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Trust for Professional Managers – ‘N-Q/A’ for 5/31/14

On:  Friday, 12/12/14, at 3:08pm ET   ·   Effective:  12/12/14   ·   For:  5/31/14   ·   Accession #:  894189-14-5950   ·   File #:  811-10401

Previous ‘N-Q’:  ‘N-Q’ on 10/29/14 for 8/31/14   ·   Next:  ‘N-Q’ on 1/26/15 for 11/30/14   ·   Latest:  ‘N-Q’ on 4/29/20 for 2/29/20

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

12/12/14  Trust for Professional Managers   N-Q/A       5/31/14    2:1.6M                                   US Bancorp Fund Svcs LLCCollins Alternative Solutions Fund 2 Classes/Contracts

Amendment to Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q/A       Amended Quarterly Notice of Portfolio Holdings      HTML    775K 
 2: EX-99.CERT  Officer Certifications                              HTML     20K 


N-Q/A   —   Amended Quarterly Notice of Portfolio Holdings


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 




Investment Company Act file number 811-10401



Trust for Professional Managers
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Rachel A. Spearo
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)


(414) 765-5384
Registrant's telephone number, including area code



Date of fiscal year end: February 28



Date of reporting period:  May 31, 2014
 

 
 
 

 
 
Item 1. Schedule of Investments.
 
 
Collins Alternative Solutions Fund
           
Schedule of Investments
           
May 31, 2014 (Unaudited)
           
             
   
Principal
       
   
Amount
   
Value
 
BANK LOANS - 0.33%
           
Lee Enterprises, Inc.
           
0.120%, 12/31/2022
  $ 500,000     $ 546,250  
Total Bank Loan (Cost $500,000)
            546,250  
                 
   
Shares
         
COMMON STOCKS - 35.96%
               
Accommodation - 0.82%
               
Caesars Entertainment Corp. (a)(b)
    58,150       1,060,075  
Leucadia National Corp.
    11,677       299,515  
              1,359,590  
Administrative and Support Services - 0.19%
               
Angie's List, Inc. (a)(b)
    9,993       106,426  
Sotheby's (b)
    5,107       201,624  
              308,050  
Air Transportation - 0.03%
               
AMR Corp. Escrow (a)
    28,850       43,275  
Beverage and Tobacco Product Manufacturing - 0.13%
               
Reynolds American, Inc. (b)
    3,504       208,944  
Broadcasting (except Internet) - 4.02%
               
Charter Communications, Inc. (a)(b)
    15,510       2,220,102  
Liberty Interactive Corp. (a)
    76,110       2,217,084  
Sirius XM Holdings, Inc. (a)
    669,300       2,195,304  
              6,632,490  
Chemical Manufacturing - 1.87%
               
Abbott Laboratories (b)
    5,092       203,731  
AptarGroup, Inc. (b)
    2,939       195,708  
Ecolab, Inc. (b)
    1,895       206,915  
Johnson & Johnson (b)
    1,951       197,948  
Merck & Co., Inc.
    3,360       194,410  
Trinity Biotech PLC (c)
    9,000       215,910  
XenoPort, Inc. (a)(b)
    461,477       1,868,982  
              3,083,604  
Clothing and Clothing Accessories Stores - 0.92%
               
Destination Maternity Corp.
    9,534       220,521  
Foot Locker, Inc. (b)
    2,255       108,646  
The Wet Seal, Inc. (a)(b)
    1,421,190       1,193,800  
              1,522,967  
Computer and Electronic Product Manufacturing - 1.77%
               
Apple, Inc. (b)
    465       294,345  
Cisco Systems, Inc. (b)
    11,731       288,817  
Fairchild Semiconductor International, Inc. (a)
    18,271       268,036  
Harris Corp. (b)
    2,698       208,420  
Intel Corp.
    8,395       229,351  
QUALCOMM, Inc.
    3,050       245,373  
Renewable Energy Group, Inc. (a)
    8,100       80,109  
Silicon Motion Technology Corp. (c)
    5,585       92,655  
Violin Memory, Inc. (a)
    51,043       172,015  
Volcano Corp. (a)(b)
    59,750       1,037,260  
              2,916,381  
 
 
 
 

 
 
Credit Intermediation and Related Activities - 1.13%
 
 
   
 
 
Ally Financial, Inc. (a)
    20,000       471,200  
Commerce Bancshares, Inc. (b)
    4,565       198,166  
Ezcorp, Inc. (a)(b)
    15,254       186,404  
Fifth Third Bancorp
    9,620       199,038  
Nelnet, Inc.
    6,381       262,706  
Ocwen Financial Corp. (a)
    5,600       196,392  
PHH Corp. (a)
    6,851       174,495  
Stonegate Mortgage Corp. (a)
    11,017       167,789  
              1,856,190  
Data Processing, Hosting and Related Services - 0.12%
               
Automatic Data Processing, Inc. (b)
    2,566       204,459  
Electrical Equipment, Appliance, and Component Manufacturing - 0.16%
               
Corning, Inc. (b)
    2,913       62,047  
Emerson Electric Co. (b)
    2,907       193,984  
              256,031  
Electronics and Appliance Stores - 0.31%
               
Best Buy Co., Inc. (b)
    11,300       312,558  
Conn's, Inc. (a)
    4,200       195,888  
              508,446  
Fabricated Metal Product Manufacturing - 0.12%
               
Ball Corp. (b)
    1,768       106,717  
Crane Co. (b)
    1,221       90,488  
              197,205  
Food Manufacturing - 1.16%
               
General Mills, Inc. (b)
    3,733       205,054  
Kellogg Co. (b)
    2,941       202,870  
McCormick & Co, Inc. (b)
    2,769       200,226  
Post Holdings, Inc. (a)
    22,300       1,114,331  
SodaStream International Ltd. (a)(c)
    4,902       183,090  
              1,905,571  
Food Services and Drinking Places - 0.52%
               
BJ's Restaurants, Inc. (a)(b)
    17,100       540,189  
Bob Evans Farms, Inc.
    2,811       125,567  
McDonald's Corp. (b)
    1,946       197,383  
              863,139  
Furniture and Related Product Manufacturing - 0.22%
               
Pier 1 Imports, Inc.
    10,441       183,866  
Select Comfort Corp. (a)
    9,653       178,967  
              362,833  
Gasoline Stations - 0.06%
               
The Pantry, Inc. (a)(b)
    5,840       98,638  
General Merchandise Stores - 0.12%
               
Costco Wholesale Corp. (b)
    1,709       198,278  
Health and Personal Care Stores - 0.05%
               
Rite Aid Corp. (a)(b)
    10,371       86,702  
Insurance Carriers and Related Activities - 2.77%
               
Aflac, Inc. (b)
    3,175       194,405  
Assured Guaranty Ltd. (c)
    6,085       148,596  
Brown & Brown, Inc. (b)
    6,685       201,820  
Hilltop Holdings, Inc. (a)(b)
    53,170       1,103,277  
MetLife, Inc.
    893       45,480  
The Hartford Financial Services Group, Inc. (b)
    1,720       59,598  
 
 
 
 

 
 
UnitedHealth Group, Inc. (b)
    4,255       338,826  
Voya Financial, Inc. (b)
    60,830       2,177,714  
WellPoint, Inc. (b)
    2,813       304,817  
              4,574,533  
Machinery Manufacturing - 0.18%
               
Lam Research Corp. (a)
    1,610       99,884  
United Technologies Corp. (b)
    1,667       193,739  
              293,623  
Management of Companies and Enterprises - 1.33%
               
EchoStar Corp. (a)(b)
    42,820       2,186,817  
Merchant Wholesalers, Durable Goods - 0.17%
               
Delphi Automotive PLC (b)(c)
    1,150       79,419  
W.W. Grainger, Inc. (b)
    801       206,954  
              286,373  
Merchant Wholesalers, Nondurable Goods - 0.57%
               
AmerisourceBergen Corp.
    4,600       336,628  
Sigma-Aldrich Corp. (b)
    2,063       203,268  
Sysco Corp. (b)
    5,474       205,439  
The Procter & Gamble Co. (b)
    2,385       192,684  
              938,019  
Mining (except Oil and Gas) - 1.14%
               
Freeport-McMoRan Copper & Gold, Inc.
    4,579       155,915  
Newmont Mining Corp. (b)
    6,980       159,772  
Stillwater Mining Co. (a)(b)
    92,644       1,557,346  
              1,873,033  
Miscellaneous Manufacturing - 0.09%
               
Coach, Inc. (b)
    3,806       154,942  
Miscellaneous Store Retailers - 0.09%
               
Staples, Inc. (b)
    12,630       142,087  
Motion Picture and Sound Recording Industries - 0.13%
               
Time Warner, Inc.
    3,042       212,423  
Nonmetallic Mineral Product Manufacturing - 0.08%
               
Owens-Illinois, Inc. (a)
    4,064       135,047  
Nonstore Retailers - 2.51%
               
eBay, Inc. (a)(b)
    9,016       457,382  
Nutrisystem, Inc. (b)
    144,407       2,382,715  
ValueVision Media, Inc. (a)
    292,420       1,304,193  
              4,144,290  
Nursing and Residential Care Facilities - 1.33%
               
Brookdale Senior Living, Inc. (a)
    33,169       1,103,201  
Emeritus Corp. (a)(b)
    34,991       1,094,518  
              2,197,719  
Oil and Gas Extraction - 0.15%
               
Bill Barrett Corp. (a)(b)
    2,350       58,750  
Endeavour International Corp. (a)
    4,814       9,628  
Gran Tierra Energy, Inc. (a)(b)
    13,540       97,759  
Range Resources Corp. (b)
    920       85,514  
              251,651  
Other Information Services - 1.32%
               
Liberty Global PLC (a)(b)(c)
    50,800       2,174,240  
Paper Manufacturing - 1.53%
               
Graphic Packaging Holding Co. (a)(b)
    215,420       2,367,466  
Rock-Tenn Co.
    1,585       160,132  
              2,527,598  
 
 
 
 

 
 
Personal and Laundry Services - 0.10%
 
 
   
 
 
Weight Watchers International, Inc.
    8,000       166,640  
Petroleum and Coal Products Manufacturing - 0.93%
               
Chevron Corp. (b)
    3,768       462,673  
Exxon Mobil Corp. (b)
    4,208       423,030  
PBF Energy, Inc.
    8,000       255,280  
Valero Energy Corp. (b)
    7,100       397,955  
              1,538,938  
Plastics and Rubber Products Manufacturing - 1.60%
               
Berry Plastics Group, Inc. (a)(b)
    98,693       2,330,142  
Illinois Tool Works, Inc. (b)
    2,320       200,796  
The Goodyear Tire & Rubber Co. (b)
    4,086       107,748  
              2,638,686  
Primary Metal Manufacturing - 0.27%
               
AK Steel Holding Corp. (a)(b)
    8,730       53,427  
Allegheny Technologies, Inc. (b)
    2,728       112,039  
Titan International, Inc. (b)
    17,390       274,936  
              440,402  
Printing and Related Support Activities - 0.04%
               
RR Donnelley & Sons Co. (b)
    3,820       60,509  
Professional, Scientific, and Technical Services - 0.14%
               
Fluor Corp.
    1,349       101,283  
Vringo, Inc. (a)
    39,602       130,290  
              231,573  
Publishing Industries (except Internet) - 0.66%
               
Microsoft Corp. (b)
    11,637       476,419  
Oracle Corp. (b)
    8,133       341,748  
Symantec Corp.
    12,200       268,278  
              1,086,445  
Rail Transportation - 0.13%
               
Norfolk Southern Corp. (b)
    2,090       210,567  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.56%
               
Apollo Global Management LLC (b)
    2,914       72,355  
Eaton Vance Corp. (b)
    5,541       205,848  
KKR & Co. LP (b)
    12,515       284,466  
The Blackstone Group LP (b)
    4,811       149,526  
The Goldman Sachs Group, Inc.
    1,300       207,753  
              919,948  
Support Activities for Mining - 0.67%
               
ConocoPhillips (b)
    2,646       211,521  
Diamond Offshore Drilling, Inc.
    5,700       291,042  
Transocean Ltd. (c)
    11,700       497,133  
Vantage Drilling Co. (a)(b)(c)
    62,275       103,999  
              1,103,695  
Telecommunications - 0.37%
               
AT&T, Inc. (b)
    5,554       197,000  
Verizon Communications, Inc. (b)
    8,277       413,519  
              610,519  
Transportation Equipment Manufacturing - 1.04%
               
Ford Motor Co. (b)
    19,903       327,205  
General Motors Co. (b)
    11,400       394,212  
Lear Corp. (b)
    825       72,641  
Lockheed Martin Corp. (b)
    1,217       199,162  
Magna International, Inc. (b)(c)
    859       87,893  
Polaris Industries, Inc. (b)
    1,494       192,607  
Tenneco, Inc. (a)(b)
    1,337       85,234  
 
 
 
 

 
 
Tower International, Inc. (a)(b)
    5,183       158,807  
TRW Automotive Holdings Corp. (a)(b)
    1,016       86,228  
WABCO Holdings, Inc. (a)
    1,001       106,877  
              1,710,866  
Utilities - 0.64%
               
Dominion Resources, Inc. (b)
    2,705       186,537  
Entergy Corp. (b)
    2,685       202,503  
EQT Corp. (b)
    743       79,412  
National Fuel Gas Co. (b)
    2,701       202,575  
Northeast Utilities (b)
    4,173       189,454  
The Southern Co. (b)
    4,286       187,641  
              1,048,122  
Waste Management and Remediation Services - 0.12%
               
Waste Management, Inc. (b)
    4,470       199,720  
Water Transportation - 1.46%
               
GasLog Ltd. (c)
    95,700       2,234,595  
Hornbeck Offshore Services, Inc. (a)
    3,959       179,105  
              2,413,700  
Wholesale Electronic Markets and Agents and Brokers - 0.12%
               
Genuine Parts Co. (b)
    2,297       198,300  
TOTAL COMMON STOCKS (Cost $57,320,708)
            59,283,818  
                 
   
Principal
         
   
Amount
         
CONVERTIBLE BONDS - 6.85%
               
Administrative and Support Services - 0.38%
               
CBIZ, Inc.
               
4.875%, 10/01/2015 (b)(d)
  $ 500,000       633,750  
Beverage and Tobacco Product Manufacturing - 0.48%
               
Vector Group Ltd.
               
3.750%, 11/15/2014
    500,000       784,375  
Computer and Electronic Product Manufacturing - 0.98%
               
Illumina, Inc.
               
0.250%, 03/15/2016 (d)
    500,000       965,940  
L-3 Communications Holdings Corp.
               
3.000%, 08/01/2035
    500,000       654,063  
              1,620,003  
Credit Intermediation and Related Activities - 0.34%
               
Encore Capital Group, Inc.
               
3.000%, 07/01/2020 (d)
    500,000       565,312  
Foundries - 0.43%
               
AM Castle & Co.
               
7.000%, 12/15/2017
    500,000       696,562  
Funds, Trusts, and Other Financial Vehicles - 0.08%
               
Hercules Technology Growth Capital, Inc.
               
6.000%, 04/15/2016
    100,000       130,063  
Health and Personal Care Stores - 0.48%
               
Omnicare, Inc.
               
3.750%, 04/01/2042 (b)
    500,000       798,750  
Miscellaneous Manufacturing - 0.90%
               
Callaway Golf Co.
               
3.750%, 08/15/2019
    500,000       602,500  
Teleflex, Inc.
               
3.875%, 08/01/2017
    500,000       890,625  
              1,493,125  
 
 
 
 

 
 
Motor Vehicle and Parts Dealers - 0.69%
 
 
   
 
 
Group 1 Automotive, Inc.
 
 
   
 
 
3.000%, 03/15/2020 (d)
    500,000       1,134,063  
Nonmetallic Mineral Product Manufacturing - 0.43%
               
Cemex SAB de CV
               
3.250%, 03/15/2016 (c)
    500,000       715,312  
Primary Metal Manufacturing - 0.44%
               
Kaiser Aluminum Corp.
               
4.500%, 04/01/2015
    500,000       726,250  
Real Estate - 0.32%
               
Forest City Enterprises, Inc.
               
3.625%, 08/15/2020 (d)
    500,000       521,562  
Transportation Equipment Manufacturing - 0.55%
               
Tesla Motors, Inc.
               
1.500%, 06/01/2018
    500,000       904,375  
Water Transportation - 0.35%
               
SEACOR Holdings, Inc.
               
2.500%, 12/15/2027
    500,000       574,375  
TOTAL CONVERTIBLE BONDS (Cost $9,896,625)
            11,297,877  
                 
CORPORATE BONDS - 6.22%
               
Ambulatory Health Care Services - 0.66%
               
Prospect Medical Holdings, Inc.
               
8.375%, 05/01/2019 (d)
    1,000,000       1,097,500  
Beverage and Tobacco Product Manufacturing - 0.32%
               
Carolina Beverage Group LLC
               
10.625%, 08/01/2018
    500,000       537,500  
Broadcasting (except Internet) - 0.49%
               
LBI Media, Inc.
               
10.000%, 04/15/2019 (d)
    750,000       804,375  
Credit Intermediation and Related Activities - 0.62%
               
Beverage Packaging Holdings II
               
5.625%, 12/15/2016 (c)(d)
    1,000,000       1,018,750  
Food Manufacturing - 0.66%
               
Simmons Foods, Inc.
               
10.500%, 11/01/2017 (d)
    1,000,000       1,085,000  
Merchant Wholesalers, Durable Goods - 0.32%
               
American Achievement Corp.
               
10.875%, 04/15/2016 (d)
    500,000       521,250  
Merchant Wholesalers, Nondurable Goods - 0.60%
               
Lansing Trade Group LLC
               
9.250%, 02/15/2019 (d)
    1,000,000       985,000  
Plastics and Rubber Products Manufacturing - 0.66%
               
Dispensing Dynamics International
               
12.500%, 01/01/2018 (d)
    1,000,000       1,085,000  
Publishing Industries (except Internet) - 0.32%
               
Postmedia Network, Inc.
               
12.500%, 07/15/2018 (c)
    500,000       535,000  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.33%
               
Burlington Holdings LLC
               
9.000%, 02/15/2018 (d)
    527,000       541,498  
Telecommunications - 1.24%
               
Goodman Networks, Inc.
               
12.125%, 07/01/2018
    910,000       1,007,825  
 
 
 
 

 
 
Sprint Communications Corp.
 
 
   
 
 
6.000%, 11/15/2022
    1,000,000       1,037,500  
              2,045,325  
TOTAL CORPORATE BONDS (Cost $10,108,400)
            10,256,198  
                 
   
Shares
         
EXCHANGE TRADED FUNDS - 7.85%
               
Funds, Trusts, and Other Financial Vehicles - 7.85%
               
Industrial Select Sector SPDR Fund (b)
    3,908       211,227  
iShares 1-3 Year Credit Bond Fund (b)
    18,295       1,934,513  
iShares Floating Rate Bond Fund (b)
    45,663       2,315,571  
iShares iBoxx $ High Yield Corporate Bond Fund (b)
    6,137       583,322  
iShares Intermediate Credit Bond Fund (b)
    7,058       779,132  
iShares MBS Fund (b)
    14,468       1,564,425  
iShares MSCI Emerging Markets Index Fund
    30,500       1,297,775  
iShares MSCI Mexico Capped Fund
    17,800       1,178,716  
Market Vectors Gold Miners Fund (b)
    28,744       646,740  
Market Vectors Junior Gold Miners Fund (b)
    2,011       68,595  
PowerShares Senior Loan Portfolio (b)
    23,460       582,512  
Putnam Premier Income Trust
    106,694       590,018  
SPDR S&P 500 ETF Trust (b)
    4,179       805,001  
Technology Select Sector SPDR Fund (b)
    9,989       377,784  
TOTAL EXCHANGE TRADED FUNDS (Cost $12,579,389)
            12,935,331  
                 
   
Principal
         
   
Amount
         
MUNICIPAL BONDS - 0.61%
               
Commonwealth of Puerto Rico
               
8.000%, 07/01/2035
  $ 650,000       579,313  
Puerto Rico Sales Tax Financing Corp.
               
0.00% Coupon, 6.481% Effective Yield, 08/01/2054
    5,615,000       420,339  
TOTAL MUNICIPAL BONDS (Cost $998,553)
            999,652  
                 
   
Shares
         
MUTUAL FUNDS/CLOSED-END FUNDS - 18.69%
               
Funds, Trusts, and Other Financial Vehicles - 18.69%
               
American Capital Ltd. (b)
    52,572       775,963  
BlackRock Core Bond Trust
    72,132       999,750  
BlackRock Credit Allocation Income Trust
    75,687       1,042,967  
Invesco Municipal Opportunity Trust
    29,465       375,089  
Kayne Anderson Energy Total Return Fund
    43,856       1,323,574  
Morgan Stanley Emerging Markets Debt Fund, Inc.
    64,596       660,817  
NexPoint Credit Strategies Fund
    261,081       2,991,988  
Nuveen Dividend Advantage Municipal Fund 3
    67,522       914,923  
Nuveen Quality Preferred Income Fund
    124,755       1,055,427  
Nuveen Select Quality Municipal Fund
    30,067       417,631  
PIMCO Dynamic Credit Income Fund
    25,963       618,439  
Putnam Municipal Opportunities Trust
    60,391       710,198  
Stone Ridge High Yield Reinsurance Risk Premium Fund
    789,408       8,217,734  
Stone Ridge Reinsurance Risk Premium Fund
    812,300       8,447,923  
Wells Fargo Advantage Income Opportunities Fund
    63,055       603,436  
Western Asset Emerging Market Income Fund, Inc.
    81,703       1,067,041  
Western Asset High Income Opportunity Fund, Inc.
    96,593       588,251  
Total Mutual Funds (Cost $29,786,858)
            30,811,151  
                 
 
 
 
 

 
 
PREFERRED STOCKS - 0.13%
 
 
   
 
 
Air Transportation - 0.13%
 
 
   
 
 
Gol Linhas Aereas Inteligentes SA (a)(c)
    37,050       218,966  
TOTAL PREFERRED STOCKS (Cost $177,800)
            218,966  
                 
   
Notional
         
   
Amount
         
PURCHASED OPTIONS - 0.63%
               
Call Options - 0.28%
               
Euro / Swiss Franc
               
Expiration: October 2014, Exercise Price $1.25
    6,100,000       16,905  
Euro / U.S. Dollar
               
Expiration: June 2014, Exercise Price $1.36
    14,000,000       126,452  
Expiration: June 2014, Exercise Price $1.39
    14,800,000       5,124  
U.S. Dollar / Chinese Yuan Renminbi
               
Expiration: January 2015, Exercise Price $6.15
    5,000,000       71,860  
U.S. Dollar / Japanese Yen
               
Expiration: June 2014, Exercise Price $103.00
    6,800,000       6,447  
Expiration: June 2014, Exercise Price $108.50
    2,750,000       -  
U.S. Dollar / South African Rand
               
Expiration: August 2014, Exercise Price $10.75
    7,400,000       146,335  
U.S. Dollar / Turkish Lira
               
Expiration: July 2014, Exercise Price $2.16
    7,400,000       57,387  
              430,510  
             
American Capital Ltd.
               
Expiration: November 2014, Exercise Price $16.00
    37       2,109  
S&P 500 Index
               
Expiration: June 2014, Exercise Price $1,910.00
    10       16,000  
Expiration: June 2014, Exercise Price $1,930.00
    10       7,700  
Expiration: June 2014, Exercise Price $1,950.00
    10       7,200  
              33,009  
TOTAL CALL OPTIONS
            463,519  
   
Notional
         
   
Amount
         
Put Options - 0.35%
               
Euro / British Pound Knock-Out (at 0.77)
               
Expiration: July 2014, Exercise Price $0.81
    7,350,000       30,769  
Euro / British Pound
               
Expiration: August 2014, Exercise Price $0.81
    3,700,000       40,708  
Euro /  Norwegian Kroner
               
Expiration: June 2014, Exercise Price $8.30
    2,240,000       53,415  
Euro / U.S. Dollar
               
Expiration: October 2014, Exercise Price $1.37
    6,800,000       152,529  
U.S. Dollar / Malaysian Ringgit
               
Expiration: October 2014, Exercise Price $3.20
    3,400,000       26,013  
U.S. Dollar / Russian Rouble
               
Expiration: July 2014, Exercise Price $35.25
    5,100,000       69,110  
Expiration: May 2015, Exercise Price $34.00
    370,000       45,210  
              417,754  
             
FSTE MIB Index
               
Expiration: June 2014, Exercise Price $20,250.00
    36       8,833  
S&P 500 Index
               
Expiration: June 2014, Exercise Price $1,775.00
    10       1,940  
Expiration: June 2014, Exercise Price $1,850.00
    10       550  
 
 
 
 

 
 
Expiration: June 2014, Exercise Price $1,850.00
    10       1,450  
SPDR S&P 500 ETF Trust
               
Expiration: June 2015, Exercise Price $155.00
    370       123,950  
Expiration: June 2015, Exercise Price $160.00
    50       20,250  
              156,973  
TOTAL PUT OPTIONS
            574,727  
TOTAL PURCHASED OPTIONS (Cost $1,479,974)
            1,038,246  
                 
REAL ESTATE INVESTMENT TRUSTS - 3.63%
               
Funds, Trusts, and Other Financial Vehicles - 1.38%
               
Anworth Mortgage Asset Corp. (b)
    2,229       12,036  
NorthStar Realty Finance Corp. (b)
    136,540       2,259,737  
              2,271,773  
Real Estate - 1.60%
               
American Realty Capital Properties, Inc. (b)
    177,350       2,200,914  
Annaly Capital Management, Inc. (b)
    12,631       148,919  
Blackstone Mortgage Trust, Inc.
    9,512       282,697  
              2,632,530  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.65%
               
Starwood Waypoint Residential Trust (a)(b)
    39,510       1,078,228  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,830,224)
            5,982,531  
                 
MONEY MARKET FUNDS - 20.76%
               
Fidelity Institutional Money Market Portfolio, 0.048% (b)(e)
    17,483,384       17,483,384  
STIT - Liquid Assets Portfolio, 0.057% (b)(e)
    16,735,092       16,735,092  
TOTAL MONEY MARKET FUNDS (Cost $34,218,476)
            34,218,476  
                 
Total Investments (Cost $162,897,007) - 101.66%
            167,588,496  
Liabilities in Excess of Other Assets - (1.66)%
            (2,731,131 )
TOTAL NET ASSETS - 100.00%
          $ 164,857,365  
                 
 
Percentages are stated as a percent of net assets.

 
ADR -American Depository Receipt
(a)
 
Non-income producing security.
(b)
 
All or a portion of this security is pledged as collateral for written options, futures, and securities sold short.  The aggregate value of these securities as of May 31, 2014 was $40,835,476.  See Note 2 in the accompanying footnotes.
(c)
 
Foreign issued Security.
(d)
 
Denotes a security is either fully or partially restricted to resale.  The aggregate value of restricted securities at May 31, 2014 was $10,959,000 which represented 6.65% of net assets.  Securities issued pursuant to Rule 144A under the Securities Act of 1933 and Regulation S under the Securities Act of 1933.  Such securities are deemed illiquid using procedures established by the Board of Trustees.
(e)
 
Variable rate security.  The rate shown is as of May 31, 2014.

 
 
 

 
 
Collins Alternative Solutions Fund
           
Schedule of Securities Sold Short
           
May 31, 2014 (Unaudited)
           
             
   
Shares
   
Value
 
COMMON STOCKS
           
Acuity Brands, Inc.
    1,396     $ 175,212  
AM Castle & Co.
    42,137       508,594  
Amazon.com, Inc.
    775       242,226  
Amedisys, Inc.
    7,208       104,876  
American Airlines Group, Inc.
    1,720       69,075  
Applied Industrial Technologies, Inc.
    2,327       110,812  
ARIAD Pharmaceuticals, Inc.
    29,000       187,340  
athenahealth, Inc.
    717       90,994  
AvalonBay Communities, Inc.  (1)
    1,208       171,343  
Black Diamond, Inc.
    6,936       74,770  
Blackbaud, Inc.
    2,461       84,289  
Callaway Golf Co.
    48,634       390,045  
CarMax, Inc.
    1,250       55,387  
Casey's General Stores, Inc.
    1,402       99,864  
CBIZ, Inc.
    50,600       431,618  
Cemex SAB de CV (2)
    45,656       587,593  
Cepheid
    5,604       252,460  
CLARCOR, Inc.
    1,052       61,574  
Concur Technologies, Inc.
    1,748       149,227  
Constant Contact, Inc.
    6,273       185,304  
Core Laboratories NV (2)
    780       124,683  
Corrections Corp. of America (1)
    15,800       513,974  
CR Bard, Inc.
    550       81,350  
Cree, Inc.
    3,775       181,653  
DCP Midstream Partners LP
    9,800       526,358  
Dealertrack Technologies, Inc.
    3,500       138,985  
Dorman Products, Inc.
    3,750       199,237  
DuPont Fabros Technology, Inc. (1)
    19,330       494,268  
EastGroup Properties, Inc. (1)
    1,846       117,517  
Encore Capital Group, Inc.
    6,072       262,857  
Energy Transfer Partners LP
    6,832       384,778  
Equinix, Inc.
    2,422       481,373  
Equity One, Inc. (1)
    4,650       106,764  
Facebook, Inc.
    6,968       441,074  
Financial Engines, Inc.
    1,648       67,074  
FMC Corp.
    1,110       84,982  
Forest City Enterprises, Inc.
    13,600       258,808  
Graco, Inc.
    1,648       120,271  
Group 1 Automotive, Inc.
    6,896       555,128  
Harley-Davidson, Inc.
    4,447       316,804  
Hercules Technology Growth Capital, Inc. (3)
    8,450       128,778  
Hospira, Inc.
    1,575       77,443  
Illumina, Inc.
    7,212       1,141,299  
International Speedway Corp.
    3,100       96,379  
iShares 20+ Year Treasury Bond Fund (4)
    15,364       1,753,032  
 
 
 
 

 
 
iShares MSCI Brazil Capped ETF (4)
    3,090       143,654  
iShares Nasdq Biotechnology ETF (4)
    4,686       1,122,719  
iShares Russell 2000 Fund (4)
    35,892       4,050,771  
iShares U.S. Real Estate Fund (4)
    21,200       1,519,192  
j2 Global, Inc.
    10,150       480,704  
Kaiser Aluminum Corp.
    9,900       677,853  
Kate Spade & Co.
    7,970       290,188  
Kellogg Co.
    1,061       73,188  
Keurig Green Mountain, Inc.
    4,323       487,548  
Kinder Morgan Energy Partners LP
    5,035       382,912  
L-3 Communications Holdings, Inc.
    1,732       209,866  
Lennox International, Inc.
    2,161       183,512  
LinkedIn Corp.
    1,861       297,927  
Manhattan Associates, Inc.
    6,049       196,351  
Marketo, Inc.
    7,320       169,678  
Mattress Firm Holding Corp.
    5,321       238,700  
Michael Kors Holdings Ltd. (2)
    3,580       337,880  
Neogen Corp.
    1,713       64,734  
Netflix, Inc.
    981       409,891  
NetSuite, Inc.
    2,914       234,548  
Nordson Corp.
    1,499       122,228  
NTELOS Holdings Corp.
    37,270       466,993  
Omnicare, Inc.
    11,122       706,803  
OpenTable, Inc.
    2,495       169,036  
Owens-Illinois, Inc.
    15,700       521,711  
Palo Alto Networks, Inc.
    3,909       292,823  
Pandora Media, Inc.
    4,249       104,228  
PetSmart, Inc.
    9,000       517,230  
Post Properties, Inc. (1)
    2,846       145,573  
PriceSmart, Inc.
    1,750       160,388  
Public Storage (1)
    627       108,082  
RealPage, Inc.
    22,880       485,285  
Realty Income Corp. (1)
    11,800       510,940  
Red Robin Gourmet Burgers, Inc.
    2,578       185,822  
Regency Centers Corp. (1)
    2,088       111,499  
ResMed, Inc.
    1,875       93,863  
Restoration Hardware Holdings, Inc.
    3,310       220,049  
salesforce.com, Inc.
    4,212       221,678  
SEACOR Holdings, Inc.
    3,780       302,702  
Shutterfly, Inc.
    2,761       113,588  
Skechers U.S.A., Inc.
    4,234       188,413  
Sonic Corp.
    8,304       172,723  
SPDR Barclays High Yield Bond Fund ETF (4)
    15,251       633,374  
SPDR S&P Retail ETF (4)
    16,900       1,415,882  
Splunk, Inc.
    1,797       75,222  
Sprouts Farmers Market, Inc.
    3,257       88,265  
SPS Commerce, Inc.
    1,508       85,790  
Starz
    15,950       488,070  
Sysco Corp.
    14,430       541,558  
Teleflex, Inc.
    7,500       799,800  
Tesla Moters, Inc.
    4,700       976,519  
Texas Industries, Inc.
    1,660       142,577  
 
 
 
 

 
 
The Advisory Board Co.
    2,885       139,605  
The Boston Beer Co., Inc.
    1,285       275,517  
The Buckle, Inc.
    11,550       518,017  
The Container Store Group, Inc.
    2,600       74,516  
The Dun & Bradstreet Corp.
    4,105       423,841  
The Toro Co.
    3,331       215,116  
Tiffany & Co.
    1,497       148,817  
Tractor Supply Co.
    4,300       279,586  
TriMas Corp.
    2,506       87,986  
TripAdvisor, Inc.
    3,782       367,497  
Tyler Technologies, Inc.
    1,876       146,572  
Ulta Salon Cosmetcs & Fragrance, Inc.
    5,400       458,460  
Under Armour, Inc.
    4,696       238,510  
Vail Resorts, Inc.
    1,504       104,814  
Valeant Pharmaceuticals International, Inc. (2)
    2,850       373,949  
Vector Group Ltd.
    37,049       774,695  
Walgreen Co.
    4,735       340,494  
Workday, Inc.
    3,538       277,273  
World Fuel Services Corp.
    11,700       542,412  
Wynn Resorts Ltd.
    1,305       280,536  
Xylem, Inc.
    4,052       151,140  
Zillow, Inc.
    4,106       484,590  
   
Principal
         
   
Amount
         
Block Financial LLC
               
5.500%, 11/01/2022 (5)
  $ 500,000       545,717  
Total Securities Sold Short (Proceeds $41,419,340)
          $ 42,677,662  
   
 
ADR - American Depositary Receipt
(1)
Real estate investment trust.
(2)
Foreign issued security.
(3)
Mutual fund/closed-ended fund.
(4)
Exchange-traded fund.
(5)
Corporate bond.
 
 
 
 

 
 
 
Collins Alternative Solutions Fund
           
Schedule of Options Written
           
May 31, 2014 (Unaudited)
           
             
   
Notional
   
 
 
   
Amount
   
Value
 
CALL OPTIONS
           
Australian Dollar / U.S. Dollar
           
Expiration: August 2014, Exercise Price $0.96(a)
    3,700,000     $ 3,585  
Euro / British Pound
               
Expiration: August 2014, Exercise Price $0.84(a)
    7,400,000       20,114  
Euro / U.S. Dollar
               
Expiration: June 2014, Exercise Price $1.36(a)
    14,000,000       97,463  
New Zealand Dollar / U.S. Dollar
               
Expiration: July 2014, Exercise Price $0.88(a)
    1,825,000       1,802  
Expiration: July 2014, Exercise Price $0.89(a)
    3,650,000       1,416  
U.S. Dollar / Brazilian Real
               
Expiration: July 2014, Exercise Price $2.34
    7,400,000       26,322  
U.S. Dollar / Chilean Peso
               
Expiration: July 2014, Exercise Price $600.00
    2,190,000       2,061  
U.S. Dollar / Indonesian Rupiah
               
Expiration: August 2014, Exercise Price $12,000.00
    1,850,000       21,488  
U.S. Dollar / Japanese Yen
               
Expiration: June 2014, Exercise Price $105.00
    13,600,000       802  
U.S. Dollar / Malaysian Ringgit
               
Expiration: October 2014, Exercise Price $3.38
    3,400,000       12,886  
U.S. Dollar / Russian Rouble
               
Expiration: August 2014, Exercise Price $40.83
    7,400,000       6,616  
Expiration: October 2014, Exercise Price $40.00
    2,720,000       -  
U.S. Dollar / South African Rand
               
Expiration: July 2014, Exercise Price $11.25
    2,190,000       8,797  
Expiration: August 2014, Exercise Price $11.25
    7,400,000       57,454  
U.S. Dollar / Turkish Lira
               
Expiration: June 2014, Exercise Price $2.13
    2,220,000       2,973  
Expiration: June 2014, Exercise Price $2.50
    3,400,000       27  
Expiration: July 2014, Exercise Price $2.30
    7,400,000       8,007  
Expiration: October 2014, Exercise Price $2.50
    3,650,000       16,571  
Expiration: November 2014, Exercise Price $2.40
    2,960,000       26,936  
              315,320  
             
American Capital Ltd.
               
Expiration: November 2014, Exercise Price $19.00
    37       407  
Eurodollar 3 Year Midcurve
               
Expiration: June 2014, Exercise Price $97.63
    74       18,962  
NutriSystem, Inc.
               
Expiration: June 2014, Exercise Price $17.00
    250       8,125  
S&P 500 Index
               
Expiration: June 2014, Exercise Price $1,875.00
    10       53,350  
Expiration: June 2014, Exercise Price $1,880.00
    10       42,100  
Expiration: June 2014, Exercise Price $1,890.00
    10       32,350  
 
 
 
 

 
 
Stillwater Mining Co.
 
 
   
 
 
Expiration: June 2014, Exercise Price $16.00
    212       21,200  
Expiration: June 2014, Exercise Price $18.00
    400       4,000  
              180,494  
TOTAL CALL OPTIONS
            495,814  
   
Notional
         
   
Amount
         
PUT OPTIONS
               
Euro / Swiss Franc
               
Expiration: October 2014, Exercise Price $1.20(a)
    6,100,000       22,135  
U.S. Dollar / Japanese Yen
               
Expiration: June 2014, Exercise Price $97.50
    2,750,000       16  
Expiration: June 2014, Exercise Price $99.00
    6,800,000       3,237  
Expiration: July 2014, Exercise Price $101.00
    6,800,000       27,241  
Expiration: January 2015, Exercise Price $90.00
    14,700,000       26,004  
U.S. Dollar / South African Rand
               
Expiration: June 2014, Exercise Price $10.20
    3,400,000       1,017  
              79,650  
             
American Capital Ltd.
               
Expiration: November 2014, Exercise Price $13.00
    74       3,330  
S&P 500 Index
               
Expiration: June 2014, Exercise Price $1,875.00
    10       10,000  
              13,330  
TOTAL PUT OPTIONS
            92,980  
TOTAL OPTIONS WRITTEN (Premiums Received $1,037,911)
          $ 588,794  
                 
 
 
 
 

 
 
Collins Alternative Solutions Fund
 
Schedule of Open Futures Contracts
 
May 31, 2014 (Unaudited)
 
                   
 
 
Description
 
Number of
   
Notional Value
   
Settlement Month
 
Unrealized
Appreciation (Depreciation)
 
90 Day Sterling
    100       20,627,650  
(a)
Dec-15
  $ (17,833 )
90 Day Eurodollar
    102       24,904,575  
(b)
Jun-17
    (70,714 )
BIST 30 Index
    126       592,183  
(c)
Jul-14
    (51,562 )
FTSE/JSE Top 40 Index
    18       763,383  
(d)
Jun-14
    (42,222 )
Mini MSCI Emerging Market Index
    32       1,639,360  
(b)
Jun-14
    (160,750 )
S&P 500 E-mini Index
    38       3,650,850  
(b)
Jun-14
    (130,327 )
SGX CNX Nifty Index
    104       1,503,008  
(e)
Jun-14
    24,846  
U.S. 10YR Note
    12       1,506,188  
(b)
Sep-14
    2,018  
Total Future Contracts Sold
                      $ (446,544 )
                             
Description
 
Number of
Contracts Purchased
   
Notional Value
   
Settlement Month
 
Unrealized
Appreciation (Depreciation)
 
90-Day Bank Bill
    53       11,668,198  
(f)
Mar-15
  $ 22,516  
Euro Stoxx 50 Index
    33       1,457,490  
(g)
Jun-14
    66,845  
Euro-Bobl Index
    13       2,246,677  
(g)
Jun-14
    27,429  
Euro-BTP Index
    26       4,436,293  
(g)
Jun-14
    39,030  
Euro-Bund Index
    26       5,203,261  
(g)
Jun-14
    43,692  
FTSE/MIB Index
    12       1,768,863  
(g)
Jun-14
    53,915  
Nikkei 225 Index
    9       1,295,187  
(h)
Jun-14
    (30,756 )
RTS Index
    879       2,256,393  
(b)
Jun-14
    301,039  
WIG 20 Index
    133       1,059,985  
(g)
Jun-14
    27,469  
Total Future Contracts Purchased
                      $ 551,179  
                             
 
(a) British Pound
(b) U.S. Dollar
(c) Turkish Lira
(d) South African Rand
(e) Singapore Dollar
(f) Australian Dollar
(g) Euro
(h) Japanese Yen
 
 
 
 

 
 
Collins Alternative Solutions Fund
 
Schedule of Open Forward Currency Contracts
 
May 31, 2014 (Unaudited)
 
                         
Forward
Settlement
Date
 
Currency To Be Received
 
U.S. $ Value at
 
Currency To Be Delivered
 
U.S. $ Value at
   
Unrealized
Appreciation (Depreciation)
 
6/18/2014
(a)
Australian Dollar
  $ 932,555  
Euro
  $ 886,011     $ 46,544  
6/18/2014
(a)
Australian Dollar
    1,988,968  
Japanese Yen
    1,988,178       790  
6/18/2014
(a)
Australian Dollar
    1,264,018  
U.S. Dollar
    1,250,424       13,594  
6/19/2014
(a)
Australian Dollar
    3,624,504  
U.S. Dollar
    3,525,544       98,960  
6/18/2014
(a)
British Pound
    11,283,559  
Euro
    10,993,348       290,211  
6/18/2014
(a)
British Pound
    1,240,212  
U.S. Dollar
    1,244,349       (4,137 )
6/18/2014
(a)
Canadian Dollar
    3,707,869  
U.S. Dollar
    3,698,219       9,650  
8/29/2014
(a)
Chinese Yuan Renminbi
    10,980,046  
U.S. Dollar
    11,100,000       (119,954 )
6/18/2014
(a)
Czech Koruna
    3,341,933  
U.S. Dollar
    3,419,000       (77,067 )
6/19/2014
(a)
Euro
    1,772,019  
British Pound
    1,825,660       (53,641 )
6/18/2014
(a)
Euro
    1,692,280  
Czech Koruna
    1,681,869       10,411  
6/18/2014
(a)
Euro
    2,296,813  
Japanese Yen
    2,354,939       (58,126 )
6/18/2014
(a)
Euro
    926,904  
Norwegian Kroner
    936,657       (9,753 )
6/18/2014
(a)
Euro
    926,904  
Swedish Krona
    906,503       20,401  
6/18/2014
(a)
Euro
    46,572,813  
U.S. Dollar
    47,247,254       (674,441 )
6/19/2014
(a)
Euro
    926,902  
U.S. Dollar
    940,685       (13,783 )
10/7/2014
(a)
Euro
    4,384,319  
U.S. Dollar
    4,422,688       (38,369 )
6/18/2014
(a)
Hungarian Forint
    1,944,899  
Euro
    1,894,700       50,199  
6/12/2014
(a)
Indian Rupee
    1,504,158  
U.S. Dollar
    1,480,000       24,158  
6/18/2014
(a)
Japanese Yen
    2,434,515  
Australian Dollar
    2,433,233       1,282  
6/19/2014
(a)
Japanese Yen
    579,108  
Australian Dollar
    604,084       (24,976 )
6/18/2014
(a)
Japanese Yen
    4,872,613  
Euro
    4,798,089       74,524  
6/2/2014
(a)
Japanese Yen
    1,218,358  
U.S. Dollar
    1,220,000       (1,642 )
6/18/2014
(a)
Japanese Yen
    20,115,784  
U.S. Dollar
    20,067,895       47,889  
6/18/2014
(a)
Mexican Peso
    957,251  
Euro
    903,731       53,520  
6/18/2014
(a)
Mexican Peso
    10,036,737  
U.S. Dollar
    9,737,500       299,237  
6/18/2014
(a)
New Zealand Dollar
    2,347,993  
U.S. Dollar
    2,353,814       (5,821 )
6/18/2014
(a)
Norwegian Kroner
    8,714,208  
Euro
    8,642,012       72,196  
6/18/2014
(a)
Norwegian Kroner
    3,681,890  
U.S. Dollar
    3,685,388       (3,498 )
6/9/2014
(a)
Philippine Peso
    1,482,356  
U.S. Dollar
    1,480,000       2,356  
6/18/2014
(a)
Polish Zloty
    1,680,791  
Euro
    1,642,528       38,263  
6/18/2014
(a)
Polish Zloty
    4,595,779  
U.S. Dollar
    4,554,000       41,779  
6/18/2014
(a)
Russian Rouble
    2,227,310  
U.S. Dollar
    2,220,000       7,310  
6/30/2014
(a)
Russian Rouble
    1,386,348  
U.S. Dollar
    1,400,000       (13,652 )
6/18/2014
(a)
Singapore Dollar
    1,968,103  
U.S. Dollar
    1,950,000       18,103  
6/18/2014
(a)
South African Rand
    2,054,200  
U.S. Dollar
    2,045,000       9,200  
6/18/2014
(a)
Swedish Krona
    2,721,051  
Euro
    2,780,711       (59,660 )
6/18/2014
(a)
Swiss Franc
    10,340,674  
Euro
    10,359,510       (18,836 )
6/18/2014
(a)
Swiss Franc
    1,335,097  
U.S. Dollar
    1,360,000       (24,903 )
6/18/2014
(a)
Thai Baht
    352,193  
U.S. Dollar
    355,200       (3,007 )
6/18/2014
(a)
Turkish Lira
    1,233,780  
Euro
    1,107,513       126,267  
6/18/2014
(a)
Turkish Lira
    1,196,532  
U.S. Dollar
    1,096,600       99,932  
6/18/2014
(a)
U.S. Dollar
    8,900,441  
Australian Dollar
    9,066,070       (165,629 )
6/18/2014
(a)
U.S. Dollar
    1,360,000  
Brazilian Real
    1,398,963       (38,963 )
 
 
 
 

 
 
6/18/2014
(a)
U.S. Dollar
    7,443,358  
British Pound
    7,447,976       (4,618 )
6/18/2014
(a)
U.S. Dollar
    4,985,000  
Canadian Dollar
    5,045,128       (60,128 )
2/9/2015
(a)
U.S. Dollar
    6,900,000  
Chinese Offshore Spot Exchange Rate
    6,673,481       226,519  
6/18/2014
(a)
U.S. Dollar
    730,000  
Czech Koruna
    719,531       10,469  
7/8/2014
(a)
U.S. Dollar
    189,000  
Eqyptian Pound
    231,922       (42,922 )
6/18/2014
(a)
U.S. Dollar
    43,930,070  
Euro
    43,291,165       638,905  
6/18/2014
(a)
U.S. Dollar
    4,892,500  
Hungarian Forint
    4,977,065       (84,565 )
6/19/2014
(a)
U.S. Dollar
    1,950,000  
Hungarian Forint
    1,991,971       (41,971 )
6/18/2014
(a)
U.S. Dollar
    6,200,000  
Israli New Shekel
    6,197,056       2,944  
6/2/2014
(a)
U.S. Dollar
    1,220,902  
Japanese Yen
    1,218,358       2,544  
6/18/2014
(a)
U.S. Dollar
    10,437,500  
Japanese Yen
    10,504,405       (66,905 )
6/19/2014
(a)
U.S. Dollar
    680,000  
Japanese Yen
    684,154       (4,154 )
6/18/2014
(a)
U.S. Dollar
    3,325,000  
Mexican Peso
    3,347,265       (22,265 )
6/18/2014
(a)
U.S. Dollar
    3,556,854  
New Zealand Dollar
    3,532,585       24,269  
6/18/2014
(a)
U.S. Dollar
    812,500  
Romanian New Lei
    825,377       (12,877 )
6/18/2014
(a)
U.S. Dollar
    5,419,000  
Russian Rouble
    5,550,740       (131,740 )
6/19/2014
(a)
U.S. Dollar
    1,300,000  
Russian Rouble
    1,389,274       (89,274 )
6/18/2014
(a)
U.S. Dollar
    2,916,000  
South African Rand
    2,976,487       (60,487 )
6/18/2014
(a)
U.S. Dollar
    1,360,000  
Swedish Krona
    1,319,116       40,884  
6/18/2014
(a)
U.S. Dollar
    1,092,000  
Thai Baht
    1,082,610       9,390  
6/23/2014
(a)
U.S. Dollar
    1,850,000  
Thai Baht
    1,836,779       13,221  
6/18/2014
(a)
U.S. Dollar
    2,696,200  
Turkish Lira
    2,747,180       (50,980 )
6/30/2014
(a)
U.S. Dollar
    476,000  
Turkish Lira
    508,059       (32,059 )
                          $ 311,118  
                               
 
(a) Citigroup Global Markets, Inc. is the central clearing couterparty for this open forward currency contract held by the Fund as of May 31, 2014.
 
 
 
 

 
 
Collins Alternative Solutions Fund
       
Schedule of Interest Rate Swaps
       
May 31, 2014 (Unaudited)
       
         
Counterparty
Reference Currency
Pay/Receive
Fixed Rate
 
Fixed Rate
 
Expiration Date
 
Notional Amount
   
Unrealized
Appreciation (Depreciation)
 
Citibank N.A.
Brazilian Real (BRL)
Receive
    8.200 %
7/1/2014
    5,916,921     $ (5,766 )
Citibank N.A.
Brazilian Real (BRL)
Receive
    8.155 %
7/1/2014
    6,191,877       (6,125 )
Citibank N.A.
Brazilian Real (BRL)
Receive
    9.965 %
7/1/2014
    28,987,005       (8,840 )
Citibank N.A.
Hungarian Forint (HUF)
Pay
    4.370 %
2/7/2019
    690,717,600       (140,874 )
Citibank N.A.
Hungarian Forint (HUF)
Receive
    2.490 %
2/27/2015
    15,840,000,000       7,497  
Citibank N.A.
Mexican Peso (MXN)
Receive
    6.535 %
1/10/2024
    7,305,600       11,038  
Citibank N.A.
Mexican Peso (MXN)
Receive
    6.630 %
12/18/2023
    7,826,000       16,816  
Citibank N.A.
Mexican Peso (MXN)
Receive
    6.630 %
12/15/2023
    7,826,000       16,760  
Citibank N.A.
New Zealand Dollar (NZD)
Receive
    3.950 %
10/5/2015
    17,290,000       10,689  
Citibank N.A.
Norwegian Kroner (NOK)
Pay
    2.032 %
1/14/2017
    16,450,000       (83 )
Citibank N.A.
Polish Zloty (PLN)
Receive
    4.120 %
4/4/2019
    13,600,000       181,120  
Citibank N.A.
Polish Zloty (PLN)
Pay
    3.426 %
4/4/2016
    32,500,000       (127,936 )
Citibank N.A.
South African Rand (ZAR)
Receive
    9.255 %
4/8/2024
    41,500,000       (2,188 )
Citibank N.A.
South African Rand (ZAR)
Receive
    6.500 %
9/23/2015
    50,760,000       (197 )
Citibank N.A.
South African Rand (ZAR)
Receive
    6.270 %
11/12/2014
    232,320,000       11,454  
Citibank N.A.
South African Rand (ZAR)
Pay
    7.160 %
11/3/2014
    232,320,000       (24,349 )
Citibank N.A.
Swedish Krona (SEK)
Receive
    0.009 %
3/18/2015
    530,926,353       36,330  
Citibank N.A.
Turkish Lira (TRY)
Pay
    9.410 %
6/10/2015
    6,069,700       (29,603 )
Total new unrealized appreciation (depreciation) on interest rate swaps
    $ (54,257 )
   
 
Schedule of Total Return Swaps
             
May 31, 2014 (Unaudited)
             
                               
Counterparty
Reference Entity
Pay/Receive
Total Return on
Reference Entity
 
Financing Rate
 
Termination Date
 
Notional Amount
   
Number of Index/Units
   
Unrealized
Appreciation (Depreciation)
 
Citibank N.A.
MSCI International Czech Republic Net Index(c)
Receive
    0.739 %(a)
11/14/2014
  $ 694,553       826     $ 21,521  
Citibank N.A.
Russian Depositary
Pay
    (0.520 )%(b)
4/15/2015
    (872,470 )     (569 )     (97,307 )
Total new unrealized appreciation (depreciation) on total return swaps
    $ (75,786 )
                                       
 
(a) Contracted rate is LIBOR plus 0.5%.
(b) Contracted rate is LIBOR minus 0.75%.
(c) Comprised of Czech Republic equity securities.  Index is designed to measure performance of the large and mid cap segments, and is comprised of three constituents.

 
 
 

 
 
The cost basis of investments for federal income tax purposes at May 31, 2014.
was as follows*:
 
Cost of investments
  $ 120,439,756    
Gross unrealized appreciation on futures
    608,799    
Gross unrealized appreciation on forwards
    2,425,921    
Gross unrealized appreciation on swaps
    313,225    
Gross unrealized appreciation on investments
    9,493,099    
Gross unrealized appreciation on short positions
    1,400,763    
Gross unrealized appreciation on written options
    564,500    
Gross unrealized depreciation on futures
    (504,164 )  
Gross unrealized depreciation on forwards
    (2,114,803 )  
Gross unrealized depreciation on swaps
    (443,268 )  
Gross unrealized depreciation on investments
    (4,801,610 )  
Gross unrealized depreciation on short positions
    (2,659,085 )  
Gross unrealized depreciation on written options
    (115,383 )  
Net unrealized appreciation
  $ 4,167,994    
 
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
     
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
   
section of the Fund's most recent semi-annual or annual report.
         
               
Organization
           
 
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001.
 
The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
 
company. Collins Alternative Solutions Fund (the “Fund”) represents a distinct series with its own investment objectives and policies within
 
the Trust. The investment objective of the Fund is long-term capital appreciation through absolute returns while maintaining a low correlation
 
over time with major equity and bond markets. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value.
 
The assets of the Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Fund commenced
 
operations on April 30, 2012 and commenced operations on April 30, 2012 and July 31, 2013 for the Institutional Class and Class A shares,
 
respectively.  Class A shares are subject to an initial maximum sales charge of 5.00% imposed at the time of purchase and 0.50% may be
 
charged on purchases greater than $1,000,000 redeemed within twelve months of purchase.  Each class of shares has identical rights and
 
priveleges  except with respect to distribution fees, sales charges, and voting rights on matters affecting a single class of shares.  Costs
 
incurred by the Fund in connection with the organization, registration and the initial public offering of shares were paid by Collins Capital
 
Investments, LLC (the "Adviser"), the Fund's investment adviser.
       
               
Significant Accounting Policies
           
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of these schedules of
 
investments. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
               
Investment Valuation
           
 
Each security owned by the Fund that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which
 
assets are valued. When a security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally
 
consider to be the principal exchange on which the stock is traded.
       
               
 
Fund securities including common stocks, convertible preferred stocks, exchange traded funds and rights, listed on the NASDAQ Stock
 
Market, Inc. ("NASDAQ") will be valued at the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sale
 
price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on
 
such exchange or on NASDAQ on such day, the security is valued at the mean between the bid and asked prices on such day and will generally
 
be classified as Level 2.  When market quotations are not readily available, any security or other asset is valued at its fair value as determined
 
under procedures approved by the Trust’s Board of Trustees. These fair value procedures will also be used to price a security when corporate
 
events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its
 
actual fair value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced.
               
 
Debt securities other than short-term instruments are valued at the mean between the closing bid and ask prices provided by a pricing service
 
(“Pricing Service”). If the closing bid and ask prices are not readily available, the Pricing Service may provide a price determined by a matrix
 
pricing method or other analytical pricing models. The Funds’ Pricing Services use multiple valuation techniques to determine fair value. In
 
instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market
 
makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also
 
utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit
 
spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security
 
features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value and generally will be classified as
 
Level 2. Fixed income securities including corporate bonds, convertible bonds, municipal bonds and bank loans are normally valued on the basis
 
of quotes obtained from brokers and dealers or a Pricing Service. Securities that use similar valuation techniques and inputs as described above are
 
categorized as Level 2 of the fair value hierarchy. Fixed income securities purchased on a delayed-delivery basis are typically marked to
 
market daily until settlement at the forward settlement date. Short-term debt securities such as commercial paper, bankers acceptances and
 
U.S. Treasury Bills, having a maturity of less than 60 days are valued at amortized cost. If a short-term debt security has a maturity of greater
 
than 60 days, it is valued at market price. Any discount or premium is accreted or amortized on a straight-line basis until maturity.
 
 
 
 

 
 
 
Exchange-traded options are valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the
 
highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S.
 
options marketplace. Specifically, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no
 
trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and lowest ask price
 
across the exchanges where the option is traded and will generally be classified as Level 2. Futures contracts are valued at the last sale price
 
at the closing of trading on the relevant exchange or board of trade. If there was no sale on the applicable exchange or board of trade on
 
such day, they are valued at the average of the quoted bid and ask prices as of the close of such exchange of board of trade.
               
 
Over-the-counter financial derivative instruments, such as foreign currency contracts, futures, or swaps agreements, derive their value from
 
underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on
 
the basis of broker dealer quotations or a Pricing Service at the settlement price determined by the relevant exchange. Depending on the
 
product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of
 
techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer
 
details, indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as
 
described above are categorized as Level 2 of the fair value hierarchy.
       
               
 
Forward currency contracts are presented at fair value measured by the difference between the forward exchange rates (“forward rates”) at
 
the dates of the entry into the contracts and the forward rates at the reporting date, and such differences are included in the Schedule of
 
Investments.
           
               
 
Swap agreements are generally traded over the counter and are valued by a Pricing Service using observable inputs. In the event the Adviser
 
determines the price of a swap in this manner does not represent market value, the fair value of the subject swap shall be determined in
 
accordance with the Trust’s fair value procedures.
         
               
 
Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value
 
(“NAV”) of such companies for purchase and/or redemption orders placed on that day.
     
               
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820
 
(“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity
 
to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such
 
that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to
 
estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those
 
instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels
 
listed below:
           
               
 
Level 1 – Quoted prices in active markets for identical securities.
       
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
               
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of May 31, 2014:
 
   
Level 1
   
Level 2
   
Level 3(3)
   
Total
 
Assets(1):
                       
Bank Loans
  $ -     $ 546,250     $ -     $ 546,250  
Common Stocks1
    59,283,818       -       -       59,283,818  
Convertible Bonds1
    -       11,297,877       -       11,297,877  
Corporate Bonds1
    -       10,256,198       -       10,256,198  
Exchange-Traded Funds
    12,935,331       -       -       12,935,331  
Municipal Bond
    -       999,652       -       999,652  
Mutual Funds
    30,811,151       -       -       30,811,151  
Preferred Stocks
    218,966       -       -       218,966  
Purchased Options
    1,038,246       -       -       1,038,246  
Real Estate Investment Trusts
    5,982,531       -       -       5,982,531  
Short-Term Investments
    34,218,476       -       -       34,218,476  
Total Assets
  $ 144,488,519     $ 23,099,977     $ -     $ 167,588,496  
                                 
Liabilities:
                               
Securities Sold Short
  $ 42,131,945     $ 545,717     $ -     $ 42,677,662  
Written Options
    502,382       86,412       -       588,794  
Total Liabilities
  $ 42,634,327     $ 632,129     $ -     $ 43,266,456  
                                 
Other Financial Instruments(2)
                               
Forwards
  $ -     $ 311,118     $ -     $ 311,118  
Futures
    104,635       -       -       104,635  
Swaps
    -       (130,043 )     -       (130,043 )
Total Other Financial Instruments
  $ 104,635     $ 181,075     $ -     $ 285,710  
                                 
 
(1) See the Schedule of Investments for industry classifications
         
(2) Other financial instruments are futures contracts, swap contracts and forward contracts not reflected in the Schedule of Investments, which are reflected
at the net unrealized appreciation (depreciation) on the instrument.
       
(3) The Fund measures Level 3 activity as of the beginning and end of each financial reporting period. For the period ended May 31, 2014, the Fund
did not have unobservable inputs (Level 3 securities) used in determining fair value. Therefore, a reconciliation of assets and liabilities in which significant
inputs (Level 3 securities) were used in determining fair value is not applicable.
       
               
The Fund did not invest in any Level 3 securities during the period ended November 30, 2013. It is the Fund’s policy to record transfers between levels at
the end of the reporting period.
           
               
Disclosures about Derivative Instruments and Hedging Activities
       
               
GAAP requires enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and
how derivative instruments affect an entity’s results of operations and financial position.
     
               
The Fund invested in derivative instruments such as purchased options, written options, forward currency contracts, swap contacts and futures contracts
during the period.
           
               
 
 
 
 

 
 
The fair value of derivative instruments as reported within this Schedule of Investments as of May 31, 2014 was as follows:
 
   
Asset Derivatives
 
Liability Derivatives
 
Derivatives not accounted for as hedging instruments
 
Statement of Assets & Liabilities Location
 
Value
 
Statement of Assets & Liabilities Location
 
Value
 
Equity Contracts - Options
 
Investments, at value
  $ 189,982  
Written options, at value
  $ 174,862  
Interest Rate Contracts - Options
 
Investments, at value
    -  
Written options, at value
    18,962  
Foreign Exchange Contracts - Options
 
Investments, at value
    848,264  
Written options, at value
    394,970  
Interest Rate Contracts - Futures
 
Net assets- Unrealized appreciation*
    24,534  
Net assets- Unrealized depreciation*
    88,547  
Equity Contracts - Futures
 
Net assets- Unrealized appreciation*
    584,265  
Net assets- Unrealized depreciation*
    415,617  
Foreign Exchange Contracts - Forwards
 
Unrealized appreciation on forward currency contracts
    2,425,921  
Unrealized depreciation on forward currency contracts
    2,114,803  
Interest Rate Contracts - Swaps
 
Unrealized appreciation on open swap contracts
    291,704  
Unrealized depreciation on open swap contracts
    345,961  
Total Return Contracts - Swaps
 
Unrealized appreciation on open swap contracts
    21,521  
Unrealized depreciation on open swap contracts
    97,307  
                       
Total
      $ 4,386,191       $ 3,651,029  
 
*Reflects cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Open Futures Contracts.
 
The effect of derivative instruments on the income for the period March 1, 2014 through May 31, 2014 was as follows:
 
   
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
                 
Derivatives not accounted for as hedging instruments
 
Purchased Options
   
Written
Options
   
Futures Contracts
       
Forward Currency Contracts
   
Total
 
Interest Rate Contracts
  $ (9,764 )   $ 4,671     $ 14,230     $ 33,161     $ -     $ 42,298  
Foreign Exchange Contracts
    (459,937 )     301,101       39,319       -       (159,618 )     (279,135 )
Commodity Contracts
    -       -       -       -       -       -  
Equity Contracts
    (76,264 )     152,179       (117,062 )     -       -       (41,147 )
Total
  $ (545,965 )   $ 457,951     $ (63,513 )   $ 33,161     $ (159,618 )   $ (277,984 )
 
   
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
                 
Derivatives not accounted for as hedging instruments
 
Purchased Options
   
Written
Options
   
Futures Contracts
       
Forward Currency Contracts
   
Total
 
Interest Rate Contracts
  $ 9,419     $ (10,160 )   $ (97,901 )   $ -     $ -     $ (98,642 )
Total Return Contracts
    -       -       -       -       -       -  
Foreign Exchange Contracts
    (174,026 )     461,816       -       (8,628 )     115,703       394,865  
Volatility Contracts
    -       -       -       -       -       -  
Commodity Contracts
    -       -       -       -       -       -  
Equity Contracts
    (119,721 )     13,305       280,434       (64,539 )     -       109,479  
Credit Contracts
    -       -       -       -       -       -  
Total
  $ (284,328 )   $ 464,961     $ 182,533     $ (73,167 )   $ 115,703     $ 405,702  
 
 
 
 

 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
 
 
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
(Registrant) Trust for Professional Managers                             
 
 
By (Signature and Title) /s/ John Buckel                
  John Buckel,  President

Date     July 16, 2014                                                                         
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By (Signature and Title)*/s/ John Buckel               
  John Buckel,  President

Date     July 16, 2014                                                                         
 

By (Signature and Title)*/s/ Jennifer Lima                                  
  Jennifer Lima, Treasurer

Date     July 16, 2014                                                                         
 

* Print the name and title of each signing officer under his or her signature.
 
 


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-Q/A’ Filing    Date    Other Filings
Filed on / Effective on:12/12/14485BPOS,  485BXT
7/16/14
For Period End:5/31/1424F-2NT,  N-CSR,  N-CSRS,  N-Q,  NSAR-A,  NSAR-B
3/1/14
11/30/1324F-2NT,  N-CSR,  N-CSRS,  N-Q,  NSAR-A,  NSAR-B
7/31/13
4/30/12485BPOS,  497K,  NSAR-B
5/29/01
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