Pearl Mutual Funds
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(Exact name of registrant as specified in charter)
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2610 Park Avenue, PO Box 209, Muscatine, IA 52761
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(Address of principal executive offices)
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Richard R. Phillips, President
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2610 Park Avenue, Muscatine, IA 52761
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(Name and address of agent for service)
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Pearl Total Return Fund
Holdings as of 9-30-11*
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||||
Cusip
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Equity Funds:
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% Total
Assets
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Shares
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Market Value
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0075W0593
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Cambiar Small Cap (CAMZX)
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5.71%
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276692.467
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$4,020,341.55
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572353522
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Marshall Small Cap Growth (MSGIX)
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7.23%
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330386.606
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$5,087,953.73
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577130750
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Matthews Asia Dividend (MIPIX)
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1.78%
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101171.287
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$1,250,477.11
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577130776
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Matthews Asia Growth (MIAPX)
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0.81%
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36897.859
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$572,285.79
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577130842
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Matthews Asian Growth & Income (MICSX)
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1.46%
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65518.257
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$1,028,636.63
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779557107
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T. Rowe Price New America Growth (PRWAX)
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2.12%
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49967.676
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$1,493,034.16
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885215327
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Thornburg Global Opportunities (THOIX)
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5.06%
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269577.68
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$3,558,425.38
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885215244
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Thornburg International Growth (TINGX)
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8.12%
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421824.531
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$5,715,722.40
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94904P708
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Weitz Partners III Opportunity (WPOPX)
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10.88%
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713422.67
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$7,655,025.25
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949915714
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Wells Fargo Advantage Growth (SGRNX)
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15.23%
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316,713.014
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$10,714,401.26
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Equity Funds Subtotal
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58.40%
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$41,096,303.26
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Income Funds:
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||||
693390700
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PIMCo Total Return (PTTRX)
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15.35%
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1,000,672.957
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$10,797,261.21
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Cash and Money Markets:
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||||
Cash held with Custodian
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26.25%
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18,462,137.190
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$18,462,137.19
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Portfolio Total
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100.00%
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$70,355,701.66
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Pearl Aggressive Growth Fund
Holdings as of 09/30/2011 (unaudited)*
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Cusip
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Equity Funds:
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% Total
Assets
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Shares
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Market Value
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316389873
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Fidelity Leveraged Company Stock Fund (FLVCX)
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12.18%
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191,977.520
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$4,238,863.64
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316389105
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Fidelity OTC (FOCPX)
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7.48%
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50604.065
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$2,603,579.14
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44134R867
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Hotchkis and Wiley Small Cap Value (HWSIX)
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12.90%
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138,649.602
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$4,489,474.11
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41013P764
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John Hancock Global Opportunities I (JGPIX)
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2.72%
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74593.43
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$945,844.69
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52106N889
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Lazard Emerging Markets Fund (LZEMX)
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3.33%
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67594.006
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$1,160,589.08
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577130834
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Matthews Pacific Tiger (MIPTX)
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3.90%
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67563.847
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$1,356,006.41
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617440599
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Morgan Stanley Inst. Mid Cap Growth, P (MACGX)
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14.08%
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150,535.688
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$4,899,936.64
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413838822
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Oakmark Global Select (OAKWX)
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9.14%
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319,362.738
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$3,180,852.87
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701765877
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Parnassus Small Cap (PARSX)
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8.16%
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151,170.186
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$2,840,487.79
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780905691
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Royce Opportunity (ROFIX)
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8.15%
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315,380.159
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$2,835,267.63
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90330L402
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US Global Eastern European (EUROX)
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7.19%
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319559.015
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$2,502,147.09
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949915698
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Wells Fargo Advantage Growth (SGRKX)
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6.45%
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68107.945
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$2,246,881.11
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Cash and Money Markets:
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Cash held with Custodian
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4.32%
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1,509,899.090
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$1,509,899.09
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Portfolio Total
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100.00%
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$34,809,829.29
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*
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The Funds adopted Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, (formerly Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements), effective January 1, 2008. In accordance with ASC 820, fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including the technique or pricing model used to measure fair value and the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.
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Valuation Inputs
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Pearl Total
Return Fund
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Pearl Aggressive
Growth Fund
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Level 1— Quoted Prices:
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$70,355,701.66
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$34,809,829.29
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Level 2 — Other Significant Observable Inputs:
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—
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—
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Level 3 — Significant Unobservable Inputs:
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—
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—
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Total
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$70,355,701.66
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$34,809,829.29
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(a)
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Certification pursuant to Rule 30a-2(a) under the 1940 Act, attached hereto as Exhibit (a)(1).
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Pearl Mutual Funds
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By: | /s/ David M. Stanley | |
David M. Stanley | ||
Secretary | ||
Date: | November 29, 2011 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, this Report has been signed below by the following person on behalf of the registrant and in the capacities, and on the date indicated.
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By: | /s/ Richard R. Phillips | |
Richard R. Phillips | ||
President, Chief Executive Officer, Chief Operating Officer and | ||
Chief Financial Officer | ||
Date: | November 29, 2011 |
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the Registrant, which has no consolidated subsidiaries, is made known to me by others within the Registrant, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
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d)
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Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting;
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
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