N-Q 1 mrktfld-tpm_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Unassociated Document
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: May 31, 2008



Date of reporting period:  February 29, 2008
 
 
 
 
Item 1. Schedule of Investments.
 
Marketfield Fund
          
Schedule of Investments
        
February 29, 2008 (Unaudited)
        
             
       
Shares
  
Value
COMMON STOCKS - 89.05%
        
Commercial Banks - 1.24%
        
Standard Bank Group Ltd. (a)
  
4,533
  
53,557
Shariah Capital Inc. (a)
    
25,000
  
35,000
           
88,557
Aerospace & Defense - 1.18%
          
United Technologies Corp. 
  
1,200
  
84,612
             
Air Freight & Logistics - 3.24%
        
United Parcel Service, Inc. 
  
3,300
  
231,792
             
Auto Components - 1.93%
          
Exide Technologies (a)
    
13,500
  
137,970
             
Automobiles - 1.30%
          
General Motors Corp. 
    
4,000
  
93,120
             
Beverages - 3.23%
          
The Coca-Cola Co. 
    
3,950
  
230,917
             
Capital Markets - 3.43%
          
International Assets Holding Corp. (a)
4,400
  
117,524
Knight Capital Group, Inc. (a)
    
8,000
  
128,240
           
245,764
Communications Equipment - 2.21%
        
Cisco Systems, Inc. (a)
    
1,000
  
24,370
Juniper Networks, Inc. (a)
    
5,000
  
134,100
           
158,470
Computers & Peripherals - 3.18%
        
International Business Machines Corp. 
2,000
  
227,720
             
Construction & Engineering - 4.06%
        
Fluor Corp. 
      
1,100
  
153,175
Foster Wheeler Ltd. (a)
    
2,100
  
137,445
           
290,620
Diversified Financial Services - 1.68%
        
Interactive Brokers Group, Inc. (a)
  
3,860
  
119,930
             
Energy Equipment & Services - 2.03%
        
Halliburton Co. 
    
3,800
  
145,540
             
Food & Staples Retailing - 3.03%
        
Costco Wholesale Corp. 
  
3,500
  
216,720
             
General Merchandise Stores - 2.69%
        
Wal-Mart de Mexico SAB de CV (a)
  
53,000
  
192,920
             
Gold Ores - 1.12%
          
Taseko Mines Ltd. (a)
    
15,000
  
80,400
             
Health Care Equipment & Supplies - 1.48%
        
Baxter International, Inc. 
  
1,800
  
106,236
             
Hotels, Restaurants & Leisure - 3.10%
        
McDonald's Corp. 
    
4,100
  
221,851
             
Household Durables - 4.12%
          
Centex Corp. 
    
3,400
  
75,446
DR Horton, Inc. 
    
4,800
  
67,344
KB Home 
      
1,700
  
40,681
MDC Holdings, Inc. 
    
1,600
  
67,008
Pulte Homes, Inc. 
    
3,300
  
44,682
           
295,161
Household Products - 2.80%
          
Procter & Gamble Co. 
    
3,025
  
200,194
             
Industrial Conglomerates - 1.86%
        
3M Co. 
      
1,700
  
133,280
             
Insurance - 2.07%
          
White Mountains Insurance Group Ltd 
300
  
148,020
             
Machinery - 1.78%
          
Foster LB Co. (a)
    
3,000
  
127,080
             
Metals & Mining - 9.06%
          
Agnico-Eagle Mines Ltd. (a)
  
1,900
  
130,720
Cia de Minas Buenaventura SA - ADR 
  
2,750
  
209,083
Freeport-McMoRan Copper & Gold, Inc. 
  
1,900
  
191,634
Yamana Gold, Inc. (a)
    
6,500
  
116,957
           
648,394
Oil, Gas & Consumable Fuels - 10.19%
        
Exxon Mobil Corp. 
    
1,750
  
152,268
Occidental Petroleum Corp. 
    
3,300
  
255,321
Petrobank Energy & Resources Ltd. (a)
  
2,400
  
141,354
XTO Energy, Inc. 
    
2,925
  
180,502
           
729,445
Pharmaceuticals - 3.14%
          
Eli Lilly & Co. 
    
2,100
  
105,042
Merck & Co., Inc. 
    
2,700
  
119,610
           
224,652
Real Estate - 2.40%
          
Annaly Mortgage Management, Inc. 
8,300
  
171,727
             
Real Estate Investment Trusts - 1.83%
        
Capstead Mortgage Corp. 
  
7,600
  
130,872
             
Road & Rail - 6.54%
          
CSX Corp. 
      
2,500
  
121,300
Landstar System, Inc. 
    
2,100
  
97,398
Union Pacific Corp. 
    
2,000
  
249,520
           
468,218
Software - 1.69%
          
Microsoft Corp. 
    
4,450
  
121,129
             
Trading Companies & Distributors - 1.44%
        
W.W. Grainger, Inc. 
    
1,400
  
103,124
             
TOTAL COMMON STOCKS (Cost $6,304,365)
    
6,374,435
             
EXCHANGE-TRADED FUNDS - 3.82%
      
Market Vectors Agribusiness (a)
  
1,050
$
59,745
Powershares DB Base Metals Fund
  
3,200
  
85,408
UltraShort Financials ProShares 
  
700
  
83,489
UltraShort FTSE/Xinhua China 25  ProShares 
500
  
44,750
             
TOTAL EXCHANGE-TRADED FUNDS (Cost $246,012)
    
273,392
             
INVESTMENT COMPANIES - 1.46%
      
Hugoton Royalty Trust 
    
3,700
  
104,525
             
TOTAL INVESTMENT COMPANIES (Cost $93,231)
    
104,525
             
       
Contracts
    
PURCHASED OPTIONS - 0.49%
        
Put Options - 0.49%
          
iShares Lehman 20+ Year Treasury Bond
      
    Expiration: June 2008, Exercise  Price: $95.00 
50
  
22,750
iShares Lehman 20+ Year Treasury Bond
        
    Expiration: March 2008, Exercise  Price: $95.00 
50
  
12,000
             
TOTAL PURCHASED OPTIONS (Cost $36,700)
    
34,750
             
             
       
Shares
    
SHORT TERM INVESTMENTS - 4.09%
      
Credit Suisse Institutional Money Market Fund, Inc.
    
    5.290% (b)
    
6,152
  
6,152
Federal Home Loan Bank Discount Note,
        
    0.000% Coupon, 1.844% Effective Yield, 03/03/2008 
287,000
  
286,971
             
TOTAL SHORT TERM INVESTMENTS (Cost $293,123)
    
293,123
             
Total Investments (Cost $6,973,431) - 98.91%
    
7,080,225
Other Assets in Excess of Liabilities - 1.09%
    
77,661
TOTAL NET ASSETS - 100.00%
    
$
7,157,886
             
Percentages are stated as a percent of net assets.
    
             
ADR
American Depository Receipt
      
(a)
Non Income Producing
        
(b)
Variable Rate
        
             
 
The cost basis of investments for federal income tax purposes at February 29, 2008
 
was as follows*:
        
             
 
Cost of investments
    
 $     6,973,432
  
 
Gross unrealized appreciation
  
           458,545
  
 
Gross unrealized depreciation
  
         (321,886)
  
 
Net unrealized appreciation
  
 $        136,659
  
             
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
Tax adjustments will be made as part of the Fund's first annual report, which will be dated May
31, 2008.
            
             
Marketfield Fund
          
Schedule of Securities Sold Short
        
February 29, 2008 (Unaudited)
        
             
       
Shares
  
Value
Allied Irish Banks PLC - ADR
  
2,100
$
85,764
American International Group, Inc.
  
700
  
32,802
Barclays PLC - ADR
    
2,200
  
82,654
Citigroup, Inc.
      
4,500
  
106,695
Deutsche Bank AG
    
700
  
77,672
Fifth Third Bancorp
    
1,000
  
22,900
The Goldman Sachs Group, Inc.
  
600
  
101,778
HSBC Holdings PLC - ADR
    
800
  
60,200
iShares Lehman 20+ Year Treasury Bond
  
1,000
  
94,190
Lehman Brothers Holdings, Inc.
  
500
  
25,495
Morgan Stanley
    
3,000
  
126,360
Royal Bank of Scotland Group PLC - ADR
  
8,300
  
63,246
             
Total Securities Sold Short   (Proceeds $907,449)
  
$
879,756
             
             
             
Marketfield Fund
          
Schedule of Options Written
        
February 29, 2008 (Unaudited)
        
             
       
Contracts
  
Value
CALL OPTIONS
          
iShares Lehman 20+ Year Treasury Bond
      
    Expiration: June 2008, Exercise  Price: $95.00
50
$
13,500
iShares Lehman 20+ Year Treasury Bond
        
    Expiration: March 2008, Exercise  Price: $97.00
50
  
2,375
             
Total Options Written  (Premiums received $18,050)
  
$
15,875
             

 
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”)) 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 and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(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) 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.
 
File as exhibits a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act.  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.


Trust for Professional Managers

By        /s/ Joseph Neuberger                                                                                                       
             Joseph Neuberger, President and Treasurer

Date                         April 22, 2008                                                                                                



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 person on behalf of the registrant and in the capacities and on the date indicated.

Trust for Professional Managers
 
By        /s/ Joseph Neuberger                                                                                                       
             Joseph Neuberger, President and Treasurer

Date                         April 22, 2008