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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 LLC → Collins Alternative Solutions Fund ⇒ 2 Classes/Contracts |
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
Unassociated Document |
Collins Alternative Solutions Fund
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||||||||
Schedule of Investments
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||||||||
May 31, 2014 (Unaudited)
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||||||||
Principal
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||||||||
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 | ||||||
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
Contracts Sold
|
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 | ||||||||||||||
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
|
|||||||
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.
|
|||||||
during the period.
|
|||||||
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 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
|
||||||||||||||||||||||||
Derivatives not accounted for as hedging instruments
|
Purchased Options
|
Written
Options
|
Futures Contracts
|
Swap 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
|
Swap 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 |
(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.
|
This ‘N-Q/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / Effective on: | 12/12/14 | 485BPOS, 485BXT | ||
7/16/14 | ||||
For Period End: | 5/31/14 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | ||
3/1/14 | ||||
11/30/13 | 24F-2NT, N-CSR, N-CSRS, N-Q, NSAR-A, NSAR-B | |||
7/31/13 | ||||
4/30/12 | 485BPOS, 497K, NSAR-B | |||
5/29/01 | ||||
List all Filings |