | ) | ||||||||||||||
Buy | SGD | 2,723,748 | 12/11 | UBS | (184,563 | ) | ||||||||||||||
Sell | SGD | 248,865 | 12/11 | CIT | 9,692 | |||||||||||||||
Sell | SGD | 1,008,000 | 12/11 | UBS | 29,177 | |||||||||||||||
Buy | TRY | 2,126,743 | 10/11 | HSB | (125,736 | ) | ||||||||||||||
Sell | TRY | 179,560 | 10/11 | BRC | 3,795 | |||||||||||||||
Sell | TRY | 186,605 | 10/11 | CIT | 21 | |||||||||||||||
Sell | TRY | 360,560 | 10/11 | DUB | 6,819 | |||||||||||||||
Sell | TRY | 179,400 | 10/11 | JPM | 3,881 | |||||||||||||||
Sell | TRY | 186,295 | 10/11 | MSC | 187 | |||||||||||||||
Buy | TWD | 7,244,185 | 01/12 | BRC | (14,290 | ) | ||||||||||||||
Buy | ZAR | 7,859,509 | 10/11 | HSB | (147,749 | ) | ||||||||||||||
Sell | ZAR | 742,210 | 10/11 | HSB | 8,470 | |||||||||||||||
Sell | ZAR | 2,427,630 | 10/11 | JPM | 621 | |||||||||||||||
Buy | ZAR | 760,150 | 01/12 | JPM | (11,614 | ) | ||||||||||||||
Total Forward Foreign Currency Contracts | $ | (1,037,418 | ) | |||||||||||||||||
(j) | Purchased options outstanding as of September 30, 2011 were as follows: | |
Interest Rate Swaptions |
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Cost | Value | |||||||||||||||||||||
Call — OTC 1-Year Interest Rate Swap D | Pay | 1.250 | % | 04/30/12 | RBS | $ | 5,600,000 | $ | 22,099 | $ | 38,641 | |||||||||||||||||
Total Purchased Options | $ | 22,099 | $ | 38,641 | ||||||||||||||||||||||||
(k) | Transactions in written options for the six-month period ended September 30, 2011 were as follows: |
Number of | Notional Amount | |||||||||||
Contracts | in $ | Premium | ||||||||||
Outstanding, March 31, 2011 | 67 | 87,300,000 | $ | 810,099 | ||||||||
Call Options Written | 77 | 43,200,000 | 243,756 | |||||||||
Put Options Written | 77 | 98,300,000 | 608,830 | |||||||||
Call Options Closed | (94 | ) | (31,400,000 | ) | (191,797 | ) | ||||||
Put Options Closed | (33 | ) | — | (6,659 | ) | |||||||
Call Options Expired | (19 | ) | (12,500,000 | ) | (86,949 | ) | ||||||
Put Options Expired | (75 | ) | (23,900,000 | ) | (172,438 | ) | ||||||
Outstanding, September 30, 2011 | — | 161,000,000 | $ | 1,204,842 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-23
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(l) | Premiums received and value of written options outstanding as of September 30, 2011 were as follows: | |
Credit Default Swaptions — Buy Protection (1) |
Exercise | Expiration | Counter- | Notional | |||||||||||||||||||||
Description | Rate | Date | party | Amount | Premium | Value | ||||||||||||||||||
Call — OTC Dow Jones CDX IG16 5Y Index | 0.800 | % | 12/21/11 | MSC | $ | 2,900,000 | $ | 3,335 | $ | (78,676 | ) | |||||||||||||
Call — OTC Dow Jones CDX IG16 5Y Index | 0.820 | % | 12/21/11 | DUB | 3,000,000 | 4,125 | (78,977 | ) | ||||||||||||||||
$ | 7,460 | $ | (157,653 | ) | ||||||||||||||||||||
(1) | If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swaption agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swaption 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 swaption 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. |
Inflation Floor/Cap Options |
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 | $ | (4,044 | ) | |||||||||||||||||||
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 | (2,375 | ) | ||||||||||||||||||||||
$ | 18,060 | $ | (6,419 | ) | ||||||||||||||||||||||||
Interest Rate Swaptions |
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 1.800 | % | 10/11/11 | MSC | $ | 2,200,000 | $ | 3,520 | $ | (2 | ) | ||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 4.250 | % | 10/11/11 | MSC | 11,300,000 | 57,495 | (1 | ) | |||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 4.250 | % | 10/11/11 | RBS | 11,500,000 | 72,450 | (1 | ) | |||||||||||||||||||
Put — OTC 1-Year Interest Rate Swap | Pay | 2.000 | % | 04/30/12 | RBS | 11,200,000 | 22,400 | (2,079 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 2.750 | % | 06/18/12 | DUB | 6,200,000 | 64,360 | (3,676 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 2.750 | % | 06/18/12 | RBS | 4,400,000 | 43,120 | (2,609 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | BRC | 4,300,000 | 38,951 | (2,006 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | CIT | 3,100,000 | 34,590 | (1,446 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | DUB | 1,900,000 | 21,236 | (886 | ) | |||||||||||||||||||
Put — OTC 3-Year Interest Rate Swap | Pay | 3.000 | % | 06/18/12 | RBS | 6,600,000 | 55,422 | (3,078 | ) | |||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 10.000 | % | 07/10/12 | MSC | 1,200,000 | 7,230 | (1 | ) | |||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.250 | % | 07/16/12 | CIT | 3,800,000 | 93,949 | (6,225 | ) | |||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.250 | % | 07/16/12 | RBS | 1,200,000 | 30,132 | (1,966 | ) | |||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 1.700 | % | 08/13/12 | DUB | 5,600,000 | 78,177 | (77,698 | ) | |||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 1.700 | % | 08/13/12 | RBS | 7,400,000 | 102,626 | (102,673 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | CIT | 700,000 | 4,769 | (480 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | MSC | 4,800,000 | 29,501 | (3,292 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 2.250 | % | 09/24/12 | RBS | 15,000,000 | 117,839 | (10,286 | ) | |||||||||||||||||||
Put — OTC 1-Year Interest Rate Swap | Pay | 1.750 | % | 11/19/12 | RBS | 5,400,000 | 20,385 | (3,148 | ) | |||||||||||||||||||
Put — OTC 2-Year Interest Rate Swap | Pay | 1.200 | % | 07/11/13 | DUB | 4,500,000 | 31,760 | (34,597 | ) | |||||||||||||||||||
Put — OTC 1-Year Interest Rate Swap | Pay | 1.750 | % | 07/11/13 | DUB | 30,200,000 | 141,792 | (50,103 | ) | |||||||||||||||||||
$ | 1,071,704 | $ | (306,253 | ) | ||||||||||||||||||||||||
Straddle Options |
Exercise | Expiration | Counter- | Notional | |||||||||||||||||||||
Description | Price (1) | Date | party | Amount | Premium | Value | ||||||||||||||||||
Call & Put — OTC 1-Year vs. 1-Year Forward Volatility Agreement D | $ | — | 10/11/11 | GSC | $ | 2,000,000 | $ | 10,560 | $ | (7,471 | ) | |||||||||||||
Call & Put — OTC 1-Year vs. 2-Year Forward Volatility Agreement D | — | 10/11/11 | MSC | 6,000,000 | 66,685 | (60,945 | ) | |||||||||||||||||
Call & Put — OTC 1-Year vs. 2-Year Forward Volatility Agreement D | — | 11/14/11 | MSC | 2,800,000 | 30,373 | (29,122 | ) | |||||||||||||||||
$ | 107,618 | $ | (97,538 | ) | ||||||||||||||||||||
(1) | Exercise price and final cost determined on a future date based upon implied volatility parameters. |
Total Written Options | $ | 1,204,842 | $ | (567,863 | ) | |||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-24
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(m) | Swap agreements outstanding as of September 30, 2011 were as follows: | |
Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection (1) |
Fixed Deal | Implied Credit | Upfront | Unrealized | |||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Premiums Paid | Appreciation | ||||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 09/30/11 (2) | Amount (3) | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
Morgan Stanley 6.600% due 04/01/12 | 1.000 | % | 09/20/12 | BRC | 5.429 | % | $ | 100,000 | $ | (4,142 | ) | $ | (1,967 | ) | $ | (2,175 | ) | |||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 4.000 | % | 12/20/13 | CIT | 2.882 | % | 200,000 | 5,009 | — | 5,009 | ||||||||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 4.230 | % | 12/20/13 | DUB | 2.882 | % | 200,000 | 6,004 | — | 6,004 | ||||||||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 4.325 | % | 12/20/13 | CIT | 2.882 | % | 200,000 | 6,414 | — | 6,414 | ||||||||||||||||||||||
General Electric Capital Corp 6.000% due 06/15/12 | 4.400 | % | 12/20/13 | BRC | 2.882 | % | 200,000 | 6,757 | — | 6,757 | ||||||||||||||||||||||
General Electric Capital Corp 6.000% due 06/15/12 | 4.500 | % | 12/20/13 | BRC | 2.882 | % | 300,000 | 10,757 | — | 10,757 | ||||||||||||||||||||||
General Electric Capital Corp 6.000% due 06/15/12 | 4.700 | % | 12/20/13 | BRC | 2.882 | % | 400,000 | 16,071 | — | 16,071 | ||||||||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 4.750 | % | 12/20/13 | DUB | 2.882 | % | 400,000 | 16,504 | — | 16,504 | ||||||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/15 | BRC | 1.686 | % | 400,000 | (9,120 | ) | (8,999 | ) | (121 | ) | |||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/15 | CIT | 1.686 | % | 400,000 | (9,110 | ) | (9,184 | ) | 74 | ||||||||||||||||||||
Japanese Government Bond 2.000% due 03/21/22 | 1.000 | % | 03/20/15 | DUB | 1.208 | % | 1,000,000 | (6,719 | ) | 11,615 | (18,334 | ) | ||||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/15 | DUB | 1.686 | % | 200,000 | (4,555 | ) | (4,592 | ) | 37 | ||||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 06/20/15 | DUB | 1.743 | % | 1,000,000 | (26,380 | ) | (10,975 | ) | (15,405 | ) | |||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 06/20/15 | HSB | 1.743 | % | 1,000,000 | (26,380 | ) | (10,975 | ) | (15,405 | ) | |||||||||||||||||||
United Kingdom GILT 4.250% due 06/07/32 D | 1.000 | % | 06/20/15 | GSC | 0.757 | % | 1,100,000 | 10,091 | 10,164 | (73 | ) | |||||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 09/20/15 | BRC | 1.786 | % | 1,000,000 | (29,697 | ) | (7,735 | ) | (21,962 | ) | |||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 09/20/15 | BRC | 1.786 | % | 1,000,000 | (29,705 | ) | (7,735 | ) | (21,970 | ) | |||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 09/20/15 | HSB | 1.786 | % | 600,000 | (17,818 | ) | (5,962 | ) | (11,856 | ) | |||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 09/20/15 | UBS | 1.786 | % | 500,000 | (14,848 | ) | (4,731 | ) | (10,117 | ) | |||||||||||||||||||
France Government Bond OAT 4.250% due 04/25/19 | 0.250 | % | 12/20/15 | RBS | 1.713 | % | 700,000 | (40,878 | ) | (13,898 | ) | (26,980 | ) | |||||||||||||||||||
MetLife Inc 5.000% due 06/15/15 | 1.000 | % | 12/20/15 | CIT | 3.252 | % | 800,000 | (68,383 | ) | (29,082 | ) | (39,301 | ) | |||||||||||||||||||
United Kingdom GILT 4.250% due 06/07/32 D | 1.000 | % | 12/20/15 | GSC | 0.814 | % | 1,200,000 | 9,540 | 27,797 | (18,257 | ) | |||||||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 1.000 | % | 12/20/15 | MSC | 3.003 | % | 500,000 | (38,038 | ) | (9,796 | ) | (28,242 | ) | |||||||||||||||||||
France Government 4.250% due 04/25/19 | 0.250 | % | 03/20/16 | RBS | 1.755 | % | 2,900,000 | (183,373 | ) | (89,270 | ) | (94,103 | ) | |||||||||||||||||||
China Government 4.750% due 10/29/13 | 1.000 | % | 03/20/16 | BRC | 1.877 | % | 1,000,000 | (36,636 | ) | 11,950 | (48,586 | ) | ||||||||||||||||||||
Italy Republic 6.875% due 09/27/23 | 1.000 | % | 03/20/16 | BRC | 4.679 | % | 1,100,000 | (152,279 | ) | (40,967 | ) | (111,312 | ) | |||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/16 | BRC | 1.880 | % | 100,000 | (3,709 | ) | (768 | ) | (2,941 | ) | |||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 03/20/16 | CIT | 1.880 | % | 2,300,000 | (85,344 | ) | (16,240 | ) | (69,104 | ) | |||||||||||||||||||
Republic of Kazakhstan Debt | 1.000 | % | 03/20/16 | CIT | 317.500 | % | 300,000 | (26,755 | ) | (8,658 | ) | (18,097 | ) | |||||||||||||||||||
Spain Government 5.500% due 07/30/17 | 1.000 | % | 03/20/16 | CIT | 3.790 | % | 900,000 | (97,177 | ) | (54,475 | ) | (42,702 | ) | |||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/16 | CIT | 1.880 | % | 1,100,000 | (40,807 | ) | (8,978 | ) | (31,829 | ) | |||||||||||||||||||
Republic of Kazakhstan Debt | 1.000 | % | 03/20/16 | DUB | 317.500 | % | 300,000 | (26,755 | ) | (9,075 | ) | (17,680 | ) | |||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/16 | DUB | 1.880 | % | 700,000 | (25,968 | ) | (5,135 | ) | (20,833 | ) | |||||||||||||||||||
Italy Republic 6.875% due 09/27/23 | 1.000 | % | 03/20/16 | GSC | 4.679 | % | 4,000,000 | (553,743 | ) | (128,942 | ) | (424,801 | ) | |||||||||||||||||||
Spain Government 5.500% due 07/30/17 | 1.000 | % | 03/20/16 | GSC | 3.790 | % | 1,100,000 | (118,772 | ) | (68,499 | ) | (50,273 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-25
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Fixed Deal | Implied Credit | Upfront | Unrealized | |||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Premiums Paid | Appreciation | ||||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 09/30/11 (2) | Amount (3) | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
Republic of Kazakhstan Debt | 1.000 | % | 03/20/16 | HSB | 317.500 | % | $ | 400,000 | $ | (35,675 | ) | $ | (11,729 | ) | $ | (23,946 | ) | |||||||||||||||
Berkshire Hathaway Finance 2.450% due 12/15/15 | 1.000 | % | 06/20/16 | CIT | 2.414 | % | 900,000 | (54,662 | ) | (2,156 | ) | (52,506 | ) | |||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 06/20/16 | CIT | 1.931 | % | 700,000 | (28,880 | ) | (2,363 | ) | (26,517 | ) | |||||||||||||||||||
France Government 4.250% due 04/25/19 | 0.250 | % | 09/20/16 | HSB | 1.825 | % | 400,000 | (29,108 | ) | (17,550 | ) | (11,558 | ) | |||||||||||||||||||
China Government 4.750% due 10/29/13 | 1.000 | % | 09/20/16 | DUB | 1.954 | % | 400,000 | (17,550 | ) | 2,210 | (19,760 | ) | ||||||||||||||||||||
Brazil Government 12.250% due 03/06/30 | 1.000 | % | 09/20/16 | GSC | 1.976 | % | 200,000 | (9,069 | ) | (1,217 | ) | (7,852 | ) | |||||||||||||||||||
Republic of South Korea 4.875% due 09/22/14 | 1.000 | % | 09/20/16 | HSB | 2.148 | % | 100,000 | (5,237 | ) | (218 | ) | (5,019 | ) | |||||||||||||||||||
China Government 4.750% due 10/29/13 | 1.000 | % | 09/20/16 | MSC | 1.954 | % | 400,000 | (17,550 | ) | 2,019 | (19,569 | ) | ||||||||||||||||||||
China Government 4.750% due 10/29/13 | 1.000 | % | 09/20/16 | UBS | 1.954 | % | 300,000 | (13,162 | ) | 1,557 | (14,719 | ) | ||||||||||||||||||||
Indonesia Government 7.250% due 04/20/15 | 1.000 | % | 09/20/16 | UBS | 2.969 | % | 100,000 | (8,798 | ) | (1,578 | ) | (7,220 | ) | |||||||||||||||||||
Reynolds American Inc 7.625% due 06/01/16 | 1.280 | % | 06/20/17 | DUB | 1.804 | % | 200,000 | (5,466 | ) | — | (5,466 | ) | ||||||||||||||||||||
MetLife Inc 5.000% due 06/15/15 | 1.000 | % | 03/20/18 | DUB | 3.516 | % | 1,200,000 | (161,233 | ) | (68,165 | ) | (93,068 | ) | |||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 03/20/21 | CIT | 2.300 | % | 100,000 | (10,240 | ) | (4,247 | ) | (5,993 | ) | |||||||||||||||||||
Indonesia Government 7.250% due 04/20/15 | 1.000 | % | 06/20/21 | BRC | 3.372 | % | 1,500,000 | (262,460 | ) | (95,221 | ) | (167,239 | ) | |||||||||||||||||||
United Mexican States 7.500% due 04/08/33 | 1.000 | % | 06/20/21 | BRC | 2.310 | % | 1,200,000 | (126,268 | ) | (34,805 | ) | (91,463 | ) | |||||||||||||||||||
$ | (2,375,302 | ) | $ | (728,575 | ) | $ | (1,646,727 | ) | ||||||||||||||||||||||||
Credit Default Swaps on Credit Indices — Sell Protection (1) |
Upfront | ||||||||||||||||||||||||||||
Fixed Deal | Premiums | Unrealized | ||||||||||||||||||||||||||
Receive | Expiration | Notional | Paid | Appreciation | ||||||||||||||||||||||||
Referenced Obligation | Rate | Date | Counterparty | Amount (3) | Value (4) | (Received) | (Depreciation) | |||||||||||||||||||||
Dow Jones CDX NA HY-8 5Y D | 0.483 | % | 06/20/12 | BRC | $ | 770,352 | $ | 1,978 | $ | — | $ | 1,978 | ||||||||||||||||
Dow Jones CDX NA HY-9 5Y D | 2.080 | % | 12/20/12 | BOA | 1,444,065 | 34,089 | — | 34,089 | ||||||||||||||||||||
Dow Jones CDX NA EM13 5Y | 5.000 | % | 06/20/15 | BRC | 400,000 | 22,171 | 45,500 | (23,329 | ) | |||||||||||||||||||
Dow Jones CDX NA EM13 5Y | 5.000 | % | 06/20/15 | DUB | 900,000 | 49,886 | 117,500 | (67,614 | ) | |||||||||||||||||||
Dow Jones CDX NA EM13 5Y | 5.000 | % | 06/20/15 | HSB | 1,200,000 | 66,514 | 135,550 | (69,036 | ) | |||||||||||||||||||
Dow Jones CDX NA EM13 5Y | 5.000 | % | 06/20/15 | MSC | 900,000 | 49,886 | 101,250 | (51,364 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | BRC | 800,000 | 48,680 | 102,600 | (53,920 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | CIT | 200,000 | 12,170 | 27,650 | (15,480 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | DUB | 600,000 | 36,511 | 74,750 | (38,239 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | HSB | 200,000 | 12,169 | 26,100 | (13,931 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | MSC | 400,000 | 24,340 | 52,000 | (27,660 | ) | |||||||||||||||||||
Dow Jones CDX NA EM14 5Y | 5.000 | % | 12/20/15 | UBS | 100,000 | 6,085 | 13,850 | (7,765 | ) | |||||||||||||||||||
Dow Jones CDX NA IG-16 5Y | 1.000 | % | 06/20/16 | DUB | 3,000,000 | (46,727 | ) | 14,421 | (61,148 | ) | ||||||||||||||||||
Dow Jones CDX NA IG-16 5Y | 1.000 | % | 06/20/16 | MSC | 2,000,000 | (31,152 | ) | 9,735 | (40,887 | ) | ||||||||||||||||||
Dow Jones CDX NA EM15 5Y | 5.000 | % | 06/20/16 | BRC | 100,000 | 6,117 | 10,600 | (4,483 | ) | |||||||||||||||||||
Dow Jones CDX NA EM15 5Y | 5.000 | % | 06/20/16 | DUB | 100,000 | 6,131 | 13,550 | (7,419 | ) | |||||||||||||||||||
Dow Jones CDX NA IG-9 10Y | 0.548 | % | 12/20/17 | GSC | 96,450 | 439 | — | 439 | ||||||||||||||||||||
$ | 299,287 | $ | 745,056 | $ | (445,769 | ) | ||||||||||||||||||||||
Total Credit Default Swaps | $ | (2,076,015 | ) | $ | 16,481 | $ | (2,092,496 | ) | ||||||||||||||||||||
(1) | 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. | |
(2) | 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 period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, 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. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-26
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(3) | 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. | |
(4) | 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 been closed/sold as of the period 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. |
Interest Rate Swaps |
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 | MSC | Pay | 10.115 | % | 01/02/12 | BRL | 8,900,000 | $ | (169,031 | ) | $ | (199,363 | ) | $ | 30,332 | |||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 10.150 | % | 01/02/12 | 6,100,000 | (111,048 | ) | (23,780 | ) | (87,268 | ) | ||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 10.610 | % | 01/02/12 | 1,400,000 | 5,923 | — | 5,923 | |||||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.680 | % | 01/02/12 | 5,600,000 | (31,417 | ) | (65,566 | ) | 34,149 | |||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.140 | % | 01/02/12 | 100,000 | 1,101 | 515 | 586 | |||||||||||||||||||||||
BRL — CDI Compounded | BOA | Pay | 12.540 | % | 01/02/12 | 4,000,000 | 119,484 | (20,439 | ) | 139,923 | ||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 12.540 | % | 01/02/12 | 900,000 | 26,884 | (6,048 | ) | 32,932 | ||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 14.765 | % | 01/02/12 | 100,000 | 5,892 | 667 | 5,225 | |||||||||||||||||||||||
BRL- CDI Compounded D | HSB | Pay | 10.450 | % | 01/02/13 | 400,000 | 175 | (300 | ) | 475 | ||||||||||||||||||||||
BRL- CDI Compounded D | MSC | Pay | 10.455 | % | 01/02/13 | 600,000 | 322 | (239 | ) | 561 | ||||||||||||||||||||||
BRL- CDI Compounded D | UBS | Pay | 10.605 | % | 01/02/13 | 1,200,000 | 1,777 | — | 1,777 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.880 | % | 01/02/13 | 1,300,000 | 19,019 | (989 | ) | 20,008 | ||||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 11.890 | % | 01/02/13 | 200,000 | 3,217 | 314 | 2,903 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 11.890 | % | 01/02/13 | 2,000,000 | 32,166 | 4,283 | 27,883 | |||||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 11.910 | % | 01/02/13 | 1,000,000 | 15,456 | 2,348 | 13,108 | |||||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 11.930 | % | 01/02/13 | 900,000 | 14,653 | (1,293 | ) | 15,946 | ||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.980 | % | 01/02/13 | 600,000 | 10,183 | 935 | 9,248 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 12.300 | % | 01/02/13 | 1,300,000 | 27,886 | 3,928 | 23,958 | |||||||||||||||||||||||
BRL- CDI Compounded | BRC | Pay | 12.455 | % | 01/02/13 | 800,000 | 9,522 | 391 | 9,131 | |||||||||||||||||||||||
BRL- CDI Compounded | MSC | Pay | 12.500 | % | 01/02/13 | 1,800,000 | 22,004 | 1,366 | 20,638 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 12.590 | % | 01/02/13 | 2,400,000 | 48,944 | 9,023 | 39,921 | |||||||||||||||||||||||
1-Day USD — Federal Funds Rate Compounded-OIS D | MSC | Pay | 0.500 | % | 09/19/13 | $ | 5,900,000 | 20,014 | (7,670 | ) | 27,684 | |||||||||||||||||||||
BRL- CDI Compounded | HSB | Pay | 10.530 | % | 01/02/14 | BRL | 900,000 | (894 | ) | (2,621 | ) | 1,727 | ||||||||||||||||||||
BRL- CDI Compounded | MSC | Pay | 10.580 | % | 01/02/14 | 3,600,000 | (1,824 | ) | (7,265 | ) | 5,441 | |||||||||||||||||||||
BRL- CDI Compounded D | UBS | Pay | 10.770 | % | 01/02/14 | 3,800,000 | 4,733 | (4,453 | ) | 9,186 | ||||||||||||||||||||||
BRL- CDI Compounded D | HSB | Pay | 10.990 | % | 01/02/14 | 300,000 | 917 | 411 | 506 | |||||||||||||||||||||||
BRL- CDI Compounded | HSB | Pay | 11.530 | % | 01/02/14 | 600,000 | 4,964 | (171 | ) | 5,135 | ||||||||||||||||||||||
BRL- CDI Compounded | MSC | Pay | 11.670 | % | 01/02/14 | 1,500,000 | 13,280 | 1,275 | 12,005 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 11.890 | % | 01/02/14 | 3,500,000 | 49,864 | (21 | ) | 49,885 | ||||||||||||||||||||||
BRL — CDI Compounded | UBS | Pay | 12.250 | % | 01/02/14 | 600,000 | 13,768 | 1,667 | 12,101 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 12.510 | % | 01/02/14 | 200,000 | 5,377 | 919 | 4,458 | |||||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 12.540 | % | 01/02/14 | 100,000 | 2,730 | 648 | 2,082 | |||||||||||||||||||||||
BRL — CDI Compounded | GSC | Pay | 12.650 | % | 01/02/14 | 1,200,000 | 34,648 | 9,626 | 25,022 | |||||||||||||||||||||||
1-Day USD — Federal Funds Rate Compounded-OIS D | GSC | Pay | 0.500 | % | 09/19/14 | $ | 1,200,000 | 3,115 | (5,124 | ) | 8,239 | |||||||||||||||||||||
28-Day Mexico Interbank TIIE Banxico | HSB | Pay | 7.330 | % | 01/28/15 | MXN | 3,200,000 | 15,078 | 1,414 | 13,664 | ||||||||||||||||||||||
28-Day Mexico Interbank TIIE Banxico | MSC | Pay | 5.600 | % | 09/06/16 | 1,400,000 | (545 | ) | 280 | (825 | ) | |||||||||||||||||||||
28-Day Mexico Interbank TIIE Banxico | GSC | Pay | 8.170 | % | 11/04/16 | 1,200,000 | 9,066 | 1,757 | 7,309 | |||||||||||||||||||||||
6-Month Australian Bank Bill D | CIT | Pay | 5.000 | % | 06/15/17 | AUD | 200,000 | 4,852 | 1,509 | 3,343 | ||||||||||||||||||||||
6-Month Australian Bank Bill D | DUB | Pay | 5.000 | % | 06/15/17 | 100,000 | 2,425 | 789 | 1,636 | |||||||||||||||||||||||
6-Month Australian Bank Bill D | RBS | Pay | 5.000 | % | 06/15/17 | 300,000 | 7,277 | 2,410 | 4,867 | |||||||||||||||||||||||
6-Month EUR-LIBOR D | BRC | Pay | 2.500 | % | 09/21/18 | EUR | 400,000 | 8,929 | (6,726 | ) | 15,655 | |||||||||||||||||||||
6-Month EUR-LIBOR D | BRC | Pay | 3.000 | % | 09/21/21 | 1,200,000 | 68,997 | 11,314 | 57,683 | |||||||||||||||||||||||
6-Month EUR-LIBOR D | DUB | Pay | 3.000 | % | 09/21/21 | 1,600,000 | 91,995 | 15,149 | 76,846 | |||||||||||||||||||||||
6-Month EUR-LIBOR D | BRC | Pay | 3.500 | % | 09/21/21 | 3,300,000 | 382,154 | 17,662 | 364,492 | |||||||||||||||||||||||
6-Month EUR-LIBOR D | DUB | Pay | 3.500 | % | 09/21/21 | 900,000 | 104,801 | 10,794 | 94,007 | |||||||||||||||||||||||
6-Month EUR-LIBOR D | GSC | Pay | 3.500 | % | 09/21/21 | 2,700,000 | 312,671 | (29,939 | ) | 342,610 | ||||||||||||||||||||||
6-Month EUR-LIBOR D | HSB | Pay | 3.500 | % | 09/21/21 | 2,600,000 | 301,091 | 25,237 | 275,854 | |||||||||||||||||||||||
6-Month EUR-LIBOR D | MSC | Pay | 3.500 | % | 09/21/21 | 1,300,000 | 150,545 | (2,842 | ) | 153,387 | ||||||||||||||||||||||
6-Month EUR-LIBOR D | CIT | Pay | 3.650 | % | 09/21/21 | 400,000 | 53,451 | 489 | 52,962 | |||||||||||||||||||||||
6-Month EUR-LIBOR D | MSC | Pay | 3.650 | % | 09/21/21 | 1,200,000 | 160,352 | 5,913 | 154,439 | |||||||||||||||||||||||
3-Month USD-LIBOR | BRC | Pay | 3.000 | % | 10/13/21 | $ | 3,700,000 | 299,938 | 234,180 | 65,758 | ||||||||||||||||||||||
3-Month USD-LIBOR | MSC | Pay | 3.000 | % | 10/13/21 | 4,700,000 | 381,003 | 280,550 | 100,453 | |||||||||||||||||||||||
6-Month EUR-LIBOR | CIT | Pay | 2.500 | % | 03/21/22 | EUR | 1,500,000 | (18,503 | ) | (1,618 | ) | (16,885 | ) | |||||||||||||||||||
6-Month EUR-LIBOR | GSC | Pay | 2.500 | % | 03/21/22 | 3,100,000 | (38,239 | ) | (3,341 | ) | (34,898 | ) | ||||||||||||||||||||
6-Month EUR-LIBOR | UBS | Pay | 2.500 | % | 03/21/22 | 2,400,000 | (29,604 | ) | (2,587 | ) | (27,017 | ) | ||||||||||||||||||||
6-Month GBP-LIBOR D | BRC | Pay | 3.000 | % | 03/21/22 | GBP | 300,000 | 11,678 | 5,346 | 6,332 | ||||||||||||||||||||||
6-Month EUR-LIBOR D | DUB | Pay | 3.000 | % | 03/21/22 | EUR | 1,200,000 | 59,993 | 18,716 | 41,277 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-27
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Upfront | ||||||||||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||||||||||
Counter- | Pay/Receive | Fixed | Expiration | Notional | Paid | Appreciation | ||||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
6-Month GBP-LIBOR D | HSB | Pay | 3.000 | % | 03/21/22 | GBP | 3,100,000 | $ | 116,699 | $ | 30,157 | $ | 86,542 | |||||||||||||||||||
3-Month Canadian Bank Bill | RBS | Pay | 5.700 | % | 12/18/24 | CAD | 2,100,000 | 113,819 | (1,439 | ) | 115,258 | |||||||||||||||||||||
Total Interest Rate Swaps | $ | 2,773,727 | $ | 308,148 | $ | 2,465,579 | ||||||||||||||||||||||||||
Total Swap Agreements | $ | 697,712 | $ | 324,629 | $ | 373,083 | ||||||||||||||||||||||||||
(n) | As of September 30, 2011, securities with total aggregate values of $1,451,994, $840,732 and $7,546,875 were fully or partially segregated with the broker(s)/custodian as collateral for open futures, swap contracts and reverse repurchase agreements, respectively. | |
(o) | 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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Convertible Preferred Stocks | $ | 3,099,566 | $ | 3,099,180 | $ | — | $ | 386 | ||||||||
Preferred Stocks (1) | 11,600 | 11,600 | — | — | ||||||||||||
Corporate Bonds & Notes | 134,310,844 | — | 134,310,844 | — | ||||||||||||
Convertible Corporate Bonds | 1,387,750 | — | 1,387,750 | — | ||||||||||||
Senior Loan Notes | 1,757,500 | — | 1,757,500 | — | ||||||||||||
Mortgage-Backed Securities | 135,986,114 | — | 135,910,314 | 75,800 | ||||||||||||
Asset-Backed Securities | 26,615,075 | — | 26,615,075 | — | ||||||||||||
U.S. Government Agency Issues | 60,791,824 | — | 60,791,824 | — | ||||||||||||
U.S. Treasury Obligations | 36,673,480 | — | 36,673,480 | — | ||||||||||||
Foreign Government Bonds & Notes | 25,988,828 | — | 25,988,828 | — | ||||||||||||
Municipal Bonds | 16,476,103 | — | 16,476,103 | — | ||||||||||||
Short-Term Investments | 20,373,031 | 1,417,506 | 18,955,525 | — | ||||||||||||
Derivatives: | ||||||||||||||||
Credit Contracts | ||||||||||||||||
Swaps | 464,313 | — | 464,313 | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | 2,428,603 | — | 2,428,603 | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||
Futures | 2,352,679 | 2,352,679 | — | — | ||||||||||||
Purchased Options | 38,641 | — | 38,641 | — | ||||||||||||
Swaps | 3,174,832 | — | 3,174,832 | — | ||||||||||||
Total Interest Rate Contracts | 5,566,152 | 2,352,679 | 3,213,473 | — | ||||||||||||
Total Assets — Derivatives | 8,459,068 | 2,352,679 | 6,106,389 | — | ||||||||||||
Total Assets | 471,930,783 | 6,880,965 | 464,973,632 | 76,186 | ||||||||||||
Liabilities | ||||||||||||||||
Derivatives: | ||||||||||||||||
Credit Contracts | ||||||||||||||||
Swaps | (2,540,328 | ) | — | (2,540,328 | ) | — | ||||||||||
Written Options | (157,653 | ) | — | (157,653 | ) | — | ||||||||||
Total Credit Contracts | (2,697,981 | ) | — | (2,697,981 | ) | — | ||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | (3,466,021 | ) | — | (3,466,021 | ) | — | ||||||||||
Interest Rate Contracts | ||||||||||||||||
Swaps | (401,105 | ) | — | (401,105 | ) | — | ||||||||||
Written Options | (410,210 | ) | — | (306,253 | ) | (103,957 | ) | |||||||||
Total Interest Rate Contracts | (811,315 | ) | — | (707,358 | ) | (103,957 | ) | |||||||||
Total Liabilities — Derivatives | (6,975,317 | ) | — | (6,871,360 | ) | (103,957 | ) | |||||||||
Total Liabilities | (6,975,317 | ) | — | (6,871,360 | ) | (103,957 | ) | |||||||||
Total | $ | 464,955,466 | $ | 6,880,965 | $ | 458,102,272 | $ | (27,771 | ) | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-28
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Derivatives | ||||||||||||||||||||||||
Convertible | Mortgage - | Asset- | Foreign | Interest Rate | ||||||||||||||||||||
Preferred | Backed | Backed | Government | Contracts | ||||||||||||||||||||
Stock | Securities | Securities | Bonds & Notes | Written Options | Total | |||||||||||||||||||
Value, Beginning of Period | $ | — | $ | — | $ | 6,819,355 | $ | 848,164 | $ | (182,584 | ) | $ | 7,484,935 | |||||||||||
Purchases | — | 77,837 | — | — | — | 77,837 | ||||||||||||||||||
Sales | — | — | (348,420 | ) | — | — | (348,420 | ) | ||||||||||||||||
Accrued Discounts (Premiums) | — | — | — | — | — | — | ||||||||||||||||||
Net Realized Gains (Losses) | — | — | 10,329 | — | — | 10,329 | ||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | — | (2,037 | ) | (83,041 | ) | (70,891 | ) | 78,627 | (77,342 | ) | ||||||||||||||
Transfers In | 386 | — | — | — | — | 386 | ||||||||||||||||||
Transfers Out | — | — | (6,398,223 | ) | (777,273 | ) | — | (7,175,496 | ) | |||||||||||||||
Value, End of Period | $ | 386 | $ | 75,800 | $ | — | $ | — | $ | (103,957 | ) | $ | (27,771 | ) | ||||||||||
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable | $ | — | $ | (2,037 | ) | $ | — | $ | — | $ | 78,627 | $ | 76,590 | |||||||||||
(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 A-65 |
A-29
PL SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS & NOTES - 53.5% | ||||||||
Consumer Discretionary - 5.1% | ||||||||
ACE Hardware Corp | ||||||||
9.125% due 06/01/16 ~ | $ | 135,000 | $ | 140,737 | ||||
CCH II LLC | ||||||||
13.500% due 11/30/16 | 120,000 | 137,400 | ||||||
Cox Communications Inc | ||||||||
7.125% due 10/01/12 | 325,000 | 344,352 | ||||||
DIRECTV Holdings LLC | ||||||||
4.750% due 10/01/14 | 650,000 | 705,019 | ||||||
Easton-Bell Sports Inc | ||||||||
9.750% due 12/01/16 | 130,000 | 136,500 | ||||||
Johnson Controls Inc | ||||||||
1.750% due 03/01/14 | 475,000 | 479,176 | ||||||
Macy’s Retail Holdings Inc | ||||||||
5.350% due 03/15/12 | 135,000 | 137,096 | ||||||
NBCUniversal Media LLC | ||||||||
2.100% due 04/01/14 | 500,000 | 508,076 | ||||||
Reed Elsevier Capital Inc | ||||||||
4.625% due 06/15/12 | 500,000 | 511,476 | ||||||
Sirius XM Radio Inc | ||||||||
9.750% due 09/01/15 ~ | 130,000 | 141,375 | ||||||
Speedway Motorsports Inc | ||||||||
8.750% due 06/01/16 | 140,000 | 146,650 | ||||||
Staples Inc | ||||||||
9.750% due 01/15/14 | 425,000 | 493,017 | ||||||
TCM Sub LLC | ||||||||
3.550% due 01/15/15 ~ | 500,000 | 532,523 | ||||||
The Goodyear Tire & Rubber Co | ||||||||
10.500% due 05/15/16 | 150,000 | 163,125 | ||||||
The Home Depot Inc | ||||||||
5.250% due 12/16/13 | 300,000 | 326,449 | ||||||
The Interpublic Group of Cos Inc | ||||||||
6.250% due 11/15/14 | 350,000 | 371,000 | ||||||
The Wendy’s Co | ||||||||
10.000% due 07/15/16 | 125,000 | 132,187 | ||||||
Thomson Reuters Corp (Canada) | ||||||||
5.700% due 10/01/14 | 250,000 | 275,307 | ||||||
Ticketmaster Entertainment LLC | ||||||||
10.750% due 08/01/16 | 135,000 | 142,425 | ||||||
Time Warner Cable Inc | ||||||||
5.400% due 07/02/12 | 381,000 | 393,341 | ||||||
8.250% due 02/14/14 | 175,000 | 199,078 | ||||||
6,416,309 | ||||||||
Consumer Staples - 2.2% | ||||||||
Altria Group Inc | ||||||||
8.500% due 11/10/13 | 418,000 | 477,025 | ||||||
Anheuser-Busch InBev Worldwide Inc | ||||||||
1.500% due 07/14/14 | 210,000 | 211,730 | ||||||
3.000% due 10/15/12 | 375,000 | 382,909 | ||||||
5.375% due 11/15/14 | 75,000 | 83,905 | ||||||
BAT International Finance PLC (United Kingdom) | ||||||||
8.125% due 11/15/13 ~ | 150,000 | 170,980 | ||||||
Coca-Cola Amatil Ltd (Australia) | ||||||||
3.250% due 11/02/14 ~ | 400,000 | 418,139 | ||||||
General Mills Inc | ||||||||
6.000% due 02/15/12 | 200,000 | 203,779 | ||||||
Kraft Foods Inc | ||||||||
2.625% due 05/08/13 | 275,000 | 280,838 | ||||||
6.000% due 02/11/13 | 75,000 | 79,478 | ||||||
Philip Morris International Inc | ||||||||
6.875% due 03/17/14 | 325,000 | 369,167 | ||||||
The Kroger Co | ||||||||
6.750% due 04/15/12 | 100,000 | 103,110 | ||||||
2,781,060 | ||||||||
Energy - 4.8% | ||||||||
Apache Corp | ||||||||
6.000% due 09/15/13 | 400,000 | 437,902 | ||||||
BP Capital Markets PLC (United Kingdom) | ||||||||
3.125% due 10/01/15 | 225,000 | 232,706 | ||||||
Canadian Natural Resources Ltd (Canada) | ||||||||
5.150% due 02/01/13 | 300,000 | 315,848 | ||||||
5.450% due 10/01/12 | 315,000 | 328,229 | ||||||
DCP Midstream LLC | ||||||||
9.700% due 12/01/13 ~ | 230,000 | 263,882 | ||||||
Devon Energy Corp | ||||||||
2.400% due 07/15/16 | 425,000 | 431,469 | ||||||
Ensco PLC (United Kingdom) | ||||||||
3.250% due 03/15/16 | 300,000 | 305,124 | ||||||
Enterprise Products Operating LLC | ||||||||
4.600% due 08/01/12 | 150,000 | 153,954 | ||||||
6.375% due 02/01/13 | 100,000 | 105,914 | ||||||
7.625% due 02/15/12 | 100,000 | 102,125 | ||||||
Noble Corp (Cayman) | ||||||||
5.875% due 06/01/13 | 60,000 | 64,292 | ||||||
Noble Holding International Ltd (Cayman) | ||||||||
3.450% due 08/01/15 | 110,000 | 115,806 | ||||||
Occidental Petroleum Corp | ||||||||
1.450% due 12/13/13 | 500,000 | 506,239 | ||||||
1.750% due 02/15/17 | 305,000 | 303,324 | ||||||
Petrohawk Energy Corp | ||||||||
10.500% due 08/01/14 | 125,000 | 140,937 | ||||||
Plains All American Pipeline LP | ||||||||
4.250% due 09/01/12 | 500,000 | 514,142 | ||||||
Plains Exploration & Production Co | ||||||||
10.000% due 03/01/16 | 125,000 | 136,250 | ||||||
SeaRiver Maritime Inc | ||||||||
0.000% due 09/01/12 | 315,000 | 309,190 | ||||||
Transocean Inc (Cayman) | ||||||||
5.250% due 03/15/13 | 383,000 | 399,107 | ||||||
Williams Partners LP | ||||||||
3.800% due 02/15/15 | 325,000 | 339,515 | ||||||
Woodside Finance Ltd (Australia) | ||||||||
4.500% due 11/10/14 ~ | 275,000 | 292,328 | ||||||
XTO Energy Inc | ||||||||
7.500% due 04/15/12 | 300,000 | 310,612 | ||||||
6,108,895 | ||||||||
Financials - 23.8% | ||||||||
ACE INA Holdings Inc | ||||||||
5.875% due 06/15/14 | 370,000 | 409,812 | ||||||
American Express Centurion Bank | ||||||||
5.550% due 10/17/12 | 250,000 | 260,589 | ||||||
American Express Credit Corp | ||||||||
5.125% due 08/25/14 | 250,000 | 270,887 | ||||||
American International Group Inc | ||||||||
4.250% due 09/15/14 | 410,000 | 399,185 | ||||||
Banco Bilbao Vizcaya Argentaria SA | ||||||||
2.450% due 06/22/12 | 2,400,000 | 2,436,190 | ||||||
Bank of America Corp | ||||||||
1.673% due 01/30/14 § | 475,000 | 430,513 | ||||||
4.500% due 04/01/15 | 75,000 | 71,171 | ||||||
Bank of Nova Scotia (Canada) | ||||||||
2.375% due 12/17/13 | 590,000 | 606,914 | ||||||
Bank of Scotland PLC (United Kingdom) | ||||||||
5.000% due 11/21/11 ~ | 300,000 | 301,458 | ||||||
5.250% due 02/21/17 ~ | 100,000 | 108,173 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
5.200% due 07/10/14 | 700,000 | 716,627 | ||||||
BB&T Corp | ||||||||
3.850% due 07/27/12 | 250,000 | 255,723 | ||||||
5.700% due 04/30/14 | 350,000 | 382,391 | ||||||
Berkshire Hathaway Inc | ||||||||
2.200% due 08/15/16 | 630,000 | 635,277 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-30
��
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
BRFkredit AS (Denmark) | ||||||||
2.050% due 04/15/13 ~ | $ | 1,100,000 | $ | 1,122,983 | ||||
Capital One Financial Corp | ||||||||
2.125% due 07/15/14 | 135,000 | 133,802 | ||||||
7.375% due 05/23/14 | 275,000 | 307,477 | ||||||
Caterpillar Financial Services Corp | ||||||||
0.662% due 04/01/14 § | 600,000 | 601,482 | ||||||
Citigroup Inc | ||||||||
1.302% due 04/01/14 § | 800,000 | 766,382 | ||||||
6.375% due 08/12/14 | 175,000 | 185,474 | ||||||
Daimler Finance North America LLC | ||||||||
0.973% due 03/28/14 § ~ | 500,000 | 500,417 | ||||||
1.875% due 09/15/14 ~ | 190,000 | 187,729 | ||||||
Fifth Third Bancorp | ||||||||
6.250% due 05/01/13 | 175,000 | 185,378 | ||||||
Fifth Third Bank | ||||||||
0.402% due 05/17/13 § | 250,000 | 244,898 | ||||||
FIH Erhvervsbank AS (Denmark) | ||||||||
2.000% due 06/12/13 ~ | 1,200,000 | 1,227,864 | ||||||
General Electric Capital Corp | ||||||||
0.876% due 04/07/14 § | 1,175,000 | 1,147,765 | ||||||
General Motors Acceptance Corp | ||||||||
6.625% due 05/15/12 | 140,000 | 141,750 | ||||||
HSBC Finance Corp | ||||||||
0.499% due 01/15/14 § | 100,000 | 94,347 | ||||||
0.523% due 04/24/12 § | 250,000 | 248,644 | ||||||
Hyundai Capital Services Inc (South Korea) | ||||||||
4.375% due 07/27/16 ~ | 325,000 | 329,445 | ||||||
Intesa Sanpaolo SPA (Italy) | ||||||||
2.375% due 12/21/12 | 275,000 | 267,311 | ||||||
JPMorgan Chase & Co | ||||||||
1.053% due 01/24/14 § | 400,000 | 395,835 | ||||||
1.097% due 05/02/14 § | 750,000 | 739,194 | ||||||
KeyCorp | ||||||||
3.750% due 08/13/15 | 325,000 | 335,281 | ||||||
Kilroy Realty LP | ||||||||
5.000% due 11/03/15 | 325,000 | 337,876 | ||||||
Lloyds TSB Bank PLC (United Kingdom) | ||||||||
4.375% due 01/12/15 ~ | 150,000 | 146,938 | ||||||
MassMutual Global Funding II | ||||||||
0.860% due 09/27/13 ~ § | 450,000 | 452,126 | ||||||
MetLife Inc | ||||||||
2.375% due 02/06/14 | 125,000 | 127,260 | ||||||
Metropolitan Life Global Funding I | ||||||||
2.500% due 01/11/13 ~ | 525,000 | 530,785 | ||||||
5.125% due 06/10/14 ~ | 250,000 | 270,295 | ||||||
Morgan Stanley | ||||||||
1.853% due 01/24/14 § | 1,000,000 | 933,605 | ||||||
National Australia Bank Ltd (Australia) | ||||||||
2.350% due 11/16/12 ~ | 325,000 | 329,582 | ||||||
New York Life Global Funding | ||||||||
2.450% due 07/14/16 ~ | 580,000 | 590,280 | ||||||
Nordea Bank AB (Sweden) | ||||||||
2.125% due 01/14/14 ~ | 760,000 | 754,938 | ||||||
Principal Financial Group Inc | ||||||||
7.875% due 05/15/14 | 360,000 | 409,318 | ||||||
Prudential Financial Inc | ||||||||
2.750% due 01/14/13 | 325,000 | 327,995 | ||||||
5.100% due 09/20/14 | 100,000 | 105,561 | ||||||
RCI Banque SA (France) | ||||||||
2.116% due 04/11/14 ~ § | 200,000 | 189,345 | ||||||
Regions Financial Corp | ||||||||
5.750% due 06/15/15 | 200,000 | 194,000 | ||||||
Reinsurance Group of America Inc | ||||||||
6.750% due 12/15/11 | 175,000 | 176,686 | ||||||
Royal Bank of Canada (Canada) | ||||||||
0.550% due 04/17/14 § | 700,000 | 697,681 | ||||||
Simon Property Group LP | ||||||||
4.200% due 02/01/15 | 275,000 | 290,546 | ||||||
SLM Corp | ||||||||
5.125% due 08/27/12 | 695,000 | 694,868 | ||||||
Societe Generale SA (France) | ||||||||
2.500% due 01/15/14 ~ | 325,000 | 302,571 | ||||||
Sovereign Bank | ||||||||
5.125% due 03/15/13 | 350,000 | 353,246 | ||||||
Standard Chartered PLC (United Kingdom) | ||||||||
3.850% due 04/27/15 ~ | 175,000 | 179,507 | ||||||
Sun Life Financial Global Funding LP | ||||||||
0.638% due 10/06/13 ~ § | 375,000 | 372,585 | ||||||
The Bank of New York Mellon Corp | ||||||||
4.950% due 11/01/12 | 1,199,000 | 1,251,049 | ||||||
The Goldman Sachs Group Inc | ||||||||
1.269% due 02/07/14 § | 1,005,000 | 963,658 | ||||||
The Royal Bank of Scotland PLC | ||||||||
(United Kingdom) | ||||||||
3.400% due 08/23/13 | 425,000 | 423,232 | ||||||
The Toronto-Dominion Bank (Canada) | ||||||||
0.432% due 07/26/13 § | 230,000 | 230,066 | ||||||
0.549% due 07/14/14 § | 235,000 | 235,316 | ||||||
Toyota Motor Credit Corp | ||||||||
2.000% due 09/15/16 | 585,000 | 583,409 | ||||||
UBS AG (Switzerland) | ||||||||
1.253% due 01/28/14 § | 400,000 | 395,276 | ||||||
Wachovia Corp | ||||||||
5.500% due 05/01/13 | 475,000 | 504,998 | ||||||
WEA Finance LLC | ||||||||
5.400% due 10/01/12 ~ | 375,000 | 386,694 | ||||||
30,189,660 | ||||||||
Health Care - 2.8% | ||||||||
Boston Scientific Corp | ||||||||
4.500% due 01/15/15 | 600,000 | 627,719 | ||||||
Cardinal Health Inc | ||||||||
5.500% due 06/15/13 | 365,000 | 391,094 | ||||||
Express Scripts Inc | ||||||||
3.125% due 05/15/16 | 250,000 | 252,859 | ||||||
5.250% due 06/15/12 | 545,000 | 559,713 | ||||||
6.250% due 06/15/14 | 100,000 | 110,184 | ||||||
Life Technologies Corp | ||||||||
3.375% due 03/01/13 | 500,000 | 512,770 | ||||||
4.400% due 03/01/15 | 225,000 | 236,178 | ||||||
Teva Pharmaceutical Finance III BV (Netherlands) | ||||||||
0.853% due 03/21/14 § | 250,000 | 249,967 | ||||||
WellPoint Inc | ||||||||
6.000% due 02/15/14 | 300,000 | 331,764 | ||||||
6.800% due 08/01/12 | 250,000 | 262,221 | ||||||
3,534,469 | ||||||||
Industrials - 2.7% | ||||||||
ACCO Brands Corp | ||||||||
10.625% due 03/15/15 | 125,000 | 135,000 | ||||||
Casella Waste Systems Inc | ||||||||
11.000% due 07/15/14 | 125,000 | 133,125 | ||||||
CSX Corp | ||||||||
5.750% due 03/15/13 | 225,000 | 239,269 | ||||||
Delta Air Lines Inc | ||||||||
12.250% due 03/15/15 ~ | 125,000 | 133,437 | ||||||
ERAC USA Finance LLC | ||||||||
2.750% due 07/01/13 ~ | 1,000,000 | 1,012,172 | ||||||
GATX Corp | ||||||||
3.500% due 07/15/16 | 360,000 | 359,076 | ||||||
John Deere Capital Corp | ||||||||
4.950% due 12/17/12 | 450,000 | 471,737 | ||||||
Lockheed Martin Corp | ||||||||
2.125% due 09/15/16 | 235,000 | 234,089 | ||||||
Roper Industries Inc | ||||||||
6.625% due 08/15/13 | 150,000 | 162,541 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-31
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
United Air Lines Inc | ||||||||
9.875% due 08/01/13 ~ | $ | 135,000 | $ | 139,050 | ||||
Waste Management Inc | ||||||||
5.000% due 03/15/14 | 150,000 | 163,138 | ||||||
6.375% due 11/15/12 | 250,000 | 264,839 | ||||||
3,447,473 | ||||||||
Information Technology - 1.3% | ||||||||
Broadcom Corp | ||||||||
1.500% due 11/01/13 ~ | 150,000 | 150,380 | ||||||
2.375% due 11/01/15 ~ | 200,000 | 202,072 | ||||||
Fiserv Inc | ||||||||
3.125% due 06/15/16 | 125,000 | 126,728 | ||||||
Hewlett-Packard Co | ||||||||
2.350% due 03/15/15 | 340,000 | 341,479 | ||||||
HP Enterprise Services LLC | ||||||||
6.000% due 08/01/13 | 375,000 | 402,306 | ||||||
Xerox Corp | ||||||||
1.110% due 05/16/14 § | 400,000 | 396,672 | ||||||
1,619,637 | ||||||||
Materials - 1.6% | ||||||||
ArcelorMittal (Luxembourg) | ||||||||
5.375% due 06/01/13 | 275,000 | 280,749 | ||||||
Barrick Gold Financeco LLC (Canada) | ||||||||
6.125% due 09/15/13 | 400,000 | 437,479 | ||||||
CRH America Inc | ||||||||
5.300% due 10/15/13 | 150,000 | 157,304 | ||||||
Rio Tinto Finance USA Ltd (Australia) | ||||||||
8.950% due 05/01/14 | 500,000 | 591,862 | ||||||
The Dow Chemical Co | ||||||||
2.500% due 02/15/16 | 475,000 | 468,545 | ||||||
Verso Paper Holdings LLC | ||||||||
11.500% due 07/01/14 | 35,000 | 36,575 | ||||||
1,972,514 | ||||||||
Telecommunication Services - 3.8% | ||||||||
America Movil SAB de CV (Mexico) | ||||||||
3.625% due 03/30/15 | 200,000 | 209,000 | ||||||
American Tower Corp | ||||||||
4.625% due 04/01/15 | 525,000 | 557,389 | ||||||
British Telecommunications PLC (United Kingdom) | ||||||||
5.150% due 01/15/13 | 350,000 | 366,178 | ||||||
CenturyLink Inc | ||||||||
7.875% due 08/15/12 | 75,000 | 78,212 | ||||||
Crown Castle Towers LLC | ||||||||
4.523% due 01/15/15 ~ | 550,000 | 577,738 | ||||||
Digicel Ltd (Bermuda) | ||||||||
12.000% due 04/01/14 ~ | 125,000 | 138,125 | ||||||
GTP Acquisition Partners I LLC | ||||||||
4.347% due 06/15/16 ~ | 190,000 | 191,395 | ||||||
Rogers Communications Inc (Canada) | ||||||||
6.250% due 06/15/13 | 300,000 | 324,943 | ||||||
Telecom Italia Capital SA (Luxembourg) | ||||||||
5.250% due 11/15/13 | 565,000 | 552,610 | ||||||
Telefonica Emisiones SAU (Spain) | ||||||||
5.855% due 02/04/13 | 450,000 | 458,206 | ||||||
Verizon Virginia Inc | ||||||||
4.625% due 03/15/13 | 790,000 | 826,032 | ||||||
Vodafone Group PLC (United Kingdom) | ||||||||
5.350% due 02/27/12 | 550,000 | 559,976 | ||||||
4,839,804 | ||||||||
Utilities - 5.4% | ||||||||
Arizona Public Service Co | ||||||||
6.500% due 03/01/12 | 250,000 | 255,144 | ||||||
CenterPoint Energy Resources Corp | ||||||||
7.875% due 04/01/13 | 75,000 | 81,812 | ||||||
CMS Energy Corp | ||||||||
2.750% due 05/15/14 | 375,000 | 369,109 | ||||||
Commonwealth Edison Co | ||||||||
1.625% due 01/15/14 | 450,000 | 453,502 | ||||||
1.950% due 09/01/16 | 120,000 | 119,120 | ||||||
Dominion Resources Inc | ||||||||
1.800% due 03/15/14 | 325,000 | 328,293 | ||||||
1.950% due 08/15/16 | 165,000 | 164,557 | ||||||
Duke Energy Corp | ||||||||
6.300% due 02/01/14 | 525,000 | 582,581 | ||||||
Enel Finance International NV (Luxembourg) | ||||||||
5.700% due 01/15/13 ~ | 250,000 | 255,781 | ||||||
FirstEnergy Corp | ||||||||
6.450% due 11/15/11 | 5,000 | 5,027 | ||||||
Georgia Power Co | ||||||||
1.300% due 09/15/13 | 325,000 | 327,355 | ||||||
Great Plains Energy Inc | ||||||||
2.750% due 08/15/13 | 225,000 | 229,004 | ||||||
Korea Hydro & Nuclear Power Co Ltd (South Korea) | ||||||||
3.125% due 09/16/15 ~ | 275,000 | 270,287 | ||||||
MidAmerican Energy Holdings Co | ||||||||
3.150% due 07/15/12 | 525,000 | 534,036 | ||||||
5.000% due 02/15/14 | 250,000 | 269,450 | ||||||
Nisource Finance Corp | ||||||||
6.150% due 03/01/13 | 300,000 | 317,711 | ||||||
PacifiCorp | ||||||||
5.450% due 09/15/13 | 200,000 | 215,390 | ||||||
Progress Energy Inc | ||||||||
6.050% due 03/15/14 | 150,000 | 165,264 | ||||||
PSEG Power LLC | ||||||||
2.750% due 09/15/16 | 130,000 | 129,653 | ||||||
Sempra Energy | ||||||||
1.107% due 03/15/14 § | 575,000 | 576,447 | ||||||
Southern Co | ||||||||
0.652% due 10/21/11 § | 125,000 | 125,027 | ||||||
1.950% due 09/01/16 | 145,000 | 144,607 | ||||||
Veolia Environnement SA (France) | ||||||||
5.250% due 06/03/13 | 500,000 | 526,212 | ||||||
Wisconsin Electric Power Co | ||||||||
6.000% due 04/01/14 | 375,000 | 420,217 | ||||||
6,865,586 | ||||||||
Total Corporate Bonds & Notes (Cost $68,127,922) | 67,775,407 | |||||||
MORTGAGE-BACKED SECURITIES - 27.3% | ||||||||
Collateralized Mortgage Obligations — Commercial - 4.2% | ||||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
4.715% due 02/11/41 “ | 635,000 | 664,535 | ||||||
4.978% due 07/11/42 “ § | 625,000 | 668,300 | ||||||
5.200% due 01/12/41 “ § | 625,000 | 664,638 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
5.541% due 04/15/40 “ § | 305,000 | 326,160 | ||||||
Commercial Mortgage Pass -Through Certificates | ||||||||
5.527% due 07/10/37 “ § | 100,000 | 107,913 | ||||||
Credit Suisse First Boston Mortgage Securities Corp | ||||||||
4.940% due 12/15/35 “ | 655,000 | 672,676 | ||||||
DBUBS Mortgage Trust | ||||||||
2.238% due 08/10/44 “ | 203,280 | 205,509 | ||||||
JP Morgan Chase Commercial Mortgage Securities Corp | ||||||||
4.719% due 01/15/38 “ | 330,000 | 347,649 | ||||||
5.539% due 06/12/41 “ § | 620,000 | 666,420 | ||||||
Morgan Stanley Capital I | ||||||||
5.270% due 06/13/41 “ § | 620,000 | 666,319 | ||||||
WF-RBS Commercial Mortgage Trust | ||||||||
1.607% due 06/15/44 “ ~ | 330,216 | 329,778 | ||||||
5,319,897 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-32
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Collateralized Mortgage Obligations — Residential - 3.8% | ||||||||
Fannie Mae | ||||||||
5.000% due 08/25/19 “ | $ | 663,207 | $ | 717,648 | ||||
Fosse Master Issuer PLC (United Kingdom) | ||||||||
1.650% due 10/18/54 “ ~ § | 600,000 | 598,197 | ||||||
Freddie Mac | ||||||||
0.679% due 05/15/36 “ § | 77,749 | 77,965 | ||||||
0.729% due 08/15/41 “ § | 582,011 | 581,465 | ||||||
NCUA Guaranteed Notes | ||||||||
0.604% due 03/06/20 “ § | 434,586 | 434,857 | ||||||
0.604% due 04/06/20 “ § | 435,783 | 436,055 | ||||||
0.604% due 05/07/20 “ § | 436,121 | 436,326 | ||||||
0.625% due 03/11/20 “ § | 454,043 | 454,917 | ||||||
Permanent Master Issuer PLC (United Kingdom) | ||||||||
1.649% due 07/15/42 “ ~ § | 800,000 | 795,488 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | ||||||||
2.649% due 11/25/34 “ § | 292,693 | 254,666 | ||||||
4,787,584 | ||||||||
Fannie Mae - 19.1% | ||||||||
2.001% due 01/01/35 “ § | 1,256,187 | 1,316,811 | ||||||
2.456% due 09/01/34 “ § | 963,394 | 1,012,926 | ||||||
2.555% due 11/01/34 “ § | 737,112 | 776,899 | ||||||
2.684% due 09/01/35 “ § | 1,112,548 | 1,183,420 | ||||||
4.000% due 03/01/26-04/01/25 “ | 3,508,046 | 3,707,906 | ||||||
4.500% due 04/01/24-05/01/26 “ | 6,394,947 | 6,819,308 | ||||||
5.000% due 01/01/20-07/01/41 “ | 615,152 | 663,601 | ||||||
5.500% due 01/01/38-10/01/38 “ | 7,345,448 | 7,995,356 | ||||||
6.000% due 11/01/35 “ | 601,674 | 664,229 | ||||||
24,140,456 | ||||||||
Freddie Mac - 0.2% | ||||||||
5.000% due 11/01/16-04/01/18 “ | 192,911 | 207,444 | ||||||
5.500% due 01/01/20 “ | 36,762 | 40,121 | ||||||
247,565 | ||||||||
Total Mortgage-Backed Securities (Cost $34,381,231) | 34,495,502 | |||||||
ASSET-BACKED SECURITIES - 10.2% | ||||||||
Ally Master Owner Trust | ||||||||
2.150% due 01/15/16 “ | 660,000 | 670,764 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
1.170% due 05/09/16 “ | 345,000 | 344,687 | ||||||
Bank of America Auto Trust | ||||||||
1.670% due 12/16/13 “ ~ | 250,080 | 251,135 | ||||||
BMW Vehicle Owner Trust | ||||||||
0.760% due 08/25/15 “ | 255,000 | 254,815 | ||||||
CarMax Auto Owner Trust | ||||||||
0.910% due 12/15/15 “ | 330,000 | 329,880 | ||||||
CNH Equipment Trust | ||||||||
0.910% due 08/15/16 “ | 300,000 | 300,093 | ||||||
1.030% due 11/17/14 “ | 66,319 | 66,413 | ||||||
5.170% due 10/15/14 “ | 130,178 | 133,777 | ||||||
College Loan Corp Trust | ||||||||
0.353% due 07/25/24 “ § | 1,000,000 | 994,063 | ||||||
0.413% due 04/25/21 “ § | 817,249 | 815,790 | ||||||
Collegiate Funding Services Education Loan Trust | ||||||||
0.453% due 12/28/21 “ § | 346,315 | 341,623 | ||||||
Ford Credit Auto Owner Trust | ||||||||
1.350% due 12/15/16 “ | 435,000 | 440,128 | ||||||
1.510% due 01/15/14 “ | 403,175 | 404,915 | ||||||
6.070% due 05/15/14 “ | 205,000 | 214,279 | ||||||
GE Dealer Floorplan Master Note Trust | ||||||||
0.831% due 07/20/16 “ § | 270,000 | 268,118 | ||||||
Huntington Auto Trust “ | ||||||||
1.010% due 01/15/16 ~ | 240,000 | 240,150 | ||||||
John Deere Owner Trust | ||||||||
1.320% due 05/15/14 “ | 104,414 | 104,871 | ||||||
Mercedes-Benz Auto Receivables Trust | ||||||||
1.220% due 12/15/17 “ | 680,000 | 684,104 | ||||||
Nelnet Education Loan Funding Inc | ||||||||
0.412% due 11/25/15 “ § | 32,267 | 32,256 | ||||||
Nissan Auto Lease Trust | ||||||||
0.920% due 02/16/15 “ | 375,000 | 374,929 | ||||||
1.040% due 08/15/14 “ | 680,000 | 680,071 | ||||||
Northstar Education Finance Inc | ||||||||
0.373% due 04/28/16 “ § | 577,576 | 561,699 | ||||||
0.423% due 04/28/17 “ § | 122,500 | 122,431 | ||||||
SLM Student Loan Trust | ||||||||
0.253% due 07/25/17 “ § | 356,540 | 353,543 | ||||||
0.283% due 07/25/18 “ § | 1,298,113 | 1,294,224 | ||||||
SMART Trust (Australia) | ||||||||
1.540% due 03/14/15 “ ~ | 100,000 | 100,295 | ||||||
Student Loan Consolidation Center | ||||||||
1.455% due 10/25/27 “ ~ § | 285,388 | 284,315 | ||||||
SunTrust Student Loan Trust | ||||||||
0.353% due 07/28/20 “ ~ § | 432,730 | 431,087 | ||||||
World Financial Network Credit Card Master Trust | ||||||||
0.359% due 02/15/17 “ ~ § | 1,100,000 | 1,089,838 | ||||||
3.790% due 05/15/16 “ | 400,000 | 408,696 | ||||||
World Omni Auto Receivables Trust | ||||||||
5.120% due 05/15/14 “ | 310,000 | 321,235 | ||||||
Total Asset-Backed Securities (Cost $12,900,324) | 12,914,224 | |||||||
U.S. GOVERNMENT AGENCY ISSUE - 0.3% | ||||||||
Freddie Mac | ||||||||
4.500% due 01/15/13 | 300,000 | 316,124 | ||||||
Total U.S. Government Agency Issue (Cost $314,289) | 316,124 | |||||||
U.S. TREASURY OBLIGATIONS - 2.9% | ||||||||
U.S. Treasury Inflation Protected Securities - 2.7% | ||||||||
0.500% due 04/15/15 ^ | 698,455 | 726,884 | ||||||
3.000% due 07/15/12 ^ | 2,618,881 | 2,692,946 | ||||||
3,419,830 | ||||||||
U.S. Treasury Notes - 0.2% | ||||||||
1.500% due 07/31/16 ‡ | 275,000 | 282,627 | ||||||
Total U.S. Treasury Obligations (Cost $3,717,189) | 3,702,457 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 0.4% | ||||||||
Mexican Bonos (Mexico) | ||||||||
9.000% due 12/22/11 | MXN | 6,750,000 | 491,963 | |||||
Total Foreign Government Bonds & Notes (Cost $586,928) | 491,963 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-33
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
MUNICIPAL BONDS - 0.5% | ||||||||
Florida Hurricane Catastrophe Fund Finance Corp ‘A’ | ||||||||
1.009% due 10/15/12 § | $ | 690,000 | $ | 689,993 | ||||
Total Municipal Bonds (Cost $690,000) | 689,993 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 4.0% | ||||||||
Money Market Fund - 4.0% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 5,070,668 | 5,070,668 | ||||||
Total Short-Term Investment (Cost $5,070,668) | 5,070,668 | |||||||
TOTAL INVESTMENTS - 99.1% (Cost $125,788,551) | 125,456,338 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.9% | 1,139,310 | |||||||
NET ASSETS - 100.0% | $ | 126,595,648 | ||||||
Notes to Schedule of Investments | ||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Corporate Bonds & Notes | 53.5 | % | ||
Mortgage-Backed Securities | 27.3 | % | ||
Asset-Backed Securities | 10.2 | % | ||
Short-Term Investment | 4.0 | % | ||
U.S. Treasury Obligations | 2.9 | % | ||
Municipal Bonds | 0.5 | % | ||
Foreign Government Bonds & Notes | 0.4 | % | ||
U.S. Government Agency Issue | 0.3 | % | ||
99.1 | % | |||
Other Assets & Liabilities, Net | 0.9 | % | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA | 14.5 | % | ||
AA / U.S. Government & Agency Issues | 37.0 | % | ||
A | 19.3 | % | ||
BBB | 20.8 | % | ||
BB | 2.2 | % | ||
B | 0.8 | % | ||
NR | 5.4 | % | ||
100.0 | % | |||
(c) | Open futures contracts outstanding as of September 30, 2011 were as follows: |
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Depreciation | |||||||||
U.S. Treasury 5-Year Notes (12/11) | 23 | $ | 2,300,000 | $ | (8,178 | ) | ||||||
(d) | As of September 30, 2011, investments with a total aggregate value of $41,109 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts. | |
(e) | Forward foreign currency contracts outstanding as of September 30, 2011 were as follows: |
Contracts | Principal Amount | |||||||||||||||||||
to Buy or | Covered by | Unrealized | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | Appreciation | |||||||||||||||
Buy | CNY | 6,490,000 | 12/11 | GSC | $ | 6,792 | ||||||||||||||
Buy | CNY | 6,495,000 | 06/12 | GSC | 6,513 | |||||||||||||||
Total Forward Foreign Currency Contracts | $ | 13,305 | ||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-34
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(f) | 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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | 67,775,407 | $ | — | $ | 67,775,407 | $ | — | ||||||||
Mortgage-Backed Securities | 34,495,502 | — | 34,495,502 | — | ||||||||||||
Asset-Backed Securities | 12,914,224 | — | 12,914,224 | — | ||||||||||||
U.S. Government Agency Issue | 316,124 | — | 316,124 | — | ||||||||||||
U.S. Treasury Obligations | 3,702,457 | — | 3,702,457 | — | ||||||||||||
Foreign Government Bonds & Notes | 491,963 | — | 491,963 | — | ||||||||||||
Municipal Bonds | 689,993 | — | 689,993 | — | ||||||||||||
Short-Term Investment | 5,070,668 | 5,070,668 | — | — | ||||||||||||
Derivatives: | ||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | 13,305 | — | 13,305 | — | ||||||||||||
Total Assets | 125,469,643 | 5,070,668 | 120,398,975 | — | ||||||||||||
Liabilities | ||||||||||||||||
Derivatives: | ||||||||||||||||
Interest Rate Contracts | ||||||||||||||||
Futures | (8,178 | ) | (8,178 | ) | — | — | ||||||||||
Total Liabilities | (8,178 | ) | (8,178 | ) | — | — | ||||||||||
Total | $ | 125,461,465 | $ | 5,062,490 | $ | 120,398,975 | $ | — | ||||||||
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 six-month period ended September 30, 2011: |
Mortgage- | Asset- | |||||||||||||||
Backed | Backed | |||||||||||||||
Securities | Securities | Total | ||||||||||||||
Value, Beginning of Period | $ | 1,000,000 | $ | 299,330 | $ | 1,299,330 | ||||||||||
Purchases | — | — | — | |||||||||||||
Sales | (111,375 | ) | (13,441 | ) | (124,816 | ) | ||||||||||
Accrued Discount (Premiums) | — | — | — | |||||||||||||
Net Realized Gains (Losses) | — | — | — | |||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 1,149 | (1,574 | ) | (425 | ) | |||||||||||
Transfers In | — | — | — | |||||||||||||
Transfers Out | (889,774 | ) | (284,315 | ) | (1,174,089 | ) | ||||||||||
Value, End of Period | $ | — | $ | — | $ | — | ||||||||||
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, If Applicable | $ | — | $ | — | $ | — | ||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-35
PL COMSTOCK FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 96.9% | ||||||||
Consumer Discretionary - 15.3% | ||||||||
Comcast Corp ‘A’ | 309,154 | $ | 6,461,320 | |||||
General Motors Co * | 100,887 | 2,035,900 | ||||||
Lowe’s Cos Inc | 73,072 | 1,413,212 | ||||||
Macy’s Inc | 21,401 | 563,274 | ||||||
News Corp ‘B’ | 157,289 | 2,452,136 | ||||||
Staples Inc | 103,448 | 1,375,858 | ||||||
Target Corp | 25,062 | 1,229,040 | ||||||
The Home Depot Inc | 34,888 | 1,146,769 | ||||||
Time Warner Cable Inc | 50,863 | 3,187,584 | ||||||
Time Warner Inc | 52,566 | 1,575,403 | ||||||
Viacom Inc ‘B’ | 103,192 | 3,997,658 | ||||||
25,438,154 | ||||||||
Consumer Staples - 9.7% | ||||||||
Avon Products Inc | 33,936 | 665,146 | ||||||
CVS Caremark Corp | 88,952 | 2,987,008 | ||||||
Kraft Foods Inc ‘A’ | 122,914 | 4,127,452 | ||||||
PepsiCo Inc | 13,597 | 841,654 | ||||||
The Coca-Cola Co | 22,111 | 1,493,819 | ||||||
The Procter & Gamble Co | 10,941 | 691,252 | ||||||
Unilever NV ‘NY’ (Netherlands) | 109,913 | 3,461,160 | ||||||
Wal-Mart Stores Inc | 36,787 | 1,909,245 | ||||||
16,176,736 | ||||||||
Energy - 11.0% | ||||||||
BP PLC ADR (United Kingdom) | 84,865 | 3,061,081 | ||||||
Chesapeake Energy Corp | 46,950 | 1,199,573 | ||||||
Chevron Corp | 37,026 | 3,425,646 | ||||||
Halliburton Co | 105,861 | 3,230,878 | ||||||
Murphy Oil Corp | 35,968 | 1,588,347 | ||||||
Noble Corp (Switzerland) * | 26,792 | 786,345 | ||||||
Royal Dutch Shell PLC ADR ‘A’ (United Kingdom) | 51,487 | 3,167,480 | ||||||
Weatherford International Ltd (Switzerland) * | 161,688 | 1,974,210 | ||||||
18,433,560 | ||||||||
Financials - 19.7% | ||||||||
Aflac Inc | 14,795 | 517,085 | ||||||
Bank of America Corp | 292,934 | 1,792,756 | ||||||
Citigroup Inc | 139,333 | 3,569,711 | ||||||
Fifth Third Bancorp | 101,593 | 1,026,089 | ||||||
JPMorgan Chase & Co | 143,035 | 4,308,214 | ||||||
MetLife Inc | 63,759 | 1,785,890 | ||||||
Morgan Stanley | 99,401 | 1,341,914 | ||||||
State Street Corp | 21,051 | 677,000 | ||||||
The Allstate Corp | 150,604 | 3,567,809 | ||||||
The Bank of New York Mellon Corp | 136,149 | 2,531,010 | ||||||
The Chubb Corp | 17,010 | 1,020,430 | ||||||
The Goldman Sachs Group Inc | 15,780 | 1,491,999 | ||||||
The PNC Financial Services Group Inc | 49,400 | 2,380,586 | ||||||
The Travelers Cos Inc | 40,482 | 1,972,688 | ||||||
Torchmark Corp | 24,412 | 851,002 | ||||||
U.S. Bancorp | 50,236 | 1,182,555 | ||||||
Wells Fargo & Co | 115,281 | 2,780,578 | ||||||
32,797,316 | ||||||||
Health Care - 13.3% | ||||||||
Abbott Laboratories | 16,089 | 822,791 | ||||||
Bristol-Myers Squibb Co | 137,568 | 4,316,884 | ||||||
Cardinal Health Inc | 42,865 | 1,795,186 | ||||||
GlaxoSmithKline PLC ADR (United Kingdom) | 52,862 | 2,182,672 | ||||||
Merck & Co Inc | 74,911 | 2,450,339 | ||||||
Pfizer Inc | 242,522 | 4,287,789 | ||||||
Roche Holding AG ADR (Switzerland) | 39,152 | 1,574,693 | ||||||
UnitedHealth Group Inc | 68,783 | 3,172,272 | ||||||
WellPoint Inc | 24,685 | 1,611,437 | ||||||
22,214,063 | ||||||||
Industrials - 5.8% | ||||||||
Emerson Electric Co | 23,641 | 976,610 | ||||||
General Electric Co | 159,159 | 2,425,583 | ||||||
Honeywell International Inc | 52,240 | 2,293,858 | ||||||
Ingersoll-Rand PLC (Ireland) | 86,374 | 2,426,246 | ||||||
Textron Inc | 87,825 | 1,549,233 | ||||||
9,671,530 | ||||||||
Information Technology - 11.5% | ||||||||
Cisco Systems Inc | 103,559 | 1,604,129 | ||||||
Dell Inc * | 124,903 | 1,767,377 | ||||||
eBay Inc * | 116,957 | 3,449,062 | ||||||
Hewlett-Packard Co | 127,300 | 2,857,885 | ||||||
Intel Corp | 53,872 | 1,149,090 | ||||||
KLA-Tencor Corp | 14,486 | 554,524 | ||||||
Microsoft Corp | 165,949 | 4,130,471 | ||||||
The Western Union Co | 27,862 | 426,010 | ||||||
Yahoo! Inc * | 243,948 | 3,210,356 | ||||||
19,148,904 | ||||||||
Materials - 3.8% | ||||||||
Alcoa Inc | 178,387 | 1,707,164 | ||||||
International Paper Co | 197,583 | 4,593,805 | ||||||
6,300,969 | ||||||||
Telecommunication Services - 3.4% | ||||||||
AT&T Inc | 58,512 | 1,668,762 | ||||||
Verizon Communications Inc | 59,780 | 2,199,904 | ||||||
Vodafone Group PLC ADR (United Kingdom) | 68,426 | 1,755,127 | ||||||
5,623,793 | ||||||||
Utilities - 3.4% | ||||||||
FirstEnergy Corp | 50,952 | 2,288,254 | ||||||
PPL Corp | 111,451 | 3,180,812 | ||||||
Sempra Energy | 5,664 | 291,696 | ||||||
5,760,762 | ||||||||
Total Common Stocks (Cost $164,802,287) | 161,565,787 | |||||||
SHORT-TERM INVESTMENT - 11.1% | ||||||||
Money Market Fund - 11.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 18,547,711 | 18,547,711 | ||||||
Total Short-Term Investment (Cost $18,547,711) | 18,547,711 | |||||||
TOTAL INVESTMENTS - 108.0% (Cost $183,349,998) | 180,113,498 | |||||||
OTHER ASSETS & LIABILITIES, NET - (8.0%) | (13,382,908 | ) | ||||||
NET ASSETS - 100.0% | $ | 166,730,590 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-36
PL COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Financials | 19.7 | % | ||
Consumer Discretionary | 15.3 | % | ||
Health Care | 13.3 | % | ||
Information Technology | 11.5 | % | ||
Short-Term Investment | 11.1 | % | ||
Energy | 11.0 | % | ||
Consumer Staples | 9.7 | % | ||
Industrials | 5.8 | % | ||
Materials | 3.8 | % | ||
Utilities | 3.4 | % | ||
Telecommunication Services | 3.4 | % | ||
108.0 | % | |||
Other Assets & Liabilities, Net | (8.0 | %) | ||
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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Common Stocks (1) | $ | 161,565,787 | $ | 161,565,787 | $ | — | $ | — | ||||||||
Short-Term Investment | 18,547,711 | 18,547,711 | — | — | ||||||||||||
Total | $ | 180,113,498 | $ | 180,113,498 | $ | — | $ | — | ||||||||
(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 A-65 |
A-37
PL GROWTH LT FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 94.3% | ||||||||
Consumer Discretionary - 13.9% | ||||||||
Amazon.com Inc * | 6,020 | $ | 1,301,705 | |||||
CBS Corp ‘B’ | 45,310 | 923,418 | ||||||
Cie Financiere Richemont SA ‘A’ (Switzerland) | 18,629 | 826,955 | ||||||
Crown Ltd (Australia) | 76,277 | 581,219 | ||||||
Limited Brands Inc | 32,820 | 1,263,898 | ||||||
Mattel Inc | 26,730 | 692,040 | ||||||
McDonald’s Corp | 7,125 | 625,718 | ||||||
Netflix Inc * | 2,470 | 279,505 | ||||||
Nike Inc ‘B’ | 10,990 | 939,755 | ||||||
Nordstrom Inc | 39,965 | 1,825,601 | ||||||
Prada SPA (Italy) * | 163,355 | 679,105 | ||||||
The Walt Disney Co | 35,310 | 1,064,950 | ||||||
Time Warner Cable Inc | 10,005 | 627,013 | ||||||
11,630,882 | ||||||||
Consumer Staples - 9.6% | ||||||||
Anheuser-Busch InBev NV (Belgium) | 26,720 | 1,417,049 | ||||||
Colgate-Palmolive Co | 14,905 | 1,321,775 | ||||||
Costco Wholesale Corp | 14,920 | 1,225,230 | ||||||
Philip Morris International Inc | 13,465 | 839,947 | ||||||
Reckitt Benckiser Group PLC (United Kingdom) | 9,317 | 465,045 | ||||||
SABMiller PLC (United Kingdom) | 11,356 | 363,906 | ||||||
Unilever NV CVA (Netherlands) | 37,978 | 1,202,912 | ||||||
Walgreen Co | 36,475 | 1,199,663 | ||||||
8,035,527 | ||||||||
Energy - 11.2% | ||||||||
Apache Corp | 12,030 | 965,287 | ||||||
Baker Hughes Inc | 21,435 | 989,440 | ||||||
Canadian Natural Resources Ltd (Canada) | 22,170 | 648,916 | ||||||
Dresser-Rand Group Inc * | 23,219 | 941,066 | ||||||
EOG Resources Inc | 14,255 | 1,012,248 | ||||||
Halliburton Co | 28,460 | 868,599 | ||||||
Helmerich & Payne Inc | 12,245 | 497,147 | ||||||
Hess Corp | 18,900 | 991,494 | ||||||
Kinder Morgan Inc | 17,585 | 455,276 | ||||||
Occidental Petroleum Corp | 13,470 | 963,105 | ||||||
OGX Petroleo e Gas Participacoes SA ADR (Brazil) * | 59,427 | 376,767 | ||||||
Schlumberger Ltd (Netherlands) | 11,430 | 682,714 | ||||||
9,392,059 | ||||||||
Financials - 3.3% | ||||||||
JPMorgan Chase & Co | 20,048 | 603,846 | ||||||
Morgan Stanley | 29,660 | 400,410 | ||||||
Prudential PLC (United Kingdom) | 59,985 | 511,082 | ||||||
T. Rowe Price Group Inc | 21,045 | 1,005,320 | ||||||
The Charles Schwab Corp | 24,460 | 275,664 | ||||||
2,796,322 | ||||||||
Health Care - 13.3% | ||||||||
AmerisourceBergen Corp | 20,315 | 757,140 | ||||||
Celgene Corp * | 37,500 | 2,322,000 | ||||||
Covidien PLC (Ireland) | 37,875 | 1,670,287 | ||||||
DaVita Inc * | 7,950 | 498,226 | ||||||
Endo Pharmaceuticals Holdings Inc * | 34,135 | 955,439 | ||||||
Express Scripts Inc * | 18,665 | 691,912 | ||||||
Mylan Inc * | 34,295 | 583,015 | ||||||
Perrigo Co | 6,185 | 600,625 | ||||||
Pfizer Inc | 50,840 | 898,851 | ||||||
St. Jude Medical Inc | 9,875 | 357,376 | ||||||
Valeant Pharmaceuticals International Inc (Canada) | 20,575 | 763,744 | ||||||
Vertex Pharmaceuticals Inc * | 21,781 | 970,126 | ||||||
11,068,741 | ||||||||
Industrials - 9.5% | ||||||||
C.H. Robinson Worldwide Inc | 19,830 | 1,357,760 | ||||||
Danaher Corp | 15,455 | 648,183 | ||||||
Expeditors International of Washington Inc | 20,105 | 815,258 | ||||||
FANUC Corp (Japan) | 7,500 | 1,032,591 | ||||||
Fastenal Co | 13,428 | 446,884 | ||||||
Precision Castparts Corp | 9,740 | 1,514,180 | ||||||
Sensata Technologies Holding NV (Netherlands) * | 30,021 | 794,356 | ||||||
Tyco International Ltd (Switzerland) | 19,450 | 792,588 | ||||||
Verisk Analytics Inc ‘A’ * | 14,265 | 495,994 | ||||||
7,897,794 | ||||||||
Information Technology - 28.7% | ||||||||
Adobe Systems Inc * | 27,840 | 672,893 | ||||||
Amdocs Ltd (United Kingdom) * | 38,620 | 1,047,374 | ||||||
Amphenol Corp ‘A’ | 20,583 | 839,169 | ||||||
Apple Inc * | 13,775 | 5,250,754 | ||||||
Atmel Corp * | 77,222 | 623,181 | ||||||
eBay Inc * | 110,425 | 3,256,433 | ||||||
EMC Corp * | 101,435 | 2,129,121 | ||||||
Microsoft Corp | 113,120 | 2,815,557 | ||||||
ON Semiconductor Corp * | 146,797 | 1,052,534 | ||||||
Oracle Corp | 109,915 | 3,158,957 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) | 377,455 | 855,223 | ||||||
TE Connectivity Ltd (Switzerland) | 38,095 | 1,071,993 | ||||||
Teradata Corp * | 22,605 | 1,210,046 | ||||||
23,983,235 | ||||||||
Materials - 3.9% | ||||||||
Ball Corp | 24,665 | 765,108 | ||||||
K+S AG (Germany) | 20,475 | 1,076,536 | ||||||
Praxair Inc | 15,055 | 1,407,341 | ||||||
3,248,985 | ||||||||
Telecommunication Services - 0.9% | ||||||||
Crown Castle International Corp * | 18,590 | 756,055 | ||||||
Total Common Stocks (Cost $76,691,890) | 78,809,600 | |||||||
EXCHANGE-TRADED FUNDS - 1.2% | ||||||||
SPDR Gold Shares * | 4,140 | 654,368 | ||||||
Sprott Physical Gold Trust (Canada) * | 22,496 | 315,619 | ||||||
Total Exchange-Traded Funds (Cost $857,378) | 969,987 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS - 3.5% | ||||||||
U.S. Government Agency Issue - 3.1% | ||||||||
Federal Home Loan Bank | ||||||||
0.001% due 10/03/11 | $ | 2,600,000 | 2,600,000 | |||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-38
PL GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Shares | Value | |||||||
Money Market Fund - 0.4% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 358,360 | $ | 358,360 | |||||
Total Short-Term Investments (Cost $2,958,360) | 2,958,360 | |||||||
TOTAL INVESTMENTS - 99.0% (Cost $80,507,628) | 82,737,947 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.0% | 821,301 | |||||||
NET ASSETS - 100.0% | $ | 83,559,248 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 28.7 | % | ||
Consumer Discretionary | 13.9 | % | ||
Health Care | 13.3 | % | ||
Energy | 11.2 | % | ||
Consumer Staples | 9.6 | % | ||
Industrials | 9.5 | % | ||
Materials | 3.9 | % | ||
Short-Term Investments | 3.5 | % | ||
Financials | 3.3 | % | ||
Exchange-Traded Funds | 1.2 | % | ||
Telecommunication Services | 0.9 | % | ||
99.0 | % | |||
Other Assets & Liabilities, Net | 1.0 | % | ||
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 September 30, 2011 were as follows: |
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Sell | EUR | 15,000 | 10/11 | CSF | $ | 550 | ||||||||||||||
Sell | EUR | 560,000 | 10/11 | HSB | 52,855 | |||||||||||||||
Sell | EUR | 890,000 | 10/11 | JPM | 16,945 | |||||||||||||||
Sell | EUR | 620,000 | 10/11 | RBC | 41,689 | |||||||||||||||
Buy | GBP | 70,000 | 10/11 | CSF | 1,538 | |||||||||||||||
Sell | GBP | 160,000 | 10/11 | CSF | 3,013 | |||||||||||||||
Sell | GBP | 200,000 | 10/11 | HSB | 1,517 | |||||||||||||||
Sell | GBP | 165,000 | 10/11 | JPM | 2,513 | |||||||||||||||
Sell | GBP | 50,000 | 10/11 | JPM | (323 | ) | ||||||||||||||
Sell | GBP | 90,000 | 10/11 | RBC | 8,205 | |||||||||||||||
Total Forward Foreign Currency Contracts | $ | 128,502 | ||||||||||||||||||
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 11,630,882 | $ | 9,543,603 | $ | 2,087,279 | $ | — | ||||||||
Consumer Staples | 8,035,527 | 4,586,615 | 3,448,912 | — | ||||||||||||
Energy | 9,392,059 | 9,392,059 | — | — | ||||||||||||
Financials | 2,796,322 | 2,285,240 | 511,082 | — | ||||||||||||
Health Care | 11,068,741 | 11,068,741 | — | — | ||||||||||||
Industrials | 7,897,794 | 6,865,203 | 1,032,591 | — | ||||||||||||
Information Technology | 23,983,235 | 23,128,012 | 855,223 | — | ||||||||||||
Materials | 3,248,985 | 2,172,449 | 1,076,536 | — | ||||||||||||
Telecommunication Services | 756,055 | 756,055 | — | — | ||||||||||||
78,809,600 | 69,797,977 | 9,011,623 | — | |||||||||||||
Exchange-Traded Funds | 969,987 | 969,987 | — | — | ||||||||||||
Short-Term Investments | 2,958,360 | 358,360 | 2,600,000 | — | ||||||||||||
Derivatives: | ||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | 128,825 | — | 128,825 | — | ||||||||||||
Total Assets | 82,866,772 | 71,126,324 | 11,740,448 | — | ||||||||||||
Liabilities | ||||||||||||||||
Derivatives: | ||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | (323 | ) | — | (323 | ) | — | ||||||||||
Total Liabilities | (323 | ) | — | (323 | ) | — | ||||||||||
Total | $ | 82,866,449 | $ | 71,126,324 | $ | 11,740,125 | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-39
PL LARGE-CAP GROWTH FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.4% | ||||||||
Consumer Discretionary - 20.8% | ||||||||
Amazon.com Inc * | 20,800 | $ | 4,497,584 | |||||
Chipotle Mexican Grill Inc * | 3,400 | 1,030,030 | ||||||
Discovery Communications Inc ‘A’ * | 36,400 | 1,369,368 | ||||||
Focus Media Holding Ltd ADR (Cayman) * | 39,900 | 669,921 | ||||||
Las Vegas Sands Corp * | 80,000 | 3,067,200 | ||||||
McDonald’s Corp | 36,100 | 3,170,302 | ||||||
Nike Inc ‘B’ | 20,700 | 1,770,057 | ||||||
priceline.com Inc * | 5,300 | 2,382,138 | ||||||
Ralph Lauren Corp | 14,600 | 1,893,620 | ||||||
19,850,220 | ||||||||
Consumer Staples - 7.8% | ||||||||
CVS Caremark Corp | 70,400 | 2,364,032 | ||||||
Kellogg Co | 48,400 | 2,574,396 | ||||||
The Estee Lauder Cos Inc ‘A’ | 28,200 | 2,477,088 | ||||||
7,415,516 | ||||||||
Energy - 6.0% | ||||||||
Concho Resources Inc * | 28,400 | 2,020,376 | ||||||
CONSOL Energy Inc | 30,900 | 1,048,437 | ||||||
FMC Technologies Inc * | 55,700 | 2,094,320 | ||||||
Schlumberger Ltd (Netherlands) | 10,100 | 603,273 | ||||||
5,766,406 | ||||||||
Financials - 2.3% | ||||||||
CME Group Inc ‘A’ | 8,800 | 2,168,320 | ||||||
Health Care - 11.5% | ||||||||
Agilent Technologies Inc * | 72,100 | 2,253,125 | ||||||
Allergan Inc | 36,700 | 3,023,346 | ||||||
Edwards Lifesciences Corp * | 14,300 | 1,019,304 | ||||||
Express Scripts Inc * | 66,900 | 2,479,983 | ||||||
Watson Pharmaceuticals Inc * | 31,900 | 2,177,175 | ||||||
10,952,933 | ||||||||
Industrials - 8.9% | ||||||||
C.H. Robinson Worldwide Inc | 29,100 | 1,992,477 | ||||||
Danaher Corp | 46,300 | 1,941,822 | ||||||
Precision Castparts Corp | 15,100 | 2,347,446 | ||||||
Roper Industries Inc | 16,900 | 1,164,579 | ||||||
Union Pacific Corp | 12,200 | 996,374 | ||||||
8,442,698 | ||||||||
Information Technology - 30.6% | ||||||||
Apple Inc * | 18,600 | 7,089,948 | ||||||
Baidu Inc ADR (Cayman) * | 16,200 | 1,731,942 | ||||||
EMC Corp * | 145,600 | 3,056,144 | ||||||
Google Inc ‘A’ * | 7,100 | 3,652,098 | ||||||
MercadoLibre Inc | 16,900 | 908,375 | ||||||
Oracle Corp | 79,600 | 2,287,704 | ||||||
QUALCOMM Inc | 48,700 | 2,368,281 | ||||||
Riverbed Technology Inc * | 87,800 | 1,752,488 | ||||||
salesforce.com inc * | 13,300 | 1,519,924 | ||||||
SINA Corp (Cayman) * | 11,200 | 802,032 | ||||||
Teradata Corp * | 17,100 | 915,363 | ||||||
Visa Inc ‘A’ | 35,200 | 3,017,344 | ||||||
29,101,643 | ||||||||
Materials - 5.0% | ||||||||
Ecolab Inc | 19,800 | 968,022 | ||||||
FMC Corp | 18,900 | 1,307,124 | ||||||
Freeport-McMoRan Copper & Gold Inc | 23,000 | 700,350 | ||||||
The Sherwin-Williams Co | 23,900 | 1,776,248 | ||||||
4,751,744 | ||||||||
Telecommunication Services - 2.5% | ||||||||
Crown Castle International Corp * | 58,800 | 2,391,396 | ||||||
Total Common Stocks (Cost $82,108,916) | 90,840,876 | |||||||
EXCHANGE-TRADED FUND - 0.3% | ||||||||
iShares Russell 1000 Growth Index Fund | 4,600 | 241,868 | ||||||
Total Exchange-Traded Fund (Cost $245,020) | 241,868 | |||||||
SHORT-TERM INVESTMENT - 2.7% | ||||||||
Money Market Fund - 2.7% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 2,608,206 | 2,608,206 | ||||||
Total Short-Term Investment (Cost $2,608,206) | 2,608,206 | |||||||
TOTAL INVESTMENTS - 98.4% (Cost $84,962,142) | 93,690,950 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.6% | 1,524,698 | |||||||
NET ASSETS - 100.0% | $ | 95,215,648 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 30.6 | % | ||
Consumer Discretionary | 20.8 | % | ||
Health Care | 11.5 | % | ||
Industrials | 8.9 | % | ||
Consumer Staples | 7.8 | % | ||
Energy | 6.0 | % | ||
Materials | 5.0 | % | ||
Short-Term Investment | 2.7 | % | ||
Telecommunication Services | 2.5 | % | ||
Financials | 2.3 | % | ||
Exchange-Traded Fund | 0.3 | % | ||
98.4 | % | |||
Other Assets & Liabilities, Net | 1.6 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-40
PL LARGE-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Common Stocks (1) | $ | 90,840,876 | $ | 90,840,876 | $ | — | $ | — | ||||||||
Exchange-Traded Fund | 241,868 | 241,868 | — | — | ||||||||||||
Short-Term Investment | 2,608,206 | 2,608,206 | — | — | ||||||||||||
Total | $ | 93,690,950 | $ | 93,690,950 | $ | — | $ | — | ||||||||
(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 A-65 |
A-41
PL LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.0% | ||||||||
Consumer Discretionary - 16.4% | ||||||||
DISH Network Corp ‘A’ * | 153,546 | $ | 3,847,863 | |||||
Johnson Controls Inc | 63,090 | 1,663,683 | ||||||
McDonald’s Corp | 28,622 | 2,513,584 | ||||||
News Corp ‘A’ | 460,022 | 7,116,540 | ||||||
SES SA FDR (Luxembourg) | 168,909 | 4,101,388 | ||||||
Target Corp | 49,520 | 2,428,461 | ||||||
The Home Depot Inc | 87,140 | 2,864,292 | ||||||
Time Warner Cable Inc | 86,083 | 5,394,822 | ||||||
Time Warner Inc | 164,849 | 4,940,525 | ||||||
34,871,158 | ||||||||
Consumer Staples - 12.7% | ||||||||
Altria Group Inc | 87,849 | 2,355,232 | ||||||
Anheuser-Busch InBev NV ADR (Belgium) | 65,420 | 3,465,952 | ||||||
CVS Caremark Corp | 120,137 | 4,034,200 | ||||||
Kimberly-Clark Corp | 67,962 | 4,825,982 | ||||||
Lorillard Inc | 27,262 | 3,017,903 | ||||||
Philip Morris International Inc | 107,408 | 6,700,111 | ||||||
Unilever PLC ADR (United Kingdom) | 79,805 | 2,489,118 | ||||||
26,888,498 | ||||||||
Energy - 12.1% | ||||||||
Apache Corp | 21,293 | 1,708,550 | ||||||
Chevron Corp | 22,202 | 2,054,129 | ||||||
El Paso Corp | 311,044 | 5,437,049 | ||||||
Exxon Mobil Corp | 73,328 | 5,325,813 | ||||||
Halliburton Co | 74,077 | 2,260,830 | ||||||
Royal Dutch Shell PLC ADR ‘A’ (United Kingdom) | 46,068 | 2,834,103 | ||||||
Suncor Energy Inc (Canada) | 76,370 | 1,942,853 | ||||||
Total SA ADR (France) | 54,477 | 2,389,906 | ||||||
Transocean Ltd (Switzerland) | 35,929 | 1,715,250 | ||||||
25,668,483 | ||||||||
Financials - 19.0% | ||||||||
American Express Co | 73,189 | 3,286,186 | ||||||
JPMorgan Chase & Co | 189,102 | 5,695,752 | ||||||
Loews Corp | 83,491 | 2,884,614 | ||||||
Marsh & McLennan Cos Inc | 129,113 | 3,426,659 | ||||||
MetLife Inc | 72,211 | 2,022,630 | ||||||
State Street Corp | 75,227 | 2,419,300 | ||||||
The Bank of New York Mellon Corp | 74,201 | 1,379,397 | ||||||
The Charles Schwab Corp | 150,391 | 1,694,907 | ||||||
The Progressive Corp | 113,552 | 2,016,684 | ||||||
The Travelers Cos Inc | 58,827 | 2,866,640 | ||||||
U.S. Bancorp | 256,152 | 6,029,818 | ||||||
Wells Fargo & Co | 273,616 | 6,599,618 | ||||||
40,322,205 | ||||||||
Health Care - 8.0% | ||||||||
Johnson & Johnson | 64,583 | 4,114,583 | ||||||
Merck & Co Inc | 135,643 | 4,436,883 | ||||||
Novartis AG ADR (Switzerland) | 65,857 | 3,672,845 | ||||||
Pfizer Inc | 127,075 | 2,246,686 | ||||||
WellPoint Inc | 38,986 | 2,545,006 | ||||||
17,016,003 | ||||||||
Industrials - 9.1% | ||||||||
General Electric Co | 278,264 | 4,240,743 | ||||||
Honeywell International Inc | 97,321 | 4,273,365 | ||||||
Illinois Tool Works Inc | 81,875 | 3,406,000 | ||||||
Raytheon Co | 74,050 | 3,026,424 | ||||||
United Technologies Corp | 62,197 | 4,376,181 | ||||||
19,322,713 | ||||||||
Information Technology - 9.0% | ||||||||
Hewlett-Packard Co | 83,662 | 1,878,212 | ||||||
International Business Machines Corp | 31,811 | 5,567,879 | ||||||
Microsoft Corp | 135,726 | 3,378,220 | ||||||
Motorola Solutions Inc | 65,438 | 2,741,852 | ||||||
TE Connectivity Ltd (Switzerland) | 83,395 | 2,346,735 | ||||||
Xerox Corp | 472,985 | 3,296,706 | ||||||
19,209,604 | ||||||||
Materials - 2.7% | ||||||||
Air Products & Chemicals Inc | 46,339 | 3,538,909 | ||||||
Crown Holdings Inc * | 72,038 | 2,205,083 | ||||||
5,743,992 | ||||||||
Telecommunication Services - 4.0% | ||||||||
AT&T Inc | 109,668 | 3,127,731 | ||||||
CenturyLink Inc | 89,566 | 2,966,426 | ||||||
Verizon Communications Inc | 68,083 | 2,505,454 | ||||||
8,599,611 | ||||||||
Utilities - 2.0% | ||||||||
Sempra Energy | 81,392 | 4,191,688 | ||||||
Total Common Stocks (Cost $192,719,191) | 201,833,955 | |||||||
SHORT-TERM INVESTMENT - 4.4% | ||||||||
Money Market Fund - 4.4% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 9,264,976 | 9,264,976 | ||||||
Total Short-Term Investment (Cost $9,264,976) | 9,264,976 | |||||||
TOTAL INVESTMENTS - 99.4% (Cost $201,984,167) | 211,098,931 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.6% | 1,373,812 | |||||||
NET ASSETS - 100.0% | $ | 212,472,743 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Financials | 19.0 | % | ||
Consumer Discretionary | 16.4 | % | ||
Consumer Staples | 12.7 | % | ||
Energy | 12.1 | % | ||
Industrials | 9.1 | % | ||
Information Technology | 9.0 | % | ||
Health Care | 8.0 | % | ||
Short-Term Investment | 4.4 | % | ||
Telecommunication Services | 4.0 | % | ||
Materials | 2.7 | % | ||
Utilities | 2.0 | % | ||
99.4 | % | |||
Other Assets & Liabilities, Net | 0.6 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-42
PL LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 34,871,158 | $ | 30,769,770 | $ | 4,101,388 | $ | — | ||||||||
Consumer Staples | 26,888,498 | 26,888,498 | — | — | ||||||||||||
Energy | 25,668,483 | 25,668,483 | — | — | ||||||||||||
Financials | 40,322,205 | 40,322,205 | — | — | ||||||||||||
Health Care | 17,016,003 | 17,016,003 | — | — | ||||||||||||
Industrials | 19,322,713 | 19,322,713 | — | — | ||||||||||||
Information Technology | 19,209,604 | 19,209,604 | — | — | ||||||||||||
Materials | 5,743,992 | 5,743,992 | — | — | ||||||||||||
Telecommunication Services | 8,599,611 | 8,599,611 | — | — | ||||||||||||
Utilities | 4,191,688 | 4,191,688 | — | — | ||||||||||||
201,833,955 | 197,732,567 | 4,101,388 | — | |||||||||||||
Short-Term Investment | 9,264,976 | 9,264,976 | — | — | ||||||||||||
Total | $ | 211,098,931 | $ | 206,997,543 | $ | 4,101,388 | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-43
PL MAIN STREET® CORE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.3% | ||||||||
Consumer Discretionary - 10.3% | ||||||||
AutoZone Inc * | 4,960 | $ | 1,583,182 | |||||
Ford Motor Co * | 418,352 | 4,045,464 | ||||||
Hyatt Hotels Corp ‘A’ * | 58,978 | 1,850,140 | ||||||
McDonald’s Corp | 12,652 | 1,111,099 | ||||||
The McGraw-Hill Cos Inc | 119,628 | 4,904,748 | ||||||
The TJX Cos Inc | 39,820 | 2,208,815 | ||||||
15,703,448 | ||||||||
Consumer Staples - 11.8% | ||||||||
Dr Pepper Snapple Group Inc | 99,890 | 3,873,734 | ||||||
General Mills Inc | 56,380 | 2,168,939 | ||||||
Mead Johnson Nutrition Co | 36,910 | 2,540,515 | ||||||
Philip Morris International Inc | 86,410 | 5,390,256 | ||||||
Sara Lee Corp | 79,780 | 1,304,403 | ||||||
The J.M. Smucker Co | 35,390 | 2,579,577 | ||||||
17,857,424 | ||||||||
Energy - 11.7% | ||||||||
Chevron Corp | 76,264 | 7,055,945 | ||||||
Enterprise Products Partners LP | 31,906 | 1,281,026 | ||||||
Kinder Morgan Inc | 45,320 | 1,173,335 | ||||||
National Oilwell Varco Inc | 14,470 | 741,153 | ||||||
Noble Energy Inc | 37,568 | 2,659,814 | ||||||
Occidental Petroleum Corp | 66,248 | 4,736,732 | ||||||
Plains All American Pipeline LP | 517 | 30,462 | ||||||
17,678,467 | ||||||||
Financials - 14.7% | ||||||||
Berkshire Hathaway Inc ‘B’ * | 11,240 | 798,490 | ||||||
Blackstone Group LP | 130,900 | 1,568,182 | ||||||
CIT Group Inc * | 153,110 | 4,649,951 | ||||||
Citigroup Inc | 127,557 | 3,268,010 | ||||||
CME Group Inc ‘A’ | 3,890 | 958,496 | ||||||
Discover Financial Services | 42,260 | 969,444 | ||||||
JPMorgan Chase & Co | 130,200 | 3,921,624 | ||||||
M&T Bank Corp | 10,320 | 721,368 | ||||||
Marsh & McLennan Cos Inc | 88,780 | 2,356,221 | ||||||
The Progressive Corp | 170,468 | 3,027,512 | ||||||
22,239,298 | ||||||||
Health Care - 13.1% | ||||||||
Abbott Laboratories | 88,620 | 4,532,027 | ||||||
Allergan Inc | 17,050 | 1,404,579 | ||||||
Bristol-Myers Squibb Co | 110,980 | 3,482,552 | ||||||
Celgene Corp * | 57,892 | 3,584,673 | ||||||
Hospira Inc * | 23,680 | 876,160 | ||||||
Human Genome Sciences Inc * | 19,792 | 251,160 | ||||||
Waters Corp * | 26,270 | 1,983,122 | ||||||
WellPoint Inc | 57,350 | 3,743,808 | ||||||
19,858,081 | ||||||||
Industrials - 7.9% | ||||||||
CSX Corp | 147,650 | 2,756,626 | ||||||
The Boeing Co | 36,328 | 2,198,207 | ||||||
Tyco International Ltd (Switzerland) | 94,165 | 3,837,224 | ||||||
United Parcel Service Inc ‘B’ | 51,256 | 3,236,816 | ||||||
12,028,873 | ||||||||
Information Technology - 21.8% | ||||||||
Apple Inc * | 26,412 | 10,067,726 | ||||||
Check Point Software Technologies Ltd (Israel) * | 28,614 | 1,509,675 | ||||||
Dell Inc * | 52,830 | 747,545 | ||||||
eBay Inc * | 185,870 | 5,481,306 | ||||||
Google Inc ‘A’ * | 8,046 | 4,138,702 | ||||||
Marvell Technology Group Ltd (Bermuda) * | 161,730 | 2,349,937 | ||||||
Microsoft Corp | 140,332 | 3,492,863 | ||||||
Oracle Corp | 27,840 | 800,122 | ||||||
QUALCOMM Inc | 73,832 | 3,590,450 | ||||||
Visa Inc ‘A’ | 10,370 | 888,916 | ||||||
33,067,242 | ||||||||
Materials - 2.0% | ||||||||
Glencore International PLC (United Kingdom) | 42,480 | 261,794 | ||||||
Praxair Inc | 29,512 | 2,758,782 | ||||||
3,020,576 | ||||||||
Telecommunication Services - 2.2% | ||||||||
America Movil SAB de CV ‘L’ ADR (Mexico) | 150,610 | 3,325,469 | ||||||
Utilities - 1.8% | ||||||||
The AES Corp * | 282,788 | 2,760,011 | ||||||
Total Common Stocks (Cost $139,704,625) | 147,538,889 | |||||||
SHORT-TERM INVESTMENT - 2.6% | ||||||||
Money Market Fund - 2.6% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 3,959,260 | 3,959,260 | ||||||
Total Short-Term Investment (Cost $3,959,260) | 3,959,260 | |||||||
TOTAL INVESTMENTS - 99.9% (Cost $143,663,885) | 151,498,149 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 219,722 | |||||||
NET ASSETS - 100.0% | $ | 151,717,871 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 21.8 | % | ||
Financials | 14.7 | % | ||
Health Care | 13.1 | % | ||
Consumer Staples | 11.8 | % | ||
Energy | 11.7 | % | ||
Consumer Discretionary | 10.3 | % | ||
Industrials | 7.9 | % | ||
Short-Term Investment | 2.6 | % | ||
Telecommunication Services | 2.2 | % | ||
Materials | 2.0 | % | ||
Utilities | 1.8 | % | ||
99.9 | % | |||
Other Assets & Liabilities, Net | 0.1 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-44
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(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 September 30, 2011: |
Level 2 | Level 3 | ||||||||||||||||
Total Value at | Level 1 | Significant | Significant | ||||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | ||||||||||||||
Assets | |||||||||||||||||
Common Stocks | |||||||||||||||||
Consumer Discretionary | $ | 15,703,448 | $ | 15,703,448 | $ | — | $ | — | |||||||||
Consumer Staples | 17,857,424 | 17,857,424 | — | — | |||||||||||||
Energy | 17,678,467 | 17,678,467 | — | — | |||||||||||||
Financials | 22,239,298 | 22,239,298 | — | — | |||||||||||||
Health Care | 19,858,081 | 19,858,081 | — | — | |||||||||||||
Industrials | 12,028,873 | 12,028,873 | — | — | |||||||||||||
Information Technology | 33,067,242 | 33,067,242 | — | — | |||||||||||||
Materials | 3,020,576 | 2,758,782 | 261,794 | — | |||||||||||||
Telecommunication Services | 3,325,469 | 3,325,469 | — | — | |||||||||||||
Utilities | 2,760,011 | 2,760,011 | — | — | |||||||||||||
147,538,889 | 147,277,095 | 261,794 | — | ||||||||||||||
Short-Term Investment | 3,959,260 | 3,959,260 | — | — | |||||||||||||
Total | $ | 151,498,149 | $ | 151,236,355 | $ | 261,794 | $ | — | |||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-45
PL MID-CAP EQUITY FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.5% | ||||||||
Industrials - 0.5% | ||||||||
Better Place LLC ‘B’ 8.000% * ◊ ∆ + | 191,233 | $ | 605,731 | |||||
Total Convertible Preferred Stocks (Cost $573,700) | 605,731 | |||||||
COMMON STOCKS - 94.8% | ||||||||
Consumer Discretionary - 15.3% | ||||||||
ANN Inc * | 53,100 | 1,212,804 | ||||||
AutoZone Inc * | 3,160 | 1,008,640 | ||||||
Big Lots Inc * | 51,700 | 1,800,711 | ||||||
Darden Restaurants Inc | 39,990 | 1,709,573 | ||||||
DeVry Inc | 42,400 | 1,567,104 | ||||||
International Game Technology | 175,800 | 2,554,374 | ||||||
Lear Corp | 45,400 | 1,947,660 | ||||||
Mattel Inc | 77,640 | 2,010,100 | ||||||
Newell Rubbermaid Inc | 84,730 | 1,005,745 | ||||||
Ross Stores Inc | 44,300 | 3,485,967 | ||||||
The Interpublic Group of Cos Inc | 130,200 | 937,440 | ||||||
The TJX Cos Inc | 22,670 | 1,257,505 | ||||||
20,497,623 | ||||||||
Consumer Staples - 9.1% | ||||||||
Avon Products Inc | 45,230 | 886,508 | ||||||
Campbell Soup Co | 73,900 | 2,392,143 | ||||||
Energizer Holdings Inc * | 48,500 | 3,222,340 | ||||||
Molson Coors Brewing Co ‘B’ | 75,340 | 2,984,218 | ||||||
Ralcorp Holdings Inc * | 36,250 | 2,780,738 | ||||||
12,265,947 | ||||||||
Energy - 8.6% | ||||||||
CONSOL Energy Inc | 21,200 | 719,316 | ||||||
Energen Corp | 42,950 | 1,756,226 | ||||||
EQT Corp | 23,540 | 1,256,094 | ||||||
Marathon Petroleum Corp | 41,800 | 1,131,108 | ||||||
Noble Energy Inc | 19,310 | 1,367,148 | ||||||
QEP Resources Inc | 49,300 | 1,334,551 | ||||||
Rowan Cos Inc * | 71,340 | 2,153,755 | ||||||
Tidewater Inc | 41,800 | 1,757,690 | ||||||
11,475,888 | ||||||||
Financials - 14.5% | ||||||||
Ameriprise Financial Inc | 64,000 | 2,519,040 | ||||||
City National Corp | 27,690 | 1,045,574 | ||||||
Duke Realty Corp REIT | 149,400 | 1,568,700 | ||||||
Fifth Third Bancorp | 196,900 | 1,988,690 | ||||||
Invesco Ltd (Bermuda) | 130,300 | 2,020,953 | ||||||
Kilroy Realty Corp REIT | 41,800 | 1,308,340 | ||||||
LaSalle Hotel Properties REIT | 88,700 | 1,703,040 | ||||||
PartnerRe Ltd (Bermuda) | 24,590 | 1,285,319 | ||||||
Principal Financial Group Inc | 49,230 | 1,116,044 | ||||||
Signature Bank * | 22,300 | 1,064,379 | ||||||
Tanger Factory Outlet Centers Inc REIT | 69,600 | 1,810,296 | ||||||
The Macerich Co REIT | 46,000 | 1,960,980 | ||||||
19,391,355 | ||||||||
Health Care - 10.2% | ||||||||
DENTSPLY International Inc | 43,100 | 1,322,739 | ||||||
HealthSouth Corp * | 51,200 | 764,416 | ||||||
Laboratory Corp of America Holdings * | 29,900 | 2,363,595 | ||||||
Medicis Pharmaceutical Corp ‘A’ | 52,500 | 1,915,200 | ||||||
Quest Diagnostics Inc | 24,300 | 1,199,448 | ||||||
Warner Chilcott PLC ‘A’ (Ireland) * | 134,200 | 1,919,060 | ||||||
Waters Corp * | 27,600 | 2,083,524 | ||||||
Zimmer Holdings Inc * | 38,280 | 2,047,980 | ||||||
13,615,962 | ||||||||
Industrials - 11.2% | ||||||||
Corrections Corp of America * | 126,790 | 2,876,865 | ||||||
Dover Corp | 58,140 | 2,709,324 | ||||||
Equifax Inc | 91,200 | 2,803,488 | ||||||
Foster Wheeler AG (Switzerland) * | 51,660 | 919,031 | ||||||
Rockwell Collins Inc | 51,290 | 2,706,060 | ||||||
The Timken Co | 29,800 | 978,036 | ||||||
Thomas & Betts Corp * | 51,900 | 2,071,329 | ||||||
15,064,133 | ||||||||
Information Technology - 16.0% | ||||||||
Amdocs Ltd (United Kingdom) * | 100,000 | 2,712,000 | ||||||
BMC Software Inc * | 65,740 | 2,534,934 | ||||||
Ingram Micro Inc ‘A’ * | 75,510 | 1,217,976 | ||||||
Intuit Inc * | 45,050 | 2,137,172 | ||||||
Lexmark International Inc ‘A’ * | 58,800 | 1,589,364 | ||||||
NCR Corp * | 125,800 | 2,124,762 | ||||||
Quest Software Inc * | 85,400 | 1,356,152 | ||||||
SanDisk Corp * | 43,500 | 1,755,225 | ||||||
Symantec Corp * | 138,290 | 2,254,127 | ||||||
Teradata Corp * | 33,100 | 1,771,843 | ||||||
Xilinx Inc | 74,300 | 2,038,792 | ||||||
21,492,347 | ||||||||
Materials - 5.1% | ||||||||
Ball Corp | 49,920 | 1,548,518 | ||||||
Bemis Co Inc | 35,700 | 1,046,367 | ||||||
Cliffs Natural Resources Inc | 17,450 | 892,917 | ||||||
Compass Minerals International Inc | 30,640 | 2,046,139 | ||||||
Eastman Chemical Co | 15,510 | 1,062,900 | ||||||
Stillwater Mining Co * | 24,500 | 208,250 | ||||||
6,805,091 | ||||||||
Utilities - 4.8% | ||||||||
CMS Energy Corp | 187,500 | 3,710,625 | ||||||
Wisconsin Energy Corp | 89,200 | 2,791,068 | ||||||
6,501,693 | ||||||||
Total Common Stocks (Cost $134,287,868) | 127,110,039 | |||||||
SHORT-TERM INVESTMENT - 4.3% | ||||||||
Money Market Fund - 4.3% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 5,796,882 | 5,796,882 | ||||||
Total Short-Term Investment (Cost $5,796,882) | 5,796,882 | |||||||
TOTAL INVESTMENTS - 99.6% (Cost $140,658,450) | 133,512,652 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 563,249 | |||||||
NET ASSETS - 100.0% | $ | 134,075,901 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-46
PL MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 16.0 | % | ||
Consumer Discretionary | 15.3 | % | ||
Financials | 14.5 | % | ||
Industrials | 11.7 | % | ||
Health Care | 10.2 | % | ||
Consumer Staples | 9.1 | % | ||
Energy | 8.6 | % | ||
Materials | 5.1 | % | ||
Utilities | 4.8 | % | ||
Short-Term Investment | 4.3 | % | ||
99.6 | % | |||
Other Assets & Liabilities, Net | 0.4 | % | ||
100.0 | % | |||
(b) | An investment with a total aggregate value of $605,731 or 0.5% 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 September 30, 2011, 0.5% of the fund’s net assets were reported illiquid by the portfolio manager under the Trust’s policy. | |
(d) | Restricted securities as of September 30, 2011 were as follows: |
Issuer and | Value as a % | |||||||||||
Acquisition Date | Cost | Value | of Net Assets | |||||||||
Better Place LLC ‘B’ 8.000% Acq. 01/25/10 | $ | 573,700 | $ | 605,731 | 0.5 | % | ||||||
(e) | 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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Convertible Preferred Stocks (1) | $ | 605,731 | $ | — | $ | — | $ | 605,731 | ||||||||
Common Stocks (1) | 127,110,039 | 127,110,039 | — | — | ||||||||||||
Short-Term Investment | 5,796,882 | 5,796,882 | — | — | ||||||||||||
Total | $ | 133,512,652 | $ | 132,906,921 | $ | — | $ | 605,731 | ||||||||
Convertible | ||||
Preferred | ||||
Stocks (1) | ||||
Value, Beginning of Period | $ | 573,700 | ||
Purchases | — | |||
Sales | — | |||
Net Realized Gains (Losses) | — | |||
Change in Net Unrealized Appreciation | 32,031 | |||
Transfers In | — | |||
Transfers Out | — | |||
Value, End of Period | $ | 605,731 | ||
Change in Net Unrealized Appreciation on Level 3 Investments Held at the End of Period, if Applicable | $ | 32,031 | ||
(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 A-65 |
A-47
PL MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.6% | ||||||||
Industrials - 0.6% | ||||||||
Better Place LLC ‘B’ 8.000% * ◊ ∆ + | 98,662 | $ | 312,512 | |||||
Total Convertible Preferred Stocks (Cost $295,986) | 312,512 | |||||||
COMMON STOCKS - 95.1% | ||||||||
Consumer Discretionary - 14.3% | ||||||||
Chipotle Mexican Grill Inc * | 2,814 | 852,501 | ||||||
Ctrip.com International Ltd ADR (Cayman) * | 24,765 | 796,442 | ||||||
Dollar Tree Inc * | 12,978 | 974,778 | ||||||
Dunkin’ Brands Group Inc * | 26,780 | 741,806 | ||||||
Lululemon Athletica Inc * | 15,906 | 773,827 | ||||||
Morningstar Inc | 14,975 | 845,189 | ||||||
Netflix Inc * | 8,332 | 942,849 | ||||||
New Oriental Education & Technology Group ADR (Cayman) * | 25,681 | 589,893 | ||||||
The McGraw-Hill Cos Inc | 22,005 | 902,205 | ||||||
Weight Watchers International Inc | 10,221 | 595,373 | ||||||
8,014,863 | ||||||||
Consumer Staples - 4.6% | ||||||||
Mead Johnson Nutrition Co | 22,171 | 1,526,030 | ||||||
Natura Cosmeticos SA (Brazil) | 28,342 | 482,353 | ||||||
Sun Art Retail Group Ltd (Hong Kong) * | 544,000 | 560,069 | ||||||
2,568,452 | ||||||||
Energy - 3.5% | ||||||||
Range Resources Corp | 19,885 | 1,162,477 | ||||||
Ultra Petroleum Corp (Canada) * | 28,927 | 801,856 | ||||||
1,964,333 | ||||||||
Financials - 6.0% | ||||||||
Greenhill & Co Inc | 10,423 | 297,994 | ||||||
IntercontinentalExchange Inc * | 7,045 | 833,142 | ||||||
Leucadia National Corp | 32,836 | 744,720 | ||||||
MSCI Inc ‘A’ * | 49,224 | 1,492,964 | ||||||
3,368,820 | ||||||||
Health Care - 13.2% | ||||||||
athenahealth Inc * | 10,516 | 626,228 | ||||||
Gen-Probe Inc * | 16,814 | 962,601 | ||||||
IDEXX Laboratories Inc * | 12,441 | 858,056 | ||||||
Illumina Inc * | 28,546 | 1,168,102 | ||||||
Intuitive Surgical Inc * | 4,919 | 1,791,893 | ||||||
Ironwood Pharmaceuticals Inc ‘A’ * | 33,243 | 359,024 | ||||||
Techne Corp | 11,479 | 780,687 | ||||||
Valeant Pharmaceuticals International Inc (Canada) | 22,617 | 839,543 | ||||||
7,386,134 | ||||||||
Industrials - 21.5% | ||||||||
C.H. Robinson Worldwide Inc | 11,425 | 782,270 | ||||||
Covanta Holding Corp | 41,516 | 630,628 | ||||||
Edenred (France) | 82,179 | 1,953,807 | ||||||
Expeditors International of Washington Inc | 29,186 | 1,183,492 | ||||||
Fastenal Co | 48,267 | 1,606,326 | ||||||
IHS Inc ‘A’ * | 11,315 | 846,475 | ||||||
Intertek Group PLC (United Kingdom) | 33,909 | 1,008,717 | ||||||
Qualicorp SA (Brazil) * | 104,993 | 783,434 | ||||||
Schindler Holding AG (Switzerland) | 8,875 | 950,263 | ||||||
Stericycle Inc * | 11,187 | 903,015 | ||||||
Verisk Analytics Inc ‘A’ * | 39,717 | 1,380,960 | ||||||
12,029,387 | ||||||||
Information Technology - 24.4% | ||||||||
Akamai Technologies Inc * | 32,298 | 642,084 | ||||||
Alibaba.com Ltd (Cayman) | 305,600 | 282,020 | ||||||
ARM Holdings PLC ADR (United Kingdom) | 37,711 | 961,631 | ||||||
Citrix Systems Inc * | 7,608 | 414,864 | ||||||
FactSet Research Systems Inc | 9,985 | 888,365 | ||||||
First Solar Inc * | 11,066 | 699,482 | ||||||
Gartner Inc ‘A’ * | 24,979 | 871,018 | ||||||
LinkedIn Corp ‘A’ * | 9,748 | 761,124 | ||||||
Motorola Solutions Inc | 55,145 | 2,310,575 | ||||||
NVIDIA Corp * | 13,404 | 167,550 | ||||||
Red Hat Inc * | 33,803 | 1,428,515 | ||||||
Renren Inc ADR (Cayman) * | 46,059 | 234,901 | ||||||
salesforce.com inc * | 10,154 | 1,160,399 | ||||||
Solera Holdings Inc | 26,299 | 1,328,100 | ||||||
Yandex NV ‘A’ (Netherlands) | 51,314 | 1,047,319 | ||||||
Youku.com Inc ADR (Cayman) * | 29,629 | 484,730 | ||||||
13,682,677 | ||||||||
Materials - 5.4% | ||||||||
Intrepid Potash Inc * | 30,275 | 752,939 | ||||||
Lynas Corp Ltd (Australia) * | 225,771 | 228,164 | ||||||
Martin Marietta Materials Inc | 8,628 | 545,462 | ||||||
Molycorp Inc * | 25,283 | 831,052 | ||||||
Rockwood Holdings Inc * | 19,974 | 672,924 | ||||||
3,030,541 | ||||||||
Telecommunication Services - 1.2% | ||||||||
Millicom International Cellular SA SDR (Luxembourg) | 6,971 | 698,132 | ||||||
Utilities - 1.0% | ||||||||
Brookfield Infrastructure Partners LP (Bermuda) | 23,846 | 580,412 | ||||||
Total Common Stocks (Cost $49,385,707) | 53,323,751 | |||||||
SHORT-TERM INVESTMENT - 4.8% | ||||||||
Money Market Fund - 4.8% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 2,714,736 | 2,714,736 | ||||||
Total Short-Term Investment (Cost $2,714,736) | 2,714,736 | |||||||
TOTAL INVESTMENTS - 100.5% (Cost $52,396,429) | 56,350,999 | |||||||
OTHER ASSETS & LIABILITIES, NET — (0.5%) | (260,402 | ) | ||||||
NET ASSETS - 100.0% | $ | 56,090,597 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-48
PL MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 24.4 | % | ||
Industrials | 22.1 | % | ||
Consumer Discretionary | 14.3 | % | ||
Health Care | 13.2 | % | ||
Financials | 6.0 | % | ||
Materials | 5.4 | % | ||
Short-Term Investment | 4.8 | % | ||
Consumer Staples | 4.6 | % | ||
Energy | 3.5 | % | ||
Telecommunication Services | 1.2 | % | ||
Utilities | 1.0 | % | ||
100.5 | % | |||
Other Assets & Liabilities, Net | (0.5 | %) | ||
100.0 | % | |||
(b) | An investment with a total aggregate value of $312,512 or 0.6% 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 September 30, 2011, 0.6% of the fund’s net assets were reported illiquid the portfolio manager under the Trust’s policy. | |
(d) | Restricted securities as of September 30, 2011 were as follows: |
Issuer and | Value as a % | |||||||||||
Acquisition Date | Cost | Value | of Net Assets | |||||||||
Better Place LLC ‘B’ 8.000% Acq. 01/25/10 | $ | 295,986 | $ | 312,512 | 0.6 | % | ||||||
(e) | 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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Convertible Preferred Stocks (1) | $ | 312,512 | $ | — | $ | — | $ | 312,512 | ||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | 8,014,863 | 8,014,863 | — | — | ||||||||||||
Consumer Staples | 2,568,452 | 2,008,383 | 560,069 | — | ||||||||||||
Energy | 1,964,333 | 1,964,333 | — | — | ||||||||||||
Financials | 3,368,820 | 3,368,820 | — | — | ||||||||||||
Health Care | 7,386,134 | 7,386,134 | — | — | ||||||||||||
Industrials | 12,029,387 | 9,066,863 | 2,962,524 | — | ||||||||||||
Information Technology | 13,682,677 | 13,400,657 | 282,020 | — | ||||||||||||
Materials | 3,030,541 | 2,802,377 | 228,164 | — | ||||||||||||
Telecommunication Services | 698,132 | — | 698,132 | — | ||||||||||||
Utilities | 580,412 | 580,412 | — | — | ||||||||||||
53,323,751 | 48,592,842 | 4,730,909 | — | |||||||||||||
Short-Term Investment | 2,714,736 | 2,714,736 | — | — | ||||||||||||
Total | $ | 56,350,999 | $ | 51,307,578 | $ | 4,730,909 | $ | 312,512 | ||||||||
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 six-month period ended September 30, 2011: |
Convertible | ||||
Preferred | ||||
Stocks (1) | ||||
Value, Beginning of Period | $ | 295,986 | ||
Purchases | — | |||
Sales | — | |||
Net Realized Gains (Losses) | — | |||
Change in Net Unrealized Appreciation | 16,526 | |||
Transfers In | — | |||
Transfers Out | — | |||
Value, End of Period | $ | 312,512 | ||
Change in Net Unrealized Appreciation on Level 3 Investments Held at the End of Period, if Applicable | $ | 16,526 | ||
(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 A-65 |
A-49
PL SMALL-CAP GROWTH FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 96.0% | ||||||||
Consumer Discretionary - 16.8% | ||||||||
American Public Education Inc * | 6,500 | $ | 221,000 | |||||
ANN Inc * | 15,650 | 357,446 | ||||||
Brunswick Corp | 12,700 | 178,308 | ||||||
Dana Holding Corp * | 25,300 | 265,650 | ||||||
DSW Inc ‘A’ | 6,300 | 290,934 | ||||||
Express Inc | 12,050 | 244,494 | ||||||
Interval Leisure Group Inc * | 21,565 | 287,246 | ||||||
Life Time Fitness Inc * | 5,070 | 186,830 | ||||||
LKQ Corp * | 14,600 | 352,736 | ||||||
Shutterfly Inc * | 7,675 | 316,057 | ||||||
Six Flags Entertainment Corp | 10,350 | 286,902 | ||||||
Sotheby’s | 6,050 | 166,799 | ||||||
The Cheesecake Factory Inc * | 12,000 | 295,800 | ||||||
The Children’s Place Retail Stores Inc* | 4,730 | 220,087 | ||||||
The Warnaco Group Inc * | 4,750 | 218,928 | ||||||
Tupperware Brands Corp | 4,725 | 253,922 | ||||||
Ulta Salon Cosmetics & Fragrance Inc* | 1,600 | 99,568 | ||||||
Vera Bradley Inc * | 5,400 | 194,670 | ||||||
Vitamin Shoppe Inc * | 8,550 | 320,112 | ||||||
Williams-Sonoma Inc | 7,400 | 227,846 | ||||||
4,985,335 | ||||||||
Consumer Staples - 2.9% | ||||||||
The Fresh Market Inc * | 5,450 | 207,972 | ||||||
The Hain Celestial Group Inc * | 9,985 | 305,042 | ||||||
United Natural Foods Inc * | 9,050 | 335,212 | ||||||
848,226 | ||||||||
Energy - 6.5% | ||||||||
Berry Petroleum Co ‘A’ | 3,750 | 132,675 | ||||||
Complete Production Services Inc * | 7,500 | 141,375 | ||||||
Dril-Quip Inc * | 3,965 | 213,753 | ||||||
Energy XXI Ltd (Bermuda) * | 12,050 | 258,473 | ||||||
Key Energy Services Inc * | 14,200 | 134,758 | ||||||
Kodiak Oil & Gas Corp (Canada) * | 37,900 | 197,459 | ||||||
Northern Oil and Gas Inc * | 12,700 | 246,253 | ||||||
Patriot Coal Corp * | 15,370 | 130,030 | ||||||
Quicksilver Resources Inc * | 20,145 | 152,699 | ||||||
Rosetta Resources Inc * | 3,600 | 123,192 | ||||||
Swift Energy Co * | 8,250 | 200,805 | ||||||
1,931,472 | ||||||||
Financials - 4.9% | ||||||||
First Cash Financial Services Inc * | 5,200 | 218,140 | ||||||
Fortress Investment Group LLC ‘A’ * | 60,300 | 181,503 | ||||||
Northwest Bancshares Inc | 27,550 | 328,121 | ||||||
Signature Bank * | 6,950 | 331,723 | ||||||
Stifel Financial Corp * | 5,650 | 150,064 | ||||||
Texas Capital Bancshares Inc * | 10,150 | 231,928 | ||||||
1,441,479 | ||||||||
Health Care - 16.9% | ||||||||
Align Technology Inc * | 17,150 | 260,165 | ||||||
Alkermes PLC (Ireland) * | 5,900 | 90,034 | ||||||
ArthroCare Corp * | 5,050 | 145,289 | ||||||
Bruker Corp * | 16,740 | 226,492 | ||||||
Catalyst Health Solutions Inc * | 5,650 | 325,949 | ||||||
Centene Corp * | 3,450 | 98,912 | ||||||
Cepheid Inc * | 3,750 | 145,613 | ||||||
Cubist Pharmaceuticals Inc * | 8,550 | 301,986 | ||||||
Dendreon Corp * | 6,000 | 54,000 | ||||||
HealthSouth Corp * | 14,300 | 213,499 | ||||||
HealthSpring Inc * | 8,650 | 315,379 | ||||||
HMS Holdings Corp * | 12,900 | 314,631 | ||||||
Incyte Corp Ltd * | 10,050 | 140,398 | ||||||
Insulet Corp * | 19,920 | 303,979 | ||||||
Ironwood Pharmaceuticals Inc ‘A’ * | 5,350 | 57,780 | ||||||
LifePoint Hospitals Inc * | 2,900 | 106,256 | ||||||
Medicis Pharmaceutical Corp ‘A’ | 7,680 | 280,166 | ||||||
Medidata Solutions Inc * | 12,950 | 212,898 | ||||||
Onyx Pharmaceuticals Inc * | 3,500 | 105,035 | ||||||
Optimer Pharmaceuticals Inc * | 14,710 | 203,586 | ||||||
PAREXEL International Corp * | 9,125 | 172,736 | ||||||
Salix Pharmaceuticals Ltd * | 3,550 | 105,080 | ||||||
Seattle Genetics Inc * | 4,400 | 83,864 | ||||||
Sirona Dental Systems Inc * | 4,700 | 199,327 | ||||||
Thoratec Corp * | 6,070 | 198,125 | ||||||
ViroPharma Inc * | 7,500 | 135,525 | ||||||
Volcano Corp * | 7,950 | 235,558 | ||||||
5,032,262 | ||||||||
Industrials - 17.1% | ||||||||
AAR Corp | 15,621 | 260,402 | ||||||
Actuant Corp ‘A’ | 17,245 | 340,589 | ||||||
Barnes Group Inc | 17,050 | 328,212 | ||||||
CLARCOR Inc | 4,890 | 202,348 | ||||||
Clean Harbors Inc * | 7,400 | 379,620 | ||||||
CoStar Group Inc * | 4,700 | 244,259 | ||||||
Esterline Technologies Corp * | 5,480 | 284,083 | ||||||
Genesee & Wyoming Inc ‘A’ * | 7,170 | 333,548 | ||||||
GrafTech International Ltd * | 18,650 | 236,855 | ||||||
Hub Group Inc ‘A’ * | 9,400 | 265,738 | ||||||
RBC Bearings Inc * | 11,365 | 386,296 | ||||||
Tetra Tech Inc * | 13,650 | 255,801 | ||||||
The Geo Group Inc * | 15,130 | 280,813 | ||||||
Towers Watson & Co ‘A’ | 3,800 | 227,164 | ||||||
United Rentals Inc * | 13,800 | 232,392 | ||||||
US Airways Group Inc * | 21,950 | 120,725 | ||||||
Waste Connections Inc | 11,810 | 399,414 | ||||||
Woodward Inc | 11,530 | 315,922 | ||||||
5,094,181 | ||||||||
Information Technology - 23.9% | ||||||||
ADTRAN Inc | 3,900 | 103,194 | ||||||
Ancestry.com Inc * | 9,010 | 211,735 | ||||||
Aruba Networks Inc * | 7,950 | 166,234 | ||||||
BroadSoft Inc * | 6,350 | 192,722 | ||||||
Cadence Design Systems Inc * | 41,250 | 381,150 | ||||||
Ciena Corp * | 10,950 | 122,640 | ||||||
Cognex Corp | 6,600 | 178,926 | ||||||
comScore Inc * | 13,500 | 227,745 | ||||||
Concur Technologies Inc * | 6,150 | 228,903 | ||||||
Fabrinet (Cayman) * | 8,750 | 163,625 | ||||||
Finisar Corp * | 9,850 | 172,769 | ||||||
Fortinet Inc * | 16,350 | 274,680 | ||||||
Jack Henry & Associates Inc | 11,450 | 331,821 | ||||||
LogMeIn Inc * | 9,365 | 311,012 | ||||||
Mellanox Technologies Ltd (Israel) * | 10,140 | 316,571 | ||||||
Netlogic Microsystems Inc * | 7,780 | 374,296 | ||||||
NICE Systems Ltd ADR (Israel) * | 13,145 | 398,951 | ||||||
Novellus Systems Inc * | 9,800 | 267,148 | ||||||
OpenTable Inc * | 4,690 | 215,787 | ||||||
QLIK Technologies Inc * | 11,500 | 249,090 | ||||||
RealPage Inc * | 12,800 | 261,760 | ||||||
RF Micro Devices Inc * | 49,800 | 315,732 | ||||||
SolarWinds Inc * | 7,100 | 156,342 | ||||||
Solera Holdings Inc | 6,815 | 344,157 | ||||||
Taleo Corp ‘A’ * | 10,874 | 279,679 | ||||||
The Ultimate Software Group Inc * | 6,200 | 289,664 | ||||||
VistaPrint NV (Netherlands) * | 8,075 | 218,267 | ||||||
Wright Express Corp * | 8,765 | 333,421 | ||||||
7,088,021 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-50
PL SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Shares | Value | |||||||
Materials - 4.0% | ||||||||
AuRico Gold Inc (Canada) * | 19,067 | $ | 179,230 | |||||
Globe Specialty Metals Inc | 5,650 | 82,038 | ||||||
Kraton Performance Polymers Inc * | 9,550 | 154,519 | ||||||
Rockwood Holdings Inc * | 6,500 | 218,985 | ||||||
Silgan Holdings Inc | 9,640 | 354,174 | ||||||
Solutia Inc * | 15,600 | 200,460 | ||||||
1,189,406 | ||||||||
Telecommunication Services - 1.7% | ||||||||
Cogent Communications Group Inc * | 10,600 | 142,570 | ||||||
SBA Communications Corp ‘A’ * | 10,800 | 372,384 | ||||||
514,954 | ||||||||
Utilities - 1.3% | ||||||||
ITC Holdings Corp | 4,980 | 385,601 | ||||||
Total Common Stocks (Cost $26,848,863) | 28,510,937 | |||||||
SHORT-TERM INVESTMENT - 4.3% | ||||||||
Money Market Fund - 4.3% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,268,712 | 1,268,712 | ||||||
Total Short-Term Investment (Cost $1,268,712) | 1,268,712 | |||||||
TOTAL INVESTMENTS - 100.3% (Cost $28,117,575) | 29,779,649 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) | (81,840 | ) | ||||||
NET ASSETS - 100.0% | $ | 29,697,809 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Information Technology | 23.9 | % | ||
Industrials | 17.1 | % | ||
Health Care | 16.9 | % | ||
Consumer Discretionary | 16.8 | % | ||
Energy | 6.5 | % | ||
Financials | 4.9 | % | ||
Short-Term Investment | 4.3 | % | ||
Materials | 4.0 | % | ||
Consumer Staples | 2.9 | % | ||
Telecommunication Services | 1.7 | % | ||
Utilities | 1.3 | % | ||
100.3 | % | |||
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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Common Stocks (1) | $ | 28,510,937 | $ | 28,510,937 | $ | — | $ | — | ||||||||
Short-Term Investment | 1,268,712 | 1,268,712 | — | — | ||||||||||||
Total | $ | 29,779,649 | $ | 29,779,649 | $ | — | $ | — | ||||||||
(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 A-65 |
A-51
PL SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 94.8% | ||||||||
Consumer Discretionary - 8.4% | ||||||||
Aaron’s Inc | 30,100 | $ | 760,025 | |||||
Bob Evans Farms Inc | 10,500 | 299,460 | ||||||
Cinemark Holdings Inc | 41,000 | 774,080 | ||||||
Dover Downs Gaming & Entertainment Inc | 6,200 | 13,950 | ||||||
Group 1 Automotive Inc | 19,500 | 693,225 | ||||||
Hillenbrand Inc | 16,800 | 309,120 | ||||||
International Speedway Corp ‘A’ | 17,100 | 390,564 | ||||||
Meredith Corp | 32,300 | 731,272 | ||||||
Sturm Ruger & Co Inc | 10,900 | 283,182 | ||||||
The Buckle Inc | 22,300 | 857,658 | ||||||
Wolverine World Wide Inc | 23,800 | 791,350 | ||||||
5,903,886 | ||||||||
Consumer Staples - 7.1% | ||||||||
Cal-Maine Foods Inc | 14,300 | 449,449 | ||||||
Casey’s General Stores Inc | 20,000 | 873,000 | ||||||
Cia Cervecerias Unidas SA ADR (Chile) | 5,600 | 289,240 | ||||||
Corn Products International Inc | 19,100 | 749,484 | ||||||
Embotelladora Andina SA ‘B’ ADR (Chile) | 10,500 | 257,250 | ||||||
Fresh Del Monte Produce Inc (Cayman) | 9,000 | 208,800 | ||||||
Ruddick Corp | 18,200 | 709,618 | ||||||
The Andersons Inc | 12,509 | 421,053 | ||||||
Universal Corp | 19,100 | 684,926 | ||||||
WD-40 Co | 4,200 | 167,328 | ||||||
Weis Markets Inc | 4,000 | 148,240 | ||||||
4,958,388 | ||||||||
Energy - 16.6% | ||||||||
Alliance Resource Partners LP | 6,300 | 413,028 | ||||||
Berry Petroleum Co ‘A’ | 20,400 | 721,752 | ||||||
Bristow Group Inc | 10,300 | 437,029 | ||||||
Buckeye Partners LP | 9,100 | 568,841 | ||||||
Cimarex Energy Co | 9,600 | 534,720 | ||||||
El Paso Pipeline Partners LP | 5,200 | 184,444 | ||||||
Energen Corp | 17,000 | 695,130 | ||||||
EXCO Resources Inc | 48,000 | 514,560 | ||||||
HollyFrontier Corp | 30,200 | 791,844 | ||||||
Knightsbridge Tankers Ltd (Bermuda) | 3,900 | 64,545 | ||||||
Linn Energy LLC | 25,200 | 898,632 | ||||||
Magellan Midstream Partners LP | 13,100 | 791,240 | ||||||
Patterson-UTI Energy Inc | 39,300 | 681,462 | ||||||
Pioneer Southwest Energy Partners LP | 7,100 | 171,607 | ||||||
Ship Finance International Ltd (Bermuda) | 17,800 | 231,400 | ||||||
Southern Union Co | 16,800 | 681,576 | ||||||
Sunoco Logistics Partners LP | 6,000 | 530,940 | ||||||
TC Pipelines LP | 6,500 | 284,960 | ||||||
Tidewater Inc | 17,200 | 723,260 | ||||||
TransMontaigne Partners LP | 5,500 | 181,115 | ||||||
W&T Offshore Inc | 37,300 | 513,248 | ||||||
World Fuel Services Corp | 30,400 | 992,560 | ||||||
11,607,893 | ||||||||
Financials - 14.0% | ||||||||
Advance America Cash Advance Centers Inc | 36,000 | 264,960 | ||||||
American Equity Investment Life Holding Co | 21,100 | 184,625 | ||||||
American Financial Group Inc | 25,000 | 776,750 | ||||||
Bank of Hawaii Corp | 18,000 | 655,200 | ||||||
Cash America International Inc | 16,800 | 859,488 | ||||||
CommonWealth REIT | 13,750 | 260,838 | ||||||
CreXus Investment Corp REIT | 12,100 | 107,448 | ||||||
Cullen/Frost Bankers Inc | 15,400 | 706,244 | ||||||
Delphi Financial Group Inc ‘A’ | 26,600 | 572,432 | ||||||
Equity One Inc REIT | 21,600 | 342,576 | ||||||
Franklin Street Properties Corp REIT | 33,100 | 374,361 | ||||||
Healthcare Realty Trust Inc REIT | 28,000 | 471,800 | ||||||
Infinity Property & Casualty Corp | 4,800 | 251,904 | ||||||
Montpelier Re Holdings Ltd (Bermuda) | 9,109 | 161,047 | ||||||
Omega Healthcare Investors Inc REIT | 39,300 | 626,049 | ||||||
Prosperity Bancshares Inc | 17,500 | 571,900 | ||||||
PS Business Parks Inc REIT | 8,400 | 416,136 | ||||||
Raymond James Financial Inc | 23,800 | 617,848 | ||||||
RLI Corp | 8,200 | 521,356 | ||||||
Sovran Self Storage Inc REIT | 10,100 | 375,417 | ||||||
Trustmark Corp | 37,700 | 684,255 | ||||||
9,802,634 | ||||||||
Health Care - 7.4% | ||||||||
Invacare Corp | 17,600 | 405,504 | ||||||
Owens & Minor Inc | 26,100 | 743,328 | ||||||
PerkinElmer Inc | 34,450 | 661,785 | ||||||
STERIS Corp | 24,800 | 725,896 | ||||||
Teleflex Inc | 14,800 | 795,796 | ||||||
The Cooper Cos Inc | 12,700 | 1,005,205 | ||||||
The Ensign Group Inc | 9,600 | 221,856 | ||||||
West Pharmaceutical Services Inc | 16,300 | 604,730 | ||||||
5,164,100 | ||||||||
Industrials - 12.2% | ||||||||
Albany International Corp ‘A’ | 5,280 | 96,360 | ||||||
Alliant Techsystems Inc | 13,600 | 741,336 | ||||||
Applied Industrial Technologies Inc | 6,100 | 165,676 | ||||||
Barnes Group Inc | 26,000 | 500,500 | ||||||
Belden Inc | 23,000 | 593,170 | ||||||
Cascade Corp | 2,747 | 91,722 | ||||||
Crane Co | 19,600 | 699,524 | ||||||
Cubic Corp | 6,800 | 265,676 | ||||||
Curtiss-Wright Corp | 21,800 | 628,494 | ||||||
Elbit Systems Ltd (Israel) | 3,900 | 154,830 | ||||||
Ennis Inc | 14,300 | 186,758 | ||||||
Great Lakes Dredge & Dock Co | 22,800 | 92,796 | ||||||
Harsco Corp | 20,000 | 387,800 | ||||||
KBR Inc | 24,200 | 571,846 | ||||||
Kennametal Inc | 22,000 | 720,280 | ||||||
SkyWest Inc | 4,500 | 51,795 | ||||||
Standex International Corp | 3,467 | 107,928 | ||||||
The Brink’s Co | 26,100 | 608,391 | ||||||
Triumph Group Inc | 18,600 | 906,564 | ||||||
UniFirst Corp | 5,400 | 244,566 | ||||||
Valmont Industries Inc | 9,300 | 724,842 | ||||||
8,540,854 | ||||||||
Information Technology - 2.8% | ||||||||
AVX Corp | 18,200 | 216,034 | ||||||
Diebold Inc | 24,700 | 679,497 | ||||||
Himax Technologies Inc ADR (Cayman) | 23,500 | 26,085 | ||||||
Jabil Circuit Inc | 40,500 | 720,495 | ||||||
Micrel Inc | 32,700 | 309,669 | ||||||
1,951,780 | ||||||||
Materials - 16.3% | ||||||||
A. Schulman Inc | 13,400 | 227,666 | ||||||
AMCOL International Corp | 7,782 | 186,690 | ||||||
Bemis Co Inc | 25,200 | 738,612 | ||||||
Cabot Corp | 24,900 | 617,022 | ||||||
Compass Minerals International Inc | 10,700 | 714,546 | ||||||
Gold Resource Corp | 32,720 | 544,788 | ||||||
HudBay Minerals Inc (Canada) | 70,988 | 661,850 | ||||||
IAMGOLD Corp (Canada) | 42,800 | 846,584 | ||||||
Innophos Holdings Inc | 12,100 | 482,427 | ||||||
International Flavors & Fragrances Inc | 12,400 | 697,128 | ||||||
Methanex Corp (Canada) | 24,500 | 510,580 | ||||||
Neenah Paper Inc | 9,300 | 131,874 | ||||||
NewMarket Corp | 3,600 | 546,732 | ||||||
Quaker Chemical Corp | 7,094 | 183,877 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-52
PL SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Shares | Value | |||||||
Rock-Tenn Co ‘A’ | 12,900 | $ | 627,972 | |||||
Royal Gold Inc | 14,900 | 954,494 | ||||||
Sensient Technologies Corp | 22,400 | 729,120 | ||||||
Sonoco Products Co | 26,470 | 747,248 | ||||||
Steel Dynamics Inc | 24,400 | 242,048 | ||||||
Stepan Co | 2,958 | 198,718 | ||||||
The Scotts Miracle-Gro Co ‘A’ | 17,700 | 789,420 | ||||||
11,379,396 | ||||||||
Telecommunication Services - 0.4% | ||||||||
Cellcom Israel Ltd (Israel) | 13,700 | 286,193 | ||||||
Utilities - 9.6% | ||||||||
�� | ||||||||
AGL Resources Inc | 18,700 | 761,838 | ||||||
AmeriGas Partners LP | 5,000 | 219,950 | ||||||
Atmos Energy Corp | 23,900 | 775,555 | ||||||
Avista Corp | 19,500 | 465,075 | ||||||
Cleco Corp | 8,600 | 293,604 | ||||||
Great Plains Energy Inc | 21,500 | 414,950 | ||||||
OGE Energy Corp | 15,800 | 755,082 | ||||||
Portland General Electric Co | 10,100 | 239,269 | ||||||
Southwest Gas Corp | 10,000 | 361,700 | ||||||
Suburban Propane Partners LP | 9,300 | 431,613 | ||||||
UGI Corp | 27,700 | 727,679 | ||||||
Vectren Corp | 18,200 | 492,856 | ||||||
Westar Energy Inc | 29,300 | 774,106 | ||||||
6,713,277 | ||||||||
Total Common Stocks (Cost $63,364,254) | 66,308,401 | |||||||
SHORT-TERM INVESTMENT - 7.2% | ||||||||
Money Market Fund - 7.2% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 5,077,151 | 5,077,151 | ||||||
Total Short-Term Investment (Cost $5,077,151) | 5,077,151 | |||||||
TOTAL INVESTMENTS - 102.0% (Cost $68,441,405) | 71,385,552 | |||||||
OTHER ASSETS & LIABILITIES, NET — (2.0%) | (1,410,588 | ) | ||||||
NET ASSETS - 100.0% | $ | 69,974,964 | ||||||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Energy | 16.6 | % | ||
Materials | 16.3 | % | ||
Financials | 14.0 | % | ||
Industrials | 12.2 | % | ||
Utilities | 9.6 | % | ||
Consumer Discretionary | 8.4 | % | ||
Health Care | 7.4 | % | ||
Short-Term Investment | 7.2 | % | ||
Consumer Staples | 7.1 | % | ||
Information Technology | 2.8 | % | ||
Telecommunication Services | 0.4 | % | ||
102.0 | % | |||
Other Assets & Liabilities, Net | (2.0 | %) | ||
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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Common Stocks (1) | $ | 66,308,401 | $ | 66,308,401 | $ | — | $ | — | ||||||||
Short-Term Investment | 5,077,151 | 5,077,151 | — | — | ||||||||||||
Total | $ | 71,385,552 | $ | 71,385,552 | $ | — | $ | — | ||||||||
(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 A-65 |
A-53
PL REAL ESTATE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 96.9% | ||||||||
Consumer Discretionary - 5.1% | ||||||||
Starwood Hotels & Resorts Worldwide Inc | 54,237 | $ | 2,105,480 | |||||
Financials - 90.8% | ||||||||
Acadia Realty Trust REIT | 21,423 | 400,610 | ||||||
Apartment Investment & Management Co ‘A’ REIT | 35,596 | 787,384 | ||||||
Ashford Hospitality Trust Inc REIT | 24,930 | 175,009 | ||||||
AvalonBay Communities Inc REIT | 11,919 | 1,359,362 | ||||||
BioMed Realty Trust Inc REIT | 4,565 | 75,642 | ||||||
Boston Properties Inc REIT | 21,519 | 1,917,343 | ||||||
BRE Properties Inc REIT | 7,760 | 328,558 | ||||||
Brookfield Office Properties Inc (Canada) | 70,654 | 972,906 | ||||||
Camden Property Trust REIT | 9,984 | 551,716 | ||||||
CommonWealth REIT | 8,157 | 154,738 | ||||||
Coresite Realty Corp REIT | 6,660 | 95,571 | ||||||
Cousins Properties Inc REIT | 74,931 | 438,346 | ||||||
CreXus Investment Corp REIT | 6,780 | 60,206 | ||||||
DCT Industrial Trust Inc REIT | 76,950 | 337,811 | ||||||
Digital Realty Trust Inc REIT | 2,720 | 150,035 | ||||||
Douglas Emmett Inc REIT | 8,320 | 142,272 | ||||||
Equity Lifestyle Properties Inc REIT | 14,154 | 887,456 | ||||||
Equity One Inc REIT | 281 | 4,457 | ||||||
Equity Residential REIT | 73,565 | 3,815,817 | ||||||
Federal Realty Investment Trust REIT | 6,758 | 556,927 | ||||||
Forest City Enterprises Inc ‘A’ * | 106,243 | 1,132,550 | ||||||
General Growth Properties Inc REIT | 148,743 | 1,799,790 | ||||||
HCP Inc REIT | 55,690 | 1,952,491 | ||||||
Health Care REIT Inc | 9,210 | 431,028 | ||||||
Healthcare Realty Trust Inc REIT | 66,889 | 1,127,080 | ||||||
Host Hotels & Resorts Inc REIT | 227,052 | 2,483,949 | ||||||
Hudson Pacific Properties Inc REIT | 18,050 | 209,922 | ||||||
Kite Realty Group Trust REIT | 10,790 | 39,491 | ||||||
Lexington Realty Trust REIT | 2,760 | 18,050 | ||||||
Liberty Property Trust REIT | 1,804 | 52,514 | ||||||
Mack-Cali Realty Corp REIT | 22,198 | 593,797 | ||||||
Omega Healthcare Investors Inc REIT | 7,490 | 119,316 | ||||||
Parkway Properties Inc REIT | 1,320 | 14,533 | ||||||
Plum Creek Timber Co Inc REIT | 2,419 | 83,963 | ||||||
ProLogis Inc REIT | 37,622 | 912,334 | ||||||
PS Business Parks Inc REIT | 3,781 | 187,311 | ||||||
Public Storage REIT | 14,147 | 1,575,268 | ||||||
Regency Centers Corp REIT | 57,951 | 2,047,409 | ||||||
Retail Opportunity Investments Corp REIT | 29,993 | 332,322 | ||||||
Senior Housing Properties Trust REIT | 44,093 | 949,763 | ||||||
Simon Property Group Inc REIT | 50,457 | 5,549,261 | ||||||
Sovran Self Storage Inc REIT | 3,012 | 111,956 | ||||||
STAG Industrial Inc REIT | 6,810 | 69,462 | ||||||
Starwood Property Trust Inc REIT | 24,650 | 422,994 | ||||||
Vornado Realty Trust REIT | 27,471 | 2,049,886 | ||||||
Winthrop Realty Trust REIT | 15,101 | 131,228 | ||||||
37,609,834 | ||||||||
Health Care - 1.0% | ||||||||
Assisted Living Concepts Inc ‘A’ | 25,820 | 327,139 | ||||||
Capital Senior Living Corp * | 12,370 | 76,323 | ||||||
403,462 | ||||||||
Total Common Stocks (Cost $32,184,233) | 40,118,776 | |||||||
SHORT-TERM INVESTMENT - 3.7% | ||||||||
Money Market Fund - 3.7% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,535,869 | 1,535,869 | ||||||
Total Short-Term Investment (Cost $1,535,869) | 1,535,869 | |||||||
TOTAL INVESTMENTS - 100.6% (Cost $33,720,102) | 41,654,645 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.6%) | (258,066 | ) | ||||||
NET ASSETS - 100.0% | $ | 41,396,579 | ||||||
Notes to Schedule of Investments | ||
(a) | As of September 30, 2011, the fund was diversified by property sector as a percentage of net assets as follows: |
Retail | 25.0 | % | ||
Specialized | 21.8 | % | ||
Residential | 18.7 | % | ||
Office | 8.1 | % | ||
Diversified | 7.7 | % | ||
Real Estate Operating Companies | 5.1 | % | ||
Hotels, Resort & Cruise Lines | 5.1 | % | ||
Industrial | 3.2 | % | ||
Mortgage | 1.2 | % | ||
Health Care Facilities | 1.0 | % | ||
96.9 | % | |||
Short-Term Investment | 3.7 | % | ||
Other Assets & Liabilities, Net | (0.6 | %) | ||
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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Common Stocks (1) | $ | 40,118,776 | $ | 40,118,776 | $ | — | $ | — | ||||||||
Short-Term Investment | 1,535,869 | 1,535,869 | — | — | ||||||||||||
Total | $ | 41,654,645 | $ | 41,654,645 | $ | — | $ | — | ||||||||
(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 A-65 |
A-54
PL EMERGING MARKETS FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
RIGHTS - 0.0% | ||||||||
Brazil - 0.0% | ||||||||
Lojas Americanas SA Exp. 10/26/11 * + | 19 | $ | — | |||||
Total Rights (Cost $0) | — | |||||||
PREFERRED STOCKS - 7.7% | ||||||||
Brazil - 7.0% | ||||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 31,180 | 959,720 | ||||||
Cia de Bebidas das Americas ADR | 30,800 | 944,020 | ||||||
Lojas Americanas SA | 94,810 | 718,544 | ||||||
Petroleo Brasileiro SA ADR | 66,400 | 1,375,808 | ||||||
Vale SA ADR | 40,240 | 845,040 | ||||||
4,843,132 | ||||||||
Colombia - 0.7% | ||||||||
Banco Davivienda SA | 7,593 | 79,864 | ||||||
BanColombia SA ADR | 6,770 | 377,089 | ||||||
456,953 | ||||||||
Total Preferred Stocks (Cost $5,177,243) | 5,300,085 | |||||||
COMMON STOCKS - 91.4% | ||||||||
Bermuda - 0.9% | ||||||||
Credicorp Ltd | 3,850 | 354,970 | ||||||
Dairy Farm International Holdings Ltd | 28,900 | 245,593 | ||||||
600,563 | ||||||||
Brazil - 6.7% | ||||||||
Anhanguera Educacional Participacoes SA | 18,400 | 219,694 | ||||||
B2W Cia Global do Varejo | 54,681 | 432,737 | ||||||
BM&FBOVESPA SA | 270,816 | 1,248,757 | ||||||
Diagnosticos da America SA | 33,200 | 277,218 | ||||||
Embraer SA ADR | 33,080 | 839,240 | ||||||
Estacio Participacoes SA | 39,400 | 340,513 | ||||||
Kroton Educacional SA * | 15,900 | 152,467 | ||||||
Lojas Americanas SA | 330 | 2,160 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 19,200 | 355,357 | ||||||
Natura Cosmeticos SA | 39,800 | 677,357 | ||||||
Totvs SA | 4,500 | 75,509 | ||||||
4,621,009 | ||||||||
Cayman - 7.7% | ||||||||
Ambow Education Holding Ltd ADR * | 7,280 | 49,650 | ||||||
Baidu Inc ADR * | 7,920 | 846,727 | ||||||
Ctrip.com International Ltd ADR * | 20,680 | 665,069 | ||||||
Eurasia Drilling Co Ltd GDR (LI) | 18,610 | 339,633 | ||||||
Eurasia Drilling Co Ltd GDR (OTC) ~ ∆ | 500 | 9,125 | ||||||
Home Inns & Hotels Management Inc ADR * | 8,880 | 228,838 | ||||||
Li Ning Co Ltd | 242,000 | 242,230 | ||||||
NetEase.com Inc ADR * | 7,400 | 282,384 | ||||||
New Oriental Education & Technology Group ADR * | 6,420 | 147,467 | ||||||
Tencent Holdings Ltd | 49,400 | 1,013,319 | ||||||
Tingyi Holding Corp | 334,000 | 818,628 | ||||||
Want Want China Holdings Ltd | 776,000 | 695,664 | ||||||
5,338,734 | ||||||||
Chile - 0.8% | ||||||||
Banco Santander Chile SA | 3,442,296 | 248,078 | ||||||
Cencosud SA | 50,719 | 271,822 | ||||||
519,900 | ||||||||
China - 1.5% | ||||||||
China Shenhua Energy Co Ltd ‘H’ | 202,000 | 792,763 | ||||||
Shanghai Zhenhua Heavy Industries Co Ltd ‘B’ | 169,990 | 78,367 | ||||||
Wumart Stores Inc ‘H’ | 68,000 | 133,318 | ||||||
1,004,448 | ||||||||
Colombia - 0.5% | ||||||||
Almacenes Exito SA | 22,125 | 263,207 | ||||||
Almacenes Exito SA GDR ~ | 9,200 | 108,909 | ||||||
372,116 | ||||||||
Denmark - 1.7% | ||||||||
Carlsberg AS ‘B’ | 20,217 | 1,199,190 | ||||||
Egypt - 0.7% | ||||||||
Commercial International Bank SAE | 73,343 | 282,371 | ||||||
Eastern Co SAE ∆ | 2,562 | 37,580 | ||||||
Egyptian Financial Group-Hermes Holding * | 65,408 | 185,249 | ||||||
Medinet Nasr Housing * | 2,986 | 5,713 | ||||||
510,913 | ||||||||
France - 1.5% | ||||||||
Casino Guichard-Perrachon SA | 4,530 | 352,882 | ||||||
CFAO SA | 14,030 | 503,114 | ||||||
Vallourec SA | 3,150 | 180,546 | ||||||
1,036,542 | ||||||||
Hong Kong - 5.0% | ||||||||
AIA Group Ltd | 255,000 | 721,748 | ||||||
CNOOC Ltd | 771,000 | 1,238,688 | ||||||
Hang Lung Group Ltd | 69,000 | 350,431 | ||||||
Hang Lung Properties Ltd | 178,000 | 520,677 | ||||||
Hong Kong Exchanges & Clearing Ltd | 43,000 | 615,949 | ||||||
Sun Art Retail Group Ltd * | 5,000 | 5,148 | ||||||
3,452,641 | ||||||||
India - 14.7% | ||||||||
Asian Paints Ltd | 4,396 | 282,723 | ||||||
Cipla Ltd | 46,415 | 264,919 | ||||||
Colgate-Palmolive India Ltd | 22,189 | 442,563 | ||||||
Dabur India Ltd | 109,604 | 229,198 | ||||||
HDFC Bank Ltd ADR | 27,760 | 809,204 | ||||||
Hindustan Unilever Ltd | 125,129 | 868,303 | ||||||
Housing Development Finance Corp Ltd | 105,150 | 1,357,362 | ||||||
ICICI Bank Ltd ADR | 18,240 | 633,293 | ||||||
Infosys Ltd | 56,224 | 2,848,169 | ||||||
Marico Ltd | 110,540 | 323,663 | ||||||
Network 18 Media & Investments Ltd * | 1,665 | 2,738 | ||||||
Sun Pharmaceutical Industries Ltd | 59,891 | 562,701 | ||||||
Tata Consultancy Services Ltd | 40,108 | 830,358 | ||||||
TV18 Broadcast Ltd * | 42,024 | 35,666 | ||||||
Zee Entertainment Enterprises Ltd | 274,077 | 653,457 | ||||||
Zee Learn Ltd * | 15,223 | 5,955 | ||||||
10,150,272 | ||||||||
Indonesia - 1.9% | ||||||||
P.T. Astra International Tbk | 95,400 | 673,797 | ||||||
P.T. Bank Central Asia Tbk | 81,000 | 69,795 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-55
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Shares | Value | |||||||
P.T. Kalbe Farma Tbk | 325,000 | $ | 117,381 | |||||
P.T. Unilever Indonesia Tbk | 226,500 | 420,196 | ||||||
1,281,169 | ||||||||
Kenya - 0.1% | ||||||||
East African Breweries Ltd | 23,224 | 37,879 | ||||||
Luxembourg - 1.0% | ||||||||
Tenaris SA ADR | 26,180 | 666,281 | ||||||
Malaysia - 0.2% | ||||||||
Genting Bhd | 36,900 | 104,441 | ||||||
Mexico - 11.6% | ||||||||
America Movil SAB de CV ‘L’ ADR | 128,800 | 2,843,904 | ||||||
Fomento Economico Mexicano SAB de CV | 199,292 | 1,293,315 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 27,090 | 1,755,974 | ||||||
Grupo Financiero Inbursa SAB de CV ‘O’ | 190,925 | 319,253 | ||||||
Grupo Modelo SAB de CV ‘C’ | 34,425 | 194,559 | ||||||
Grupo Televisa SAB ADR | 36,350 | 668,476 | ||||||
Wal-Mart de Mexico SAB de CV ‘V’ | 407,100 | 933,470 | ||||||
8,008,951 | ||||||||
Netherlands - 0.3% | ||||||||
Yandex NV ‘A’ * | 10,200 | 208,182 | ||||||
Nigeria - 0.3% | ||||||||
Nigerian Breweries PLC | 401,862 | 201,321 | ||||||
Philippines - 3.5% | ||||||||
Jollibee Foods Corp | 199,460 | 383,548 | ||||||
Philippine Long Distance Telephone Co | 8,790 | 438,817 | ||||||
SM Investments Corp | 36,620 | 434,777 | ||||||
SM Prime Holdings Inc | 4,265,056 | 1,185,778 | ||||||
2,442,920 | ||||||||
Russia - 4.3% | ||||||||
Magnit OJSC | 12,482 | 1,072,090 | ||||||
Magnit OJSC GDR | 11,680 | 236,201 | ||||||
NovaTek OAO GDR | 10,700 | 1,219,501 | ||||||
NovaTek OAO GDR (OTC) ~ ∆ | 3,900 | 444,491 | ||||||
2,972,283 | ||||||||
South Africa - 4.7% | ||||||||
Anglo American Platinum Ltd | 10,758 | 730,148 | ||||||
Impala Platinum Holdings Ltd | 51,713 | 1,043,529 | ||||||
JSE Ltd | 5,028 | 39,882 | ||||||
MTN Group Ltd | 65,654 | 1,062,159 | ||||||
Standard Bank Group Ltd | 30,912 | 354,257 | ||||||
3,229,975 | ||||||||
South Korea - 6.3% | ||||||||
E-Mart Co Ltd * | 4,598 | 1,150,070 | ||||||
MegaStudy Co Ltd | 1,807 | 181,417 | ||||||
NHN Corp * | 13,996 | 2,638,630 | ||||||
Shinsegae Co Ltd | 1,647 | 374,844 | ||||||
4,344,961 | ||||||||
Taiwan - 5.6% | ||||||||
Epistar Corp | 305,000 | 531,324 | ||||||
HTC Corp | 79,210 | 1,740,168 | ||||||
Synnex Technology International Corp | 239,118 | 516,844 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd | 456,995 | 1,035,441 | ||||||
3,823,777 | ||||||||
Thailand - 0.7% | ||||||||
Siam Commercial Bank PCL | 132,500 | 451,826 | ||||||
Turkey - 2.9% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 12,667 | 145,862 | ||||||
BIM Birlesik Magazalar AS | 12,189 | 335,340 | ||||||
Enka Insaat ve Sanayi AS | 267,924 | 647,148 | ||||||
Haci Omer Sabanci Holding AS | 252,316 | 877,892 | ||||||
2,006,242 | ||||||||
United Arab Emirates - 0.8% | ||||||||
DP World Ltd * | 54,944 | 579,514 | ||||||
United Kingdom - 5.5% | ||||||||
Anglo American PLC | 24,783 | 858,692 | ||||||
Cairn Energy PLC * | 129,760 | 557,308 | ||||||
Genting Singapore PLC * | 178,000 | 206,856 | ||||||
Mail.ru Group Ltd GDR * | 2,200 | 65,992 | ||||||
SABMiller PLC | 25,190 | 807,219 | ||||||
Tullow Oil PLC | 64,500 | 1,298,180 | ||||||
3,794,247 | ||||||||
Total Common Stocks (Cost $59,611,615) | 62,960,297 | |||||||
EQUITY-LINKED STRUCTURED SECURITIES - 0.1% | ||||||||
Vietnam - 0.1% | ||||||||
UBS AG (for Vietnam Dairy Products) Exp. 02/10/12 * ∆ | 12,700 | 76,214 | ||||||
Total Equity-Linked Structured Securities (Cost $59,407) | 76,214 | |||||||
SHORT-TERM INVESTMENT - 0.8% | ||||||||
Money Market Fund - 0.8% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 544,187 | 544,187 | ||||||
Total Short-Term Investment (Cost $544,187) | 544,187 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $65,392,452) | 68,880,783 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 25,868 | |||||||
NET ASSETS - 100.0% | $ | 68,906,651 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-56
PACIFIC LIFE FUNDS PL EMERGING MARKETS FUND Schedule of Investments (Continued) September 30, 2011 (Unaudited) | ||
Notes to Schedule of Investments | ||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Consumer Staples | 24.9 | % | ||
Information Technology | 18.3 | % | ||
Financials | 16.7 | % | ||
Energy | 11.5 | % | ||
Consumer Discretionary | 10.2 | % | ||
Telecommunication Services | 6.3 | % | ||
Materials | 5.5 | % | ||
Industrials | 4.0 | % | ||
Health Care | 1.8 | % | ||
Short-Term Investment | 0.8 | % | ||
100.0 | % | |||
Other Assets & Liabilities, Net | 0.0 | % | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund was diversified by geographical region as a percentage of net assets as follows: |
India | 14.7 | % | ||
Brazil | 13.7 | % | ||
Mexico | 11.6 | % | ||
Cayman | 7.7 | % | ||
South Korea | 6.3 | % | ||
Taiwan | 5.6 | % | ||
United Kingdom | 5.5 | % | ||
Hong Kong | 5.0 | % | ||
South Africa | 4.7 | % | ||
Russia | 4.3 | % | ||
Philippines | 3.5 | % | ||
Turkey | 2.9 | % | ||
Indonesia | 1.9 | % | ||
Denmark | 1.7 | % | ||
France | 1.5 | % | ||
China | 1.5 | % | ||
Colombia | 1.2 | % | ||
Luxembourg | 1.0 | % | ||
Others (each less than 1.0%) | 5.7 | % | ||
100.0 | % | |||
Other Assets & Liabilities, Net | 0.0 | % | ||
100.0 | % | |||
(c) | As of September 30, 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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Preferred Stocks (1) | $ | 5,300,085 | $ | 5,300,085 | $ | — | $ | — | ||||||||
Common Stocks | ||||||||||||||||
Bermuda | 600,563 | 354,970 | 245,593 | — | ||||||||||||
Brazil | 4,621,009 | 4,621,009 | — | — | ||||||||||||
Cayman | 5,338,734 | 2,559,768 | 2,778,966 | — | ||||||||||||
Chile | 519,900 | 519,900 | — | — | ||||||||||||
China | 1,004,448 | — | 1,004,448 | — | ||||||||||||
Colombia | 372,116 | 263,207 | 108,909 | — | ||||||||||||
Denmark | 1,199,190 | — | 1,199,190 | — | ||||||||||||
Egypt | 510,913 | — | 510,913 | — | ||||||||||||
France | 1,036,542 | — | 1,036,542 | — | ||||||||||||
Hong Kong | 3,452,641 | — | 3,452,641 | — | ||||||||||||
India | 10,150,272 | 1,442,497 | 8,707,775 | — | ||||||||||||
Indonesia | 1,281,169 | — | 1,281,169 | — | ||||||||||||
Kenya | 37,879 | — | 37,879 | — | ||||||||||||
Luxembourg | 666,281 | 666,281 | — | — | ||||||||||||
Malaysia | 104,441 | — | 104,441 | — | ||||||||||||
Mexico | 8,008,951 | 8,008,951 | — | — | ||||||||||||
Netherlands | 208,182 | 208,182 | — | — | ||||||||||||
Nigeria | 201,321 | 201,321 | — | — | ||||||||||||
Philippines | 2,442,920 | — | 2,442,920 | — | ||||||||||||
Russia | 2,972,283 | — | 2,972,283 | — | ||||||||||||
South Africa | 3,229,975 | — | 3,229,975 | — | ||||||||||||
South Korea | 4,344,961 | — | 4,344,961 | — | ||||||||||||
Taiwan | 3,823,777 | — | 3,823,777 | — | ||||||||||||
Thailand | 451,826 | — | 451,826 | — | ||||||||||||
Turkey | 2,006,242 | — | 2,006,242 | — | ||||||||||||
United Arab Emirates | 579,514 | — | 579,514 | — | ||||||||||||
United Kingdom | 3,794,247 | — | 3,794,247 | — | ||||||||||||
62,960,297 | 18,846,086 | 44,114,211 | — | |||||||||||||
Equity-Linked Structured Securities | 76,214 | — | 76,214 | — | ||||||||||||
Short-Term Investment | 544,187 | 544,187 | — | — | ||||||||||||
Total | $ | 68,880,783 | $ | 24,690,358 | $ | 44,190,425 | $ | — | ||||||||
(1) | For equity investment 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 A-65 |
A-57
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.8% | ||||||||
Australia - 2.5% | ||||||||
QBE Insurance Group Ltd | 124,955 | $ | 1,533,142 | |||||
Westpac Banking Corp | 138,570 | 2,663,320 | ||||||
4,196,462 | ||||||||
Austria - 0.4% | ||||||||
Erste Group Bank AG | 25,054 | 638,599 | ||||||
Bermuda - 1.1% | ||||||||
Li & Fung Ltd | 1,088,400 | 1,786,933 | ||||||
Brazil - 0.6% | ||||||||
BM&FBOVESPA SA | 187,537 | 864,750 | ||||||
Tim Participacoes SA ADR | 7,510 | 176,936 | ||||||
1,041,686 | ||||||||
Canada - 2.4% | ||||||||
Canadian National Railway Co | 59,609 | 3,968,767 | ||||||
Czech Republic - 0.7% | ||||||||
Komercni Banka AS | 6,758 | 1,254,225 | ||||||
France - 12.3% | ||||||||
Air Liquide SA | 32,378 | 3,786,167 | ||||||
Danone SA | 56,067 | 3,450,422 | ||||||
Dassault Systemes SA | 13,053 | 921,664 | ||||||
Legrand SA | 63,828 | 1,989,834 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 30,069 | 3,987,342 | ||||||
Pernod-Ricard SA | 35,350 | 2,771,725 | ||||||
Schneider Electric SA | 68,837 | 3,706,074 | ||||||
20,613,228 | ||||||||
Germany - 10.1% | ||||||||
Bayer AG | 30,642 | 1,683,957 | ||||||
Beiersdorf AG | 61,014 | 3,267,456 | ||||||
Deutsche Boerse AG * | 32,680 | 1,641,048 | ||||||
Linde AG | 46,282 | 6,172,734 | ||||||
Merck KGaA | 17,840 | 1,459,763 | ||||||
SAP AG | 53,417 | 2,722,937 | ||||||
16,947,895 | ||||||||
Hong Kong - 2.3% | ||||||||
AIA Group Ltd | 444,000 | 1,256,690 | ||||||
China Unicom Ltd | 850,000 | 1,735,648 | ||||||
CNOOC Ltd | 529,000 | 849,891 | ||||||
3,842,229 | ||||||||
India - 2.5% | ||||||||
ICICI Bank Ltd ADR | 84,296 | 2,926,757 | ||||||
Infosys Ltd ADR | 23,552 | 1,202,801 | ||||||
4,129,558 | ||||||||
Japan - 13.9% | ||||||||
Canon Inc | 71,450 | 3,234,688 | ||||||
Denso Corp | 70,700 | 2,266,066 | ||||||
FANUC Corp | 15,700 | 2,161,556 | ||||||
Honda Motor Co Ltd | 63,500 | 1,861,819 | ||||||
HOYA Corp | 119,600 | 2,756,257 | ||||||
INPEX Corp | 503 | 3,099,690 | ||||||
Lawson Inc | 57,700 | 3,261,243 | ||||||
Nomura Holdings Inc | 251,800 | 917,537 | ||||||
Shin-Etsu Chemical Co Ltd | 76,200 | 3,736,140 | ||||||
23,294,996 | ||||||||
Netherlands - 8.5% | ||||||||
Akzo Nobel NV | 63,385 | 2,802,109 | ||||||
Heineken NV | 117,328 | 5,243,311 | ||||||
ING Groep NV CVA * | 399,135 | 2,809,110 | ||||||
Randstad Holding NV | 72,799 | 2,322,271 | ||||||
Wolters Kluwer NV | 63,512 | 1,028,509 | ||||||
14,205,310 | ||||||||
Singapore - 0.8% | ||||||||
Keppel Corp Ltd | 80,000 | 468,603 | ||||||
Singapore Telecommunications Ltd | 380,380 | 918,391 | ||||||
1,386,994 | ||||||||
South Africa - 0.6% | ||||||||
MTN Group Ltd | 61,270 | 991,234 | ||||||
South Korea - 1.7% | ||||||||
Samsung Electronics Co Ltd | 4,173 | 2,923,241 | ||||||
Spain - 2.8% | ||||||||
Amadeus IT Holding SA ‘A’ | 117,936 | 1,893,194 | ||||||
Banco Santander SA | 251,451 | 2,055,617 | ||||||
Red Electrica Corp SA | 14,594 | 665,986 | ||||||
4,614,797 | ||||||||
Sweden - 1.1% | ||||||||
Hennes & Mauritz AB ‘B’ | 43,591 | 1,302,112 | ||||||
Svenska Cellulosa AB ‘B’ | 44,846 | 545,257 | ||||||
1,847,369 | ||||||||
Switzerland - 11.0% | ||||||||
Cie Financiere Richemont SA ‘A’ | 19,506 | 865,885 | ||||||
Givaudan SA * | 615 | 480,453 | ||||||
Julius Baer Group Ltd * | 96,318 | 3,209,756 | ||||||
Nestle SA | 102,847 | 5,653,533 | ||||||
Roche Holding AG | 22,764 | 3,662,311 | ||||||
Sonova Holding AG * | 11,853 | 1,069,593 | ||||||
Swiss Re Ltd * | 27,750 | 1,291,542 | ||||||
UBS AG (XVTX) * | 201,000 | 2,288,037 | ||||||
18,521,110 | ||||||||
Taiwan - 2.8% | ||||||||
Hon Hai Precision Industry Co Ltd | 532,800 | 1,189,384 | ||||||
HTC Corp | 38,100 | 837,021 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 228,276 | 2,609,195 | ||||||
4,635,600 | ||||||||
United Kingdom - 20.4% | ||||||||
Barclays PLC | 283,766 | 692,324 | ||||||
BG Group PLC | 66,345 | 1,248,788 | ||||||
Burberry Group PLC | 24,825 | 436,657 | ||||||
Compass Group PLC | 318,662 | 2,565,272 | ||||||
Diageo PLC | 202,341 | 3,842,050 | ||||||
Hays PLC | 635,344 | 690,138 | ||||||
HSBC Holdings PLC (LI) | 649,828 | 4,951,403 | ||||||
Reckitt Benckiser Group PLC | 81,127 | 4,049,339 | ||||||
Rio Tinto PLC | 48,562 | 2,144,743 | ||||||
Royal Dutch Shell PLC ‘A’ (LI) | 98,676 | 3,055,632 | ||||||
Smiths Group PLC | 120,025 | 1,837,228 | ||||||
Standard Chartered PLC | 152,859 | 3,057,688 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-58
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Shares | Value | |||||||
Tesco PLC | 532,209 | $ | 3,113,142 | |||||
WPP PLC | 272,307 | 2,536,509 | ||||||
34,220,913 | ||||||||
United States - 0.3% | ||||||||
Synthes Inc ~ | 3,564 | 576,264 | ||||||
Total Common Stocks (Cost $165,023,825) | 165,637,410 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS - 0.7% | ||||||||
Commercial Paper - 0.4% | ||||||||
HSBC USA Inc | ||||||||
0.060% due 10/03/11 | $ | 750,000 | 749,998 | |||||
Shares | ||||||||
Money Market Fund - 0.3% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 508,875 | 508,875 | ||||||
Total Short-Term Investments (Cost $1,258,873) | 1,258,873 | |||||||
TOTAL INVESTMENTS - 99.5% (Cost $166,282,698) | 166,896,283 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.5% | 808,858 | |||||||
NET ASSETS - 100.0% | $ | 167,705,141 | ||||||
Notes to Schedule of Investments | ||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Consumer Staples | 20.7 | % | ||
Financials | 20.3 | % | ||
Information Technology | 12.1 | % | ||
Materials | 11.7 | % | ||
Consumer Discretionary | 11.1 | % | ||
Industrial | 10.2 | % | ||
Health Care | 5.1 | % | ||
Energy | 4.9 | % | ||
Telecommunication Services | 2.3 | % | ||
Short-Term Investments | 0.7 | % | ||
Utilities | 0.4 | % | ||
99.5 | % | |||
Other Assets & Liabilities, Net | 0.5 | % | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund was diversified by geographical region as a percentage of net assets as follows: |
United Kingdom | 20.4 | % | ||
Japan | 13.9 | % | ||
France | 12.3 | % | ||
Switzerland | 11.0 | % | ||
Germany | 10.1 | % | ||
Netherlands | 8.5 | % | ||
Taiwan | 2.8 | % | ||
Spain | 2.8 | % | ||
Australia | 2.5 | % | ||
India | 2.5 | % | ||
Canada | 2.4 | % | ||
Hong Kong | 2.3 | % | ||
South Korea | 1.7 | % | ||
Sweden | 1.1 | % | ||
United States | 1.0 | % | ||
Bermuda | 1.1 | % | ||
Others (each less than 1.0%) | 3.1 | % | ||
99.5 | % | |||
Other Assets & Liabilities, Net | 0.5 | % | ||
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 A-65 |
A-59
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 4,196,462 | $ | — | $ | 4,196,462 | $ | — | ||||||||
Austria | 638,599 | — | 638,599 | — | ||||||||||||
Bermuda | 1,786,933 | — | 1,786,933 | — | ||||||||||||
Brazil | 1,041,686 | 1,041,686 | — | — | ||||||||||||
Canada | 3,968,767 | 3,968,767 | — | — | ||||||||||||
Czech Republic | 1,254,225 | — | 1,254,225 | — | ||||||||||||
France | 20,613,228 | — | 20,613,228 | — | ||||||||||||
Germany | 16,947,895 | — | 16,947,895 | — | ||||||||||||
Hong Kong | 3,842,229 | — | 3,842,229 | — | ||||||||||||
India | 4,129,558 | 4,129,558 | — | — | ||||||||||||
Japan | 23,294,996 | — | 23,294,996 | — | ||||||||||||
Netherlands | 14,205,310 | — | 14,205,310 | — | ||||||||||||
Singapore | 1,386,994 | — | 1,386,994 | — | ||||||||||||
South Africa | 991,234 | — | 991,234 | — | ||||||||||||
South Korea | 2,923,241 | — | 2,923,241 | — | ||||||||||||
Spain | 4,614,797 | — | 4,614,797 | — | ||||||||||||
Sweden | 1,847,369 | — | 1,847,369 | — | ||||||||||||
Switzerland | 18,521,110 | — | 18,521,110 | — | ||||||||||||
Taiwan | 4,635,600 | 2,609,195 | 2,026,405 | — | ||||||||||||
United Kingdom | 34,220,913 | — | 34,220,913 | — | ||||||||||||
United States | 576,264 | — | 576,264 | — | ||||||||||||
165,637,410 | 11,749,206 | 153,888,204 | — | |||||||||||||
Short-Term Investments | 1,258,873 | 508,875 | 749,998 | — | ||||||||||||
Total | $ | 166,896,283 | $ | 12,258,081 | $ | 154,638,202 | $ | — | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-60
PL INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2011 (Unaudited)
Shares | Value | |||||||
RIGHTS - 0.0% | ||||||||
Spain - 0.0% | ||||||||
Banco Bilbao Vizcaya Argentaria SA Exp. 10/17/11 * | 115,923 | $ | 17,084 | |||||
Total Rights (Cost $9,469) | 17,084 | |||||||
PREFERRED STOCKS - 1.0% | ||||||||
Germany - 1.0% | ||||||||
Volkswagen AG | 6,912 | 914,454 | ||||||
Total Preferred Stocks (Cost $1,108,805) | 914,454 | |||||||
COMMON STOCKS - 97.5% | ||||||||
Australia - 0.8% | ||||||||
QBE Insurance Group Ltd | 61,977 | 760,430 | ||||||
Austria - 0.6% | ||||||||
Erste Group Bank AG | 21,473 | 547,323 | ||||||
Belgium - 1.6% | ||||||||
KBC Groep NV | 25,089 | 577,458 | ||||||
Solvay SA | 10,287 | 967,706 | ||||||
1,545,164 | ||||||||
Canada - 0.5% | ||||||||
First Quantum Minerals Ltd | 38,895 | 517,783 | ||||||
Cayman - 0.4% | ||||||||
China Resources Land Ltd | 402,000 | 422,398 | ||||||
China - 0.8% | ||||||||
China Construction Bank Corp ‘H’ | 1,220,000 | 727,984 | ||||||
Finland - 1.1% | ||||||||
UPM-Kymmene OYJ | 91,975 | 1,035,339 | ||||||
France - 11.0% | ||||||||
BNP Paribas | 35,331 | 1,398,481 | ||||||
Bouygues SA | 14,428 | 477,457 | ||||||
GDF Suez | 55,122 | 1,646,673 | ||||||
PPR SA | 6,177 | 796,836 | ||||||
Sanofi | 41,781 | 2,743,294 | ||||||
Schneider Electric SA | 28,600 | 1,539,778 | ||||||
Sodexo | 16,604 | 1,094,098 | ||||||
Suez Environnement Co | 48,478 | 675,668 | ||||||
10,372,285 | ||||||||
Germany - 11.4% | ||||||||
Allianz SE | 22,488 | 2,116,132 | ||||||
BASF SE | 17,324 | 1,051,131 | ||||||
Bayer AG | 35,349 | 1,942,634 | ||||||
Commerzbank AG * | 286,908 | 722,250 | ||||||
Daimler AG | 24,638 | 1,091,320 | ||||||
Deutsche Boerse AG * | 11,864 | 595,759 | ||||||
Deutsche Telekom AG | 100,712 | 1,184,698 | ||||||
E.ON AG | 76,765 | 1,674,158 | ||||||
Hamburger Hafen und Logistik AG | 3,775 | 104,722 | ||||||
Lanxess AG | 5,338 | 256,595 | ||||||
10,739,399 | ||||||||
Italy - 1.5% | ||||||||
Snam Rete Gas SPA | 310,834 | 1,434,846 | ||||||
Japan - 21.4% | ||||||||
Amada Co Ltd | 103,000 | 671,057 | ||||||
Bridgestone Corp | 39,000 | 884,302 | ||||||
Canon Inc | 22,500 | 1,018,621 | ||||||
East Japan Railway Co | 12,000 | 728,635 | ||||||
Fujitsu Ltd | 306,000 | 1,441,525 | ||||||
Japan Tobacco Inc | 381 | 1,777,547 | ||||||
JX Holdings Inc | 235,560 | 1,322,108 | ||||||
KDDI Corp | 212 | 1,456,034 | ||||||
Marubeni Corp | 136,000 | 760,535 | ||||||
Mitsubishi Electric Corp | 92,000 | 814,790 | ||||||
Mitsui & Co Ltd | 43,700 | 632,515 | ||||||
Nippon Telegraph & Telephone Corp | 30,700 | 1,475,464 | ||||||
Nissan Motor Co Ltd | 188,800 | 1,668,474 | ||||||
Sumitomo Corp | 135,500 | 1,675,376 | ||||||
Sumitomo Mitsui Financial Group Inc | 90,100 | 2,542,811 | ||||||
Toyota Motor Corp | 37,600 | 1,285,335 | ||||||
20,155,129 | ||||||||
Netherlands - 5.2% | ||||||||
European Aeronautic Defence and Space Co NV | 39,932 | 1,120,310 | ||||||
ING Groep NV CVA * | 203,880 | 1,434,906 | ||||||
Koninklijke KPN NV | 68,430 | 900,847 | ||||||
Unilever NV CVA | 46,913 | 1,485,919 | ||||||
4,941,982 | ||||||||
Norway - 1.0% | ||||||||
DnB NOR ASA | 92,476 | 923,209 | ||||||
Singapore - 1.3% | ||||||||
Singapore Telecommunications Ltd | 492,000 | 1,187,887 | ||||||
South Africa - 0.5% | ||||||||
African Bank Investments Ltd | 114,100 | 453,056 | ||||||
South Korea - 1.5% | ||||||||
Samsung Electronics Co Ltd | 1,961 | 1,373,706 | ||||||
Spain - 2.5% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 115,923 | 944,550 | ||||||
Repsol YPF SA | 55,202 | 1,454,454 | ||||||
2,399,004 | ||||||||
Sweden - 2.5% | ||||||||
Nordea Bank AB | 162,365 | 1,311,952 | ||||||
Telefonaktiebolaget LM Ericsson ‘B’ | 114,559 | 1,097,660 | ||||||
2,409,612 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-61
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
Shares | Value | |||||||
Switzerland - 4.9% | ||||||||
Credit Suisse Group AG * | 35,037 | $ | 909,181 | |||||
Holcim Ltd * | 22,429 | 1,185,759 | ||||||
Novartis AG | 44,624 | 2,490,445 | ||||||
4,585,385 | ||||||||
Taiwan - 0.8% | ||||||||
Hon Hai Precision Industry Co Ltd GDR ~ | 146,913 | 712,528 | ||||||
United Kingdom - 26.2% | ||||||||
Barclays PLC | 267,924 | 653,674 | ||||||
BP PLC | 294,562 | 1,784,228 | ||||||
British American Tobacco PLC | 41,855 | 1,774,028 | ||||||
BT Group PLC | 326,337 | 868,820 | ||||||
Cairn Energy PLC * | 153,899 | 660,983 | ||||||
Centrica PLC | 246,475 | 1,113,288 | ||||||
Experian PLC | 63,316 | 708,910 | ||||||
GlaxoSmithKline PLC | 127,943 | 2,622,147 | ||||||
Glencore International PLC | 27,618 | 170,203 | ||||||
HSBC Holdings PLC | 78,347 | 596,970 | ||||||
InterContinental Hotels Group PLC | 53,754 | 865,260 | ||||||
International Power PLC | 193,018 | 913,976 | ||||||
Lloyds Banking Group PLC * | 1,060,238 | 580,154 | ||||||
Man Group PLC | 178,968 | 466,995 | ||||||
Petropavlovsk PLC | 27,571 | 256,473 | ||||||
Prudential PLC | 168,186 | 1,432,973 | ||||||
Royal Dutch Shell PLC ‘A’ | 150,836 | 4,670,835 | ||||||
Standard Chartered PLC | 35,774 | 715,599 | ||||||
Tullow Oil PLC | 27,353 | 550,529 | ||||||
Vodafone Group PLC | 1,305,091 | 3,350,579 | ||||||
24,756,624 | ||||||||
Total Common Stocks (Cost $106,886,847) | 92,001,073 | |||||||
SHORT-TERM INVESTMENT - 4.4% | ||||||||
Money Market Fund - 4.4% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 4,134,381 | 4,134,381 | ||||||
Total Short-Term Investment (Cost $4,134,381) | 4,134,381 | |||||||
TOTAL INVESTMENTS - 102.9% (Cost $112,139,502) | 97,066,992 | |||||||
OTHER ASSETS & LIABILITIES, NET - (2.9%) | (2,702,127 | ) | ||||||
NET ASSETS - 100.0% | $ | 94,364,865 | ||||||
Notes to Schedule of Investments | ||
(a) | As of September 30, 2011, the fund was diversified as a percentage of net assets as follows: |
Financials | 22.1 | % | ||
Energy | 11.1 | % | ||
Telecommunication Services | 11.0 | % | ||
Health Care | 10.4 | % | ||
Industrials | 9.8 | % | ||
Consumer Discretionary | 9.1 | % | ||
Utilities | 7.9 | % | ||
Information Technology | 6.0 | % | ||
Materials | 5.8 | % | ||
Consumer Staples | 5.3 | % | ||
Short-Term Investment | 4.4 | % | ||
102.9 | % | |||
Other Assets & Liabilities, Net | (2.9 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2011, the fund was diversified by geographical region as a percentage of net assets as follows: |
United Kingdom | 26.2 | % | ||
Japan | 21.4 | % | ||
Germany | 12.4 | % | ||
France | 11.0 | % | ||
Netherlands | 5.2 | % | ||
Switzerland | 4.9 | % | ||
United States | 4.4 | % | ||
Sweden | 2.5 | % | ||
Spain | 2.5 | % | ||
Belgium | 1.6 | % | ||
Italy | 1.5 | % | ||
South Korea | 1.5 | % | ||
Singapore | 1.3 | % | ||
Finland | 1.1 | % | ||
Norway | 1.0 | % | ||
Others (each less than 1.0%) | 4.4 | % | ||
102.9 | % | |||
Other Assets & Liabilities, Net | (2.9 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-62
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(c) | Forward foreign currency contracts as of September 30, 2011 were as follows: |
Contracts | Principal Amount | Unrealized | ||||||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||||||
to Sell | Currency | Contracts | Expiration | Counterparty | (Depreciation) | |||||||||||||||
Buy | AUD | 7,182,951 | 11/11 | HSB | $ | (930,778 | ) | |||||||||||||
Buy | AUD | 673,583 | 11/11 | SSB | (4,416 | ) | ||||||||||||||
Buy | AUD | 189,391 | 11/11 | WPC | (13,137 | ) | ||||||||||||||
Sell | AUD | 781,180 | 11/11 | SSB | 50,918 | |||||||||||||||
Buy | CAD | 129,072 | 11/11 | CSF | (2,626 | ) | ||||||||||||||
Buy | CAD | 183,872 | 11/11 | RBC | (10,501 | ) | ||||||||||||||
Sell | CAD | 745,356 | 11/11 | HSB | 74,250 | |||||||||||||||
Buy | CHF | 3,402,796 | 11/11 | HSB | (494,820 | ) | ||||||||||||||
Buy | CHF | 847,545 | 11/11 | WPC | 703 | |||||||||||||||
Sell | CHF | 201,903 | 11/11 | CIT | 51,668 | |||||||||||||||
Sell | CHF | 524,686 | 11/11 | HSB | 3,477 | |||||||||||||||
Sell | CHF | 445,301 | 11/11 | WPC | 75,300 | |||||||||||||||
Buy | EUR | 393,447 | 11/11 | CIT | (35,898 | ) | ||||||||||||||
Buy | EUR | 238,555 | 11/11 | CSF | (24,335 | ) | ||||||||||||||
Buy | EUR | 90,362 | 11/11 | HSB | (2,213 | ) | ||||||||||||||
Buy | EUR | 780,000 | 11/11 | MER | (79,431 | ) | ||||||||||||||
Buy | EUR | 267,507 | 11/11 | RBC | (10,592 | ) | ||||||||||||||
Buy | EUR | 186,138 | 11/11 | SGG | (14,666 | ) | ||||||||||||||
Buy | EUR | 2,984,585 | 11/11 | SSB | (60,325 | ) | ||||||||||||||
Buy | EUR | 217,606 | 11/11 | UBS | (13,020 | ) | ||||||||||||||
Buy | EUR | 1,057,730 | 11/11 | WPC | (70,931 | ) | ||||||||||||||
Sell | EUR | 472,188 | 11/11 | CIT | 50,215 | |||||||||||||||
Sell | EUR | 1,977,000 | 11/11 | HSB | 19,303 | |||||||||||||||
Sell | EUR | 350,000 | 11/11 | MER | 35,166 | |||||||||||||||
Sell | EUR | 6,186,428 | 11/11 | MSC | 513,697 | |||||||||||||||
Sell | EUR | 2,405,000 | 11/11 | RBC | 72,647 | |||||||||||||||
Sell | EUR | 383,789 | 11/11 | SSB | 9,135 | |||||||||||||||
Buy | GBP | 95,181 | 11/11 | BRC | (1,994 | ) | ||||||||||||||
Buy | GBP | 169,479 | 11/11 | CIT | (10,368 | ) | ||||||||||||||
Buy | GBP | 320,000 | 11/11 | MER | (28,628 | ) | ||||||||||||||
Buy | GBP | 133,031 | 11/11 | RBC | (4,053 | ) | ||||||||||||||
Buy | GBP | 1,609,067 | 11/11 | SSB | 11,608 | |||||||||||||||
Buy | GBP | 101,532 | 11/11 | SSB | (5,994 | ) | ||||||||||||||
Buy | GBP | 253,003 | 11/11 | WPC | (667 | ) | ||||||||||||||
Sell | GBP | 2,603,866 | 11/11 | HSB | 2,499 | |||||||||||||||
Sell | GBP | 2,180,703 | 11/11 | MSC | 147,123 | |||||||||||||||
Sell | GBP | 205,752 | 11/11 | UBS | 15,899 | |||||||||||||||
Sell | GBP | 667,555 | 11/11 | WPC | 48,007 | |||||||||||||||
Buy | HKD | 16,103,790 | 11/11 | MSC | 1,398 | |||||||||||||||
Buy | HKD | 3,394,666 | 11/11 | RBC | 252 | |||||||||||||||
Sell | HKD | 5,019,653 | 11/11 | WPC | (497 | ) | ||||||||||||||
Buy | JPY | 55,440,971 | 11/11 | RBC | (4,163 | ) | ||||||||||||||
Buy | JPY | 19,000,000 | 11/11 | TDB | (1,260 | ) | ||||||||||||||
Buy | JPY | 25,828,737 | 11/11 | UBS | (1,612 | ) | ||||||||||||||
Buy | JPY | 221,971,780 | 11/11 | WPC | (29,250 | ) | ||||||||||||||
Sell | JPY | 179,373,901 | 11/11 | HSB | 19,440 | |||||||||||||||
Sell | JPY | 40,000,000 | 11/11 | MER | 2,718 | |||||||||||||||
Sell | JPY | 38,716,509 | 11/11 | MSC | 3,301 | |||||||||||||||
Sell | JPY | 2,593,432 | 11/11 | MSC | (199 | ) | ||||||||||||||
Sell | JPY | 14,167,650 | 11/11 | RBC | 2,052 | |||||||||||||||
Sell | JPY | 41,033,417 | 11/11 | WPC | 2,712 | |||||||||||||||
Buy | NOK | 1,497,391 | 11/11 | WPC | (1,994 | ) | ||||||||||||||
Sell | NOK | 1,000,551 | 11/11 | MSC | 13,038 | |||||||||||||||
Buy | SEK | 4,395,731 | 11/11 | MSC | (47,380 | ) | ||||||||||||||
Buy | SEK | 2,085,593 | 11/11 | WPC | 939 | |||||||||||||||
Sell | SEK | 1,857,021 | 11/11 | MER | 19,198 | |||||||||||||||
Buy | SGD | 894,756 | 11/11 | MSC | (58,386 | ) | ||||||||||||||
Buy | SGD | 262,489 | 11/11 | WPC | (952 | ) | ||||||||||||||
Sell | SGD | 321,295 | 11/11 | CIT | 19,325 | |||||||||||||||
Total Forward Foreign Currency Contracts | $ | (699,098 | ) | |||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-65 |
A-63
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(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 September 30, 2011: |
Level 2 | Level 3 | |||||||||||||||
Total Value at | Level 1 | Significant | Significant | |||||||||||||
September 30, 2011 | Quoted Price | Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Rights (1) | $ | 17,084 | $ | 17,084 | $ | — | $ | — | ||||||||
Preferred Stocks (1) | 914,454 | — | 914,454 | — | ||||||||||||
Common Stocks | ||||||||||||||||
Australia | 760,430 | — | 760,430 | — | ||||||||||||
Austria | 547,323 | — | 547,323 | — | ||||||||||||
Belgium | 1,545,164 | — | 1,545,164 | — | ||||||||||||
Canada | 517,783 | 517,783 | — | — | ||||||||||||
Cayman | 422,398 | — | 422,398 | — | ||||||||||||
China | 727,984 | — | 727,984 | — | ||||||||||||
Finland | 1,035,339 | — | 1,035,339 | — | ||||||||||||
France | 10,372,285 | — | 10,372,285 | — | ||||||||||||
Germany | 10,739,399 | — | 10,739,399 | — | ||||||||||||
Italy | 1,434,846 | — | 1,434,846 | — | ||||||||||||
Japan | 20,155,129 | — | 20,155,129 | — | ||||||||||||
Netherlands | 4,941,982 | — | 4,941,982 | — | ||||||||||||
Norway | 923,209 | — | 923,209 | — | ||||||||||||
Singapore | 1,187,887 | — | 1,187,887 | — | ||||||||||||
South Africa | 453,056 | — | 453,056 | — | ||||||||||||
South Korea | 1,373,706 | — | 1,373,706 | — | ||||||||||||
Spain | 2,399,004 | — | 2,399,004 | — | ||||||||||||
Sweden | 2,409,612 | — | 2,409,612 | — | ||||||||||||
Switzerland | 4,585,385 | — | 4,585,385 | — | ||||||||||||
Taiwan | 712,528 | 712,528 | — | — | ||||||||||||
United Kingdom | 24,756,624 | — | 24,756,624 | — | ||||||||||||
92,001,073 | 1,230,311 | 90,770,762 | — | |||||||||||||
Short-Term Investment | 4,134,381 | 4,134,381 | — | — | ||||||||||||
Derivatives: | ||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | 1,265,988 | — | 1,265,988 | — | ||||||||||||
Total Assets | 98,332,980 | 5,381,776 | 92,951,204 | — | ||||||||||||
Liabilities | ||||||||||||||||
Derivatives: | ||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | (1,965,086 | ) | — | (1,965,086 | ) | — | ||||||||||
Total Liabilities | (1,965,086 | ) | — | (1,965,086 | ) | — | ||||||||||
Total | $ | 96,367,894 | $ | 5,381,776 | $ | 90,986,118 | $ | — | ||||||||
(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 A-65 |
A-64
PACIFIC LIFE FUNDS Schedule of Investments (Continued) Explanation of Symbols and Terms September 30, 2011 (Unaudited) |
* | 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 September 30, 2011. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. | |
Ω | Investments were in default as of September 30, 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. | |
◊ | Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Trust does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Trust’s Board of Trustees (the “Board”). | |
‡ | 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 September 30, 2011. | |
+ | The values of these investments were determined 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. 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). | |
∆ | Illiquid Investments. Investments were reported as illiquid by the portfolio manager pursuant to the Trust’s policy and procedures (See Note 2H in Notes to Financial Statements). | |
Counterparty Abbreviations: | ||
BOA | Bank of America | |
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 Ringgit | |
NOK | Norwegian Krone | |
PHP | Philippine Peso | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
TRY | Turkish Lira | |
TWD | Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand | |
Other Abbreviations: | ||
ADR | American Depositary Receipt | |
CDO | Collateralized Debt Obligation | |
CLO | Collateralized Loan Obligation | |
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 Depository Receipt | |
XVTX | Virt-X Pan European Stock Exchange |
A-65
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2011 (Unaudited)
PL Floating | PL Floating | PL Inflation | PL Managed | PL Short Duration | ||||||||||||||||||||
Rate Income | Rate Loan | Managed | Bond | Bond | PL Comstock | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Investments, at cost | $ | 37,809,541 | $ | 93,543,077 | $ | 335,203,776 | $ | 468,215,760 | $ | 125,788,551 | $ | 183,349,998 | ||||||||||||
Investments, at value | $ | 36,201,893 | $ | 90,941,403 | $ | 327,638,272 | $ | 463,410,356 | $ | 125,456,338 | $ | 180,113,498 | ||||||||||||
Repurchase agreements, at value | — | — | 10,900,000 | 100,000 | — | — | ||||||||||||||||||
Cash (1) | 66,765 | 45,155 | 14,700 | — | — | — | ||||||||||||||||||
Foreign currency held, at value (2) | — | — | 214,513 | 342,927 | — | — | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Dividends and interest | 156,439 | 255,017 | 1,620,134 | 2,571,960 | 788,013 | 296,874 | ||||||||||||||||||
Fund shares sold | — | 106,508 | — | 69,130 | — | 155,347 | ||||||||||||||||||
Securities sold | 763,585 | 15,526 | 8,134,192 | 11,779,064 | 558,574 | 289,769 | ||||||||||||||||||
Variation margin | — | — | 29,218 | — | 539 | — | ||||||||||||||||||
Due from adviser | 13,107 | 9,969 | 24,331 | 40,867 | 14,120 | 15,291 | ||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | 1,059,146 | 2,428,603 | 13,305 | — | ||||||||||||||||||
Prepaid expenses and other assets | 21,308 | 718 | 1,809 | 3,041 | 3,503 | 1,325 | ||||||||||||||||||
Swap contracts, at value | — | — | 639,426 | 3,639,145 | — | — | ||||||||||||||||||
Total Assets | 37,223,097 | 91,374,296 | 350,275,741 | 484,385,093 | 126,834,392 | 180,872,104 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Securities purchased | 3,686,014 | 630,250 | 93,751,645 | 74,863,668 | 137,565 | 13,960,954 | ||||||||||||||||||
Reverse repurchase agreement | — | — | 17,201,148 | 7,565,625 | — | — | ||||||||||||||||||
Securities covering shorts | — | — | 3,858,080 | — | — | — | ||||||||||||||||||
Variation margin | — | — | — | 81,425 | — | — | ||||||||||||||||||
Due to brokers (3) | — | — | 1,867,700 | 3,035,000 | — | — | ||||||||||||||||||
Accrued advisory fees | 17,926 | 49,461 | 84,663 | 136,012 | 43,758 | 100,529 | ||||||||||||||||||
Accrued administration fees | 4,137 | 11,414 | 31,749 | 51,005 | 16,409 | 20,516 | ||||||||||||||||||
Accrued support service expenses | — | 3,749 | 10,028 | 16,684 | — | 7,428 | ||||||||||||||||||
Accrued custodian fees and expenses | 8,424 | 8,962 | 16,178 | 48,858 | 9,797 | 10,859 | ||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | — | 4,808 | 12,621 | 20,952 | 6,563 | 9,341 | ||||||||||||||||||
Accrued legal, audit and tax service fees | 840 | 6,823 | 23,718 | 39,420 | 12,295 | 17,533 | ||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 28 | 464 | 3,450 | 9,935 | 1,738 | 3,987 | ||||||||||||||||||
Accrued interest | — | — | 3,627 | 310 | — | — | ||||||||||||||||||
Accrued other | 10,845 | 8,307 | 18,856 | 41,168 | 10,619 | 10,367 | ||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | 1,134,119 | 3,466,021 | — | — | ||||||||||||||||||
Unfunded loan commitment depreciation | 4,375 | — | — | — | — | — | ||||||||||||||||||
Outstanding options written, at value (premiums received $469,256 and $1,204,842) | — | — | 577,443 | 567,863 | — | — | ||||||||||||||||||
Swap contracts, at value | — | — | 261,206 | 2,941,433 | — | — | ||||||||||||||||||
Total Liabilities | 3,732,589 | 724,238 | 118,856,231 | 92,885,379 | 238,744 | 14,141,514 | ||||||||||||||||||
NET ASSETS | $ | 33,490,508 | $ | 90,650,058 | $ | 231,419,510 | $ | 391,499,714 | $ | 126,595,648 | $ | 166,730,590 | ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in capital | $ | 35,322,069 | $ | 90,805,321 | $ | 210,769,958 | $ | 388,364,503 | $ | 125,694,937 | $ | 200,369,983 | ||||||||||||
Undistributed net investment income | 488 | 2,796,238 | 7,459,959 | 7,439,398 | 982,870 | 1,629,539 | ||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (220,026 | ) | (349,827 | ) | 9,679,309 | (1,842,878 | ) | 246,542 | (32,032,432 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (1,612,023 | ) | (2,601,674 | ) | 3,510,284 | (2,461,309 | ) | (328,701 | ) | (3,236,500 | ) | |||||||||||||
NET ASSETS | $ | 33,490,508 | $ | 90,650,058 | $ | 231,419,510 | $ | 391,499,714 | $ | 126,595,648 | $ | 166,730,590 | ||||||||||||
Class I Shares: | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 3,528,018 | |||||||||||||||||||||||
Net Asset Value per share | $ | 9.49 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 9,176,507 | 20,629,298 | 36,508,502 | 12,586,881 | 16,650,250 | |||||||||||||||||||
Net Asset Value per share | $ | 9.88 | $ | 11.22 | $ | 10.72 | $ | 10.06 | $ | 10.01 | ||||||||||||||
(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 and PL Managed Bond Funds was $217,557 and $349,352, 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 investments securities. (See Note 12 in Notes to Financial Statements). |
B-1
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2011 (Unaudited)
PL Large-Cap | PL Large-Cap | PL Main Street | PL Mid-Cap | PL Mid-Cap | ||||||||||||||||||||
PL Growth LT | Growth | Value | Core | Equity | Growth | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Investments, at cost | $ | 80,507,628 | $ | 84,962,142 | $ | 201,984,167 | $ | 143,663,885 | $ | 140,658,450 | $ | 52,396,429 | ||||||||||||
Investments, at value | $ | 82,737,947 | $ | 93,690,950 | $ | 211,098,931 | $ | 151,498,149 | $ | 133,512,652 | $ | 56,350,999 | ||||||||||||
Foreign currency held, at value (1) | — | — | — | — | — | 856 | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Dividends and interest | 74,979 | 33,717 | 548,858 | 153,453 | 60,315 | 33,338 | ||||||||||||||||||
Fund shares sold | — | 101,981 | 104,689 | 74,162 | 174,049 | — | ||||||||||||||||||
Securities sold | 1,327,225 | 3,950,270 | 902,574 | 101,894 | 4,064,183 | 198,466 | ||||||||||||||||||
Foreign tax reclaim | 10,741 | — | 12,405 | — | — | 6,105 | ||||||||||||||||||
Due from adviser | 18,907 | 9,461 | 18,701 | 14,518 | 12,598 | 974 | ||||||||||||||||||
Forward foreign currency contracts appreciation | 128,825 | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | 926 | 817 | 1,864 | 1,267 | 1,119 | 547 | ||||||||||||||||||
Total Assets | 84,299,550 | 97,787,196 | 212,688,022 | 151,843,443 | 137,824,916 | 56,591,285 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Securities purchased | 631,156 | 2,458,395 | — | — | 3,616,511 | 422,270 | ||||||||||||||||||
Due to custodian in foreign currency (1) | 128 | — | — | — | — | — | ||||||||||||||||||
Accrued advisory fees | 44,147 | 59,928 | 115,804 | 58,404 | 69,913 | 33,581 | ||||||||||||||||||
Accrued administration fees | 12,040 | 12,399 | 26,724 | 19,468 | 16,134 | 7,196 | ||||||||||||||||||
Accrued support service expenses | 2,671 | 4,087 | 10,143 | 3,647 | 5,988 | 687 | ||||||||||||||||||
Accrued custodian fees and expenses | 19,123 | 7,888 | 7,020 | 7,573 | 8,669 | 19,794 | ||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 6,299 | 5,553 | 12,621 | 8,571 | 7,573 | 3,282 | ||||||||||||||||||
Accrued legal, audit and tax service fees | 12,065 | 10,467 | 23,800 | 16,348 | 14,284 | 6,267 | ||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 3,711 | 6,631 | 5,485 | 2,069 | 1,508 | 3,480 | ||||||||||||||||||
Accrued other | 8,639 | 6,200 | 13,682 | 9,492 | 8,435 | 4,131 | ||||||||||||||||||
Forward foreign currency contracts depreciation | 323 | — | — | — | — | — | ||||||||||||||||||
Total Liabilities | 740,302 | 2,571,548 | 215,279 | 125,572 | 3,749,015 | 500,688 | ||||||||||||||||||
NET ASSETS | $ | 83,559,248 | $ | 95,215,648 | $ | 212,472,743 | $ | 151,717,871 | $ | 134,075,901 | $ | 56,090,597 | ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in capital | $ | 99,781,738 | $ | 85,687,506 | $ | 219,160,338 | $ | 173,554,850 | $ | 152,203,501 | $ | 44,954,817 | ||||||||||||
Undistributed/accumulated net investment income (loss) | 722,925 | (143,230 | ) | 2,932,953 | 1,119,622 | 452,174 | (72,549 | ) | ||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (19,306,723 | ) | 942,564 | (18,737,290 | ) | (30,790,818 | ) | (11,433,976 | ) | 7,253,840 | ||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 2,361,308 | 8,728,808 | 9,116,742 | 7,834,217 | (7,145,798 | ) | 3,954,489 | |||||||||||||||||
NET ASSETS | $ | 83,559,248 | $ | 95,215,648 | $ | 212,472,743 | $ | 151,717,871 | $ | 134,075,901 | $ | 56,090,597 | ||||||||||||
Class P Shares: | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 7,940,211 | 11,776,271 | 21,321,917 | 17,125,695 | 16,087,973 | 6,630,256 | ||||||||||||||||||
Net Assets Value per share | $ | 10.52 | $ | 8.09 | $ | 9.96 | $ | 8.86 | $ | 8.33 | $ | 8.46 | ||||||||||||
(1) | The cost of foreign currency for the PL Growth LT and PL Mid-Cap Growth Funds was ($131) and $893, respectively. |
B-2
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2011 (Unaudited)
PL Small-Cap | PL Small-Cap | PL Emerging | PL International | PL International | ||||||||||||||||||||
Growth | Value | PL Real Estate | Markets | Large-Cap | Value | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Investments, at cost | $ | 28,117,575 | $ | 68,441,405 | $ | 33,720,102 | $ | 65,392,452 | $ | 166,282,698 | $ | 112,139,502 | ||||||||||||
Investments, at value | $ | 29,779,649 | $ | 71,385,552 | $ | 41,654,645 | $ | 68,880,783 | $ | 166,896,283 | $ | 97,066,992 | ||||||||||||
Cash | — | — | — | — | — | 160,000 | ||||||||||||||||||
Foreign currency held, at value (1) | — | — | — | 277,531 | 249,385 | 307,060 | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Dividends and interest | 2,982 | 68,041 | 95,945 | 89,939 | 376,719 | 353,339 | ||||||||||||||||||
Fund shares sold | 41,620 | — | — | 97,143 | 347,243 | 210,695 | ||||||||||||||||||
Securities sold | 88,888 | 234,981 | — | 51,202 | 4,351,360 | 929,008 | ||||||||||||||||||
Foreign tax reclaim | — | — | — | 1,610 | 220,810 | 91,789 | ||||||||||||||||||
Due from adviser | 6,897 | 6,281 | 4,293 | 43,219 | 30,753 | 27,200 | ||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | — | — | — | 1,265,988 | ||||||||||||||||||
Prepaid expenses and other assets | 261 | 642 | 374 | 1,154 | 1,040 | 729 | ||||||||||||||||||
Total Assets | 29,920,297 | 71,695,497 | 41,755,257 | 69,442,581 | 172,473,593 | 100,412,800 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Securities purchased | 179,608 | 1,635,247 | 303,980 | 362,025 | 4,562,878 | 3,953,574 | ||||||||||||||||||
Accrued advisory fees | 14,433 | 45,099 | 31,254 | 44,531 | 103,872 | 45,955 | ||||||||||||||||||
Accrued administration fees | 3,608 | 9,020 | 5,209 | 8,350 | 18,330 | 10,605 | ||||||||||||||||||
Accrued support service expenses | 1,410 | 3,175 | 169 | — | 6,190 | 4,176 | ||||||||||||||||||
Accrued custodian fees and expenses | 13,507 | 10,511 | 7,147 | 60,046 | 41,404 | 40,907 | ||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 1,767 | 4,027 | 2,524 | 3,546 | 7,825 | 5,301 | ||||||||||||||||||
Accrued legal, audit and tax service fees | 3,330 | 7,855 | 4,758 | 6,431 | 14,608 | 9,932 | ||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 2,100 | 227 | 647 | 1,017 | 3,176 | 4,226 | ||||||||||||||||||
Accrued foreign capital gains tax | — | — | — | 36,060 | — | — | ||||||||||||||||||
Accrued other | 2,725 | 5,372 | 2,990 | 13,924 | 10,169 | 8,173 | ||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | — | — | — | 1,965,086 | ||||||||||||||||||
Total Liabilities | 222,488 | 1,720,533 | 358,678 | 535,930 | 4,768,452 | 6,047,935 | ||||||||||||||||||
NET ASSETS | $ | 29,697,809 | $ | 69,974,964 | $ | 41,396,579 | $ | 68,906,651 | $ | 167,705,141 | $ | 94,364,865 | ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in capital | $ | 35,989,445 | $ | 72,464,938 | $ | 44,068,227 | $ | 65,327,788 | $ | 181,294,704 | $ | 155,290,138 | ||||||||||||
Undistributed/accumulated net investment income (loss) | (74,265 | ) | 805,778 | 184,404 | 143,676 | 2,871,499 | 2,088,310 | |||||||||||||||||
Accumulated net realized loss | (7,879,445 | ) | (6,239,571 | ) | (10,790,595 | ) | (9,288 | ) | (17,067,397 | ) | (47,266,577 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,662,074 | 2,943,819 | 7,934,543 | 3,444,475 | 606,335 | (15,747,006 | ) | |||||||||||||||||
NET ASSETS | $ | 29,697,809 | $ | 69,974,964 | $ | 41,396,579 | $ | 68,906,651 | $ | 167,705,141 | $ | 94,364,865 | ||||||||||||
Class P Shares: | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 3,233,660 | 7,920,404 | 4,189,255 | 5,905,054 | 13,244,752 | 12,415,506 | ||||||||||||||||||
Net Asset Value per share | $ | 9.18 | $ | 8.83 | $ | 9.88 | $ | 11.67 | $ | 12.66 | $ | 7.60 | ||||||||||||
(1) | The cost of foreign currency for the PL Emerging Markets, PL International Large-Cap and PL International Value Funds was $283,122, $250,095 and $311,972, respectively. |
B-3
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2011 (Unaudited)
PL Floating | PL Floating | PL Inflation | PL Managed | PL Short Duration | ||||||||||||||||||||
Rate Income | Rate Loan | Managed | Bond | Bond | PL Comstock | |||||||||||||||||||
Fund (1) | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $ | — | $ | — | $ | 3,750 | $ | 132,935 | $ | — | $ | 1,898,780 | ||||||||||||
Dividends from mutual fund investments | 1 | — | — | 1 | — | 3 | ||||||||||||||||||
Interest, net of foreign taxes withheld | 386,927 | 2,256,406 | 6,584,911 | 5,906,092 | 1,073,621 | — | ||||||||||||||||||
Other | — | 15,414 | — | — | — | — | ||||||||||||||||||
Total Investment Income | 386,928 | 2,271,820 | 6,588,661 | 6,039,028 | 1,073,621 | 1,898,783 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Advisory fees | 52,310 | 343,567 | 501,318 | 817,208 | 260,554 | 644,438 | ||||||||||||||||||
Administration fees | 12,071 | 68,713 | 187,994 | 306,453 | 97,708 | 128,888 | ||||||||||||||||||
Support services expenses | 750 | 10,851 | 22,375 | 36,985 | 12,785 | 16,431 | ||||||||||||||||||
Custodian fees and expenses | 8,424 | 10,550 | 20,913 | 52,637 | 12,780 | 13,174 | ||||||||||||||||||
Shareholder report expenses | 6,397 | 2,635 | 7,088 | 11,819 | 3,684 | 5,269 | ||||||||||||||||||
Transfer agency out-of-pocket expenses | — | 9,817 | 26,516 | 44,021 | 13,797 | 19,621 | ||||||||||||||||||
Registration fees | 1,135 | 1,259 | 3,395 | 5,638 | 1,773 | 2,511 | ||||||||||||||||||
Legal, audit and tax service fees | 915 | 9,151 | 24,771 | 41,109 | 12,939 | 18,336 | ||||||||||||||||||
Trustees’ fees and expenses | 167 | 2,103 | 5,678 | 9,427 | 2,956 | 4,201 | ||||||||||||||||||
Offering expenses | 16,475 | — | — | — | — | — | ||||||||||||||||||
Interest expense | — | — | 10,430 | 1,426 | — | — | ||||||||||||||||||
Other | 4,391 | 15,826 | 31,236 | 63,783 | 16,133 | 9,088 | ||||||||||||||||||
Total Expenses | 103,035 | 474,472 | 841,714 | 1,390,506 | 435,109 | 861,957 | ||||||||||||||||||
Advisory Fee Waiver (2) | — | (45,809 | ) | — | — | — | (12,889 | ) | ||||||||||||||||
Adviser Reimbursement (3) | (38,654 | ) | (62,191 | ) | (141,971 | ) | (265,419 | ) | (76,847 | ) | (88,631 | ) | ||||||||||||
Net Expenses | 64,381 | 366,472 | 699,743 | 1,125,087 | 358,262 | 760,437 | ||||||||||||||||||
NET INVESTMENT INCOME | 322,547 | 1,905,348 | 5,888,918 | 4,913,941 | 715,359 | 1,138,346 | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||
Investment security transactions | (176,207 | ) | 172,038 | 10,068,050 | 1,602,934 | 294,126 | 3,197,067 | |||||||||||||||||
Closed short positions | — | — | 54,954 | (7,749 | ) | (2,812 | ) | — | ||||||||||||||||
Futures contracts and swap transactions | (43,819 | ) | — | 221,485 | (1,096,632 | ) | 15,801 | — | ||||||||||||||||
Written option transactions | — | — | 166,694 | (1,742,400 | ) | — | — | |||||||||||||||||
Foreign currency transactions | — | — | 1,537,618 | 2,042,994 | (1,072 | ) | — | |||||||||||||||||
Net Realized Gain (Loss) | (220,026 | ) | 172,038 | 12,048,801 | 799,147 | 306,043 | 3,197,067 | |||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||
Investment securities | (1,607,648 | ) | (4,398,339 | ) | (2,267,794 | ) | (7,881,987 | ) | (809,748 | ) | (36,670,371 | ) | ||||||||||||
Unfunded loan commitments | (4,375 | ) | — | — | — | — | — | |||||||||||||||||
Short positions | — | — | — | (12,474 | ) | — | — | |||||||||||||||||
Futures contracts and swaps | — | — | 97,828 | 1,546,035 | 18,588 | — | ||||||||||||||||||
Written options | — | — | (5,261 | ) | 917,241 | — | — | |||||||||||||||||
Foreign currencies | — | — | 429,582 | (1,501,719 | ) | 11,690 | — | |||||||||||||||||
Change in Net Unrealized Depreciation | (1,612,023 | ) | (4,398,339 | ) | (1,745,645 | ) | (6,932,904 | ) | (779,470 | ) | (36,670,371 | ) | ||||||||||||
NET GAIN (LOSS) | (1,832,049 | ) | (4,226,301 | ) | 10,303,156 | (6,133,757 | ) | (473,427 | ) | (33,473,304 | ) | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,509,502 | ) | $ | (2,320,953 | ) | $ | 16,192,074 | $ | (1,219,816 | ) | $ | 241,932 | $ | (32,334,958 | ) | ||||||||
Foreign taxes withheld on dividends and interest | $ | — | $ | — | $ | — | $ | 17,766 | $ | — | $ | 32,507 | ||||||||||||
(1) | Operations commenced on June 30, 2011. | |
(2) | See Note 3 in Notes to Financial Statements. | |
(3) | See Note 5 in Notes to Financial Statements. |
B-4
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2011 (Unaudited)
PL Large-Cap | PL Large-Cap | PL Main Street | PL Mid-Cap | PL Mid-Cap | ||||||||||||||||||||
PL Growth LT | Growth | Value | Core | Equity | Growth | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $ | 725,804 | $ | 314,223 | $ | 2,980,941 | $ | 1,210,236 | $ | 876,427 | $ | 183,996 | ||||||||||||
Dividends from mutual fund investments | — | — | 2 | 2 | — | 1 | ||||||||||||||||||
Interest, net of foreign taxes withheld | 151 | — | — | — | — | 58 | ||||||||||||||||||
Total Investment Income | 725,955 | 314,223 | 2,980,943 | 1,210,238 | 876,427 | 184,055 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Advisory fees | 316,119 | 386,632 | 752,162 | 366,491 | 446,185 | 219,091 | ||||||||||||||||||
Administration fees | 86,214 | 77,326 | 173,576 | 122,164 | 102,966 | 46,948 | ||||||||||||||||||
Support services expenses | 11,996 | 9,740 | 22,230 | 15,316 | 13,281 | 6,355 | ||||||||||||||||||
Custodian fees and expenses | 24,639 | 9,229 | 9,197 | 10,173 | 10,838 | 15,141 | ||||||||||||||||||
Shareholder report expenses | 3,614 | 3,124 | 7,088 | 4,918 | 4,244 | 1,865 | ||||||||||||||||||
Transfer agency out-of-pocket expenses | 13,522 | 11,670 | 26,521 | 18,296 | 15,913 | 6,901 | ||||||||||||||||||
Registration fees | 1,732 | 1,496 | 3,400 | 2,344 | 2,040 | 889 | ||||||||||||||||||
Legal, audit and tax service fees | 12,631 | 10,891 | 24,752 | 17,087 | 14,850 | 6,416 | ||||||||||||||||||
Trustees’ fees and expenses | 2,895 | 2,499 | 5,681 | 3,918 | 3,409 | 1,480 | ||||||||||||||||||
Other | 11,615 | 5,570 | 10,894 | 7,859 | 7,795 | 5,082 | ||||||||||||||||||
Total Expenses | 484,977 | 518,177 | 1,035,501 | 568,566 | 621,521 | 310,168 | ||||||||||||||||||
Advisory Fee Waiver (1) | — | (12,888 | ) | — | — | — | — | |||||||||||||||||
Adviser Reimbursement (2) | (82,644 | ) | (54,218 | ) | (109,763 | ) | (79,911 | ) | (72,370 | ) | (44,129 | ) | ||||||||||||
Net Expenses | 402,333 | 451,071 | 925,738 | 488,655 | 549,151 | 266,039 | ||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 323,622 | (136,848 | ) | 2,055,205 | 721,583 | 327,276 | (81,984 | ) | ||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||
Investment security transactions | 668,159 | 1,153,163 | (74,422 | ) | (242,711 | ) | 3,862,427 | 4,788,218 | ||||||||||||||||
Foreign currency transactions | (41,647 | ) | — | 3,960 | (1,398 | ) | — | (17,419 | ) | |||||||||||||||
Net Realized Gain (Loss) | 626,512 | 1,153,163 | (70,462 | ) | (244,109 | ) | 3,862,427 | 4,770,799 | ||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||
Investment securities | (18,655,967 | ) | (14,388,499 | ) | (35,919,351 | ) | (22,094,075 | ) | (34,449,262 | ) | (16,095,815 | ) | ||||||||||||
Foreign currencies | 169,521 | — | 164 | (47 | ) | — | (280 | ) | ||||||||||||||||
Change in Net Unrealized Depreciation | (18,486,446 | ) | (14,388,499 | ) | (35,919,187 | ) | (22,094,122 | ) | (34,449,262 | ) | (16,096,095 | ) | ||||||||||||
NET LOSS | (17,859,934 | ) | (13,235,336 | ) | (35,989,649 | ) | (22,338,231 | ) | (30,586,835 | ) | (11,325,296 | ) | ||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (17,536,312 | ) | $ | (13,372,184 | ) | $ | (33,934,444 | ) | $ | (21,616,648 | ) | $ | (30,259,559 | ) | $ | (11,407,280 | ) | ||||||
Foreign taxes withheld on dividends and interest | $ | 26,646 | $ | 502 | $ | 70,147 | $ | 1,477 | $ | — | $ | 10,173 | ||||||||||||
(1) | See Note 3 in Notes to Financial Statements. | |
(2) | See Note 5 in Notes to Financial Statements. |
B-5
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2011 (Unaudited)
PL Small-Cap | PL Small-Cap | PL Emerging | PL International | PL International | ||||||||||||||||||||
Growth | Value | PL Real Estate | Markets | Large-Cap | Value | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $ | 46,422 | $ | 896,649 | $ | 421,933 | $ | 866,755 | $ | 2,541,435 | $ | 2,085,534 | ||||||||||||
Dividends from mutual fund investments | — | 2 | — | — | — | — | ||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | 83 | — | 654 | 1,885 | ||||||||||||||||||
Total Investment Income | 46,422 | 896,651 | 422,016 | 866,755 | 2,542,089 | 2,087,419 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Advisory fees | 94,933 | 286,935 | 203,210 | 263,955 | 625,865 | 306,551 | ||||||||||||||||||
Administration fees | 23,733 | 57,387 | 33,868 | 49,492 | 110,447 | 70,743 | ||||||||||||||||||
Support services expenses | 3,099 | 7,315 | 5,030 | 10,664 | 14,224 | 9,879 | ||||||||||||||||||
Custodian fees and expenses | 16,134 | 10,204 | 8,044 | 107,477 | 59,247 | 55,793 | ||||||||||||||||||
Shareholder report expenses | 980 | 2,354 | 1,400 | 1,935 | 4,407 | 2,985 | ||||||||||||||||||
Transfer agency out-of-pocket expenses | 3,713 | 8,753 | 5,305 | 7,160 | 16,433 | 11,134 | ||||||||||||||||||
Registration fees | 476 | 1,125 | 680 | 914 | 2,098 | 1,423 | ||||||||||||||||||
Legal, audit and tax service fees | 3,465 | 8,157 | 4,951 | 6,695 | 15,385 | 10,416 | ||||||||||||||||||
Trustees’ fees and expenses | 795 | 1,876 | 1,136 | 1,532 | 3,515 | 2,383 | ||||||||||||||||||
Other | 5,385 | 7,541 | 3,528 | 22,379 | 15,626 | 11,989 | ||||||||||||||||||
Total Expenses | 152,713 | 391,647 | 267,152 | 472,203 | 867,247 | 483,296 | ||||||||||||||||||
Adviser Reimbursement (1) | (34,047 | ) | (47,325 | ) | (30,074 | ) | (158,756 | ) | (130,936 | ) | (106,002 | ) | ||||||||||||
Net Expenses | 118,666 | 344,322 | 237,078 | 313,447 | 736,311 | 377,294 | ||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (72,244 | ) | 552,329 | 184,938 | 553,308 | 1,805,778 | 1,710,125 | |||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||
Investment security transactions | 259,996 | 487,796 | 986,314 | 1,788,032 | (964,071 | ) | (1,657,595 | ) | ||||||||||||||||
Futures contract transactions | — | — | — | — | — | (261,423 | ) | |||||||||||||||||
Foreign currency transactions | 679 | (427 | ) | (3 | ) | (77,060 | ) | (37,361 | ) | 1,218,173 | ||||||||||||||
Net Realized Gain (Loss) | 260,675 | 487,369 | 986,311 | 1,710,972 | (1,001,432 | ) | (700,845 | ) | ||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||
Investment securities (2) | (8,113,247 | ) | (14,661,084 | ) | (7,500,970 | ) | (17,659,061 | ) | (28,980,667 | ) | (20,137,628 | ) | ||||||||||||
Futures contracts | — | — | — | — | — | 972 | ||||||||||||||||||
Foreign currencies | — | (328 | ) | — | (7,360 | ) | (21,906 | ) | (767,574 | ) | ||||||||||||||
Change in Net Unrealized Depreciation | (8,113,247 | ) | (14,661,412 | ) | (7,500,970 | ) | (17,666,421 | ) | (29,002,573 | ) | (20,904,230 | ) | ||||||||||||
NET LOSS | (7,852,572 | ) | (14,174,043 | ) | (6,514,659 | ) | (15,955,449 | ) | (30,004,005 | ) | (21,605,075 | ) | ||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,924,816 | ) | $ | (13,621,714 | ) | $ | (6,329,721 | ) | $ | (15,402,141 | ) | $ | (28,198,227 | ) | $ | (19,894,950 | ) | ||||||
Foreign taxes withheld on dividends and interest | $ | — | $ | 7,657 | $ | 2,141 | $ | 82,827 | $ | 363,061 | $ | 297,462 | ||||||||||||
(1) | See Note 5 in Notes to Financial Statements. | |
(2) | Change in net unrealized appreciation (depreciation) on investment securities for the PL Emerging Markets Fund was net of increase in deferred foreign capital gains tax of $21,268. |
B-6
STATEMENTS OF CHANGES IN NET ASSETS
PL Floating Rate | PL Floating Rate | PL Inflation | ||||||||||||||||||
Income Fund (1) | Loan Fund | Managed Fund | ||||||||||||||||||
Six-Month | Six-Month | |||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||
September 30, | September 30, | Year Ended | September 30, | Year Ended | ||||||||||||||||
2011 (2) | 2011 (2) | March 31, 2011 | 2011 (2) | March 31, 2011 | ||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 322,547 | $ | 1,905,348 | $ | 2,925,912 | $ | 5,888,918 | $ | 4,287,172 | ||||||||||
Net realized gain (loss) | (220,026 | ) | 172,038 | 625,495 | 12,048,801 | 9,060,553 | ||||||||||||||
Change in net unrealized appreciation (depreciation) | (1,612,023 | ) | (4,398,339 | ) | 516,066 | (1,745,645 | ) | 834,235 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,509,502 | ) | (2,320,953 | ) | 4,067,473 | 16,192,074 | 14,181,960 | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||
Net investment income | ||||||||||||||||||||
Class A | — | — | �� | (576,673 | ) | — | (1,981,141 | ) | ||||||||||||
Class P | — | — | (1,463,098 | ) | — | (1,520,135 | ) | |||||||||||||
Class I | (322,059 | ) | — | — | — | — | ||||||||||||||
Net realized gains | ||||||||||||||||||||
Class A | — | — | — | — | — | |||||||||||||||
Class P | — | — | — | — | (3,913,597 | ) | ||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (322,059 | ) | — | (2,039,771 | ) | — | (7,414,873 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||
Class A | — | — | 7,659,141 | — | 20,082,422 | |||||||||||||||
Class P | — | 11,809,332 | 24,589,520 | 17,635,781 | 69,727,535 | |||||||||||||||
Class I | 35,000,010 | — | — | — | — | |||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||
Class A | — | — | 576,673 | — | 1,978,436 | |||||||||||||||
Class P | — | — | 1,463,098 | — | 5,433,732 | |||||||||||||||
Class I | 322,059 | — | — | — | — | |||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||
Class A | — | — | (232,057 | ) | — | (4,960,351 | ) | |||||||||||||
Class P | — | (4,903,921 | ) | (3,140,337 | ) | (31,764,746 | ) | (19,125,619 | ) | |||||||||||
Share class conversions | ||||||||||||||||||||
Class A (3) | — | — | (59,055,247 | ) | — | 169,787,788 | ||||||||||||||
Class P (3) | — | — | 59,055,247 | — | (169,787,788 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 35,322,069 | 6,905,411 | 30,916,038 | (14,128,965 | ) | 73,136,155 | ||||||||||||||
NET INCREASE IN NET ASSETS | 33,490,508 | 4,584,458 | 32,943,740 | 2,063,109 | 79,903,242 | |||||||||||||||
NET ASSETS | ||||||||||||||||||||
Beginning of Year or Period | — | 86,065,600 | 53,121,860 | 229,356,401 | 149,453,159 | |||||||||||||||
End of Year or Period | $ | 33,490,508 | $ | 90,650,058 | $ | 86,065,600 | $ | 231,419,510 | $ | 229,356,401 | ||||||||||
Undistributed Net Investment Income | $ | 488 | $ | 2,796,238 | $ | 890,890 | $ | 7,459,959 | $ | 1,571,041 | ||||||||||
(1) | Operations commenced on June 30, 2011 (see Note 1 in Notes to Financial Statements). | |
(2) | Unaudited. | |
(3) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
B-7
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Managed Bond | PL Short Duration | PL Comstock | ||||||||||||||||||||||
Fund | Bond Fund | Fund | ||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||
2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income | $ | 4,913,941 | $ | 6,582,841 | $ | 715,359 | $ | 969,429 | $ | 1,138,346 | $ | 1,635,028 | ||||||||||||
Net realized gain | 799,147 | 9,493,481 | 306,043 | 539,458 | 3,197,067 | 3,283,482 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (6,932,904 | ) | 1,054,913 | (779,470 | ) | (174,321 | ) | (36,670,371 | ) | 16,761,825 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,219,816 | ) | 17,131,235 | 241,932 | 1,334,566 | (32,334,958 | ) | 21,680,335 | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | — | (2,619,779 | ) | — | (226,394 | ) | — | (236,849 | ) | |||||||||||||||
Class P | — | (5,686,622 | ) | — | (548,974 | ) | — | (1,140,637 | ) | |||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | — | (2,540,364 | ) | — | — | — | — | |||||||||||||||||
Class P | — | (8,056,500 | ) | — | (403,149 | ) | — | — | ||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | — | (18,903,265 | ) | — | (1,178,517 | ) | — | (1,377,486 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | — | 33,695,419 | — | 14,306,748 | — | 8,415,520 | ||||||||||||||||||
Class P | 40,670,321 | 122,376,254 | 13,975,628 | 43,262,438 | 36,528,188 | 23,950,764 | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | — | 5,154,057 | — | 226,240 | — | 236,711 | ||||||||||||||||||
Class P | — | 13,743,122 | — | 952,123 | — | 1,140,637 | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | — | (7,768,096 | ) | — | (952,151 | ) | — | (1,921,221 | ) | |||||||||||||||
Class P | (26,933,261 | ) | (22,403,735 | ) | (8,755,135 | ) | (12,491,880 | ) | (3,927,905 | ) | (13,829,114 | ) | ||||||||||||
Share class conversions | ||||||||||||||||||||||||
Class A (2) | — | (268,664,284 | ) | — | (89,594,322 | ) | — | (119,192,019 | ) | |||||||||||||||
Class P (2) | — | 268,664,284 | — | 89,594,322 | — | 119,192,019 | ||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions | 13,737,060 | 144,797,021 | 5,220,493 | 45,303,518 | 32,600,283 | 17,993,297 | ||||||||||||||||||
NET INCREASE IN NET ASSETS | 12,517,244 | 143,024,991 | 5,462,425 | 45,459,567 | 265,325 | 38,296,146 | ||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Year or Period | 378,982,470 | 235,957,479 | 121,133,223 | 75,673,656 | 166,465,265 | 128,169,119 | ||||||||||||||||||
End of Year or Period | $ | 391,499,714 | $ | 378,982,470 | $ | 126,595,648 | $ | 121,133,223 | $ | 166,730,590 | $ | 166,465,265 | ||||||||||||
Undistributed Net Investment Income | $ | 7,439,398 | $ | 2,525,457 | $ | 982,870 | $ | 267,511 | $ | 1,629,539 | $ | 491,193 | ||||||||||||
(1) | Unaudited. | |
(2) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
B-8
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Growth LT | PL Large-Cap Growth | PL Large-Cap Value | ||||||||||||||||||||||
Fund | Fund | Fund | ||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||
2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | 323,622 | $ | 570,028 | $ | (136,848 | ) | $ | (84,438 | ) | $ | 2,055,205 | $ | 2,942,019 | ||||||||||
Net realized gain (loss) | 626,512 | 8,265,977 | 1,153,163 | 6,298,659 | (70,462 | ) | (1,819,227 | ) | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | (18,486,446 | ) | 2,461,139 | (14,388,499 | ) | 11,649,279 | (35,919,187 | ) | 26,049,979 | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (17,536,312 | ) | 11,297,144 | (13,372,184 | ) | 17,863,500 | (33,934,444 | ) | 27,172,771 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | — | — | — | — | — | (467,480 | ) | |||||||||||||||||
Class P | — | — | — | — | — | (2,058,011 | ) | |||||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||
Class P | — | — | — | — | — | — | ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | — | — | — | — | — | (2,525,491 | ) | |||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | — | 5,457,542 | — | 4,037,967 | — | 14,633,209 | ||||||||||||||||||
Class P | 13,566,237 | 20,262,936 | 11,518,838 | 26,906,134 | 28,923,096 | 44,341,564 | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | — | — | — | — | — | 467,255 | ||||||||||||||||||
Class P | — | — | — | — | — | 2,058,011 | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | — | (1,796,334 | ) | — | (1,396,630 | ) | — | (3,090,654 | ) | |||||||||||||||
Class P | (28,046,504 | ) | (8,864,918 | ) | (2,031,892 | ) | (9,416,192 | ) | (10,951,498 | ) | (16,932,785 | ) | ||||||||||||
Share class conversions | ||||||||||||||||||||||||
Class A (2) | — | (82,580,720 | ) | — | (56,182,987 | ) | — | (153,219,431 | ) | |||||||||||||||
Class P (2) | — | 82,580,720 | — | 56,182,987 | — | 153,219,431 | ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (14,480,267 | ) | 15,059,226 | 9,486,946 | 20,131,279 | 17,971,598 | 41,476,600 | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (32,016,579 | ) | 26,356,370 | (3,885,238 | ) | 37,994,779 | (15,962,846 | ) | 66,123,880 | |||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Year or Period | 115,575,827 | 89,219,457 | 99,100,886 | 61,106,107 | 228,435,589 | 162,311,709 | ||||||||||||||||||
End of Year or Period | $ | 83,559,248 | $ | 115,575,827 | $ | 95,215,648 | $ | 99,100,886 | $ | 212,472,743 | $ | 228,435,589 | ||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 722,925 | $ | 399,303 | $ | (143,230 | ) | $ | (6,382 | ) | $ | 2,932,953 | $ | 877,748 | ||||||||||
(1) | Unaudited. | |
(2) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
B-9
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Main Street Core | PL Mid-Cap Equity | PL Mid-Cap Growth | ||||||||||||||||||||||
Fund | Fund | Fund | ||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||
2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | 721,583 | $ | 1,305,535 | $ | 327,276 | $ | 1,003,153 | $ | (81,984 | ) | $ | 131,973 | |||||||||||
Net realized gain (loss) | (244,109 | ) | 7,391,931 | 3,862,427 | 13,268,146 | 4,770,799 | 7,350,264 | |||||||||||||||||
Change in net unrealized appreciation (depreciation) | (22,094,122 | ) | 8,326,713 | (34,449,262 | ) | 10,335,351 | (16,096,095 | ) | 8,770,729 | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (21,616,648 | ) | 17,024,179 | (30,259,559 | ) | 24,606,650 | (11,407,280 | ) | 16,252,966 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | — | (95,654 | ) | — | (47,048 | ) | — | — | ||||||||||||||||
Class P | — | (819,251 | ) | — | (877,377 | ) | — | (105,080 | ) | |||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | — | — | — | — | — | (524,490 | ) | |||||||||||||||||
Class P | — | — | — | — | — | (4,624,405 | ) | |||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | — | (914,905 | ) | — | (924,425 | ) | — | (5,253,975 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | — | 8,538,755 | — | 7,987,693 | — | 997,962 | ||||||||||||||||||
Class P | 18,468,134 | 24,547,598 | 31,326,995 | 16,991,531 | 5,192,727 | 8,108,597 | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | — | 95,654 | — | 47,047 | — | 523,636 | ||||||||||||||||||
Class P | — | 819,251 | — | 877,377 | — | 4,729,485 | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | — | (125,274 | ) | — | (3,190,726 | ) | — | (5,043,424 | ) | |||||||||||||||
Class P | (3,023,217 | ) | (38,124,068 | ) | (2,746,922 | ) | (12,289,913 | ) | (2,170,427 | ) | (10,833,939 | ) | ||||||||||||
Share class conversions | ||||||||||||||||||||||||
Class A (2) | — | (136,507,682 | ) | — | (96,440,538 | ) | — | (48,202,865 | ) | |||||||||||||||
Class P (2) | — | 136,507,682 | — | 96,440,538 | — | 48,202,865 | ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 15,444,917 | (4,248,084 | ) | 28,580,073 | 10,423,009 | 3,022,300 | (1,517,683 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (6,171,731 | ) | 11,861,190 | (1,679,486 | ) | 34,105,234 | (8,384,980 | ) | 9,481,308 | |||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Year or Period | 157,889,602 | 146,028,412 | 135,755,387 | 101,650,153 | 64,475,577 | 54,994,269 | ||||||||||||||||||
End of Year or Period | $ | 151,717,871 | $ | 157,889,602 | $ | 134,075,901 | $ | 135,755,387 | $ | 56,090,597 | $ | 64,475,577 | ||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 1,119,622 | $ | 398,039 | $ | 452,174 | $ | 124,898 | $ | (72,549 | ) | $ | 9,435 | |||||||||||
(1) | Unaudited. | |
(2) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
B-10
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Small-Cap Growth | PL Small-Cap Value | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund | ||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||
2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | (72,244 | ) | $ | (171,915 | ) | $ | 552,329 | $ | 985,586 | $ | 184,938 | $ | 286,040 | ||||||||||
Net realized gain | 260,675 | 3,696,262 | 487,369 | 3,286,911 | 986,311 | 3,406,977 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (8,113,247 | ) | 3,595,499 | (14,661,412 | ) | 11,588,543 | (7,500,970 | ) | 4,637,930 | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,924,816 | ) | 7,119,846 | (13,621,714 | ) | 15,861,040 | (6,329,721 | ) | 8,330,947 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | — | — | — | (68,741 | ) | — | (68,821 | ) | ||||||||||||||||
Class P | — | — | — | (638,985 | ) | — | (270,054 | ) | ||||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||
Class P | — | — | — | — | — | — | ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | — | — | — | (707,726 | ) | — | (338,875 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | — | 241,073 | — | 1,360,677 | — | 179,622 | ||||||||||||||||||
Class P | 5,277,026 | 6,958,753 | 8,756,939 | 27,468,646 | 8,393,082 | 7,071,793 | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | — | — | — | 68,740 | — | 68,818 | ||||||||||||||||||
Class P | — | — | — | 638,985 | — | 270,054 | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | — | (2,114,592 | ) | — | (1,398,444 | ) | — | (3,964,447 | ) | |||||||||||||||
Class P | (9,558 | ) | (5,541,320 | ) | (1,407,357 | ) | (5,217,990 | ) | (2,526,677 | ) | (6,110,043 | ) | ||||||||||||
Share class conversions | ||||||||||||||||||||||||
Class A (2) | — | (21,274,966 | ) | — | (35,260,361 | ) | — | (31,360,853 | ) | |||||||||||||||
Class P (2) | — | 21,274,966 | — | 35,260,361 | — | 31,360,853 | ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 5,267,468 | (456,086 | ) | 7,349,582 | 22,920,614 | 5,866,405 | (2,484,203 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (2,657,348 | ) | 6,663,760 | (6,272,132 | ) | 38,073,928 | (463,316 | ) | 5,507,869 | |||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Year or Period | 32,355,157 | 25,691,397 | 76,247,096 | 38,173,168 | 41,859,895 | 36,352,026 | ||||||||||||||||||
End of Year or Period | $ | 29,697,809 | $ | 32,355,157 | $ | 69,974,964 | $ | 76,247,096 | $ | 41,396,579 | $ | 41,859,895 | ||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | (74,265 | ) | $ | (2,021 | ) | $ | 805,778 | $ | 253,449 | $ | 184,404 | $ | (534 | ) | |||||||||
(1) | Unaudited. | |
(2) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
B-11
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Emerging Markets | PL International Large-Cap | PL International Value | ||||||||||||||||||||||
Fund | Fund | Fund | ||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||
2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | 2011 (1) | March 31, 2011 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income | $ | 553,308 | $ | 410,281 | $ | 1,805,778 | $ | 1,365,148 | $ | 1,710,125 | $ | 1,682,757 | ||||||||||||
Net realized gain (loss) | 1,710,972 | 5,064,457 | (1,001,432 | ) | (2,124,405 | ) | (700,845 | ) | 2,245,933 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | (17,666,421 | ) | 5,215,893 | (29,002,573 | ) | 16,242,751 | (20,904,230 | ) | 1,157,427 | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (15,402,141 | ) | 10,690,631 | (28,198,227 | ) | 15,483,494 | (19,894,950 | ) | 5,086,117 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | — | — | — | (926,192 | ) | — | (468,259 | ) | ||||||||||||||||
Class P | — | (940,708 | ) | — | (261,079 | ) | — | (1,543,617 | ) | |||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||
Class P | — | — | — | — | — | — | ||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | — | (940,708 | ) | — | (1,187,271 | ) | — | (2,011,876 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | — | 763,496 | — | 11,388,585 | — | 10,276,598 | ||||||||||||||||||
Class P | 22,059,906 | 14,652,817 | 61,345,416 | 23,576,016 | 26,093,082 | 14,606,762 | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | — | — | — | 925,856 | — | 468,104 | ||||||||||||||||||
Class P | — | 940,708 | — | 261,079 | — | 1,543,617 | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | — | (95,644 | ) | — | (1,280,976 | ) | — | (1,331,608 | ) | |||||||||||||||
Class P | (2,021,380 | ) | (9,454,654 | ) | (3,475,054 | ) | (19,135,979 | ) | (2,075,548 | ) | (24,679,366 | ) | ||||||||||||
Share class conversions | ||||||||||||||||||||||||
Class A (2) | — | (45,487,862 | ) | — | (105,495,716 | ) | — | (80,620,211 | ) | |||||||||||||||
Class P (2) | — | 45,487,862 | — | 105,495,716 | — | 80,620,211 | ||||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions | 20,038,526 | 6,806,723 | 57,870,362 | 15,734,581 | 24,017,534 | 884,107 | ||||||||||||||||||
NET INCREASE IN NET ASSETS | 4,636,385 | 16,556,646 | 29,672,135 | 30,030,804 | 4,122,584 | 3,958,348 | ||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Year or Period | 64,270,266 | 47,713,620 | 138,033,006 | 108,002,202 | 90,242,281 | 86,283,933 | ||||||||||||||||||
End of Year or Period | $ | 68,906,651 | $ | 64,270,266 | $ | 167,705,141 | $ | 138,033,006 | $ | 94,364,865 | $ | 90,242,281 | ||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 143,676 | $ | (409,632 | ) | $ | 2,871,499 | $ | 1,065,721 | $ | 2,088,310 | $ | 378,185 | |||||||||||
(1) | Unaudited. | |
(2) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 in Notes to Financial Statements). |
B-12
FINANCIAL HIGHLIGHTS (1)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios | of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | of | Expenses | Ratios | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Net | Asset | Assets, | Expenses | After | of Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Realized | Distributions | Value, | End of | Before | Expense | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Net | and | Total | from | Distributions | End of | Year or | Expense | Reductions | Income | ||||||||||||||||||||||||||||||||||||||||||||||
of Year | Investment | Unrealized | from | Net | from | Year | Period | Reductions | to Average | (Loss) to | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||
or | Income | Gain | Investment | Investment | Capital | Total | or | Total | (in | to Average | Net Assets | Average | Turnover | |||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (2) | (Loss) | Activities | Income | Gains | Distributions | Period | Returns (3) | thousands) | Net Assets (4) | (4), (5) | Net Assets (4) | Rates | ||||||||||||||||||||||||||||||||||||||||||
PL Floating Rate Income Fund (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2011 - 9/30/2011 (6) | $ | 10.00 | $ | 0.10 | $ | (0.52 | ) | $ | (0.42 | ) | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 9.49 | (4.19 | %) | $ | 33,491 | 1.28 | % | 0.80 | % | 4.01 | % | 51.39 | % | ||||||||||||||||||||||||
PL Floating Rate Loan Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 10.12 | $ | 0.21 | $ | (0.45 | ) | $ | (0.24 | ) | $ | — | $ | — | $ | — | $ | 9.88 | (2.37 | %) | $ | 90,650 | 1.04 | % | 0.80 | % | 4.16 | % | 23.18 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.88 | 0.34 | 0.19 | 0.53 | (0.29 | ) | — | (0.29 | ) | 10.12 | 5.51 | % | 86,066 | 1.22 | % | 0.90 | % | 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 | 1.54 | % | 1.30 | % | 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 | 1.53 | % | 1.30 | % | 5.90 | % | 56.30 | % | |||||||||||||||||||||||||||||||||
PL Inflation Managed Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 10.53 | $ | 0.26 | $ | 0.43 | $ | 0.69 | $ | — | $ | — | $ | — | $ | 11.22 | 6.55 | % | $ | 231,420 | 0.67 | % | 0.56 | % | 4.70 | % | 163.21 | % | ||||||||||||||||||||||||||||
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 | 0.82 | % | 0.64 | % | 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 | 1.21 | % | 0.95 | % | 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 | 1.35 | % | 1.01 | % | 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 | 1.49 | % | 1.15 | % | 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 | 1.78 | % | 1.39 | % | 2.60 | % | 356.40 | % | |||||||||||||||||||||||||||||||||||
PL Managed Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 10.75 | $ | 0.13 | $ | (0.16 | ) | $ | (0.03 | ) | $ | — | $ | — | $ | — | $ | 10.72 | (0.19 | %) | $ | 391,500 | 0.68 | % | 0.55 | % | 2.41 | % | 234.99 | % | ||||||||||||||||||||||||||
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 | 0.82 | % | 0.63 | % | 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 | 1.22 | % | 0.95 | % | 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 | 1.30 | % | 1.01 | % | 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 | 1.50 | % | 1.15 | % | 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 | 1.82 | % | 1.39 | % | 3.49 | % | 477.64 | % | |||||||||||||||||||||||||||||||||||
PL Short Duration Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 10.04 | $ | 0.06 | $ | (0.04 | ) | $ | 0.02 | $ | — | $ | — | $ | — | $ | 10.06 | 0.20 | % | $ | 126,596 | 0.67 | % | 0.55 | % | 1.10 | % | 138.03 | % | |||||||||||||||||||||||||||
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 | 0.81 | % | 0.64 | % | 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 | 1.22 | % | 0.95 | % | 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 | 1.26 | % | 1.02 | % | 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 | 1.42 | % | 1.15 | % | 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 | 1.75 | % | 1.39 | % | 3.28 | % | 77.84 | % | |||||||||||||||||||||||||||||||||||
PL Comstock Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 12.13 | $ | 0.08 | $ | (2.20 | ) | $ | (2.12 | ) | $ | — | $ | — | $ | — | $ | 10.01 | (17.48 | %) | $ | 166,731 | 1.00 | % | 0.89 | % | 1.32 | % | 12.33 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.69 | 0.13 | 1.41 | 1.54 | (0.10 | ) | — | (0.10 | ) | 12.13 | 14.55 | % | 166,465 | 1.13 | % | 0.99 | % | 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 | 1.51 | % | 1.30 | % | 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 | 1.58 | % | 1.37 | % | 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 | 1.77 | % | 1.50 | % | 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 | 2.11 | % | 1.74 | % | 0.92 | % | 40.11 | % | ||||||||||||||||||||||||||||||||||
PL Growth LT Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 12.42 | $ | 0.03 | $ | (1.93 | ) | $ | (1.90 | ) | $ | — | $ | — | $ | — | $ | 10.52 | (15.30 | %) | $ | 83,559 | 0.84 | % | 0.70 | % | 0.56 | % | 50.86 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 11.21 | 0.07 | 1.14 | 1.21 | — | — | — | 12.42 | 10.79 | % | 115,576 | 0.95 | % | 0.79 | % | 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 | 1.37 | % | 1.10 | % | 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 | 1.42 | % | 1.15 | % | 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 | 1.66 | % | 1.30 | % | 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 | 1.95 | % | 1.54 | % | (0.08 | %) | 37.99 | % | ||||||||||||||||||||||||||||||||||
PL Large-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 9.23 | $ | (0.01 | ) | $ | (1.13 | ) | $ | (1.14 | ) | $ | — | $ | — | $ | — | $ | 8.09 | (12.35 | %) | $ | 95,216 | 1.01 | % | 0.88 | % | (0.27 | %) | 37.38 | % | |||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 7.71 | (0.01 | ) | 1.53 | 1.52 | — | — | — | 9.23 | 19.72 | % | 99,101 | 1.12 | % | 0.95 | % | (0.11 | %) | 101.69 | % | ||||||||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 5.44 | (0.03 | ) | 2.30 | 2.27 | — | — | — | 7.71 | 41.73 | % | 61,106 | 1.59 | % | 1.28 | % | (0.38 | %) | 115.83 | % | ||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 9.24 | (0.05 | ) | (3.75 | ) | (3.80 | ) | — | — | — | 5.44 | (41.13 | %) | 16,515 | 1.81 | % | 1.37 | % | (0.61 | %) | 179.61 | % | ||||||||||||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 9.43 | (0.08 | ) | (0.11 | ) | (0.19 | ) | — | — | — | 9.24 | (2.01 | %) | 26,235 | 1.92 | % | 1.50 | % | (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 | 2.43 | % | 1.73 | % | (0.93 | %) | 147.66 | % | ||||||||||||||||||||||||||||||||
PL Large-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 11.59 | $ | 0.10 | $ | (1.73 | ) | $ | (1.63 | ) | $ | — | $ | — | $ | — | $ | 9.96 | (14.06 | %) | $ | 212,473 | 0.89 | % | 0.80 | % | 1.78 | % | 10.41 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.42 | 0.16 | 1.15 | 1.31 | (0.14 | ) | — | (0.14 | ) | 11.59 | 12.69 | % | 228,436 | 1.01 | % | 0.89 | % | 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 | 1.38 | % | 1.20 | % | 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 | 1.48 | % | 1.25 | % | 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 | 1.69 | % | 1.40 | % | 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 | 2.05 | % | 1.63 | % | 0.50 | % | 19.58 | % |
See Notes to Financial Statements | See explanation of references on B-15 |
B-13
FINANCIAL HIGHLIGHTS (Continued) (1)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios | of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | of | Expenses | Ratios | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Net | Asset | Assets, | Expenses | After | of Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Realized | Distributions | Value, | End of | Before | Expense | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Net | and | Total | from | Distributions | End of | Year or | Expense | Reductions | Income | ||||||||||||||||||||||||||||||||||||||||||||||
of Year | Investment | Unrealized | from | Net | from | Year | Period | Reductions | to Average | (Loss) to | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||
or | Income | Gain | Investment | Investment | Capital | Total | or | Total | (in | to Average | Net Assets | Average | Turnover | |||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (2) | (Loss) | Activities | Income | Gains | Distributions | Period | Returns (3) | thousands) | Net Assets (4) | (4), (5) | Net Assets (4) | Rates | ||||||||||||||||||||||||||||||||||||||||||
PL Main Street Core Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 10.13 | $ | 0.04 | $ | (1.31 | ) | $ | (1.27 | ) | $ | — | $ | — | $ | — | $ | 8.86 | (12.54 | %) | $ | 151,718 | 0.70 | % | 0.60 | % | 0.89 | % | 28.12 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.00 | 0.09 | 1.10 | 1.19 | (0.06 | ) | — | (0.06 | ) | 10.13 | 13.28 | % | 157,890 | 0.83 | % | 0.70 | % | 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 | 1.23 | % | 1.00 | % | 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 | 1.41 | % | 1.06 | % | 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 | 1.50 | % | 1.20 | % | 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 | 1.88 | % | 1.43 | % | 0.54 | % | 107.36 | % | ||||||||||||||||||||||||||||||||||
PL Mid-Cap Equity Fund (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 10.46 | $ | 0.02 | $ | (2.15 | ) | $ | (2.13 | ) | $ | — | $ | — | $ | — | $ | 8.33 | (20.27 | %) | $ | 134,076 | 0.91 | % | 0.80 | % | 0.48 | % | 42.64 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 8.66 | 0.08 | 1.79 | 1.87 | (0.07 | ) | — | (0.07 | ) | 10.46 | 21.70 | % | 135,755 | 1.02 | % | 0.89 | % | 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 | 1.41 | % | 1.20 | % | 0.44 | % | 74.00 | % | |||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 8.92 | 0.07 | (3.58 | ) | (3.51 | ) | (0.08 | ) | (0.00 | )(8) | (0.08 | ) | 5.33 | (39.44 | %) | 59,135 | 1.52 | % | 1.26 | % | 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 | 1.69 | % | 1.40 | % | 0.55 | % | 70.09 | % | ||||||||||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.54 | (0.00 | )(8) | 1.51 | 1.51 | — | (0.43 | ) | (0.43 | ) | 11.62 | 14.80 | % | 71,181 | 2.01 | % | 1.60 | % | (0.00 | %)(8) | 74.07 | % | ||||||||||||||||||||||||||||||||||
PL Mid-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 10.28 | $ | (0.01 | ) | $ | (1.81 | ) | $ | (1.82 | ) | $ | — | $ | — | $ | — | $ | 8.46 | (17.71 | %) | $ | 56,091 | 0.99 | % | 0.85 | % | (0.26 | %) | 18.45 | % | |||||||||||||||||||||||||
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 | 1.17 | % | 0.95 | % | 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 | 1.53 | % | 1.25 | % | (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 | 1.80 | % | 1.34 | % | (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 | 1.80 | % | 1.45 | % | (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 | 2.08 | % | 1.68 | % | (0.64 | %) | 60.08 | % | ||||||||||||||||||||||||||||||||||
PL Small-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 11.90 | $ | (0.03 | ) | $ | (2.69 | ) | $ | (2.72 | ) | $ | — | $ | — | $ | — | $ | 9.18 | (22.86 | %) | $ | 29,698 | 0.97 | % | 0.75 | % | (0.46 | %) | 28.98 | % | |||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.41 | (0.06 | ) | 2.55 | 2.49 | — | — | — | 11.90 | 26.46 | % | 32,355 | 1.11 | % | 0.84 | % | (0.63 | %) | 85.58 | % | ||||||||||||||||||||||||||||||||||||
4/1/2009 - 3/31/2010 | 5.88 | (0.06 | ) | 3.59 | 3.53 | — | — | — | 9.41 | 60.03 | % | 25,691 | 1.56 | % | 1.15 | % | (0.81 | %) | 87.50 | % | ||||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 9.12 | (0.07 | ) | (3.17 | ) | (3.24 | ) | — | — | — | 5.88 | (35.53 | %) | 24,046 | 1.71 | % | 1.28 | % | (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 | 1.90 | % | 1.55 | % | (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 | 2.24 | % | 1.78 | % | (0.74 | %) | 52.87 | % | ||||||||||||||||||||||||||||||||||
PL Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 10.60 | $ | 0.07 | $ | (1.84 | ) | $ | (1.77 | ) | $ | — | $ | — | $ | — | $ | 8.83 | (16.60 | %) | $ | 69,975 | 1.02 | % | 0.90 | % | 1.44 | % | 12.75 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 8.57 | 0.16 | 1.98 | 2.14 | (0.11 | ) | — | (0.11 | ) | 10.60 | 25.11 | % | 76,247 | 1.13 | % | 0.97 | % | 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 | 1.58 | % | 1.30 | % | 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 | 1.73 | % | 1.34 | % | 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 | 2.07 | % | 1.50 | % | 1.46 | % | 17.98 | % | |||||||||||||||||||||||||||||||||
PL Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 11.46 | $ | 0.05 | $ | (1.63 | ) | $ | (1.58 | ) | $ | — | $ | — | $ | — | $ | 9.88 | (13.79 | %) | $ | 41,397 | 1.18 | % | 1.05 | % | 0.82 | % | 12.96 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.24 | 0.08 | 2.23 | 2.31 | (0.09 | ) | — | (0.09 | ) | 11.46 | 25.16 | % | 41,860 | 1.34 | % | 1.14 | % | 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 | 1.76 | % | 1.45 | % | 1.68 | % | 26.55 | % | |||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 11.25 | 0.15 | (6.65 | ) | (6.50 | ) | (0.15 | )(9) | — | (0.15 | ) | 4.60 | (58.24 | %) | 20,775 | 1.89 | % | 1.51 | % | 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 | 2.03 | % | 1.65 | % | 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 | 2.42 | % | 1.89 | % | 0.27 | % | 36.83 | % | ||||||||||||||||||||||||||||||||||
PL Emerging Markets Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 14.68 | $ | 0.12 | $ | (3.13 | ) | $ | (3.01 | ) | $ | — | $ | — | $ | — | $ | 11.67 | (20.50 | %) | $ | 68,907 | 1.43 | % | 0.95 | % | 1.68 | % | 14.52 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 12.19 | 0.11 | 2.64 | 2.75 | (0.26 | ) | — | (0.26 | ) | 14.68 | 22.53 | % | 64,270 | 1.56 | % | 1.04 | % | 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 | 2.15 | % | 1.35 | % | 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 | 2.34 | % | 1.42 | % | 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 | 2.38 | % | 1.55 | % | 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 | 2.81 | % | 1.78 | % | 0.49 | % | 58.31 | % | ||||||||||||||||||||||||||||||||||
PL International Large-Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 15.37 | $ | 0.18 | $ | (2.89 | ) | $ | (2.71 | ) | $ | — | $ | — | $ | — | $ | 12.66 | (17.63 | %) | $ | 167,705 | 1.18 | % | 1.00 | % | 2.45 | % | 14.65 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 13.83 | 0.16 | 1.52 | 1.68 | (0.14 | ) | — | (0.14 | ) | 15.37 | 12.36 | % | 138,033 | 1.30 | % | 1.09 | % | 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 | 1.72 | % | 1.40 | % | 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 | 1.82 | % | 1.46 | % | 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 | 1.99 | % | 1.60 | % | 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 | 2.38 | % | 1.84 | % | 1.77 | % | 47.87 | % |
See Notes to Financial Statements | See explanation of references on B-15 |
B-14
FINANCIAL HIGHLIGHTS (Continued) (1)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratios | of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | of | Expenses | Ratios | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Net | Asset | Assets, | Expenses | After | of Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Realized | Distributions | Value, | End of | Before | Expense | Investment | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Net | and | Total | from | Distributions | End of | Year or | Expense | Reductions | Income | ||||||||||||||||||||||||||||||||||||||||||||||
of Year | Investment | Unrealized | from | Net | from | Year | Period | Reductions | to Average | (Loss) to | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||
or | Income | Gain | Investment | Investment | Capital | Total | or | Total | (in | to Average | Net Assets | Average | Turnover | |||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Period | (Loss) (2) | (Loss) | Activities | Income | Gains | Distributions | Period | Returns (3) | thousands) | Net Assets (4) | (4), (5) | Net Assets (4) | Rates | ||||||||||||||||||||||||||||||||||||||||||
PL International Value Fund (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2011 - 9/30/2011 (6) | $ | 9.51 | $ | 0.16 | $ | (2.07 | ) | $ | (1.91 | ) | $ | — | $ | — | $ | — | $ | 7.60 | (20.08 | %) | $ | 94,365 | 1.02 | % | 0.80 | % | 3.63 | % | 28.15 | % | ||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.19 | 0.18 | 0.35 | 0.53 | (0.21 | ) | — | (0.21 | ) | 9.51 | 5.99 | % | 90,242 | 1.14 | % | 0.90 | % | 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 | 1.56 | % | 1.20 | % | 2.28 | % | 59.92 | % | |||||||||||||||||||||||||||||||||||
4/1/2008 - 3/31/2009 | 12.82 | 0.26 | (6.72 | ) | (6.46 | ) | (0.22 | ) | (0.00 | )(8) | (0.22 | ) | 6.14 | (50.74 | %) | 78,604 | 1.58 | % | 1.27 | % | 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 | 1.72 | % | 1.40 | % | 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 | 2.08 | % | 1.64 | % | 1.04 | % | 108.86 | % |
(1) | All the funds, except for the PL Floating Rate Income Fund, covered in this report currently offer Class P shares only. Effective July 2, 2010, all Class A shares of these funds were converted to Class P shares (See Note 1 in Notes to Financial Statements). Performance information prior to the conversion for these funds pertains to Class A shares and reflects the fees and expenses associated with that share class. The PL Floating Rate Income Fund commenced operations on June 30, 2011, and currently offers Class I shares only. | |
(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 are annualized for periods of less than one full year. | |
(5) | 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. | |
(6) | Unaudited. | |
(7) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named PL Mid-Cap Value Fund. (8) Amount represents less than $0.005 per share or less than 0.005%. | |
(9) | Includes return of capital distribution of $0.01 per share. | |
(10) | Prior to May 1, 2006, the PL International Value Fund was named PF Lazard International Value Fund. |
B-15
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
C-1
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-2
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-3
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-4
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-5
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-6
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Floating Rate Income | 0.65% | PL Growth LT | 0.55% | PL Small-Cap Growth | 0.60% | |||||
PL Floating Rate Loan (1) | 0.75% | PL Large-Cap Growth (3) | 0.75% | PL Small-Cap Value | 0.75% | |||||
PL Inflation Managed | 0.40% | PL Large-Cap Value | 0.65% | PL Real Estate | 0.90% | |||||
PL Managed Bond | 0.40% | PL Main Street Core | 0.45% | PL Emerging Markets | 0.80% | |||||
PL Short Duration Bond | 0.40% | PL Mid-Cap Equity | 0.65% | PL International Large-Cap | 0.85% | |||||
PL Comstock (2) | 0.75% | PL Mid-Cap Growth | 0.70% | 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. | |
(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. |
C-7
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The current expense cap for the PL Floating Rate Income Fund is 0.15% through June 30, 2014. |
Investment | ||||
Adviser | ||||
Expense | ||||
Fund | Reimbursements (1) | |||
PL Floating Rate Income | $ | 38,654 | ||
PL Floating Rate Loan | 62,191 | |||
PL Inflation Managed | 141,971 | |||
PL Managed Bond | 265,419 | |||
PL Short Duration Bond | 76,847 | |||
PL Comstock | 88,631 | |||
PL Growth LT | 82,644 | |||
PL Large-Cap Growth | 54,218 | |||
PL Large-Cap Value | 109,763 | |||
PL Main Street Core | 79,911 | |||
PL Mid-Cap Equity | 72,370 | |||
PL Mid-Cap Growth | 44,129 | |||
PL Small-Cap Growth | 34,047 | |||
PL Small-Cap Value | 47,325 | |||
PL Real Estate | 30,074 | |||
PL Emerging Markets | 158,756 | |||
PL International Large-Cap | 130,936 | |||
PL International Value | 106,002 | |||
Total | $ | 1,623,888 | ||
(1) | As of September 30, 2011, $290,854 remained due from the investment adviser as reflected on the Statements of Assets and Liabilities. |
C-8
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Expiration Date | ||||||||||||||||
Fund | 3/31/2012 | 3/31/2013 | 3/31/2014 | 3/31/2015 | ||||||||||||
PL Floating Rate Income | $ | — | $ | — | $ | — | $ | 38,654 | ||||||||
PL Floating Rate Loan | 55,422 | 98,235 | 161,181 | 62,191 | ||||||||||||
PL Inflation Managed | 341,417 | 308,763 | 329,563 | 141,971 | ||||||||||||
PL Managed Bond | 472,001 | 502,729 | 558,213 | 265,419 | ||||||||||||
PL Short Duration Bond | 150,950 | 164,724 | 164,455 | 76,847 | ||||||||||||
PL Comstock | 214,389 | 214,415 | 194,706 | 88,631 | ||||||||||||
PL Growth LT | 229,867 | 216,805 | 154,975 | 82,644 | ||||||||||||
PL Large-Cap Growth | 94,718 | 120,503 | 112,128 | 54,218 | ||||||||||||
PL Large-Cap Value | 175,460 | 216,004 | 228,247 | 109,763 | ||||||||||||
PL Main Street Core | 370,309 | 266,417 | 176,595 | 79,911 | ||||||||||||
PL Mid-Cap Equity | 195,175 | 177,580 | 153,964 | 72,370 | ||||||||||||
PL Mid-Cap Growth | 138,724 | 115,208 | 116,589 | 44,129 | ||||||||||||
PL Small-Cap Growth | 131,007 | 96,729 | 73,729 | 34,047 | ||||||||||||
PL Small-Cap Value | 120,502 | 92,384 | 92,291 | 47,325 | ||||||||||||
PL Real Estate | 118,370 | 94,439 | 72,505 | 30,074 | ||||||||||||
PL Emerging Markets | 347,289 | 319,937 | 270,343 | 158,756 | ||||||||||||
PL International Large-Cap | 296,673 | 286,639 | 255,021 | 130,936 | ||||||||||||
PL International Value | 325,469 | 289,342 | 200,306 | 106,002 | ||||||||||||
Total | $ | 3,777,742 | $ | 3,580,853 | $ | 3,314,811 | $ | 1,623,888 | ||||||||
C-9
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Post- | Post-October | Accumulated | ||||||||||||||||||||||||||
Net Capital | October | Currency | Capital and | |||||||||||||||||||||||||
Loss | Net Capital Loss Carryover Expiring on March 31 | Capital Loss | Loss | Other | ||||||||||||||||||||||||
Fund | Carryover | 2017 | 2018 | 2019 | Deferral | 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 | Net Unrealized | |||||||||||||||||||||
Total Cost of | Unrealized | Unrealized | Appreciation | Appreciation | Net Unrealized | |||||||||||||||||||
Investments | Appreciation | Depreciation | (Depreciation) | (Depreciation) | Appreciation | |||||||||||||||||||
Fund | on Tax Basis | on Investments | on Investments | on Investments | on Other (1) | (Depreciation) | ||||||||||||||||||
PL Floating Rate Income | $ | 37,809,541 | $ | 76,709 | $ | (1,684,357 | ) | $ | (1,607,648 | ) | $ | (4,375 | ) | $ | (1,612,023 | ) | ||||||||
PL Floating Rate Loan | 93,548,269 | 301,094 | (2,907,960 | ) | (2,606,866 | ) | — | (2,606,866 | ) | |||||||||||||||
PL Inflation Managed | 336,664,839 | 6,718,299 | (4,844,866 | ) | 1,873,433 | 175,788 | 2,049,221 | |||||||||||||||||
PL Managed Bond | 468,495,532 | 9,186,774 | (14,171,950 | ) | (4,985,176 | ) | 2,244,095 | (2,741,081 | ) | |||||||||||||||
PL Short Duration Bond | 125,788,551 | 556,860 | (889,073 | ) | (332,213 | ) | 3,512 | (328,701 | ) | |||||||||||||||
PL Comstock | 188,795,290 | 10,677,040 | (19,358,832 | ) | (8,681,792 | ) | — | (8,681,792 | ) | |||||||||||||||
PL Growth LT | 81,664,893 | 9,400,142 | (8,327,088 | ) | 1,073,054 | 130,989 | 1,204,043 | |||||||||||||||||
PL Large-Cap Growth | 85,243,081 | 14,080,527 | (5,632,658 | ) | 8,447,869 | — | 8,447,869 | |||||||||||||||||
PL Large-Cap Value | 203,432,910 | 23,517,223 | (15,851,202 | ) | 7,666,021 | 1,978 | 7,667,999 | |||||||||||||||||
PL Main Street Core | 144,844,901 | 16,967,729 | (10,314,481 | ) | 6,653,248 | (47 | ) | 6,653,201 | ||||||||||||||||
PL Mid-Cap Equity | 141,503,859 | 4,814,688 | (12,805,895 | ) | (7,991,207 | ) | — | (7,991,207 | ) | |||||||||||||||
PL Mid-Cap Growth | 52,590,112 | 8,321,852 | (4,560,965 | ) | 3,760,887 | (81 | ) | 3,760,806 | ||||||||||||||||
PL Small-Cap Growth | 28,488,126 | 3,910,899 | (2,619,376 | ) | 1,291,523 | — | 1,291,523 | |||||||||||||||||
PL Small-Cap Value | 68,656,136 | 8,532,792 | (5,803,376 | ) | 2,729,416 | (328 | ) | 2,729,088 | ||||||||||||||||
PL Real Estate | 35,544,312 | 8,055,817 | (1,945,484 | ) | 6,110,333 | — | 6,110,333 | |||||||||||||||||
PL Emerging Markets | 66,857,211 | 6,977,904 | (4,954,332 | ) | 2,023,572 | (43,856 | ) | 1,979,716 | ||||||||||||||||
PL International Large-Cap | 170,900,104 | 9,725,019 | (13,728,840 | ) | (4,003,821 | ) | (7,250 | ) | (4,011,071 | ) | ||||||||||||||
PL International Value | 112,996,216 | 327,118 | (16,256,342 | ) | (15,929,224 | ) | (674,496 | ) | (16,603,720 | ) |
(1) | Other includes net appreciation or depreciation on derivatives, securities sold short, unfunded loan commitment, and assets and liabilities in foreign currencies, if any. |
C-10
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The tax character of distributions paid during the six-month period ended September 30, 2011, were as follows: |
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Fund | Income | Capital Gains | Distributions | |||||||||
PL Floating Rate Income | $ | 322,059 | $ | — | $ | 322,059 |
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 |
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 | |||||||||||
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 |
C-11
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PL Floating Rate Income | $ | — | $ | — | $ | 47,886,610 | $ | 14,339,862 | ||||||||
PL Floating Rate Loan | — | — | 30,483,586 | 20,440,822 | ||||||||||||
PL Inflation Managed | 535,519,052 | 508,887,333 | 23,143,493 | 22,116,740 | ||||||||||||
PL Managed Bond | 923,627,996 | 811,182,515 | 92,472,075 | 24,060,681 | ||||||||||||
PL Short Duration Bond | 117,675,880 | 140,991,194 | 61,101,275 | 18,674,438 | ||||||||||||
PL Comstock | — | — | 57,924,517 | 20,401,758 | ||||||||||||
PL Growth LT | — | — | 54,752,831 | 66,889,025 | ||||||||||||
PL Large-Cap Growth | — | — | 44,399,609 | 37,951,044 | ||||||||||||
PL Large-Cap Value | — | — | 38,179,412 | 23,635,100 | ||||||||||||
PL Main Street Core | — | — | 63,039,332 | 44,592,513 | ||||||||||||
PL Mid-Cap Equity | — | — | 83,437,755 | 57,031,249 | ||||||||||||
PL Mid-Cap Growth | — | — | 17,111,099 | 10,988,008 | ||||||||||||
PL Small-Cap Growth | — | — | 13,601,014 | 9,015,276 | ||||||||||||
PL Small-Cap Value | — | — | 17,960,967 | 9,230,200 | ||||||||||||
PL Real Estate | — | — | 11,873,332 | 5,687,477 | ||||||||||||
PL Emerging Markets | — | — | 32,024,082 | 9,445,804 | ||||||||||||
PL International Large-Cap | — | — | 82,372,387 | 21,997,242 | ||||||||||||
PL International Value | — | — | 52,890,100 | 26,399,900 |
C-12
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-13
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-14
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-15
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-16
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-17
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C-18
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 | September 30, 2011 | Contracts | Contracts | Contracts | Contracts | |||||||||||||||
PL Inflation Managed | $ | 2,151,563 | $ | 271,874 | $ | — | $ | 1,059,146 | $ | 820,543 | * | |||||||||
PL Managed Bond | 8,459,068 | 464,313 | — | 2,428,603 | 5,566,152 | * | ||||||||||||||
PL Short Duration Bond | 13,305 | — | — | 13,305 | — | |||||||||||||||
PL Growth LT | 128,825 | — | — | 128,825 | — | |||||||||||||||
PL International Value | 1,265,988 | — | — | 1,265,988 | — |
C-19
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Liability Derivative Investments Value | ||||||||||||||||||||
Foreign | Interest | |||||||||||||||||||
Total Value at | Credit | Equity | Currency | Rate | ||||||||||||||||
Fund | September 30, 2011 | Contracts | Contracts | Contracts | Contracts | |||||||||||||||
PL Inflation Managed | $ | (1,977,303 | ) | $ | (231,955 | ) | $ | — | $ | (1,173,065 | ) | $ | (572,283) | * | ||||||
PL Managed Bond | (6,975,317 | ) | (2,697,981 | ) | — | (3,466,021 | ) | (811,315) | * | |||||||||||
PL Short Duration Bond | (8,178 | ) | — | — | — | (8,178) | * | |||||||||||||
PL Growth LT | (323 | ) | — | — | (323 | ) | — | |||||||||||||
PL International Value | (1,965,086 | ) | — | — | (1,965,086 | ) | — |
* | 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 |
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 | $ | 1,869,369 | $ | 387,193 | $ | — | $ | 1,407,351 | $ | 74,825 | ||||||||||
PL Managed Bond | (979,645 | ) | 640,001 | — | 1,833,214 | (3,452,860 | ) | |||||||||||||
PL Short Duration Bond | 15,801 | — | — | — | 15,801 | |||||||||||||||
PL Growth LT | (39,136 | ) | — | — | (39,136 | ) | — | |||||||||||||
PL International Value | 1,002,797 | — | 24,711 | 1,264,220 | (286,134 | ) |
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 | $ | 535,341 | $ | (450,042 | ) | $ | — | $ | 417,400 | $ | 567,983 | |||||||||
PL Managed Bond | 1,063,575 | (2,809,572 | ) | — | (1,416,243 | ) | 5,289,390 | |||||||||||||
PL Short Duration Bond | 31,893 | — | — | 13,305 | 18,588 | |||||||||||||||
PL Growth LT | 168,091 | — | — | 168,091 | — | |||||||||||||||
PL International Value | (786,075 | ) | — | 972 | (787,047 | ) | — |
C-20
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Floating Rate | PL Floating Rate | PL Inflation | PL Managed | |||||||||||||||||||||||||||||
Income Fund (1) | Loan Fund (2) | Managed Fund (2) | Bond Fund (2) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 783,698 | 1,955,632 | 3,125,323 | |||||||||||||||||||||||||||||
Dividends and distribution reinvested | 59,430 | 192,834 | 476,813 | |||||||||||||||||||||||||||||
Shares repurchased | (26,716 | ) | (481,900 | ) | (717,827 | ) | ||||||||||||||||||||||||||
Converted to Class P shares | (6,194,222 | ) | (16,468,262 | ) | (24,830,341 | ) | ||||||||||||||||||||||||||
Net decrease | (5,377,810 | ) | (14,800,696 | ) | (21,946,032 | ) | ||||||||||||||||||||||||||
Beginning shares outstanding | 5,377,810 | 14,800,696 | 21,946,032 | |||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | |||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||
Shares sold | 1,170,088 | 2,473,194 | 1,639,381 | 6,605,011 | 3,726,897 | 11,171,594 | ||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 147,193 | — | 529,088 | — | 1,296,521 | ||||||||||||||||||||||||||
Shares repurchased | (493,908 | ) | (314,282 | ) | (2,788,756 | ) | (1,823,688 | ) | (2,480,586 | ) | (2,036,265 | ) | ||||||||||||||||||||
Converted from Class A Shares | — | 6,194,222 | — | 16,468,262 | — | 24,830,341 | ||||||||||||||||||||||||||
Net increase (decrease) | 676,180 | 8,500,327 | (1,149,375 | ) | 21,778,673 | 1,246,311 | 35,262,191 | |||||||||||||||||||||||||
Beginning shares outstanding | 8,500,327 | — | 21,778,673 | — | 35,262,191 | — | ||||||||||||||||||||||||||
Ending shares outstanding | 9,176,507 | 8,500,327 | 20,629,298 | 21,778,673 | 36,508,502 | 35,262,191 | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
Shares sold | 3,494,423 | |||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | |||||||||||||||||||||||||||||||
Shares repurchased | 33,595 | |||||||||||||||||||||||||||||||
Net increase | 3,528,018 | |||||||||||||||||||||||||||||||
Beginning shares outstanding | — | |||||||||||||||||||||||||||||||
Ending shares outstanding | 3,528,018 | |||||||||||||||||||||||||||||||
PL Short Duration | PL Comstock | PL Growth | PL Large-Cap | |||||||||||||||||||||||||||||
Bond Fund (2) | Fund (2) | LT Fund (2) | Growth Fund (2) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 1,426,601 | 840,641 | 515,246 | 565,551 | ||||||||||||||||||||||||||||
Dividends and distribution reinvested | 22,578 | 25,075 | — | — | ||||||||||||||||||||||||||||
Shares repurchased | (94,972 | ) | (199,075 | ) | (175,781 | ) | (200,745 | ) | ||||||||||||||||||||||||
Converted to Class P shares | (8,923,737 | ) | (12,653,081 | ) | (8,299,570 | ) | (8,286,576 | ) | ||||||||||||||||||||||||
Net decrease | (7,569,530 | ) | (11,986,440 | ) | (7,960,105 | ) | (7,921,770 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 7,569,530 | 11,986,440 | 7,960,105 | 7,921,770 | ||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||
Shares sold | 1,385,103 | 4,291,769 | 3,259,037 | 2,223,407 | 1,101,584 | 1,755,602 | 1,280,723 | 3,571,915 | ||||||||||||||||||||||||
Dividends and distributions reinvested | — | 95,117 | — | 99,619 | — | — | — | — | ||||||||||||||||||||||||
Shares repurchased | (869,289 | ) | (1,239,556 | ) | (336,291 | ) | (1,248,603 | ) | (2,463,550 | ) | (752,995 | ) | (240,154 | ) | (1,122,789 | ) | ||||||||||||||||
Converted from Class A Shares | — | 8,923,737 | — | 12,653,081 | — | 8,299,570 | — | 8,286,576 | ||||||||||||||||||||||||
Net increase (decrease) | 515,814 | 12,071,067 | 2,922,746 | 13,727,504 | (1,361,966 | ) | 9,302,177 | 1,040,569 | 10,735,702 | |||||||||||||||||||||||
Beginning shares outstanding | 12,071,067 | — | 13,727,504 | — | 9,302,177 | — | 10,735,702 | — | ||||||||||||||||||||||||
Ending shares outstanding | 12,586,881 | 12,071,067 | 16,650,250 | 13,727,504 | 7,940,211 | 9,302,177 | 11,776,271 | 10,735,702 | ||||||||||||||||||||||||
C-21
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Large-Cap | PL Main Street | PL Mid-Cap | PL Mid-Cap | |||||||||||||||||||||||||||||
Value Fund (2) | Core Fund (2) | Equity Fund (2) | Growth Fund (2) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 1,490,054 | 1,015,605 | 949,982 | 117,550 | ||||||||||||||||||||||||||||
Dividends and distribution reinvested | 51,066 | 12,032 | 5,986 | 66,283 | ||||||||||||||||||||||||||||
Shares repurchased | (329,474 | ) | (18,854 | ) | (377,103 | ) | (620,970 | ) | ||||||||||||||||||||||||
Converted to Class P shares | (16,781,975 | ) | (17,231,149 | ) | (12,316,799 | ) | (6,101,628 | ) | ||||||||||||||||||||||||
Net decrease | (15,570,329 | ) | (16,222,366 | ) | (11,737,934 | ) | (6,538,765 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 15,570,329 | 16,222,366 | 11,737,934 | 6,538,765 | ||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||
Shares sold | 2,613,822 | 4,330,848 | 1,873,236 | 2,582,319 | 3,378,595 | 1,862,192 | 571,955 | 860,631 | ||||||||||||||||||||||||
Dividends and distributions reinvested | — | 190,557 | — | 82,836 | — | 89,164 | — | 495,234 | ||||||||||||||||||||||||
Shares repurchased | (1,004,006 | ) | (1,591,279 | ) | (333,581 | ) | (4,310,264 | ) | (275,201 | ) | (1,283,576 | ) | (211,810 | ) | (1,187,382 | ) | ||||||||||||||||
Converted from Class A Shares | — | 16,781,975 | — | 17,231,149 | — | 12,316,799 | — | 6,101,628 | ||||||||||||||||||||||||
Net increase | 1,609,816 | 19,712,101 | 1,539,655 | 15,586,040 | 3,103,394 | 12,984,579 | 360,145 | 6,270,111 | ||||||||||||||||||||||||
Beginning shares outstanding | 19,712,101 | — | 15,586,040 | — | 12,984,579 | — | 6,270,111 | — | ||||||||||||||||||||||||
Ending shares outstanding | 21,321,917 | 19,712,101 | 17,125,695 | 15,586,040 | 16,087,973 | 12,984,579 | 6,630,256 | 6,270,111 | ||||||||||||||||||||||||
PL Small-Cap | PL Small-Cap | PL Real Estate | PL Emerging | |||||||||||||||||||||||||||||
Growth Fund (2) | Value Fund (2) | Fund (2) | Markets Fund (2) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/201 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 27,664 | 157,009 | 18,349 | 64,136 | ||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 8,614 | 7,759 | — | ||||||||||||||||||||||||||||
Shares repurchased | (234,932 | ) | (160,735 | ) | (423,437 | ) | (7,619 | ) | ||||||||||||||||||||||||
Converted to Class P shares | (2,523,721 | ) | (4,458,487 | ) | (3,535,609 | ) | (3,969,965 | ) | ||||||||||||||||||||||||
Net decrease | (2,730,989 | ) | (4,453,599 | ) | (3,932,938 | ) | (3,913,448 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 2,730,989 | 4,453,599 | 3,932,938 | 3,913,448 | ||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | — | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||
Shares sold | 515,109 | 717,380 | 872,147 | 3,207,574 | 755,289 | 688,375 | 1,675,224 | 1,054,854 | ||||||||||||||||||||||||
Dividends and distributions reinvested | — | — | — | 65,004 | — | 24,982 | — | 64,256 | ||||||||||||||||||||||||
Shares repurchased | (798 | ) | (521,752 | ) | (141,821 | ) | (540,987 | ) | (218,705 | ) | (596,295 | ) | (148,776 | ) | (710,469 | ) | ||||||||||||||||
Converted from Class A Shares | — | 2,523,721 | — | 4,458,487 | — | 3,535,609 | — | 3,969,965 | ||||||||||||||||||||||||
Net increase | 514,311 | 2,719,349 | 730,326 | 7,190,078 | 536,584 | 3,652,671 | 1,526,448 | 4,378,606 | ||||||||||||||||||||||||
Beginning shares outstanding | 2,719,349 | — | 7,190,078 | — | 3,652,671 | — | 4,378,606 | — | ||||||||||||||||||||||||
Ending shares outstanding+ | 3,233,660 | 2,719,349 | 7,920,404 | 7,190,078 | 4,189,255 | 3,652,671 | 5,905,054 | 4,378,606 | ||||||||||||||||||||||||
PL International | PL International | |||||||||||||||
Large-Cap Fund (2) | Value Fund (2) | |||||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||
Class A | ||||||||||||||||
Shares sold | 899,940 | 1,269,450 | ||||||||||||||
Dividends and distribution reinvested | 76,898 | 61,755 | ||||||||||||||
Shares repurchased | (104,013 | ) | (170,122 | ) | ||||||||||||
Converted to Class P shares | (8,682,775 | ) | (10,552,384 | ) | ||||||||||||
Net decrease | (7,809,950 | ) | (9,391,301 | ) | ||||||||||||
Beginning shares outstanding | 7,809,950 | 9,391,301 | ||||||||||||||
Ending shares outstanding | — | — | ||||||||||||||
C-22
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL International | PL International | |||||||||||||||
Large-Cap Fund (2) | Value Fund (2) | |||||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||||
9/30/2011 | 3/31/2011 | 9/30/2011 | 3/31/2011 | |||||||||||||
Class P | ||||||||||||||||
Shares sold | 4,489,409 | 1,645,551 | 3,147,006 | 1,627,362 | ||||||||||||
Dividends and distributions reinvested | — | 17,428 | — | 167,784 | ||||||||||||
Shares repurchased | (223,519 | ) | (1,366,892 | ) | (223,065 | ) | (2,855,965 | ) | ||||||||
Converted from Class A Shares | — | 8,682,775 | — | 10,552,384 | ||||||||||||
Net increase | 4,265,890 | 8,978,862 | 2,923,941 | 9,491,565 | ||||||||||||
Beginning shares outstanding | 8,978,862 | — | 9,491,565 | — | ||||||||||||
Ending shares outstanding | 13,244,752 | 8,978,862 | 12,415,506 | 9,491,565 | ||||||||||||
(1) | The PL Floating Rate Income Fund commenced operations on June 30, 2011. | |
(2) | Class A shares were converted to Class P shares on July 2, 2010 (see Note 1 to Financial Statements). |
C-23
DISCLOSURE OF FUND EXPENSES
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 04/01/11 - | |||||||||||||
04/01/11 | 09/30/11 | Ratio | 09/30/11 | |||||||||||||
PL Floating Rate Income Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class I (2) | $ | 1,000.00 | $ | 958.10 | 0.80 | % | $ | 1.99 | ||||||||
Hypothetical | ||||||||||||||||
Class I (2) | $ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 | ||||||||
PL Floating Rate Loan Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 976.30 | 0.80 | % | $ | 3.95 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 | ||||||||
PL Inflation Managed Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,065.50 | 0.56 | % | $ | 2.89 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,022.20 | 0.56 | % | $ | 2.83 | ||||||||
PL Managed Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 998.10 | 0.55 | % | $ | 2.75 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,022.25 | 0.55 | % | $ | 2.78 | ||||||||
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 | $ | 1,022.25 | 0.55 | % | $ | 2.78 | ||||||||
PL Comstock Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 825.20 | 0.89 | % | $ | 4.06 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.55 | 0.89 | % | $ | 4.50 | ||||||||
PL Growth LT Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 847.00 | 0.70 | % | $ | 3.23 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.50 | 0.70 | % | $ | 3.54 | ||||||||
PL Large-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 876.50 | 0.88 | % | $ | 4.13 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.60 | 0.88 | % | $ | 4.45 |
D-1
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period(1) | |||||||||||||
Value at | Value at | Expense | 04/01/11 - | |||||||||||||
04/01/11 | 09/30/11 | Ratio | 09/30/11 | |||||||||||||
PL Large-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 859.40 | 0.80 | % | $ | 3.72 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 | ||||||||
PL Main Street Core Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 874.60 | 0.60 | % | $ | 2.81 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
PL Mid-Cap Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 797.30 | 0.80 | % | $ | 3.59 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 | ||||||||
PL Mid-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 822.90 | 0.85 | % | $ | 3.87 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.75 | 0.85 | % | $ | 4.29 | ||||||||
PL Small-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 771.40 | 0.75 | % | $ | 3.32 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.25 | 0.75 | % | $ | 3.79 | ||||||||
PL Small-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 834.00 | 0.90 | % | $ | 4.13 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.50 | 0.90 | % | $ | 4.55 | ||||||||
PL Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 862.10 | 1.05 | % | $ | 4.89 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,019.75 | 1.05 | % | $ | 5.30 | ||||||||
PL Emerging Markets Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 795.00 | 0.95 | % | $ | 4.26 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.25 | 0.95 | % | $ | 4.80 | ||||||||
PL International Large-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 823.70 | 1.00 | % | $ | 4.56 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,020.00 | 1.00 | % | $ | 5.05 | ||||||||
PL International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 799.20 | 0.80 | % | $ | 3.60 | ||||||||
Hypothetical | ||||||||||||||||
Class P | $ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 |
(1) | Expenses paid during the six-month 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 366 days. | |
(2) | The PL Floating Rate Income Fund commenced operations on June 30, 2011. The actual fund return and expenses paid during the period by this fund were for the period from June 30, 2011 to September 30, 2011 instead of the entire six-month period. The hypothetical return is based on the entire six-month period for comparison purposes. |
D-2
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS
(Unaudited)
1 | 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 agreements were not up for renewal at that time. |
D-3
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
D-4
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND FUND MANAGEMENT AGREEMENTS (Continued)
(Unaudited)
D-5
• | 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 |
D-6
Item 2. | Code of Ethics. |
Item 3. | Audit Committee Financial Expert. |
Item 4. | Principal Accountant Fees and Services. |
Item 5. | Audit Committee of Listed registrants. |
Item 6. | Investments. |
(a) | Schedule I. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Item 10. | Submission of Matters to a Vote of Security Holders. |
Item 11. | Controls and Procedures. |
(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. |
Item 12. | Exhibits. |
(a)(1) | Code of Ethics — Not applicable. | ||
(a)(2) | Separate certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are 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 | ||||
By: | /s/ Mary Ann Brown | |||
Mary Ann Brown | ||||
Chief Executive Officer | ||||
By: | /s/ Brian D. Klemens | |||
Brian D. Klemens | ||||
Treasurer (Principal Financial and Accounting Officer) | ||||