485BPOS 2012-05-31 0001141819 2012-09-30 TRUST FOR PROFESSIONAL MANAGERS false 2012-09-24 2012-09-30 <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 may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These transaction costs, and potentially<br />higher taxes, which are not reflected in the annual fund operating expenses or<br />in the Example affect the Fund's performance. For the fiscal year ended May 31,<br />2012, the Fund's portfolio turnover rate was 116.74% of the average value of its<br />portfolio.</tt> <div style="display:none">~ http://www.jenseninvestment.com/role/ExpenseExample_S000028264Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.jenseninvestment.com/role/BarChartData_S000028264Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The objective of the Fund is long-term capital appreciation.</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. The fee waiver/expense reimbursement arrangement discussed <br />in the table above is reflected only through September 30, 2013.</tt> reflects no deductions for fees, expenses, or taxes <tt>To achieve its objective, the Fund invests in equity securities of companies<br />that satisfy the investment criteria described below. These companies are<br />selected from a universe of companies that have produced long-term records of<br />persistently high returns on shareholder equity. In order to qualify for this<br />universe, each company must have a market capitalization of $1 billion or more,<br />and a "return on equity" of 15% or greater in each of the last 10 years as<br />determined by the Adviser (which for example, may include companies with<br />negative equity resulting from debt-financing of large share repurchases). <br />Equity securities in which the Fund may invest as a principal strategy <br />consist primarily of common stocks of U.S. companies. The Adviser determines <br />the companies that qualify for inclusion in the Fund's investable universe on <br />an annual basis.<br /><br />The Fund's investment strategy is based on applying quantitative factors to this<br />select universe of companies that are rooted in fundamentally-based investment<br />principles. Underpinnings of the Adviser's investment philosophy are embedded in<br />academic research, the Adviser's history as an investor, and extensive back-testing <br />of the investment universe. The qualifying universe and the factors derived from <br />the back-testing focus upon the long-term, past results of the companies and the <br />expected long-term future results of their stocks. The factors employed reflect <br />the consistency of a company's performance, its operating efficiency and the <br />valuation of its stock.<br /> <br />The Fund will sell an investment when the Adviser's quarterly screening and<br />ranking of all qualifying companies indicates that the company has dropped from<br />the top third of the Fund's investment universe, subject to the portfolio's<br />optimization to the Russell 3000 Value Index. A company will also be sold if <br />its fundamentals deteriorate, lowering its "return on equity" below 15%.<br /> <br />The Fund strives to be fully invested at all times in publicly traded common<br />stocks and other eligible equity securities issued by companies that meet the<br />investment criteria described in this Prospectus. The Adviser may from time to<br />time engage in active trading of the Fund's portfolio investments to achieve the<br />Fund's investment objective.</tt> Jensen Quality Value Fund Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the prospectus, which do not include the acquired fund fees and expenses. Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE The Fund's past performance information, both before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Remember, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. PRINCIPAL RISKS OF INVESTING IN THE FUND Shareholder Fees (fees paid directly from your investment) None Although your actual costs may be higher or lower, based on these assumptions, your costs would be: In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. 1.1674 Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). Jensen Quality Value Fund - Class I Shares Annual Total Return as of December 31, 2011 PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on each investor's individual tax<br />situation and may differ from those shown. Furthermore, the after-tax returns<br />shown are not relevant to those who hold their shares through tax-deferred<br />arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). <br />In certain cases, the figure representing "Return After Taxes on Distributions <br />and Sale of Fund Shares" may be higher than the other return figures for the <br />same period. A higher after-tax return results when a capital loss occurs upon<br />redemption and provides an assumed tax deduction that benefits the investor.</tt> The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the one year and since inception periods compare with those of a broad measure of market performance. <tt>The Fund's calendar year-to-date return as of June 30, 2012 was 4.90%. During<br />the period of time shown in the bar chart, the Fund's highest quarterly return<br />was 9.23% for the quarter ended December 31, 2011, and the lowest quarterly<br />return was -13.95% for the quarter ended September 30, 2011.</tt> 800-992-4144 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns For the Periods Ended December 31, 2011 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<br />Fund. The principal risks of investing in this Fund are:<br /> <br />o Stock Market Risk<br />&#xA0;&#xA0;<br />The market value of stocks held by the Fund may decline over a short, or even an<br />extended period of time, resulting in a decrease in the value of a shareholder's<br />investment.<br /> <br />o Management Risk<br />&#xA0;&#xA0;<br />The quantitative process used by the Adviser to select securities for the Fund's<br />investment portfolio may not prove effective in that the investments chosen by<br />the Adviser may not perform as anticipated. Certain risks are inherent in the<br />ownership of any security, and there is no assurance that the Fund's investment<br />objective will be achieved.<br /> <br />o&#xA0;&#xA0;Company and Sector Risk<br />&#xA0;&#xA0;<br />The Fund's investment strategy requires that a company selected for investment<br />must, among other criteria and in the determination of the Adviser, have<br />attained a return on equity of at least 15% per year for each of the prior 10<br />years. Because of the relatively limited number of companies that have achieved<br />this strong level of consistent, long term business performance, the Fund at<br />times is prohibited from investing in certain companies and sectors that may be<br />experiencing a shorter-term period of robust earnings growth. As a result, the<br />Fund's performance may trail the overall market over a short or extended period<br />of time compared to what its performance may have been if the Fund was able to<br />invest in such rapidly growing, non-qualifying companies.<br /> <br />o Large-Cap Company Risk<br />&#xA0;&#xA0;<br />Larger, more established companies may be unable to respond quickly to new<br />competitive challenges such as changes in consumer tastes or innovative smaller<br />competitors. Also, large-cap companies are sometimes unable to attain the high<br />growth rates of successful, smaller companies, especially during extended<br />periods of economic expansion.<br /><br />o Small-and Mid-Cap Company Risk<br />&#xA0;&#xA0;<br />The securities of small-cap and mid-cap companies may be more volatile and less<br />liquid than the securities of large-cap companies.<br /> <br />o&#xA0;&#xA0;Portfolio Turnover Risk<br />&#xA0;&#xA0;<br />The Fund may trade actively and therefore experience a portfolio turnover rate<br />of over 100%. High portfolio turnover is likely to lead to increased Fund<br />expenses, including brokerage commissions and other transaction costs. A high<br />portfolio turnover rate may also result in more short-term capital gains taxable<br />to shareholders at ordinary income rates. High portfolio turnover, as a result,<br />may lead to lower after-tax investment returns.<br /> <br />Investment Suitability<br />The Fund is designed for long-term investors who are willing to accept<br />short-term market price fluctuations.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES www.jenseninvestment.com <tt>The performance information demonstrates the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns for the one year and since inception<br />periods compare with those of a broad measure of market performance. The Fund's<br />past performance information, both before and after taxes, is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information is available on the Fund's website at www.jenseninvestment.com, or<br />by calling the Fund toll-free at 800-992-4144.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Class I shares of the Fund.</tt> <div style="display:none">~ http://www.jenseninvestment.com/role/OperatingExpensesData_S000028264Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.jenseninvestment.com/role/PerformanceTableData_S000028264Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Russell 3000® Value Total Return Index (reflects no deductions for fees, expenses, or taxes) -0.0010 0.0474 2010-03-31 Return After Taxes on Distributions and Sale of Fund Shares 0.0271 0.0261 2010-03-31 Return After Taxes on Distributions 0.0113 0.0243 2010-03-31 JNVIX lowest quarterly return highest quarterly return 2012-06-30 Return Before Taxes 0.0010 112 2011-12-31 489 -0.1395 -0.0078 2115 918 0.0923 0.0237 0.0103 0.0075 2013-09-30 2011-09-30 year-to-date return 0.0237 0.0110 0.0188 0.0321 2010-03-31 0.0490 <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 transaction costs, and potentially<br />higher taxes, which are not reflected in the annual fund operating expenses or<br />in the Example affect the Fund's performance. For the year ended May 31, 2012,<br />the Fund's portfolio turnover rate was 116.74% of the average value of its<br />portfolio.</tt> <div style="display:none">~ http://www.jenseninvestment.com/role/ExpenseExample_S000028264Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.jenseninvestment.com/role/BarChartData_S000028264Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The objective of the Fund is long-term capital appreciation.</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. The fee waiver/expense reimbursement arrangement discussed <br />in the table above is reflected only through September 30, 2013.</tt> reflects no deductions for fees, expenses, or taxes <tt>To achieve its objective, the Fund invests in equity securities of companies<br />that satisfy the investment criteria described below. These companies are<br />selected from a universe of companies that have produced long-term records of<br />persistently high returns on shareholder equity. In order to qualify for this<br />universe, each company must have a market capitalization of $1 billion or more,<br />and a "return on equity" of 15% or greater in each of the last 10 years as<br />determined by the Adviser (which for example, may include companies with<br />negative equity resulting from debt-financing of large share repurchases). <br />Equity securities in which the Fund may invest as a principal strategy consist <br />primarily of common stocks of U.S. companies. The Adviser determines the companies <br />that qualify for inclusion in the Fund's investable universe on an annual basis.<br /><br />The Fund's investment strategy is based on applying quantitative factors to this<br />select universe of companies that are rooted in fundamentally-based investment<br />principles. Underpinnings of the Adviser's investment philosophy are embedded in<br />academic research, the Adviser's history as an investor, and extensive back-testing <br />of the investment universe. The qualifying universe and the factors derived from the <br />back-testing focus upon the long-term, past results of the companies and the expected <br />long-term future results of their stocks. The factors employed reflect the consistency <br />of a company's performance, its operating efficiency and the valuation of its stock.<br /> <br />The Fund will sell an investment when the Adviser's quarterly screening and ranking <br />of all qualifying companies indicates that the company has dropped from the top third <br />of the Fund's investment universe, subject to the portfolio's optimization to the <br />Russell 3000 Value Index. A company will also be sold if its fundamentals deteriorate, <br />lowering its "return on equity" below 15%.<br /> <br />The Fund strives to be fully invested at all times in publicly traded common<br />stocks and other eligible equity securities issued by companies that meet the<br />investment criteria described in this Prospectus. The Adviser may from time to<br />time engage in active trading of the Fund's portfolio investments to achieve the<br />Fund's investment objective.</tt> Jensen Quality Value Fund Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE The Fund's past performance information, both before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Remember, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. PRINCIPAL RISKS OF INVESTING IN THE FUND Shareholder Fees (fees paid directly from your investment) None Although your actual costs may be higher or lower, based on these assumptions, your costs would be: In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. 1.1674 Actual after-tax returns depend on each investor's individual tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). Jensen Quality Value Fund - Class J Shares Annual Total Return as of December 31, 2011 PERFORMANCE <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on each investor's individual tax<br />situation and may differ from those shown. Furthermore, the after-tax returns<br />shown are not relevant to those who hold their shares through tax-deferred<br />arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). <br />In certain cases, the figure representing "Return After Taxes on Distributions <br />and Sale of Fund Shares" may be higher than the other return figures for the <br />same period. A higher after-tax return results when a capital loss occurs upon<br />redemption and provides an assumed tax deduction that benefits the investor.</tt> The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the one year and since inception periods compare with those of a broad measure of market performance. <tt>The Fund's calendar year-to-date return as of June 30, 2012 was 4.90%. During<br />the period of time shown in the bar chart, the Fund's highest quarterly return<br />was 9.17% for the quarter ended December 31, 2011, and the lowest quarterly<br />return was -13.99% for the quarter ended September 30, 2011.</tt> 800-992-4144 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns For the Periods Ended December 31, 2011 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<br />Fund. The principal risks of investing in this Fund are:<br /> <br />o Stock Market Risk<br />&#xA0;&#xA0;<br />The market value of stocks held by the Fund may decline over a short, or even an<br />extended period of time, resulting in a decrease in the value of a shareholder's<br />investment.<br /> <br />o Management Risk<br />&#xA0;&#xA0;<br />The quantitative process used by the Adviser to select securities for the Fund's<br />investment portfolio may not prove effective in that the investments chosen by<br />the Adviser may not perform as anticipated. Certain risks are inherent in the<br />ownership of any security, and there is no assurance that the Fund's investment<br />objective will be achieved.<br /> <br />o Company and Sector Risk<br />&#xA0;&#xA0;<br />The Fund's investment strategy requires that a company selected for investment<br />must, among other criteria and in the determination of the Adviser, have<br />attained a return on equity of at least 15% per year for each of the prior 10<br />years. Because of the relatively limited number of companies that have achieved<br />this strong level of consistent, long term business performance, the Fund at<br />times is prohibited from investing in certain companies and sectors that may be<br />experiencing a shorter-term period of robust earnings growth. As a result, the<br />Fund's performance may trail the overall market over a short or extended period<br />of time compared to what its performance may have been if the Fund was able to<br />invest in such rapidly growing, non-qualifying companies.<br /> <br />o Large-Cap Company Risk<br />&#xA0;&#xA0;<br />Larger, more established companies may be unable to respond quickly to new<br />competitive challenges such as changes in consumer tastes or innovative smaller<br />competitors. Also, large-cap companies are sometimes unable to attain the high<br />growth rates of successful, smaller companies, especially during extended<br />periods of economic expansion.<br /> <br />o Small-and Mid-Cap Company Risk<br /> <br />The securities of small-cap and mid-cap companies may be more volatile and less<br />liquid than the securities of large-cap companies.<br /><br />o Portfolio Turnover Risk<br />&#xA0;&#xA0;<br />The Fund may trade actively and therefore experience a portfolio turnover rate<br />of over 100%. High portfolio turnover is likely to lead to increased Fund<br />expenses, including brokerage commissions and other transaction costs. A high<br />portfolio turnover rate may also result in more short-term capital gains taxable<br />to shareholders at ordinary income rates. High portfolio turnover, as a result,<br />may lead to lower after-tax investment returns.<br /> <br />Investment Suitability<br />The Fund is designed for long-term investors who are willing to accept<br />short-term market price fluctuations.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES www.jenseninvestment.com <tt>The performance information demonstrates the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns for the one year and since inception<br />periods compare with those of a broad measure of market performance. The Fund's<br />past performance information, both before and after taxes, is not necessarily <br />an indication of how the Fund will perform in the future. Updated performance<br />information is available on the Fund's website at www.jenseninvestment.com, or<br />by calling the Fund toll-free at 800-992-4144.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Class J shares of the Fund.</tt> <div style="display:none">~ http://www.jenseninvestment.com/role/OperatingExpensesData_S000028264Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.jenseninvestment.com/role/PerformanceTableData_S000028264Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Russell 3000® Value Total Return Index (reflects no deductions for fees, expenses, or taxes) -0.0010 0.0474 2010-03-31 Return After Taxes on Distributions and Sale of Fund Shares 0.0256 0.0243 2010-03-31 Return After Taxes on Distributions 0.0099 0.0225 2010-03-31 JNVSX lowest quarterly return highest quarterly return 2012-06-30 Return Before Taxes 127 2011-12-31 544 -0.1399 -0.0083 2321 1016 0.0917 0.0220 0.0108 0.0075 2013-09-30 2011-09-30 year-to-date return 0.0220 0.0025 0.0125 0.0208 0.0300 2010-03-31 0.0490 0001141819 ck0001141819:SummaryS000028264-1Memberck0001141819:S000028264Memberck0001141819:C000086401Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-1Memberck0001141819:S000028264Memberrr:AfterTaxesOnDistributionsMemberck0001141819:C000086401Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-1Memberck0001141819:S000028264Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001141819:C000086401Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-1Memberck0001141819:S000028264Memberck0001141819:RRINDEX00001Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-1Memberck0001141819:S000028264Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-2Memberck0001141819:S000028264Memberck0001141819:C000086400Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-2Memberck0001141819:S000028264Memberrr:AfterTaxesOnDistributionsMemberck0001141819:C000086400Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-2Memberck0001141819:S000028264Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001141819:C000086400Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-2Memberck0001141819:S000028264Memberck0001141819:RRINDEX00001Member 2012-09-30 2012-09-30 0001141819 ck0001141819:SummaryS000028264-2Memberck0001141819:S000028264Member 2012-09-30 2012-09-30 0001141819 2012-09-30 2012-09-30 pure iso4217:USD Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Jensen Investment Management, Inc. (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses do not exceed 1.25% of the Fund's average net assets attributable to Class J shares through September 30, 2013. This 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 limitation on the Fund's expenses described herein. Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the prospectus, which do not include the acquired fund fees and expenses. Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Jensen Investment Management, Inc. (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses do not exceed 1.10% of the Fund's average net assets attributable to Class I shares through September 30, 2013. This 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 limitation on the Fund's expenses described herein.