-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WT5OihU2NMvFwF97aAlIBLdb6MKaY1i14ApmM0Kgf+5VGBLXpc/SLQypWKXvB6Xd qmplkZdJhvvKyKaAeJfKRw== 0001127352-10-000001.txt : 20100226 0001127352-10-000001.hdr.sgml : 20100226 20100226093448 ACCESSION NUMBER: 0001127352-10-000001 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100226 DATE AS OF CHANGE: 20100226 EFFECTIVENESS DATE: 20100226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEARL MUTUAL FUNDS CENTRAL INDEX KEY: 0001127352 IRS NUMBER: 420995191 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-10261 FILM NUMBER: 10636351 BUSINESS ADDRESS: STREET 1: 2610 PARK AVENUE STREET 2: P O BOX 209 CITY: MUSCATINE STATE: IA ZIP: 52761 BUSINESS PHONE: 3192648000 MAIL ADDRESS: STREET 1: 2610 PARK AVENUE STREET 2: P O BOX 209 CITY: MUSCATINE STATE: IA ZIP: 52761 0001127352 S000008567 Pearl Total Return Fund C000023484 Pearl Total Return Fund PFTRX 0001127352 S000008568 Pearl Aggressive Growth Fund C000023485 Pearl Aggressive Growth Fund PFAGX NSAR-B 1 answer.fil ANSWER FILE PAGE 1 000 B000000 12/31/2009 000 C000000 0001127352 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 PEARL MUTUAL FUNDS 001 B000000 811-10261 001 C000000 5632882773 002 A000000 2610 PARK AVENUE 002 B000000 MUSCATINE 002 C000000 IA 002 D010000 52761 002 D020000 0069 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 2 007 C010100 1 007 C020100 PEARL TOTAL RETURN FUND 007 C030100 N 007 C010200 2 007 C020200 PEARL AGGRESSIVE GROWTH FUND 007 C030200 N 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A00AA01 PEARL MANAGEMENT COMPANY 008 B00AA01 A 008 C00AA01 801-8868 008 D01AA01 MUSCATINE 008 D02AA01 IA 008 D03AA01 52761 008 D04AA01 0069 013 A00AA01 DELOITTE & TOUCHE LLP 013 B01AA01 DAVENPORT 013 B02AA01 IA 013 B03AA01 52801 013 B04AA01 1813 015 A00AA01 FIRST NATIONAL BANK OF MUSCATINE 015 B00AA01 C PAGE 2 015 C01AA01 MUSCATINE 015 C02AA01 IA 015 C03AA01 52761 015 E01AA01 X 018 00AA00 N 019 A00AA00 N 019 B00AA00 0 020 C000001 0 020 C000002 0 020 C000003 0 020 C000004 0 020 C000005 0 020 C000006 0 020 C000007 0 020 C000008 0 020 C000009 0 020 C000010 0 021 000000 0 022 A000001 ARTISAN INTERNATIONAL SMALL CAP FUND 022 B000001 39-2036135 022 C000001 10182 022 D000001 3976 022 A000002 PIMCO TOTAL RETURN FUND 022 B000002 33-0239892 022 C000002 3855 022 D000002 7000 022 A000003 FIRST EAGLE OVERSEAS FUND 022 B000003 13-3729077 022 C000003 1500 022 D000003 9225 022 A000004 JOHN HANCOCK BALANCED FUND 022 B000004 04-3167136 022 C000004 101 022 D000004 10000 022 A000005 OAKMARK INTERNATIONAL FUND 022 B000005 36-3842953 022 C000005 10087 022 D000005 0 022 A000006 MATTHEWS ASIAN GROWTH & INCOME FUND 022 B000006 94-3205616 022 C000006 2331 022 D000006 7500 022 A000007 JANUS CONTRARIAN FUND 022 B000007 84-1521705 022 C000007 3000 022 D000007 5785 022 A000008 JOHN HANCOCK LARGE CAP EQUITY FUND 022 B000008 74-6035056 022 C000008 36 022 D000008 6688 022 A000009 FAIRHOLME FUND PAGE 3 022 B000009 22-3665587 022 C000009 4095 022 D000009 2000 022 A000010 T. 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J000400 0 074 K000400 0 074 L000400 0 074 M000400 0 074 N000400 0 SIGNATURE ROBERT H. SOLT TITLE PRESIDENT EX-99.77B ACCT LTTR 2 accountant.txt ACCOUNTANT LETTER Deloitte & Touche LLP 111 S. Wacker Drive Chicago, IL 60606-4301 USA Tel: +1 312 486 1000 Fax: +1 312 486 1486 www.us.deloitte.com REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of Pearl Mutual Funds Muscatine, IA In planning and performing our audit of the financial statements of Pearl Mutual Funds, including Pearl Total Return Fund and Pearl Aggressive Fund (collectively, the "Funds"), as of and for the year ended December 31, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. The management of the Company is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Company's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Company's internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2009. This report is intended solely for the information and use of management and the Board of Trustees of Pearl Mutual Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyoneother than these specified parties. February 26, 2010 -----END PRIVACY-ENHANCED MESSAGE-----