Pearl Total Return Fund
Holdings as of 03/31/2012 (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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||||||||||
572353522 |
BMO Small Cap Growth (MSGIX)
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10.21 | % | 351,188.726 | $ | 6,886,810.92 | ||||||||
0075W0593 |
Cambiar Small Cap (CAMZX)
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8.16 | % | 286,128.213 | $ | 5,505,106.82 | ||||||||
577130750 |
Matthews Asia Dividend (MIPIX)
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2.10 | % | 102,450.606 | $ | 1,418,940.89 | ||||||||
577130842 |
Matthews Asian Growth & Income (MICSX)
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1.71 | % | 69,098.780 | $ | 1,156,022.59 | ||||||||
779557107 |
T. Rowe Price New America Growth (PRWAX)
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2.74 | % | 51,607.291 | $ | 1,848,573.16 | ||||||||
885215327 |
Thornburg Global Opportunities (THOIX)
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6.38 | % | 274,340.732 | $ | 4,301,662.68 | ||||||||
885215244 |
Thornburg International Growth (TINGX)
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9.87 | % | 422,618.851 | $ | 6,656,246.90 | ||||||||
94904P708 |
Weitz Partners III Opportunity (WPOPX)
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13.67 | % | 713,422.670 | $ | 9,224,555.12 | ||||||||
949915714 |
Wells Fargo Advantage Growth, I (SGRNX)
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19.33 | % | 296,793.453 | $ | 13,038,136.39 | ||||||||
Equity Funds Subtotal
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74.17 | % | $ | 50,036,055.47 | ||||||||||
Income Funds:
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||||||||||||||
693390700 |
PIMCo Total Return (PTTRX)
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16.83 | % | 1,023,883.328 | $ | 11,354,866.11 | ||||||||
Cash and Money Markets:
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Cash held with Custodian
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9.00 | % | 6,066,900.770 | $ | 6,066,900.77 | |||||||||
Portfolio Total
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100.00 | % | $ | 67,457,822.35 |
Pearl Aggressive Growth Fund
Holdings as of 03/31/2012 (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 |
Fidelity Leveraged Company Stock Fund (FLVCX)
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13.64 | % | 151,392.827 | $ | 4,450,949.11 | ||||||||
316389105 |
Fidelity OTC (FOCPX)
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13.51 | % | 68,759.475 | $ | 4,408,169.94 | ||||||||
44134R867 |
Hotchkis and Wiley Small Cap Value (HWSIX)
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11.34 | % | 86,015.017 | $ | 3,702,086.33 | ||||||||
52106N889 |
Lazard Emerging Markets Fund (LZEMX)
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5.87 | % | 97,257.376 | $ | 1,916,942.88 | ||||||||
617440599 |
Morgan Stanley Inst. Mid Cap Growth, P (MACGX)
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9.70 | % | 84,792.708 | $ | 3,165,311.79 | ||||||||
413838822 |
Oakmark Global Select (OAKWX)
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15.58 | % | 411,528.637 | $ | 5,086,493.95 | ||||||||
701765877 |
Parnassus Small Cap (PARSX)
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8.16 | % | 113,378.620 | $ | 2,663,263.78 | ||||||||
780905691 |
Royce Opportunity (ROFIX)
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10.38 | % | 277,492.374 | $ | 3,388,181.89 | ||||||||
949915698 |
Wells Fargo Advantage Growth, ADM (SGRKX)
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7.85 | % | 59,907.582 | $ | 2,562,846.36 | ||||||||
Cash and Money Markets:
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||||||||||||||
Cash held with Custodian
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3.97 | % | 1,294,874.620 | $ | 1,294,874.62 | |||||||||
Portfolio Total
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100.00 | % | $ | 32,639,120.65 |
*
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In accordance with Accounting Standards Codification 820 Fair Value Measurement and Disclosure (“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 could use in pricing the asset or liability, developed based on the best information available in the circumstances.
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The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
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• Level 1 — quoted prices in active markets for identical investments.
• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.).
• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.
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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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$ | 67,457,822.35 | $ | 32,639,120.65 | ||||
Level 2 — Other Significant Observable Inputs:
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— | — | ||||||
Level 3 — Significant Unobservable Inputs:
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— | — | ||||||
Total
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$ | 67,457,822.35 | $ | 32,639,120.65 |
(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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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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