"Profit & Loss" is a common name for a financial report that one might develop in Management Reporter. Our reports commonly abbreviate this as "P & L". In Management Report's left pane, the "P & L" report is being shown as " P _L". It appears that Management Reporter is processing the left pane items as if they are menu items and the ampersands are being converted to underlines.
http://msdn.microsoft.com/en-us/library/ms971323.aspx#atg_keyboardshortcuts_selecting_access_keys
This is not what the users desire as they'd like their "P & L" reports to display "P & L". Elsewhere in the program, the string displays correctly.