<SEC-DOCUMENT>0000930413-14-000682.txt : 20140214
<SEC-HEADER>0000930413-14-000682.hdr.sgml : 20140214
<ACCEPTANCE-DATETIME>20140214135844
ACCESSION NUMBER:		0000930413-14-000682
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140214
DATE AS OF CHANGE:		20140214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN NATIONAL GAMING INC
		CENTRAL INDEX KEY:			0000921738
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				232234473
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45655
		FILM NUMBER:		14614402

	BUSINESS ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD STE 200
		STREET 2:		WYOMISSING PROFESSIONAL CENTER
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
		BUSINESS PHONE:		6103732400

	MAIL ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD
		STREET 2:		SUITE 200
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEACHERS ADVISORS INC
		CENTRAL INDEX KEY:			0000939222
		IRS NUMBER:				133760073
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		730 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017-3206
		BUSINESS PHONE:		2129166042

	MAIL ADDRESS:	
		STREET 1:		730 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017-3206
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>c76484_sc13ga.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 13d-102)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO &sect;240.13D-1(b), (c) <BR>
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO &sect;240.13d-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF
1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No. 1)*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Penn National Gaming, Inc.</P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">707569109</P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">December
31, 2013</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Event Which Requires Filing of
this Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Check the appropriate box to designate the
rule pursuant to which this Schedule is filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT> Rule 13d-1(b)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Rule 13d-1(c)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Rule 13d-1(d)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 189pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*The remainder of this cover page shall be filled out for a
reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required in the remainder of this cover page
shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 Act or otherwise subject to
the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Continued on following page(s))</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; font: 12pt Times New Roman, Times, Serif; text-indent: -10pt">CUSIP
    No. 707569109</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: center">13G</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font: 12pt Times New Roman, Times, Serif; text-align: right">Page 2  of 7</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 10pt; text-indent: -10pt">1.</TD>
    <TD STYLE="vertical-align: bottom; width: 50%">NAME OF REPORTING PERSONS</TD>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>TIAA-CREF Investment Management, LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: left; vertical-align: top">2.</TD>
    <TD>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</TD>
    <TD STYLE="text-align: left; vertical-align: top">(a)&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(b)&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">3.</TD>
    <TD>SEC USE ONLY</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">4.</TD>
    <TD>CITIZENSHIP OR PLACE OF ORGANIZATION</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>Delaware</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF SHARES BENEFICIALLY OWNED&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BY EACH REPORTING PERSON WITH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">5.</TD>
    <TD STYLE="vertical-align: bottom; width: 35%">SOLE VOTING POWER</TD>
    <TD STYLE="vertical-align: bottom; width: 55%">1,651,143</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>6.</TD>
    <TD>SHARED VOTING POWER</TD>
    <TD>0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>7.</TD>
    <TD>SOLE DISPOSITIVE POWER</TD>
    <TD>1,651,143</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>8.</TD>
    <TD>SHARED DISPOSITIVE POWER</TD>
    <TD>0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">9.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 31%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 55%">1,651,143</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">10.</TD>
    <TD COLSPAN="2">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">11.</TD>
    <TD COLSPAN="2">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">2.13%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">12.</TD>
    <TD COLSPAN="2">TYPE OF REPORTING PERSON</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">IA</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->







<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; font: 12pt Times New Roman, Times, Serif; text-indent: -10pt">CUSIP
    No. 707569109</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: center">13G</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font: 12pt Times New Roman, Times, Serif; text-align: right">Page 3  of 7</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 10pt; text-indent: -10pt">1.</TD>
    <TD STYLE="vertical-align: bottom; width: 50%">NAME OF REPORTING PERSONS</TD>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>Teachers Advisors, Inc.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: left; vertical-align: top">2.</TD>
    <TD>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</TD>
    <TD STYLE="text-align: left; vertical-align: top">(a)&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(b)&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">3.</TD>
    <TD>SEC USE ONLY</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">4.</TD>
    <TD>CITIZENSHIP OR PLACE OF ORGANIZATION</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>Delaware</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF SHARES BENEFICIALLY OWNED&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BY EACH REPORTING PERSON WITH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">5.</TD>
    <TD STYLE="vertical-align: bottom; width: 35%">SOLE VOTING POWER</TD>
    <TD STYLE="vertical-align: bottom; width: 55%">405,612</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>6.</TD>
    <TD>SHARED VOTING POWER</TD>
    <TD>0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>7.</TD>
    <TD>SOLE DISPOSITIVE POWER</TD>
    <TD>405,612</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>8.</TD>
    <TD>SHARED DISPOSITIVE POWER</TD>
    <TD>0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">9.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 31%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 55%">405,612</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">10.</TD>
    <TD COLSPAN="2">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">11.</TD>
    <TD COLSPAN="2">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">0.52%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">12.</TD>
    <TD COLSPAN="2">TYPE OF REPORTING PERSON</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">IA</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; font: 12pt Times New Roman, Times, Serif; text-indent: -10pt">CUSIP
    No. 707569109</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: center">13G</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font: 12pt Times New Roman, Times, Serif; text-align: right">Page 4  of 7</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 1(a).</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NAME OF ISSUER:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 11%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 85%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Penn National Gaming, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 1(b).</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ADDRESS OF ISSUER&rsquo;S PRINCIPAL EXECUTIVE OFFICES:</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%; text-align: left"><FONT STYLE="font-size: 10pt">825 Berkshire Blvd.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Wyomissing, PA 19610</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 15%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Items 2(a)-2(c).</B></FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt"><B>NAME, ADDRESS OF PRINCIPAL BUSINESS OFFICE, AND CITIZENSHIP OF PERSONS FILING:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">TIAA-CREF Investment Management, LLC (&ldquo;Investment Management&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">730 Third Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">New York, NY 10017-3206</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Citizenship: Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Teachers Advisors, Inc. (&ldquo;Advisors&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">730 Third Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">New York, NY 10017-3206</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Citizenship: Delaware</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 2(d).</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-size: 10pt"><B>TITLE OF CLASS OF SECURITIES:</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 15%">&nbsp;</TD>
    <TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Common Stock</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 2(e).</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>CUSIP NUMBER:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 11%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 85%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">707569109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>IF THIS STATEMENT IS FILED PURSUANT TO &sect;240.13d-1(b), OR &sect;240.13d-2(b) or (c), CHECK WHETHER THE PERSON FILING IS A:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>Investment Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(a)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">Broker or dealer registered under Section 15 of the Exchange Act.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(b)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">Bank as defined in Section 3(a)(6) of the Exchange Act.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(c)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">Insurance Company as defined in Section 3(a)(19) of the Exchange Act.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(d)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">Investment Company registered under Section 8 of the Investment Company Act
of 1940.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(e)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(f)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(g)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(h)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(i)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">A church plan that is excluded from the definition of an investment company under Section
3(c)(14) of the Investment Company Act of 1940.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">(j)</TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-align: justify; width: 89%">Group, in accordance with Rule 13d-1(b)(1)(ii)(J).</TD>
</TR></TABLE>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; font: 12pt Times New Roman, Times, Serif; text-indent: -10pt">CUSIP
    No. 707569109</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: center">13G</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font: 12pt Times New Roman, Times, Serif; text-align: right">Page 5  of 7</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -72pt"><B>Advisors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 6%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 89%"><FONT STYLE="font-size: 10pt">Broker or dealer registered under Section 15 of the Exchange Act.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Bank as defined in Section 3(a)(6) of the Exchange Act.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Insurance Company as defined in Section 3(a)(19) of the Exchange Act.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Investment Company registered under Section 8 of the Investment Company Act of 1940.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Group, in accordance with Rule 13d-1(b)(1)(ii)(J).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this statement is filed pursuant to
Rule 13d-1(c), check this box. <FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%; padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 89%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>OWNERSHIP</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Provide
the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in
Item 1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 6%; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 35%"><FONT STYLE="font-size: 10pt">(a) Aggregate amount beneficially owned: </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 59%"><FONT STYLE="font-size: 10pt">2,056,755 (See Exhibit A attached)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b) Percent of class: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">2.659%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(c) Number of shares as to which the person has:</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 25%; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"> <Font style= "border-bottom:1px solid Black">Investment Management</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 35%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><Font style= "border-bottom:1px solid Black">Advisors</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Sole Voting Power:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">1,651,143</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">405,612</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shared Voting Power:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1,651,143</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">405,612</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shared Dispositive Power:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%; padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 89%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following <FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></FONT>.</FONT></TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; font: 12pt Times New Roman, Times, Serif; text-indent: -10pt">CUSIP
    No. 707569109</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: center">13G</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font: 12pt Times New Roman, Times, Serif; text-align: right">Page 6   of
    7</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%; padding-left: 10pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 89%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">See Exhibit A attached</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTICE OF DISSOLUTION OF GROUP.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 10.</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>CERTIFICATIONS.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">SIGNATURE.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Date: February 14, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">TIAA-CREF INVESTMENT<BR>
 MANAGEMENT, LLC</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 67%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">/s/ Richard S. Biegen</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Richard Biegen, Chief Compliance Officer</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">TEACHERS ADVISORS, INC.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">/s/ Richard S. Biegen</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Richard Biegen, Managing Director,</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: justify; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Senior Compliance Officer</FONT></TD>
    </TR>
</TABLE>
<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; font: 12pt Times New Roman, Times, Serif; text-indent: -10pt">CUSIP
    No. 707569109</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; font: 12pt Times New Roman, Times, Serif; text-align: center">13G</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font: 12pt Times New Roman, Times, Serif; text-align: right">Page 7  of 7</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 6. OWNERSHIP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TIAA-CREF Investment Management, LLC (&ldquo;Investment Management&rdquo;)
is the investment adviser to the College Retirement Equities Fund (&ldquo;CREF&rdquo;), a registered investment company, and may
be deemed to be a beneficial owner of 1,651,143 shares of Issuer&rsquo;s common stock owned by CREF. Teachers Advisors, Inc. (&ldquo;Advisors&rdquo;)
is the investment adviser to three registered investment companies, TIAA-CREF Funds (&ldquo;Funds&rdquo;), TIAA-CREF Life Funds
(&ldquo;Life Funds&rdquo;), and TIAA Separate Account VA-1 (&ldquo;VA-1&rdquo;), as well as one or more separately managed accounts
of Advisors (collectively, the &ldquo;Separate Accounts&rdquo;) and may be deemed to be a beneficial owner of 405,612 shares of
Issuer&rsquo;s common stock owned by the Funds, Life Funds, VA-1 and the Separate Accounts. Investment Management and Advisors
are reporting their combined holdings for the purpose of administrative convenience. These shares were acquired in the ordinary
course of business, and not with the purpose or effect of changing or influencing control of the Issuer. Each of Investment Management
and Advisors expressly disclaims beneficial ownership of the other&rsquo;s securities holdings and each disclaims that it is a
member of a &ldquo;group&rdquo; with the other.</P>
<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt;  border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>

    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
