Not in the same way, as with PrE 10. Now, the Functional Content is downloaded, either individually, as needed, or All, in one, rather longish session.
For Premiere Elements 11 and 12 there is some minor "Content" that comes with the installation of the program. All the rest are needed from downloads from within the opened project. Please check out the following blog posts to give you some perspective on the matter.
It used to be, if you purchased box packaging of the product, there were installation discs and Content disc. And, those purchasing an online download had to download Content. No more. Now all of us go through the Content download business.
Any questions or clarification needed, please let us know.
We are not Adobe nor Adobe webmasters here. If you want help from a fellow Premiere Elements user, we are glad for the opportunity to be of assistance in troubleshooting your Premiere Elements workflows.