0000894189-12-005766.txt : 20121009 0000894189-12-005766.hdr.sgml : 20121008 20121009114853 ACCESSION NUMBER: 0000894189-12-005766 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121009 DATE AS OF CHANGE: 20121009 EFFECTIVENESS DATE: 20121009 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRUST FOR PROFESSIONAL MANAGERS CENTRAL INDEX KEY: 0001141819 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-62298 FILM NUMBER: 121134347 BUSINESS ADDRESS: STREET 1: U.S. BANCORP FUND SERVICES LLC STREET 2: 615 EAST MICHIGAN ST 2ND FLOOR CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4147655067 MAIL ADDRESS: STREET 1: U.S. BANCORP FUND SERVICES LLC STREET 2: 615 EAST MICHIGAN ST 2ND FLOOR CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: ZODIAC TRUST DATE OF NAME CHANGE: 20010601 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRUST FOR PROFESSIONAL MANAGERS CENTRAL INDEX KEY: 0001141819 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-10401 FILM NUMBER: 121134348 BUSINESS ADDRESS: STREET 1: U.S. BANCORP FUND SERVICES LLC STREET 2: 615 EAST MICHIGAN ST 2ND FLOOR CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4147655067 MAIL ADDRESS: STREET 1: U.S. BANCORP FUND SERVICES LLC STREET 2: 615 EAST MICHIGAN ST 2ND FLOOR CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: ZODIAC TRUST DATE OF NAME CHANGE: 20010601 0001141819 S000033197 Performance Trust Municipal Bond Fund C000102163 Performance Trust Municipal Bond Fund - Retail Class PTRMX 485BPOS 1 perftrsttpm-485b_xbrl.htm POST EFFECTIVE AMENDMENT (EXHIBIT FILING) - XBRL perftrsttpm-485b_xbrl.htm
As filed with the Securities and Exchange Commission on October 9, 2012
1933 Act Registration File No. 333-62298
1940 Act File No. 811-10401

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[X]
Pre-Effective Amendment No.
    
[   ]
Post-Effective Amendment No.
341
  
[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.
343
  
[X]
 

TRUST FOR PROFESSIONAL MANAGERS
(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street
Milwaukee, Wisconsin 53202
(Address of Principal Executive Offices) (Zip Code)
 (Registrant’s Telephone Number, including Area Code) (414) 287-3338

Rachel A. Spearo, Esq.
U.S. Bancorp Fund Services, LLC
615 East Michigan Street, 2nd Floor
Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)

Copies to:
Carol A. Gehl, Esq.
Godfrey & Kahn, S.C.
780 North Water Street
Milwaukee, Wisconsin 53202
(414) 273-3500

It is proposed that this filing will become effective (check appropriate box)

[X]
Immediately upon filing pursuant to Rule 485(b).
[   ]
on (date) pursuant to Rule 485(b).
[   ]
on (date) pursuant to Rule 485(a)(1).
[   ]
60 days after filing pursuant to Rule 485 (a)(1).
[   ]
75 days after filing pursuant to Rule 485 (a)(2).
[   ]
on (date) pursuant to Rule 485(a)(2).

If appropriate, check the following box:

[X]
  
This PEA No. 341 hereby incorporates Parts A, B and C from the Fund’s PEA No. 336 on Form N-1A filed September 25, 2012.  This PEA No. 341 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 336.
 
 
 
1
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, (the “Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 341 to its Registration Statement meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Act and the Registrant has duly caused this Post-Effective Amendment No. 341 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the County of Milwaukee and State of Wisconsin, on the 9th day of October, 2012.


TRUST FOR PROFESSIONAL MANAGERS

By:  /s/ John P. Buckel
John P. Buckel
Vice President, Treasurer and Principal Accounting Officer


Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 341 to its Registration Statement has been signed below on October 9, 2012, by the following persons in the capacities indicated.

Signature
 
Title
Joseph C. Neuberger*
Joseph C. Neuberger
 
Chairperson, President and Trustee
Dr. Michael D. Akers*
Dr. Michael D. Akers
 
Independent Trustee
Gary A. Drska*
Gary A. Drska
 
Independent Trustee
Jonas B. Siegel*
Jonas B. Siegel
 
Independent Trustee
* By:     /s/ John Buckel                                                     
  
 
John Buckel
*Attorney-in-Fact pursuant to Power of Attorney
previously filed with Registrant’s Post-Effective
Amendment No. 289 to its Registration Statement
on Form N-1A with the SEC on February 15, 2012,
and is incorporated by reference.
 
 
 
 
 
 
 
EXHIBIT INDEX


Exhibit
Exhibit No.
 
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE



3
 
 EX-101.INS 2 ck0001141819-20120925.xml INSTANCE DOCUMENT 485BPOS 2012-09-25 0001141819 2012-09-28 TRUST FOR PROFESSIONAL MANAGERS false 2012-09-25 2012-09-28 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />the annual fund operating expenses or in the Example, affect the Fund's<br />performance during the most recent fiscal year.</tt> <div style="display:none">~ http://www.PITAfunds.com/role/ExpenseExample_S000033197Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The investment objective of the Performance Trust Municipal Bond Fund (the "Fund") <br />is to provide a high level of current interest income that is substantially exempt <br />from regular federal income taxes and is consistent with preservation of capital.</tt> <tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> <tt>Under normal circumstances, the Fund invests at least 80% of its net assets in <br />investment-grade quality municipal securities that pay interest that is exempt <br />from regular federal income tax. The Fund may invest up to 20% of its net assets <br />in below investment grade municipal securities as well as up to 20% of its net <br />assets in securities that are subject to federal income tax. In addition, the <br />Fund may invest up to 20% of its net assets in other investment companies, <br />including closed-end funds and exchange-traded funds ("ETFs").<br /> <br />The Fund invests in municipal securities issued by or on behalf of states and <br />local governmental authorities throughout the United States and its territories <br />that pay interest that is exempt from regular federal income tax, but not <br />necessarily the federal alternative minimum tax ("AMT"). Investment grade municipal <br />securities include securities rated ("investment grade") (e.g., BBB/Baa or higher) <br />at the time of purchase by at least one nationally recognized statistical rating <br />organization ("NRSRO"), or, if unrated, judged by the Adviser to be of comparable <br />quality. Below investment grade securities are commonly referred to as "high yield" <br />or "junk" bonds.<br />&#xA0;&#xA0;<br />The dollar-weighted average portfolio effective maturity of the Fund will normally <br />be more than 10 years but less than 22 years. The average duration will be more than <br />5 years but less than 11 years.<br /> <br />The Adviser will use a value-oriented strategy looking for higher-yielding and <br />undervalued municipal securities that offer above-average total return. The Fund's <br />investment process begins with a top-down review of portfolio duration and yield <br />curve positioning as well as industry, sector and credit quality. The Adviser makes <br />a forward projection of an individual investment's total return characteristics over <br />a variety of economic and interest rate scenarios, yield curve shifts and time horizons. <br />The Adviser may choose to sell an investment with deteriorating credit quality or limited <br />upside potential compared to other available investments in the market.</tt> Performance Trust Municipal Bond Fund Example Because Retail Class shares are new, Other Expenses are based on Other Expenses for Institutional Class shares of the Fund for the fiscal period ended August 31, 2011. Performance information for the Fund has not been presented because, as of the date of this Prospectus, the Fund has not been in operation for a full calendar year. Investment Objective Remember, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Before investing in the Fund, you should carefully consider your own investment<br />goals, the amount of time you are willing to leave your money invested, and the<br />amount of risk you are willing to take. Remember, in addition to possibly not<br />achieving your investment goals, you could lose money by investing in the Fund.<br /> <br />The principal risks of investing in the Fund include:<br /> <br />Management Risk<br />The risk that strategies employed by the Adviser in selecting investments for<br />the Fund may not result in an increase in the value of your investment or in<br />overall performance equal to other investments.<br /> <br />Municipal Securities Risks<br />The municipal market is volatile and can be significantly affected by adverse<br />tax, legislative or political changes and the financial condition of the issuers<br />of municipal securities. Because the Fund may invest more than 25% of its total<br />assets in municipal obligations issued by entities located in the same state or<br />the interest on which is paid solely from revenues of similar projects, changes<br />in economic, business or political conditions relating to a particular state or<br />types of projects may have a disproportionate impact on the Fund.<br /> <br />Municipal obligations that the Fund may acquire include municipal lease<br />obligations, which are issued by a state or local government or authority to<br />acquire land and a wide variety of equipment and facilities. If the funds are<br />not appropriated for the following year's lease payments, the lease may<br />terminate, with the possibility of default on the lease obligation and<br />significant loss to the Fund.<br /> <br />The repayment of principal and interest on some of the municipal securities in<br />which the Fund may invest may be guaranteed or insured by a monoline insurance<br />company. If a company insuring municipal securities in which the Fund invests<br />experiences financial difficulties, the credit rating and price of the security<br />may deteriorate.<br /> <br />Tax Risks<br />Municipal securities may decrease in value during times when tax rates are<br />falling. The Fund's investments are affected by changes in federal income tax<br />rates applicable to, or the continuing federal tax-exempt status of, interest<br />income on municipal obligations. Any proposed or actual changes in such rates or<br />exempt status, therefore, can significantly affect the liquidity, marketability<br />and supply and demand for municipal obligations, which would in turn affect the<br />Fund's ability to acquire and dispose of municipal obligations at desirable<br />yield and price levels. If you are subject to the AMT, you may have to pay<br />federal tax on a portion of your distributions from tax-exempt income. If this<br />is the case, the Fund's net return to you may be lower.<br /> <br />Fixed-Income Securities Risks<br />Interest rates may go up resulting in a decrease in the value of the fixed-income <br />securities held by the Fund. Credit risk is the risk that an issuer will not make <br />timely payments of principal and interest. There is also the risk that an issuer <br />may "call," or repay, its high yielding bonds before their maturity dates. <br />Fixed-income securities subject to prepayment can offer less potential for gains <br />during a declining interest rate environment and similar or greater potential for <br />loss in a rising interest rate environment. Limited trading opportunities for <br />certain fixed-income securities may make it more difficult to sell or buy a <br />security at a favorable price or time.<br /> <br />High-Yield Fixed-Income Securities Risk<br />The fixed-income securities held by the Fund that are rated below investment<br />grade are subject to additional risk factors such as increased possibility of<br />default, illiquidity of the security, and changes in value based on public<br />perception of the issuer. Such securities are generally considered speculative<br />because they present a greater risk of loss, including default, than higher<br />quality debt securities.<br /> <br />Other Investment Companies Risk<br />You will indirectly bear fees and expenses charged by underlying investment<br />companies (mutual funds and ETFs) in addition to the Fund's direct fees and<br />expenses. As a result, your cost of investing in the Fund will be higher than<br />the cost of investing directly in the underlying investment company shares.<br /><br />Exchange-Traded Fund Risk<br />Unlike mutual funds, ETFs do not necessarily trade at the net asset values of<br />their underlying securities, which means an ETF could potentially trade above or<br />below the value of its underlying portfolio. Additionally, because ETFs trade<br />like stocks on exchanges, they are subject to trading and commission costs,<br />unlike open-end mutual funds.<br /><br />Liquidity Risk<br />There may be no willing buyer of the Fund's portfolio securities and the Fund<br />may have to sell those securities at a lower price or may not be able to sell<br />the securities at all each of which would have a negative effect on performance.<br /><br />Valuation Risk<br />The prices provided by the Fund's pricing service or independent dealers or the<br />fair value determinations made by the valuation committee of the Board of Trustees <br />may be different from the prices used by other mutual funds or from the prices at <br />which securities are actually bought and sold. The prices of certain securities <br />provided by pricing services may be subject to frequent and significant change, <br />and will vary depending on the information that is available.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund has not been presented because, as of the<br />date of this Prospectus, the Fund has not been in operation for a full calendar<br />year.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.PITAfunds.com/role/OperatingExpensesData_S000033197Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.PITAfunds.com/role/ShareholderFeesData_S000033197Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> PTRMX 82 603 -0.0275 3470 -0.0200 1393 0.0290 0.0040 2014-06-29 0.0025 0.0080 0.0355 0001141819 ck0001141819:SummaryS000033197Memberck0001141819:S000033197Memberck0001141819:C000102163Member 2012-09-28 2012-09-28 0001141819 ck0001141819:SummaryS000033197Memberck0001141819:S000033197Member 2012-09-28 2012-09-28 0001141819 2012-09-28 2012-09-28 iso4217:USD pure Because Retail Class shares are new, Other Expenses are based on Other Expenses for Institutional Class shares of the Fund for the fiscal period ended August 31, 2011. Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Performance Trust Investment Advisors, LLC (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses ( exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, dividends and interest expenses on short positions, brokerage commissions, and extraordinary expenses) for Retail Class shares do not exceed 0.80% of the Fund's average annual net assets, through at least June 29, 2014. The operating expense limitation agreement can be terminated only by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitations on Fund expenses described herein. 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Performance Trust Municipal Bond Fund (Prospectus Summary) | Performance Trust Municipal Bond Fund
Performance Trust Municipal Bond Fund
Investment Objective
The investment objective of the Performance Trust Municipal Bond Fund (the "Fund")
is to provide a high level of current interest income that is substantially exempt
from regular federal income taxes and is consistent with preservation of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
Performance Trust Municipal Bond Fund
Retail Class
Redemption Fee (as a percentage of amount redeemed on shares held 60 days or less) 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Performance Trust Municipal Bond Fund
Retail Class
Management Fees 0.40%
Distribution and Service (12b-1) Fees 0.25%
Other Expenses [1] 2.90%
Total Annual Fund Operating Expenses 3.55%
Fee Waiver/Expense Reimbursement (2.75%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 0.80%
[1] Because Retail Class shares are new, Other Expenses are based on Other Expenses for Institutional Class shares of the Fund for the fiscal period ended August 31, 2011.
[2] Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Performance Trust Investment Advisors, LLC (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses ( exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, dividends and interest expenses on short positions, brokerage commissions, and extraordinary expenses) for Retail Class shares do not exceed 0.80% of the Fund's average annual net assets, through at least June 29, 2014. The operating expense limitation agreement can be terminated only by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitations on Fund expenses described herein.
Example
This Example is intended to help you compare the costs of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all
of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Performance Trust Municipal Bond Fund Retail Class
 82 603 1,393 3,470
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
the annual fund operating expenses or in the Example, affect the Fund's
performance during the most recent fiscal year.
Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets in
investment-grade quality municipal securities that pay interest that is exempt
from regular federal income tax. The Fund may invest up to 20% of its net assets
in below investment grade municipal securities as well as up to 20% of its net
assets in securities that are subject to federal income tax. In addition, the
Fund may invest up to 20% of its net assets in other investment companies,
including closed-end funds and exchange-traded funds ("ETFs").

The Fund invests in municipal securities issued by or on behalf of states and
local governmental authorities throughout the United States and its territories
that pay interest that is exempt from regular federal income tax, but not
necessarily the federal alternative minimum tax ("AMT"). Investment grade municipal
securities include securities rated ("investment grade") (e.g., BBB/Baa or higher)
at the time of purchase by at least one nationally recognized statistical rating
organization ("NRSRO"), or, if unrated, judged by the Adviser to be of comparable
quality. Below investment grade securities are commonly referred to as "high yield"
or "junk" bonds.
  
The dollar-weighted average portfolio effective maturity of the Fund will normally
be more than 10 years but less than 22 years. The average duration will be more than
5 years but less than 11 years.

The Adviser will use a value-oriented strategy looking for higher-yielding and
undervalued municipal securities that offer above-average total return. The Fund's
investment process begins with a top-down review of portfolio duration and yield
curve positioning as well as industry, sector and credit quality. The Adviser makes
a forward projection of an individual investment's total return characteristics over
a variety of economic and interest rate scenarios, yield curve shifts and time horizons.
The Adviser may choose to sell an investment with deteriorating credit quality or limited
upside potential compared to other available investments in the market.
Principal Risks
Before investing in the Fund, you should carefully consider your own investment
goals, the amount of time you are willing to leave your money invested, and the
amount of risk you are willing to take. Remember, in addition to possibly not
achieving your investment goals, you could lose money by investing in the Fund.

The principal risks of investing in the Fund include:

Management Risk
The risk that strategies employed by the Adviser in selecting investments for
the Fund may not result in an increase in the value of your investment or in
overall performance equal to other investments.

Municipal Securities Risks
The municipal market is volatile and can be significantly affected by adverse
tax, legislative or political changes and the financial condition of the issuers
of municipal securities. Because the Fund may invest more than 25% of its total
assets in municipal obligations issued by entities located in the same state or
the interest on which is paid solely from revenues of similar projects, changes
in economic, business or political conditions relating to a particular state or
types of projects may have a disproportionate impact on the Fund.

Municipal obligations that the Fund may acquire include municipal lease
obligations, which are issued by a state or local government or authority to
acquire land and a wide variety of equipment and facilities. If the funds are
not appropriated for the following year's lease payments, the lease may
terminate, with the possibility of default on the lease obligation and
significant loss to the Fund.

The repayment of principal and interest on some of the municipal securities in
which the Fund may invest may be guaranteed or insured by a monoline insurance
company. If a company insuring municipal securities in which the Fund invests
experiences financial difficulties, the credit rating and price of the security
may deteriorate.

Tax Risks
Municipal securities may decrease in value during times when tax rates are
falling. The Fund's investments are affected by changes in federal income tax
rates applicable to, or the continuing federal tax-exempt status of, interest
income on municipal obligations. Any proposed or actual changes in such rates or
exempt status, therefore, can significantly affect the liquidity, marketability
and supply and demand for municipal obligations, which would in turn affect the
Fund's ability to acquire and dispose of municipal obligations at desirable
yield and price levels. If you are subject to the AMT, you may have to pay
federal tax on a portion of your distributions from tax-exempt income. If this
is the case, the Fund's net return to you may be lower.

Fixed-Income Securities Risks
Interest rates may go up resulting in a decrease in the value of the fixed-income
securities held by the Fund. Credit risk is the risk that an issuer will not make
timely payments of principal and interest. There is also the risk that an issuer
may "call," or repay, its high yielding bonds before their maturity dates.
Fixed-income securities subject to prepayment can offer less potential for gains
during a declining interest rate environment and similar or greater potential for
loss in a rising interest rate environment. Limited trading opportunities for
certain fixed-income securities may make it more difficult to sell or buy a
security at a favorable price or time.

High-Yield Fixed-Income Securities Risk
The fixed-income securities held by the Fund that are rated below investment
grade are subject to additional risk factors such as increased possibility of
default, illiquidity of the security, and changes in value based on public
perception of the issuer. Such securities are generally considered speculative
because they present a greater risk of loss, including default, than higher
quality debt securities.

Other Investment Companies Risk
You will indirectly bear fees and expenses charged by underlying investment
companies (mutual funds and ETFs) in addition to the Fund's direct fees and
expenses. As a result, your cost of investing in the Fund will be higher than
the cost of investing directly in the underlying investment company shares.

Exchange-Traded Fund Risk
Unlike mutual funds, ETFs do not necessarily trade at the net asset values of
their underlying securities, which means an ETF could potentially trade above or
below the value of its underlying portfolio. Additionally, because ETFs trade
like stocks on exchanges, they are subject to trading and commission costs,
unlike open-end mutual funds.

Liquidity Risk
There may be no willing buyer of the Fund's portfolio securities and the Fund
may have to sell those securities at a lower price or may not be able to sell
the securities at all each of which would have a negative effect on performance.

Valuation Risk
The prices provided by the Fund's pricing service or independent dealers or the
fair value determinations made by the valuation committee of the Board of Trustees
may be different from the prices used by other mutual funds or from the prices at
which securities are actually bought and sold. The prices of certain securities
provided by pricing services may be subject to frequent and significant change,
and will vary depending on the information that is available.
Performance
Performance information for the Fund has not been presented because, as of the
date of this Prospectus, the Fund has not been in operation for a full calendar
year.
XML 11 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Sep. 28, 2012
Performance Trust Municipal Bond Fund (Prospectus Summary) | Performance Trust Municipal Bond Fund
  
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Performance Trust Municipal Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment objective of the Performance Trust Municipal Bond Fund (the "Fund")
is to provide a high level of current interest income that is substantially exempt
from regular federal income taxes and is consistent with preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
the annual fund operating expenses or in the Example, affect the Fund's
performance during the most recent fiscal year.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Because Retail Class shares are new, Other Expenses are based on Other Expenses for Institutional Class shares of the Fund for the fiscal period ended August 31, 2011.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the costs of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all
of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal circumstances, the Fund invests at least 80% of its net assets in
investment-grade quality municipal securities that pay interest that is exempt
from regular federal income tax. The Fund may invest up to 20% of its net assets
in below investment grade municipal securities as well as up to 20% of its net
assets in securities that are subject to federal income tax. In addition, the
Fund may invest up to 20% of its net assets in other investment companies,
including closed-end funds and exchange-traded funds ("ETFs").

The Fund invests in municipal securities issued by or on behalf of states and
local governmental authorities throughout the United States and its territories
that pay interest that is exempt from regular federal income tax, but not
necessarily the federal alternative minimum tax ("AMT"). Investment grade municipal
securities include securities rated ("investment grade") (e.g., BBB/Baa or higher)
at the time of purchase by at least one nationally recognized statistical rating
organization ("NRSRO"), or, if unrated, judged by the Adviser to be of comparable
quality. Below investment grade securities are commonly referred to as "high yield"
or "junk" bonds.
  
The dollar-weighted average portfolio effective maturity of the Fund will normally
be more than 10 years but less than 22 years. The average duration will be more than
5 years but less than 11 years.

The Adviser will use a value-oriented strategy looking for higher-yielding and
undervalued municipal securities that offer above-average total return. The Fund's
investment process begins with a top-down review of portfolio duration and yield
curve positioning as well as industry, sector and credit quality. The Adviser makes
a forward projection of an individual investment's total return characteristics over
a variety of economic and interest rate scenarios, yield curve shifts and time horizons.
The Adviser may choose to sell an investment with deteriorating credit quality or limited
upside potential compared to other available investments in the market.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Before investing in the Fund, you should carefully consider your own investment
goals, the amount of time you are willing to leave your money invested, and the
amount of risk you are willing to take. Remember, in addition to possibly not
achieving your investment goals, you could lose money by investing in the Fund.

The principal risks of investing in the Fund include:

Management Risk
The risk that strategies employed by the Adviser in selecting investments for
the Fund may not result in an increase in the value of your investment or in
overall performance equal to other investments.

Municipal Securities Risks
The municipal market is volatile and can be significantly affected by adverse
tax, legislative or political changes and the financial condition of the issuers
of municipal securities. Because the Fund may invest more than 25% of its total
assets in municipal obligations issued by entities located in the same state or
the interest on which is paid solely from revenues of similar projects, changes
in economic, business or political conditions relating to a particular state or
types of projects may have a disproportionate impact on the Fund.

Municipal obligations that the Fund may acquire include municipal lease
obligations, which are issued by a state or local government or authority to
acquire land and a wide variety of equipment and facilities. If the funds are
not appropriated for the following year's lease payments, the lease may
terminate, with the possibility of default on the lease obligation and
significant loss to the Fund.

The repayment of principal and interest on some of the municipal securities in
which the Fund may invest may be guaranteed or insured by a monoline insurance
company. If a company insuring municipal securities in which the Fund invests
experiences financial difficulties, the credit rating and price of the security
may deteriorate.

Tax Risks
Municipal securities may decrease in value during times when tax rates are
falling. The Fund's investments are affected by changes in federal income tax
rates applicable to, or the continuing federal tax-exempt status of, interest
income on municipal obligations. Any proposed or actual changes in such rates or
exempt status, therefore, can significantly affect the liquidity, marketability
and supply and demand for municipal obligations, which would in turn affect the
Fund's ability to acquire and dispose of municipal obligations at desirable
yield and price levels. If you are subject to the AMT, you may have to pay
federal tax on a portion of your distributions from tax-exempt income. If this
is the case, the Fund's net return to you may be lower.

Fixed-Income Securities Risks
Interest rates may go up resulting in a decrease in the value of the fixed-income
securities held by the Fund. Credit risk is the risk that an issuer will not make
timely payments of principal and interest. There is also the risk that an issuer
may "call," or repay, its high yielding bonds before their maturity dates.
Fixed-income securities subject to prepayment can offer less potential for gains
during a declining interest rate environment and similar or greater potential for
loss in a rising interest rate environment. Limited trading opportunities for
certain fixed-income securities may make it more difficult to sell or buy a
security at a favorable price or time.

High-Yield Fixed-Income Securities Risk
The fixed-income securities held by the Fund that are rated below investment
grade are subject to additional risk factors such as increased possibility of
default, illiquidity of the security, and changes in value based on public
perception of the issuer. Such securities are generally considered speculative
because they present a greater risk of loss, including default, than higher
quality debt securities.

Other Investment Companies Risk
You will indirectly bear fees and expenses charged by underlying investment
companies (mutual funds and ETFs) in addition to the Fund's direct fees and
expenses. As a result, your cost of investing in the Fund will be higher than
the cost of investing directly in the underlying investment company shares.

Exchange-Traded Fund Risk
Unlike mutual funds, ETFs do not necessarily trade at the net asset values of
their underlying securities, which means an ETF could potentially trade above or
below the value of its underlying portfolio. Additionally, because ETFs trade
like stocks on exchanges, they are subject to trading and commission costs,
unlike open-end mutual funds.

Liquidity Risk
There may be no willing buyer of the Fund's portfolio securities and the Fund
may have to sell those securities at a lower price or may not be able to sell
the securities at all each of which would have a negative effect on performance.

Valuation Risk
The prices provided by the Fund's pricing service or independent dealers or the
fair value determinations made by the valuation committee of the Board of Trustees
may be different from the prices used by other mutual funds or from the prices at
which securities are actually bought and sold. The prices of certain securities
provided by pricing services may be subject to frequent and significant change,
and will vary depending on the information that is available.
Risk Lose Money [Text] rr_RiskLoseMoney Remember, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information for the Fund has not been presented because, as of the
date of this Prospectus, the Fund has not been in operation for a full calendar
year.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information for the Fund has not been presented because, as of the date of this Prospectus, the Fund has not been in operation for a full calendar year.
Performance Trust Municipal Bond Fund (Prospectus Summary) | Performance Trust Municipal Bond Fund | Retail Class
  
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.40%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 2.90% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.55%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.75%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.80% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-06-29
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 82
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 603
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,393
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,470
[1] Because Retail Class shares are new, Other Expenses are based on Other Expenses for Institutional Class shares of the Fund for the fiscal period ended August 31, 2011.
[2] Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Performance Trust Investment Advisors, LLC (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses ( exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, dividends and interest expenses on short positions, brokerage commissions, and extraordinary expenses) for Retail Class shares do not exceed 0.80% of the Fund's average annual net assets, through at least June 29, 2014. The operating expense limitation agreement can be terminated only by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitations on Fund expenses described herein.
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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
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Document Period End Date dei_DocumentPeriodEndDate Sep. 25, 2012
Registrant Name dei_EntityRegistrantName TRUST FOR PROFESSIONAL MANAGERS
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Performance Trust Municipal Bond Fund (Prospectus Summary) | Performance Trust Municipal Bond Fund | Retail Class
  
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol PTRMX
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